Overbit.com Exchange Review
Overbit is a derivative trading platform where you can trade up to 50x leverage on cryptocurrencies and even up to 500x on other FX instruments with crypto deposits. Let’s see what can this platform offer to those who would like to trade like a pro.
2018 / Seychelles
|Supported Trading Pairs||ADA/XBT, ADA/USD, BCH/XBT, BCH/USD, EOS/XBT, EOS/USD, ETH/XBT, ETH/USD, LTC/XBT, LTC/USD, NEO/XBT, NEO/USD, XBT/JPY, XBT/USD, XRP/XBT, XRP/USD, AUD/USD, EUR/JPY, EUR/USD, GBP/USD, USD/JPY|
|acceptable currencies||US dollar (USD)|
|Supports Fiat Currencies||
More About Overbit.com:
Overbit is a Bitcoin derivative trading platform. Overbit offers an innovative leveraged trading platform for traders which allows cross-market trading using Bitcoin as the underlying asset. At Overbit you can trade other instruments beyond cryptocurrencies, like forex and metals – still using your Bitcoin. As the deposits and withdrawals are only available in Bitcoin.
Overbit’s mission is to maximize the opportunities which lay within the cryptocurrency industry. They offer a brand new trading experience not just within the altcoin space but reaching out to other asset classes, like forex and metal instruments. Their strategic goal is to provide a professional trading platform which helps traders to engage in deals in a seamless and flawless way.
The website is run by a company called Abberton Trading Limited registered in Seychelles, with the registered address of 306 Victoria House, Victoria, Mahe, Seychelles.
The company has two founders, Chieh Liu, and Nathan Taku. Chieh Liu is currently the CEO of Overbit, with several successful technology and finance related ventures in his past. He has a CS degree from a Californian college and one of the early blockchain evangelists. Nathan Taku, who is currently the COO of Overbit has more than 10-years experience as a professional FX trader and also had experiences with other financial products and real estate investments. He has been providing blockchain consultancy since 2011 in China. The company also have Brian Shearing as compliance and Dr. Ivan Guevara as legal advisors who both have in-depth knowledge of both the financial industry and blockchain technology.
You can find Overbit on Facebook, although looks like this is a new account as there is no content yet on the page and it does not have any followers. They prefer to share content on Twitter about company-related news and press releases, where their 730 followers can learn more about their services.
The trading platform is a new site, have been around only since the end of 2018, so there is no real track record yet about their online presence.
Services offered on Overbit
Overbit wants to fill in a gap in the industry by offering forex trading opportunity using crypto deposits. Beyond using your crypto assets for trading they also offer a significant amount of leverage up to 100x, depending on the instrument.
If you are not yet decided if you are ready to use the platform, you can start trading with the demo account to get the hang of it. The demo account utilizes live priced and preloaded with 8 XBT, enough money to have an idea about what you can expect at live trading.
The contracts work similarly to the CFD (Contract for difference) contract which follows the price movements of the underlying assets. You can go long or short, even in large amount of deals no matter how much Bitcoin you had originally. And this is not just for crypto assets, you can trade with USD or gold too! Just make sure you have enough funds on your account to cover the applicable margin.
Beyond USD you can also trade against the Japanese yen (JPY) with Bitcoin. Overbit offers crypto trading contract in 8 altcoins, including ETH, XRP, LTC, EOS, BCH, ADA and NEO. Bitcoin is referenced as XBT in terms of a trading instrument on the platform.
The perpetual contracts which are offered for the altcoin trading pairs against Bitcoin do not have an expiry date. The funding rate is applicable for all positions which are not closed intraday.
In terms of pricing the market, Overbit employes a unique calculation method. They use a handful of exchanges with the highest real trading volume for a given instrument and calculate a weighted average price from the order book to get to the market price. According to the site, the prices can update up to 100 times per each second.
The trading platform uses an auto-liquidation system which is in place to maintain the maintenance margin of the account but prevent the position to be completely close in case of unfavorable market movements. When an open position is getting close to the maintenance margin, the position is partially liquidated to allow more margin.
One of the most interesting features of the platform is the unique Tier Points system they use to provide users rewards. This is a new system they have just introduced as of May 2019. Traders earn Tier Points each time a new trade is opened on the Overbit platform or invite friends to use Overbit.
This is not just a simple affiliate system, they also encourage you to trade over the platform on a regular base, they also incentivize taking leverage positions through this system. You receive 10 Tier point for going into a long or short position of 1 XBT (Bitcoin). These Tier Points then can be redeemed on the platform for real trading balance. For 1000 points you unlock 0.06 XBT, for 5000 points, 0.324 XBT. In the future they also planning to open up this redeem option to other assets, so you will be able to redeem it as gift cards as well.
Getting started on Overbit (Deposits & Withdrawals)
When you sign up to Overbit, you need to provide your country of residence at registration.
After you have verified your email you can log in to the platform. Your unique deposit address is generated for Bitcoin deposits. At the moment Bitcoin is the only accepted deposit option at Overbit. The platform only waits until the first confirmation is appearing on the blockchain and they debit the balance right away on your account.
Although you can sign up, deposit and start trading with only an email address if you would like to withdraw money from the platform, you have to pass KYC requirements. To verify your account, you have to provide a phone number, date of birth and addresses. Overbit request to provide a photo ID (which can be a driver’s license or a passport) and a proof of address (utility bills not older than 3 months) in order to make sure the personal data provided is accurate. Make sure to pass the verification before you accumulate too much money on your account.
Once you have verified your account with the required documents, you can also withdraw money from the platform. Withdrawals are only allowed in Bitcoin and there is no minimum withdrawal amount that needs to be set.
Trading on Overbit (Order Types)
To start trading on Overbit, you do not need to pass verification, so it only takes 1 minute to create your account, fund it with a deposit and you are good to go with your first trade.
On the trading dashboard, you can select your desired instrument on the top, be it crypto, forex or gold. Beyond the cryptos offers, you can trade JPY, GBP, and EUR against the USD and also gold which is represented by XAU symbol.
The current prices are showing up live on the chart that you can customize but you can also follow them on the right side of the screen if you would like to follow multiple instruments at the same time.
To enter into a trade on Overbit:
- Select the direction, make it a buy or sell order
- Select the amount of leverage you want to trade with
- Enter the order details, including quantity, the stop, and limit prices if you want
- Finalize your trade by hitting the Buy XBT/USD button.
You can do market and limit order as well on Overbit. The funds required for a trade are always visible for you, this is depending on the amount of leverage you would like to utilize. The trading screen also gives you information about the Tier Points you can get after each deal.
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.
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.
User experience and customer support on Overbit
Overbit’s website is available in three different languages beyond English, including Japanese, Chinese and Korean.
The dashboard gives you a clear picture of your current account balance and it is easy to navigate on the trading screen. You can customize the trading chart with indicators, and trends lines and all the tools, TradingView can offer.
You can only contact Overbit on email, there is no further support method is offered at the moment in case you have questions but they offer 24/7 monitoring of the email address so hopefully, you get a response soon to your issues raised. Once you are logged in you can also send them a ticket which hits the same email address.
Since Overbit is a new business in the industry, there is no real feedback from users on the internet about their services, so only time can tell if they manage to fulfill their promises.
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.
Supported Trading Pairs
All countries except:
- North Korea
Overbit is a nicely designed trading platform for those who would like to trade with high leverage using Bitcoin deposits. Although the platform is not entirely anonymous, you can start trading within a matter of seconds after signing up. Beyond the usual altcoin pairs, you can also trade forex and gold at Overbit, still using your Bitcoin deposits. There is no trading fee applied to your positions, the platform is compensated from the market spreads which are relatively fair compared to other market participants. Overall Overbit seems a promising trading place, especially because of the reward system that lets you earn more money after your open positions. The only questionable item is the lack of online presence they have, which might improve over time since this is a relatively new business which has just started.
- no trading commissions
- rewards system after open trades
- offers to trade forex and gold too beyond crypto
- no real online presence of the company
- US users are not accepted
- only email contact is provided
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