One of the top crypto exchanges for trading digital currencies is Bybit. This is a peer-to-peer trading platforms that is one of the most popular names all around the globe. It is based in Singapore and was launched by Ben Zhou in 2018.
Despite being established not so long ago, it has quite significantly risen among other platforms that are in competition with it and have been in the market for a longer time. It’s extended its operations to Hong Kong and has a team of impressive members, which is one of the reasons for its success.
However, just like every other exchange, the Bybit exchange also has a few pros and cons. Therefore, if you want to use this exchange to buy or trade Bitcoin and other altcoins then you should know the benefits and drawbacks mentioned below.
What are Some Selling Points of Bybit?
Bybit is an outstanding platform that is quite popular among the crypto enthusiasts, especially the traders. This is because the exchange has some very strong selling points that can also be seen as benefits of using the platform.
Therefore, if you are interested in using the exchange then here are the pros of the Bybit exchange.
Liquidity means how easily an asset, in this case a digital asset, can turn into cash. A platform that offers high liquidity is often preferred by the crypto investors and traders.
If the liquidity of an exchange is also an important aspect for you then Bybit can be a suitable exchange for you since it offers high liquidity.
Impressive Fee Structure
The fee structure of an exchange is one of the main concerns of every crypto enthusiast. It is understandable that every exchange charges a fee that the users have to pay. However, the Bybit fees is what sets it apart from its competitors in the market.
It is known to charge one of the most transparent and lowest fees in the market. This why most crypto enthusiasts choose it to buy, sell or trade digital assets.
If you are interested in using the exchange then here is the fee structure of the Bybit exchange. It follows the market maker and taker model as seen below:
- Maker fee: -0.025%
- Taker fee: 0.075%
- Funding rate: 0.02% or -0.02%
- Withdrawal fee: 0.0005 BTC
Excellent Mobile Support
Mobile support is one of the most essential features for the crypto traders. A well-developed mobile application can make all the difference for people look to trade digital assets. Bybit also has a fantastic mobile-friendly application with the same functionality as the desktop version.
It has been created for both Android and iOS users and helps the crypto traders in keeping an eye on the market trends and any open positions so they can easily trade while on the go.
Customer Support Services
The better the customer support offered by an exchange the better will the user experience be. Every crypto exchange has a different user interface and procedures. Some of these can be more difficult than others and can make it challenging for beginners to buy or trade digital currencies with ease.
In such a case if there is an active and responsive customer support team available, the users can have a fantastic and convenient experience. This is one of the reasons whyBybit stands out, thanks to its impressive customer support. The customer support agents are professionals and assist the users 24/7.
What are Some Cons to Know About?
Knowing the drawbacks of an exchange is important for the users, whether they are experienced or not. The disadvantages of an exchanges might not be as major as some may think. However, if they do not meet your criteria then they can be the grounds for you to not use a platform.
Here are some of the cons of the Bybit exchange.
Unavailability in the USA
As a crypto investor or trader, you need to know that the platform you want to use is available in your country or region or not. Many major platforms refrain from extended their services to all parts of the world, due to regulatory problems.
Due to the same kind of problems, Bybit is also unavailable in the United States of America. Therefore, if you are in the USA, you would have to use another suitable platform.
Limited Number of Cryptocurrencies
Another drawback of the Bybit exchange is that it offers support to a very low number of crypto assets, which are a total of four. This slightly limits the number of audience interested in using the platform as well. The available digital assets are Bitcoin, Ethereum, XRP and EOS.
Bybit is a well-known crypto exchange where you can buy, sell and trade cryptocurrencies. It offers several outstanding features and services. However, it also has some drawbacks that are important for every interested party to know. Therefore, if you have been interested in using the platform then you should know the pros and cons of the exchange mentioned above.