Bybit exchange is slowly becoming popular among the cryptocurrency trading community. For those who do not know, Bybit is a Peer to Peer cryptocurrency derivatives exchange. In fact, it is an emerging platform. However, it aims to become one of the well-established platforms in the ever-growing crypto margin/leverage trading sector. Bybit appeared in 2018. Therefore, it is a relatively new entry into the crypto trading scene. However, even within such a short time, it has started to make a name for itself.
In fact, it has already accumulated new users at an impressive rate. Therefore, Bybit exchange has already become popular among crypto traders. On Bybit, you can trade leveraged margin in a select range of crypto products and digital assets from around the world. You can trade digital assets like BTC, ETH, EOS, and XRP using up to 100x leverage.
Moreover, it does not require its users to go through strict KYC verification. With its headquarters in Singapore, Bybit generates daily trading worth around $1B. It features a solid security protocol, cutting-edge technology, and an active customer support service. In fact, it has already emerged as a strong rival for leading derivatives trading service providers. If you wish you
The Brain Behind Bybit Exchange
Ben Zhou founded Bybit back in 2018. Before creating Bybit exchange, Ben worked as XM’s China District General Manager for seven years. In fact, in the world of brokering services, XM is a leading name. Interestingly the core team of Bybit comes from the Forex industry and investment banking.
Singapore houses the headquarter of Bybit, registered in the British Virgin Islands. It has branch offices in Taiwan and Hong Kong. The original name of the company was Bybit Fintech Limited. However, we do not know its incorporation details and registration details. The headquarter is located at 6 Shenton Way, #12-11/11A, Singapore, Singapore 068809, SG.
If you visit the company’s website, you will also find the LinkedIn page. In fact, Bybit exchange boasts of some other prominent members like Latica Qiu apart from Ben Zhou. Latica has experience working for XM. The company has many members who have illustrious experience working for some big names like Tencent, Ping’an Bank, Morgan Stanley, and Nuoya Fortune. The LinkedIn page of the company also contains links to the LinkedIn profiles of many of its prominent employees. Therefore, it is easy for anyone to go through the member profiles in detail.
We have already seen that Bybit, as typical P2P crypto to crypto derivatives trading platform, enables users from across the globe to trade using leverage up to 100x. However, the US is excluded from the list of the allowed nations. Bybit exchange provides the users with a number of interesting features which make trading efficient and responsive.
The platform features a dedicated customer support service, with a live chat feature and a Grey release feature. This later feature ensures “on-the-go” maintenance of the platform. This, in turn, results in reduced downtime. The pricing mechanism used by this platform ensures fair and transparent trading. The platform also integrates with TradingView and can be used from both iOS and Android mobile apps. Some other features of Bybit exchange include:
- 100,000 TPS per contract, with no overloads.
- Cold Wallet Storage/Manual Withdrawals supporting three manual withdrawals daily.
- 1 Click Coin Swaps, enabling easy and speedy cryptocurrency swaps.
- Up to 100x leverage, which has increased profit potential.
- No KYC verification for users.
- Unlimited Withdrawals.
What is more interesting is that the contracts have no set expiry dates. Moreover, as a derivatives trading platform, Bybit does not carry out any physical transfers of Bitcoin between buyers and sellers.
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Types of Account and Limits
All the features mentioned above are available to all the users after they open accounts on Bybit. Moreover, they can trade in perpetual crypto derivative contracts in Ethereum, Bitcoin, EOS, and Ripple in relation to USD. The leveraged trading pairs supported by Bybit are:
- EOS/USD: 1:50
- BTC/USD: 1:100
- XRP/USD: 1:50
- ETH/USD: 1:50
In fact, Bybit is one of the easier crypto-to-crypto trading platforms. You will need only your email id to open an account. You can also register your phone number, which requires you to fill up your country name, phone number, and password.
Opening an Account on Bybit Crypto Exchange
Follow the following steps to open an account for Bybit exchange:
- Tap on the “Register” tab at the top right of the page.
- Enter either your Email Id or your phone number and fill in the necessary details.
- A unique verification code number will be sent to your registered Email Id. Use it to access your account.
Your account will be ready to use. Now, you can visit the “Account & Security” settings to set your username. After setting up your account, you may start depositing by clicking on “Assets/My Assets.”
Currencies Supported on Bybit
We already know that at the moment, Bybit exchange supports a few digital currencies like ETH, XRP, BTC, and USDT. However, the platform does not support any flat currency at the moment. However, you can display the funds in the following currencies:
Bybit Exchange: The Supported Countries
You can access Bybit if you are a resident of the following countries:
Bybit does not have any minimum deposit limits. However, there are minimum withdrawal limits set for currencies:
- BTC – 0.002BTC
- EOS – 0.2EOS
- XRP – 20XRP
- ETH – 0.02ETH
Moreover, Bybit does not charge any deposit or withdrawal fees, although a miner’s fee applies to all transfers. However, Bybit trading is not suited for beginners. The platform is also really secured. Therefore, it is only a matter of time for Bybit exchange to emerge as one of the top contenders in the crypto world.