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Trading on Bybit Exchange - 16 minutes to Hell!

Imagine the things you could do in 16 minutes of your time!




Take a shower and enjoy a fresh coffee, go pick up the children at school, workout on your favorite machine, have a nice chat with your Mom, take the dog out for a walk, spend some time with your children, etc...


16 minutes, 16 x  1 minute, 16 x 60 seconds, 960 seconds...


Is it a short or a long time? 
Start counting now; 1, 2, 3, ... and 960!




16 minutes doing a trade on Bybit Exchange




It was the time during which John has witnessed the liquidation of his BTC cross position without being able to do anything.
This is a short version, full astonishing details exposed in the article linked at the bottom.





  • Refreshing his browser a few minutes before a decisive movement, to be ready to initiate the Market Sell, just in case. 

  • Despite a good internet connection showing every second the evolution of his PNL up to fatal liquidation on Cross

  • Trading with a powerful laptop with the latest Chromium browser

  • Never left the browser tab where the Bybit trade was on since volatility could occur at any moment, John perfectly knows this.

  • When required, clicking several times to CONFIRM the Market Sell with no effects! Imagine, for 16 minutes...





Original chart provided to John by Bybit support, timelines added to it. The red section shows from 2:06 PM till 2:22 PM.
16 long minutes of Bybit inability to register and confirm a sell market!



Note: Stop Loss or Market sell, whatever, the platform must react to trader's orders otherwise the game is rigged.




Bybit Exchange Support: "Turn OFF the lights" theory









Bybit support reply: "The liquidation is executed correctly with no issue"


You bet the liquidation was perfectly executed! It can't be better, and this is free money!


Let's take a look at their support reply about "recommendations" about what to do before trading on Bybit







Have you read all the requirements to deal with the Bybit platform? in other words, to operate safe trading on their platform? 
..otherwise: it's not safe!
I believe only a few traders are aware of this. Who would like to jeopardize their savings adding more risks other than leverage trading?




About Bybit Exchange HFT (High-Frequency Trading) Servers




Let's make it clear, during high volatility moments, their HFT servers won't let your machine/browser/your human brain communicate with them. Data is flowing so hard that your machine is not able to send a simple Market Sell request, you click numerous times but nothing happens, not even a smart onClick event like "Ok, we're busy but we received your sell request with timestamp" (duh!). In other words the perfect trap in a perfect trading world.




Such a sophisticated platform that is not able to handle a FULL-DUPLEX CONNECTIVITY at all times between its servers with its client-sides is NOT safe. 
Thinking otherwise would be taking traders for retarded idiots!




Mr. Ben Zhou, Co-founder, and CEO of Bybit Fintech Limited may care and listen, but improvements are expected because right now, Bybit is not reliable and not safe to trade with. And they perfectly know this since John is not the only one experiencing such devastating issues (ongoing global exchanges survey). 


I also witnessed myself these freezing moments on Bybit and I don't understand. Could it be intentional to prevent operations during these moments of high volatility? This remains to be proven (source code can). I never experienced a frozen browser like that until now unless it was about to crash for some good reason (ram/faulty plugin/etc). Why simple trading data would ruin your browser, I simply don't get it.




A serious ethical problem!




It does not only affect Bybit, be assured, but many other derivative platforms.


When an account is opened, funds deposited and the client is ready to trade, you must make sure that:



  •  he has understood the technical prerequisites before trading


  •  the platform technically validated via an online tool (integrated into web/mob app) 

    1. the internet connection

    2. the browser 

    3. other important details according to the "recommendations"




The test would make a list of suggestions based on the results.


It doesn't need to be done each time, at least once, to inform the client about potential "additional" risks to leverage trading.




Not carrying out these preliminary tests exposes:



  • the client to great risks he was not aware of besides those related to leverage trading

  • and the platform to even more, with legal actions from their customers




One final note

Mr. Ben Zhou, give your traders an additional reason to love Bybit Exchange and trade safely!


This article is written and published by me upon collection of all information from and financed by John so that justice is done and damages paid back. The necessary modifications are to be made to avoid other victims because what is not right is by definition wrong. Please like and share this article for the good of all.

https://twitter.com/CryptoShowMe


Global derivatives exchanges survey: https://forms.gle/PzWKLr8ezQzMrAus5
Derivatives exchanges review system: https://t.me/Derivative_Exchanges_Reviews




“Be not another, if you can be yourself. ” - Paracelsus 


_____________________________________________________________________


This is the shorter updated version of a longer article on Medium, full details provided:
“Turn OFF the lights” when trading on Bybit!




Were you informed about these important technical details before opening your account and trading on Bybit Exchange?

Vote See Results
COMMENT

20

Omoniyi Popoola
21 Jun

Thanks for this well detailed expose. This for me is sounding a warning note not to open account in Bybit exchange. 

1

CryptoShow Me
21 Jun

Thank you, not necessarily, but a wise person is worth two.

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