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This is the continuation of the crypto
exchange review based on our personal experience with the said exchange. Our
review and recommendation are not motivated by the benefit we get by referring
you to the platform as such, we will not recommend any exchange that we are not
confident in using the parameters we mentioned earlier, or one that we would not use. We spend a lot of time testing out these exchanges and
putting together the report you are reading.
That being said, the content you are about to consume is not advice or a call for action but our opinion about the exchanges and what you choose to do with the information we provide is entirely up to you. However, we sincerely hope that you will derive some value and insight from this post and our blog generally. Read part 1 of this series here if you have not done so already.
Also, read The Beginner’s Guide On How To Choose Crypto Exchange In 2022:
Table Of Content
We chose Crypto.com as the best mobile crypto
exchange app because it provides an extensive digital asset trading and
investing ecosystem that you can access easily from your smartphone.
Crypto.com is a mobile-based exchange that was
launched in 2016 and since then it has established itself as one of the leading
global crypto exchanges with a presence in most jurisdictions. It is available in
90 countries and counting, and it supports over 250 cryptocurrencies. In addition to a large number of
supported assets, Crypto.com provides a vast digital asset ecosystem composed
of its own blockchain, Crypto.org Chain; a native token called CRO; a crypto
visa card; yield-generating crypto products; and more.
What stands out the most, however, is the
Crypto.com mobile app. While many crypto exchange mobile apps provide a watered-down
version of the exchange’s web-based platform, Crypto.com put a strong focus on
building an app that offers a wide range of products and features so users can
profit from this exchange’s ecosystem on the go. Mobile app users can buy,
sell, trade, and earn interest on their crypto, as well as pay with crypto
globally.
If you are looking for an excellent mobile
crypto trading experience, Crypto.com is arguably the best option thanks to its
range of products and features, as well as its large number of supported
assets.
However, there is a downside. The shortcoming with crypto.com is that
unless you trade at higher volumes, you will end up having to pay relatively
high trading fees, as high as 0.40% and you may not get needed customer support
in case of any issue
FTX is one of the newest exchanges punching above their weight in achievements and innovativeness which has shown in them becoming one of the top exchanges in both spot and derivative trading in such a short period of time. FTX cryptocurrency exchange was established in 2019 for the purpose of trading digital assets and crypto derivatives. It also supports trading BTC options and other popular crypto derivatives such as 45 Leveraged Tokens, MOVE Smart Contracts, and 20+ Perpetual Swaps. FTX has closed multiple gaps in the crypto market by creating an exchange experience that makes crypto trading diverse and so innovative, to say the least.
FTX is a centralized global cryptocurrency exchange that enjoys a lot of support from well-established institutions. FTX crypto exchange is an exchange backed by Alameda Research and support from an incredibly specialized team from MIT and Berkeley and from firms like Google, Facebook, Circle, FBG Capital, and True USD. FTX has separated itself from its competitors by offering innovative products with tons of liquidity. Some products offered by FTX include derivatives, options, and leveraged tokens. It also supports more than 300 digital assets in addition to leverage trading on S&P500 stocks such as Tesla and Amazon, and NFTs
FTX does not charge deposit or withdrawal
fees. FTX also does not charge fees on future settlements. The OTC trading
services are executed with the FTX wallet. Hence, everything is nearly free of
cost on FTX. The table below shows the FTX trading fee structure.
Customer experience on the platform is good
compared to other exchanges like Binance and Coinbase. The platform has a team
of skilled technical and operational specialists that help users resolve issues
through multiple resources.
FTT is FTX’s native token
and it is developed to help in managing utility payments in FTX platforms. FTX has its own ecosystem and the FTT utility token is the
native token for the ecosystem. The FTT token provides other benefits for FTX
users such as lowered trading fees and the FTX insurance fund
According to Mozilla’s Observatory test, FTX
has B+ security which is an imposing score for an exchange. FTX also uses
two-factor authentication to secure users' accounts. Users can choose from various authenticators such
as Authy, Google Authenticator, or via SMS.
Users are also advised to use a separate password for withdrawals as
well as set withdrawal wallets so that in the case you compromise on your account, the hacker can only withdraw into your own account or wallet that you set up.
The different tradable products offered by FTX
are:
FTX has on its future trading platform over 20
popular cryptocurrencies available for futures trading in quarterly or
perpetual trades.
The FTX platform has leverage up to 101x on
over 45 different leveraged tokens. On
default, the exchange is set at a 10x leverage which is said to be a safety
precaution. The FTX leverage tokens are fairly straightforward making it easy
for both beginners and pro users to leverage the BULL and BEAR markets.
The FTX Bitcoin options are a unique trading
segment that allows traders to trade various Bitcoin options through smart
contracts. Here traders have the right
to buy a position and the right to sell the position and make instant profits by
shorting bitcoin options.
FTX has a pioneering smart contract called
MOVE. MOVE contracts allow FTX customers to enable futures trading with raw BTC
and move these funds under a stipulated time period such as daily, weekly,
monthly, or quarterly.
FTX allows users to freely purchase digital
tokens and then trade them using traditional techniques using market-matched
orders and FTX has a variety of digital assets available for spot trading, over
300 of them.
In FTX users can trade in more traditional
ways such as market prediction. This is
quite similar to a conventional betting system where users can bet on any
real-world event. You will either win, in which case the contract will settle
at 100%, or you will lose and it will drop to 0%. One of the famous examples is
that you can bet on who will win the next election. Each candidate will have a
contract. The buy-in price will differ for each candidate, and it will depend
on the likelihood of winning. They can long or short each contract.
OTC is ‘Over The Counter’ trade and it is
generally suited for professional and institutional traders whose trades are
high volume trade. They will have to
choose the OTC option because the order book might not be enough to execute the
trade or may overly affect the price of that cryptocurrency in question. These types of trades are more common with
brokers and exchanges in the USA and UK
Although FTX is relatively new, but its bitcoin
options trading has helped it gain popularity fast. FTX is primarily a
derivatives trading exchange with over 45 leveraged tokens, FTX has grabbed
the interest of hundreds of traders around the work. With FTX's well-diversified trading portfolio, you are sure to have any kind of instrument you want to trade including
tokenized stocks. If you love innovation
and you have high-risk tolerance then FTX is your best bet.
Bybit is a digital assets exchange that was established in March 2018 to offer a professional platform that features an ultra-fast matching engine with excellent customer service and multilingual community support for crypto traders of all levels. Bybit recently announced a 0 Fees trade on all spot pairs on the platform to celebrate it's over 10M Users currently on Bybit
This has to do with some of the advantages of
trading with ByBit and of course, some setbacks you may face.
Due to the stiff competition in the industry, every exchange seems to be innovating in a hurry in other to remain in business
and Bybit is not lacking in innovation. Bybit was founded by a team of
professionals having expertise in investment banking and the forex
industry. Bybit is established with a
vision of a global economy where trading systems will be seemingly fast,
secure, and transparent. They have
embarked on a journey to build the next-gen financial ecosystem powered by
innovative and advanced blockchain technology and they have a kin focus on
customer satisfaction and the best user experience. Bybit offers users access to over 100
assets and contracts across Spot, Futures and Options, trading bot, Launchpad
projects, copy trading, earn products, trading Bot, NFT Marketplace, and many
more. Click Here to
visit their official website for details.
Bybit boost of being able to handle 100,000
transactions per second. That is huge
and significantly faster than the competitors.
They do everything probable to avoid any kind of server downtime
experienced by a number of other exchanges especially when a change in the
market pushes a lot of people to either buy or sell at once.
Like the popular Forex broker demo account,
Bybit also has a testnet site where new traders can test their strategies and
learn how to use the site without risking any real money. Since leveraged trading is an extremely risky
venture, it is only wise to gain
mastery and confidence in the test platform that mirrors the real money
environment before risking your hard-earned capital. If after testing out the
system and you decide to trade real money, start small and make sure you
understand how to minimize your risk.
A perpetual futures contract is a derivative
that does not expire, unlike spot and futures trade contracts and it helps
traders to maximize profit opportunities.
The Dual Price Mechanism on the other hand helps protect traders from
trade manipulation or price manipulation, which results in steep losses due to
liquidation of positions due to margin shortage or requirements at the prevailing
market price.
In crypto trading traders are classified as
either ‘Makers’ or ‘Takers and like other exchanges, Bybit operates Makers and
Takers fee structure. Market Makers
provide liquidity and market depth, while market takers squeeze the liquidity
from the order book. Makers' orders are not filled immediately, but Takers' orders are filled immediately as a market order. Market makers are rewarded for
providing liquidity and market depth hence the lower fee for the market
makers. See detailed bybit fee structure
here
A trading bot is an automated software that
trades as per traders’ pre-set execution conditions. Some crypto trading bots
that enable a trader to auto trade in Bybit are TradingView, TokenBot,
Alertaton, Autoview, Cornix, FMZ, GoodCrypto, WBCCLUB, Haasonline Hydor,
Mudrex, Profit Trading, 3Commas,, Wunderbit, Profitview, Sirius Trader, Stacked,
ProfitTrailer, and Tycoon.
Bybit mobile app is robust and fully
compatible with the most advanced Android and iOS systems and can be downloaded
from the Google play store and IOS.
Talking about customer service, Bybit edges other
exchanges. it has a 24/7 customer support team for all jurisdictions to answer
the phone or live chat function to resolve any queries or issues and has a wide
range of languages other than English.
From all indications, Bybit is a dynamic and
efficient derivatives trading platform for crypto and it has some unique
features and also it comes under one of the top cryptocurrency exchanges in the
world by volume. Bybit is safe and has no security issues. Bybit accepts buying of crypto with debit
cards and p2p. If bybit fits your
trading fancy go here to sign up to
enjoy so many amazing offers and discounts
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