French legislation on digital assets is pushing some platforms to review their operation. 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 seems to offer a quality service that can meet the expectations of users and traders around the world.
Futures: Bye bye Binance, welcome… Bybit!
The cryptocurrency sector is unstable and brings its share of surprises every day. While Binance sits at the top of the exchange platforms, French legislation has put a brake on its activities in France. Indeed, the Changpeng Zhao exchange will no longer be able to offer futures trading to French users from August 2, 2022.
This news is far from encouraging for the many users of the platform. So what will happen to all the investors currently operating on Binance? If CZ’s business terminates its futures business due to legislation, Bybit stands as one of the alternative derivatives platforms.
Established in 2018, Bybit is a crypto exchange platform that boasts over five million users. Since its market launch, it has strived to put the customer first through quality services.
Who is Bybit? Binance’s ideal competitor?
In this first category Bybit stands out. As mentioned earlier, the trading platform is relatively young. In the four years it has been operating, it has always made sure to keep the customer at the heart of its activities. Ben Zhouthe CEO of Bybit quickly understood how to develop in the crypto markets and face the competition.
In partnership with many companies, the platform has climbed the steps to become the third largest crypto exchange in the world. Currently, it ranks 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.
As a result, investors who will be deprived of derivatives after the suspension of the activities of CZ’s company in France will find all the factual products they need on Bybit. Nevertheless, it is essential to know the assets that make it a reliable platform.
Why trade futures on Bybit?
The proliferation of trading platforms is making users increasingly skeptical. What is the best exchange and how do you know it’s not a scam? Although Bybit already stands out, it is still necessary to know what you are getting 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 complete interface suitable for professionals and novices. With an easy handling, they will be able to trade on more than 100 pairs in spot and around 100 pairs in derivatives.
In addition, the platform is suitable for both institutional players 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 engine that protects the system from possible overloads.
A complete and constantly innovating trading offer
Innovation is the key to technological evolution. As a result, we cannot evolve in a sector as complex as that of cryptocurrencies without placing a particular emphasis on innovation. With this in mind, Bybit has many trading offers.
Among others, the purchase of cryptos in fiat, derivatives, NFTs and Options. The platform also makes it possible toeverage tradingfrom launch padbut also of staking/earn. Remember that currently, very few trading sites offer a full range of products.
Covering the entire value chain is resource-intensive. In addition to the above-mentioned offers, Bybit also offers features such as copy trading.
A secure and transparent platform
Any crypto investment requires transparency and security. Bybit understood this and was quick to strengthen its reliability. As a result, its notoriety throughout the world does not come from nowhere. The exchange now benefits from the best security standards thanks to numerous procedures. One distinguishes for example, the SSL technology which makes it possible to secure the communications and to avoid the risks of scam.
To avoid any risk of cyber attack, the platform uses the multi-signature process. The latter makes it possible to protect cryptos during transactions from one wallet to another. In addition, 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 business is nothing without a strong, efficient and active community. To promote its proximity to its customers, Bybit has taken several directions. Among which, numerous promotions and bonuses. But also, competitions and trading events, as well as an integrated voting system.
To be always closer to its customers, the exchange has a reactive customer service, available in several 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 exchanges is confusing the cryptosphere. Indeed, investment requiring trust and security, choosing the best trading site is a complex task. Therefore, to help you tell the difference between them, here is a comparison of the three most popular platforms for trading futures.
Bybit as well as other platforms are very popular and provide quality services. However, they have undeniable differences which are their strength and their weakness. For example, Bybit is not registered with the AMF, but this is not a problem for French users. Moreover, the platform is regulated in other countries such as Australia.
As a result, and unlike other platforms, Bybit offers its users the possibility of remaining anonymous. The platform does not depend on the traditional KYC system with in particular the disclosure of the identity of investors. It campaigns to ensure confidentiality for all of its users. This option allows users to buy cryptos almost instantly in addition to guaranteeing their anonymity.
The major difference between the platforms often lies in the amount of trading fees which are much lower on Bybit. Moreover, the exchange not only performs very well, but offers more transparency and efficiency. This is because other platforms offer less liquidity on altcoin trading pairs.
Why ? Because the platforms are often controlled by large market-makers crypto who do not hesitate to take positions against users. Meanwhile, Bybit is associated with many market players who ensure its market-making.
Bybit also offers welcome bonuses and has support for its community in French unlike other platforms. Additionally, the functions of staking/earn are more important at Bybit and new pairs and cryptos are often available in advance.
Bybit is a platform whose reputation is second to none. The suspension of derivatives by Binance opens a door to the futures market in France. In view 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 in order 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 a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. In order to share my experience and make known a field that fascinates me, nothing better than writing informative and relaxed articles at the same time.