A Guide to choosing the right platform
If all you were looking for is a reliable high margin trading platform, you can save yourself 5 minutes and skip over the rest of the article, or just keep reading and you’ll son see why I personally use it for all my crypto derivative trading.
Over the years I have traded on pretty much every platform available to me, yet not a single one has come close to comparing to to the stability, reliability, and ease of use Bybit has offered.
So if you’re like me and looking for a the best trading platform to use as a non-US resident, this article will explain to you why Bybit is likely going to be a heaven sent and also how it will meet 90% of your crypto needs!
Why only 90%?
Well, nothing is perfect and with Crypto, self custody is always your best option, and you should not store your long term assets on any exchange.
So in an ideal world, our assets would be stored in a hard wallet offline somewhere, but unfortunately just like nothing is ever perfect our ideal world just isn’t practical, and exchange platforms while they increase our risk and kind of disregard the initial premise of cryptocurrencies, they also offer actual value to us with the services they offer, and make the entire technology more accessible to the general public, which leads to greater adoption, making them a necessary evil in some sense.
If you’ve got to make a deal with the Devil, make sure it’s a good deal
and that’s where Bybit comes in.
What you need to know
Instead of listing off all the random facts about it, we are gonna instead focus on what’s important!
Who can use it?
One of the things that makes so great is that it can be used by user from over 160 countries, with some very specific exceptions such as the United states.
The countries that currently cannot use Bybit are:
- United States
- China (Mainland)
- Quebec (Canada)
- Ontario (Canada)
- North Korea
- Cuba, Iran
- Crimea & Sevastopol
This is due to regulatory laws on crypto assets enforced by the US government. This by no means implies that your money is not safe. Bybit is headquartered in Dubai and they have never been hacked, multiple precautions are taken to ensure optimal trading security on their platform.
While it is possible to access Bybit from the US is through the use of a VPN like NordVPN, but it is risky, as your account can be suspended immediately if you are ever discovered which can lead to the freezing of assets.
If you are a reader from the US or one of the other restricted countries do not fret, because while you cannot safely access Bybit there are some really good alternatives like the Canadian based CEX.IO which complies with all the US regulatory restrictions and regulations.
Now if you’re new to trading crypto, you need to be aware that this is a highly, highly volatile market and I strongly recommend you check out our comprehensive guide on cryptocurrencies for beginners, as well as our article on how not to lose all your money trading crypto, which will provide you with tons of information that will save you time, money and tears as you grow on your journey as a trader.
Why do people use Bybit?
- User Friendliness
- High Leverage with up to x100 on selected high ticket trading pairs
- Wide variety of currencies available, currently at 200+
- Multiple trading options
- Secure transactions with up to 100BTC per day allowed once you’ve completed the higher levels of KYC.
- Competitive fees with a base maker fee of 0.01% and a taker fee of 0.06%
- Copy Trading
- Trading bots
- Physical cards for ATM withdrawals and cash purchases
More than anything else the three metrics that sets Bybit apart are its accessibility and ease of use. I have been trading on the platform since it was founded in 2018 and have watched it grow from 20 coin pairs to 200+
What really stands out from this experience is the way the platform has developed into a user friendly and seamless experience when compared to some of it’s counterparts. The user experience when interacting on both the mobile and desktop apps is easy to understand with tons of handy features included to make your trading easier.
Is Bybit the exchange for me?
If you are a Non-Us citizen looking for a user-friendly, secure and reliable trading platform, it most definitely is. With that advice in mind, you should also know that Bybit is not perfect, over the years have picked up the occasional bug or two, such as stop orders getting executed prematurely, however with the recent updates those occurrence have been completely eliminated, and Bybit remains my primary trading platform for derivative cryptocurrency trading.
One More reason
Bybit is always running some fantastic sign up bonuses to new traders! So start your journey to financial freedom the right way!
Be sure to also check out our other articles on Crypto, where we break complex topics into practical and neatly organized content to save you time and help you grow!
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