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ByBit Review – ByBit Referral Code & Signup Bonus

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What is ByBit?

ByBit is an exchange for cryptocurrency derivatives, which is based in Singapore. The company that manages the exchange is registered in the British Virgin Islands. The exchange has been offering its service since March 2018.

Founding team members are forex professionals, investment-banking professionals, and block chain enthusiasts who adopted the technology early on. ByBit’s co-founder and current CEO is Ben Zhou, a Singapore crypto and forex expert.

Services offered on ByBit

ByBit is a crypto-currency derivatives platform that includes BTC / USD and ETH / USD perpetual contracts. EOS / USD, XRP / USD, and Litecoin / USD perpetual contracts are expected to be launched soon.

Open-ended contracts are a new, innovative crypto-currency derivative, which sits halfway between spot margin trading and forward trading. They do not have an expiration date, like futures, so traders can hold perpetual contracts for as long as they want. A funding mechanism ensures that prices are always up to date and that unnecessary liquidation does not occur.

Advantage is offered up to 100x, which leaves more than enough room to make profits. The account maintenance margin must always be kept above 0.5% to avoid liquidation. The auto deleveraging mechanism offers an additional layer of protection when avoiding significant losses on risky trades if the market moves in the desired direction.

Getting started at ByBit

You can choose between two options when registering. To create an account on ByBit, give your email address, or insert your phone number.

After adding the password, a confirmation email or SMS is sent to confirm the account registration with a verification code.

Once the account opening has been confirmed, you are ready to trade. This also means that you do not need to go through a KYC process to verify your identity. Still, you can start trading right away after depositing the funds into your account.

To fund your account, go to My Wealth. Here you can see all available coins that you can deposit into your account.

On the right-hand side, you can click on “Deposit,” and your unique address will be revealed to you where you can send BTC, ETH, EOS, or XRP. Please note that you only send specific coins to your unique address. Otherwise, the assets will be permanently lost as blockchains cannot handle coins from other networks.

ByBit deposits funds into your account even after the first confirmation, so you do not have to wait long to use your trading account. There is no minimum deposit applicable to ByBit.

Trading at ByBit

Go to the Trading screen on ByBit to initiate your first order.

There is a comprehensive chart provided by Trading View where you can select all the indicators and charting tools available in Trading View. Select the time horizon you are looking at or choose to follow the depth of the market at some point in time. The order book is updated in real-time on the central screen.

The various order types are listed on the right side of the trading screen. Set the price and amount of advantage. You can trade 2x to 100-x advantage with BTC on ByBit. To finish the order, press the Long or Short buttons and review the contract details. After completing the trade, your live positions and order history are listed at the bottom of the screen, along with your daily and all-time PnL.

Each contract is open-ended with one USD in BTC so that you can trade only a tiny fraction of Bitcoin as you wish.

Prices on ByBit

Deposits are entirely free at ByBit. For withdrawals, it is sufficient to pay the mining fee to the network. Still, ByBit does not charge any additional withdrawal fees.

When it comes to trading, ByBit uses a maker-taker commission model. The takers have to pay 0.075% after each perpetual contract. This tax is already considered low in the market.

The funding rate is fixed at 0.01% for all digital assets and regularly updated every 8 hours. A positive financing rate in your trading history means that you have paid a financing rate. In contrast, a negative rate means that you have received financing. ByBit does not pay or accept any of these financing rates.

Funding rates are exchanged directly between buyers and sellers who trade on ByBit every 8 hours. When the borrowing rate is positive, holders of long positions pay the holders of short positions. In contrast, when the borrowing rate is negative, it is the other way around.

Customer support and security on ByBit

ByBit does its best to offer an exceptional user experience. To achieve this, it provides 24/7 customer support. You can reach them via chat, email, and on their Telegram channel, but they also answer questions on Twitter. You can get instant feedback 24/7 Live Chat with their professional multilingual customer support team.

Pros

  • open communication
  • low taxes
  • high security

Cons

  • the new company, without a real business experience
  • Deposits and withdrawals are not possible
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Written by Crypto Discounts

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