French legislation on digital assets is pushing some platforms to review how they work. As a result, Binance will soon suspend futures trading in France. Given that it is one of the most popular platforms currently on the market, what will become of its users? Given the situation, a platform appears to offer a quality service that can meet the expectations of users and traders from all over the world.
Futures: Hi bye Binance, welcome … Bybit!
The cryptocurrency industry is unstable and each day brings its share of surprises. While Binance tops the trading platforms, French legislation has put a damper on its activities in France. In fact, the Changpeng Zhao exchange will no longer be able to offer futures trading to French users as of August 2, 2022.
This news is far from encouraging for the platform’s many users. So what will happen to all investors currently trading on Binance? If CZ’s business ends its futures business due to legislation, Bybit stands as one of the alternative derivatives platforms.
Founded in 2018, Bybit is a cryptocurrency exchange platform that boasts over five million users. Since its market launch, it has tried to put the customer first through quality services.
Who is Bybit? Binance’s ideal competitor?
In this first category, Bybit stands out. As mentioned above, the trading platform is relatively young. In the four years of activity it has always made sure to keep the customer at the center of its activities. Ben ZhouBybit’s CEO immediately understood how to develop in the cryptocurrency markets and face the competition.
In partnership with many companies, the platform has climbed the steps to become the third largest cryptocurrency exchange in the world. Currently, it is behind Binance and OKX. In view of all these characteristics, there is no doubt that it will be able to replace Binance in futures trading.
Consequently, investors who will be deprived of derivatives after the suspension of the CZ company’s activities in France will find all the concrete products they need on Bybit. However, it is essential to know the resources that make it a reliable platform.
Why trade futures on Bybit?
The proliferation of trading platforms is making users more and more skeptical. What is the best exchange and how do you know it’s not a scam? While Bybit already stands out, you still need to know what you’re getting yourself into before signing up.
A complete interface and a solid system
Above all, investors are looking for a simple and easy-to-use platform. This is exactly what Bybit offers. Indeed, the exchange has a comprehensive interface suitable for professionals and beginners. With easy management, they will be able to trade more than 100 pairs on the spot and around 100 pairs in derivatives.
Furthermore, the platform is suitable for both institutional actors and professionals. It has great market depth, reducing the impact of transactions on prices.
Thanks to a powerful API, data is transmitted every 20 milliseconds. The platform has an ultra-efficient motor that protects the system from possible overloads.
A complete and constantly innovative trading offer
Innovation is the key to technological evolution. Consequently, we cannot evolve in an industry as complex as cryptocurrency without placing a special emphasis on innovation. With this in mind, Bybit has many trading offers.
Among others, the purchase of cryptocurrencies in fiat, derivatives, NFTs and Options. The platform also allows you toconstant tradingfrom springboardbut also of staking / earn. Remember that very few trading sites currently offer a full range of products.
Covering the entire value chain requires a lot of resources. In addition to the offers mentioned above, Bybit also offers features such as copy trading.
A safe and transparent platform
Any cryptocurrency investment requires transparency and security. Bybit understood this and hastened to strengthen its reliability. As a result, its notoriety around the world does not come out of nowhere. The exchange now benefits from the best security standards thanks to numerous procedures. For example, SSL technology is distinguished, which allows you to protect communications and avoid the risk of fraud.
To avoid any risk of cyber attack, the platform uses the multi-signature process. The latter allows you to protect cryptocurrencies during transactions from one wallet to another. Furthermore, Bybit keeps almost all cryptocurrencies in one cold wallet. By avoiding the use of active wallets, the platform makes sure to put a barrier to hacking.
A platform focused on its community
A company is nothing without a strong, efficient and active community. To promote its proximity to its customers, Bybit has taken several directions. Including numerous promotions and bonuses. But also competitions and commercial events, as well as an integrated voting system.
To be ever closer to its customers, the exchange has responsive customer service, available in different languages 7 days a week, 24 hours a day. Through BitDAO, Bybit empowers its holders to make decisions about future plans for the platform.
Differences between Bybit and other platforms
The growth of trade is confusing the cryptosphere. Indeed, investments that require trust and security, choosing the best trading site is a complex task. Therefore, to help you understand the difference between them, here is a comparison of the three most popular platforms for futures trading.
Bybit as well as other platforms are very popular and provide quality services. However, they have undeniable differences which are their strengths and weaknesses. For example, Bybit is not registered with the MFA, but this is not a problem for French users. Furthermore, the platform is regulated in other countries such as Australia.
Consequently, and unlike other platforms, Bybit offers its users the possibility to remain anonymous. The platform does not depend on the traditional KYC system with in particular the disclosure of the identity of the investors. It undertakes to guarantee the confidentiality of all its users. This option allows users to buy cryptocurrencies almost instantly as well as ensuring their anonymity.
The main difference between the platforms often lies in the amount of trading fees which are much lower on Bybit. Furthermore, the exchange not only works very well, but offers greater transparency and efficiency. This is because other platforms offer less liquidity on altcoin trading pairs.
How come ? Because the platforms are often controlled by big players market maker cryptocurrencies who do not hesitate to take a stand with users. Meanwhile, Bybit is associated with many market players who guarantee it make market.
Bybit also offers welcome bonuses and supports its community in French unlike other platforms. Furthermore, the functions of staking / earn are more prominent on Bybit and new pairs and cryptocurrencies are often available in advance.
Bybit is a platform whose reputation is second to none. Binance’s suspension of derivatives opens a door to the futures market in France. In consideration of all the assets available to the trading site, it is undeniable that Bybit is positioned as the appropriate alternative to the CZ site. Each user can now discover video content to train and understand how the platform works.
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The world is changing and adaptation is the best weapon to survive in this undulating universe. As the crypto community manager at the base, I am interested in anything directly or indirectly related to the blockchain and its derivatives. To share my experience and introduce a field that fascinates me, nothing better than writing informative articles and relax at the same time.