ByBit is formally based in the British Virgin Islands and has an office in Singapore. The exchange was introduced in March 2018, making it a comparatively new competitor on the market.
ByBit relies on more seasoned traders, and the site can be dangerous if you don’t know what you’re doing. They have evolved within a brief period of time to become a major player in the Bitcoin derivatives business. Experienced traders are especially charmed by the speed and ease of use of the site. ByBit claims that it can handle 100,000 transactions per second. This has the drawback that you won’t lose money during trade when the platform is overloaded or when the price moves fast. It also means the platform is primed for the future.
With ever-increasing popularity, both markets will get more and more busy, so a lot of transactions per second is no needless luxury.
In fact, ByBit separates itself from the rest of the functionalities. For eg, you can trade on a margin trading site. It is also possible to add a 100x leverage for any cryptocurrency. With a leverage, you can make a lot of gains with a very small deposit, but you can lose that almost as easily as you can. This is definitely the case with a debt of 100x. It’s just a feature for a more seasoned dealer, or rather a gambler.
The fact that ByBit is particularly appropriate for seasoned traders does not mean that there is no help available. You can ask questions 24/7 via a live chat. The talk is exclusively in English. It’s also possible to ask CEO Ben ByBit questions on Twitter. So, ByBit is a really transparent forum, and we want to see it. Much what we’re doing in Binance.
How do I build a ByBit account?
Creating an account on ByBit is really straightforward, and that’s partly because ByBit doesn’t require a lot of personal data from you. What you find with a lot of brokers and exchanges is that you need to search some details before you can proceed. This is not the case for ByBit. Only an email address or telephone number is appropriate. You will get started immediately after you have activated your account via e-mail or SMS. It gives us a bit of a weird feeling, but in truth, an exchange doesn’t require something else from you. You can see that ByBit doesn’t need your bank information below.
If you register an account using our page, you will receive a bonus of $10 after your account has been established and a bonus of up to $90 for small tasks. This credit can not be deducted and must be used for trading on the exchange. If you have benefited from our ByBit analysis, you can help our blog by registering via our page.
How is ByBit working?
ByBit helps you to open trades the same way you would know from BitMEX. ByBit helps you to deposit Bitcoin , Ethereum, EOS or Ripple in order to start trading. It is also not necessary to make direct deposits in euros or dollars. If you do not already have a cryptocurrency, we suggest that you buy it using the Bitvavo Exchange (Europe only). They offer very low fees for euro transfers in tandem with simple payment methods. Please see our guide on how to purchase a crypt with Bitvavo.
Deposit Bitcoin to ByBit
If you already own one of the sponsored coins, you can conveniently transfer it to your special ByBit wallet address. If you don’t own crypto yet, you can also buy crypto and send it to the platform, we’ve described how to do this:
Register your account with Bitvavo (Bitvavo charges just 0.25 per cent commission and you will exchange the first €1000 at 0 per cent commission).
Buy bitcoin or some other supported currency and pay through a simple payment system (see here a step-by — step overview of how to buy crypto from bitvavo).
Log in to ByBit, go to Assets, and press Deposit behind the desired coin.
The popup will open with your specific wallet address.
Go to Bitvavo ‘s rundown of the coin you just bought and press Delete.
Enter how much you want to send to ByBit and your ByBit Deposit address. Make sure you give the correct coin to the correct address and copy the address carefully. Errors will cause you to lose your crypt forever.
Press Proceed and validate the transaction via e-mail.
Within 30 minutes, everything will be submitted and checked by ByBit and you can start trading.
ByBit is seen by many traders as a stable and secure forum. Don’t let the authentication process scare you away, because there’s zero. ByBit provides strong and easy English support to its customers. The freedom to raise questions from the CEO of the company via Twitter shows that it is an open company and we want to see that in the cryptocurrency community.
However, the forum is tailored for seasoned traders. As for several other platforms, you can first get to know the device using a demo environment. So, you should first look around what the dashboard looks like before you really get started. A feature that we didn’t expect, but definitely a fun surprise.