Bybit Review: benefits, drawbacks, fees, and more
In depth of Bybit review, a cryptocurrency exchange created in March 2018, it provides a professional marketplace in which cryptocurrency traders may discover an incredibly quick matching engine, outstanding customer service, and global supportive environments. The company provides active online spot and futures trading platform, mining and staking services, and API assistance to retail and institutional clients globally to become the most dependable exchange for the emerging digital asset class. Bybit’s CEO and founder, Ben Zhou, recently served for XM, one of the world’s biggest FX and CFD trading brokerage firms. The company comprises experts from investment banks, tech companies, the currency market, and blockchain participants. The development team supports talent from Morgan Stanley, Baidu, Alibaba, and Tencent.
Benefits of Bybit
Bybit review from a positive perspective, summarizing all the factors affecting users’ decisions.
Low Trading Fees
Functionality is not the only consideration in trading. It is also imperative to take Bybit fees into the fund compared to Kucoin fees. The key for day investors, who frequently buy and sell bitcoins. Market takers are the ones who look for and remove liquidity from the trade. They have assessed a trading fee. Market makers increase market volume, provide liquidity, and earn a low trading fee known as payback. The maker charge for Bybit is just -0.022%, and the taker fee is just 0.079%. This platform is appropriate for individuals looking to generate short-term profit and those interested in long-term contracts.
The various States Supported this.
Not every cryptocurrency exchange is as widely available as you could assume. Only a limited number of countries have access to some of them. Although Bybit exchange accepts a vast number of nations, there are a few limits, including:
- United States of America
- Mainland China
- North Korea
Compared to Kucoin, Bybit supports a huge number of countries.
Drawbacks of Bybit
Only a Few Cryptocurrencies Are Supported
Most traders interested in trading rely on the number of supported coins as one feature. Hundreds of alternatives are available on the Kucoin cryptocurrency exchange, but what about Bybit?
Currently, Bybit supports the following cryptocurrencies:
It allows you to purchase BTC, ETH and USDT using fiat currencies.
KYC on Bybit
- Although Bybit has not yet specified when the new KYC procedures will go into practice, we know that the accounts have been divided into individual and business accounts.
- The daily withdrawal limit can be extended to 101 BTC, while users who fail the KYC verification are only enabled to withdraw 2 BTC per day.
Is your cryptocurrency safe with Bybit?
To secure your funds, Bybit has set up several security protocols. All investor funds are kept in cold storage offline. It also carefully checks each withdrawal request in detail to prevent fraudulent withdrawals. Bybit provides the better that entices ethical hackers to find and report any security weaknesses in its software. All of its staff have their backgrounds checked as well. Two-factor authentication is available by Bybit at the user level for withdrawals and updates to account security settings.
ByBit vs KuCoin: Security
With end-to-end data encryption and cold wallet storage of cryptocurrency assets, ByBit vs KuCoin provide top-notch security measures for protecting data and digital assets. Both also provide two-factor authentication for accounts, the ability to ban withdrawal addresses, and security on held cryptocurrency assets. However, KuCoin does not require KYC identity verification in order to trade.
However, KuCoin experienced a hack in 2020 and lost about $269 million. Several KuCoin hot wallets for different cryptocurrencies were hacked, and the wallets’ funds were stolen. With the support of an external crypto analytics firm, KuCoin recovered most of the lost funds, and the KuCoin insurance fund compensated for any further losses.
Although KuCoin vs ByBit are both incredibly safe, KuCoin, unfortunately, suffered a significant attack and lost user funds. ByBit provides the highest level of security for user funds as it has never had a hack and retains all user funds in cold storage. The benefits of Bybit include relatively low costs, support for a large range of countries, a mobile trading app, a simple interface, and excellent customer service. Even though it would appear like this platform has it all, there are a few drawbacks. Numerous internet evaluations of Bybit state that they do not advise using this platform because of hidden fees, frozen accounts, and other problems. The platform is not suggested for newcomers and only supports a small number of coins.