French legislation on digital assets is pushing some platforms to review their operations. As a result, Binance will soon suspend futures trading in France. Considering that it is one of the most popular platforms currently on the market, what will become of its users? Considering 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 volatile 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. In fact, 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 ends 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 launch in the market, it has endeavored to put the customer first through quality service.
Who is Bybit? Binance’s ideal competitor?
In this first category, Bybit stands out. As previously mentioned, the trading platform is relatively young. In the four years it has been in operation, it has always made sure to keep the customer at the center of its activities. Ben Zhouthe CEO of Bybit quickly understood how to develop in the crypto markets and meet the competition.
Working with many companies, the platform has climbed the ranks 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 following the suspension of the activities of CZ’s business in France will find all the factual products they need on Bybit. Nevertheless, it is important to know the assets that make it a reliable platform.
Why trade futures on Bybit?
The proliferation of trading platforms makes users more and more skeptical. What is the best exchange and how do you know it’s not a scam? Although Bybit already stands out, it’s still necessary to know what you’re 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. In fact, the exchange has a complete interface that is suitable for professionals and beginners. With an easy handling, they will be able to trade more than 100 pairs in spot and about 100 pairs in derivatives.
In addition, the platform is suitable for both institutional actors and professionals. It has great market depth, which reduces 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 against possible overloads.
A complete and constantly innovative trade offer
Innovation is the key to technological development. As a result, we cannot develop in a sector as complex as cryptocurrency without paying particular attention to innovation. With this in mind, Bybit has many trade offers.
Among other things, buying cryptos in fiat, derivatives, NFTs and Options. The platform also makes it possible toeternal tradefrom launch padbut also of bet/earn. Remember that at the moment very few trading sites offer a complete range of products.
It is resource-intensive to cover the entire value chain. In addition to the above offer, Bybit also offers functions such as copy trade.
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 infamous world doesn’t come from nowhere. The exchange now benefits from the best security standards thanks to several procedures. One distinguishes e.g. The SSL technology, which makes it possible to secure the communication and avoid risks of fraud.
To avoid any risk of cyber attacks, 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 holds 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 with a focus on its community
A company is nothing without a strong, efficient and active community. In order to promote its proximity to its customers, Bybit has taken several directions. Including numerous campaigns and bonuses. But also competitions and trade events as well as an integrated voting system.
To always be 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. In fact, investment that requires trust and security, choosing the best trading venue is a complex task. Therefore, to help you differentiate between them, here is a comparison of the three most popular futures trading platforms.
Bybit as well as other platforms are very popular and provide quality services. But 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. Furthermore, the platform is regulated in other countries such as Australia.
As a result, and unlike other platforms, Bybit offers its users the option to remain anonymous. The platform does not rely on the traditional KYC system, with particular disclosure of investors’ identities. It campaigns to ensure privacy for all its users. This option allows users to buy cryptos almost instantly in addition to guaranteeing their anonymity.
The main difference between the platforms often lies in the amount of trading fees, which are much lower on Bybit. Moreover, the exchange not only works 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 that does not hesitate to take a stand against users. Meanwhile, Bybit is connected with many market players that secure its market creation.
Bybit also offers welcome bonuses and has support for its community in French unlike other platforms. In addition, the functions of bet/earn is 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 light of all the assets available to the trading side, it is undeniable that Bybit is positioned as the suitable 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 surging universe. As a crypto community manager at the base, I am interested in everything directly or indirectly related to blockchain and its derivatives. To share my experience and draw attention to a field that fascinates me, there is nothing better than writing informative and casual articles at the same time.