Cryptocurrency is a variety of digital currency that is continuously growing. Because of this, more and more people are turning to crypto.
While this is a great idea, cryptocurrency can be a difficult field to get into, particularly if you have limited experience with finance.
Thankfully, there are businesses out there that can help you enter the world of cryptocurrency.
One of these businesses is Bybit. What does this company offer? Are their services worth it? Here’s what we thought.
What is Bybit?
Bybit is a company dedicated to exchanging cryptocurrency. With the help of Bybit, you can invest in cryptocurrency and NFTs (Non-fungible tokens).
Bybit offers lots of experience and tools that are designed to make trading easier. This business has been around since 2018 and continues to expand as the cryptocurrency market grows.
It is super simple to start an account with Bybit. All you need to do is use your email address or phone number to make an account.
There are lots of reasons to love Bybit, among which are:
The main benefit of Bybit is that there is the potential to make a handsome profit.
With the help of traders, you can make tons of money via leveraged trading. This means that you can start with a small amount of money and end up with a much larger sum.
We also found Bybit to be quick and effective. This means that you don’t need to wait around for your cryptocurrency exchanges.
They also have great customer service. This gives a human element to an online trading company.
Another element of Bybit that we adore is its range of educational materials. These resources allow people to expand their knowledge of cryptocurrency and how the industry works.
These tools are particularly useful for people who are beginning their crypto journey.
This company also has a strong social media presence, whereby they host educational classes relating to cryptocurrency.
If you’re eager to learn more, feel free to check out these incredible classes.
Aside from these educational resources, Bybit also has a testnet site that is designed for beginners.
This allows people to familiarize themselves with cryptocurrency. Beginner investors will not have to put any money into their investments.
Instead, the testnet is designed to enable novices to develop their investing skills. This is a sensational safety net that protects starters. Once they have developed these skills, Bybit users can then start investing in real currency.
Bybit also has a large community of users. Across the globe, the business has 5 million registered users.
This number is only increasing. Consequently, you can trust that they offer outstanding services. Otherwise, why would so many people use Bybit?
We also appreciate the low maker fees. These fees occur when orders are placed.
In comparison to the average maker fees, Bybit has incredibly low fees. As a result, you will not need to worry about losing loads of money on your investment.
Now that you know the areas in which Bybit thrives, you should also be made aware of the areas in which this business can improve. Here are the main disadvantages of Bybit:
A downside that you must consider is that it is a risky market. As a result, you could lose money on your investment.
While this is true with any cryptocurrency company, you should bear the risk in mind.
Bybit cannot guarantee that your investments will be profitable.
One of the main disadvantages of Bybit is that it cannot be used in the United States.
The reason for this is that laws surrounding cryptocurrency are quite ambiguous in the US.
This is a serious disadvantage as it seriously limits the audience. Approximately 30 million people in the United States use cryptocurrency, so Bybit has removed one of its largest markets.
Other markets are unable to use Bybit, such as Mainland China and Cuba.
While Bybit has low maker fees, the company’s taker fees are quite high. Takers will need to pay 0.075% for every order.
This is higher than the average, resulting in Bybit being less appealing for takers.
Is Bybit Worth it?
In our opinion, Bybit is a great brand, particularly if you are inexperienced with cryptocurrency but are interested in the industry.
We especially respect the testnet systems and educational resources, as few other brands go out of their way to make beginners feel so welcome.
However, you should seriously consider the disadvantages if you wish to use Bybit. You should feel confident before making an investment.
If you are nervous about it and feel that it may be risky, it is best to avoid using Bybit. This is because cryptocurrency is not an industry for the faint-hearted.
Overall, we give Bybit a respectable 3 out of 5 stars.
Frequently Asked Questions
Is Bybit Legitimate?
Yes, Bybit is a legitimate business for cryptocurrency exchange. If not, this review would have been considerably more condemning.
You should bear in mind that Bybit has garnered a few mixed reviews, with many of the negative responses likely coming from people who have lost money on their investments.
Who Owns Bybit?
This company is owned by Ben Zhou. Having co-founded the business in 2018, Zhou is also its CEO. This business originates from Singapore. Zhou has been involved with the crypto market since 2016, so he has years of experience.
Has Bybit Been Hacked?
No, Bybit has never been infiltrated by hackers. This is because the company takes the security of its users seriously. Thus, Bybit’s system is designed to be impenetrable for hackers.
We recommend using a company that cares about the security of its users (such as Bybit) if you are concerned about online
Hopefully, this review will have helped you to decide whether or not it is worth using Bybit for your next crypto investment.
While there are lots of advantages to using Bybit, such as their amazing knowledge and the potential for profit, there are lots of risks that you will have to weigh up.