AMA Recap — Bybit

The session of AMA ( Ask Me Anything ) with Bybit was conducted on 28 Sept 2022 at 4 PM IST (10:30 AM UTC) and lasted for 1 hour.

ADMIN ROUND

Abhyudoy Das & MS from Bybit have joined us for this AMA session.

Jonty|Host
Please introduce yourselves to our community?

AD Bybit
I am AD, Country Manager, and Senior Communications at Bybit. I have been in the cryptocurrency industry for the last 6 years and really happy to connect with like-minded communities and start-ups to take the cryptocurrency mass adoption ahead worldwide.
I am with Bybit as it is always user-friendly and values its motto “Listen, care and improve”, here we consider users as our biggest contributors and value their opinion always. Please feel free to join us in this journey and make a difference together.
Happy to get connected to all of you today and discuss some interesting stuff together. Last but not the least, Thanks again for inviting us here.
@MS_Bybit is our senior ambassador. @MS_Bybit all yours…

MS_Bybit
I am BTC maximalist and crypto enthusiast and started in the crypto space in 2016. I have joined bybit since 2019 and it’s been a pleasure to associate with the community and talk with like-minded people. Looking forward to this AMA :)

Jonty|Host
Can you please tell us more about Bybit?

AD Bybit
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. We are also the world’s third most visited exchange at this moment. Please sign up today and experience a whole nee 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/
B) https://www.bybit.com/en-US/vip-program/

Jonty|Host
Why people should use Bybit rather than other exchanges?

MS_Bybit
Nice question! especially in such competition, Bybit stands out with the following pros:
Bybit has the lowest fees than other exchanges for derivatives and spot And right now we charge zero fees.
The UI is designed in such a way that even a newbie trader can understand.
The exchange will work fine even if there’s a sudden Pump/Dump in the market but at the same time, other exchanges do face downtime.
Besides Bybit is best known for its bonuses 🤑

Jonty|Host
What’s the planning for Bybit India and it’s goal?

AD Bybit
Bybit India is deeply focused 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 newbies 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 help in getting 5 million_ pro crypto traders who know 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 in our local Indian communities on Telegram, Twitter, and Instagram.
Please join the communities to learn and earn regularly.
A) Twitter: https://mobile.twitter.com/bybit_india
B) Instagram: https://www.instagram.com/bybit.india/
C) Telegram: https://t.me/BybitIndian

Jonty|Host
Can you tell us about Bybit India community and how it help users?

MS_Bybit
Basically, Bybit India is about spreading awareness and providing genuine information/ guidance to cryptocurrency enthusiasts of India rather than spreading marketing staff.
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.
Bybit is really supportive of the Indian 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.
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 an $8,000,000 prize pool and countless others.

Jonty|Host
Tell us about Bybit Launchpad, Copy Trading and Bybit NFT Marketplace ?

AD Bybit
These 3 are under our key product offerings ❤️ Thanks a lot for asking
So 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 here: https://learn.bybit.com/bybit-earn/what-is-bybit-launchpad/
List of all our launchpads: https://www.bybit.com/en-US/trade/spot/m/launchpad/list
Please participate in the By votes as here you are the boss to decide which projects should get lusted. but not stop there as for making a right choice, you get to win from the amazing token pool that we have for winning projects ❤️
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.
If you feel you are a pro trader, you can always apply to be a principal trader and earn from the profits from your followers
if you want to earn more and feel you are still learning how to make the best trading strategies, you can follow our principal traders, choose the best one as statistics will be there for you and earn by following their trading strategies. overall we are making it really simple for you.
At Bybit NFT Marketplace, you can 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
You can buy, sell and trade their favorite NFTs — such as digital art and collectibles, including GameFi and metaverse NFTs. 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.
We try to bring premium NFT projects for you so we hope you may love our NFT marketplace offerings, please feel free to check out once, and yeah please don’t forget to grab our NFT drops from time to time, it's always good to get free premium NFT’s right? ❤️

TWITTER ROUND

Is it mandatory for #Bybit users to undergo KYC ?Do you have a policy like a limitation of withdrawal amount to non — KYC compliant customers which top exchanges like Binance offers to their community ? What are the withdrawal limits for KYC not completed and KYC completed?

AD Bybit
KYC isn’t necessary for Bybit users (except KR and RU users) at this moment. However, KYC at Bybit is really easy.
Bybit has partnered with Sumsub — an all-in-one verification platform designed to catch fraudsters and aid businesses in meeting compliance regulations worldwide. Together, we created a sliding scale of KYC clearances. Users can withdraw up to two bitcoin (BTC) without any verification, and larger withdrawals are possible after completing KYC levels 1 and 2.
The first level of verification — ID verification, and a biometric liveness check — opens up KYC level 1, which allows users to withdraw up to 50 BTC. If clients require more, we have KYC level 2, which involves a proof of address (PoA) check to ensure Bybit is compliant with countries that have chosen not to participate in the crypto industry for now.
Level 1 verification usually only takes a minute to complete, with the vast majority of users passing the first time. This step allows us to detect 99% of forgery attempts and enables us to better protect our platform.
Please pay attention to these facts: A trader must be KYC-verified before they’re able to participate in Bybit Earn projects such as Launchpad and Launchpool. KYC verification is also necessary to attain higher BTC withdrawal thresholds of up to 100 BTC per day (the counter resets every day at 00:00 UTC). Without it, traders can only withdraw up to 2 BTC per day. On Bybit, the KYC process can take up to 48 hours, due to the complexity of information verification.
Please note that Bybit always comes under the top crypto exchanges where KYC is not mandatory. Apart from being one of the most innovative derivative exchanges, its one of our key advantage too
Unfortunately, we can’t do that in very few countries due to the regulation, Bybit always follow the regulations set and comply with that :)

Bybit appears to have a VIP programme for its users. Can you tell about the benefits tor being a VIP user on your platform? Finally, how do we become credited VIP user on Bybit? Is it necessary for us to deposit certain amount of money on your platform?

AD Bybit
we just made the VIP benefits much easier than before, probably we love to consider more of you as VIP :D
As you all know, The Bybit VIP Program is a premium service experience that rewards avid, high-volume derivatives and spot traders. With multiple VIP levels that vary depending on your overall trading volume, Bybit will help boost your profits with our array of exclusive perks. Thanks to the dedicated Bybit VIP ambassador, you’ll also be invited to enjoy private product launches and events specially designed for VIP traders.

VIP benefits:
1. A dedicated VIP Ambassador who provides personalized assistance
2. Priority access to Bybit customer support live chat for emergencies and technical difficulties
3. Welcome gifts when you join the VIP program
4. Curated industry reports from our in-house experts for the latest insights
5. Discounted trading fee rates with maker fees as low as 0%, and taker fees as little as 0.02%
6. Early access and one-on-one private walk-throughs for Bybit’s new product launches
7. Exclusive firsthand invites to special events and campaigns like Bybit Express VIP and VIP Legends Tournament
To be VIP level 1, you need to fulfill any of these: A) Hold $50000 USD or more B) 50000 or more BIT token C) Trading volume over 10 million

Learn more about complete VIP program eligibility criteria across all levels here: https://www.bybit.com/en-US/vip-program/
Please become Bybit VIP today and connect with us
we are designing even more benefits at community level ❤️

How strict is Bybit with the projects your list? Do you take it lightly and accept any requests? Or do you do a proper investigation of a project? Can we trust the project that are listed on your platform?

AD Bybit
Happy that you asked this
Bybit does not charge anything from the projects to get listed, hence it's not a paid listing. We get interested in projects to get listed, we have a series of screening processes after which it gets selected. Bybit is always committed to protecting its investors in launchpad or other listings. However, as you know, all sort of crypto trading comes with risk and profit, so we advise users to do their own research before making an investment decision. Also, you can always approach us to list your favorite tokens, we will definitely take a look.
You may also look at our By votes where competitive projects participate to win based on user votes and get listed as the winner. Learn more about By votes here: https://www.bybit.com/en-US/trade/spot/vote-m-home/
Please note that, its not like we don’t want to list all projects. But at Bybit we feel, we have set some screening criteria which may not be fit for all projects at the current time
in that scenario, we stay in touch with them and when they make progress, we make sure they get listed, so overall it's a balanced act we try to maintain so that we can ensure our users are getting access to successful projects and at the same time we follow our passion to support the crypto project adoption worldwide

Give me 2 reasons to trust Bybit, Exchanges harm the performance of the users when making exchanges,. What is your opinion about it? According to you what should a beginner in Crypto should know and be clear about how to start trading?

MS_Bybit
As mentioned above,
Bybit has the lowest fees than other exchanges for derivatives and spot And right now we charge zero fees.
The UI is designed in such a way that even a newbie trader can understand.
The exchange will work fine even if there’s a sudden Pump/Dump in the market but at the same time, other exchanges do face downtime.
For the learning segment, at learn.bybit.com we give you the power to level up your crypto knowledge & trade like a pro. From beginner to advanced crypto trading guides and courses, we’ve got you covered daily and when it matters the most.

Bybit is CEX, however most new launched centralized exchanges have some common problem which include, low volume, low level of liquidity and poor user experience. What has Bybit done about these problems? How does Bybit plan to solve the listed problems?

MS_Bybit
Yes, that seems to be the issue with newly launched Cexs but Bybit has been in the game since 2018 and thus it is a tried and trusted platform and choice of more than 10 million users.
Bybit is one of the top 5 most popular and reliable platforms with great volumes and deep liquidity.
Bybit listens cares and improves with 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.

COMMUNITY ROUND

RUMAN
Do you consider community feedback/requests during the creation process to expand on new ideas for your project? Many projects fail because they do not understand the target audience and customers. So I want to know who is the ideal consumer for your product?

MS_Bybit
Of course, at Bybit we listen, care, and improve.
Feedback Plays an important part in the growth.
In fact, we have a specific event where you can share your valuable feedback and get rewarded each week :)

Nani_C4
What is your top 3 things for priorities in 2022? Could you share some plans for the UPCOMING year?

AD Bybit
1. Help 50 million+ crypto traders globally
2. Be the most user-friendly crypto exchange
3. Offer rewards and the best innovative products for our users

FccccFcccc
Is your platform suitable for Crypto beginners? Or is it only appealing to professional users?

AD Bybit
We are for all. If you are new, get started with our exciting rewards program, Community events, by-votes, safe staking, copy trading, etc.
if you are a pro, use our most advanced products for derivative trading, etc.
we have an open door for all ❤️

Tamekia White
PARTNERS are the most important that strengthen the ecosystems of all projects. Could you tell us about your project partners and the partnership strategy it has adopted?

AD Bybit
A) Being a crypto exchange firstly, Bybit has over 100 crypto tokens listed and over 300 spot trading pairs, including major coins like BTC, ETH, BIT, SOL, APE, DYDX, LTC, DOGE, AVAX, MATIC, DOT, and more.
B) Bybit is having Grid bot and DCA bot
C) Bybit is partnered with a lot of crypto tax tools integrated to make your tax process easy
D) 500+ top Influencer partners across 80+ countries
E)Bybit partners with UNICEF to empower girls’ education in East Asia and the Pacific
F)partnership with SignalPlus, a leading enterprise technology company offering options trading for digital and crypto assets, to provide a next-level trading experience for Bybit users.
G) Proud partner of Oracle red bull F1 racing

Sonic
Is your project a community only for English speaking an countries or for users not of other languages?

MS_Bybit
We have multilingual communities at Bybit
Even in the Indian community, we try to understand and help users in languages spoken over all of India.

The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guests Abhyudoy Das and MS from Bybit. AMA Concluded at 5 pm IST.

About us!

CryptoPlayers is one of the oldest & largest crypto communities in India since early 2017. We are a group of 29000+ telegram members and growing.

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Crypto Players India

Crypto Players India

CryptoPlayers is one of the oldest & largest crypto communities in India since early 2017.