Overbit is a cryptocurrency exchange that offers cross-market trading for crypto, forex and commodity training. Offering leverage of 100x for crypto and 500x for Forex, Overbit has established itself as a reputed exchange with strong community engagement.
CEO, Cheih Liu, founded Overbit in 2017 and launched the exchange two years later in 2019. Liu spotted the emergence of cryptocurrencies in 2011 while studying computer science at California State Polytechnic University. He then cut his teeth working for investment firms across Asia before spotting a gap in the market and setting up Overbit to bring forex and crypto together into one platform.
Overbit has an international footprint and is now a worldwide exchange. It offers a clean, sleek interface that allows traders to quickly navigate and enjoy the benefits of the platform. Overbit features margin trading, high-levels of security, plentiful liquidity through the use of pools, and a Tier Points structure so users can earn and spend points on rewards from the platform.
Standout Overbit exchange features
Liquidity pools – to make sure there is enough volume for all of its supported assets
Free unlimited demo account – for paper trading. The demo account holds 8 BTC and USDT 50K so traders can try out the platform before depositing their own funds
29 currency pairs for BTC – including USD, GBP, JPY, CNY, KRW, CHF and AUD
High leverage for experienced traders – Up to 100x leverage for crypto trading and up to 500x for forex
Isolated and margin trading – Allows users to choose between these depending on appetite for risk and trading goals
Generous affiliate program – for getting friends to sign up. The website features a commission calculator so you can work out how much you can earn for getting conversions from an affiliate link
Overbit Rewards Hub – rewards traders who complete daily trading challenges to make sure loyal customers are appreciated
Supports USDT and BTC for trading margin – A recent feature, the Overbit exchange accepts deposits in Tether (USDT) as well as Bitcoin, improving your deposit options as a trader
Overbit exchange: Pros and cons
Pros
- Lots of currency pairs offered for BTC, so Overbit can be used to trade the movements of forex markets in relation to BTC
- Active blog and community
- Strong security (multi-signature cold wallets)
- Tier-based affiliate system
- Zero fees for withdrawals from the platform (beside network fees)
Cons
- Does not offer staking service for passive income – but does have Overbit rewards
- Niche selection of six cryptocurrencies – but lots of currencies have BTC
- Overbit does not accept applications – from residents of the US, UK, Quebec (Canadian province), Cuba, Iran, North Korea, Singapore, Seychelles, Crimea and Sevastopol, Sudan and Syria
How to sign up to Overbit exchange
- Go to the sign-up page. Enter your name, email address, country of origin and create a password. Then agree to the terms and conditions.
- Click on the email link to confirm your address
- Make your deposit and start trading! (Note that you will need to fulfil KYC requirements in order to make withdrawals from the exchange)
User interface for Overbit exchange
Overbit’s user interface is laid out as see in the below screenshot:
As can be seen, the layout is easy-to-follow. On the top, Overbit displays all of their trading pairs so users can easily switch between their desired currencies and cryptocurrency.
It is noteworthy how prominent the ‘Rewards’ tab is on the left hand side of the chart; this shows the importance that Overbit places on its rewards program to incentivise users to continue using the platform with its featured draws for prizes.
A criticism of the layout is that it does appear to be very distinguishable from other exchanges, however, its superb integration with TradingView makes its chart ideal for traders who are familiar with using the indicators and useful alerts that can be used via TradingView.
Also disappointing is the lack of features such as trailing stops. However, Overbit’s unique selling point is the range of currency pairs that it offers for BTC and forex trading, so this may not be a concern for traders who want to use the platform for these purposes.
Overbit: In summary
In summary, Overbit is a reputable crypto bitcoin exchange that attempts to fill a gap in the market. It offers competitively low fees, a range of currency pairs with BTC and a generous affiliate and rewards program.
The platform plans to launch an Overbit Academy soon, that will provide a learning platform to teach trading fundamentals to beginners, as well as ways for users to maximise their use of the platform. In addition, the platform is planning a mobile app for Android and IOS in the near future that will allow for trading on the go.
Overbit also has a number of community driven initiatives to keep its engagement high, such as events, sketches, prize draws, traders survey and an active blog that keeps users up to date on the latest news for the exchange. It also prides itself on excellent customer service that it offers to make sure any issues for its clients are swiftly resolved.
Social Media Channels:
Twitter: https://twitter.com/officialoverbit/
Facebook: https://www.facebook.com/Overbit1/
Telegram: https://t.me/OfficialOverbit
Reddit: https://www.reddit.com/r/Overbit/
LinkedIn: https://www.linkedin.com/company/overbit/
Instagram: https://www.instagram.com/officialoverbit/
Blog: https://blog.overbit.com/en/
Youtube: https://www.youtube.com/channel/UClt81V91NPD12ENliF9FOBQ/
The post What is Overbit? appeared first on Coin Journal.
