Overbit Review : Is it safe?

This article will review Overbit, one of the growing cryptocurrency exchanges with numerous trading opportunities. Overbit’s trading experience stretches from altcoins to Forex and metals, allowing for cross-market trade. Abberton Trading Limited is the parent company, which launched Overbit in 2019. This company’s headquarters are in Seychelles.

How to get started on Overbit?

• Overbit provides cross-market trading opportunities while still using Bitcoin as the underlying asset.
• Provides 100X leverage on selected cryptocurrencies and 500X on Forex. 
• Offers Leverage trading and Margin trading options
• Offers you a choice between isolated margin and cross margin.
• Rewards tier points that can redeem Bitcoins. 
• No fee is charged on deposit or withdrawal.
• Can choose from a fee or spread for every open position.
• Implements military-grade security by storing each deposit in a cold wallet and SSL encryption of communication.

How to get started on Overbit?

Here are the steps to get started with the Overbit.

1- Make an account

Click Sign Up after visiting the official website of Overbit. Enter the details to create an account. Most importantly, it would be best if you established two-factor authentication over the website. Overbit will provide you with a QR code that you have to scan within the Google Authenticator or any 2FA provider. This will ensure that your account is secure

2. Make a deposit

Go to your dashboard and click the deposit button. BTC and USDT are the only cryptocurrencies to be used for deposits. After making the deposit, you can start trading.

3. KYC on Overbit

Even though you can start trading just with an email address and deposit, you must meet the requirements of KYC. You will be able to make withdrawals only after this step. You need to give your photo ID, address, proof of address, phone number, and birth date. This will lead to the verification of your account.

4. Make a withdrawal

Once your account is verified, you may withdraw money. BTC and USDT are the only cryptocurrencies to be used for withdrawals as well. There is no need to set up a minimum withdrawal amount.

Trading on Overbit

Check the dashboard and choose any instrument on the top. Crypto, Forex, or gold are the available options. You could also trade GBP, EUR, and JPY against gold or the USD

You can see all the current prices live on this chart. In addition, you can either customize the chart or go through these prices on the right side of your screen. Thereby, you will be able to follow many instruments at once. 

How to trade on Overbit?

• Choose between a buy or sell order
• Choose the amount of leverage that you will trade with
• Fill in the order details like the stop, limit price, and quantity.
• The trade is finalized when you hit the Buy XBT/USD button.
• This platform doesn’t offer any double confirmation. So, be extremely particular about the details.

Types of orders

Market orders, as well as limit orders, can be made on Overbit. The number of funds needed will always be available to you. This is dependent on the leverage that you intend to use

BYDFI provides a wide leverage range from 5x to 100x.

Overbit Leveraged trading

Leverage enables you to trade borrowed funds or invest them in the free market. This feature creates an opportunity for traders to trade a substantial amount of money. The leverage offered by Overbit is indeed high. It provides 100X leverage on selected cryptocurrencies and 500X on Forex.

Margin Trading

You can use borrowed capital against your existing assets to increase your buying power. Therefore, margin trading enables you to amplify your potential profits without owning the assets.

Cross margin and isolated margin

Overbit lets you decide between two modes; isolated margin and cross margin. This option can minimize risk for short term profit strategy as well as a long term profit strategy. Hence, it ensures your safety from being liquidated.

Overbit reward system

Overbit has a unique reward system. Every single time you open a trade, you get Tier Points as a reward. After collecting enough TPs, you can use them to claim Bitcoins. You can check your Dashboard and Rewards section to see your TPs balance. 

Overbit reward system

The notional value of the trade determines the TPs that you will earn. For example, a  position with a notional value of 1 BTC is opened by you. You will earn 3.8 TPs. At one time, 1000 TPs are redeemable. 1000 TPs can redeem  0.060 BTC or equivalent in USDT. More Tier Points will result in higher BTC or USDT per Tier Point.  

Overbit Review: Security

Overbit claims to imply ‘military-grade security.’ The office doesn’t store any crypto. Every client deposit is stored away in cold wallets, he communication which goes through Overbit is entirely SSL encrypted.

Additionally, you must set up two-factor authentication after you log in for the first time. You must also review your activity log over the platform. Setting up notifications for closing, logins, liquidations as well as executing trades is extremely important. You must be sure that you are in control of your account. 

Overbit Review: Deposit and withdrawal fee

You can deposit bitcoin in your account without any charge. No fee is charged on withdrawals as well except the network fee, which is 0.002 XBT at present. 

Overbit Trading Fee

A percentage fee from the position’s notional value is charged by Overbit every time a position is opened and closed. The fee is 0.075 on BTC/USD. 

Liquidity on Overbit

Overbit has built a unique system to increase liquidity. When the trades don’t match on a P2P basis, they tap into various liquidity pools. They have market building relationships with a few of the best exchanges in the world. This ensures that the trades are timely executed and at a fair market price. Hence, you could exit or enter the market with no slippage and at an indicated price. This goes for Crypto, Forex, and Metal markets.

Spread on Overbit

You can choose from a fee or spread for every open position. The difference between the buying price and the selling price of one trading pair is the market spread. 

Traders can also open a position by applying a market spread on Overbit.

The spread on USD/BTC is 0.15%. Even during the volatile periods, the spread is the same, and it can’t fluctuate.

Overbit Supported Cryptocurrency Pairs

bit supports 8 major cryptocurrencies. Here are the cryptocurrencies which are supported by Overbit: BTC, ETH, EOS, XRP, BCH, NEO, LTC, ADA.

Overbit Review: User Experience

As you can see, the layout is straightforward to understand and follow. On the top, this platform has all the trading pairs. So, you could switch between the given currencies and cryptocurrencies. You can find the ‘Rewards’ tab on the left-hand side of the chart.

You can see the dashboard to check out your current account balance quickly. The trading chart is also customizable with trend lines and indicators.

It is noteworthy how Overbit has a distinguished layout compared to its competitors. The layout’s fantastic integration with TradingView provides a seamless experience for expert traders. 

This website is accessible in various languages like English, Chinese, Vietnamese, Japanese, Turkish and Korean.

Overbit Customer Support

There’s a 24/7 live chat option available on the platform. Various options like Telegram, Twitter, Facebook, Reddit, and email are also available.

Orbit Pro’s & Con’s

PRO’s

• No Trading Fee
• Cross-market trading opportunities in Forex and Gold
• Easy to use interface
• Rewards after each open trade
• 24/7contact via email or chat

CON’s

• The platform is very new
• A small selection of only 8 cryptocurrencies
• Does not allow applicants from North Korea, Singapore, Seychelles, Crimea and Sevastopol, Sudan, Syria, Cuba, Iran, and the United States.

Overbit Review: Conclusion

However, Overbit is a fairly new cryptocurrency exchange, but the new and expert traders alike can enjoy the seamless experience of Overbit. The platform provides high leverages on Forex and crypto. In addition, the innovative Reward system makes the user earn extra Bitcoin.

Frequently asked questions