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Bybit Review 2022: Is Bybit a Good Exchange?

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When it comes to cryptocurrency trading, there are different choices for investors and traders. Besides just investing in cryptocurrencies, professional traders can also invest in crypto derivatives. A well-known cryptocurrency derivatives trading platform is per bit. This article is all about Review by bit 2022 and if Bybit is a good exchange. Let’s take a look in more detail.

Established in 2018
Supported Fiat Currencies More than 20
Minimum deposit 0
Mobile app Android and iOS
Customer service 24/7

per bit is one of those rapidly growing crypto exchanges. This exchange started operating in March 2018 and already has more than 10 million users. After successfully registering, you can start trading perpetual contracts. There are trading pairs of various cryptocurrencies against the US dollar.

Which makes per bit prosperous is its easy to use platform and high leverage offers of up to 100x. The platform is available in more than 160 countries and more than 16 languages.

Advantages of Bybit:

  • No KYC is needed for a new user.
  • It’s easy to start trading.
  • It also has a mobile app alternative to connect and trade.
  • Bybit leverage is extremely high, with attractive trading fees and market maker reimbursement.
  • It is one of the top exchanges when it comes to the highest trading volumes in crypto derivatives.
  • Limit orders, partial orders, entry orders and market orders are all possible order types.
  • Benefits from a guarantee from the Assurance Fund to reduce and compensate for losses.

Disadvantages:

  • The number of possible trading pairs is limited.
  • Not available to US citizens.

How does Bybit work?

Bybit is not your typical cryptocurrency exchange, and they have several features that set them apart from competing platforms. The first of these characteristics is the way they enact trades. The main pillars of Bybit are:

  • Unrivaled customer support and dedicated live agents are available 24/7.
  • 99.99% functionality, no server downtime.
  • Top Blockchain Custody Solutions
  • Available in over 160 countries and over 16 languages
  • The most comprehensive USDC options market in the world
  • Leading global open interest for BTC and ETH Derivatives contracts.
  • 100k TPS Match Engine

What are the features of Bybit Exchange?

  • P2P trade: Bybit P2P is a simple and secure peer-to-peer trading platform. It basically allows the buying and selling of two users’ assets at a mutually agreed ideal price. Please keep in mind that the buy and sell offers on the P2P page are not made available by Bybit.
  • VIP program: VIP levels are transmitted through Derivatives, Spot, USDC Perpetual and USDC Options Trading.
  • 0 fees on all pairs of spots and more: In this case, users can enjoy zero fees as Spot Maker and Taker, as well as Grid Bot trading.
  • Derivatives: In this case, users can upgrade their trades with USDT, Perpetual, Inverse Futures, etc.
  • NFT Marketplace: The Bybit NFT market is for listing and trading NFTs. NFTs delivered cover Digital Art, Collectibles, GameFi, Metaverse, and more.
  • Earn per bit: This contains various features such as Savings, Cash Mining, Double Asset, Shark Fin and Launchpool.

Currently, Bybit offers trading plans or alternatives in Bitcoin, EOS, Ethereum, and Ripple XRP Inverse Perpetual Contract, USDT Perpetual Contract, and Inverse Contract.

What fiat currencies does Bybit support?

  • ARS
  • USD
  • COP
  • EGP
  • USD
  • GHS
  • HKD
  • IDR
  • RNI
  • JPY
  • KES
  • KGS
  • KZT
  • MXN
  • USD
  • NGN
  • PHP
  • PKR
  • TO RUB
  • TWD
  • UAH
  • VND
  • THB
  • TRY
  • UZS
  • USD
exchange comparison

Cryptocurrencies available on Bybit

Bybit supports 100+ crypto tokens and 300+ spot trading pairs including major tokens such as BTC, ETH, SOL, APE, DYDX, LTC, DOGE, AVAX, MATIC, DOT and many more .

Bybit Review: Is Bybit Safe?

Since per bit has been on the market for more than 4 years, we can only recognize this success. Any company that passes 2 years successfully knows what it is doing.

Additionally, this exchange stores its customers’ cryptocurrencies offline in cold storage wallets. This means that hackers and attackers will not have digital access to the funds. The company also reviews every withdrawal request to prevent hackers from making transfers on behalf of real customers.

What are the fees for Bybit?

Bybit has a low cost fee structure which is attractive to merchants. The recently introduced VIP program will revise existing trading fee rates for spot and derivatives markets, for which traders will only qualify for VIP or Bybit Loyalty program benefits. More information on the different fee structures is given here.

The breakdown is as follows:

Review by bit

Fee per bit

P2P on Bybit has no transaction fees for the buyer or seller. However, depending on the payment method chosen, merchants may be required to pay transaction fees to the payment provider.

How to create an account and buy cryptocurrencies on Bybit?

Review by bit

Create a Bybit account

Bybit is a cryptocurrency exchange that features futures trading and it is one of the largest exchanges by trading volume. Signing up for Bybit is relatively simple as the platform has developed an easy to use interface.

Go to the official Bybit website which will take you directly to the registration window. Here you have two options: Email registration and Mobile registration, so choose the one you want. Simply fill in the required fields and click Register. Once registered, you will receive a confirmation email or SMS with a verification code that you must enter to complete registration. If there is a problem with the code, you can wait a bit and request another one.

Once done, your account will be completely verified and you will be ready to start using Bybit. To further protect your account, you can enable an SMS authentication system or a Google authentication method.

Here is a step-by-step guide to buying coins with fiat currencies on Bybit using credit/debit card payments. Visa and Mastercard payments are currently accepted.

Review by bit

Purchase method

Step 1: In the upper left corner of the navigation bar, click on Buy Crypto -> One-Click Buy to enter the One-Click Buy page.

2nd step: If this is your first time using credit/debit card payment, please link your card first.

Step 3: Now choose the fiat currency in which you want to pay. Next, choose the coin you want to receive in your funding account. Now enter the purchase price. You can enter the transaction amount in fiat currency or coin amount, depending on your needs.

Step 4: Now choose the credit/debit card you added, then select Buy with EUR.

Step 5: The transaction is completed.

Don’t forget that you have many other options on per bit to choose.

Conclusion

Bybit is secure, reliable and transparent. Its numerous trading opportunities, leveraged trading, safety against losses, payment choices, fee system, promotions and excellent customer support, certainly offers everything crypto traders are looking for. It is definitely one of the best cryptocurrency exchanges.

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