Bybit Exchange is not a scam, it is a legitimate company that provides derivatives and spot trading, liquidity pools, copy trading and other functions. In terms of security, it adopts cold storage, two-factor authentication and other measures. Its advantages include low transaction fees. , good liquidity and user-friendly interface, but the disadvantages are leverage restrictions, unavailability in some countries and lack of advanced trading features.
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Is Bybit exchange a scam?
No, Bybit Exchange is not a scam. It is a legally registered company based in Singapore and was established in 2018.
Bybit Platform Features
- Derivatives trading:Provides perpetual contracts, reverse Perpetual, quarterly contracts and options.
- Spot Trading:Offers trading in more than 400 cryptocurrencies.
- Liquidity Pool:Allows users to provide liquidity to the protocol and earn revenue.
- Copy Trading:Users can copy the strategies of experienced traders.
- Leveraged Trading:Offers up to 100x leverage, but only on certain assets.
Security
Bybit takes the following measures to ensure the security of the exchange:
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- Cold Storage:Most user funds are stored in offline cold wallets.
- Two-Factor Authentication (2FA):is used to protect user accounts.
- Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures:Prevent fraud and illegal activity.
- Regular audits:Security and financial audits are conducted by independent auditing firms. Pros and cons #low transaction fees
Provide various derivatives and spot transactions
Good liquidityUser-friendly interface
# #provideCopy Trading
Disadvantages:
- Leverage limits may limit certain trading strategies# #
The exchange is not available in some countries
- Lacks some advanced trading features such as stop loss orders
- Overall, Bybit is a trustworthy and secure exchange that offers a wide range of trading products and features. It is suitable for users who wish to trade derivatives, spot trades or earn income.
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