Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with Bybit 29 September, 2022. This guest star,
1. Abhyudoy Das — Country Manager & Senior Communications, Bybit
2. MS — Senior Ambassador, Bybit India
Bybit is a cryptocurrency exchange established in March 2018 to offer a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support.
The company provides innovative online spot and derivatives trading services, mining and staking products, as well as API support, to retail and institutional clients around the world, and strives to be the most reliable exchange for the emerging digital asset class.
Bybit’s founder and CEO, Ben Zhou, was formerly from XM, one of the world’s largest forex and CFD trading brokerage firms. The company comprises professionals from investment banks, tech firms, the forex industry, and early adopters of blockchain.
The development team includes talents from Morgan Stanley, Baidu, Alibaba, and Tencent.
Our core values define us. We listen, care, and improve to create a faster, fairer, and more humane trading environment for our users.
As of today, Bybit is one of the most trusted, reliable and transparent cryptocurrency derivatives platforms in the space.
Please sign up today and experience a whole new world of trading if you are still new to Bybit: https://www.bybit.com/en-US/register
Enjoy Zero trading fees: https://www.bybit.com/en-us/promo/global/zero-fees-spot/
Please check our recent promotional offers exclusively for our users:
A) Register and Earn: https://www.bybit.com/en-us/promo/global/register-and-earn/
Why people should use Bybit rather than other exchanges ?
For derivatives and spot, we charge the least of any other exchange. We also don’t currently charge any fees in spot. Additionally, even a novice trader can understand the UI thanks to its excellent design. And compared to other exchanges, our inverse perpetual market has the highest liquidity. Also, the exchange will continue to operate normally even if there is a sudden volatility in the market, but at the same time, other exchanges do experience downtime. In addition, we introduced the USDC options, which are among the first in the market and are settled in USDC.And apart from this we have lot of promo for our users which is not common between other exchanges.
What’s the planning for Bybit India and it’s goal ?
Bybit India is deeply focussed to listen, care and improve just like our vision.
We want to understand the problem users face and how exactly we can solve those issues. We want to educate all the new and existing users properly and make the process smooth to enter and live through the best trading experience.
We want to make sure we create a comfort zone for all types of traders, be they newbie or advanced traders. We also want to support them with the best possible rewards so that they don’t find it tough.
As our goal for India, we want to be the leader to help India get 500 million+ crypto traders in the long term and in the short term, we want to make 5 million_ pro crypto traders who knows all do and don’t of crypto trading and confident in utilizing all advanced features to get maximum return.
Also you may have noticed that we organize events all the time at our local Indian communities in Telegram, Twitter and Instagram.
Join the communities to learn and earn regularly:
Can you tell us about Bybit India community and how it help users ?
Bybit India primarily focuses on raising awareness among cryptocurrency enthusiasts in India and offering them reliable information and guidance, as opposed to hiring more marketing staff.
You already know and probably agree with the fact that Rs 100 won’t make you a millionaire if you work in the cryptocurrency industry. Instead, you could use your time to earn more money, receive sincere rewards from a community and exchange that value your input, learn more, and then put all of these advantages — rewards, knowledge, and confidence — to work for you as you earn more money, ultimately moving you closer to financial independence. No guarantee exists, but all of these could increase your chances of success. By providing you with the road through Bybit, one of the top exchanges worldwide, we hope to serve as this stair at Bybit India.
Bybit is incredibly supportive of the Indian community, and we want to help it develop. Events, training sessions, and offers are all being planned as support. We sincerely desire to use time for more things.
For example, each week we have events like Quiz which makes you learn more while earning up to 50$ bonus. We also have weekly Price prediction and Weekly News to keep the community up to date with the latest news and hot trends in crypto. You can also learn to prepare your own trading chart, learn to decide your own trading strategy etc. while getting rewards.
Apart from it, we have a popular BYOB Campaign- where you can invite your friends to join our Telegram group and social media to earn up to Rs 80,000 or win iPhone 13, One Plus and many more.
These are just our community event examples, we have the world’s largest trading competition WSOT to win $8,000,000 prize pool and countless others.
To learn more and earn more, there are many more events like this daily in the community. Let’s join @bybitindian today.
Tell us about Bybit Launchpad, Copy Trading and Bybit NFT Marketplace ?
Sure, these 3 are under our key offerings hence we would love to discuss more about it.
Bybit Launchpad is a token launch platform that allows Bybit users to have early access to new and pre-listed tokens from promising projects. Users can contribute a certain quantity of BIT/USDT to each new initiative in exchange for new tokens.
We always try to bring the best quality projects to the users. Please learn more from here: https://learn.bybit.com/bybit-earn/what-is-bybit-launchpad/
Bybit Copy Trading:
Bybit is the overall best crypto copy trading platform for one simple reason: It makes crypto copy trading easy. With Bybit, you can easily find traders to copy, automatically open and close the same trades they execute, and watch your crypto balance grow — all on one single, easy-to-use platform.
Principal traders can allow others to copy their strategies and trades via the Bybit platform to profit from their work. In return, they receive 10 percent of the profits earned by each follower.
Unlike many crypto trading platforms, Bybit brings experienced principal traders and new traders together to create a win-win crypto trading experience for everyone.
Currently, Bybit supports up to 15 different trading pairs, including BIT/USDT, ETH/USDT, XRP/USDT, and several other highly liquid pairs.
This means volume and trade execution is rarely a problem, which isn’t always the case with other platforms not found on this list of the best crypto copy trading platforms.
After selecting a principal trader to copy, you simply set the parameters (such as your preferred leverage) for your copy orders. Then, all new copy trades will automatically be initiated via a market order, according to those parameters, immediately after being placed by your chosen principal trader.
Bybit NFT Marketplace:
Bybit NFT Marketplace is your one-stop destination to mint, purchase and bid on NFTs.
Users and participants receive early access to cutting-edge NFT collections from creators, including exclusive projects which Bybit supports.
Bybit NFT Marketplace currently supports only the Ethereum (ETH) blockchain for minting NFTs, while Solana (SOL) blockchain NFTs can be listed and traded on the platform after being minted. Self-minting of NFTs on Bybit NFT is not currently supported. All NFTs traded on Bybit NFT Marketplace are minted via the Ethereum blockchain.
The checkout process is seamless and straightforward. Simply make payments using the token in which the NFT is priced, including ETH, USDT and BIT.
Please note that Bybit NFT Marketplace currently only supports images and videos.
Each NFT on Bybit NFT Marketplace is priced only with one token. For example, if an NFT uses the BitDAO (BIT) token as its pricing unit, you cannot use other tokens — such as USDT or ETH — for trade with that NFT.
Bybit NFT Mystery Boxes come at a fixed price. Each Mystery Box contains a unique, randomly selected NFT, which comes in four different rarity levels: N (Normal), R (Rare), SR (Super Rare) and SSR (Super Super Rare).The purchased Mystery Box can be opened at any time, or traded unopened in the marketplace.
Bybit claims that on your platform we can trade your pairs for 0 cash for 0 fees at the moment. But will this be permanent, or do you expect to change the fees for this type of transactions on your platform in the future? Will you always maintain competitive rates?
Thanks for asking this,Yes, you are correct. In contrast to competing exchanges, we are offering 0% fees as of September 6 on all pairings. We haven’t yet decided when this unique event will expire, so it will continue to be accessible. In order to ensure that our users are satisfied with the platform, we are also keeping low fee rates. For spot, we offer zero costs for all possible pairs, and for derivatives, we charge 0.01 for makers and 0.06 for takers.
I see lately Bybit is launching India focused operations now? Why choose India for your focus on a bad market now? What role does Bybit team play in this scenario to break adoption barriers and lure new regions with they trading platform?
Yes, Bybit is really supportive to the India community and we intend to support and grow the community. We are organizing events, learning sessions and offers to support it. We deeply wish to do more with time.
Being from the crypto industry, you already probably understand and agree that Rs 100 is not gonna make you a millionaire. Rather than that, you could utilize your time to make more money, receive genuine rewards from a supportive exchange and community, gain knowledge and apply all these rewards, knowledge and confidence to make more money which will probably lead you towards your financial freedom.
We want to be this stair at Bybit India while providing you the road through Bybit, one of the leading exchanges worldwide.
Does Bybit have any rewards when traders buy or sell on your platform? Does Bybit also give out rewards when traders refer other users to use your platform? Or Bybit has some special events that reward traders/communities for completing tasks on your platform?
A)Yes, we do have a lot of promotional offers for our users. Right now, we are hosting an ETH trading event with a $1.1 million prize pool (https://d.adx.io/go/2GuAw5jn). We also regularly host trading to earn events that allow users to make money while trading.
👉For more details please visit our announcement centre- https://announcements.bybit.com/en-US/
B)Yes, we also offer our users different types of referral programmes. We have two referral programmes for our users: one is an affiliate programme that allows users to earn up to 25% of their Referee’s trading fees, and the other is a regular referral programme that allows users to earn up to 40 USD in bonuses and 430 USD in cashback.
👉Visit this page for more information: https://www.bybit.com/en-US/referral
C)We have that one as well. We recently launched a scratch-to-earn event for our users that enables users to earn rewards by successfully completing specific tasks and has a $1 million prize pool.
👉Please visit- https://d.adx.io/go/A6A58FsQ for more information
What do security, privacy and risk management mean for Bybit? In what ways do you better serve and care for your users? What are the main products that have been launched that are not on other exchanges?
Bybit always tries its best to protect users’ accounts from hacker’s attacks and other security issues.
However phishing attacks and all are common hence we advise users to follow these basic rules:
1. Use strong, unique passwords. It’s highly recommended to use a password that’s at least eight characters long, containing at least one uppercase letter, one lowercase letter, one special character, and one number. We also strongly discourage reusing passwords previously utilized for other websites.
2. Use MFA authentication to have an extra layer of protection for your account.
3. Set a passcode on your device to decrease the likelihood of malicious actors obtaining your valuable information.
4. Use secure Wi-Fi. Public Wi-Fi can be risky, as cybercriminals often eavesdrop on your browsing to sniff out sensitive information such as usernames, passwords and phone numbers.
5. Regularly install, maintain, and update your antivirus software.
6. Never install unknown apps/software.
7. Do not reveal your personal and sensitive information.
8. Distrust everything. Look out for potential social engineering attacks.
9. Be extra careful when clicking on links or attachments from suspicious senders.
We also have a Bybit Learn page with plenty of articles, security guides, and information on trading cryptocurrency. Please join our India community to stay updated.
Bybit has recently launched First-in-Market USDC-Margined $ETH & $SOL Options.
Please checkout here:
I know that Bybit has a great, important copytrading feature, why is Bybit’s copytrading feature the best option especially for new traders? Can you give us more details about it and how suitable it is for beginners? How will Bybit help them avoid making the same mistakes?
Our copy trading platform, which we recently launched for our users, is currently being used by more than 2,00,000 users. I’m confident that it is the best copy trading platform available on the market today, benefiting both principal traders and copy traders. I’ll now describe how it benefits traders.
A)Copy trading lets you closely see what other investors are doing, so you get a lot of insight into how the crypto market works.
B)Using another investor’s ideas makes your portfolio more diverse. Instead of sticking to strategies you personally use, copy trading lets you try out other people’s tactics
C)The fees associated with copy trading can be cheaper than paying an investor to manage your crypto trades for you
D)You can use the metrics on copy trading sites to quickly and clearly identify traders with winning strategies
E)Copy trading lets you free up your time for other matters while the software does the work for you
F)Since you’re following expert traders, you can make informed trades without having to do all the research and learn about the cryptos yourself
Is your platform suitable for crypto beginners? Or does it only limited for professional users??
Yes Bybit is extremely beginner friendly for its simple yet smart UI and minimum entry threshold.
Besides we have many learn and earn activities,healthy community and best in class learning platform:
learn.bybit.com where you can find materials from beginner to advanced level.
Do you allow suggestions and FEEDBACK from the community? Are we allowed in decision making, do you put community into consideration ?
Yes of course, feedback is the most important thing when it comes to development. At Bybit we listen, care and improve.
In fact we have a specific event where you can share your valuable feedback and get rewarded each week.
Bybit Exchange Has an Interesting Feature that is “ByFi center which is said to be a Cloud mining gateway”. So can you tell us how this feature works on your platform? How is Cloud Mining implemented at Bybit?
Thats a really good question,
Bybit ByFi center its not just about Cloud mining but verious product of crypto which gives users more choices on their investment and trading.
ByFi provides users with the following services:
-Dual Asset Mining
To know more in details about Bybit ByFi, check out this well explained article about it: https://blockgeeks.com/guides/byfi-flexible-staking/
can you please tell more about lauchpool system of bybit and how is it different from launchpad system
Bybit Launchpool provides a free way to stake and earn tokens. You can unstake your tokens at any moment, and the amount of tokens you receive is proportional to the number of tokens you stake in the pool.
👉New Launch pool -https://t.me/BybitIndian/839590
Bybit Launchpad is a token launch platform that allows Bybit users to have early access to new and pre-listed tokens from promising projects. Users can contribute a certain quantity of BIT to each new initiative in exchange for new token
👉New Launch Pad-https://t.me/BybitIndian/839501
Bybit is growing so fast. My question is do you have any Ambassador program for the local communities. If so then how we can apply?
Yes, we have ambassador programmes as well to help the locals. Ambassadors speak for the nation’s crypto community and have the power to influence culture, make a difference, and be a reliable source of information. Ambassadors will receive salary, bonuses, and other benefits.
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about Bybit.
Join our Telegram Group and you can talk directly with other Communities and enjoy some of the events that we created. We are always here to support.