The FTX drama and choosing an exchange where you can safely trade and store Crypto: DILEMMA.
With the events of recent times in the Crypto industry with FTX, it is difficult to make a choice when it comes to being able to trade safely and choosing a good safe Crypto Exchange.
We maintain that you should always keep doing your own research(Do Your Own Research), but we like to give you a hand when it comes to getting to know an exchange. For that reason, today we are introducing ByBit. Due to the FTX incident, many users in the Crypto space are looking for an exchange with good Proof of Reserves that does not lend Crypto or a DEX(Decentralized Exchange) to trade on. Fortunately, ByBit has spent the past year working on its own DEX called ApeX. We will come back to this later in the article.
Table of contents
ByBit
ByBit was founded by Ben Zhou who became fascinated with the Crypto industry since 2016. The nice thing about ByBit is that the exchange links directly to Twitter and thus you can read Ben Zhou's latest tweets. This immediately gives a personal "touch" to the exchange.
In this case, the last tweet was also quite appropriate when it comes to trading or storing your Crypto safely:
In addition to the personal touch and providing customer service that is available to you 24/7, ByBit also wants to be able to ensure maximum security and make secure trading their priority. You can ensure your own security by verifying your phone number and setting up your Google Authenticator, but for most of us this is not asking for an unknown path. You can even set your unique Anti-Phishing Code to ensure that you only open emails from ByBit.
ByBit is a growing community of more than 10 million users spread around the world in 160 countries and in 16 different languages an easy entry and has great deals when signing up.
ByBit products
- ByBit has numerous services in addition to being an exchange where you can buy and sell your crypto. Among them:
- Spot: Crypto buying and selling without fees!
- Choose from trending coins such as DOGE and APT or support your favorite World Cup team by buying fan tokens.
- Spot trading: Choice of more than 280 Spot trading pairs, with no maker and taker fees.
- Automated trades with Spot Grid Bots: Automate your Spot trades and execute trades at any time from anywhere.
- Soon spot Copy Trade feature: Choose a Master Trader and copy their trades for an effortless way to make profits or become a Master Trader and earn attractive commissions.
- Derivatives: What are derivatives? Watch and learn with this video from ByBit: What is Derivatives Trading | Derivatives Explained Ep.1
- ByBit has its own NFT marketplace where you can buy and sell unique NTFs! Check out where to go for that here: https://www.bybit.com/en-US/nft/
- And NFTs and Web3 go hand in hand, and so ByBit even has a Web3 Gateway where you can have fun.
ByBit Earn: An additional earning model is almost impossible to imagine apart from trading. Explore the various options for earning money by staking here: https://partner.bybit.com/b/CGEarn
What other products does ByBit offer?
The list of products ByBit offers is not at an end, which clearly shows ByBit's versatility. Here then are a few more products:
- Linear contracts
- Perpetual contracts
- Spot
- Options
- Launchpad / Launchpool [strike]
- MT4 [For the forex users]
- Liquidity mining
- Copy Trading [10% of the follower's profit goes to you]
- Leveraged tokens
How do I buy Crypto on ByBit?
With your credit or debit card of course! You could also use AdvCash and again you can do a SEPA transaction to that. If you like to use a bank account, AdvCash is the solution. Also works on Binance.
You can also buy Crypto directly via iDeal on ByBit. Buy via iDeal: https://partner.bybit.com/b/iDealCG. There you can click on buy with EUR. Then choose the service provider Banxa which supports iDeal.
ApeX Pro
As highlighted earlier in this article, ByBit has been working on a Decentralized Exchange called ApeX Pro. What is a Decentralized EXchangeor a DEX? Decentralized Exchanges are Blockchain-based apps that coordinate large-scale trading of crypto assets between many users. They do so through automated algorithms, rather than the usually approach of acting as a financial intermediary between buyers and sellers.
Designed for high-quality precision trading in the decentralized derivatives market.
Om ApeX you need a third-party proprietary wallet such as Trust or Metamask, for example, and you can connect the exchange directly to that by clicking connect and performing a few actions.
At the core of ApeX Pro, we strive to provide security for our users and traders at all times - in their transactions, data and funds - because security is the main pillar in the architecture and design of ApeX Pro. We are aligned with and committed to the principles of decentralization, where there are no barriers to access, be it geographic or financial, nor potential vulnerabilities caused by central oversight of a user's trading platform or funds.
Security is a feature that ApeX Pro will not and cannot compromise on. At any time, users need assurances that their transactions and funds are safe, and ApeX Pro is more than ready to deliver that:
Self custody - 'Your Keys, Your Coins'
Your keys, your coins, your assets. While innovations and new features continually push exchange security measures to greater heights, ApeX Pro recognizes that no amount of promise can reassure users like having 100% control over their funds can.
Take ownership with complete control over your remote digital wallet. ApeX Pro facilitates the connection of a user's wallet to the trading platform only with the user's permission, with their account located behind their wallet's private keys and an additional Stark Key generated after their account is linked to ApeX Pro.
In the event that a user loses access to ApeX Pro, they are still able to get their money back with their keys. And in the unlikely event that ApeX Pro's service is disrupted, users can proceed with forced requests through StarkWare's contract to get their assets back - all without ApeX Pro's intervention.
Verifiable transactions & reinforced by StarkWare
With the integration of StarkWare Layer 2 scalability engine StarkEx, secure and validate cryptographic STARK proofs every transaction on ApeX Pro. Scaled with Validium, StarkWare's contract enables layered security checks for every transaction, even with extended transaction bandwidth. Transactions can only be processed with two (2) signatures on the user wallet side.
Global & unlicensed transactions
Open communities without limits at ApeX Pro with truly permission free access to derivatives transactions without arbitrary restrictions. No KYC is required to subscribe to ApeX Pro, and there are no additional restrictions on depositing or withdrawing assets beyond user verification of wallet and asset ownership.
Audits - Secured
All smart contracts on ApeX Pro have been audited by Secure3, a Web3 security auditing ecosystem that is both reliable and collaborative as we pursue an open and more secure Web3 future for all. And, of course, StarkWare's contracts have also been audited. Moreover, since ApeX Pro was built and designed with the interests of our community in mind, it makes sense that the community will have a transparent and open opportunity to test ApeX Pro's system for itself via an upcoming bug bounty.
Bybit has thought of every detail and there is a whole Twitter community ready for you to turn to with all your questions: https: //twitter.com/OfficialApeXdex?s=20&t=lQXW4dPck2eHy3yNZxYxUw.
Want to know more about exchanges and DEXes? Then the explanation of these is detailed in the Crypto-guide basic manual.
ByBit has your safety when trading as its highest priority. This does mean that you do your homework well and make a conscious choice (DYOR!). Keep in mind that you are still trading in a volatile market, so you are always responsible for the choices you make.
Join the Bitcoin/Cryptocurrency Facebook group and join the Discord/Telegram to become part of the community