Estimated reading time: 9 minutes
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.
- 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.
Table of contents
- How to get started on Overbit?
- Trading on Overbit
- How to trade on Overbit?
- Types of orders
- Overbit Leveraged trading
- Margin Trading
- Cross margin and isolated margin
- Overbit reward system
- Overbit Review: Security
- Overbit Review: Deposit and withdrawal fee
- Overbit Trading Fee
- Liquidity on Overbit
- Spread on Overbit
- Overbit Supported Cryptocurrency Pairs
- Overbit Review: User Experience
- Overbit Customer Support
- Overbit Review: Pros and Cons
- Overbit Review: Conclusion
- Overbit Frequently Asked Questions (FAQs)
How to get started on Overbit?
Time needed: 5 minutes.
Here are the steps to get started with the Overbit.
- 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.
- 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.
- 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.
- 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.
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.
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.
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.
The 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 at all.
Overbit Supported Cryptocurrency Pairs
Overbit 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.
This website is accessible in various languages like English, Chinese, Vietnamese, Japanese, Turkish and Korean.
Overbit Customer Support
Overbit Review: Pros and Cons
- 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
- 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.
Overbit Frequently Asked Questions (FAQs)
Yes, you have to pay for the initial margin of trade. So, you have to deposit enough to cover the same. For example, the minimum quantity would be 0.01 BTC if you are trading on BTC/USD with 30X leverage.
Overbit offers 100X leverage on selected cryptocurrencies and 500X on Forex.
Overbit does not accept fiat currency. Tether (USDT) and Bitcoin (BTC) are the only accepted cryptocurrencies.
You can trade on Forex, cryptocurrencies, and metals on this platform.
You can trade on Forex, cryptocurrencies, and metals on this platform.
Multi-signature cold wallets store all Bitcoin. Overbit doesn’t use hot wallets.