Bybit Slovenia Review 2021 

Leverage Futures Trading,Bonus,Fee and Testnet

 

 

Brief Intro to Bybit

 

- Bybit exchange is a futures exchange that attract lot of crypto traders.

 

- It is a cryptocurrency margin/futures exchange, and has a great advantage. Traders can both long and short various types of coins together with leverage.

 

- It has been operating for 3 years until 2021. It is a safe exchange with no hacking cases so far!

 

- The website  and the app is also easy to use, and provide customer service 24/7.

 

- It offers execution speed of 100,000 TPS (transaction execution per second). for trading. This is a one of the fastest speed in the industry.

 

-I t also provide various functions such as margin, insurance and easy purchase of cryptocurrency by credit cards!

 

 

How to trade futures in Bybit? 

 

 

There are two types of cryptocurrency futures products to know!

 

1. Inverse Perpetual Contract.

 

-Inverse perpetual contract is a product that trades USD with coins as collateral. When the market grow up, you can get more profits instead of just holding coins.

 

-Conversely, if the market declines, you need to place a 1x short order to preserve the value of USD against coins.

 

2. USDT Perpetual Contract.

 

-USDT perpetual contract is a product that trades coins by USDT as collateral. Trading coins by stable coins. You have to buy a specific coin to get profit when it rises.

 

-Conversely, if the market falls, you can enjoy the effect of increasing the number of coins by holding a tether.

 

 

It may be similar, but these two are totally different.

 

Now, we will show you how to sell short in an USDT Perpetual contract.

 

 

 

1. Select the products and coins that you want to trade!

-Click "Trade" tab on the upper left and the menu will show up!

-Please choose an inverse contract or USDT contract!

-Then, you can choose the cryptocurrency you want to do margin trading. 

-Click the coin to enter transaction screen!

 

 

2. Adjust Margin Mode and leverage !

 

-There are two margin mode, one is largely crossover and the other is isolation margin !

 

-Cross (CROSS) can increase the gap between the liquidation price and the entry price by securing the balance other than the amount of investment. This lowers the chances of being liquidated, but if liquidated nonetheless, the entire amount will be evaporated.

-ISOLATED evaporates only the invested investment when forced liquidation occurs. And the remaining balance can be preserved. Although the probability of forced liquidation is relatively higher than that of cross-margin mode, it has the effect of managing risk so that only limited funds can lose money!

 

 

 

 

3. Choose the method your order!

 

- Choose an ordering method of limit / market / conditional!

-Limit price is an order method that enters the price you specify.

-Market price is an order method that immediately enters the current price.

-Major sub-order is an order method in which a transaction is concluded when the activation price is reached.

-If you finish setting the order method, margin, and leverage, you can select the investment ratio!

-You can directly enter the quantity or select the percentage you want to click such as 10%/25%/50%/75%/100%!

-Next is the investment direction! Click the green button for short buying (upper) and the red button for short selling (bottom)! In this example, I'll show you short selling!

 

 

-If you click the open long button, a confirmation window will show up as below!

-We recommend you check below details and confirm your order!

 

  

 

4. Wait for liquidation after entering the position!

 

-If you click OK, you can see that you have entered the lower betting position as below!

-For a quick and simple way to close a position after entering a position, use the'Limited Price' and'Market Price' buttons on the right!

 

-For market price liquidation, you can choose how much to liquidate at the present price right now!

 

 

 

-Conversely, if you click the Open Short button, a confirmation window will show up as below!

 

-We recommend that you check below details and confirm your order!

 

 

 

-You can check the transaction record at close P&L as below.

 

 

 

Promotions in Bybit Exchange!

Bybit has 4 major promotions that are currently going on!  

 

1. Lastest Promotion

- Let's first check the latest promotions! They have a $250,000 giveaway event that is going onwhich everyone can participate!

- As you can see there are many events going on in a monthly basis.This reflects how much the exchanges care about the community and the users.

 

 

2. Rewards Hub

- The next section to check is the reward hub. In reward hub, there are easy and simple quests to complete and acquire rewards.

- As you can see I have already got multiple rewards by simply deposit and trading! 

 

3. Affiliate Program

- Bybit also has a generous reward in terms of bybit affiliates. 

- For those who has own blog or website can apply for partnership and earn some rebates for inviting users in behalf of bybit! 

 

4. Referral Program

-  Lastly, Bybit also has a general referral program where you can invite your friends and family to get some reward for invitation :) 

- You can get at most $500 for inviting friends ! 

 

  

Fee Policies in Bybit Exchange

 1. Trading Fee

-A futures contract is a derivative financial product that follows a price index instead of trading cryptocurrency directly. It can decrease trading costs and use leverage based on margin to make short-term buying and selling. 

 

-Bybit's commission is 0.075% for market orders and -0.025% for limit orders. A limit order fee” -0.025%” means that you get paid, instead of paying. Conversely, market orders will charge 0.075% that you have to pay.

 

-In the Bybit Futures Exchange, there are Inverse Contracts and USDT Contracts. Bitcoin (BTC), Ethereum (ETH), EOS (EOS) Ripple (XRP) are baskets of cryptos to trade for inverse contracts.

- Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Link (LINK), Litecoin (LTC) and Tezos (XTZ) offered for USDT contracts.

 

 

2. Deposit and Withdrawl Fee

 

-ByBit supports Bitcoin (BTC), Ethereum (ETH), EOS (EOS), Ripple (XRP), and Tether (USDT) to deposit and withdraw.

 

-There are no additional fee levied except for network fees of each coins.

 

-Network fee might go up and down time to time and the best and quick way to deposit and withdraw is using Ripple. 

- If you cannot accept the fluctuation of Ripple, you can deposit and withdraw by USDT. However, it may cost more network fee.

 

 

3.Funding Fee

 

- Funding fee can reduce the gap between the price of spot and futures.

- Bybit also pays or receives funding fees every 8 hours.

- According to the price gap, funding fee will fluctuate by each coin.

 

 

How to Use Testnet of Bybit?

 https://testnet.bybit.com

1. Create An Account for Testnet

- Bybit provides them a testnet for mock investment. It will be the best way to learn more than millions of investment strategies and practice how to invest. 

- Enter your email and password to create an account. You can choose to fill in the invitation code or leave it blank. 

- And then, continue to filling in all the blank space and agree all terms and conditions, and click”Register” button.               

 

2. Please confirm Email Verfication

- You will see the email verification after you click “register”. 

- You will found the 6-digit code in your email sent by Bybit. 

- Enter your email code and you done the registered for the testnet!

 3. Request for USDT from Customer Service!

 

- This is a chat window where you can directly contact with the Bybit agent. Enter the topic for request and your email address. Phone number is an option.

 

 

- Requested USDT took only few minutes to get the test money! 

 

 

 

 - We have got 3000 USDT for testnet! Hoooorayyyy! 

 

Cryptocurrency Taxation in Slovenia

In June 2018 the Financial Administration of the Republic of Slovenia (FURS) issued the Guidelines on Tax Treatment of Cryptocurrencies in Slovenia (the “Guidelines”).

Individual Taxation

According to the Guidelines, individuals are taxed significantly differently by FURS depending on whether they obtained income within or outside the scope of their business activities. Any income that individuals obtain in the form of Bitcoin and other cryptocurrencies (e.g., employment income) is subject to personal income tax. The exchange rate between the cryptocurrency and the Euro on the date of receipt is used as a base to calculate the taxable value of such income. 

If an individual obtains income from trading cryptocurrencies in the scope of permanent and individual business activity, the income is considered “personal business income.” The tax base is determined as the difference between revenue and costs and is subject to progressive tax rate of up to 50%. Under certain conditions, personal business income may be determined on the basis of lump-sum costs accounting for 80% of the income and subject to a 20% tax rate.

Capital gains obtained by disposing movable property outside of the permanent business activity are exempt from taxation. As FURS considers cryptocurrencies to be movable property, any gains obtained by trading cryptocurrencies are free from taxation, provided that they were obtained outside the scope of permanent business activity.

Taxation of Individuals Engaged in Business Activities

Individuals trading or extracting cryptocurrencies in the course of their business activities (e.g., sole proprietors and consultants) are required to pay income tax on profits derived from those business activities. Income is taxed under the relevant corporate income tax regimes.

Corporate Taxation

There is less clarity when it comes to taxing companies that own and trade cryptocurrencies in Slovenia. The FURS states that the taxation of such business activities depends on the individual treatment of each tax return submitted by the company and the income and expenses stated in it.

Specifically, the FURS points out that: “The accounting treatment in the described trade or company depends on the circumstances of the specific case.” When calculating corporate tax, the status of the income recipient and the type of income must be considered. As a result, cryptocurrency trading or acceptance of payments and paying with cryptocurrencies for tax purposes may be treated differently. If profits from cryptocurrency-related activities are treated as capital gains under the corporate law, capital gains are considered regular income and the total amount of profits earned is taxed at 19%.

It is important to note that the current company law in Slovenia does not allow business activities based solely on cryptocurrencies (eg. accepting Bitcoin as the only payment option for goods and services). Companies must maintain a bank account for monetary transactions and comply with all rules applicable to companies in Slovenia.