Overbit Crypto Margin Exchange Trading Review

One of the interesting and growing platform for derivatives trading is Overbit. It offers new leverage trading platform to traders and allows trading cross market with Bitcoin as its basic asset. Besides cryptocurrencies, at Overbit you have the chance to trade also forexand different metals – while using Bitcoin. All deposits/withdrawals are only performed with Bitcoin

The mission of Overbit is to give more opportunities for the cryptocurrency field. Offering innovative trading experience not just in the space of altcoins but also forex and metals gives Forex great advantages over other exchanges. The aim is clear – Overbit strives to provide professional trade platform engaging in seamless and flawless deals.

Abberton Trading Limited runs Overbit. The company is registered in the Seychelles with an operating address in Victoria, Mahe, Seychelles. Overbit founders are Nathan Taku and Chieh Liu. The CEO currently is Chieh Liu who has a background in technology and finance ventures. Nathan Taku is the COO and offers 10+ experience in FX trading, finance and real estate.

Overbit is an easy to use platform which is suitable for beginner, intermediate and also experienced traders. It offers some of the popular perpetual swaps and contracts. It also offers demo trader account for free so users can practice before they start live trading. Each user of the free demo account is given eight virtual BTC to practice trade and get to know all of the trade functions.

Overbit is a great choice of crypto margin trading exchange for both begginer and advanced traders.

Overbit Highlights

  • BTC as a basic asset
  • Great rewards for referring friends to the exchange
  • Many providers of liquidity globally
  • Trading fees at 0% – no commission fees
  • Exceptional security features – Overbit is using multiple signatures cold wallets
  • Professional and easy to use interface
  • 100x crypto leverage + 500x FX leverage
  • Highly advanced charts

Overbit Trading Crypto Pairs

  • ADA/USD, ADA/XBT, BCH/XBT, EOS/XBT, BCH/USD, EOS/USD, ETH/USD, LTC/XBT, LTC/USD, ETH/XBT, NEO/XBT, NEO/USD, XBT/USD, XBT/JPY, XRP/XBT, XRP/USD, AUD/USD, EUR/JPY, EUR/USD, GBP/USD, USD/JPY

Overbit Countries of Operation

Overbit support all countries except:

  • US
  • Cuba
  • Iran
  • Syria
  • North Korea

Overbit Services

Overbit offers trading forex opportunities with crypto assets. Beyond that, traders can benefit from 100x-500x leverage depending on the trading instruments.
If you haven’t started real trading at Overbit yet and you need more time to decide you can sign up for the demo account which will give you the chance to practice and get to know how the platform works. Best of all – the demo account is free.

The Overbit contracts are similar to CFD and follow the price movement of the basic asset. You can trade short or long in large amounts which does not depend on the BTC you originally had. This does not stand valid only for crypto – you may trade gold or USD. The only thing you have to have is enough account funds to cover the margin applicable. Except USD you can trade JPY / Japanese yen/ with BTC. The altcoin trading offered at Overbit includes eight coins including XRP, ETH, LTC, BCH, NEO.

Perpetual contracts offered in regards to altcoin trade pairs against BTC don’t have expiration date. Fund rate applicable is for all not closed intraday positions.
Overbit has a unique calc method. The exchange uses few exchanges with the best real trade volumes for a specified instrument and calculates an average order book price to reach the price of the market.

These is a unique auto liquidation feature which is set to maintain the margin maintenance of the account and to prevent the given position of completely closing if an unfavorable event happens. If an open position gets maintenance margin close, it is liquidated partly so it can get additional margin.

Another interesting feature is the Tier Points which Overbit uses to reward users. This sytem was introduced in 2019 so it relatively new. Users earn points every time there is an open trade on the platform or they invite their friends to trade on Overbit. For example you can get 10 tier points for executing a short or a long position of 1 XBT. The points can be used on Overbit and traded for real live account balance. If you have 100 tier points you can unlock 0.06 of XBT, if you have 5000 tier points you unlock 0.324 XBT and so on.

Creating an aAcount at Overbit

Getting started and creating an account is very easy. The process is straight-forward and doesn’t require any complex actions. Once you enter the Overbit website you will be presented with this screen. From it, you can click the Create Account button.

Once you do , you have two ways to register – one is by providing your email address and country and choosing a password and two is by providing your telephone number and country and also choosing a password.

Then you are immediately introduced to your account screen. Keep in mind, that your email is still not verified so you need to do that first.

Go to the email you provided and click on the verification email:

Click Confirm Email and you are all set to go.

Deposits and Withdrawals

You will be provided with a unique BTC deposit address. As you know currently Overbit accepts only BTC as an option for deposit. Overbit waits for the 1st confirmation on the blockchain and it immediately debits your account balance.

You can register, deposit and begin trading with your email address verified only but if you want to withdraw money you have to KYC verify your account – you need to provide a telephone number, DOB and address. Overbit also requests a photo identification / passport or driver’s license/ and proof of your address so your data provided can be checked for accuracy.

Once your account is verified with the requested documents you can withdraw funds from your account. Withdrawals are BTC only and there is amount minimum.

Overbit Trading (Order Types)

You don’t need verification to start trading on Overbit. You register for an account, deposit funds in it and you can start trading.

The trading dashboard will let you select the desired instrument – crypto, metals or forex. The selection option can be found on the upper left corner of the dashboard

Besides these three options you may trade GBP, JPY, EUR against USD and gold which appears with the symbol XAU. You can also customize the prices which show on the live chart and at the same time follow them to the right of the chart if you prefer to follow many instruments simultaneously.

What do you need to do to place a trade?

  1. Select the desired direction – a sell or a buy order
  2. Choose the leverage amount you want
  3. Enter details of the order such as quantity, stop and limit price.
  4. Finalize the trade when clicking on the XBT / USD Buy button

Overbit Fees

As mentioned earlier, in order to deposit at Overbit you will not charged any fees. Withdrawals are also not charged besides the 0.002 XBT network fee.

Overbit doesn’t charge trading fees on the different positions. These fees are compensated via the spread market which is the contrast between the sell and the buy price. There is an average market spread data which is ~ 0.6 % for forex and 0.1% for gold.

The spread is not firm and it changes sometimes during periods of volatility which accounts for min slippage when execution of the trade is done. This spread is also a mean to guarantee the liquidity for the said trade which means traders can calculate profit and/or loss easily for every position with no commission calculated.

Besides that, you have to keep in mind the funding fees – the so called overnight fees which are applied to all positions leveraged that are open after midnight UTC.

Overbit Customer Support

The website is accessible in 4 languages – English, Chinese, Korean and Japanese.

The only way to contact Overbit is via email no other service and support methods are offered currently. With this being said the contact email address is monitored 24/7 which guarantees you fast response. Ou can also send customer support a ticket which will go to the same email mentioned.

Via the Help section there is also the option for Live chat.

Alternatively you can reach Overbit on the following platforms:

Telegramhttps://t.me/OfficialOverbit
Twitterhttps://twitter.com/OfficialOverbit
Facebookhttps://www.facebook.com/Overbit1/
Reddithttps://www.reddit.com/r/Overbit/

Security on Overbit

It is highly recommended to set up two-factor authentication on the site. You are given a QR code that you can scan into Google Authenticator or any other third party 2FA provider and your account is secure. Make sure you consider setting this up at the beginning as your capital is at risk after all.

Most of Overbit’s funds are stored in secured cold wallets, including the deposits you have made to the account. These are multi-signature addresses to ensure maximum safety.

You can check your activity log on the platform and set up notifications to make sure you control your account no matter what happens. You can set notifications for liquidations, closing or executing trades or for logins.

🙂 Pros🙁 Cons
✓ 0% trading commission✘ No tracked online presence
✓ Generous Tier Points reward system✘ Users from the United States are not accepted
✓ Crypto, Forex, Gold trading✘ Only email to reach customer support
✓ Easy interface
✓ Top leverage conditions

FAQ

Current markets - cryptocurrencies, metals, and indices.

A perpetual contract is a contract that doesn’t expire. You may use leverage, which could lower your capital cost. The contract works as CFD contracts meaning you can go Long or Short on a larger amount of BTCopposed to instruments such as USD, Gold, ETH and so on.

Yes.The maximum leverage amount depends on the instrument you use.

Initial Margin is the minimum amount of BTC needed to open a given position

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