Bybit is a cryptocurrency futures trading platform launched in 2018 and headquartered in the British Virgin Islands. The only thing they sell is swap futures that never expire. Bybit facilitates trading between the four cryptocurrencies it supports. However, it does not accept fiat currency for cryptocurrency purchases.
However, Bybit’s laser-like concentration on perpetual swap futures has paid off, and the company has experienced steady growth in trade volume over the past year. Other crypto derivatives platforms, such as FTX and Bitmex, are Bybit’s primary competitors. This bybit review discusses bybit pros, cons, and more.
Pros Bybit
- Easy registration makes trading on Bybit accessible to anyone.
- The Bybit mobile app allows users to trade cryptocurrencies without being in front of a computer, setting it apart from other cryptocurrency exchanges.
- Bybit is among a small number of markets that provide perpetual swap futures for cryptocurrencies like XRP and EOS.
- Trading on Bybit, specifically Bitcoin products, allows for exceptionally high leverage.
- Competitive trading costs, including a market maker rebate.
- Bybit is well-suited for sophisticated traders and investors due to its flexible order types and insurance fund, which prevent losses from being “socialized” across the Bybit ecosystem.
Bybit Cons
- The Bybit cryptocurrency exchange now only allows trading in four different coins, and no plans have been made to add more.
- In the United States, access to Bybit is restricted.
- It is challenging to determine how much trading is happening on the Bybit platform because it is hard to verify that the volume numbers provided by Bybit are correct.
- You cannot buy cryptocurrencies with fiat currency on Bybit.
- To buy stocks like Tesla, Amazon, Netflix, Google, Facebook, etc., customers must withdraw cryptocurrency, convert it to fiat on another platform, and then deposit it into a conventional online broker.
Does Bybit allow users from the United States?
Users from the United States are unable to access Bybit. That is because of concerns about being sued by the U.S. Securities and Exchange Commission (SEC) and the general ambiguity of American regulations. A geo-ban on IP addresses enforces the restriction on users from the United States. In other words, users from the United States are prevent from accessing the marketplace because of their IP address. Some resourceful users have figured out that they can get around this restriction using a virtual private network (VPN). Though doable, taking such a step would be dangerous.
Bybit has been known to block accounts and prevent traders from retrieving funds if they learn that an account is located in the United States and uses a virtual private network (VPN) to access the exchange.
Has ByBit Ever Been Hacked?
ByBit has not to compromise at any time. Furthermore, they keep the vast majority of their holdings in cold storage, so even if they were hacked, the hackers wouldn’t be able to steal cryptocurrency very much. Since the transaction is completely anonymous, no personal information can be leaked.
Bybit vs. Binance Deposit & Withdrawal Fees
In contrast to Bybit vs Binance Fees is Associated with Making a Deposit or Withdrawal.
Deposits are accessible on both Binance and Bybit. However, Binance accepts deposits via Wire transfers, credit cards, and cryptocurrency. While Bybit only accepts deposits via cryptocurrency.
Each cryptocurrency has its withdrawal fee that is charged by both exchanges. Bybit is a Bitcoin (BTC) exchange with a low (0.001 BTC) withdrawal minimum and a flat (0.0005 BTC) withdrawal fee. The same fees are applied when withdrawing from Binance.
Verdict: Both exchanges are equal in this respect, as they require no deposit fees and have comparable withdrawal fees. Binance has a slight advantage over Bybit because Binance supports more deposit methods.
Can You Tell Me If Bybit Or Binance Has Been Hacked?
It’s no secret that the crypto market has been the target of numerous hacking attempts. Bybit and Binance face the same persistent risk of hacking, even though most platforms are getting much more secure as time passes, thanks to the addition of sophisticated systems and protocols.
Yet, despite its brief history, Bybit has never been compromised. The organization performs frequent audits and uses cutting-edge security processes to protect against hackers. In addition, the vast majority of assets are kept in cold storage, making the theft of customer cash impossible even in the event of a hack.
In May 2019, hackers broke into the cryptocurrency exchange Binance and stole some user funds. However, the business has reimbursed all affected dealers—additionally, Binance, an American partner platform. Hacking in the United States has never happened. Since the 2019 attack, there have been no further security incidents on the network.
