ByBit is the best alternative to Binance for Nigerians

According to a 2023 report, Nigeria has the largest number of crypto users in the world. At least 35% of Nigerian youth are actively involved in the industry, buying and selling Binance coin(BNB), Bitcoin, and other cryptocurrencies. 

That’s why when the Federal Government of Nigeria banned Binance operations in March, it sent shockwaves through the crypto industry. However, after grieving over the decision, Nigerians now seek viable alternatives that can provide similar accessibility, liquidity, and profitability. 

After some findings, it’s discovered that ByBit might be the perfect Binance alternative. This article contains everything you should know about ByBit and why it’s the perfect Binance replacement.

Note: You can join Bybit and stand a chance to get a $5000 bonus.

What is ByBit?

ByBit is a cryptocurrency derivatives exchange that offers diverse trading products, including perpetual contracts, futures, and other cryptocurrencies. Founded in 2018, it provides a secure marketplace to trade Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies at low charges. 

Why ByBit is the best alternative to Binance for Nigerians 

Though ByBit isn’t as popular as Binance, it has several edges over other crypto trading platforms. Below are some reasons crypto experts tipped ByBit to be the next big thing in the industry:

1. Regulatory compliance

ByBit is a regulated exchange supported by the Nigerian government. Unlike Binance, the Nigerian government hasn’t detected any issues or irregularities concerning the currency. Hence, investors are confident ByBit won’t leave the country anytime soon.  

2. Security and transparency 

ByBit prioritises security and ensures maximum protection of users’ data, funds, and investments. It put in place various measures and features to ensure no one violates the trading policies. Some of these features include:

• Dual Wallet Mechanism: As part of its desire to safeguard funds, ByBit adopted a dual wallet mechanism called cold and hot wallets. It stores most of users’ funds in cold wallets where the internet and online hackers can’t access them. 
  
  A small percentage is stored in hot wallets where users can easily access them for real-time transactions and immediate withdrawal. With this risk management approach, users won’t lose much money even if the hot wallet is compromised. 
• Two-Factor Authentication (2FA): Here is another measure adopted by the platform to tighten security within its marketplace. This feature helps investors add an extra layer of security through a secondary mobile device. Hence, no one can access your ByBit account without the second verification code, even if they know your password. 
• Withdrawal Whitelist: This feature boosts transparency within the ecosystem because users can only withdraw funds to pre-approved addresses. The withdrawal whitelist prevents unauthorised and illegal withdrawals that could affect the platform’s reputation. 
  
  Here is a fun fact about ByBit: the platform has the second-largest trading volume in the world and this shows how much traders trust the platform.

3. Accessibility and adaptability 

ByBit is accessible to all Nigerians, unlike some other platforms. It means you can easily open accounts and explore the platform’s diverse range of trading products.

That’s not all; ByBit is a partner with third-party crypto onramps like Moonpay that supports the Nigerian currency. Therefore, you can purchase any available cryptocurrency and product with your Naira (₦) currency without stress. 

4. Low trading fees and transparent trading structure

ByBit offers relatively low trading fees compared to other exchanges. Despite its fame and recent user surge, ByBit maintains the 0.19% trading charges. 

Interestingly, it doesn’t demand fees for internal transfers or on-chain crypto deposits into Bybit accounts. The only exception is if the currency you intend to deposit and the transaction method incur additional charges. 

ByBit maker and taker fees are competitive and it offers fee discounts for high-volume traders like the VIP. These exciting rates and discounts make ByBit an attractive option for cost-conscious traders. 

Additionally, ByBit provides real-time trading symbols and updates so users can analyze the crypto market without switching platforms. Thanks to the ByBit TradingView integration, you now access spot and futures trading symbols before investing in any assets. 

5. Different payment methods 

Here’s another reason ByBit is the best alternative to Binance. It encourages diverse payment methods, including Visa, Mastercard, and Google Pay. Unlike many other platforms, you can pay using any of these cards for hitch-free transactions. 

6. User-friendly app and web interface

ByBit’s trading app and web interface guarantee a smooth trading experience for all users. Unlike some platforms with too many confusing buttons and features, ByBit adopts simple graphics to enhance user experience. With this feature, old and new crypto traders can explore the ByBit platform without issues.

7. Impressive customer support

ByBit has numerous customer support channels for users’ queries and questions. Some of the designated customer care service channels include: 

• Live Chat: For Users who need immediate help on pressing issues. 
• Email Support: This is for users who aren’t in any emergency or pressing need. 
• Bybit Learning Hub: This channel contains helpful articles and video tutorials on trading, depositing, and other activities. 

8. High liquidity 

ByBit has successfully attracted significant trading volume, providing liquidity for its products. With its high liquidity, Nigerians can easily trade their digital assets at favourable prices. Bybit offers perpetual futures products with 100:1 leverage, one of the best you can get in the industry. 

9. Multiple cryptocurrencies and trading options 

According to coinranking, the ByBit exchange supports more than 400 Cryptocurrencies, including the following:

• BNB
• Filecoin
• Bitcoin Cash
• SUSHI
• Wormhole
• Heroes of Mavia
• Shiba Inu
• Bitcoin
• Dogecoin
• USDC
• ENA
• Toncoin
• ONDO
• Lido

Similarly, ByBit provides different ways to own crypto. These include: 

• Fiat Deposit (Buying with Naira)
• P2P (Buying from other investors), and 
• One-click buy (Buying through a certified third-party trading exchange)

10. Easy account creation 

Opening a ByBit account is relatively easy compared to other exchanges. It doesn’t take time or much effort. 

How to Create a ByBit Account In Nigeria 

Below are the quick steps to open the ByBit account in Nigeria:

• Visit the ByBit app or visit the website
• Provide your email address and phone number
• Complete identity verification (KYC)
• Deposit or buy crypto 
• Start trading 

Wrapping UP

ByBit is arguably the best option for Nigerians. It supports fiat currency for trading, provides maximum security, and encourages high profits. If you understand the trading symbols and patterns, ByBit’s TradingView will boost your earning potential in the long run. However, conduct thorough research and understand the risks involved in cryptocurrency trading before starting.

Sources 

https://www.tradingview.com/news/financemagnates:4788cce82094b:0-bybit-integrates-tradingview-to-simplify-crypto-market-analysis/

https://www.bybit.com/en/help-center/article/FAQ-Fiat-Deposit

https://www.bybit.com/en/help-center/article/How-to-Deposit-Fiat-Currencies-on-Bybit

https://techpoint.africa/2024/04/09/best-crypto-exchanges-in-nigeria-2024-fees-prices-and-ecosystem/

https://tradersunion.com/brokers/crypto/view/bybit/fees-and-minimum-deposit

https://coincub.com/exchanges/bybit-review