This article explains the advantages and disadvantages of safety when using the overseas virtual currency exchange Bybit. Hacking incidents frequently occur at major virtual currency exchanges. Even major virtual currency exchanges are in this situation, so some people may feel worried about Bybit as well. This is an article about Bybit’s security measures.
Virtual currency hacking incident
Incidents of virtual currency exchanges being hacked are occurring frequently all over the world. The most well-known hacking incidents involve virtual currency exchanges being hacked, but incidents in which personal wallets are targeted are also common. This is the case with phishing scams and malware. The patterns in which virtual currency exchanges were targeted were as follows. Also, perhaps because of this, the Japanese Financial Services Agency has tightened regulations, and an increasing number of exchanges are withdrawing from trading or banning the use of Japanese yen and Japanese people.
Mt.GOX
In 2014, about 850,000 BTC was leaked from Mt.GOX, the world’s largest cryptocurrency exchange at the time. It was criticized that assets were managed by a hot wallet and that this was exploited. Another problem was the lack of separate management of customer assets and company assets.
Coincheck
Coincheck, a cryptocurrency exchange, leaked all of NEM in 2018. This is also due to the same lax security as above, and assets are managed by hot wallets, which has been criticized considerably. The company has compensated the affected users.
Liquid
Liquid is a cryptocurrency exchange based in Singapore. This exchange had an incident in 2021 and was hacked into a hot wallet. BTC, ETH and even XRP have all been affected. After that, the company lost credibility and was acquired by FTX, a competitor.
Bybit Security
What countermeasures does Bybit take as many exchanges around the world are suffering from hacking? Bybit has the highest level of security and support compared to binance, so you can rest assured that the user service is complete. Even if you make a big profit, you are well protected by the system. The same goes for apps. We also accept legal currencies and bank account transfers.
Two-factor authentication
Many virtual currency exchanges also do it, but we have two-factor authentication. It is essential to protect your personal property. Two-factor authentication is also a very important setting for safely storing virtual currency at virtual currency exchanges.
cold wallet
A cold wallet is a wallet that is completely disconnected from the internet. Since virtual currency is stored completely offline, there is no risk of virtual currency theft due to unauthorized access. It’s the opposite of a hot wallet.
personal identification number
PIN is a security measure that is also introduced in other virtual currency exchanges. If you set your PIN with numbers and alphabets mixed with lowercase letters and uppercase letters, the security measures will be higher. In addition to login, Bybit can be set to require a password when trading cryptocurrencies.
multi-signature
We use multiple passwords to increase security. A technology that requires multiple passwords when logging in is called multisig. By using multi-signature, multiple people need to agree to send virtual currency.
SSL communication
SSL communication is an abbreviation for Secure Sockets Layer communication. It encrypts information on the Internet, and it is basically done on every website with the world standard security technology. A mechanism for encrypting exchanges (communications) between website visitors and websites.
Bybit measures and guarantees
Bybit actually takes the following security measures to ensure that your funds are safe. If you are a Japanese person, you do not have official permission from the Financial Services Agency and have received a warning, so users should be careful as the business may be banned or withdrawn in the future. However, it is recommended in terms of security compared to exchanges in Japan.
dual pricing
Bybit uses a dual pricing system to minimize deviations from fair prices and protect traders’ positions from forced liquidation due to market manipulation. The reason we do this is because the market price can deviate significantly from the spot price due to market manipulation. As a result, many people are forced to pay their debts.
fair trading environment
Fair prices on derivatives exchanges are set at prices that reflect real-time spot prices on other exchanges. This allows Bybit to create and provide a fair and fair trading environment to its users.
Withdrawal review
A common occurrence at virtual currency exchanges is incidents where funds are withdrawn by unknown users. Bybit only allows withdrawals at scheduled times every 8 hours. This is because withdrawal requests are reviewed manually. By doing this manually, we are taking measures to prevent withdrawals by anyone other than the user.
mutual insurance
Bybit has mutual insurance. This refers to the risk management of perpetual contracts in derivatives trading, and by using mutual insurance, losses in the event of severe price fluctuations are covered by compensation money. If you incur a loss from your position, you can receive compensation from this mutual insurance fund.
Start trading with Bybit
As stated on the official website, Bybit’s maximum leverage is over 100x, which is high leverage. The latest bonuses and campaigns are also abundant, and basic information can be registered using a phone number or email, and identity verification can be quickly completed with SNS authentication, so it is very easy and just like FX with one click. It is possible to trade. If you are concerned, please contact support for a new inquiry when you have time.
Regarding use by Japanese people
Currently, Japanese people are receiving a warning from the Financial Services Agency regarding their use, but it is not illegal. Even if you withdraw, there is no penalty if you use it directly at your own risk. The functions and handling details in the Japanese market are the same as in other countries, so even Japanese people are not regulated and can use it without any problems. It’s a popular exchange, so let’s use it.
Supports various methods of remittance
We accept not only virtual currencies such as Bitcoin and USDT, but also some credit cards and P2P. Virtual currency remittances can be made by scanning a QR code. The trading tool is compatible with MT4, so it is very convenient. The level of loss cut is high, so there is a high degree of freedom. There are no restrictions on financial products, and you can trade major stocks such as Ethereum and Bitcoin, so check it out. It is easy to use, depending on the purpose, so even first-time users will find it easy to use.
Many trading methods available
There are a variety of trading methods available, including spot trading and futures trading. Trading is possible 24 hours a day, 365 days a year. Spreads are also relatively narrow. The servers are stable and never stop. The service is more complete than Binance, mexc, and bitget.
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