| Cryptocurrency exchange | |
|---|---|
| Official website | |
| Social media | |
| Date of foundation | 2018 |
| Head Office | Singapore |
| Types of support | |
| Languages | English, Korean, Chinese, Vietnamese, Japanese, Russian, Spanish |
| Founder | Ben Zhou |
| The owner of the company | Ben Zhou |
| Manager | Ben Zhou |
| Minimum entry amount | Verified Cryptocurrency
Fiat Currency No limits Unverified Cryptocurrency
Fiat Currency No limits |
| Maximum input amount | Verified Cryptocurrency No limits Fiat Currency
Unverified No limits |
| Minimum withdrawal amount | Verified Cryptocurrency
Fiat Currency
Unverified Cryptocurrency
Fiat Currency
|
| Maximum withdrawal amount | Verified Cryptocurrency
Fiat Currency
Unverified Cryptocurrency
Fiat Currency
|
| Exchange Commission | Derivatives: Until 0.01 % for maker / From 0.03 To 0.06 % for taker Trade Commission: Until 0.01 % for maker / From 0.02 To 0.1 % for taker |
| Terminals | TradingView (Many indicators and oscillators, shapes, easily customizable market depth chart) |
| Age restrictions | From 18 yearsBy opening an account, you represent and warrant that you are at least 18 years old |
| Trading volume per day | 221611498 USD |
| Number of users | 1200000+The number of users is constantly growing |
| Number of cryptocurrencies | 70+ |
| Number of trading instruments | 10+The exchange launched 3 new pairs on USDT (ADA/USDT, DOT/USDT, UNI/USDT), Quarterly Futures (BTC/USD), and more USDT pairs will be added in late April (SUSHI/USDT, XEM/USDT, AAVE/USDT, XRP/USDT). |
| Margin Trading | Yes |
| Leverage | Until 1:50For ETH/USD, XRP/USD, EOS/USD Until 1:100For BTC/USD |
| Tokenized assets | No |
| Free Demo Account | Helps a newcomer easily get accustomed to the trading floor Open a demo account |
| Types of accounts | Demo, Standard |
| Execution of orders | Market order, Limit Order, Conditional Market order, Take Profit Orders, Stop-Loss, Trailing Stop |
| Methods of replenishment | Bank card (Visa/MC), Cryptocurrencies |
| Withdrawal methods | Cryptocurrencies |
| Account currencies | Cryptocurrencies |
| Types of cryptocurrencies | Bitcoin, Ethereum, EOS, Ripple, USDT, etc. |
| Mobile applications | |
| Trader training | Academy, reference center, blog, trading guide |
| A way to store cryptocurrencies | Cold: yesThe exchange uses an industry-leading cold wallet with multiple signatures to store 100% of traders' deposited assets Hot: no |
| Fiat accounts | BRL, ARS, RUB |
| Scalping | Trade from 1 min. to 30 min. |
| Stop Loss and Take Profit Function | Yes |
| Exchangeability for fiat currencies | There is an exchange of derivatives |
| Trading Strategies | All strategies for trading in the cryptocurrency markets are allowed |
| System maintenance and updates | In real time |
| The speed of the order collation kernel | 100,000 transactions per second, no congestion and no downtime |
| High platform safety | System of hierarchically determined offline wallets; input and output with offline signatures; double-price mechanism gives protection against manipulation |
| Mutual insurance | Player protection during market fluctuations, which provides profits when the trend is rising and guarantees compensation when the trend is falling |
| Strategic alerts | Customizable alert and reminder tool that simplifies navigation for speed and convenience |
| P2P trading | Direct trade in cryptocurrencies between users without the participation of a cryptocurrency exchange |
| Crypto loans | Make crypto loans in one asset, providing collateral in another |
| Steaking | Passive profit from holding coins on the balance of the exchange |
| Basic verification | On request |
| Extended AML verification | KYC (passport, passport or driver's license). Photo with the document (selfies). Proof of address (bank statement, utility bill, etc.) |
| Regulatory laws | International data protection law Canadian law |
| API | Read moreHigh-frequency trading with incoming market data and transparent API reporting |
| Bonuses | |
| Affiliate Program | RegistrationUp to 420 USDT for each referral |
| Benefits | Low commission High liquidity Advantageous promotions and bonuses Effective teaching methods Top up your account with a bank card Security leader in the crypto industry Reliable and convenient platform with a large number of orders Over 300 positive reviews in global media since the end of 2018 Transparent user relations and 24/7 feedback |
| Disadvantages | A small number of trading instruments |
| Company requisites | Legal name: Bybit Legal address: Singapore |
| Overall assessment | 8.8/10 |
| Date of update | 12.02.2023 |
ByBit is this a scam? Reviews and description
Page content
ByBit - it's a young exchangewhich appeared in March 2018. The platform allows clients to trade perpetual derivative contracts on cryptocurrencies.
In our review we will take a closer look at the opportunities the platform provides and find out whether ByBit is a scam or a reliable service for traders.
Why ByBit?
The ByBit exchange appeared on the Internet quite a long time ago. The company serves professional traders as well as individuals with one-time orders. Website bybit.com has a multilingual interface, which indicates the orientation of the organization to the international market. The company is headquartered in Singapore, from where the project is regulated. The service is registered in the British Virgin Islands.
The platform provides clients with favorable and, most importantly, comfortable conditions for trading. The main product offered by the exchange is open-ended futures. For futures trading, leverage up to 1:100 is provided. Now there are four specific derivatives markets available on the site: BTC/USD, ETH/USD, EOS/USD and XRP/USD (How to make money on cryptocurrency?).
The exchange is similar to its competitors in many respects, but there are a few standout features. For example, the company offers one of the fastest order clearing kernels, capable of processing up to 100,000 transactions in one second per contract, ensuring no congestion and instantaneous processing. One of the organization's top priorities is the security of user funds, which is why it uses a system of hierarchical, deterministic offline wallets to store assets.
For beginners the platform will be especially useful, because there is a manual with detailed instructions for beginners, as well as a demo account, where clients can try their hand at trading cryptocurrency (cryptocurrency trading strategies). A separate section with the latest news and informative articles is also provided for users. The advantage is that the information is presented in Russian.
The platform recently updated its interface to be even more user-friendly and faster. The new user interface contains many speed improvements:
- 50% order placement acceleration;
- The 50% has less CPU and memory load;
- The Bybit trading terminal loads faster on the 400%;
- The 500% has a faster connection for EMEA and Latin America.
The trading terminal has several blocks:
- The book, which shows all currently active orders available for purchase and sale.
- The exchange rate chart, which is updated in real time.
- Information about active and completed transactions.
- A list of the most recently completed transactions.
- Asset Overview.
- Creating orders to buy and sell cryptocurrencies.
- Information about the current contract.
- Market activity on available assets.
The broker also allows customers to set take profit and stop loss for orders. Users can set partial TP/SL with different quantities and entry prices for their trades. This allows users to apply advanced trading strategies to protect and make more profitable trades. Once a position is opened, the trader can monitor and manage it in the corresponding chart window. Four new pairs are included USDT. Users can now trade ETH, LINK, LTC and XTZ on our exchange. Also of note, Bybit has increased asset exchange limits for the five cryptocurrencies currently available for trading: BTC, ETH, EOS, XRP and USDT. The mutual insurance feature now includes a visual yield curve and instruction to help better understand how the tool works.
To allow users to trade 24/7, a mobile application was created. Both Android and iOS versions are available. The app is great for traders who travel or do not have constant access to a computer or laptop. The app has recently received an update and now users can get push notifications when an order is executed + a home screen widget. The main advantages of ByBit include:
- Several supported cryptocurrency perpetual contracts.
- Intuitive trading platform.
- Russian-speaking interface.
- Low commission.
- High liquidity.
- Ability to set take profit and stop loss.
- Double the price for protection against manipulation.
- Cold storage of cryptocurrency.
- Round the clock feedback.
- Availability of an insurance fund.
It is worth noting that the platform is regularly updated. Now Bybit representatives announce the soon introduction of quarterly futures, sub-accounts and integration with MetaTrader4, as well as new trading pairs (ADA/DOT/UNI/XRP for USDT). Bybit's quarterly futures contract will allow speculation on the futures price of the underlying asset. The sub-accounts will come with their individual balances, permissions and account statements.
How to exchange cryptocurrency on the BayBit platform?
Since the exchange can not make an exchange for fiat money, the client can use one of the following ways:
- money transfer from cryptocurrency wallet to a bank card using third-party resources;
- output via exchanger.
Verification on bybit.com platform
Another feature of the exchange is the complete anonymity of users. That's why traders are not required to undergo verification to trade. For privacy advocates, who are worried about the risks of disclosure of personal information, this aspect is especially important.
Deposit and withdrawal
ByBit is exclusively a cryptocurrency exchange, so it is impossible to deposit your account in fiat currency. To deposit with cryptocurrency, a client needs to create a wallet address and make a transfer. To do this, go to the "Assets" section, which is located in the header of the profile. This section reflects wallet balances. To open wallet addresses for BTC, ETH, EOS or XRP, you need to click on the "Deposit" button. After receiving the address, the user is free to proceed with the transaction. It's worth keeping in mind that funds are not transferred instantly, because the transaction has to go through the network first.
Withdrawal of funds
To order a payout, you need to perform a few simple actions. First, in the selected asset you need to click on the "Withdrawal of funds" button, after which the system will require you to enter the wallet address and confirm the action with two-factor authentication. Next, the client receives information about the miner's commission, which is charged on the operation. The company manually processes withdrawal requests three times a day - at 8:00, 16:00 and 00:00 UTC. There is no minimum deposit amount, but the service has set a minimum withdrawal amount for each of the coins:
- Bitcoin - 0.0005 BTC;
- Ethereum - 0.005 ETH;
- EOS - 0.1 EOS;
- Ripple - 0.25 XRP.
Cryptoexchange Commission
The company works on the basis of the "maker-staker" commission model. This means that the exchange charges traders a commission if liquidity decreases and refunds part of the funds if liquidity increases on the contrary. There is a commission of 0.025% on each bet, which is paid every time. If the client is a regular trader and has no relation to market takers, the service charges a commission of 0.075% for each transaction. As a result, 0.05% commission is paid for each transaction.
Funding commission
Another type of fee, information about which can be found in the financing transaction. The essence is similar to the overnight rate and is a financing fee. Based on the fact that margin trading is based on "lending" positions, the user pays either for financing or receives a fee for it. However, unlike transaction fees, financing fees are paid by traders directly, without ByBit involvement. The rate depends on market conditions as well as interest rates, so it is not fixed and may change daily. You can find out the financing rate when you open a position. The value is indicated in the column "Position Information".
Withdrawal fee
The advantage is that the exchange does not charge any fee for deposits and withdrawals. However, when withdrawing earnings, the user may be charged a fee by the miner or network for mining the blockchain.
ByBit Bonuses
The company has prepared bonuses and contests for its customers.
Bybit VIP program
Regular interesting events and discounts on the platform for customers who have registered for a VIP account.
Bonus Center
The company has opened a new bonus center, where you can learn about the best promos for users.
Welcome gifts
Bonus for subscribing to social networks
A bonus of 5$ is provided for customers who register on the exchange and subscribe to the platform page in social networks.
Active Trader
Get $5 to your personal account for trading.
WSOT 2022 Cryptocurrencies
Bybit announces the largest crypto contest with a total prize fund of 8,000,000 USDT.
Referral program
A referral program has been developed for active participants who want to earn passive income. Clients can invite new users to the project and receive up to 230 USDT (remuneration depends on the amount traded by the referral).
Complaints about ByBit
Since the exchange has been operating since 2018, you can already find reviews of users on the Internet. So from the negatives most often point to the problems with input/output of funds, as well as with the implementation of the referral program.
Other users are happy with the opportunities provided by the trading platform. For example, constant contests and numerous promotions and bonuses.
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Regulation of ByBit crypto exchange
Among cryptocurrency exchanges, there are a large number of conscientious projects, as well as many scammers who deceive customers. To avoid falling for a scam, it is necessary to check the availability of a license, as well as the necessary documentation on the company's website. Let's consider in more detail how the organization is regulated.
Regulator
Although the company is quite large, it is not regulated by any known authority and does not have an appropriate license. Documentation, as well as contact information, is publicly available to users. Documents from bybit.com:
- Read the "Terms of Service" on the ByBit website (See).
- Read the "Privacy Policy" on the Exchange website (See).
Bybit.com User Agreement
The "User Agreement" is the main document of the project, which must be read by every user before starting cooperation. The agreement contains information about the main nuances of providing services, as well as the responsibilities of clients and organizers. Let us consider some points in more detail. The document states that trading goods and products, real or virtual, as well as currencies, involves significant risk. Prices can and do fluctuate on any given day. Because of these price fluctuations, the client can increase or lose the value of their assets at any time. Any currency, virtual or otherwise, may be subject to significant fluctuations in value and may even become worthless. There is an inherent risk that losses will result from buying or selling in the market.
Since the platform trades derivative instruments, there are additional risks. In extreme market conditions, when necessary, Bybit may decide to close partial or entire winning positions in order to be able to close unprofitable ones. Derivatives are settled every day at an agreed upon time set by the company. If bankruptcy in a session depletes the insurance fund, any further losses will be covered by profits earned by other traders on the platform, based on the Auto-Deleveraging ranking system. In such circumstances, profitable traders with a higher ranking will receive their winning positions partially or fully based on the size of the losses to cover the bankruptcies of other traders.
The organization will provide market data to facilitate the use of the site by users. Bybit makes no warranty as to the timing, consistency, accuracy or completeness of market data. The user accepts and agrees to the fact that the organizer is not responsible for any inaccuracies, errors, delays or omissions resulting from users' use of such market data. Bybit makes no warranty that the site bybit.com will run smoothly or without errors. Among other things, the operation and availability of the platform may be unpredictable and may be unavailable from time to time. The Company shall not be liable in any way for any such interference that prevents users from accessing or using the website.
Except to the maximum extent permitted by applicable law, in no event shall the organizer, its directors, employees, agents, suppliers, intermediaries, service providers or other users be liable for any direct, special, indirect, incidental, exemplary or consequential damages, including but not limited to loss of use, loss of profit, loss of information, interruption of business, income, whether in contract, tort (including but not limited to negligence) or per se
Customer Service
To contact a support specialist, you can use one of the provided options:
- email: [email protected];
- online chat.
Is ByBit a scam?
ByBit - is a relatively popular exchange, in a short period the company has managed to gain popularity among users around the world, as evidenced by the multilingual interface of the project. The main office of the organization is located in Singapore, from where the platform is regulated. The service provides users with comfortable and favorable conditions for trading cryptocurrency. Perpetual futures are the main product offered by the exchange. Also, for futures trading, leverage up to 1:100 is provided. Currently, four derivatives markets are available to clients: BTC/USD, ETH/USD, EOS/USD and XRP/USD. Trading is done through a simple and intuitive platform. A large number of tools, charts and signals for trading are available to users.
The company provides clients with various bonuses and contests with valuable prizes. An affiliate program is provided for traders who want to earn extra income. In order for traders to have round-the-clock access to trading from any location, the developers have made a mobile application, as well as software. Versions for iOS and Android systems are available. Since the platform appeared on the market a little more than one year ago, there are not many reviews from Russian-speaking clients on the Internet yet. In general, users have a positive attitude towards the company. However, there are also negative reviews that point out the shortcomings of the platform. Having thoroughly studied the opportunities that the project provides, can it be argued that ByBit is a scam and swindlers? No, because the company successfully provides its services to traders around the world and is a conscientious organization.
Conclusion
ByBit - is a cryptocurrency exchange that appeared on the market in 2018. In a fairly short period of time, the project has gained popularity among users around the world and continues to develop. The company provides favorable conditions for cooperation and has a wide range of tools and analytical information for comfortable trading. However, the process of cryptocurrency trading itself is risky, so you should familiarize yourself with the rules before starting cooperation. Now the exchange looks good among the competitors, although it has some shortcomings. If you were or are a customer of ByBit, leave your independent opinion on our website to form an independent rating of cryptocurrency exchanges.
Reviews
- In ascending order of rating
- In descending order of rating
- New ones first
- First the old ones
- Popular ones first
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Credible Review Rate your review 2+20ByBit scam
Decided to buy usdt, chose seller with rate of 75p and 100% of transactions made. After transferring the entire amount, I got 3 times less amount, because the rate was changed from 75 to 215 seconds before I clicked "pay" and this change was not noticed by me. As a result, I lost 2/3 of the… Read more
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Review approved for publication Rate your review 0-22It seems to be a normal exchange for p2p
I have been using it for several months, no problems have arisen. Normal exchanger. Support messages are not answered at all, you can not try. Except for this dubious moment, everything is normal.
Positive- Conveniently
Minuses- Zero support.
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Credible Review Rate your review 101I do not advise anyone to get involved with Bybit crypto-market
At first, the exchange seemed to attract, I put $ 1500 on baybit immediately after that changed my google Authenticator, and instantly I was banned from any withdrawals and sales of coins through p2p trading, a whole month wrote to support no one moved to help, then one day comes in the mail a notification… Read more
Positive- No
Minuses- Ban everyone indiscriminately!!! And without the possibility of appeal!
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Credible Review Rate your review 000Bybit blocks the account without a reason - be careful
I’ve been using the p2p site on bybit for about half a year now. And one day something happened that I never expected. My p2p ads were deleted. At This message asked me to contact support. I contacted support every day without any response from them. We see no problem with your account and make sure… Read more
Positive- The interface is faster than on the bins
Minuses- Can block your account without giving a reason
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Review approved for publication Rate your review 2-24They blocked the account and embezzled money
When I deposited the money they did not ask where I was from, when I was going to withdraw they demanded a verification. When they found out that I was from Crimea, they brazenly blocked my account without the ability to withdraw funds. Just thieves and scumbags.
Positive- all in all
Minuses- Thieves
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Review approved for publication Rate your review 000Verification curve
At verification does not come confirmation via sms, although such an option is included.
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Review approved for publication Rate your review 000No return of your credit card payments is possible: answer from their support: The function does not exist!
At the prompt of their pop-up, you can open an account with contribution via your bank card, but no return is possible except to lose your funds: Claim and you will be Banned!
Thieves punish you!Positive- Just Thieves
Minuses- No return of your money possible
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Review approved for publication Rate your review 1+10Account blocking
Just trash… I go to the exchange every couple of weeks and every time it’s the same thing… your account is blocked, withdrawal restricted… such bullshit they write — Output Suspended
We have detected fraudulent activity on your account. Please note that your account is blocked from participating… Read more
Minuses- I block the account every time I log in
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Review approved for publication Rate your review 000Support is totally stumped
They have not yet withdrawn funds, but it smells like a specific scam.
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Inaccurate Review Rate your review 000Baybit Scam
I want to write here about scam and *** exchange baybit.as soon as you come out steadily in the plus.begin to drain the deposit
Positive- Scam
Minuses- Wastes the deposit
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Review approved for publication Rate your review 000Rahvod
Worst of the 4 crypto exchanges on which I trade, the lack of opportunities to exchange small balances for a coin exchange, support answers to the first depo and when you try to withdraw begins knocking on the closed door, read reviews in the internet and I understand that not I alone, in short and in… Read more
Positive- not available
Minuses- One big disadvantage
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Credible Review Rate your review 2+20Fraud
First they lie about the referral program, that you can easily get 20 dollars, when I have already fulfilled all the conditions, the operator said that the deposit must be 10 How the hell do they imagine it? In the rules everywhere it is hidden very deep and far away.
and 2) bought for 833 hryvnia 27… Read morePositive- speed
Minuses- Fraud
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Inaccurate Review Rate your review 1+10
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Review approved for publication Rate your review 5-24Trading on this exchange for about a...
Trading on this exchange for about a year. I do not know what kind of problems they have, but in my experience exchanger top! Not glitchy, fast exchanger. Although young, but coins are added regularly, there are different airdrops, raffled off merch, bonuses, which can be traded in profit and withdrawal… Read more
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Rate your review 1+51Very big question to the author well...
Very big question to the author well if you write advertising, so write a sponsored article.
And so it turns out who paid the admin site that exchange or project at once super, and ktt not those scammers so?
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Rate your review 4+51Calamity, put 0.01260009ETH?, I wanted to withdraw
Calamity, put 0.01260009ETH?, I wanted to withdraw, so the withdrawal of the minimum 0.03 and the commission of 0.01, and add add fouls gave, and even identification 2 factor requested, so withdraw and did not give.
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Review approved for publication Rate your review 1-11This company is legit, however this was...
This company is legit, however this was the SECOND and last time I used them. TWO major instances where the app did not properly stop my loss by not placing/changing my order without notification, I lost HUGE of my portfolio. I did my research and found other people who had the same problem and the… Read more
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Review approved for publication Rate your review 4+5-1My story about Bybit, an exchange of...
My story about Bybit, an exchange of thieves and scams! I transferred 1358 usdt to my account, and they stole all the money from the balance!!! The freezing support, put parrots who are responsible (pop a fool). If you do not want to lose your money, do not transfer your money to bybit!!! This site is… Read more
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Rate your review 000Thank you!
Thank you!
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Review approved for publication Rate your review 1+10Fraudulent site. I transferred money to https://testnet.bybit.com/...
Fraudulent site.
I transferred money to https://testnet.bybit.com/
Without even realizing that making one registration, registered on two sites: https://testnet.bybit.com/ and https://www.bybit.com/
And one support chat. I lost 750 bucks. I fought with the support for 5 days, in vain.
Even from the… Read more -
Rate your review 000I made the bet as a long...
I made the bet as a long one. And they held it as a short bet. Minus $100. We’ve been dealing with the support team for almost a month now. If I figure it out, if I don’t, I’ll write.
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Rate your review 1-10I received 49 USDT for St. Patrick's...
I received 49 USDT for St. Patrick’s campaign immediately, no delays. There were no referrals. Mostly criticism from those who didn’t get bonuses. I remember once I didn’t get a Twitter bonus for one contest. Long argued with the support, but in the end got it ) so do not wave your hand at once and refuse… Read more
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Rate your review 0+20Posted their airdrop on his channel in...
Posted their airdrop on his channel in the TV.
St. patrick’s airdrop bumped everyone, when asked where the bonus USDTs are, everyone gets the same answer: You’ve created many accounts, your mail is linked to others, etc…
P.S Naturally, it was only 1 account, the amount not paid to me personally 22USDT… Read more
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Review approved for publication Rate your review 0-11The most convenient exchange. When I had...
The most convenient exchange. When I had no experience in margin trading, I tried to trade on bitmex,
I started looking for a more understandable exchange, and turned my attention to bybit. It turns out that it’s very easy for a newbie to get started on this market,
There is a learning mode with a… Read more -
Review approved for publication Rate your review 3+11Among crypto derivatives exchanges Bybit is now...
Among crypto derivatives exchanges Bybit is now in third place by volume. In March they significantly increased their volumes and added trading with perpetual contracts on BTCUSDT. They also have great contests for traders. I advise to try it. This exchange will become more popular in the near future… Read more
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Rate your review 1-10The course dances at its own...
trickery!
the course dances at its own discretion
ByBit reviews
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