Recapitulation of Bybit Exchange AMA event held at AMA LOVERS CLUB
Date: Wednesday, 4th November, 2020
Time: 10:00 UTC
The Bybit Exchange team was represented by @kirbyongeo and @BybitFlora. They both judiciously shared with us detailed knowledge and information about the project.
Host : Can you please briefly introduce about yourself and Bybit Exchange ?
Kirby : Hi everyone, thank you for having me today. I am Kirby, a community manager from Bybit and together with me today is Flora, who is also a community manager.
Anyway, for those of you who have not heard of Bybit before, Bybit is one of the fastest growing cryptocurrency derivatives exchanges, with more than 1.2 million registered users. Built on customer-centric values, we endeavor to provide a professional, smart, intuitive and innovative trading experience to better serve our customers in a timely manner. We are committed to creating a fair, transparent and efficient trading environment, and offer 24/7 multi-language support as part of our service.
Host : What interesting features are Bybit advantages and that differentiate it from other crypto platforms so we need to try Bybit?
Flora : Lets look at each factor one by one:
💵 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.
🛠 Fund Safety & Security — 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.
🚨 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.
Host : How is Bybit different from similar exchanges like snapex etc?
Flora ONE SPECIAL ADVANTAGE of Bybit is that we do not do any KYC.
NO KYC — For those people who are more sensitive about your privacy (and that’s why we are in the Crypto), we are the top NON-KYC crypto derivative exchange available right now. We do not track who you are, and what you do, ensuring that our traders have the top privacy
Host : Just noticed that Bybit has introduced 4 New USDT Trading Pairs, can you tell us more?
Kirby : Oh yes for sure, we’ve added 4 more USDT pairs: ETH/USDT, LINK/USDT, LTC/USDT, and XTZ/USDT on the 21st October, and there will be even more pairs as we go along.
We are now holding a massive promotion for those 4 USDT pairs! 📣 📣 📣
Users who input the voucher code USDT30%OFF in the Bybit Rewards Hub will:
✅ Enjoy 30% off trading fees for ALL USDT pairs
✅ Automatically qualify for the Supersized Discount Draw and stand to supersize their trading fee discount to 66% (up from 30%)
Host : Nice! How should our community check more details for the campaign information and enter the Bybit Rewards Hub?
Host : Can you tell us more about the minimum withdrawal requirement?
Flora : Our min. withdrawal amount required for BTC is 0.002 BTC (~$20USD). For ETH/XRP, it is ~$6 USD, and for USDT is $50. This is because we are using a batch transfer system, given that different blockchain have different network, so the fees will be different, hence the minimum withdrawal for USDT will be higher compared to other coin types. However, if many traders are affected by the min. withdrawal requirement, then we will look into it and adjust accordingly.
Host : With trading volume in the top 5 in the world, what did Bybit do to grow in such a short time?
Flora : Bybit has always been very product focused. We saw a pain point when we first started in 2018 where traders were unable to get their orders executed sucessfully. There were too many server overloads, or server downtime issue. This problem is never seen in the Forex Market. Hence, we built our trading engine from scratch, to ensure that there will be No Downtime, NO Server Overloads.
We also incorporated many useful trading features on our platform (such as the ability for traders to set Take Profit/SL), which traders enjoy and use, and hence they stick to our platform.
Host : In the near future, is Bybit planning to develop Defi trading pairs like Binance and FTX to keep up with the trend?
Kirby : Yes, we have a dedicated product team that actually been monitoring the DeFi scene closely to evaluate the risks and trends for our users. We have plans to add new Defi trading pairs, like UNI, SUSHI etc. We will definitely listen to what our users want to see and we will add those trading pairs.
Host : Can you briefly explain how the Top milestones that the Bybit team aims to execute before the end of this year or going to execute in future, will help them succeed and What Bybit may look like in 2020 and beyond ?
Kirby : This is a good strategic question.
Long-term, we aim to be the first crypto exchange that comes to people mind when they want to do leveraged trading. We need to build a strong brand reputation and make users enjoy trading on our platform.
Some milestones which Bybit aim to achieve by the end of 2020 is:
✅ Make trading smart and simple. Users would have a much easier learning curve when trading on Bybit. This is achieved through better UI/UX support, better customer support, more educational webinars/seminars hosted for our users to learn how to trade.
✅ Open Interest and Volume to exceed our closest competitors
✅ Achieve 1.5 million registered users on our platform (Right now, we have about 1.3 million registered users)
In 2020 and Beyond, you can see Bybit as the super strong crypto-derivative exchange. We are laser focused on Crypto-derivatives, have a team of over 300+ and growing employees to improve on our product. Imagine you can deposit Bitcoin, and trade not just the crypto pairs that we have, but also, forex, stocks, on our platform.
Host : #Bybit is a commercial platform established since March 2018, to date, what is the most important achievement you have as a team?
Flora : 🎯 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.
🎯 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.
🎯 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.
🎯 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!
Host : You’ve done awesome for the 1st Segment of Bybit brief introduction. Let’s move on to the next Segment : Campaign Introduction
Host Can you share us how to Win Bybit’s $500 Bonus Giveaway?
Kirby : Sure.
All users who enter the voucher code: WIN$500 in the Bybit Rewards Hub and make a BTC deposit* will receive one of the following bonuses:
Net Deposit* Bonus (in BTC)
Tier 1 ≥ 0.05 BTC $50 💰
Tier 2 ≥ 0.1 BTC $100 💰💰
Tier 3 ≥ 0.5 BTC $300 💰💰💰
Tier 4 ≥ 1.5 BTC $500 💰💰💰💰
👉🏽 Get a guaranteed $20 coupon
(no minimum BTC deposit required)
📣 📣 📣 For more information, click here! (https://bit.ly/34PfAas)
Host : Fantastic! Alright, I think you guys done good job in these 2 segements.
Now, how can we get the answer from the Twitter/ Telegram and get a chance to win exclusive gift ($150 Bonus Pool) only for AMA LOVERS CLUB users ?
Flora : 🔉 Join Bybit Global Group (https://t.me/BybitEnglish) with hashtag #AMALOVERSCLUB as we will answer 5 questions from Twitter/Telegram and announce winners for the AMA over there.
See you all in Bybit Global Group NOW❗️
QUESTIONS FROM THE COMMUNITY
Q1 : How Bybit Exchange creates trust in users and the security of their data? What tools do you use to achieve this?
Ans : Bybit uses an industry leading HD cold wallet system that guarantees the safety of users funds,
Additionally, we recommed reading this article - https://blog.bybit.com/focus/what-has-bybit-accomplished-for-security/
Q2 : Can you tell why is #Bybit better than other exchange places and why should traders from other platforms use it?
(looking about fees, minimum withdraw, active orders...)
Ans : Bybit is the safest, fastest, most transparent, and user friendly Bitcoin and Ethereum trading platform offering cryptocurrency perpetual contracts.
We also have several other benefits, such as our Smart Trading System, where you can set take profit/stop loss at entry, receive strategy alerts and adjust your order(s) with one click, offering significant Market Depth, with each trade executed with the minimal price impact, industry leading HD cold wallet system guarantees the safety of your funds, a 100K TPS Matching Engine, State-Of-The-Art Pricing System, Powerful API, 99.99% System Functionality and 24/7 Customer Support
Q3 : Currently there are many platforms for buying and selling crypto currencies, do you think that BYBIT can prevail over time even with this tough competition? Do you plan to expand the accepted cryptos?
Ans : Bybit is mainly a derivatives exchange and our main focus is not on selling crypto, rather it is to provide a platform for users to trade cryptos with a leverage. However, we do have a fiat gateway which users can also access and purchase crypto from, being able to have it deposited directly in Bybit and being able to trade with it seamlessly
Q4 : Does your platform require traders to complete KYC to trade on it?
Ans : Bybit does not require traders to complete any form of KYC to trade on Bybit. We also have no intentions to require users to submit KYC on our platform anytime in the near or late future
Q5 : The partnership seems very important. What is the status of Bybit partnership like? Can you share some of the partnerships you have recently had?
Ans : We have had plenty of partnerships with several other projects. Recently we have integrated several new perpetual contracts in our platform, and notably with ChainLink and Tezos.
Thank you all
Stay tuned of our next campaign in Bybit Global Group of Join Our Discussion!🥁🥁🥁
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