I used Bitmex for margin trading for a long time, but after getting tired of their constant overloads about four months ago, I decided to check out Bybit. Since then, I haven't looked back and moved all my funds to their platform.
In my opinion, it's easily the best option around right now, so I put together a review to help others think about whether they want to give it a shot.
I'm sure I paid 0.0005 to withdraw btc on that site so you might want to amend that if its your site.
I'd like bybit to at least get ltc too as 9ne of the trade pairs...
It's quite a nice site to use on mobile compared to bitmex as bitmex is really not optimised for mobile...
But the issues most people. Have with bybit is that it's very new and might not have as good security/might exit scam still. I don't think the overload error and lack of scam wicks (but I thought bitmex was based on an average anyway?) is enough of an issue for trading especially if you set your take profits and stop losses an sypur limit order all at once and don't rely on the market. You should be able to make a tp and sl before the limit if you have the limit on cancel box checked.
(also bybit claims to have 24 hour support which bitmex doesn't)...
Although Bybit is much better than Bitmex in terms of functionality and I prefer it especially for scalping, in my opinion the best margin trading platform out there is Deribit. It is the most professional looking one and I kind of have confidence in a Holland based company. They also offer derivatives like options and futures besides perpetuals(spot) that are well suited for well-versed traders. On the other hand I find Bybit more suitable for scalping as sometimes it seems to have more liquidity.
Absolutely, This platform has overcome BitMex, a lot of advantages (sorry for not mentioning them) provided by this platform comparing than some older ones. I gave a try and put all of my love to this platform from the first time.
Also, I have ever applied a vacancy there and passed the interview, unfortunately I'm not accepted, LOL.
I lately came to know that lots of reputed exchanges also started margin trading and this is first time I do hear bitmex is facing bottleneck kind of problems due to heavy loads of users (I am unable to recall how it was doing some four months back as per you have mentioned). Moreover, I am in plan to try margin trading with bittrex because I must need more time to follow your review for the all new exchange bybit; yes, this is the first time I hear them.
Being mobile friendly could be a good improvement from bybit as I am not seeing bittrex is doing that as per my expectations. I am not a on the go trader as I need calm and settled environment to trade profitably still margin trading along with on the go option may push many traders like to to try with bybit.
I rarely hear bybit exchange, after I try to read a review about bybit looks like this exchange is pretty good, Leverage exchange and have margin, almost like forex, security issues at this exchange are also pretty good..
Bybit's already mobile-friendly enough in my eyes. They've got the mobile site ironed out pretty well, with nice large buttons so you don't fat finger things, and there's four separate tabs for charting, trading, positions and PNL respectively. Pretty sure Bybit's coming out with an official mobile app as well, which should improve things further.
Something else Bybit seems to lack that Bitmex has is quarterly futures, which I know many people take advantage of. Not as big of a deal for me, but it could potentially be a dealbreaker for others.
I agree with you, Bybit is easy to use and user-friendly. You'll not be confused when to tap or click. Because the buttons are separated perfectly. But there is also a difference between Bybit and Bitmex. As what you've said, it can see future states for you to plan and choose your decisions.
Sorry, why do you say the same? Do you know where and who works on this exchange? Which datacentre do they use?
If ByBit will have the same count of active traders as Bitmex then we will see what it can. I'd be glad to have another good margin platform then Bitmex. But how to check that they can do their work better?
Better UI than BitMex. It is pretty important for new potential users and those who never experienced derivative trading previously.
Bybit motto is "We listen, we care, we improve" and 24/7 live chat is far better than raising ticket on BitMex. You can ask anything to Bybit official account on like 8 biggest social media platform in this world.
Last but not least, Bybit allows users to withdraw and deposit in all available crypto while BitMex only allows users to deposit and withdraw in Bitcoin.
I just test it and I like it. Bybit currently has 35% of the Bitmex volume on BTC and nearly 50% on the ETH/USD which is very good!
Does anybody know do Bybit become 'unresponsive' like Bitmex on a sudden price movements? I'm talking about those moments where the Bitmex API is returning "Busy" and you can't even cancel your orders.
I like Bybit exchange too more than bitmex when it comes to interface and in the roe value that is in a Dollar amount. Also i heard that they add cross margin, definitely a good platform that may overpass bitmex in the future. So to say, there are many advantages of bybit over bitmex. The thing that i didn't like was the conversion, a trader must convert first into other coin before trading which has a fee unlike bitmex.
The last thing are the orders systems in bitmex which is vrry helpful for me i am waiting for bybit if they have a plan to add advance orders.