Ben Zhou, CEO of Bybit.

As you guys might’ve noticed the past months, I am using Bybit as my preferred margin trading platform. I’ve followed their developments for quite some time now and I’m happy to share my Q&A with their CEO, Ben Zhou.

Without further ado, let’s start!

“Hi Ben! For the people who don’t know you — who are you?”

Hi, I’m Ben, the co-founder, and CEO of Bybit. Previously, I worked in the forex industry and ran an fx broker for more than 8 years. I am quite familiar with how the secondary financial market works and have been in the retail business for most of my professional life.

I believe traders are not getting the best overall trading experience in crypto and the market lacks professional players.

I got into the crypto space in 2016 when a friend of mine introduced me to blockchain and crypto. In the following months, I was actively researching and reading about crypto and even became a small-time KOL doing different project reviews. During the process, I saw how crypto exchanges worked and also saw many market inefficiencies, I believe traders are not getting the best overall trading experience in crypto and the market lacks professional players.

I believe with my experience, I would make a good alternative for the traders and hence the birth of Bybit. Bybit’s mission is the lead and construct a fair trading environment for all traders.

“So, what is Bybit exactly?”

Bybit is a crypto derivative exchange, offering BTCUSD, ETHUSD perpetual contracts with up to 100x leverage.

Bybit offers one of the fastest matching engines in the industry with up to 100,000 TPS, this guarantees that we have no overloads and all orders are matched with no delays.

Bybit is built with scalability in mind and uses the latest technology in all aspects since we launched, we have experienced no downtimes, and by utilizing grey release features, our hot patches are always released on the go, so we have no maintenance downtimes either.

Client fund safety is our top priority, Bybit applies the Hierarchical Deterministic Cold Wallet System storing all assets, and all withdrawals are manually processed up to 3 times a day.

Lastly, We always respond to client requests and issues in a timely fashion. We offer 24/7 multi-language live customer support to respond immediately.

Clients feedbacks are extremely important to us, that is how we are going to improve.

“We can all agree that Bitmex is the leading Bitcoin derivatives exchange at this moment, what sets Bybit apart from their competition?”

Fast execution

Our system eliminates the occurrence of order rejections/delays, also we will have no server downtimes or so-called regular maintenances.

Advanced order system

Traders are able to set their whole trading strategy at once. Bybit allows traders to set take profit and stop with entry orders, and when your entry order gets executed, the TP/SL will follow into the position area. We also offer a trailing stop feature on position.

Live support

Most responsive live support for any issues, 24/7 live customer support.

Native collateral

Clients can trade using native (so not only BTC, but also ETH) coins as margin with up to 100x leverage. (EOS and XRP will also soon be supported)

Low maintenance fee, fewer liquidations

Bybit maintenance fee is fixed at 0.5%, so it’s more unlikely to liquidate at Bybit than other exchanges.

“I assume there are more people involved at Bybit than just you Ben, what can you tell about them?”

We have many other people in our family so I’ll try to just name some you might already have heard of.

Bybit’s full team.

First of all, Joseph is our “friendly neighborhood social media manager” as he likes to call himself. He is our jack of all trades when it comes to social media, always on the lookout for the next hype and full of creative solutions. He just recently started a new blog on YouTube to let people know what’s going on with Bybit on a daily bases.

Our femme fatale is Yaxi, she comes from corporate investment as well as a professional poker player, if not the №1 Poker player in China. She acts as the company CFO and also deals with investment/capital financing part of the business. We are very strongly backed by capitals due to her efforts.

Last but not least our IT team and their two core Members Bonnie and Owen are the ones who made us who we are today. They came and recruited the cream of the crop in IT, securities, and product design to give you the platform you all have come to love.

For more about the team, you can check out our LinkedIn profile.

“After signing up, what’s the user flow like for me as Bybit trader?”

First of all, we made sure signing up was as easy as possible; simply input your email/phone number and a password. All of it takes a few seconds, get a confirmation code, and you’re good to go.

After registering, you can start by depositing some ETH or BTC in your personal wallet on the exchange in the “Assets” section. Just click on the wallet you want to send your money to, copy the address, send it, and voila! It’s immediate on our end but may take a few minutes for the blockchain for the one confirmation necessary.

Once you’ve deposited some money into your account first be sure to collect your welcome bonus of $60 in BTC ($10 for registration and $50 for a 0.2 BTC initial deposit) and head up to the main page of the exchange to open a contract. We offer market, limit, and conditional orders for both long and short positions.

One thing that separates us from others is the simplicity and convenience we set up everything for you as you can set up your Take-Profit and Stop-Loss directly from the order confirmation window. You can also change them later at any time or place a Trailing Stop. Similarly, you can add margin, change your leverage, or close your position at any time with a market or limit order.

Once your position is opened you can survey, and even manage it on the Trading View chart with your position, TP, and SL being visible on the chart. Additionally, we have implemented all the indicators Trading View typically offers for your convenience.

Now we know you’re a great trader and surely made a killing so how about taking a bit of these hard-earned profits out?

Well to do so it’s quite simply you simply head back to the ”assets” section, click on the wallet you want to withdraw from and click on “withdraw”. After completing the FA process from Google authenticator you request will be processed.

We take security extremely seriously at Bybit and as such manually process withdrawal requests from our HD cold storage wallet three times a day ( 8, 16, and 00 UTC ). We do not charge any fee for withdrawing but the blockchain will, also please note that the minimum withdrawal amount on Bybit is 0.002 BTC / 0.02 ETH.

As we all know, the market never sleeps but you may not always have a computer on hand so we just released a new mobile website for you to trade directly on your phone. With it, you can do pretty much everything the desktop site has to offer while remaining on the go.

If you’re on your phone now, click here to check it out.

Time to switch to Bybit.

I am a Bybit affiliate since the early days. I trade on their platform and really dig the way they put themselves out there.

That being said, the links provided in this article are my personal referral links.

Thanks for reading,

Mr. Backwards