Whether you’re an individual or a large institution looking to invest in cryptocurrency, you don’t want to get stuck in a crypto exchange that doesn’t provide you enough options to profit, isn’t safe enough, and charges exorbitant fees. Using only trusted services, such as Bybit, is an excellent method to avoid this.
Like any platform, Bybit has advantages and disadvantages while being a safe, top-tier crypto exchange with much to offer. As a result, gaining a deeper understanding of it is essential before putting money into it.
If you want to learn deeply about bybit’s pros and cons, its geographic distribution, analysis of its main features, investment programs, available markets, products, and many more, head on to the detailed bybit review by experts.
What is Bybit?
Bybit, founded in March 2018 by Ben Zhou, is a rapidly expanding and ground-breaking cryptocurrency trading platform. Bybit Fintech Limited is the company’s legal name; it’s incorporated in the British Virgin Islands but has its main office in Singapore and representation in Taiwan and Hong Kong.
The people behind it have extensive Fintech, Forex, and investment banking backgrounds. It’s worth noting that some of the company’s upper-level personnel used to work for firms like Morgan Stanley and Tencent. Bybit is one of the most popular cryptocurrency exchanges, with over $2 billion traded daily and over 2 million registered users.
In Singapore, you’ll find Bybit exchange, a favored P2P marketplace for buying and selling bitcoin and cryptocurrency futures. This analysis of Bybit will provide you with all the information necessary to determine whether or not this is a fair exchange.
Quick Facts about Bybit
- Starting with the basics, Bybit exchange is run by Bybit Fintech Limited, a British Virgin Islands firm.
- The website highlights the exchange’s cryptocurrency and finance specialists team in the “about us” section. Bybit’s team includes veterans of Morgan Stanley, Tencent, and other well-respected organizations (all of whom can be found on the professional networking site LinkedIn).
- Bybit exchange’s main draw is its 100:1 leveraged perpetual futures products. This indicates an effort to compete with pre-existing exchanges like Binance and Phemex, which provide non-expiring futures products.
- While the exchanges have many similarities, Bybit distinguishes itself with a few key advantages. When discussing their trading technology, we shall briefly touch on these aspects.
- Traders worldwide have access to the exchange, with versions of its platform available in English, Chinese, Korean, Japanese, and Russian. However, Bybit is now unavailable in several countries and regions. These include the United States, Syria, and the Canadian province of Quebec.
Why Pick Bybit Exchange?
Until recently, BitMEX was one of the most well-known exchanges, but it has recently come under scrutiny. In particular, US authorities in New York prosecuted its founders on money laundering charges.
As a result of these changes, investors are searching for a safer and more cutting-edge trading platform. The order book on BitMEX has a history of problems, and these have the potential to lead to lost money for traders. In addition to the new happenings surrounding BitMEX, there is little motivation for traders to stay on the platform, given that this is the end of the BitMEX period. So, bybit is now considered the safest exchange.
How does Bybit Compare to Similar Services?
There are new exchanges to choose from that, among other things, provide a more user-friendly interface and the opportunity to trade with a higher degree of leverage. Bybit is best positioned among the new exchanges to gain significant market share in 2022.
The transaction processing speed (TPS) of Bybit’s features is 100,000 times faster than those of its rivals. Fortunately, Bybit has never had a system overload. Your reputation as a trading partner will grow in tandem with your percentage of uptime. This is a significant selling point for Bybit, making it the preferred exchange of many traders.
As whitebit vs. bybit has been the subject of much debate nowadays, you can read more about it here.
The Bottom Line
Bybit is trusted due to its security and openness. It has all the features cryptocurrency traders could want, including various trading instruments, leveraged trading, loss protection, payment methods, a flexible pricing structure, frequent promotions, and 24/7/365 customer service. However, Bybit is not a substitute for professional financial or investment advice. This is all corroborated by a summary of Bybit reviews found online. Without a doubt, it is the leading cryptocurrency firm.