ByBit UK; Features, Pros, and Cons
ByBit is a cryptocurrency exchange platform for derivatives established in 2018. By offering a reliable exchange service, ByBit has become one of the top three crypto exchanges in the world. It functions in most countries, except the UK and a few other locations where services are restricted:
- United States.
- North Korea.
- Quebec (Canada).
- Mainland China.
ByBit exchange provides a wide range of services, but what gives the platform an edge over competitors is the features. From having the largest transaction capacity, at 100,000 transactions per second, to providing a safe, risk-free environment for new traders, ByBit corners the market on developing helpful features.
Let's look at a few of them.
Features of the ByBit Platform
Security of Users Funds
ByBit ensures the security of funds by enabling the hierarchical deterministic (HD) cold wallet that provides a second layer of privacy and security for users' funds. The HD wallet changes receiving wallet addresses after use, thereby protecting the true value of the funds in the address.
ByBit has an interactive and user-friendly platform that makes it easy for users to understand and navigate. This is especially important for beginners who aren't very familiar with the particulars of trading.
Supports Multiple Currencies
ByBit users can withdraw, deposit, or open positions in multiple currencies – BTC, ETH, EOS, XRP, and USDT. Before using this feature, check for any added caveats. In addition, users can use the internal asset feature to convert from one cryptocurrency to the other.
Unlike some other platforms, ByBit does not have any KYC requirements. You only need an email address and a phone number to open an account.
Around-the-Clock Customer Service
24/7 customer service ensures that users can access timely help around the clock.
100x Leverage on Margin Trading
Bitcoin users on ByBit can get as much as 100x leverage on margin and futures trading. For other currencies, the leverage is 50x. A similar feature allows customers to insure against loss by taking out short-term loans.
Pros of ByBit
The pros of using ByBit include the following:
• Very low chances of server downtime. ByBit's system can process 100,000 transactions in a second.
• 24/7 customer service.
• Offers 100x leverage for Bitcoin and 50x for other cryptocurrencies on margins and futures trading.
• Affiliate reward program.
• Easy-to-use platform.
Cons of ByBit
• No KYC means no ID verification.
• Limited spot trading pairs.
• There is no ByBit UK access.
What happened to ByBit UK?
In the first quarter of 2021, the Financial Conduct Authority (FCA) in the UK banned the sale of derivatives citing high risk as the reason.
In response to this ban, ByBit UK services were withdrawn. On 31 March, ByBit ended services for UK customers after sending out a missive asking them to close all open positions and withdraw their account balances.
Author: Ekele Jinanwa
Ekele is a cryptophile who enjoys learning and writing about the crypto industry. She is passionate about knowing and teaching others about the opportunities crypto offers.