Overbit is among the fascinating discoveries of 2019. We have kept an eye on it since we believe the platform has some very intriguing features. These features include relatively high leverage up to 100:1 for Bitcoin businesses and a demonstration mode (with 8 BTC Play Money) for a comprehensive evaluation of the platform. In 2018, Overbit was established by CEO Chieh Liu, a specialist in FX trading and derivatives with an American degree in computer science. Abberton Trading Limited is the company behind the broker, headquartered in Seychelles. Overbit is available worldwide in four distinct languages. The four languages accessible are English, Japanese, Korean and Chinese. Overbit offers you many choices for learning about bitcoin as a trader. It enables you to make business choices while generating money. The user interface of Overbit is engaging and straightforward. It works without a hitch with your smartphone, tablet, or PC.
Platform overview:
The company offers a state-of-the-art trade platform that allows the cross-market commerce of cryptography, FX, and precious metals, for instance, gold, using bitcoin as the underlying commodity. At the beginning of 2019, Chieh Liu, a young entrepreneur, and investor established and launched Overbit. He found several successful technology and finance businesses until he decided to create his trading platform with partners from the financial hub in London. Keeping a good reputation requires corporate ethics. As a result, the firm is governed by a committee including Brian Shearing, Head of Compliance, and the CEO Dr. Ivan Guevara, Head of Legal Affairs. Both have extensive skills and an extensive understanding of finance and blockchain technology. Overbite is a trading name of Abberton Trading Limited, a licensed and regulated Seychelles-based firm. Its office is based in Hong Kong. Its website is available in a wide range of languages including English, Russian, Turkish, Vietnamese, Japanese, Chinese, and Korean (Portuguese is coming soon). The platform is excluded from and is not authorized to trade in Cuba, United States Quebec (Canadian province), Iraq, Syria, Iran, Sudan, and North Korea. Since the site employs KYC, there are no methods of fooling the system. Thus US citizens will have to find another supplier of services.
Creating an account:
The procedure of making an account is straightforward. Just enter your email address, password and select your country of residency now. If you agree to the Terms & Conditions, you may register. You will receive a check e-mail with a direct link to the activation of your account. After you have validated your account, you have full access to the platform. To avoid any misuse, you should use a two-factor authentication method.
Dashboard:
The ‘Dashboard’ will be the significant landing page when you check in. From this page, you may check your account balances and business history. The program provides a complete overview of your many balance types, including general P&L, unrealized margins, level points, bonuses, availability, and balance sheets. The website includes a specific Demo trader mode if you’re new to trading or want to get a sense of how the platform works. If you don’t know the features of the forum or want to practice the trading strategies here, this is a handy tool.
Making deposits and withdrawing funds:
By scanning the QR code or copying the wallet’s address, you must deposit the BTC or USDT into your account before you can begin actual trading. 0.0001 XBT is the minimum amount of deposit. It must be pointed out that the site takes Bitcoin and USDT exclusively and other cryptocurrencies, such as Lite coin and Bitcoin Cash, are not accepted as well as fiat cash. Bitcoin Overbit saves in cold wallets multi-signature. You must meet KYC criteria if you wish to withdraw cash from the site. You may deposit either BTC or USDT and start trading using an email address alone. You have to provide your name, date of birth, country of residency and valid address and proof of identification (passport or driver’s license), and proof of address papers. It is advised that you confirm your identity before building up too much balance to avoid issues later on. The withdrawal is yet another easy process without a minimum amount; the only limitation is that BTC and USDT may only be withdrawn.
Instruments traded on Overbit:
Overbite allows you to deposit Bitcoin or USDT and use other assets and currencies for your trading. The price of a contract is comparable to the spot market, but you can use leverage to decrease your capital cost. You may use a more significant amount of Bitcoin (or its equivalent in other currencies, FX, or commodities) for long or shorter periods against another tool. Bitcoin is referred to as XBT as a trading tool on the site. You may also select between isolated and cross-margin trading options in Overbit and costs compared to spread trading options. You may trade future cryptography on the website, but only BTC wins. The Japanese yen (JPY), the British pound (GBP), the Australian dollar, and EUR can be traded compared to the USD if Forex is your preferred instrument. Gold and silver are included in the requirements of the metal contract. All offers are permanent, which means that they will never expire. The Overbit Index is the price at the bottom. This is dynamically weighted across multiple transactions. The size of the order book determines the weighting of each exchange at a price currently offered. Bitcoin is utilized for the margin and PnL calculation. Overbit has an automatic partial liquidation policy for positions closest to its maintenance margin. When an open deal approaches the maintenance margin, the additional margin is partially liquidated. This also prevents the position from being completely closed. The maintenance margin of Overbit is set at 0.5 percent. If feasible, traders should use stop-loss and sufficient cash in their accounts to pay for the maintenance margin to prevent the auto-winding operation.
Overbit exchange user interface:
Overbit exposes all its trade pairings so that users may shift between currencies and cryptocurrencies quickly. The prominence of the ‘Incentives’ tab on the left side of the chart indicates the dedication of Overbid to its scheduled rewards, which stimulates users to continue using this site with awards. The interface has been criticized as being similar to other exchanges; the excellent connectivity of the chart to Trading View makes it ideal for dealers who are familiar with the indications and helpful notifications accessible via Trading View. The lack of features like trailing stops is also deceptive. However, Overbit’s unique selling feature of offering a wide range of BTC- and Forex-trading currency pairings may not be problematic for traders who wish to use the platform.
Services offered on Overbit:
Overbit is intended to address a market vacuum by allowing users to trade FX using deposits of bitcoin. In addition to being able to change using your crypto assets, they provide colossal leverage, up to 100 times depending on the instrument. If you are uncertain if you are ready to use the platform, you can use a demo account to experiment. The sample account is filled with 8 XBT and utilizes current prices to give you a decent sense of what you anticipate during actual trading. Contracts function similarly to CFDs (difference contracts) that monitor price movements in the underlying assets. You may go long or short, even in huge transactions, no matter how much you began with Bitcoin. It’s not only crypto assets; you may exchange cash or gold as well! Just verify that your account has enough money to pay the margin. The perpetual contracts offered for cryptocurrency trading pairs against Bitcoin are without an expiry date. All positions that are not intraday closed are subject to the rate of financing. Contracts are comparable to CFDs, which monitor price movements in the underlying assets. Regardless of how much Bitcoin you started, you may go long or short even in huge transactions. You may exchange with cash or gold and digital assets. Just ensure that you have enough money on your account to pay the margin. The everlasting contracts for Bitcoin trading pairs in cryptocurrencies have no expiry date. The funding rate applies to all non-closed positions. One of the fascinating elements of the site is the unique Tier Points system for rewarding users. This is a fresh new system which was launched in May this year. Every time they start new commerce on the Overbit platform, traders get Tier Points or call a friend to utilize it. This is not only a primary affiliate, it also urges you to often trade on the site and push you to take leverage positions. You gain 10 Tier points for entering a 1 XBT long or short position (Bitcoin). T These levels can then be swapped for the natural balance of trading on the site. You may receive 0.06 XBT for one thousand points and 0.324 XBT for five thousand points. You wish to expand this choice to additional assets in the future, so you may also buy gift cards with this option.
Fees associated with overbits:
When holding open positions for a lengthy period, Overbit does not charge trading fees; however, they charge financing expenses for those holdings. Every eight hours, finance fees are collected three times a day, at 01:00, 0900, and 17:00 UTC. Aside from the financing fee for open positions, the spread, or the difference between the bid and ask prices, is the primary means through which the Bitcoin broker generates revenue for itself. Withdrawals are entirely free of cost. One cost that must be paid is the Bitcoin network fee, which has nothing to do with the broker and is due with every Bitcoin transaction to reward the miners. This is the sole fee that must be paid and has nothing to do with the broker.
Charting:
It is possible to do technical analysis on the Bitcoin margin broker platform without the need for a separate charting tool, thanks to the excellent charting tools provided by the broker. In the same way that many of their rivals have done so, they have incorporated the whole chart from Tradingview.com, which makes sense – why reinvent the wheel when Trading view provides its chart to partners? Their chart view, labeled as “Original” above the chart window, is also available, but we haven’t figured out how to customize it or change the candlesticks. However, because the Trading view chart functions appropriately, this is not a significant source of concern. The only drawback is that Overbit’s version of the Trading view chart only supports a smaller number of periods than some traders are accustomed to using. In this area, you may look at a 1 minute, 15 minute, 1 hour, 4 hours, and 1-day view, among other options. Although many traders utilize other charting tools such as Trading view or Coinage in addition to the broker platform, this is unlikely to be a problem for the vast majority of traders.
Placing orders:
In Overbit’s straightforward order input form, you may choose between a Market Order and a Limit Order. Stops and profit limits can be set up in this section. In addition, you have the option of trading in Fee Mode or Spread Mode, depending on your preferences. Even though there are no fees in Spread Mode, there is a spread between the bid and ask prices that must be considered. However, we are dissatisfied with the fact that open orders are not graphically shown as dotted lines on the chart, as they are at some other brokerage firms. That, on the other hand, is a question of individual preference. The stop and limit settings are located, in the two fields at the bottom of the order widget. Of course, the stop field is for putting a halt to your losses. The explanation of the bare minimum value you must supply as a stop shows when your cursor hovers over the stop symbol. There are only so many barriers you can put up before the flood begins. In the limit box, it is possible to specify your goal, which is also your take profit order. When you move your cursor over this field, you’ll see the numbers that are the bare minimum.
Leverage:
You may trade Cryptocurrency, Forex, and Overbit metals (all as CFDs ). You can exchange for cryptocurrencies up to 500:1, but just 100:1. This figure is substantially high in the sector compared to other margin trading platforms. Many crypto brokers also provide no leverage of any sort. Overbit differs between Isolated and Cross Margin so that traders may pick the most suitable model for their requirements.
Security:
Overbit allows two-factor authentication, like all other professional crypto-monetary brokers, to guarantee only you have access to your account. The most considerable 2FA measure is to use an authenticator app on your phone, such as Google Authenticator or Authy. The broker keeps cold-storage Bitcoins to secure the cryptocurrency deposits of its consumers against hacking threats. Thus, bitcoin customers are always kept distinct.
Customer Support:
Support via support tickets is accessible; the staff is courteous and answerable within 24 hours. Furthermore, the site now includes a live chat window open 24 hours a day, 7 days a week. This was deployed in early 2020 to improve customer service. Because most legitimate organizations now provide their website with a live chat feature, it should not be ignored.
Bitcoin and Overbit Benefits:
It offers traders a competitive market price. Overbit utilizes only market values from world-famous exchanges. Even the most passionate newbie who only recently found Overbit has straightforward and pleasant charges.
Overbit employs security of military quality, so you don’t have to worry about the exposure of your data. Your cash will also be protected.
Overbit offers customer assistance to its clients 24 hours a day, seven days a week. Few trading methods can claim this. If you have an issue with Overbit, the 24/7 customer service provides valuable assistance and answers to your inquiries. It has plenty to offer as far as incentives are concerned. In Tier Points (TPs) Overbit will reward you just for the site trading that you may convert to USDT or BTC if you have enough.
You may always test trial mode, which replicates live trading when you are unsure if you want to join Overbit. You will also be able to practice utilizing the platform.
Overbit traders also have negative balance protection to ensure that your account will never be in the red. If you cannot cover your lost position, the insurance fund Overbit will help you.
Security at Overbit:
It is highly advisable to set up two-factor authentication on the site. Your account has a QR-code protected to scan to Google Authenticator or any other 2FA service of a third party. Make sure you think of it from the beginning because your money is on the line. The bulk of the cash of Overbit, including any deposits that you make, is stored in safe cold wallets. These are multi-signature addresses that ensure optimal security. You may examine your business history on the platform and set up notifications to guarantee you keep track of your account, regardless of what occurs. For example, you can set up liquidation notifications, trade closures and executions, as well as logins.
Platform’s unique features include:
Tier Points, a unique award system, is one of the most fascinating elements of the site. Whenever a new transaction is opened or a friend is invited to the site, traders get Tier Points. Tier points are obtained every trade is opened on the Overbit platform, which encourages the system to be used often. You can utilize your TPs after you have earned enough to settle Bitcoin (BTC). For example, if you start a transaction with a notional value of 1 BTC, you will receive 10 TPs. 1,000 TPs can be redeemed at a time. For example, 1,000 Tier Points will offer you 0.06 BTC. Money is subsequently forwarded to the balance of your wallet, where you can exchange or cancel it.
An additional distinctive element on the platform is the Affiliate Program. Each time you trade or do specific actions on Overbit, you get a portion of the commission you pay by your references. As long as the proposed user owns and operates his Overbit account, affiliate payments will continue. To grow your network, share your unique referral link with your social network or community. Anyone joining your link will be counted as one of your references. The more money you acquire, the more money you can make. The support team is available online 24 hours a day. They possess Telegram, Twitter, Facebook and Reedit channels.
Do US traders have access to Overbit?
Unfortunately, Americans from the United States are not permitted at Overbit, as is customary. Most cryptocurrency brokers cannot provide their services to US individuals due to their legal status in the country, particularly when it comes to margin trading. Because KYC is required with this broker, there is no way to deceive them. Users worldwide are welcome to utilize the trading platform, except inhabitants of the United States, Cuba, Quebec (Canadian province), Syria, Iraq, Iran, North Korea, and Sudan.
How to use Overbit to trade cryptocurrency?
Overbit exclusively accepts as a means of payment cryptocurrency. The platform offers traders high leverage up to 100 times depending on the product selected. This allows you to trade with different currencies and leverage products. To get started, you must first fund your Bitcoin Overbit account. After that, Bitcoin may be used for long or short transactions against other instruments such as USD, JYP, and EUR. Overbit displays you all the current prices and the amount needed for a trade.
Final Thoughts:
Overbit offers a user-friendly and professional business environment with great cryptography and FX leverage. Overbit does not charge trading fees and provides a considerable reward program that allows users to earn additional Bitcoin to promote friends to the site. The main drawback of the trading platform is that traders from the United States are not accepted.
