Wavebit.io Review Is Wavebit Scam or Legit Read Before Depositing Your Bitcoins!

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Options Broker 2020!
    Perfect Choice For Beginners!
    Free Demo Account!
    Free Trading Education!
    Get Your Sing-Up Bonus Now!

  • Binomo
    Binomo

    Only For Experienced Traders!

ByBit Review: Complete Exchange Overview

ByBit is a cryptocurrency derivative exchange that launched its services at the end of 2020.

The exchange gives traders the ability to trade Cryptocurrency perpetual contracts with up to 100:1 leverage. In their short time in operation, the exchange has managed to build up sizable liquidity.

However, can such a new exchange really be trusted ?

In this ByBit review, we will give you everything you need to know about the exchange. We will also give you some top tips when it comes to trading crypto futures.

Overview

ByBit is P2P cryptocurrency futures exchange that is based in Singapore. The exchange operates under Bybit Fintech Limited which is a company that is registered in the British Virgin Islands.

In their about us page, the exchange claims that they have a team which is comprised of experts in blockchain technology and finance. For example, their technology team has people who hail from Morgan Stanley, Tencent etc. You can check them out on linkedin.

The primary product offered on the exchange is perpetual futures products with 100:1 leverage. This means that they are trying to compete with established exchanges such as BitMEX and Deribit which have similar non-expiry futures products.

While there are many similarities between the exchanges, there are some unique features that ByBit have included that could make them attractive. We will touch on these features when we cover their trading technology.

The exchange is open to most traders around the world and the website has been translated into English, Simplified and Traditional Chinese, Korean, Japanese and recently Russian. However, there are some jurisdictions that they do not operate in and these include the likes of the USA, Syria, and the Canadian province of Quebec.

Is ByBit Safe?

This is one of the most important questions that any exchange user will have. This is especially true when it comes to a new exchange with no established security track record to turn to.

As such, when we look into the safety of an exchange, we are interested in their security policies as it pertains to their coin management, user security tools and of course risk management.

To counter the threat posed by hackers, ByBit operates a secure cold storage solution. This means that they store the bulk of their crypto reserves, and all of the clients’ funds, in offline wallets that are stored in a secure “air-gapped” location.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Options Broker 2020!
    Perfect Choice For Beginners!
    Free Demo Account!
    Free Trading Education!
    Get Your Sing-Up Bonus Now!

  • Binomo
    Binomo

    Only For Experienced Traders!

There is only a small portion of their own coins that are kept in their “hot wallets” in order to service the needs of traders when it comes to withdrawals. Moreover, if they ever need to move funds from cold storage, they need to use a multi-signature address scheme.

Multi-signature means that the exchange will need more than one key in order to sign a transaction from one wallet to another. This prevents the risk posed by having a single individual manage all the funds on the exchange.

In order to prevent the risk posed by online snoops and phishing attacks, the ByBit website has full SSL encryption. This means that all passwords and address information that you send them will be encrypted.

This is also helpful in order to spot a phishing site. If you are on a website that looks like it could be that of ByBit but it does not have a secure padlock in the browser, it is an immediate indication that you are on a phishing site and you should leave immediately .

In order to manage the risk posed by shortfalls in futures contract settlement, ByBit operates what they call their “insurance fund”.

Essentially, this fund will be used in the case that a trader gets liquidated at level that is below their “bankruptcy price”. The latter is the price at which the trader’s initial margin has been completely depleted.

Amount of Bitcoin Currently in Insurance Fund

Without the fund there would be a shortfall whereby the counterparty to the trade would not be made whole. It is essentially an insurance policy that will protect traders in the case that ByBit is not able to liquidate the position at bankruptcy price or better.

These funds are replenished with the initial margin that liquidated traders have at the outset of their trade. The difference between the price at which the trader is liquidated and the bankruptcy price is how much will be sent to, or taken from, the insurance fund.

Two Factor Authentication

While exchange side protection is one thing, in most cases the biggest threat to a trader’s security is themselves. That is why ByBit has included a number of tools that will help protect your account from a hacker with your password.

2FA with Google Authenticator Application

One of the most important tools that they have included is two factor authentication. This means that you will have to use your phone in order to authenticate into your account or send transactions. You have to enable google authenticator before you are allowed to withdraw any coins.

ByBit Leverage

Given that ByBit is a leveraged exchange, it means that they allow crypto margin trades. Traders will only have put up a small percentage of the initial position as collateral for their trades.

This means that if you have a leverage of 100x you will be required to put up a margin of 1% of the initial notional amount of the trade. So, if the notional on a 10BTC contract is $36,000, you will have to put up $360 in initial margin.

What is surprising about the perpetual contracts on ByBit is their size. Each contract is only worth 1USD which is much smaller than the contracts on other exchanges. Below is all the other specifics of their BTCUSD contract.

BTCUSD Contract Specifics at ByBit

They have pretty much the same terms on their ETHUSD contracts and you can find more information about that here. This is different from other exchanges such as BitMEX which, contrary to Bybit, does not offer a 100x leverage product for ETH yet.

ByBit also offers futures contracts on Ripple (XRP) and EOS. However, these contracts have lower leverage levels with a max leverage of 25x. This is actually quite interesting as we have not seen EOS futures contracts at other exchanges. This could give ByBit a competitive advantage.

While ByBit does offer 100x leverage on their contracts, this is not constant. If you are a large trader and are entering sizable positions then they will bring down the leverage that you can achieve on your contract.

This protects the exchange from the risk posed by large positions. Below is the table of the BTCUSD risk limits. You can find the ETHUSD, EOSUSD and XRPUSD risk limits on this page.

Position Value Maintenance Margin Initial Margin Max Leverage
150 BTC 0.5% 1.00% 100
450 BTC 0.5% 2.00% 50
750 BTC 2.5% 3.00% 33
1,050 BTC 3.5% 4.00% 25
1,350 BTC 4.5% 5.00% 20
1,500 BTC 5.0% 5.50% 18

As you can see, the maintenance margin is constant at 0.5% for all contract sizes. However, for larger positions, they will increase the minimum initial margin requirement such that there is a much greater shortfall between the liquidation level and the bankruptcy level.

Liquidation is what happens when you have nearly depleted your initial margin and the mark price hits the “liquidation price”. In this instance, the trader will be liquidated with the rest of their margin, if any, being sent the ByBit insurance fund.

While there are many traders who may be upset by a liquidation, it is an important risk management tool in a futures exchange. However, ByBit has a number of tools that will help traders avoid the risk of liquidation. These include the following:

  • Dual Price Mechanism: In order to prevent the risk of market manipulation on the exchange, ByBit will use a dual price mechanism as the contract reference price. This is composed of the “Mark Price” which triggers liquidation and the “Last Traded Price” which is used to calculate the price at which the position is closed. The former is a global Bitcoin price whereas the latter is the current ByBit market price. Using external pricing inputs reduces singular exchange manipulation.
  • Auto Margin Replenishment: If you want to make sure that your position will always have adequate levels of margin then you can set it to auto-replenish. This means that whenever your margin is close to being depleted, it will draw on your funds to keep your position open
  • Stop Loss: This forms part of the order options that we talk about below. Having effective stop losses on your positions will ensure that it never gets down to the liquidation level.

ByBit Fees

Trading fees are an important criteria for us because of obvious reasons. This is especially true when it comes to a futures exchange where you are paying fees on positions that are much larger than your margin.

ByBit operates what is called a “maker-taker” fee model. This means that they will charge traders a fee if they take liquidity off their books and they will give them a rebate if they provide liquidity to the exchange.

Below are the fees that you will pay for the futures contracts on the exchange. They are the same as BitMEX for BTC but slightly above for ETH (as they propose higher leverage for it) and are below other exchanges such as Huobi.

Contract Maker Rebate Taker Fees Funding Rate Funding Rate Interval
BTCUSD -0.0250% 0.0750% -0.0447% every 8 hours
ETHUSD -0.0250% 0.0750% -0.0447% every 8 hours
EOSUSD -0.0250% 0.0750% 0.0100% every 8 hours
XRPUSD -0.0250% 0.0750% 0.0100% every 8 hours
BTCUSDT -0.0250% 0.0750% 0.0100% every 8 hours

The other fees that you will see when you open the trade is the funding rate. This is analogous to an “overnight” rate and it is a financing charge. Given that margin trading is based on “borrowing” positions, you will either pay a financing charge or be receiving it. However, on the contrary of the transaction fees, these fees are directly exchanged between traders and not Bybit.

The funding rate is determined by market conditions and interest rates. This means that it is not fixed and will vary on a daily basis. You will be able to see the funding rate that will apply under the position details when you open your trade.

In terms of deposit/withdrawal fees, ByBit does not charge you anything on this. However, when you are withdrawing your coins you may incur a miner or “network” fee due to the blockchain mining. This is usually quite small though.

Finally, you have a relatively small $5 fee that you will have to pay on any Asset exchange orders for exchanging physical crypto at spot. We explain that below.

ByBit Registration

If you have decided that you would like to give ByBit a go then you will have to create an account. In order to do this, they will require either an email or phone number, and a password. If you have been given a referral code then you can use this (more on this below).

ByBit Registration Form

Once you have registered, ByBit will send you a confirmation code that you will need to use to confirm your email/phone number. This is only valid for 5 minutes so make sure that you do it right after creating the account.

Once you have confirmed your account and logged back in then you could be offered a deposit bonus. These are a great way to augment your trading funds initially. We give you all these details further below.

Deposit / Withdrawal

ByBit is as crypto only exchange. This means that you cannot fund your account in fiat currency. While this may be annoying for some, you can easily convert your fiat currency into Bitcoin on a number of exchanges such as Bitstamp or Kraken.

In order to deposit crypto you will need to generate a wallet address and initiate a transaction into the wallet. You can do this by heading over to your “Assets” section in the header. This will present your wallet balances where you will select “deposit” and it will bring up the BTC / ETH address.

Generating your wallet deposit address

Once you have the address, you can initiate the transaction. It will not be instantaneous as the transaction still has to be propagated through the network and confirmed by the Miners.

Withdrawals are just as easy…

You will hit the withdrawal button on the applicable asset. It will ask for your wallet address as well as to confirm the transaction through 2FA. You will also be given information on the miner fee that will be applied to the transaction.

Bybit processes withdrawal 3 times a day at 0800, 1600, 2400 (all in UTC time). There are withdrawal limits that are set on the accounts although these are not too restrictive. Below are the min / max limits:

  • Bitcoin: 0.002BTC / 10BTC
  • Etherem: 0.02ETH / 200ETH
  • Ripple: 20XRP / 100,000XRP
  • Eos: 0.2EOS / 10,000EOS

In order to make sure that they always have funds available on their hot wallet, ByBit also has limits on daily withdrawals in total from the exchange. These are set to 100BTC and 10,000ETH. If this limit is reached, you will have to wait for ByBit to replenish it from their cold wallet.

This is a new feature that was recently added to ByBit which basically allows traders to exchange their current pyshical crypto holdings in the spot market.

Essentially, traders currently have four different cryptocurrencies that they are allowed to trade. Asset Exchange will allow traders to take advantage of quick price changes in the market to exchange one coin for another.

Asset Swap Feature at ByBit (Converting BTC)

When they are conducting a Asset Swap, they are not doing so directly with ByBit or with the other traders on an “order book”. Their order is essentially getting routed out to other spot crypto exchanges to be executed.

This will ensure fairness as they will be getting the best market price that ByBit can garner. There are limits that apply to the Asset Swap feature which you can find on their websit.

ByBit Trading Platform

One of the most important things for the margin trader is to have an effective trading platform with advanced technology. This is especially true when you are trading with a great degree of leverage.

So, how does ByBit stack up?

The trading platform seems to be relatively well laid out and intuitive. At the top you can toggle between your wallets, and account management. You can also switch between the BTC and ETH futures markets.

Looking at the standard interface, you have the chart and market depth on the left (you can toggle between). Then in the middle you have the order book and the last trades. On the right you have the order forms as well as the contract details.

User Interface of the ByBit Trading Platform

Scrolling down from the main interface you have other important trading information. This includes things such as the current market activity and your assets.

Something that we really liked about their interface is that it is customizable and modular. You can detach some of the modules, resize them, and move them around such that they are in your chosen position.

For those seasoned traders among you, you will have noticed that ByBit uses tradingview charting technology. This third-party charting package is well known in the industry for having the most functionality and features.

With tradingview charts, the budding technical analysts among you can easily lay your studies and follow the important trendlines. It is also in use on a number of other platforms so it is relatively easy for you to adapt if you do move somewhere else.

You will also notice that in your current position / order bar, you have the “ADL ranking” indicator. This will show you where you currently are positioned for potential deleveraging in the case that the ADL is triggered. As mentioned above, this is done to manage risk.

Something that ByBit appears to be quite proud of is their order matching engine. They claim that this trading engine is able to execute a total of 100,000 transactions per second per contract. So for every new asset they will add, their matching engine will have a dedicated 100,000 transactions per second for that asset only.

Why does this matter?

Well, faster order execution means that there the risk of slippage and trading errors is greatly reduced. Moreover, with an asset that moves as quickly as bitcoin it is really important to be able to match both sides of the order book almost instantaneously.

ByBit appears to have pretty advanced order functionality on the platform. This is great as it allows you to not only customise your entry levels but it also allows you to manage your risk on the exit levels.

ByBit Order Functionality

When you are placing your order, you will see the following order form. At the top of the form you can switch between the order types. Below that you adjust the leverage, price and quantity. There is also information on the contract specifics.

There are three order types that you can place on the ByBit platform. These are outlined below:

  • Market Order: This is an order that is placed at the prevailing market price. It will place the order at the “bid” if it is a sell or at the “ask” if it is a buy.
  • Limit Order: This is an order that is placed at a chosen level that may be away from the market. The order is open for the order life which we cover below.
  • Conditional Order: This is an order that will become either a market or limit order once certain price levels are reached. When placing the trade, you will define the trigger price along with the direction, quantity, and leverage.

As mentioned, with the Limit order and the Conditional limit order, the order will have a certain order life. This is for how long the order will remain open until it is “killed”. There are three order life options at ByBit:

  • Good-Till-Cancelled (GTC): This is an order that will remain open until you decide to close it.
  • Immediate-or-Cancel (IOC):: This order is designed to be filled immediately and at the best price. If there are any portions that are unfilled then this portion will be cancelled. This means that this order type allows for partial order execution.
  • Fill or Kill (FOK): This order is designed to be filled at the best price in entirety or not at all. This is quite similar to the IOC order except that it does not allow the execution of any partial orders.

On top of all these orders, you also have some optionality around how these orders are executed. For example, with your Limit and Conditional orders you can set them as a “Post Only”. This will ensure that when the order it will be done as a “market maker” and you will receive the maker fee.

On top of this, you have the option of making your limit order a “Reduce Only” order. This basically means that the order will only execute if it was going to reduce your position. If the order were to increase the position, it would be amended down or cancelled.

You also have a similar order parameter on the Conditional order. This is called “Close on Trigger” and it can be used in conjunction with your conditional stop losses. It will ensure your stops reduce your position and don’t increase it.

One more handy tool that you may want to check out is their position calculator. You may have seen similar tools at other exchanges like BitMEX et al.

Position Calculator at ByBit

This let’s you calculate your your Profit / Loss and ROE on target levels. It can also be used to determine your liquidation levels.

Inverse vs. USDT Contract

Before you can trade on ByBit you have to understand a very important distinction between the two types of perpetual contracts they have on offer. They differ according to what margin is used.

For the USDT contract, the underlying margin used is Tether. You can think of this as analogous to a contract that has USD as a base currency (given that Tether is a stablecoin). So, the dollar value of your collateral will remain the same.

However, when it comes to the inverse contract, the underlying cryptocurrency itself is used as margin. So, if you are trading BTC/ETH/EOS/XRP as the base currency then your margin will be in this as well. So for example, for ETHUSD contracts you will have ETH as the margin.

The inverse contract is slightly more risky than the USDT contract. This is because not only do you have exposure to the actual market but you will also have exposure through your underlying collateral. So, keeping with our example, if you are long Ethereum and the price falls not only will your position deteriorate but you will also see the USD value of your collateral falling.

If you are going to be trading anything other than Bitcoin then it will have to be an inverse perpetual. You will also have to make sure that you have the coin in question before you can actually trade it.

It is also important to note that although the margin required is in the coin in question, it is still quoted in USD. Each inverse perpetual contract is 1 USD in value. This is a pretty neat feature as it allows you to trade contracts as little as 1 USD. This is in contrast to the USDT contract that is written on 1 BTC.

Isolated & Cross Margin

Something else that you may notice when you are trading BTCUSDT on the ByBit platform is that you have two options around how the margin is apportioned in the account. These are isolated and cross margin.

When you select Isolated margin, the margin that you have on the trade is applicable to only that position. It does not take into account the equity levels and positions PnL that you have on other orders for the same trading pair. So, even if you are in profit on some other trade, it has no bearing on whether you are likely to get liquidated (and vice versa).

However, when you have selected to cross margin it means that all available balances will be combined in order to prevent a liquidation. So, if you have other positions that are open for the corresponding trading pair then these will be included in a calculation of margin levels before liquidation occurs.

Which is better?

Honestly, we would suggest that you rather use Isolated Margin. Not only does it allow you to adjust the margin but it also means that you have full control of your risk on a particular position. If you are trading the inverse perpetual swaps then the isolated margin is set by default.

Market Analytics Data

Something else that we found pretty neat was their market data section and particularly their advanced data section. This contained some really handy graphs and charts that could help inform your trading.

You can also pull up some of these charts and download the data. This could either be as an image, vector file or as a csv. Here you can see an example of us doing that with the rolling volatility chart.

Some of the Charts For ByBit Data

Here is a list of the data that you are able to download as well as what it means:

  • Price Moving Averages: This has the price of Bitcoin along with the a number of moving average indicators of different time frames.
  • Monthly Price Range Takes a look at monthly highs and lows in the price. It allows you to observe the range the asset traded in.
  • Rolling Volatility The realised volatililty over the past 30 days compared to the average for the period. Gives you a sense of how much the price swinged in a give period.
  • BTC Daily Realised Volatility Looking at what the realised volatility was like over a certain period of time

There is also a host of other data that you can examine in these tabs. That includes information on the specific index price, funding data and the insurance fund. You should also note the weights that are used to calculate the spot price.

Testnet

For those traders that would like to try the platform out in demo mode, they can make use of the ByBit testnet. Demo accounts are a great way to get a sense of how the orders work before depositing funds.

You can access their testnet on testnet.bybit.com. In order to fund your account you will have to get coins from the testnet faucet. They have outlined exactly how this is done in this handy guide.

We must admit that we were quite surprised at the amount of work that was required in order to access these testnet funds. When you unlock these funds, you are only getting minor amounts of Bitcoin as the faucet has a release rate of 0.01BTC per hour.

Other platforms such as IQ Option provide demo funds the moment that you open the account. These come with no strings attached and give you a realistic balance to trade with ($10,000).

ByBit Mobile Apps

For those traders that are on the go, you will no doubt want to keep track of your open positions. This is why ByBit has developed their mobile applications. It’s available in iOS and Android and appears to be quite functional.

In fact, it has most of the same functionality of the desktop version. You have advanced charting and order management all easily accessible through the navigation pain. You can also set a whole host of price levels to be sent as push notifications.

You also have those advanced order forms that you see on the main exchange. This is not something that we have seen at other exchanges and brokers. Most of the time the order functionality is stripped down – so top marks here.

ByBit Mobile App Screenshots

The app is listed in both the iTunes store as well as Google Play. There are over 10,000 Android installs although we can’t see the iOS installs. The reviews in the iTunes store appear to be quite positive where they are slightly more polarized in the Play Store.

So, should you consider the ByBit App?

Well, it is no doubt quite functional but we always prefer to use web and PC based trading. This is because you can never really replicate the effectiveness of PC trading on a mobile device. You can’t easily study charts and monitor numerous markets at the same time. You should ideally only be using it at times when you are away from your desk and need to monitor your positions.

ByBit Customer Support

Given that ByBit is a new exchange, there is not that much in the way of previous trader experience with their customer support. However, we did try reach out to their customer support lines to get an idea of typical response times.

In terms of support options, you have a zendesk live chat function that is available on their platform. This is available 24/7 and is offered in all the languages that they have translated their website into.

Zendesk Live chat function

You can also reach out to them via email on [email protected] for customer support or [email protected] if your query is more technical in nature. Unfortunately, there is no phone support or direct telephone line into the exchange.

We tested out the live chat function and we were able to get a support agent almost immediately. Email support took a bit longer but was similarly helpful.

Of course, if your question is more routine in nature and not specific to your account then you can always make use of their extensive help section. This includes their FAQ resources as well as other helpful guides that could help your trading.

Those developers among you will be happy to know that ByBit has a pretty robust API. This will allow you to code algorithms and bots in order to manage the trading programmatically.

You can get all of the technical documents about how to interact with the API from their GitHub. If you would like to make use of the API then you will have to generate an API key. This can be done in the “API management” section of the exchange.

Generating the ByBit API Key

Here, you can generate a new key that will be used to access the API. You will also have to decide what permissions you want to give the API (read, write or withdraw). Read allows you to monitor prices, write allows you to place trades and withdraw will allow your bot to process a withdrawal (not advisable).

You may also want to bind the API to your IP address. This will prevent anyone from placing trades in your account should your API key be compromised. Either way, you will want be very careful when dealing with your API key.

For example, we would advise against the use of third-party trading bots. Many of this have questionable returns and when they have access to your API keys they can manipulate markets to their own advantage.

ByBit Reward’s Hub

These are actually some pretty neat sweeteners that ByBit has thrown into the mix.

Essentially, there is a number of opportunities for new users to earn some free BTC to trade with. For example, if your first deposit on the platform is over 0.05BTC then you will get an added $5. If it is over 0.5BTC then they will throw you $50. If you deposit more than 1BTC in total you will get an additional $20.

There is also opportunity for you to do simple tasks to earn a little more BTC. For example, if you merely register and join their social media channels then you will earn $5. Simply use their Take Profit and Stop Loss orders and you bag another $5. Trade for more than 10 days and you earn another $5. Heck, even taking a short customer survey can get you $5.

These additional funds could be a great way for you to augment your account balance. Also, if you were already planning on joining ByBit and trading there, these can be viewed as free trading funds.

Of course, there are “house rules” that come with this bonus. For example, you cannot withdraw these funds and they can only be used as margin in your account. Moreover, when you withdraw these profits you forfeit your bonus.

ByBit Referral / Affiliate Program

If you have been using ByBit and have been relatively impressed with the product then you can always refer others to the platform.

There are two ways in which you can do this. Perhaps the easiest to start is through the referral program. For each referred user you send which deposits 0.2BTC with ByBit, you will get a $10 trading bonus.

If you want to take part in the referral program then you will need to get your code. You can either do this as a unique code that your referrals will use on signup or you can give them your referral link. You can share this link online or on your social media channels.

Getting Your ByBit Referral Link

This can be relatively attractive if you can refer friends making a small amount of one time deposits but if you are looking to refer many more traders who usually do large trading volumes then you are perhaps better suited to signup for the ByBit affiliate program.

This will reward you with a percentage of trading profits that are generated by your traders. This is set at up to 30% of the trading commission that your referrals generate. This is more than the 20% commission that they give at BitMEX.

Moreover, this affiliate structure has different tiers to it. Not only will you get 30% of the commissions that your direct referral generates but you will also get 10% on their affiliate commissions.

You cannot take part in both the referral program and the affiliate program so you have to choose wisely amoung the two.

Trading Competitions

One more thing that we found really quite interesting about the ByBit exchange is their trading competitions. These are held on an ad-hoc basis and they allow traders to go head to head.

A number of these have already been held this year but some of the most exciting that we have seen is their “are you a master” trading competition. This ran from April to May and ByBit was giving away up to $6,200 in BTC to their traders.

Another really interesting competition that was run in August of 2020 was their EOS global trading competition. This involved several teams battling it out for up to $60k in prizes. Team captains were chosen and they could build a team of between 10 – 200 members.

Of course, ByBit is not just holding these competitions to be charitable. These competitions encourage trading volume on their platform which gets them fees. So you should take that into account when funding to trade on these.

Areas for Improvement

While we were generally impressed with ByBit, there are a few things that we think warrant improvement and deserve mention.

Firstly, and perhaps most importantly, they have a limited offer when it comes to cryptocurrency assets. While they plan do plan to release more assets in the coming months, currently you can only trade 4 crypto assets. This could make it difficult for them to compete with the larger crypto exchanges which are starting to offer leveraged trading.

We also think it would be more beneficial to the trader if they were slightly more generous with their testnet funds. The faucet funds that are released are too small to get a proper sense of the trading parameters.

Lastly, although their futures instruments are some of the best in the industry, they still don’t offer any option type contracts. This means that they cannot accommodate traders who would like to trade these type of derivative instruments. Perhaps this is something that they could eventually release.

Conclusion

We have found ByBit to be user friendly exchange with strong technology, reasonable fees and a relatively intuitive user interface. We are also glad to see that they have also developed an insurance fund to manage market risk.

They are well positioned to offer an alternative to the status quo in the crypto derivatives market. In fact, the order book liquidity on ByBit has recently exceeded that of Deribit.

While there were things that we thought warranted improvement, these are relatively easy to implement. The exchange is still new and there is no doubt many improvements are in their pipeline.

So, should you use ByBit?

We encourage you to do your own research but on the face of it, ByBit appears to be an attractive exchange that ticks most of our boxes.

Bitcoin Code Review

Bitcoin Code is one of the most successful bitcoin and cryptocurrency trading robots, developed by Steve McKay, CEO of the Bitcoin Code App.

Cryptocurrency trading can be quite hectic given the fact that their markets have proven to be very volatile. And there is no way their volatility will improve since they are designed to be decentralized and every user has a say in the value.

In the past, things were easier since bitcoin and other cryprocurrency investors only used to buy and sell crypto coins via crypto exchanges. An investor would buy a certain amount of lets say Bitcoins at a low price anticipating that the value would rise and if the value rises, the investor sells some or all the bitcoins making a profit.

Nowadays, there are brokers who have listed cryptocurrency for CFD trading. CFD cryptocurrency trading has its own advantages, especially of leverage trading but one will also require to be very keen to avoid burning your fingers.

What is Bitcoin Code?

Most manual traders can attest that predicting market trends is quite hard and so is the detection of trading signals. Developers have also realized this and come up with a number of bitcoin trading bots, like Bitcoin code, to help traders in trading cryptocurrencies.

Bitcoin Code is an automated trading platform that is getting a great deal of buzz in the worlds of cryptocurrency and binary options. Brainchild of programmer-turned-entrepreneur Steve McKay, Bitcoin Code promises to earn new users thousands of dollars using highly nuanced algorithms, with a low initial minimum deposit of just $250.

The question is: is this too good to be true? “Is Bitcoin Code a Scam” is a popular search term for potential investors, and it’s a question which continues to inspire controversy. In the end, only time will tell whether Bitcoin Code makes good on its great potential. For now, in this Bitcoin Code review, we’ll explain how it works, how you can get involved, and let you make final determinations yourself.

  • Minimun Deposit: £200
  • Payment Methods: Credit Card, Debit Card, Wire Transfer, Bank Wire
  • No Prior Experience Needed
  • Hugely Profitable

Bitcoin Code

Registering with Bitcoin Code is simple and has the same process as other recommended robots. It consists of 3 steps; signing up, depositing into your account, and then simply hitting the button ‘auto-trading’. Follow the instructions below to start trading now.

Step 1: Registration

Registering is easy, you’ll need to fill out your name, email address, phone number and then set a password. Signing up is completely free, click the link below to get started. Once signed up, you’ll receive a confirmation email and will need to verify your account.

Step 2: Deposit

Once into your account, hit the deposit button to get started. You will need to deposit the minimum amount, which is $250, and we’d recommend not going over this on day 1. Start small and grow. Bitcoin Code offers several payment methods, with card payments being the most popular.

Step 3: Auto-trading

Once you have funded your account, you will need to decide the trade settings you intend to use. This includes managing your risk by determining your stop loss and take profit limits. You can also decide which cryptocurrencies you want to trade and how many you want to trade at once.

Bitcoin Code Steve McKay – Bitcoin Code’s Inventor and CEO

Steve McKay, the story goes, was a software developer at a major Wall Street firm (identity kept secret to protect McKay from legal action) just a few years ago. He had no knowledge or interest in investment, but like many influential people, an opportunity was thrown into his lap.

Steve’s boss gave him the assignment to create a trading algorithm that could create automated profits for Bitcoin users. McKay worked day and night finding ways to “teach” his developing algorithm how to read markets, identify trends, and trade user money for the greatest possible profit.

When the algorithm now known as Bitcoin Code was finally complete, it became clear that Steve’s superiors had no intention of making the algorithm available to customers. Instead, his boss appeared to be using it as a personal ATM.

In a courageous move, Steve McKay left the company and took his fledgeling algorithm with him. Today, he makes it available to people around the world who are realizing incredible returns. “What are ‘incredible returns?” you ask. Bitcoin Code’s own numbers indicate that users have achieved up to $13,000 in profits per day. These results, of course, depend on the amount of money put into the system, but we’ll get into that later. For now, read on to learn the basics of how Bitcoin Code works.

How Does the Bitcoin Code Software Work?

The Bitcoin Code algorithms are closely guarded secrets. After all, if they were open source, Steve McKay and his investors wouldn’t be a unique product any longer.

As such, we have to extrapolate Bitcoin Code’s functionality from experience with the product. You can do the same. It all starts by signing up:

  • Sign up is simple. Just a name and address will give you access to the member pages of TheBitcoinsCode.com.
  • Add a minimum investment of $250.
  • Choose to let the Auto Trading function do your trading for you, or try your hand at manual trading if you have experience with binary trading.

From here, Bitcoin Code will be on autopilot. The algorithm uses its ability to read market conditions to put your money into investments which are very likely to pay off. Bitcoin Code isn’t a crystal ball, but it’s not a scam either. It’s a trading platform with some algorithmic functionality that’s simply better than what you’ll find elsewhere.

Bitcoin Code Software’s Technical Features

Bitcoin Code can make money faster than a human trader because it can notice opportunities and initiate trades in .001 second. Human traders simply can’t keep up. Bitcoin Code analysts like to point out that we’ve been saying that algorithmic trading is the future.

But that Bitcoin Code makes it something we can enjoy today. The Bitcoin Code app’s interface could not be simpler. Organized like a traditional binary options trading platform, the ease of use for new users could not be better. More Cryptocurrency Robots.

It’s under the hood that the uniqueness of the Bitcoin Code platform exists. Proprietary algorithms trawl the world’s market trends to identify opportunities to generate profit. As Bitcoin Code grows, expect inventor and CEO Steve McKay to go on the record about the methods he used to create one of the world’s great trading mechanisms.

For now, the core code is a closely guarded secret.

Bitcoin Code Profits

Bitcoin Code users report making as much as $550 per hour, or just over $13,000 per day. While calling Bitcoin Code a scam isn’t correct, it’s important to note that results will vary a great deal depending on how much money a user puts into the system. Still, passive income is passive income, and even for users who make only the $250 initial investment, results will be more than satisfactory.

Of course, Bitcoin Code users are not limited to the automated service. Users can set up trades manually, based on educated guesses about the future value behaviors of Bitcoin Code’s entire suite of assets. Users can also observe the trades made by other successful users, mimicking their strategies for success. A quick search of the internet reveals testimonies by real people talking about the returns they’re achieved using these methods.

No matter how you earn your profits on Bitcoin Code, this is a novel approach which sounds like it might be a recipe for success. Bitcoin Code is still in its early days, but time will tell how much it actually offers to early investors. If the early numbers are any indication, the history of Bitcoin Code is going to be incredibly bright.

Are You Ready to Sign Up with Bitcoin Code?

There is more Bitcoin Code review yet to come, but if you’re ready to check it out, go ahead and create a Bitcoin Code login. Bitcoin Code will ask you for a little bit more personal information, as well as the financial data needed to make your initial deposit and receive withdrawals (you can pay with VISA, Mastercard, and a variety of digital payment channels). You will also have to submit documentation to have your trading account confirmed.

Making Your Bitcoin Code Account Work

Make your initial $250 deposit (or more) and start to educate yourself about how the platform works. Bitcoin Code brings together not just cryptocurrencies, but traditional currencies, stocks, etc. as well. You may notice that a single Bitcoin costs almost $10,000 (at the time of this writing), which is where Bitcoin Code’s real value becomes clear.

Rather than having users buy expensive cryptocurrencies they can’t afford, Bitcoin Code trades on the outcomes of value fluctuation contracts – a model familiar to Binary Options traders. This way your investments can be quickly and easily liquidated, and you can make a great deal of return without having to speculate on the future value of a single currency, like Bitcoin. Bitcoin Code spreads your money out across many more assets than this, a great perk for people concerned with diversification.

Bitcoin Code in Forums and Online

Bitcoin Code is unlike popular cryptocurrency trading sites like Coinbase or Bittrex. This is because it doesn’t require expensive ownership investments. This is good for users, but it also means that you won’t see Bitcoin Code discussed in common industry forums. This is one reason why some people still seem to think “Bitcoin Code scam” whenever the service is mentioned, but we have found no reason so far to believe that the service is less than legitimate.

So, is Bitcoin Code a Scam?

By now you likely know the answer to the question, “Is Bitcoin Code a scam?”. The answer is unequivocal “no”, but it’s important for users to have accurate expectations about the Bitcoin Code app and its capabilities.

Because Bitcoin Code is so different from other Bitcoin investment opportunities, there has been a good deal of misinformation and rumours spread around the internet. For example, Elon Musk isn’t affiliated with Bitcoin Code. However, rumours don’t mean that the service isn’t excellent.

Where Bitcoin Code shines is in the way it makes affordable trades available to people who aren’t Bitcoin experts. The automated system puts the user’s money into the trades where it will be most likely to grow significantly. Does Bitcoin Code get it right every single time? No. Does Bitcoin Code work well enough to earn investors significant profits? Absolutely.

The Bitcoin world is the new Wild West. Largely unregulated in the United States, it’s unknown how long opportunities like Bitcoin Code will be available. Bitcoin Code is real, and you can try it today. If you still have lurking questions about whether or not Bitcoin Code might be a scam, we encourage you to try the platform yourself.

With such a low minimum deposit, there’s a little downside and incredible opportunities for growth. In the future, we expect to see automated trading become much more common in cryptocurrencies and in the investment industry at large. For now, platforms like Bitcoin Code are incredibly unique and valuable. Alternative Cryptocurrency Robots.

Steve McKay has created something really interesting in Bitcoin Code. We hope you have great results with the system and that you report what you find, as the internet continues to debate over whether Bitcoin Code is a scam or not. We’ve done the research, and we think Bitcoin Code is legit. We hope this Bitcoin Code review was helpful. The rest is up to you!

Wavebit.io Review: Is Wavebit Scam or Legit? Read Before Depositing Your Bitcoins!

You can’t perform that action at this time.

You signed in with another tab or window. Reload to refresh your session. You signed out in another tab or window. Reload to refresh your session.

FreeBitco.in

Company: InterGlobal Limited
Founded: 2020
Country:
Prizes: Bitcoins
TOS: One account per person
Email: [email protected]
Phone: +223.2839
Twitter

FreeBitco Exposed — Can You Really Win Free Bitcoin? Read Reviews!

FreeBitco Review

FreeBitco.in is a Bitcoin faucet that offers a chance to win free bitcoins through a Hi-Lo game plus a weekly lottery. If you’re looking on how to earn free bitcoin, read further.

What Is FreeBitco.in?

FreeBitco offers what looks like two games. There is Hi-Lo which they say you can win up to $200 in bitcoins. They say you can win up to $200 in free bitcoins every hour and then in the same paragraph FreeBitco says if you play this game, you can win up to 1 Bitcoin each time you play. Then there is a weekly lottery for prizes. Players get a 50% referral commission when they encouraged their friends, family and others to play. There are a few websites where people are actually advertising for more players.

Who Can Participate?

Though there is no information on who can or cannot play, the very nature of bitcoins suggests that anyone can join the games. Bitcoin is a currency that is not based in any country or by any authority. The exchange rate floats though the current rate of exchange is 1 Bitcoin is worth US$ 2,282.23.

What Are the Prizes Offered by Free Bitcoin?

Playing FreeBitco.in’s Hi-Lo game wins you Bitcoins. There does appear to be prizes to be won in their weekly free lottery, but there is no information on what they are. Playing either is free.

Who Owns FreeBitco.in?

FreeBitco.in is owned by InterGlobal Limited, a company based in Belize. There is a snail mail address and email address, though don’t look to find this on their site. Well, it might show up once you register, but there is no “contact us” menu on their site. InterGlobal also owns a mirrored site called freedoge.co.in which is a duplicate platform for DOGECOINS. They are currently trading at 1,000 DOGECOINS is work US$ 3.48.

What Are the Terms & Conditions?

Don’t look to find published Terms and Conditions at FreeBitco.in prior to registration. There aren’t any. There is a “Terms of Service” with three rules: do not use bots, don’t use rude language and don’t create multiple accounts.

How to Collect a Prize?

FreeBitco.in has no information on how you collect your prize. Theoretically, getting your winnings should be pretty straightforward and simply credited to your account. But there is a heap of complaints online, where players say their wins were not credited. We’re also not sure whether you can transfer your Bitcoins somewhere else to purchase things or this is locked to their site and advertisers.

FreeBitco.in Feedback and Complaints

Jumping around the web, it’s been a while since we come across so many negative comments. The loudest one was the rate of winning which estimated a potential win of $0.002 each roll. This was qualified with the fact that if you did use the referral system and got lots of people to play, the amount would add up pretty fast. There were also comments on the fact the site had too many advertisements. I guess that’s how they stay in business.

Is FreeBitco Legit Bitcoin Faucet or Scam?

It’s hard to say whether this is legit or not without registering and there was no way I was going to do it without more information. That and the fact, there were more complaints than good reviews.

Bottom Line at FreeBitco.in

The combination of so many negative comments and the lack of published information prior to registration definitely put me off. Add to that the comments that a bunch of people (who must be better at math than I am) posted relating to the only way to really win here is by referrals hence getting a bunch of other people to play.

Pros:

Anyone Can Play

Simple Game of Hi-Lo

Cons:

No Terms & Conditions

No Info on How You Get Your Winnings

A Heap of Complaints

FreeBitco gets a thumb’s down. This site seems more angled at getting you to engage in the world of Bitcoin than actually getting prizes and things.

After losing over 80$ from a “hacker” wagered over .0088 satoshi with a 2FA enabled they refuse to do anything about it. No trust in this site anymore and I’ve read a lot of other reviews and it seems I’m not the only one that has gotten this. the site was the only thing that won in my loss.

attention to this site
Never use the multiply bt
multiply BTC is a scam
freebitco.in = thieves

you have to file a complaint with the police
freebitcoin = probably fake

stop these thieves!

It is a total scam. It is not paying… Lost my money… Don’t invest .

my balance in my freebitcoin.io account suddenly disappeared today for no apparent reason…I have never withdrawn anything from that account, it was collecting the interest and I was building my balance a little at a time and now it is gone!

PERSONAL STATS
FREE ROLLS PLAYED
3,368
FREE ROLL WINNINGS
0.01119426
MULTIPLY BTC ROLLS PLAYED
1,388
MULTIPLY BTC WINNINGS
-0.00360873
REFERRAL COMMISSIONS EARNED
0.91302088
JACKPOT WINNINGS
0.00000000
SPENT ON JACKPOTS
0.00000000
SPENT ON LOTTERY TICKETS
0.00305095
TOTAL PAYOUTS
3.80676809
TOTAL DEPOSITS
2.85869348

But on my Referrals page:
TOTAL REFERRALS
6312
REFERRAL COMMISSIONS EARNED
TOTAL 0.91302240
RECENT 0.00150461
MULTIPLY BTC 0.29566502
EARN BTC 0.00769273

So you show 6312 referrals which is how you have amassed almost 1 Bitcoin. Hope you feel great about your earning guiding so many people to this place who lost a great deal of money. Even you yourself show you are a coward to play the multiply game. Just so you know it is illegal to promote or refer people to a gambling site and you could find yourself losing so much more than you gained. Reported to FBI!

Poor earnings, so I decide to deposit again (third time). 7 times I lose × 8000satoshi..its that fair. In totall I lose 0.00045
Very bad (scam) site.

Does anyone believes that 21 straight losses, always with small numbers, is not a scam. I don’t.

Yes I do believe in 21 straight loss. Mine got 24 so you’ll lose a million or two. Safest way. Autoroll odds to 4 increase bet to 750. In just 7 rolls you’ll earn 1.1million satoshi

free bitco.in is a very good website. this the best site of bitcoin earning. I have win lottery and contest round.

Noticed my FreeBitCoin “Free Roll” went down from 20 satoshi to 6 per hour, when my Bonus Bitcoin account produces around 50 to 80 satoshi per hour depending on the price of Bitcoin. A customer service tech cancelled my account and stole all my satoshi (a considerable portion of a Bitcoin) an 15 minutes ago because I asked him why my “free roll” satoshi was only 6, and he kept reading his prefab answer from a script hanging in his cubicle. He claimed to own FreeBitCoin, which is preposterous, because with 23 million users, there’s no way in hell the OWNER and I are going to exchange a total of 15 emails back and forth.

(caution: cursewords sent to me in the emails by the low level tech who stole my money appear in my written experience below.)

When he started calling me an “asshole” and a “whiny crybaby” I said “I never cursed at you, why are you doing it now?”

He said, “I’m going to close your account.”

And before my eyes, I watched my account close and a year and a half of hard work from 8 Bitcoin Faucets that I deposited into my FreeBitCoin account disappear, like a fart in the wind.

FreeBitCoin stole my entire account because the low level tech who pretended to be the owner was butthurt that I wasn’t buying his stupid script as to why I was only getting 6 satoshi per hour when others are getting a whole lot more, doing the exact same thing I was doing.

Then he called me a “dickhead” and said “These kinds of things happen to dickheads like you.” AFTER he stole my money.

If you think that FreeBitCoin is going to help you… NO.

If you think FreeBitCoin is a safe place to store money? NO.

I AM ONE OF DOZENS, WHOSE MONEY WAS STOLEN BY EMPLOYEES, TECHS AND MODERATORS OF FREEBITCOIN.

My sponsor on FreeBitCoin had 0.15 Bitcoin disappear from his account on FreeBitCoin and he’s stupid enough to keep putting more on there? He’s at 0.4 Bitcoin there right now, and I’m going to laugh at him when they steal his whole amount instead of just part of it.

DO NOT USE, OR INVEST IN FREEBITCOIN. THEY WILL INVARIABLY STEAL MONEY FROM YOU, POTENTIALLY ALL OF IT.

I’m going to make reports everywhere I can and then focus on a YouTube campaign that shows all of my email interactions with the tech in India who stole all my Bitcoin because he couldn’t “win an argument” when there was never even any argument. He just couldn’t answer the truthful question with a truthful answer. So… The Bitcoin amount I had…

I guarantee he’s already added it to his own FreeBitCoin account.

about 1 week ago I did deposit bitcoin to my account in freebitcoin.in
yesterday when I enter on my account I saw my bitcoin was withdrawn by unknowing action, besides my account address has also been changed by unknowing action.

Only ones that win here are the ones that have many referrals.

Yep, I have 6000 referrals. My daughter has 2000.

Yes it is pure scam, 100-360 times missing on a row untill it sucks your bankroll are very common. I have seen it. In this way I got stolen for nearly 8,52 BTC and no not just in one day. In 9 months, so as you can see. It is rigged till the bones. Even in the casino you would have atleast 1 day you walk out with something descent. Also the lotterij. Yes dear. Every week (because of playing) I have over 500.000-2.000.000 lottery tickets. And i not even get something. Thats says enough. Time to Hack this site.

This site has stolen over 1400 US dollars worth of bitcoin from my account and cannot log back in to access this. They do not reply to emails and do not care to just block your account. Do not risk it, I feel sites like this will create a downfall or a scared purchaser of bitcoin due to the scams. Do not waste your money here. They also did not pay out any of my winnings or interest lost everything with no communication BS.

The Multiply HI/LO game is totally rigged in a way to make you win at first and then all of sudden rip you off. They say it’s based it’s an algorithm based on cryptography. I strongly do not believe so.
First the house edge is huge if you leave by default the odd at 2.00 it can be triggered several times in a row despite the fact that the vast majority of the roll will be either LO or HI.
Secondly, this is rigged. As soon as you possibly win a decent amount, there is something that it being triggered systematically to make you lose it all.
This is how I eventually invested 1.67BTC and turn it up to 7.53 BTC and all of sudden it was all gone with over 25 consecutive loss that obviously included house edge several times when the chance are extremely low with the default odd value.
I got a pay out of 0.006btc eventually once that I’ve made for checking sake to ensure they do really wire the payout, it seems they do but their multipy HI LO is clearly fucking rigged as hell. Make you win then make you lose it all unexpectedly and if you ever contact them they talk back to you like they take you for retards thinking we do not know probability and math. The game is clearly rigged and me and some other friends also noticed there are days that a more likely to drain all your BTC instantly, It almost feels like there is a bit of bank of satoshi available for the winning of Multiply BTC and as soon as this bank is close to be emptied, the algo changes and ensure to make you lose to every single roll you make regardless if you swap HI or LO or if you t=use the martingale strategy; they rip you off systematically. This is how I lost a huge quantity of BTC with them. 12 BTC and they have no problem replying to you with a one liner saying you only roll that much therefore chances are this or that. Complete rubbish. Why do you think most users recommend you to play a bit and then log out and clear your cookies etc? If this was a learning algo probably set and fair, you would not have to use such measures.
Advice for the ones who want to risk Multiply BTC as soon as you make a positive earning in your stat with multiply BTC, stop playing and enjoy free roll and withdraw because if you decided to leave it as savings, the temptation of using multiply BTC will be too high and you will lose everything, that is guaranteed.

As for the lottery it is very dodgy on how they operate, I went as high as having so many tickets that I reached 38% win rate chance a couple of minutes before the end of the time for the draw and I got the 8th prize which was obviously a blood piece of joke in comparison to all the BTC wagered and invested for it, a complete loss.

A second times, that was 3 weeks later, I also ended with millions of ticket and win rate chance higher than 20%, and guess what? 8th prize again! How the hell if it was really fair would I end up with the same ranked prize which is a ridiculous amount of satoshis when you see other users who are apparently winning the top 3 prize (between 0.1 to 2BTC) by having only playing sometimes under 100 tickets. I was also looking for those winners but we never managed to find any. It is very clear that the top 5 prizes of every single lottery draw are most likely bot accounts created by freebitco.in themselves.

If they were not suspicious and completely fair, they would mentioned the entirety of the users who won and the payout being made as well as the payout address but guess what? They shrink them all so you can’t really check.

they post some last 10 payout every now and then but you will notice its usually rarely very high amount of BTC (between 30k satoshi to rarely 1,2 BTC).

As for the wagering contest this is also a hint that something is going wrong. If you look at the wagering contest you’ll be shocked to death how come some players could have wagered over 300BTC within a month! Just as FYI I went as high as 100BTC wagered once and that did involve having close to 10BTC deposited or available in your balance. So its either big whale or staff of freebitco.in who wager all the earnings they make on daily basis so nobody gets the 10000$ reward. Other suspicious things are the user ID. Most of the times the winner are what seems to be very recent account created (over 6 digits leght). One would easily assume that old users having hoarding a lot of BTC would possibly be owning and ruling the contest due to their bigger reserve but that doesn’t seem to be the case at all.

Another evidence which I think will break anybody who trust they’re all clean and legit. They recently added a new contest with a Lamborghini at stake. You can either buy the gold ticket for 25k satoshi or you will one every time you wager 500k Satoshi with the multiply hi lo game or if you bet the same amount for the betting games.

Now look the very first day of the wagering contest for May and you will see already users who have wagered 11BTC. This information are refreshed very fast within a minute as soon as the change reached over 10000 satoshis.

If you still follow, you would understand that these users who wagered over 1BTC (even 10BTC) should technically already have up to 2000 golden ticket for that Lamborghini contest. Check the golden ticket page, you will be able to see that there are currently 0 total tickets played which mean only one thing… There are lots of fakes stats and fakes users on their website.

And they dare taking everyone for retards with their provably fair…

If I could I would hack the hell out of them and make them a very steep price for all the money and crypto they robbed to everyone. FBI should bloody arrest them all and lock their BTC and mining operations.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Options Broker 2020!
    Perfect Choice For Beginners!
    Free Demo Account!
    Free Trading Education!
    Get Your Sing-Up Bonus Now!

  • Binomo
    Binomo

    Only For Experienced Traders!

Like this post? Please share to your friends:
Binary Options Trading For Beginners
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: