In today’s review, we shall cover the question “ What is Overbit?”. In doing so, we believe that we shall highlight the benefits and drawbacks of this platform, in a bid to help you know whether it is one for you or not. Making the highlights of the review are the following elements:
- What is Overbit?
- The services offered by Overbit
- Deposits and Withdrawals on Overbit
- Which fees can you expect to charged?
- Is Overbit Genuine or not?
- Pros and cons
Name of the platform: Overbit
Official Website URL: https://www.overbit.com/en/
Overall rating: (4.1 / 5)
What is Overbit?
Overbit is a Bitcoin derivate trading platform. It presents its very unique yet innovative platform that traders can bank on to achieve cross-market trading. This platform’s underlying asset is Bitcoin.
On Overbit, traders are usually presented with a chance to trade in a couple of instruments besides cryptos. The other instruments include precious metals and precious metals. You can easily trade in these using the Bitcoin that you deposit in your account. With Overbit, you can make deposits or withdrawals in either Bitcoin or USDT.
The key mission of this platform is to maximize the opportunities that are unique to the cryptocurrency industry. It offers its users a brand new trading experience, not only with the altcoins but with the forex and precious metals. Traders are guaranteed a professional trading platform through which they can get into trading deals seamlessly and flawlessly.
Abberton Trading Limited is the company that runs this website. It is registered in Seychelles, and run under the able leadership of Chieh Liu and Lathan Taku who are the CEO and the COO of the company respectively.
The services offered by Overbit
Overbit’s objective is to fill the existing gap in the market by giving those who are into forex trading a shot at using their crypto deposits to generate an income that can sustain them. In addition to relying on crypto assets, traders on Overbit can enjoy the leverage of up to 100x, depending on the instrument in question.
Overbit also offers a Demo account, through which you can determine whether you are up to the task. By using the demo account, you can practice trading, get the hang of it, then you can switch to the live account.
The contracts on Overbit usually work in the same manner as CFD contacts, that usually set to follow the same price movements as the underlying assets. This gives traders a shot at going long or short. This can happen even in the large amount deals despite the amount of Bitcoin held in your account. This is something that you can do with USD and metals assets as well. All that you are required to do is to see to it that there are enough funds in your account to take care of the applicable margin.
Overbit allows you to trade against Japanese Yen, using your Bitcoin. Or you can simply pick altcoin contracts under the following coins:
At the time you are starting to trade, you should look for Bitcoin under the reference XBT. Overbit offers contracts referred to as perpetual contracts. These are offered for the altcoin contracts that are traded in pairs against XBT. These contracts don’t have expiry dates. A funding rate is, however, applicable for the trading positions not closed on an intraday basis.
Deposits and Withdrawals on Overbit
During the sign-up process on this platform, you are required to submit details such as :
- First name
- Last name
- Email address
When you verify your email address, you can proceed to log in to your platform. A personal address is created for you, thus enabling you to effectively deposit the Bitcoins.
As of now, Bitcoin and USDT are the two allowed on Overbit. The system usually waits for the appearance of the first confirmation on the blockchain, so that it can debit the balance on the account you created.
You can sign up for an Overbit account, deposit funds, and go to the extent of trading with your email address, but when it comes to the withdrawal of your earnings, you will only do so if you pass the set KYC requirements. Overbit requires that you submit the following details for the account to be verified:
- Phone number
- Your date of birth
- Your physical address
- A photo ID
- Proof of your address
My advice is that you try to pass the verification before you have huge amounts of money that you cannot withdraw. Once you have completed the verification process by presenting the documents and information above, you have the freedom to withdraw the money you’ve accumulated at will. You can withdrawal it in the form of USDT or Bitcoin. There is no minimum withdrawal amount that is set for you to follow.
Which fees can you expect to charged?
Currently, Overbit does not charge any fees on the deposits that you make. This platform does not usually charge any fees on the withdrawals that you make, apart from a network fee. As of now, this fee is set at 0.002XBT.
No fees are charged on trading positions. Overbit compensates for these fees through market spreads. You can expect the following market spreads when using this platform:
- Cryptocurrency instruments -0.6%
- Forex trades- 1-2 pip
The market spread is not fixed, hence you should expect some changes from time to time, moreso when there are volatilities.
Is Overbit Genuine or not?
This platform is genuine, and one I honestly think one can rely on. It offers a nicely designed platform which lets you trade with very high leverage, with the Bitcoin in your account. Overbit does not offer 100% anonymity, hence you can start trading in a matter of minutes right after signing up. This is a platform that you can use to not only trade in Bitcoin, but also in forex and Gold, provided you have Bitcoin in your account. You do not incur any fees for your trading positions, because they are usually taken care of by the market spreads.
Generally speaking, this is a platform that offers its users an effective reward system. Unfortunately, it does not have an online presence and user reviews. This is mainly due to the fact that it is new. The encouraging thing is that there are no negative reviews that would otherwise make us believe that it is a scam.
Anyone can access Overbit to trade, apart from the people residing in the countries listed below:
- North Korea
Pros and cons
- There are no trading fees
- No fees on the deposits
- You can trade in other instruments
- It has a very low online presence
That is mainly all there is about what Overbit is. Are you already using Overbit? Do you have any intentions to use it? Let’s talk about that in the comments section. I’m hoping to hear what you have you have to say about this platform.
I wish you the best.