Bybit AMA Recap with Cryptoverse
Date: Sep 29th 2022
Guests: Ms — Sr. Ambassador of Bybit.com & Jomu — Bybit Indian Ambassador
Q: Could you please introduce and tell us more about yourself?
A: I’m the Senior Ambassador of Bybit India, BTC maximalist and crypto enthusiast.I started in the crypto space in 2016.
I have joined bybit since 2019 and it’s been a pleasure to associate with the community and talk with like-minded people.
Looking forward to this AMA.
Q: Can you please tell us more about Bybit ?
A: Bybit is a cryptocurrency exchange established in March 2018 to offer a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. The company provides innovative online spot and derivatives trading services, mining and staking products, as well as API support, to retail and institutional clients around the world, and strives to be the most reliable exchange for the emerging digital asset class.
Bybit’s founder and CEO, Ben Zhou, was formerly from XM, one of the world’s largest forex and CFD trading brokerage firms. The company comprises professionals from investment banks, tech firms, the forex industry, and early adopters of blockchain. The development team includes talents from Morgan Stanley, Baidu, Alibaba, and Tencent.
Our core values define us. We listen, care, and improve to create a faster, fairer, and more humane trading environment for our users.
As of today, Bybit is one of the most trusted, reliable, and transparent cryptocurrency derivatives platforms in the space. Please note that We are also the world’s third most visited exchange at this moment.
Please sign up today and experience a whole new world of trading if you are still new to Bybit:
Enjoy Zero trading fees: https://www.bybit.com/en-us/promo/global/zero-fees-spot/
Please check our recent promotional offers exclusively for our users:
- A) Register and Earn: https://www.bybit.com/en-us/promo/global/register-and-earn/
- B) https://www.bybit.com/en-US/vip-program/ Become the Bybit VIP today and enjoy the unparallel experience.
Q: Why people should use Bybit rather than other exchanges?
A: Great question! especially in such tight competition we stand out with the following pros:
Bybit has the lowest fees than other exchanges for derivatives and spot and right now we charge zero fees.
The UI is designed in such a way that even a newbie trader can understand.
The exchange will work fine even if there’s a sudden Pump/Dump in the market but at the same time, other exchanges do face downtime.
Besides Bybit is best known for its bonuses.
Q: What’s the planning for Bybit India and it’s goal?
A: Bybit India is deeply focussed to listen, care and improve just like our vision.
We want to understand the problem users face and how exactly we can solve those issues. We want to educate all the new and existing users properly and make the process smooth to enter and live through the best trading experience.
We want to make sure we create a comfort zone for all types of traders, be they newbie or advanced traders. We also want to support them with the best possible rewards so that they don’t find it tough.
As our goal for India, we want to be the leader to help India get 500 million+ crypto traders in the long term and in the short term, we want to make 5 million pro crypto traders who knows all do and don’t of crypto trading and confident in utilizing all advanced features to get maximum return.
Also, you may have noticed that we organize events all the time at our local Indian communities in Telegram, Twitter and Instagram.
Please join the communities to learn and earn regularly:
A) Twitter: https://mobile.twitter.com/bybit_india
B) Instagram: https://www.instagram.com/bybit.india/
C) Telegram: https://t.me/BybitIndian
Q: Can you tell us about Bybit India community and how it helps users?
A: Bybit India (https://t.me/BybitIndian) primarily focuses on raising awareness among cryptocurrency enthusiasts in India and offering them reliable information and guidance, as opposed to hiring more marketing staff.
You already know and probably agree with the fact that Rs 100 won’t make you a millionaire if you work in the cryptocurrency industry. Instead, you could use your time to earn more money, receive sincere rewards from a community and exchange that value your input, learn more, and then put all of these advantages — rewards, knowledge, and confidence — to work for you as you earn more money, ultimately moving you closer to financial independence. No guarantee exists, but all of these could increase your chances of success. By providing you with the road through Bybit, one of the top exchanges worldwide, we hope to serve as this stair at Bybit India.
Bybit is incredibly supportive of the Indian community, and we want to help it develop. Events, training sessions, and offers are all being planned as support. We sincerely desire to use time for more things.
For example, each week we have events like Quiz which makes you learn more while earning up to 50$ bonus. We also have weekly Price prediction and Weekly News to keep the community up to date with the latest news and hot trends in crypto. You can
also learn to prepare your own trading chart, learn to decide your own trading strategy etc. while getting rewards.
Apart from it, we have a popular BYOB Campaign- where you can invite your friends to join our Telegram group and social media to earn up to Rs 80,000 or win iPhone 13, One Plus and many more.
These are just our community event examples; we have the world’s largest trading competition WSOT to win $8,000,000 prize pool and countless others.
To learn more and earn more, there are many more events like this daily in the community. Let’s join @bybitindian today.
Q: Tell us about Bybit Launchpad, Copy Trading and Bybit NFT Marketplace?
A: Yes, these 3 are among our core services, so we would be happy to talk more about them.
Bybit Launchpad is a token launch platform that allows Bybit users to have early access to new and pre-listed tokens from promising projects. Users can contribute a certain quantity of BIT/USDT to each new initiative in exchange for new tokens.
We always try to bring the best quality projects to the users. Please learn more from here: https://learn.bybit.com/bybit-earn/what-is-bybit-launchpad/
Bybit Copy Trading:
Bybit is the overall best crypto copy trading platform for one simple reason: It makes crypto copy trading easy. With Bybit, you can easily find traders to copy, automatically open and close the same trades they execute, and watch your crypto balance grow — all on one single, easy-to-use platform.
Principal traders can allow others to copy their strategies and trades via the Bybit platform to profit from their work. In return, they receive 10 percent of the profits earned by each follower.
Unlike many crypto trading platforms, Bybit brings experienced principal traders and new traders together to create a win-win crypto trading experience for everyone.
Currently, Bybit supports up to 15 different trading pairs, including BIT/USDT, ETH/USDT, XRP/USDT, and several other highly liquid pairs.
This means volume and trade execution is rarely a problem, which isn’t always the case with other platforms not found on this list of the best crypto copy trading platforms.
After selecting a principal trader to copy, you simply set the parameters (such as your preferred leverage) for your copy orders. Then, all new copy trades will automatically be initiated via a market order, according to those parameters, immediately after being placed by your chosen principal trader.
Bybit NFT Marketplace:
Bybit NFT Marketplace is your one-stop destination to mint, purchase and bid on NFTs.
Users and participants receive early access to cutting-edge NFT collections from creators, including exclusive projects which Bybit supports.
Bybit NFT Marketplace currently supports only the Ethereum (ETH) blockchain for minting NFTs, while Solana (SOL) blockchain NFTs can be listed and traded on the platform after being minted. Self-minting of NFTs on Bybit NFT is not currently supported.
All NFTs traded on Bybit NFT Marketplace are minted via the Ethereum blockchain.
The checkout process is seamless and straightforward. Simply make payments using the token in which the NFT is priced, including ETH, USDT and BIT.
Please note that Bybit NFT Marketplace currently only supports images and videos.
Each NFT on Bybit NFT Marketplace is priced only with one token. For example, if an NFT uses the BitDAO (BIT) token as its pricing unit, you cannot use other tokens — such as USDT or ETH — for trade with that NFT.
Bybit NFT Mystery Boxes come at a fixed price. Each Mystery Box contains a unique, randomly selected NFT, which comes in four different rarity levels: N (Normal), R (Rare), SR (Super Rare) and SSR (Super Super Rare). The purchased Mystery Box can be opened at any time, or traded unopened in the marketplace
Q1: Is it mandatory for #Bybit users to undergo KYC? Do you have a policy like a limitation of withdrawal amount to non — KYC compliant customers? which top exchanges like Binance offers to their community? What are the withdrawal limits for KYC not completed and KYC completed?
A: No, we do not require KYC.
However, Bybit Launchpad and Earn products require users to complete individual KYC before using the service.
Check out FAQs (https://www.bybithelp.com/HelpCenterKnowledge/bybitHC_Article?language=en_US&id=000001025&medium=organic_social&source=telegram&channel=pr_&campaign=imcct_imcbrd_all_bybitkyc_aug22aug22_en&content=all_click_pro_nil_nil&dtpid=1661034205301&%24web_only=true&_branch_match_id=932999610232333648&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT8%2FXS6pMyizRS87P1U%2FVTy1yMQwIdwtwLU4CAJqCIpoiAAAA)
Learn more here (https://learn.bybit.com/crypto/kyc-crypto-everything-you-need-to-know/)
We have a daily withdrawal limit of 2BTC without KYC.
Q2: ByBit appears to have a VIP program for its users. Can you tell us about the benefits of being a VIP on your platform?
Finally, how do we become credited VIP users on ByBit? Is it necessary for us to deposit a certain amount of money on your platform?
A: yes, we recently introduced the most awaited VIP program for our users. VIP users will be able to enjoy discounted fee rates, early access to products, invitation to events and other perks. Our VIP comprises of 3 levels and one can be a VIP either by holding a particular amount of BIT Or Total Equity above a particular amount.
For more details check here- https://www.bybit.com/en-US/vip-program
Q3: Actually, there is no risk in P2P as far as I know but the fact in P2P training is some Marchant takes too long time to confirm the order. So, can you tell me how fast Bybit P2P Marchants are?
A: You are right, some merchants do take time. But we have Bybit verified merchants, try to trade with the verified merchant they will be quick, and you can also check their profiles to see how many trades they had and all, which makes it easy to choose, apart from that Bybit has p2p support which in case of delay, response ASAP.
Q4: What can Bybit offer to Indian customers that other exchanges cannot view the large Crypto population? On/Off Ramp, Regulations etc.
A: Bybit is really supportive to the India community and we intend to support and grow the community.
We are organizing events, learning sessions and offers to support it. We deeply wish to do more with time.
For example, check out this recently introduced India exclusive event:
Q5: I read that #ByBit has a big, important CopyTrading feature, can you give us more details about it and how suitable is it for beginners?
Why is #Bybit’s Copy Trading feature the best option specially for new traders? How will #Bybit help them avoid making the same mistakes? BY: @Sintheakter
A: Our copy trading platform, which we recently launched for our users, is currently being used by more than 2,00,000 users. I’m confident that it is the best copy trading platform available on the market today, benefiting both principal traders and copy traders. I’ll now describe how it benefits traders.
- A) Copy trading lets you closely see what other investors are doing, so you get a lot of insight into how the crypto market works.
- B) Using another investor’s ideas makes your portfolio more diverse. Instead of sticking to strategies you personally use, copy trading lets you try out other people’s tactics.
- C) The fees associated with copy trading can be cheaper than paying an investor to manage your crypto trades for you.
- D) You can use the metrics on copy trading sites to quickly and clearly identify traders with winning strategies.
- E) Copy trading lets you free up your time for other matters while the software does the work for you.
- F) Since you’re following expert traders, you can make informed trades without having to do all the research and learn about the cryptos yourself.
Q: Why choose ByBit instead of known exchanges that already exist, what is the difference to trade in ByBit? tell us about the functions and benefits that your platform offers to users who have just started using the ByBit exchage?
A: Sure, as already mentioned above:
We have the lowest fees (currently zero on all pairs), We have a great UI, We have deep liquidity and good volume along with exciting rewards and Our Support is available 24/7.
Q: What makes me worries with leverage trading is about up or down trend of the market. Could you tell us regarding user’s capital protection mechanism on your platform? do you provide kinda stop-loss bots?
A: Bybit uses the Dual-Price mechanism to prevent traders from falling victim to Market Manipulations, and to ensure a fair-trading environment for all our traders.
It consists of 1) the Mark Price and 2) the Last Traded Price.
For perpetual contracts, the Mark Price refers to a global spot price index as well as a decaying funding basis rate. To make it clearer, it is a number that reflects the real-time spot price on the major exchanges. Bybit uses the Mark Price as a trigger for liquidation and to measure unrealized profit and loss, but this does not affect your actual profit & loss. Only when the Mark price does reach your liquidation price, is your position liquidated.
Q: Is Bybit suitable for beginners like me? Or only for users who have large funds? If I can register on Bybit, where can I get the link to register to start trading?
A: Bybit is suitable for everyone, even if it’s a new retail trader or an institutional trader. The platform is designed in a way such that every trader will be able to understand and use in the most perfect manner. And if you are new to the crypto industry i would suggest you to try our new products shark fin and copy trading, which might give you a good result in general
👉Signup in Bybit Now- https://partner.bybit.com/b/jomu
Q: Do you have upcoming events and giveaways for us at ByBit? Expressing that it is a user-oriented exchange, what kind of promotions does Bybit offer to its users?
A: a) Yes, we do have a lot of promotional offers for our users. Right now, we are hosting an ETH trading event with a $1.1 million prize pool (https://d.adx.io/go/2GuAw5jn). We also regularly host trading to earn events that allow users to make money while trading.
👉for more details please visit our announcement centre- https://announcements.bybit.com/en-US/
b) We also offer our users different types of referral programmes. We have two referral programmes for our users: one is an affiliate programme that allows users to earn up to 25% of their Referee’s trading fees, and the other is a regular referral programme that allows users to earn up to 40 USD in bonuses and 430 USD in cashback.
👉Visit this page for more information: https://www.bybit.com/en-US/referral
- C) We recently launched a scratch-to-earn event for our users that enables users to earn rewards by successfully completing specific tasks and has a $1 million prize pool.
👉Please visit- https://d.adx.io/go/A6A58FsQ for more