Thanks a lot for actively participating in the Bybit Finance AMA held on 16th October 2020 at the Game of Bitcoins Channel. We really appreciate all your support. This post is a recap of the entire session held with Bybit
We have with us CODY ONG
So for Bybit, we are a cryptocurrency derivatives exchanges established in March 2018. We have more than 1.3 million registered users right now. Built on customer-centric values, we endeavour to provide a professional, smart, intuitive and innovative trading experience to better serve our customers in a timely manner.
And for me, I am Cody, head of regional partnerships in Asia. In fact, I have been in the Crypto scene since 2017 and have been part of the amazing crypto-bull run where BTC went to 20k ??!
So looking forward to answer all your amazing questions from Twitter!
Q1. Can you explain the Bybit bonus offered to new users? What can be done with the received bonus? Does the bonus have a validity period? What are the referral programs associated with receiving bonuses?
Sure, Ill break this question into 4 parts :D... there are 4 mini questions to this main question
A. Bybit offers up to $90 bonus to all new users who sign up to our platform. Our bonuses can be used as trading margin and to fully deduct trading losses and the transaction fee. Bonuses will be deducted to cover losses and fees prior to user's own capital.
As such, new users can use Bybit bonuses to experience Bybit live trading without risking their own capital! ????
In order to receive all $90, users will need to complete tasks found on our platform. Some easy tasks would be to follow Bybit on Twitter, and receive $5, or try out our Strategy Alert on our Bybit App to get $5
B. What can be done with the received bonus?
Trade! New users can use Bybit bonuses to experience Bybit live trading without risking their own capital!
Go to www.bybit.com/prize_page and check out the requirements to get the $90 bonus!
C. Does the bonus have a validity period?
Claimed bonuses can be activated at any time within 21 days by making a qualifying trade. Once activated, the bonus does not expire. You will also receive an email notification of any inactive bonus seven days before its expiration.
D. What are the referral programs associated with receiving bonuses?
We have 2 type of programs, referral program and affiliate program.
Our referral program is for the casual traders who want to invite their friends to trade on Bybit. They will only be awarded $10 for every sign-up that deposits 0.02 BTC and above.
Our affiliate program is a more exclusive programme, where affiliates will earn LIFETIME commissions from users who sign up through their link. However, to enjoy that, the user need to have good channel following to be enabled. There will also be a dedicated account manager who will help with the marketing and technical support.
Q2. Bybit is a commercial platform established since March 2018, to date, what is the most important achievement you have as a team?
We have achieved many milestones and achievements. Here are some of the more notable ones:
1. ??????????? Number of users — We are proud to have reach 1.3 million registered users since March 2018, and aiming to have 1.5 million registered users by the end of this year.
2. ?? Trading Volume and Open Interest — Our trading volume have taken over a huge share of the industry, and now we rank top 5 in the Crypto Derivative scene. In terms of Open Interest, we have overtook Bitmex's open interest on October 11.
3. ????? Unrivalled customer service — We are able to keep a record of 99% of chat being responded within 30 seconds, and on average, 39.7 minute to resolve a case, normally faster, depending on the severity of the issue.
Did you all also know that Gary also tried out our exchange customer support, and it only took ~5 seconds for him to be connected? Check out his youtube video on that ????
4. Trading competitions — At Bybit, we realize that trading can be quite stressful, and that ultimately it should be about fun, which is why we go the extra mile to host the coolest competitions and giveaways out there. There are alot of promotions on Bybit, and recently in August, we hosted a 100 BTC Prize Pool trading competition!
Q3. What interesting features are Bybit advantages and which differentiate it from other crypto platforms so that we try Bybit?
Commonly asked question! What is our Unique Selling point?
?? Fees — Bybit is actually one of the few top major exchanges that offers trading fee rebate of 0.025%. For example, if you were to put a $10,000 order that sits on our orderbook, and when the order gets filled, you will receive $2.50 , instead of having to pay fees. Moreover, we frequently run massive promotions for our clients. For now, all new users can sign up to our platform and get up to $90 worth of bonuses, which can significantly lower their trading fees.
?? Liquidity & Volume — We have extremely good liquidity, as endorsed by credible data platform such as Skew. On top of that, Bybit does about 500 million - 1 billion 24H per day , and we are ranked top 5 in terms of crypto-derivative exchange in the industry. Users who have tried out Bybit often comment that the experience when trading on Bybit is very different from other exchange. Their orders will be filled much faster, and there are much lesser scam wicks due to our good liquidity.
??Good UI/UX— We have good UI/UX, where you can easily set take profit and stop-loss when opening orders. Alot of functions are user-friendly and you will easily learn how to trade on our platform!
??Server Uptime — Never miss a trade. Bybit have no server downtimes due to our grey-release feature where we can release updates on-the-fly. You will never encounter any server maintenance issue on Bybit. Even on March 12 extreme volatile period, where bitcoin crashed from 10k to 3k USD, Bybit remained as one of the most stable platform in the market.
Gary - and if I may add to that - World class support! as I tested in my last video
Yes ???????? that is indeed one of our selling point too, one should really test out to see how good and professional our support team are :)
We really focus alot on our customer support, and make sure each of our users have a good experience when trading on our platform
Q4. Most crypto exchanges have token of their own, does Bybit has it own token? If Yes, can you tell us about the token and it benefits ? If No, why don’t you have and is there any plan of having later in the future?
Nope, Bybit does not have its own token. We don't see a need for these tokens for now, as normally it is used as a method to raise funds. And we have not really decided on what are the benefits that we can give back to the users to make it more special compared to other coins out there.
However, we are still thinking about introducing our Bybit Coin in the future if users really want it, at least to give and reward our loyal Bybit fans :).
Q5. How does Bybit solve the problems that exchanges are facing: system overload, lack of liquidity, hacker attack?
We understand these are major concerns of users, and thats why we spend alot of time to optimize it. In our entire Bybit history, u will never see users complaining about any of these things.
?? System Overload — Our trading engine are written from scratch, and can handle up to 100,000 transactions per second, and right now, we are only at about 20% of that limit, and the transaction per second can be scaled easily if we simply add more servers. Moreover, there will be no server downtimes due to our grey-release feature where we can release updates on-the-fly. You will never encounter any server maintenance or system overload on Bybit.
?? Lack of Liquidity — We have extremely good liquidity, as endorsed by credible data platform such as Skew. How we solve the problems is that we offer -0.025% maker rebate, where this incentivise many traders, or even market makers to place limit orders on our platform. For example, if you were to put a $10,000 order that sits on our orderbook, and when the order gets filled, you will receive $2.50 , instead of having to pay fees.
????? Hacker Attack — Our funds are stored 100% in a multi-sig cold wallet system. This means that hackers will never be able to hack our wallet. The downside is the slower withdrawal time of 3 times a day, however, this ensures that your funds are always safe with us.
Gary - System overload TBH is a real pain in critical market movements
Yeah.. very stressful when your orders are not getting through.. and u are helpless. But this never happens, and even if you are having issues logging in to our platform (e.g. you suddenly forget your password during volatile period, and unable to login, you can also close ur position by contacting our customer support)
This happens quite sometime, because some users are long-term holders, and they only login once a while during volatile period ?? , and at least we can help them close position first, before allowing them to reset their password or 2FA.
Because resetting these sensitive information requires some additional steps to ensure security of your funds.
Q6. Currently, there are many strong developing trading apps such as Binance, OKEx, and too many to mention, what makes Bybit a more competitive than others?
We understand there are many strong developing trading apps, but our Bybit strategy is to be laser focused on Crypto-derivatives.
Instead of supporting many things at once, we want to be the BEST in crypto derivative. Imagine we are like a Noodle Shop, we want to be the best and well-known in making noodles, instead of opening a noodle shop and supporting many other dishes, but only to taste average.
To make ourselves remain competitive, we need to be innovative, and create a smart and simple trading system for our users. We have a team of over 300+ and growing employees to improve on our crypto-derivative platform, and make sure everything is safe and secure.
Q7. For each platform, the factors that attract more users are: low transaction fees, high levels of security, and ease of operation. Can Bybit ensure these requirements for users?
We understand that this is what users care about, and hence, we are here to also ensure these requirement for users.
?? Transaction fees — We have the lowest transactions fee in the market. We even offer trading fee rebate of 0.025%. Users can dont even need to pay any fees if they were to just do a limit orders.
??High level of Security— Our clients’ fund safety is our top priority. We use a hierarchical deterministic cold wallet system to store all funds, and we have manual procedures to check all withdraws to make sure every and all transactions are checked out. At the same time, all of Bybit’s code and withdrawal procedures have passed the SlowMist’s GrayBox and penetration testing.
SlowMist is an industry leader in security checks on exchanges from all levels, they have been working with Binance, Huobi, and a few other large exchanges. They are a long term security partner of Bybit.
?? Ease of Operation — Many users enjoy our UI/UX, both on PC and Bybit Mobile App. We made alot of small improvements to refine the small details and make sure everything is smooth. On top of that, we also pride ourselves in our customer support, where if you ever encounter any issues on our platform, you will be swiftly connected to a 24/7 live chat agent, without having to wait.
Q8. Perpetual swap and Futures is a goose that lays golden eggs. The race to take the No. 1 position on Margin among the major exchanges is fierce. Good news for Blockchain every day. So in your opinion. Will Bybit Exchange follow this race in the future?
Our aim is not to to take the no.1 position.
Our aim is to continue revolutionizing the industry by fusing the best of cryptocurrency and traditional finance. Our innovative, highly advanced, user-friendly platform has been designed from the ground-up using best-in-class infrastructure to provide our users with the industry's safest, fastest, fairest and most transparent trading experience.
Only with that as our aim, Bybit can then gain trust of our users. We are here for the long-term.
Q9. I see BYBIT organising a lot of AMA sessions for Indian market. How do you evaluate the India market? What does BYBIT expect to receive from the community after AMA sessions?
Glad to see that people are noticing that we are doing alot of AMA sessions in India! India market is definitely an huge opportunity for us, and we want people learn more about Bybit and trust us.
We see that the Supreme Court overturned a ban imposed by the Reserve Bank of India (RBI) on Cryptocurrency payments and this presents a huge opportunity with clear government regulations.
Moreover, with more people looking at cryptocurrency as a tool of investment, there is a high demand of a trustworthy trading platform with good customer support. We, in Bybit feel that this is the demand that we can fulfil for the country. With more and more Indian traders moving from the beginner trader to more intermediate trader, and wanting to trade with better customer support and better trading experience (UI/UX), that is where Bybit comes in.
From the AMA, we aim to increase the trust in the community.
???? As usual, stay tuned to our @BybitIndian telegram channel for the latest updates, promotions and AMA that we will be hosting :)
Q10. How safe is the fund that is going to be kept on Bybit? Does Bybit have an insurance fund to cover loss of its users in the event of a hack?
??How safe is the fund that is going to be kept on Bybit? Our clients’ fund safety is our top priority. We use a hierarchical deterministic cold wallet system to store all funds, and we have manual procedures to check all withdraws to make sure every and all transactions are checked out. At the same time, all of Bybit’s code and withdrawal procedures have passed the SlowMist’s GrayBox and penetration testing.
SlowMist is an industry leader in security checks on exchanges from all levels, they have been working with Binance, Huobi, and a few other large exchanges. They are a long term security partner of Bybit.
?? Does Bybit have an insurance fund to cover loss of its users in the event of a hack? Yes. we do have our transparent insurance fund and it can be tracked here: https://www.bybit.com/app/contracts right now it has about 2343 BTC in the insurance fund
Q11. Is a Bybit platform for professional traders? What is the effect that ordinary investors who are not trading experts can feel from using the Bybit platform?
Bybit platform is for all traders. If you are totally new to crypto trading, you can contact our 24/7 customer support and we will guide you with any questions that you have!
For ordinary investors, lets say u put in some funds into our platform, the very good thing is our UI/UX. We have alot of pre-placed minor details that really help new comers.
For example, we make sure that traders will learn how to always set Take Profit and Stop Loss, by putting that entry directly during order placement.
Another small things we do are adding quick Buy/Sell button on the chart (similar to how the Forex/MT4 environment work), so if they have some experience in forex, they will able to learn to trade on Bybit easily.
Q12. For beginners can you please tell us How to Pick the Right Exchange for trading? How to optimize profit?
To pick right exchange for trading, always try to look for the following factors, especially if you are new:
?? Transaction fees — Normally, I will recommend new users to find exchange with trading fee rebates and use limit order more often. At Bybit, we offer trading fee rebate of 0.025%. Users can dont even need to pay any fees if they were to just do a limit order and sit in our orderbook waiting to be filled.
????? 24/7 Customer Support — Incase you need any questions, you can contact them , and ask for help. Bybit specializes in this, with 99% of chat being responded within 30 seconds
How to optimize profit?
- Use Take Profit and Stop Loss
- Be disciplined
- Try to use maker rebate more often on Bybit
And of course, reputation of the exchange, you need to do your due diligence, and only trade on the more reputable exchange. Only those that are listed at least on reputable sites like CoinMarketCap or CoinGecko
For Bybit, we are ranked top 5 in these websites, so we are extremely reputable :)
Q13. Wash trading which is happening in many exchanges, especially new exchange, because they cannot provide real volume and liquidity, this provides bad experience for traders. How can Bybit avoid this problem and provide the best experience for believers who choose to use Bybit
Yes, it is true that Wash-trading is quite common in some exchange. You can see that they are totally new, yet their volumes reported is like in the billion level range (even higher than Bybit, or the larger exchanges)
How to determine is an exchange is wash-trading? Alot of people in the industry have been trying to figure out and try to adjust the volumes (done by CoinMarketCap and CoinGecko)
How Bybit avoid this problem and provide the best experience for believes who choose to use Bybit?
We work with many of the third party data providers (TokenInsight, Skew), to ensure that our orderbooks are real and thick, and we do not do any wash-trading.
Moreover, from user's perspective, one good way to see if an exchange is wash-trading is really to trade in that exchange, try to put a small amount in, and place an order, see how long will it take for your limit order to fill, or if you were to do a market order, how much slippage will you get.
Q14. I am a professional vulnerability finder on the web, do you think Your system is secure enough from hackers? Does your project have a program that rewards individual vulnerability detection of the system?
Glad that you are a professional vulnerability finder. We are looking for talents like you to try to find errors on our platform, to make Bybit more secure.
Of course, I do have faith in Bybit system being secure enough from hackers. Alot of resources, manpower and money have been put in place to make sure we are super secure. We also do have a bug bounty programme that rewards people if they found a bug, up to $4,000 USDT. More details can be found here:
https://help.bybit.com/hc/en-us/articles/900002908206-Bybit-Bug-Bounty-Program-T-C
Q15. What features/improvements are you planning to add to your products in the near future?
1. Features - Sub-accounts (we will be adding sub-accounts soon for people) so that users can separate their funds, and create new trading strategies and proper risk management.
Examples: a high leverage trading account, medium leverage trading account, low leverage trading account.
With sub-accounts, you can also let people to trade on your behalf, as they can have access to your account, but they cannot withdraw.
2- More Trading Pairs - We understand that many people have been asking for more pairs to be listed on Bybit. We will be adding alot new pairs, and on October 19 - 4 new USDT pairs will be listed (XTZ, LINK, ETH, LTC)
3 - Futures - Tired of paying funding fees every 8 hours? We will also be launching futures on Bybit extremely soon. Stay tuned to our @BybitIndian telegram group for the latest updates!
Q16. We are all here to see the benefits and the bright side of Bybit, as a Bybit project owner, do you dare to talk about the dark and shortcomings of Bybit?
Shortcoming of Bybit...
Firstly, I really want you all to let me know what are the shortcomings of Bybit as well. You can feedback to me directly on telegram, or even to our CEO, Ben Zhou on Twitter (@benbybit) . We even have a dedicated user feedback section where users can let us know your feedback. If heard and adopted, we will also award you with our Bybit merchandise.
Here are some shortcoming of Bybit that I think we need to improve on
1. More Trading Pairs, but with proper selection.
We dont want to list random coins. Else users will get huge slippage and bad trading experience.. e.g I list COIN ABC with no liquidity, and lets say its trading at $1,000 per coin. A user do a market short of 1 million contract, and the price drops all the the way to $100 , because of lack of order book. It will be bad on Bybit for listing that coin, and bad for the user
But we will be adding more pairs which are more commonly trade, so stay tuned!
2. More promotions. We want to run more promotions so that users will end up being able to benefit (overall trading fees that they pay is much lower, and hence better risk/rewards ratio to them).
3. Limited to crypto pairs. This point is abit similar to point number 1, but we are thinking of adding other pairs like Forex, Commodities, Stocks etc, so that user can simply deposit Crypto and trade these asset classes.
I guess thats the main shortcomings, and we are definitely working to improve on those, to make crypto trading more fun and enjoyable for all of you!
