Новости ByBit
ByBit is this a scam? Review and Customers Reviews
Contents
ByBit is a young exchange that was launched in March 2018. The platform allows clients to trade perpetual derivative contracts on Cryptocurrencies.
In this review, we will take a closer look at what the platform has to offer and determine whether it is a reliable service for traders or a scam.
Why ByBit?
The ByBit exchange has been operating on the Internet for a long time. The company serves professional traders as well as individuals with one-time orders. The bybit.com website has a multi-lingual interface,
indicating the company’s focus on the international market. It is headquartered in Singapore and is regulated from there. 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 aspects 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 is especially useful, as it provides a manual with detailed instructions and a demo account for those who want to try trading cryptocurrencies (Cryptocurrency Trading Strategies). A separate section also provides the latest news and informative articles for users.
The platform recently updated its interface to make it even more user-friendly and faster. The new user interface contains many speed improvements:
- 50% acceleration in order placement.
- 50% reduction in CPU and memory usage.
- Hybrid trading terminal load time was reduced by 400%.
- Faster connection for EMEA and Latin America, 500%.
The trading terminal has several blocks:
- The book shows all currently active orders available for purchase and sale.
- The exchange rate chart 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 in USDT. Users can now trade ETH, LINK, LTC, and XTZ on our exchange. Also, 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.
- Clear 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.
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 balances, permissions, and account statements.
How to exchange cryptocurrency on the ByBit 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 complete anonymity for users. This means that traders do not need to undergo verification in order to trade. This aspect is especially important for privacy advocates who are concerned about the risks associated with the disclosure of personal information.
Deposit and Withdrawal
ByBit is a cryptocurrency exchange, so it is impossible to deposit your account using 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. Second, 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 operates on a “maker-taker” commission model, which means that it charges traders a fee if liquidity decreases, and refunds a portion of the funds if it increases. The commission rate is 0.025% per bet, and it is paid out every time. For regular traders who are not market takers, there is an additional fee of 0.075% per transaction. As a result, the total commission paid for each trade is 0.05%.
Funding Commission
Another type of fee is 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 are available on the platform for customers with a VIP account.
Bonus Center
The company has launched a new bonus center where users can learn about the latest promotions.
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 on social networks.
Active Trader
Get $5 to your account for trading.
WSOT 2022 Crypto Competition
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 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 documentation on the company’s website. Let’s consider in more detail how the organization is regulated.
Regulator
According to the official website, the company is regulated by several authorities, including the Virtual Assets Regulatory Authority in Dubai (where the licensing process is still ongoing – Check regulator), the Cyprus Securities and Exchange Commission (Check regulator), and the Astana Financial Services Authority in Kazakhstan (Check regulator).
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. 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. 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 swindler? No, because the company successfully provides its services to traders around the world and is a conscientious organization.
Conclusion
ByBit is a cryptocurrency exchange founded in 2018. In a fairly short period, 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 seems to be doing well among its competitors, although there are some areas for improvement. If you are or have been a customer of ByBit, please leave your independent opinion on our website to help form an unbiased rating of cryptocurrency exchanges.
Reviews
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Credible feedback Rate your review 000Will Bybit scam me?
I can’t withdraw from my Bybit since 14th October they have temporarily restricted my account, on 19th they want some of my documents I gave them all on 21st, and they mail me on 8th and ask for a docs file and some documents, I am on 9th I gave the docs file and all other documents, again they mailed… Read more
Minuses- Scam
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Inaccurate feedback Rate your review 000Bybit steals money
I traded on many exchanges, OKEx, kucoin, binance.
Bybit skamina – take all the + almost, then support just ignores appeals I do not recommend this exchange – you will see they will still show themselves. Better OKEx or KucoinPositive- P2P available
Minuses- They steal money
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Inaccurate feedback Rate your review 000Can't withdraw money
After I sell off my usdt, the platform not release my money at all
- Rate your response 00
sorry about this
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Feedback approved for publication Rate your review 000a certain amount disappeared right before my eyes)
I’m shocked.
It’s evening.
I opened a position (sell), having invested 245 usdt.
I am sitting, watching the market. There was also a certain amount left on the available balance.
And exactly at the end of the 4-hour period tsak-tsak: on the available balance 0.000 usdt.
And out of 245 invested only… Read more -
Inaccurate feedback Rate your review 101RECLAIM ASSET
After multiple attempts to withdraw my money from their account, I was logged out. This platform is SCAM. I carried out an operation to start testing their services by putting small money to start, and there to take them back, the blocked account, they steal your funds. Took back your money with my headline
I… Read morePositive- None
Minuses- Fruad
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Credible feedback Rate your review 1+10How they heated up on me
Fraud on the part of technical support. To carry out verification requires a transaction, first one amount then another for withdrawal of funds. And the money goes to individual M. Gami….ovich M
Minuses- Fraud
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Inaccurate feedback Rate your review 101
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Credible feedback Rate your review 000BYBIT scammers
Bybit scammers, or how I was scammed by support staff.
In general, the story is as follows, 20.05.2023 I asked support to block my account. I checked that everything was fine with the account, and sent a request for reactivation. And here comes my story, I’ve been trying for two months. to get support… Read more
Positive- They are not there
Minuses- They steal money after blocking
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Feedback approved for publication Rate your review 000A good one for cooperation
This is my first experience of using this platform. So far, I’m super satisfied! I like their exchange comission and transaction speed. They are very reliable and the technical support reacts quickly on any issues. Hoghly recommend!
Positive- Reliable
Minuses- Didn't find
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Feedback approved for publication Rate your review 1+10bybit is a fraudster exchange
I created an account with them KYC verified , they gave me $5 USDT as a welcome gift and $15 fee voucher, I used it for 3 days and decided to deposit $100, after a day they restrict my withdrawal and emailed me that I violated their bonus term which I have not and emailed them back for an appeal and… Read more
Positive- FRAUDSTER
Minuses- FRAUDSTER
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Credible feedback Rate your review 1+10***
I understand that bitcoin and cryptocurrencies are very, very easy. And ByBit exchanger is very cool. I really like it)
Positive- speed
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Inaccurate feedback Rate your review 3+21Money was stolen
I put my money on this exchange came out after entering coins on the spot wallet is not) apparently exchange decided that she would need them more.
Positive- There is none of them
Minuses- Scammers
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Credible feedback Rate your review 1+10Don't even think about going there
When trading via P2P they froze my entire account because of one transaction. For half a year I tried to get justice – to no avail. Technical support is disgusting. She didn’t give a damn about users. In the last correspondence, they made it clear that they were not going to unfreeze the account and… Read more
Positive- No
Minuses- The site is run by scammers
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Credible feedback Rate your review 5+50ByBit 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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Feedback approved for publication Rate your review 0-22Looks like 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- Comfortable
Minuses- Zero support
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Credible feedback Rate your review 2+11I do not advise anyone to contact the Bybit crypto exchange
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- They ban everyone indiscriminately!!! And without the possibility of appeal!
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Credible feedback Rate your review 2+20Baybit blocks your account without explanation - 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 Binance
Minuses- may block your account without giving a reason
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Inaccurate feedback Rate your review 3-14The account was blocked and the money was stolen
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- The thieves
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Inaccurate feedback Rate your review 000Curve verification
At verification does not come confirmation via sms, although such an option is included.
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Feedback approved for publication Rate your review 000Aucun retour des vos versements par carte bancaire n'est possible: réponse de leur assistance: La fonction n'existe pas !
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- juste des Voleurs
Minuses- Pas de retour possible de votre argent
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Feedback 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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Inaccurate feedback Rate your review 000support has completely slowed down
They have not yet withdrawn funds, but it smells like a specific scam.
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Inaccurate feedback Rate your review 000Buybit 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- Drains deposit
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Feedback approved for publication Rate your review 000Rakhvod
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- none
Minuses- one big minus
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Credible feedback Rate your review 2+20deception
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- deception
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Inaccurate feedback Rate your review 1+10
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Feedback approved for publication Rate your review 5-35Trading 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 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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Feedback 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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Feedback 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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Feedback 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 1+30Posted 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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Feedback 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 -
Feedback 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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Inaccurate feedback Rate your review 1-10trickery! the course dances at its own...
trickery!
the course dances at its own discretion
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