Review on Bybit by Praise Olagbadun
The ByBit Exchange Platform Has So Many Enticing Features
Exchange platform seems to be among the areas in the blockchain network I love reviewing. This is because I find reviewing it interesting and using their services even more interesting. The exchange platforms seems to be easier to review and straightforward because using an exchange platform is as easy as one can think of it to be. I've been reviewing many exchanges for a while now and have numerous accounts with many different exchanges, some of which I actively trade with while others, I don't. This is because some of these exchanges seems to have something captivating, features that got my interest and made me trade actively on their platform while others discouraged me with one or more features. Going over other exchanges on the blockchain network, I came across another one. This exchange platform is known as ByBit. The ByBit exchange platform is a British exchange platform that was launched in the year 2018. The exchange platform made me lost interest in its services a bit when I discovered that it is focused on experienced traders. At first, I need liked this, not because I wasn't an experienced traders but because some of my friends would not be able to use this exchange platform. But as I progressed in using this platform, I got to understand that although they are focused on the experienced traders, their user interface doesn't really show that as it has a very easy to understand and beautifully designed interface. On seeing this, I began to question myself on questions like: "are they really serious about facing just experienced traders?" I later discovered that what they meant by focusing on experienced traders was the provision of margin trading.
This exchange platform is presently a home to millions of traders around the world and I guess this is due to the simplicity of its interface and some other reasons which I would be discussing in this review today.
First, I would be talking about the fees charged by this incredible exchange platform, ByBit. Trading fees seems to be the most important type of fee to me and I would also make it come first in this my review because it was one of the things I really enjoyed from the exchange platform. We all know that trading on an exchange platform comes with a fee and the exchange industry has an average trading fee of 0.25%, although this is the industry's average, most exchange platforms don't follow this as some of them charge higher while others charge lesser. But as for the exchange platform, they charge far lesser. Makers and takers are the two parties that execute a trade, the ByBit exchange platform charged the taker 0.075% while the maker gets a 0.025% rebate. This makes the exchange platform left with just 0.05% from every trade made. I got really amazed by this and that alone made me want to trade more. Another interesting fact about this trading exercise with them is that they have a very fast transaction speed which is capable of executing about a thousand request in a second. This would make trading cheaper and enjoyable all at the same time.
Another feature that I value very much in an exchange platform is security. The ByBit exchange platform seems to have a like mind with me as they have been able to set up multiple security features to have their users funds in safe hands. An example is the use of cold storage multi signature wallet to store most of their users funds. This happens to be completely free from hackers due to the fact that the funds are stored offline. Another security feature they employ is the use of SSL communication on their entire website to prevent phishing attacks. The 2 Factor Authentication is also employed. The exchange platform seems to have lots of enticing features indeed.
Pros
- The exchange platform has their mobile applications available for both Android and iPhone operating systems
- They charge a very competitive fee for trading, as they charge the taker 0.075% and the makers gets back 0.025% while they keep 0.05%
- They have a very great transaction speed,capable of executing up to a thousand transactions in a second
- They also have a very simple and beautiful user interface
- The exchange platform allows margin trading
Cons
- The exchange platform looks all good to me
