It shouldn’t take less than a couple of minutes to sign up for accounts at Bybit as well as KuCoin. Similar to other popular cryptocurrency exchanges it is simple and quick. This is a more thorough overview of the process. Let’s look into bybit review to learn more about it.
Limits for your account on Bybit will be based on the verification level you are using. The crypto exchange comes with three different levels for KYC verification that are: 0, 1 and 2. Level 0 traders are not yet undergoing any KYC verification, and are able to withdrawal up to 5 BTC each day.
At KYC stage 1, traders have to establish their identity through authentic identity documents. After that the limit for withdrawals from accounts is increased up to fifty BTC daily. Level 2 users have the highest level of verification with the proof of address. They can withdraw up to 200 BTC each day.
How to Open Bybit Account
Click on the “Sign Up” button on the Bybit homepage,
Create your email and then create an account with a password
Click to accept the terms of service and to continue to confirm your email address.
Verify your email address in order to complete the account setup process.
KuCoin will limit your account according to your level of verification. Similar to Bybit it also has three different levels for KYC verification: unverified, KYC1, and KYC2. Unverified traders are able to withdraw up to one BTC each day.
At KYC1 the traders are granted basic verification, which permits traders to withdraw up to 1BTC per day, but they may transact up to 22,000 USD worth of transactions which is higher than the limit of $400 available to non-verified traders. In KYC2 traders can withdraw up 200 BTC per day and can trade up to $100,000.
How To Open KuCoin Account
Click the “Sign Up” button on the KuCoin homepage,
Select whether you wish you want to sign up by phone or email address
Enter the email address or telephone # to get a number
Input the verification number, and create your password.
You must agree to the terms of the agreement then click on”Sign up” and click the “Sign UP” button at the bottom of the page.
So hope you now know between bybit vs kucoin, which one account is worth opening?
Bybit Vs. KuCoin: Account Funding Methods
Each Bybit and KuCoin permit traders to finance their accounts by transfer of crypto using other wallets. But, they differ substantially when it comes to financing your account using fiat currencies.
Bybit accepts direct cryptocurrency deposits with at least 17 different crypto assets, meaning you are not limited to using BTC and ETH just. If you are looking for deposits made with fiat. The exchange makes things more convenient by allowing third-party gateways such as Banxa and Simplex which allow deposits in fiat easy and affordable.
KuCoin does not allow direct deposits made with fiat currency, however you can fund your account using fiat using third-party apps such as Bybit. Additionally, KuCoin does not support wire transfers, like other exchanges for crypto, however you will still be able to access your account using credit or debit cards.
Bybit Vs. KuCoin Liquidation Mechanism
If you don’t have enough money to keep your investment, Bybit or KuCoin will cause liquidation to end the position. The purpose in liquidation is avoid massive losses for your leveraged position in the event that the market is not moving in your direction.
The Bybit liquidation mechanism is primarily about keeping the position in place through partial liquidation. Bybit performs partial liquidation in order to increase the margin up to the margin that is maintained.
This liquidation mechanism Bybit will terminate all pending orders in order to reinstate the required maintenance margin for the current position. Bybit will then initiate an entire liquidation in the event that all it does is not working.
Additionally, Bybit has an insurance fund setup and ADL mechanism, which is typically used for high-risk portfolios that have a more risk of being liquidated. Insurance covers a portion of the losses, ensuring that traders do not suffer huge losses and the ADL mechanism assists with situations that the insurance coverage is not enough to limit losses for the trader.
With KuCoin the liquidation engines kick in when the debt ratio is close to 97% liquidation level. The liquidation process is simpler since the liquidation engine takes over from the trading engines and close the position in order to settle and settle the outstanding debts of the position.