Is Bybit Legit?

The world of cryptocurrency is hustling and bustling these days. Everyone seems to be interested in trading cryptocurrencies and, therefore, the massive growth of cryptocurrency exchanges.

In the year 2018, Bybit was founded in Singapore as a cryptocurrency exchange. It offers derivatives in 17 trading pairs. The cryptocurrency exchange is also available to clients from around the world. Currently, the number of users of the platform is more than 2 million. In short, the exchange has grown in stature fast, and this can be owed to its excellent customer service along with its great features. Though it is not available for US customers, it has a fantastic customer base globally, as mentioned before. Bybit Learn  is available for the new users to understand the platform.  Older users can also gain a lot of information about specialized features of the platform from the tutorial. Let us now look deeper into the trading platform and find out why it is legit. We shall also look into its features.

The investment options on Bybit

The robustness of the cryptocurrency exchange makes it a favorite amongst users. The platform has got excellent speed and is totally reliable. The different options in which clients can trade in cryptocurrencies on this platform are three.

• Inverse perpetual contracts – These are contracts where traders can trade without worrying about the expiration dates. These are derivative contracts that do not have any expiration date. There are four base cryptocurrencies for these contracts, BTC, ETH, EOS, or XRP.
• USDT perpetual contracts – These are also perpetual contracts, which means there are no expiration dates. The difference is in the fact that the base currency is USDT. All details like losses, margins, and profits are calculated in USDT for these contracts. There are some more varieties of cryptocurrency pairs that can be traded with the USDT perpetual contracts. These include SOL/USDT, MATIC/USDT, etc.
• Inverse future contracts – Futures contracts have expiration dates, unlike perpetual ones. The clients of Bybit can trade in BTC and ETH futures contracts at quarterly intervals.
• Spot price trading – This is also being offered on the platform. However, it is in demo mode and available to a select few clients. The people who trade at spot price will need to hold the underlying asset. This is not necessary in the case of contracts.

The margins are also very lucrative, with options of isolated margins and gross margins. In an isolated margin, a fixed amount is set. When the margin is used up, the position is liquidated. In the case of cross margin, the entire account value can even be fixed as the margin. This will result in fewer chances of liquidation of the holding.

Customer service of Bybit, the differentiating factor

On most cryptocurrency exchanges, the customer service is poor. Most often, you would have to surf through their FAQs, and at most, you can generate a ticket and wait for someone to get back to you. It is well nigh impossible to find someone who can directly assist you. Bybit has plugged this gap with excellent customer service. You will have the regular FAQs, and generating the tickets is also possible. You also get a list of email ids for help with your issues. The final solution is novel and unique in the world of cryptocurrency exchanges. There is 24X7 chat support for customers.

The Bybit User’s benefits and experience

The user benefits of Bybit are many, and we shall talk about some of them. As we mentioned before, customer support is one of the unique benefits that Bybit provides. The Help Center library is full of articles to help users. And the FAQ section has step-by-step tutorials. Users also enjoy many gifts and bonuses, like joining bonuses available at times. Users can enjoy a referral bonus. Promotions and affiliate marketing options are also available.

The user experience remains another vital factor that makes Bybit so attractive. Users don’t feel like they are trading on just another exchange but in a community instead. The reward programs, the 24X7 support, etc., make it a perfect experience. Initially, the platform may seem intimidating, and users may experience a steep learning curve, but once they are done with it, the trading platform feels like a breeze of fresh air.

Overall, there is no doubt whatsoever that Bybit is totally legit. In fact, anyone interested in trading cryptocurrency pairs and contracts should try Bybit if it is available in their country.