[Review] Bybit vs BitMEX vs BINANCE vs FTX
New Campaign Information for Bybit
What is Bybit?
_______________________________Language：Korea Russia Japanese
Began operations in March 2018 and is headquartered in Singapore with offices in Hong Kong and Taiwan.
The operating company is “Bybit Fintech Limited”.
Ben, the CEO, is different from other emerging exchanges, having served as the Asian chief manager of XM, the world’s leading currency exchange.
Bybit order execution speeds are 10 times faster than the industry standard and the exchange features comprehensive safety measures, financial standards risk management and an intuitive and customizable UI.
By November 2020, Bybit will have more than 1.2 million registered traders, making it the world’s second largest by volume, after Binance. This is more trading volume than BitMEX, which was once known as the world’s largest derivatives exchange.
Chart corresponds to TradingView.
In the future, we will be able to trade Bybit on the trading panel of TradingView.
We also regularly hold national and global competitions called “Trade Competition”, and in the past we have pooled together 200 BTC in prize money. Many traders from all over the world have announced their participation in this competition, which continues to boost the virtual currency industry. Part of the prize money is donated to UNICEF to help children around the world, and the company is also involved in social activities.
Similarities between Bybit and BitMEX’s trading system
One of the reasons why Bybit is so popular is because its model is the closest to BitMEX. Therefore, it’s easy to use for users who originally used BitMEX.
And that’s not the only reason why Bybit and BitMEX are similar. And that’s not the only reason why Bybit and BitMEX are similar. There are also similarities between Bybit and BitMEX in terms of commissions.
They charge a spread, a trading fee (maker-taker’s fee), and a swap point (funding fee).
It’s very easy for BitMEX users to switch to the Bybit platform.
BitMEX has more orders, but Bybit is no slouch. If you have been trading in various ways, Bybit’s order method is also recommended.
Bybit has a dedicated app, making it a more user-friendly virtual currency exchange than BitMEX.
It goes without saying that Bybit is going to get a lot more attention in the future because of the ease with which you can manage your money.
Bybit vs BitMEX vs BINANCE vs FTX(Fee&Withdrawal Frequency)
The fee for Bybit and BitMEX is the same.
It’s -0.025% for Make and 0.075% for Beer.
Deribit is cheaper than Maker and Taker, but the transaction fee is 0.15% which is higher...
BINANCE incurs a 0.02% fee on positions held hourly. Therefore, I do not recommend it personally.
The payment frequency is 3 times a day for Bybit and once a day for BitMEX.
Bybit Review
The deposited assets of Bybit’s customers are securely held by Multisignature Wallet.
Multiple passwords are required to remove a multisignature wallet, and the password is stored separately.
One of the attractive features of this service is that it is user-first, as it allows customers to withdraw money three times a day while adopting such strong security technology.
All withdrawals are made at 8 o’clock, 16 o’clock and 24 o’clock UTC time. When you apply for a withdrawal, you need to finish each application 30 minutes before the withdrawal timing.
Benefits of using Bybit
・Trading is possible with maximum leverage of 100 times.
・Gift up to $90 and start FX trading without risk
・It’s easier to order than BitMEX.
・There is no need for KYC at all.
・Maker fee is minus 0.025% and the fee will be returned.
・No risk of borrowing without further proof
・Customer support and peace of mind
BitMEX has a lot of users, which often leads to “system overload”.
This has caused some cases where orders are not accepted and loss cutting is delayed, and many traders are looking for a replacement for BitMEX.
Under such circumstances, Bybit has eliminated such problems by introducing its own processing technology and is able to conduct stress-free transactions.
Bybit can handle 100,000 transactions per second, while BitMEX can handle 500 transactions per second. This is another reason to switch to Bybit.
Also, the official website says ‘Guarantees full cost if transaction data is lost due to system error’ so you can see that you are in the system.
Currency pairs that can be traded with Bybit
As of November 2020, the following 9 stocks are supported in Bybit
・BTCUSD
・BTCUSDT
・ETHUSD
・ETHUSDT
・XRPUSD
・EOSUD
・LINKUSDT
・LTCUSDT
・XTZUSDT
More currency pairs will be added in the future.
Funding Fee
Bybit’s funding fee is calculated as follows:.
Funding Fee = Position Value * Funding Rate. Position Value = Contract Quantity/Mark Price
Example:You hold a long 10,000 BTCUSD contract at 8: 00 UTC with a mark price of 4,000 USD and a funding rate of 0.02%.
The value of the position is 10,000/4,000 = 2.5 BTC. In that case, the funding fee is 2.5 BTC * 0.02% = 0.0005 BTC.
For transaction fees, see Bybit vs BitMEX vs BINANCE vs Debit (Fee & Withdrawal Frequency).
Bybit Volumes
Bybit allows you to trade BTC, ETH, XRP and EOS in US dollars and BTC, ETH, LTC, LINK and XTZ in USDT.
USDT-denominated pairs can also be denominated both ways.
The most recent BTC trading volume and OI has surpassed BitMEX, placing it second only to Binance. This is a good exchange for large traders as well as traders who are concerned about liquidity.
Also, if you compare BitMEX and Bybit boards, you can see that the loss of MMBOT in BitMEX makes the nearest boards very thin.
In terms of preventing slippage, Bybit is better than BitMEX in terms of volume.
Bybit’s volume is catching up with BitMEX, which used to be considered the largest derivative exchange for virtual currencies. It is also more than twice the volume of FTX, a Binance-owned exchange.
As it surpassed the volume of BitFlyer, Japan’s largest stock exchange, it may soon surpass that of BitMEX
Bybit Trading Bonus
With Bybit, you can get up to $90 in bonuses on new registrations.
・5 dollars for following the official SNS
・Five bucks for a trading experience.
・$50 for a deposit of 0.5 BTC or more
・5 dollars for answering the survey.
・$20 for a deposit of 1 BTC or more
・5.00 for a cumulative 10 days of trading
In the past, we have also held campaigns where you can get up to 1000 USDT.
Bybit Trade Competition
The most recent event will be a global trade battle with a maximum prize pool of 200 BTC.
You’ll also receive a bitcoin bonus worth up to $9,150 just for participating in the competition, so be sure to join us.
Bybit Exchange
Bybit enables exchange between BTC, ETH, XRP and EOS.
Exchange fees for each currency are as follows:.
・BTC：0.0005BTC
・ETH：0.02ETH
・EOS：1EOS
・XRP：10XRP
・USDT:5USDT
※ The Real-Time Exchange Rate is based on the best quote price from several market makers according to the current index price.
How to Register Bybit
The only information required for Bybit’s registration is an email address. It takes as little as three minutes from registration to the start of trading because there is no KYC, which is common in crypto currency exchanges.
Step1.Access Bybit from the following link
Step2.Enter your email address and password, and click “Register”.
Step3.You will receive an email from Bybit with an authentication number, copy and paste it into the email and click [Registration Complete].
How to Deposit Bybit
There are two ways to deposit money to Bybit: one way is to deposit virtual currency, and the other is to purchase and deposit virtual currency directly with your credit card.
Let’s start with the method of depositing virtual currency.
Transfer and deposit virtual currency
Step1.Click on your username (which may be your email address or phone number) in the top right corner of the screen and select Personal Assets.
Step2.Select the virtual currency you want to deposit and click on the “Deposit” button next to it.
Step3.When the deposit address and QR code are displayed, select the appropriate one to transfer money from the wallet or exchange.
Deposit and purchase virtual currency directly with a credit card
I’ll add that later.
Bybit App (Download LINK)
Bybit’s app has been released on 2019/11/09.
It is available for iOS and Android, and you can download it from below.
※Some versions of iOS may not be supported.
It has not only simple chart customization, but also exchange function and price alert, so it is easy to use.
It currently supports English, Chinese, Japanese, Korean and Russian interfaces.
Q＆A
Q. Can I use Bybit in the United States (US)?
A. Available. In fact, about 8% of traffic comes from the United States (US). So, as a customer, you can use it at ease.
Q. Do I need a KYC?
A. KYC is not required. We can do business with you right now with just your email address.
Q. What are the most popular customer locations?
A: Most of them are from Germany, the United States, Canada, and the Netherlands (amsterdam) .
Q.What is the source of the mark price?
A.The mark price refers to the average price of three exchanges: Coinbase, Kraken and Bitstamp.
Q.Do you support USDT denominated transactions?
A.Bybit allows you to trade the BTCUSDT pair. Even if the value of Bitcoin goes down, you can still benefit from it without losing its value in the legal tender.
Q.Can leverage be set freely?
A.Yes. You can set it to any value within 1 ~ 100 times.
Q. Do you have Bybit’s official Twitter?
A.Bybit_Official is Bybit’s official Twitter.
Q. Do you have a Bybit testnet?
A. Yes. You can access it here. You can also use it as a demo account.
English, Simplified, Korean, Russian and Japanese are supported.
Let’s start trading BTC now without NO KYC.
