Overbit Cryptocurrency Exchange Review: It Is Safe Or Legit Exchange?

Last updated: 02/12/2021 9:15 AM

By Cws Team

6 Min Read

About Overbit

Overbit is the first Bitcoin trading platform in the world to offer its clients the ability to trade Forex with Bitcoin as collateral. Overbit’s proprietary innovative platform is superior to its competitors, with low latency connectivity, superior liquidity, and military-grade security. Traders can access a range of markets within Cryptocurrency, Forex and Commodities. The company was founded in 2017 and the platform was launched in 2019.

Contents

Operating Company

Exchange Name	Overbit
Support	24/7
Language	English
Withdraw Fee	Free
Rebate	N/A
Deposit Fee	Free
Official Site	Homepage

How To Start With Overbit Exchange

To Start Trading With Overbit Exchange Indian Residents First Have To Sign Up For An Account By Following The Steps Below.

Step 1. Click On The “Login/Signup” Link On The Top Right Hand Corner Of The Overbit Exchange Website.

Step 2. In The Form, Fill In Your First Name, Last Name, Mobile Number, Email ID And Password.

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Step 3. If You Have A Referral Code, Enter The Code While Creating Your Account.

Step 4. Submit The Form And Wait For An Activation Email To Be Sent To You.

Step 5. Click On The “Confirm Email” Link In The Activation Email.

Step 6. After Your Account Is Activated, You’ll Be Sent A 6 Digit One Time Password (OTP), Which You Have To Enter After Logging Into Your Overbit Exchange .

Fees on Overbit

There are no fees to deposit Bitcoin on your account at Overbit and the platform also does not charge fees on withdrawals apart from the network fee which is currently set at 0.002 XBT.

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The platform does not charge any trading fee on the positions. They are compensated through the market spread which is the difference between the buy and sell price. The average market spread for XBT and other crypto instruments is around 0.6%, for forex trades, it is 1-2 pip and for gold, it is 0.1%.

The spread is not fixed and changes from time to time during volatile periods to account for minimum slippage when the trade is executed. The spread is also used to guarantee liquidity for the trade and it means users can easily calculate their profit or loss for each position without taking commissions into account.

Beyond the spread difference, you also have to account for the funding fees which are called overnight fees on Overbit and applied to all of your leverage positions which are still open after midnight UTC time.

Mission

To allow traders to maximise opportunities that may not be available with the current trends in cryptocurrency by trading and speculating across multiple worldwide markets using Overbit as their crypto partner. To be the world market leader in crypto margin trading with easy to use functions allowing for a professional trading platform to operate seamlessly and provide a unique and flawless user experience.

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Deposit Bitcoin or Tether

Trade over 50 markets using your Bitcoin or Tether. All trades are settled in your deposit currency. You don’t need to hold or take delivery of the assets you are trading.

Trade Bitcoin & Forex Anywhere.

Gain direct access to Overbit’s powerful trading platform no matter where you might be. Equipped with full functionality regardless of your device type, trading on-the-go has never been easier.

Supported Countries

All countries except:

US
Cuba
Iran
Syria
North Korea

Two-tier commission structure

Earn Bitcoin as an affiliate. You will receive a percentage of commission paid by your referrals down to 2 tiers. When users click your link, they have 7 days to register and become affiliated with your campaign. The affiliate payments will continue indefinitely as long as you and your referred user(s) own and operate their Overbit account(s).