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Bybit.com Review – Pros and Cons of Trading on Bybit
- High leverage
- 24/7 support
- Advanced orders
- Supports anonymity
- $60 Bonus
- Restricted for US traders (among others)
- Only 4 CFD products
The Bybit crypto brokers platform is operated by the Bybit Fintech Limited which is registered on the British Virgin Islands, with headquarters in Singapore. The trading platform was launched in March 2018, making it a fairly young player on the market. Because ByBit focuses on the more experienced traders, the platform has grown in a short time to become a big player on this highly competitive market.
Experienced traders are especially charmed by the platform’s high speed performance. According to ByBit’s own statements they can handle 100,000 transactions per second. This has the advantage that you lose as little money as possible when trading which can happen on overloaded platforms, but also that the platform is ready for the future. Due to the ever increasing popularity of crypto trading all brokers will become busier and busier, which means that many transactions per second are no superfluous luxury.
Especially in terms of functionalities, ByBit distinguishes itself from the rest. This way you can trade with margin on the platform. With some cryptocurrencies it’s even possible to use a leverage of 1:100. With leverage you can still make a lot of profit with a small investment, but you can also lose your margin just as quickly. With a leverage of 1:100 this is certainly the case which is why professional traders usually never use it to that extend.
In fact, most pro traders use a formula that calculates the position size based on their stake in relation to the amount they are willing to lose in one trade. Leverage in general is a functionality for the more experienced trader, and high leverage is rather for the gambler.
The fact that ByBit is especially suitable for experienced traders doesn’t mean that there is no support available. If you have any questions, you can contact them 24/7 via a chat on the site. The live chat is fully in English because ByBit is not offered in other languages. It is even possible to ask their CEO questions on Twitter. So ByBit is a very open platform and that’s what we like to see.
In summer 2019, the platform already cpunts 100k registered users, with new sign ups on top every day.
Signup on ByBit – No KYC / ID verification
Creating an account on ByBit is very easy and that’s mainly because ByBit doesn’t need too much data from traders. What you’ll notice with a lot of brokers and exchanges, is that you have to verify some data before you can start.
With ByBit you don’t have to do this. Only an email address is sufficient for ByBit. If you signup with your mobile you need to fill in your country, phone number and password.
After activating your account via e-mail you can get started right away. It gives us a bit of a strange feeling, but actually a crypto broker doesn’t need anything else from you. You can read below why ByBit doesn’t need your bank details.
Bybit is offering a testnet trading account, so new users can check out the trading platform safely before trading with real money. This is a great feature we always appreciate with crypto brokers. Right on their trading interface you find the testnet link on the right side.
In the illustration you see where you find the testnet link. Also, this is the night mode which is preferred by many traders who are used to dark chart:
Bybit Welcome Bonuses
One of the cool things about Bybit is that they grant you money in the form of bonuses. Users get a $10 signup bonus and another $50 on their first deposit, so $60 in total.
However, there is a tiny task you need to do for the $10 which is following Bybit’s official on Twitter and retweeting the Welcome Bonus Tweet. You’ll find the details in your account in the bonus section. By the way, this credit cannot be withdrawn, but must be used for trading on the platform.
For legal reasons there are certain countries or regions that cannot be served by Bybit. Unfortunately, those are the USA, Québec (Canada), Cuba, Singapore, Crimea, Sevastopol, Syria, Iran, Sudan, China and North Korea. So if you live in one of those countries, you’re not allowed to trade on Bybit.
How does ByBit work?
It is good to know in advance that you can only use cryptocurrency to access ByBit. So you can’t execute trades with USD or Euros to convert them into Bitcoin, for example.
So if you want to start using ByBit and you don’t have any cryptocurrency yet, then you’ll first have to go to an exchange to buy Bitcoin or one of the other cryptocurrencies accepted for deposit on Bybit.
With ByBit you can make trades like you might know from BitMEX. At ByBit it is possible to deposit BTC, ETH, EOS or XRP in order to start trading. So it’s not possible to directly deposit fiat money like USD, EUR, GBP etc. If you don’t have a cryptocurrency yet, you can buy some from CoinMama, BitPanda, LocalBitcoins, Coinbase or another exchange of your choice.
For each trade in Bybit you can set a leverage and you can indicate whether you want to go long or short. Each trade on ByBit happens through two parties. One party is the maker. A maker places an order in the order book for the future. So a maker will also make sure that the trading platform has money in its hands and will provide liquidity within the broker. A maker receives a reward for this. You can read more about this below. The other party is the taker, who places an order equal to that of the maker. So in short – a maker creates the order book and a taker takes a transaction out of the order book.
Here are the leverage details for BTC and ETH positions:
By the way, at the bottom of the page you can change the day or night mode, depending on whether you prefer a white or a black interface.
Protection From Market Manipulation
The broker is protected from market manipulation by using a dual price mechanism. This means that the price at which traders can be liquidated depends on the mark price. The mark price is an average price of certain large exchanges.
Minimum Deposit and Withdrawal
There is no minimum deposit for BTC, ETH, EOS and XRP. So on this crypto margin broker you can even trade with tiny amounts, which is a good idea if your are a margin trading beginner. But they do have minimum withdrawal amounts you might need to know – however, even those are really low:
- Bitcoin: 0.002BTC
- Ethereum: 0.02ETH
- EOS: 0.2EOS
- Ripple: 20XRP
We’ve just been talking about makers and takers. As a taker you pay a 0.075% fee of your total trading amount to ByBit. As a maker you will receive a 0.025% discount on that amount. If you have closed all your trades and for example you want to withdraw your Bitcoin from your account to your own wallet, you’ll pay the small transaction fee that goes to the BTC miners. Bybit itself doesn’t charge any fees on deposits and withdrawals. The current mining fees on deposits and withdrawals are stated here.
Our Verdict on Bybit
ByBit is seen by many traders as a robust and reliable platform. So there is no need to be discouraged by the missing verification process. In fact, anonymous trading is what many traders prefer so they specifically look for crypto brokers with no KYC.
ByBit offers good support for users and it is available around the clock. The possibility to ask the CEO of the company questions via his own Twitter account shows that it is a transparent company. That’s what we like to see in the crypto world.
The platform is made for experienced traders. As with many other platforms, it is possible to first get acquainted with the system via a demo environment. So you can take a look around to see what the dashboard looks like before you really start. A function we didn’t expect, but certainly a pleasant surprise.