Bybit cryptocurrency exchange: overview, account registration on the official website, advantages and disadvantages
Bybit (Bybit) – one of the most popular cryptocurrency exchanges with leverage. It is included in the list of the best derivatives exchanges. Users of many countries can trade on the exchange.
Bybit: whose exchange, history of creation
The Bybit cryptocurrency exchange opened in March 2018. It provides a platform for trading cryptocurrency derivatives. A feature of the platform that distinguishes it from competitors is the provision of leverage (1:100 for pairs with bitcoin and Ethereum).
Babbit is registered in the British Virgin Islands, and its headquarters are located in Singapore. Trading on the platform is available to users all over the world, including Russia.
The team consists of 250 employees. The staff is expanding all the time.
Advantages and disadvantages of Bybit
The obvious advantages of the exchange are as follows:
- specialization in indefinite contracts;
- Russian-language interface, you can also communicate with the support service in Russian;
- lack of mandatory certification;
- high speed of transactions;
- two-factor identification for security;
- free demo account;
- mutual risk insurance system.
A significant disadvantage is the small number of available currency pairs.
There is a bonus program on the exchange. So, when replenishing an account for more than 0.05 bitcoins, you can get $ 5, and for registration – $ 10. These funds cannot be withdrawn, but they can be spent on buying cryptocurrencies inside the exchange.
There are countries in which trading on Babbit is officially prohibited: the United States, North Korea and a number of other states.
Registration and verification on the official website of the exchange Bybit.com
The exchange’s website has a Russian-language version. To start trading, you need to open an account on the official website of the exchange:
Registration is possible by e-mail address or mobile phone number.
If desired, Beibit users can remain anonymous, because it is possible to trade cryptocurrencies on the exchange without mandatory verification. But there are restrictions for anonymous users: the withdrawal limit will be 2 bitcoins per day. After passing the basic version of verification, the limit increases to 50 bitcoins per day, and when confirming the place of residence – up to 100 bitcoins per day.
To start verification, you need to go to the “Account and security” page. The verification process is fairly standard. Verification of documents usually lasts no more than two days.
How to top up your account and withdraw funds
To replenish the account in the “Assets” tab, go to the “Deposit” section, select a cryptocurrency and copy the wallet address, send coins, including from another exchange.
You can also top up your account with fiat from plastic cards in the Bybit Ashfe section (buy cryptocurrency).
In this case, user verification is a prerequisite.
You can withdraw funds only to a cryptocurrency wallet. Before the output, you need to set up two-factor identification. You can withdraw cryptocurrency assets only 3 times a day at a strictly defined time (11-00, 19-00 and 3-00 Moscow time).
How to trade on the Bybit exchange
There are more than 100 trading partners in the listing of the exchange.
Three types of cryptocurrencies (bitcoin, Ethereum and USDT) can be bought directly on the exchange. You can pay for the crypt with a Visa or Master Card, but subject to verification.
On the exchange, in addition to a derivative account, there is a spot account for trading directly in cryptocurrency.
Convenience and a significant plus for beginners and inexperienced users is that it is possible to open a demo account without making a deposit.
Bybit Exchange commissions
Trading commissions are charged according to the Maker/Taker scheme. This means that the commission is deducted from transactions when liquidity decreases. If the liquidity grows, part of the funds is returned to the user.
The minimum withdrawal amount and commission depend on the type of cryptocurrency.
Cloud mining on Bybit
Mining cryptomonets on farms has become very expensive and almost inaccessible to the average user. Alternatively, you can use DeFi mining with the computing power of a remote data center.
The software products necessary for cloud mining can be purchased for USDT tokens on the Bybit exchange website.
Stacking on Bybit
For users who do not want to actively engage in trading crypto assets and constantly monitor the exchange rates of coins, there is an opportunity to passively earn on staking. Staking consists in storing coins in a special account.
You can deposit coins and withdraw them from the betting at any time. Income is calculated and accrued daily, starting from the second day after depositing coins. If the coins are withdrawn (even partially), the percentage for the day of withdrawal is not charged.
The amount of accruals depends on the type of cryptocurrency.
Example
Suppose that the user deposited 10,000 USDT coins to the account, the annual yield of which is (APY) it is 9%. The next day, starting from 3-00 Moscow time, income in the amount of 2 tokens will be accrued (the value is rounded to an integer). If you withdraw any amount on some day, for example, 50 tokens, the income for that day will not be accrued.
Automatic reinvestment of income in stacking is not yet provided, but it is possible to reinvest coins manually.
NFT Marketplace on Bybit
In January 2022, the exchange Administration announced the launch of the Unique Tokens marketplace (NFT). The first NFTs traded on the exchange were the game monsters of the Monster Galaxy blockchain game.
You can purchase tokens using spot accounts without attracting assets from crypto wallets. To purchase NFT or sell your tokens, you need to pass the first level verification.
Bybit Mobile App
The exchange has a convenient mobile application for gadgets based on iOS and Android. Thus, it is possible to trade 24/7 anywhere in the world where there is access to the Internet.
Through push notifications in the mobile application, the user can receive up-to-date information about changes in asset prices, market trends, including unfavorable ones.
You can download the mobile app in the official Google Play and App Store.
Bybit.com : reviews about the exchange
There are few reviews from users of the exchange yet, but most of them are positive. Traders especially like the operational work of the support service, which is important for such platforms, and the fact that communication with exchange employees can be conducted in Russian.
Published: 28 February, 2022
