• Bybit overview – what is Bybit?
  • Bybit alternatives
  • Bybit pros and cons
  • Bybit signup & KYC
  • Bybit NFT marketplace
  • Is Bybit safe?
  • Fees & commissions

Bybit is a cryptocurrency derivatives exchange that allows users to trade perpetual contracts with up to 100x leverage. The platform offers a user-friendly interface and advanced trading features such as stop-loss orders and take-profit orders. Bybit also has a mobile app that allows traders to access their accounts and make trades on the go. The exchange supports a variety of cryptocurrencies, including Bitcoin, Ethereum, EOS, and XRP.

However, it is essential to note that trading in derivatives carries a high level of risk, and it is essential to thoroughly understand the market and have a solid risk management strategy before trading. So, don’t FOMO into this type of trading without doing your due diligence first.

Bybit overview

Bybit is a cryptocurrency derivatives exchange founded in 2018 and headquartered in Singapore. It is a relatively new exchange that has quickly gained popularity among traders due to its fast execution speeds and high liquidity.

The exchange also offers a user-friendly interface, 24/7 customer support, and a variety of order types, including limit, market, and stop-limit orders. The platform is registered with International Enterprise Singapore and has a team of more than 50 employees.

Bybit alternatives

Bitmex, Phemex, and Coinbase are all popular alternatives to Bybit in cryptocurrency derivatives trading. Bitmex, like Bybit, offers leveraged trading for multiple cryptocurrencies with up to 100x leverage. Phemex offers similar trading options but focuses on providing a more user-friendly and intuitive platform. Coinbase, on the other hand, is primarily a spot trading platform, but it also offers options for margin trading and staking for specific cryptocurrencies.

All three platforms have a good reputation and are known for their security and high liquidity, but they have slightly different features and offerings.

Bitmex

Bitmex, short for Bitcoin Mercantile Exchange, is a cryptocurrency derivatives trading platform founded in 2014. The exchange is based in Seychelles and offers leveraged trading for Bitcoin and a variety of other cryptocurrencies, with leverage options up to 100x. Bitmex is known for its high liquidity and fast execution speeds, making it a popular choice among traders. The platform offers a variety of order types, including limit, market, stop-limit, and more.

Bitmex is also known for its security measures, which include multi-signature deposit and withdrawal schemes and two-factor authentication for all account activities. The team behind Bitmex is composed of experienced traders, engineers, and economists, which ensures that the platform is continuously updated and improved to meet the needs of its users.

Phemex

Phemex is a cryptocurrency exchange platform that allows users to trade various digital assets, including Bitcoin, Ethereum, and Litecoin. The platform offers a user-friendly interface, high-speed trading, and a variety of trading tools and features to help users make informed decisions.

Phemex also offers margin and contract trading, allowing users to leverage their positions and potentially earn more significant returns. Additionally, Phemex is known for its security measures and has implemented multi-tier and multi-cluster system architecture to ensure that users’ assets are safe.

Phemex also has a mobile app available on the Apple App Store, which allows users to access the platform and trade on the go. The app is designed with a user-friendly interface to the web-based platform, making it easy for users to navigate and trade effectively. – no need to be a rocket scientist!

Coinbase

Coinbase is a digital currency exchange platform that allows individuals to buy, sell, and store a variety of cryptocurrencies. The platform is easy to use and offers a variety of features, such as recurring buys, price alerts, and a mobile app for on-the-go trading. Coinbase provides various security features to protect users’ assets, including two-factor authentication and insurance coverage for stored digital currency.

Coinbase also offers a professional trading platform called Coinbase Pro, which offers advanced trading features such as margin trading and access to larger liquidity pools. In addition, Coinbase also provides a platform for institutional investors called Coinbase Prime. It offers institutional-grade trading and custody services for cryptocurrency traders and investors. The platform also provides tools and services that help institutions to manage and secure their digital assets. The whales love it!

Bybit Pros and Cons

Pros:

  1. High trading volume: Bybit is one of the exchanges with the highest trading volume for derivatives, indicating a high level of activity and liquidity.
  2. Coin and USDT settlement: Bybit offers derivative contracts that can be settled in both coins and USDT, providing flexibility for traders.
  3. High bonuses and low trading fees: Bybit offers attractive bonuses and low trading fees, which can benefit traders looking to maximize profits.
  4. Reduced risk of price manipulation and liquidations: Bybit’s risk management system is designed to minimize the chances of price manipulation and liquidations, which can benefit traders.

Cons:

  1. Limited number of trading pairs: Bybit has a limited number of trading pairs, which can be limiting for traders looking to diversify their portfolios.
  2. Unverifiable trading volume statistics: Bybit’s trading volume statistics cannot be independently verified, which may make it difficult to determine the authenticity of the reported volume.
  3. US citizens not allowed to trade: Bybit does not allow US citizens to trade on its platform, which can be limiting for traders in the US.
  4. Lack of regulation: Bybit is not regulated by any major financial regulatory body, which may concern some traders who prefer a more regulated environment.

Bybit Signup & KYC

To sign up for an account on Bybit, follow these steps:

  1. Go to the Bybit website and click on the “Sign Up” button.
  2. Enter your email address and create a password.
  3. Verify your email address by clicking on the link sent to you.
  4. Log in to your account and go to the “Verification” tab.
  5. Submit your personal information, including your full name, date of birth, and country of residence.
  6. Upload a copy of your government-issued ID or passport.
  7. Wait for your account to be verified, which may take up to 24 hours.

Once your account is verified, you can deposit and trade on the platform.

Bybit NFT Marketplace

Bybit NFT Marketplace is a platform that allows users to buy, sell, and trade non-fungible tokens (NFTs). NFTs are a type of digital asset that represents ownership of a unique item, such as a piece of art or collectible. Bybit’s NFT marketplace allows creators to mint and sell their own NFTs and buyers to purchase and own them. Bybit’s NFT marketplace provides a great way to own an asset that can’t be duplicated – just like the perfect meme!

Fees & Commissions

The Bybit NFT Marketplace charges a commission on each sale made on the platform. The commission is a percentage of the total sale price and is currently set at 1%.

Gas fees may be associated with minting, buying, and selling NFTs on the blockchain. These fees are paid in the cryptocurrency used to mint or purchase the NFT, usually Ethereum. It’s worth noting that these fees are subject to change, and you should check the official website for the most up-to-date information on fees.

FAQ about Bybit crypto exchange

Here are some frequently asked questions about Bybit, a cryptocurrency trading platform:

Who owns Bybit?

Bybit is a cryptocurrency trading platform owned by Bybit Fintech Limited, a company registered in Seychelles. It offers trading services for various digital assets, including Bitcoin, Ethereum, and more.

Should I use Bybit or Binance?

Whether to use Bybit or Binance depends on your trading preferences and needs. Both platforms are popular and offer a wide range of digital assets to trade, but Bybit focuses on derivatives trading. In contrast, Binance offers a broader range of services, such as staking and lending. Evaluating both options is recommended and choosing the one that best suits your needs.

Is Bybit better than Binance?

It’s difficult to say whether Bybit is better than Binance as it depends on the user’s specific needs and preferences. Both platforms are popular and reputable in the crypto industry. Bybit can be better for derivatives trading, while Binance offers a wide range of services and features.

Read our full Binance review – 2023

Is Bybit better than Coinbase?

Bybit and Coinbase are different platforms with different services. Bybit is a cryptocurrency derivatives trading platform, while Coinbase is a cryptocurrency exchange and a digital wallet. Bybit is suited for advanced traders looking for leveraged trading options, while Coinbase is more beginner-friendly and suited for buying and selling cryptocurrencies. It depends on what you are looking for.

Read our full Coinbase review – 2023

Is Bybit a Chinese company?

Bybit is a global company. It was founded by traders and technologists worldwide, including in China. The company is registered in Seychelles, and its servers and operations are spread across multiple countries. It offers its services worldwide; however, it’s always recommended to check the regulations of your country regarding cryptocurrency trading before signing up for any platform.

Is Bybit a good app?

Bybit is a popular and reputable cryptocurrency derivatives trading platform with a user-friendly interface and a wide range of trading pairs. Many users consider it a good option for advanced traders, with high-leverage trading options and a low-latency trading engine.

Is Bybit trustworthy?

Bybit is a reputable and popular cryptocurrency derivatives trading platform registered in Seychelles and has a valid SSL certificate. It also offers 24/7 customer support.

Is Bybit Legal in the US?

No, Bybit is not available to US citizens and residents due to regulatory restrictions. Generally, the regulatory environment for cryptocurrency trading in the US is still evolving and can vary depending on the jurisdiction. It’s essential to consult with a legal professional if you have any doubts.