Within the world of cryptocurrency, it is possible to buy and sell cryptocurrency in different ways. Beginners will start on cryptocurrency brokers which provide a low entry level and you will find the more experienced traders on exchanges. Experienced traders use more advanced tools like trading bots and leverages. When these last terms mean nothing to you, it is best to stay away from ByBit. The availability of ByBit is subjected to regulation.
In this ByBit review we’re going to discuss an exchange which mainly focuses on trading with extra instruments. It is definitely worthwhile to put the more complicated exchanges under a magnifying glass and tell you what we think of them. On this page you also have the possibility to leave your own experience using our rating system.
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What is ByBit?
ByBit is officially established on the British Virgin Islands and has an office in Singapore. The exchange was launched in March 2018, making it a fairly young player on the market.
ByBit focuses on the more experienced traders, and the platform may be risky if you don’t know what you’re doing. Make sure you know exactly what you are doing with this platform and do not use unnecessarily high leverages. The risk of losses are bigger than with a spot exchange.
They have grown in a short period of time to a major player in the Bitcoin derivatives industry. Experienced traders are especially charmed by the speed of the platform and the ease of use. ByBit says it can handle 100,000 transactions per second. This has the advantage that you won’t lose money during trading when the platform is overloaded or when the price makes quick moves. This also means that the platform is ready for the future.
Because of the ever-growing popularity, all exchanges will become more and more crowded, so a lot of transactions per second is no unnecessary luxury.
Especially in the functionalities, ByBit distinguishes itself from the rest. For example, you can trade on the platform with margin. With some cryptocurrency it is even possible to apply a leverage of 100x. With a leverage you can make a lot of profit with a relatively small deposit, but you can also lose it just as quickly. With a leverage of 100x this is certainly the case. Truly a functionality for the more experienced trader, or rather the gambler.
The fact that ByBit is especially suitable for experienced traders does not mean that there is no support available. You can ask questions 24/7 using the live chat. The chat is completely in English. So, ByBit is a very open platform and we like to see that. Just like we see at Binance.
How to create a ByBit account?
Creating an account on ByBit is very easy and that is mainly because ByBit doesn’t need a lot of personal data of you. What you notice with many brokers and exchanges, is that you need to verify some data before you can start. This is not the case for ByBit. Only an email address or phone number is sufficient. After activating your account via e-mail or SMS, you can get started right away. It gives us a bit of a strange feeling, but actually, an exchange doesn’t need anything else from you. You can read why ByBit doesn’t need your bank details below.
ByBit has often an interesting bonus for new traders, below you can see their most recent deal. These bonuses cannot be withdrawn and it must be used for trading on the platform. If you have benefited from our ByBit review, you can support our blog by registering using our link.