Bybit is one of the newcomers in the world of Bitcoin future oriented exchanges. The company was launched at the end of 2018. It is based in Singapore and is registered in the British Virgin Islands. Bybit CEO an co-founder is Ben Zhou.
Currently, the products on the platform include BTC/USD, ETH/USD, XRP/USD and EOS/USD perpetual contracts. Low costs, an intuitive interface and a favourable overall impression are some of the reasons why it has become quite popular.
Since March 2020, Bybit has been offering contracts based on USDT, and not only on crypto. So you can earn in USDT instead of BTC if you prefer. It benefits from a liquidity that satisfies every trader, regardless of their capital. Bybit's matching engine is presented as capable of processing 100,000 transactions per second.
The platform offers 24/7 live chat customer support, available in English, Chinese, Japanese, and Korean.
Bybit has never had an ICO and does not accept any fiat currency.
Leverage trading on Bybit
Given that Bybit is a leveraged exchange, it means that they allow crypto margin trades. Traders will have put up a small percentage of the initial position as collateral for their trades.
The leverage goes up to X100, as has become the standard everywhere.
This means that if you have a leverage of 100x you will be required to put up a margin of 1% of the initial notional amount of the trade. So, if the notional on a 10BTC contract is $36,000, you will have to put up $360 in initial margin.
Bybit's Referral Program
Traders can earn a USD 10 bonus (equivalent in BTC) immediately as long as their referred user has deposited at least 0.02 BTC, regardless of the trading volume. Traders can only either participate in the referral program or the affiliate program.
It is possible to get bonuses of up to $90 when registering on Bybit. Bonus can be used as margin, trading/funding fee, and to cover potential losses incurred by trading on the platform. Trading bonuses cannot be withdrawn under any circumstances.
There is a 21 days effective period commences from the date of receiving the bonuses and non-activity within the effective period will result in the forfeiture of the bonuses. You may activate it by performing any trade during the effective period. Once activated, the bonus will never expire.
Social Media Bonus: $5
After Following Bybit on Twitter and Retweeting the pinned tweet, the last step for you to claim you Social Media bonus is to fill up this form: https://docs.google.com/forms/d/e/1FAIpQLScP4wJ2-LltDsbrAzHUtDRPX5JSDPSvubZm2FLIS-uKUHTp9g/viewform.
On the form you will be ask to provide your retweet link.
First deposit coupon: $5
You have to deposit BTC/ETH/EOS/XPR as your first deposit. As long as your initial deposit meets the minimum amount required, you will receive coupon in the same coin type. This only applies to the first deposit of your account. Subsequent deposit in the same coin or first deposit for other coin types do not qualify.
Experience Trading Bonus: $5
You must set up TP/SL condition when placing an order
Complete Bybit customer satisfaction survey (est. time 3 mins)
Total deposit: $20
Only for total deposit ≥ 1 BTC
For Android users, you may find it under the PlayStore by searching 'Bybit'
For iPhone users, you may refer to the guide below on how to download the app via the download link.
exchanges require real-name certification （KYC - Know Your Client). So to open an account, you need to prepare the following items:
1) ID card
2) Bank Card
3) Mobile phone number
4) Email address
In conclusion, Bybit is really easy to use for anyone with a minimum of experience.