How can we determine if ByBit is safe or not?
In this article, we will go through ByBit history, ByBit team, Bybit company and determine if Bybit is safe or not.
Also, we have a referral code for ByBit which can give you up to $90 FREE.
In addition, we will go through the trading platform and determine if this is the place to make some crypto trading or if there are better crypto trading platforms. So, lets start from the beginning.
ByBit doesnt have that long history in the cryptocurrency space since it was launched in March 2018 which makes it a young player, even in the crypto space.
ByBit was founded in 2018 by its CEO and Owner, Ben Zhou. Ben has previously experience from running an exchange in the forex market for 8 years. There is not much information about Ben Zhou. However, he has an active twitter profile, Ben Zho’s twitter.
The other team members also have extensive experience from finance including Morgan Stanley, Tencent and other reputable companies. Also, ByBit has an impressive list of co-founders and this is probably one of the reasons for such an explosive success.
Is ByBit Safe?
A question many people ask themselves is, whether or not, their funds are safe at ByBit? The funds of Bybit traders are stored in a multi-signature cold wallet and all withdrawals are manually processed 3 times a day to ensure maximum asset security.
ByBit has never been hacked but there are many exchanges that have never been hacked (yet) in the cryptocurrency industry.
Anyone must understand that there is NO risk free exchange or any place to store your funds or cryptocurrencies.
However, ByBit has embraced similar standards as other cryptocurrency platforms with regards to security.
- All funds in cold storage
- They claim they will give full compensation for any customer loss related to a hack.
- ByBit embraces a trading risk confirmation agreement
- Asset consolidation and withdrawals are completed by offline signatures.
- Withdrawal requests are subject to manual reviews three times a day and users can withdraw once every eight hours.
- The “Exchange Transparent Assets” program by BitUniverse allows any user to review Bybit’s platform assets.
- Bybit is spending about 20% currently and this is expected to increase to 25% to 30% in the future.
Read this article if you are interested in a full blog post regarding the ByBit security features.
ByBit Mutual Insurance
ByBit did launch a feature called mutual insurance during 2020. Its a risk management tool for perpetual contract.
If you hold a perpetual contract on ByBit you can purchase a mutual insurance to hedge a potential loss. The premium you pay for your insurance will be credited into a Mutual Insurance Fund. If your perpetual contract position experiences a loss, you can receive a compensation from the Mutual Insurance Fund.
There is mutual protection for both long and short positions.
Why Should I trade on ByBit?
This is a short summary on why you should trade on ByBit
Industry-leading Matching Engine – Bybit’s powerful matching engine allows for up to 100,000 contract matches in a second, meaning each contract would take a mere 10 microseconds to be matched.
Multi-signature cold wallets, Multi-factor authentications needed for login, deposits, and withdrawals to provide a safe vault to store your assets.
24/7 Live Support – Professional multilingual email and live chat support for traders round-the-clock email support, 24 hours, 7 days a week.
Fair Trading Environment for all – Dual-Price Mechanism and Auto Deleveraging System to protect any traders, regardless of the contract value.
Maker Rewards – 0.025% fee rebates for liquidity providers
They have a full article about the topic where they describe general challenges crypto exchanges faces and how ByBit have chosen to handle those challenges.
How to get $90 FREE with ByBit?
Get $5 when joining ByBit´s social media channel
Get $5 when trying the TP/SL bracket order
Get up to $50 when doing your first deposit
Get $5 when completing a survey
Get $20 when you have deposited more than 1 BTC
Get $5 after actively trading for 10 days accumulative