For someone who is looking for a leveraged trading platform, Bybit US is one of the most suited options available across the market. There are several key considerations such as charting interface, trading fees, advanced security, trading pairs, and customer support that make Bybit a compatible option for trader.
Here is a brief review of Bybit that will explain why this crypto exchange is popular among crypto traders across the market.
Overview of Bybit US
Bybit is market’s leading crypto exchange that is based in Singapore. The purpose of its development was to establish safe, secure, and transparent crypto exchange for users. Bybit US offers support to a total of three derivate assets that possess inverse perpetual contracts, linear perpetual contracts, and inverse future contracts.
Like any other credible crypto exchange, security is one of the top most priority of Bybit. It has multiple features such as cold storage, two-factor authentication, and multi-key signature wallets to keep the user experience as secure as possible.
Can You Use Bybit In The United States?
US is one of the countries that have strict regulations for crypto trading it allows only a hand-full of platforms to do so and unfortunately, Bybit is not one of them. This means that any US-based IP address is blocked from using Bybit. However, to trade on Bybit us citizens can trade by using VPN services at their own risk. There are multiple VPN available across the market but take one thing into account before going for Bybit USA VPN that it is completely restricted if the platform discovers that the user is from a country where exchange access is banned then user account will be blocked at once.
As far as the safety of this platform is concerned note that it is a highly secured leveraged trading platform comprising bank-like security reforms to make sure that all user funds are safe and secure against cyber threats and system failures. Since the time of this platform’s development no cyber theft or failure has been reported. The platform uses a cold wallet to store client funds so that in case of emergency or mishap the hacker cannot access user funds.
Trading Fees & Deposit Fees on Bybit US
As compared to other leading leveraged trading platforms. Bybit charges fair and competitive trading an deposit fees. The trading fees is based on the type of order placed it can be either maker or taker. Based on the type of order placed the Bybit fees are -0.025% or 0.075%.
Here maker and taker trading fees are explained briefly:
- A maker is explained as a trader, placing a conditional trigger or limit order that moves to order book and then incorporates into the market depth, despite the fact that trader chooses to go short or long.
- A taker is trader, placing market orders that are completed on spot before going to the order book and decreasing the market depth by taking orders from the order book.
The best thing about Bybit is that it does not charge the user for depositing funds on the platform. However, the case of withdrawal is a bit different there is a minimum Bitcoin network fee charged. This withdrawal fees is further determined by a specific blockchain network load of 0.0005 BTC approx.
Pros & Cons of Trading on ByBit US
Here are some of the benefits of trading your crypto assets on Bybit US
- Bybit US offers client support in multiple languages.
- Mitigate any risk associated by storing user funds in cold storage.
- Bybit gives high leverage of up to 100x.
- Settled contracts in coins and USDT.
Along with the benefits there also comes some shortcomings that you should clearly think about before making a decision.
- There is not a wide range of trading pairs available at Bybit.
- Bybit US also supports a limited number of crypto assets.
- It comprises of a slightly complex UI, thus it is more suited for advanced or experienced users.
- Using a VPN to access an unregulated exchange like ByBit US might not provide legal resources in case of any issue.
To conclude it all, Bybit US is a reliable and safe cryptocurrency exchange that is suitable for advanced and new traders alike. However, if you are new to leverage trading then you must have some background knowledge or hands-on experience to start trading on this platform.
At last, for traders who want to experience leading-edge derivatives trading platform with advanced features and tools, ByBit is a great choice.