Bybit review: How to Open a Bybit Account
Because of the recent surge in the popularity of trading crypto derivatives, we were composing this Bybit review. Bybit.com is one of the few cryptocurrency exchanges offering futures products, particularly perpetual swap futures because competitors like Coinbase and Kraken already provide high-quality crypto-to-crypto exchange services.
Bybit isn’t as well-known as Coinbase, but it’s been around for longer than Coinbase has, has never been hacked, and has a solid reputation for security. As a bonus, they have an order book deep enough to accommodate all but the most prominent individual investors.
Bybit’s creation of XRP and EOS futures, in addition to their existing BTC and ETH futures offerings, is perhaps their strongest feature. Bybit is a fantastic choice for anybody interested in trading cryptocurrency futures. Bybit is a great trading platform to use whether you’re just starting or have years of expertise.
How to Open a Bybit Account
New users need a trading account.
Web-based registration process
- Register on the website.
- Complete the form.
- Read the terms and click “Register”
· Rewards Hub
You can get a $5 bonus on a BTC deposit and a $5 voucher for following Bybit on social media if you’re a new user and make a deposit within 48 hours of signing up. It’s a user-friendly marketplace hosts trading contests with huge cash prizes for the winners.
· Network Marketing
The Bybit affiliate program allows users to earn a 30% commission on trading costs without actively doing anything. With this system, you may get round-the-clock assistance, pay your commissions immediately, and always have the most up-to-date information possible. Transaction data and commission information are included in a comprehensive, multi-dimensional report. To help its partners succeed in the marketplace, Bybit provides them with individualized marketing resources and promotional events.
· Limited-Time Offers
The following coupons are available: $10 for users who have been active for seven days straight. $20 for users who have deposited one or more bitcoins in total. $5 for users who have used the Taking Profit/Stop Loss feature at least once; $5 for users who have traded at most minuscule one USDT perpetual outside of BTC, USDT.
· The Referral Scheme
Bybit’s referral program rewards regular investors who spread the word about the platform within their social networks. Traders are eligible for a $10 BTC immediate bonus. You can see the referral bonus you can expect to receive based on the new user’s trading volume in the table below.
The bybit bonus can be utilized in two different ways: as an initial margin to cover losses or as a maintenance margin to reduce trading fees. The bonus itself is non-withdrawable. Profits made when trading using bonuses are, however, withdrawable. The bonus is credited to the referring trader’s Derivatives Account as soon as the referred user meets the eligibility requirements.
Bybit vs. Binance Security
When deciding on an exchange to open an account with, it is essential to consider the level of security they provide. Bybit uses two-factor authentication to prevent unauthorized logins and cold-wallet systems from keeping user funds safe.
Over 90% of user funds are stored in an HD cold wallet system using a multisign address mechanism to prevent fraud. While Binance suffered a minor security breach this year, the platform is well-known for its multi-tier security architecture and two-factor authentication, which allow it to maintain a secure trading environment.
Users’ funds are stored in a mix of “hot” and “cold” wallets, with the latter accounting for the vast majority. Users are cautioned against storing funds in the exchange wallet and are instead urged to use Trust Wallet (Binance’s wallet), which is considered a much safer alternative.
Which Is Safer and More Reliable to Use, Bybit or Binance?
They are adaptable and secure for their users. Choosing which exchanges to trade on is totally up to you. Trading derivative instruments, such as perpetual futures contracts or options contracts, is a breeze on Binance because of the exchange’s extensive product catalog. Binance Futures is helpful for both amateur and professional traders.
Bybit, on the other hand, has put much of its effort into developing a system that prioritizes its users. It has reduced the number of options available on the platform while maintaining its usefulness, allowing traders to make better judgments. When comparing Bybit vs Binance, the key differences are the latter’s lack of a derivatives market and the former’s superior customer service for novice and experienced traders. Binance, on the other hand, has a mandated KYC process that many users find inconvenient.