In modern conditions, it is very important to provide users with a high-quality and diverse service. FYBIT follows these conditions and presents the long-awaited platform update that traders have been waiting for. At the same time, this is just the first stage of optimization and in the near future the platform will expand its functionality and provide even more opportunities for earning money on it.
Deposits/Withdrawals
Previously, deposits and withdrawals on the FYBIT platform could only be made in Bitcoins. Now you can top up your deposit, as well as withdraw, in 3 cryptocurrencies: Bitcoin (BTC), Ethereum (ETH) and USDT. At the first stage, FYBIT offers 2 networks – Bitcoin network (BTC) for Bitcoin deposits/ withdrawals, and Ethereum network (ERC-20) for ETH and USDT deposits/ withdrawals. In the future, the number of networks and cryptocurrencies for deposits/ withdrawals will be expanded.
To top up your balance, you need to go to the Deposit/ Withdrawal page, select the cryptocurrency in which you want to top up your balance and copy the wallet address (or use a QR code). On the part of the sender, it is necessary to select a cryptocurrency and network (BTC for Bitcoin or ERC-20 for Ethereum and USDT), then insert your FYBIT deposit wallet address into the recipient’s line and send the funds. The FYBIT deposit wallet address is unique and unchangeable for each user.
To withdraw funds from the FYBIT platform, you must also go to the Deposit/ Withdrawal page, select the Withdrawal section on the left in the menu, select a cryptocurrency for withdrawal and fill in the remaining fields. Please note that to withdraw ETH and USDT, you should use only a wallet on Ethereum network (ERC-20), if you use a wallet from another network, then funds will be lost forever.
Trading
A distinctive feature of the updated version of FYBIT is the cryptocurrency in which trading and all calculations take place. If earlier, in order to trade, for example, Cardano (ADA), a trader had to convert Bitcoin to Cardano and place orders in ADA, now all trades take place exclusively in USDT. For example, if a user has replenished his balance in Bitcoins, then on the main page he sees the balance in Bitcoins and at the same time in USDT at the current exchange rate. Next, the trader can choose any cryptocurrency to trade, and enter the order amount in USDT without the need for any conversion, as it was before. After closing of a position, the balance will change in both Bitcoins and USDT, respectively.
It is also worth noting that if the user replenished the balance with not one cryptocurrency, but for example, two or all three, then he can trade one asset using the balance of different cryptocurrencies. In this case, the positions will not be linked. For example, a trader has Bitcoin and USDT on his balance. He wants to trade ETH and place positions UP. To do this, open the ETH chart, select the Bitcoin balance, enter the order amount in USDT and place a position UP. Then select the USDT balance, enter the order amount again also in USDT and place the position UP again. These 2 positions will not be linked and after closing, the balances for each cryptocurrency will be changed based on the results of trading.
Since orders are placed only in USDT, then in the history, as well as in open positions, all calculations also take place in USDT (Trading fee, unrealized PnL, Net Profit).
Affiliate Program
Since all calculations are now carried out only in USDT, only the commission in USDT will be displayed in the partner’s personal account. At the same time, the thresholds for remuneration are reduced, and it is easier for the partner to earn 60% of the commission. If earlier it was necessary to trade trading commissions for 1 Bitcoin in order to qualify for 60%, now 30,000 USDT per month is enough. According to the number of active referrals, everything remained unchanged. More information about the affiliate program can be found on the following page: https://fybit.com/Account/Guide.
Conversion
Another distinctive feature of the updated platform is the absence of conversion. As mentioned earlier, in order to trade any available cryptocurrency on the platform, you can simply open its chart and trade immediately, regardless of which currency is on the balance sheet. But it is also worth considering that the FYBIT platform is not an exchanger, so it is impossible to exchange cryptocurrencies. That is, if the user has deposited ETH on the ERC-20 network, then he can only withdraw ETH on the ERC-20 network. Thus, whichever cryptocurrency was deposited to the balance, it can only be withdrawn on the same network.
Total
All changes are the result of an analysis of feedback and suggestions directly from the traders of the platform. The work on optimizing the platform is constantly ongoing and all suggestions for improvements will not go unnoticed, they will be taken into account in the next updates of the platform. The main idea of FYBIT is that simplicity and transparency should be the main apostles, where every trader, including a beginner, could easily understand the intricacies of trading and start earning from the first day. It’s also worth remembering that FYBIT offers the best affiliate program in the industry, which has no expiration dates and works for life for each partner.
