The popularity of cryptocurrency trading has grown rapidly, resulting in many new exchanges (both spot and derivatives) in the last few years.
FYBIT is a cryptocurrency trading platform that was founded by experts in finance, trading and web development. The team developed a leveraged trading platform that can compete with the big players after extensive research.
The platform offers a simple and intuitive trading interface that focuses on infrastructure, safety and speed.
Security and protection are of paramount importance to the team. Funds are stored in cold storage that is geographically distributed using multi-signature technology.
The following guide will provide a detailed look at the platform, including its fees, security, support and overall trading experience.
How do I register an account on FYBIT
It is easy and quick to register an FYBIT account. You only need to enter your email address. There is no Know-Your Customer (KYC), verification process.
Other than your name, there is no need to enter any personal information. To confirm your registration, you will need a working email address. The email address will also be used to log in to your account and confirm withdrawals.
After you have created your account, it’s highly recommended that you enable your 2-Factor Authenticator (2FA) once you have completed your setup. You will need the Google Authenticator App to do this. Next, go to your Account tab and choose Account Security. You will then be able enable or disable the 2FA as you wish.
How do I deposit or withdraw funds to FYBIT?
Once you have registered an account, you will need to deposit funds. FYBIT accepts deposits only in BTC.
You can deposit Bitcoin by simply going to the “Deposit/Withdrawal” section and sending funds to the provided address. The funds are usually credited to your account within 10 minutes of receiving confirmation from the network.
For added security, deposit addresses can be fixed to multisig cold wallet addresses, as mentioned on the website.
The withdrawal process is nearly identical, but it is reversed: you just need to send BTC to your address. You will need to email confirmation of your withdrawal request after you have requested a withdrawal. In less than 10 minutes, funds will be in your wallet. Only bitcoins are accepted for withdrawals and deposits.
How to trade cryptocurrencies on FYBIT
FYBIT lets its users trade cryptocurrencies using leverage. This is an important consideration. It allows you to place bets on the price going up or down. You can also open larger positions relative to your account balance thanks to leverage.
If you have $100 and a 10x leverage, you could open a position that is $100 x 10. This would be $1000. You could make more profit if you trade is successful, but this could also be a risky strategy that could lead to you losing your entire margin.
If the price moves by 10% in the opposite direction, your account balance will be lost and you will be liquidated. Trading with high leverage is extremely risky. Only experienced traders should do this.
FYBIT currently supports these cryptocurrencies at the time of writing:
Bitcoin (BTC), – up to 100x leverageEthereum(ETH)- up to 50x leverageCardano [ADA] – up to 30x leverageBitcoin cash (BCH)- up to 40x leverage
This is the overall trading interface.
The interface is quite simple, as you can see. The top allows you to navigate between different cryptocurrencies. There’s also a chart at the middle. The different orders are displayed on the right.
Limit orders can be placed when you wish to buy (or sell), at a price different from the current market price.
The first tab will allow you to enter the amount of BTC that you wish to open a trade for and the second the price. You can also set a stop loss price to automatically close your position.
You can adjust your leverage and the auto-sell settings below that.
Market orders are the simplest type. They are used to instantly open a position and are filled at market rates.
You simply need to input the amount in BTC that you want to open the position and, optionally, a stop loss. Next, select your leverage. Decide whether you want to go short (price drops) or long (price rises).
How do you open and close a position on FYBIT?
We will open a long position in BTC using 5x leverage and a simple market order for the sake of this guide.
You can see that our maximum position size is 3 BTC with the balance, despite only having 0.0038 BTC. We want to open positions with 5x leverage. So, that’s what I’ve chosen, and our size is 0.003 BTC. All we need to do now is click “Buy Order UP”.
The relevant tab is located below the main chart. You can check your position.
You can also track the performance of the fund and view details such as the unrealized PnL and fees, as well the date.
You have two options to close your position: you can enter a stop loss value or a sell limit order. Or, just hit the SELL button and close it. If you want to enable automatic sales of profits, such as a 100% value, then your position will automatically close when your unrealized PnL is 100%.
This is pretty much all there is to know regarding trading on FYBIT.
Security and Customer Support: Does FYBIT have a safe password?
When assessing the security of an exchange, there are many factors to consider. There is no evidence that an exchange has suffered a security breach.
According to the main website:
Your funds are mostly stored offline (cold), wallets. It is only a small portion of your money that can be accessed from the platform. Therefore, all funds are safe. Cold wallets cannot be accessed from the platform or its servers as an additional layer of protection. Our management team must manually intervene in offline storage facilities.
They also claim that the system is subject to automatic backups each hour. These backups are stored on different servers. Website itself is said to be protected against DDoS attacks by a robust system that continuously monitors users.
Although it is a long-standing practice, the fact that users can enable a 2-Factor Authenticator (2FA), gives some comfort.
To test the team’s response time, we submitted a manual support ticket. They responded to our ticket in less than 10 minutes, which is a reasonable response time.
What are the FYBIT Fees?
When choosing an exchange to trade, trading fees are a significant consideration.
According to the official site, deposits are free of charge and withdrawals are subject to a flat fee of 0.0005 BTC. A withdrawal limit of 10 BTC is allowed per day.
Any crypto currency is subject to a 0.1% conversion charge.
FYBIT charges traders when they open or close a trade. No leverage fees have the following basic fees:
Trading fees are charged for using leverage to open and close positions.
FYBIT Affiliate Program
FYBIT has an affiliate program that offers step-by-step payouts to its partners. Each registered user can create an affiliate link that he can share with other traders.
20% of the commission turnover from all attracted referrals is the base percentage of remuneration in the first stage. The partner moves automatically to the second stage if the commission turnover exceeds 2 BTC. His remuneration will be 25%.
The maximum amount of remuneration for a referral is 30%. This becomes effective at the third stage, when the 5 BTC commission fee has been reached.
One month is the billing period. The commission turnover is calculated within one month. From the first day of the following month, withdrawals of partner remuneration are possible.
FYBIT has its pros and cons, just like everything else. The platform is intuitive and simple to use. It caters to all traders, not just professionals. It has not been compromised and the customer service is extremely responsive, which is a crucial consideration for any cryptocurrency trading platform.
Trading fees in this market aren’t the lowest. For 100x leverage trading, the user would pay 15% to simply open and close a position. This is not something you’ll see on many other exchanges.
Another risk factor is the lack of information on any regulatory licenses. The lack of KYC requirements is concerning, especially considering that many regulators have placed crypto under their purview.
Keep in mind that you shouldn’t store cryptocurrencies on exchanges other than what you use for day trading.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.