In recent years Bybit is becoming one of the top choices of reputable exchanges by investors. This Bybit review will share the characteristics of the exchange to explain why Bybit, although only established in 2018, can grow so quickly and strongly.

About Bybit

Bybit, founded in 2018, is an innovative, fast-growing crypto derivatives exchange. Bybit’s founding team consists of blockchain technology experts and is led by Ben Zhou, an expert in financial markets, quantitative trading and forex.

Bybit is headquartered in Singapore and is registered in the British Virgin Islands. It envisions a global economy and offers a seemingly fast, secure and transparent trading system.

The company has begun its journey to build the next generation financial ecosystem powered by innovative and innovative blockchain technology. Bybit has the full range of services covering everything from spot trading, to token launch and dedicated non-fungible token (NFT) markets.

Currently attracting more than 1.6 million Bybit users globally and retail or professional customers, Bybit has always been customer focused and strives to provide the best user experience.

Advantages and disadvantages

Advantage:

• There are more than 130 cryptocurrencies and high liquidity.
• Bybit fees are among the lowest compared to other exchanges.
• Offers cutting-edge products such as derivatives trading and flexible staking.
• Leverage up to 100x on Bitcoin and 50x on other currencies.
• Launchpad and Launchpool platforms allow users to earn new tokens.
• There is a guarantee insurance fund to minimize and compensate for losses.
• User-friendly

Defect:

• Fiat deposits and withdrawals can only be made through third-party channels.
• Customers from China and the United States are not accepted.

Services and Features

Buy and Sell Crypto

Buy

Let’s look at the example of using USD to buy USDT.

Step 1: Please follow the steps below to place your order:

• Select a fiat currency for payment: USD
• Select a coin to purchase: USDT
• Enter the amount of fiat currency you want to pay, or the amount of coins you want to receive
• You can either use the recommended payment method, or select your preferred payment method.
  
   

Step 2: Please make sure that all of your information is correct before clicking on Buy With USD to proceed. 

Step 3: Choose a payment method (P2P, credit card payments, 3rd party payments, or pay with fiat balances)

Sell

Let’s sell USDT for RUB as an example.

Step 1: Click on Sell.

             Note: Please transfer your funds to the Funding Account before selling.

Step 2: Please follow the steps below to place your order:

• Select a coin to sell: USDT
• Select the fiat currency to receive: RUB
• Enter the amount of coins you want to sell, or the amount of fiat you wish to receive.
• You can either use the recommended payment method, or select your preferred payment method.
  
   

Step 3:  Please make sure that all of your information is correct before clicking on Sell USDT to proceed. 

Step 4: Choose a payment method (P2P, credit card payments, 3rd party payments, or pay with fiat balances).

Trading

At first, Bybit’s trading interface might look simple but it does offer a wide variety of tools and can still be somewhat difficult for beginners to get comfortable with. Once you start trading, you will have the option to choose from Limit, Market, and Conditional orders.

Additionally, traders can easily access all the essential trading details like 24hr volume, open interest, funding rate, and more. Bybit uses a risk limit system that will limit your leverage allowance based on your position size. 

Bybit allows traders to trade Bitcoin with leverage of up to 100x on the BTC/USD contract. The platform offers 50x leverage on the rest of the contracts. One of the most unique features of Bybit is that maintenance or exchange upgrades do not affect the usability of the exchange itself which means there is no downtime.

In order to avoid market manipulation, Bybit has implemented a new mechanism called the dual-price mechanism which will protect users from unnecessary liquidation. The mechanism uses the ‘Spot market price’ instead of the contract’s price as a trigger for liquidation.

Trading bots

Cryptocurrency trading bot is a software that automatically trades according to preset conditions of experienced traders. Some crypto trading bots that allow traders to auto trade using Bybit are TradingView, 3Commas, Alertaton, Autoview, Cornix, FMZ, GoodCrypto, Haasonline Hydor, Mudrex, Profit Trading, ProfitTrailer, Profitview, Sirius Trader, Stacked , TokenBot, Tycoon, Wunderbit and WBCCLUB.

Perpetual Futures and The Dual Price Mechanism

A perpetual futures contract is a derivative that does not expire, unlike spot and futures trade contracts. It helps to maximize profit opportunities. Bybit has plans to incorporate quarterly futures contracts and subaccounts when it integrates with the MetaTrader 4 foreign exchange platform.

The Dual Price Mechanism protects traders from trade manipulation or price manipulation, which results in steep losses due to liquidation of positions due to margin shortage or requirement at prevailing market price.

Earn and Lend

Bybit Earn is our wealth management platform that helps you increase your crypto holdings easily. It offers competitive APY to ensure higher yields and best-in-class security to protect your funds.

Flexible Staking allows you to earn competitive yields with low risk on your staked tokens – BTC, ETH, USDT and USDC -with stable APYs. The yield will be automatically calculated and deposited daily to your Bybit Earn account.

Your daily yield depends on the type and number of tokens you’ve staked. Your daily yield = the number of tokens you’ve staked * (APY for the staked token / 365). The calculation for your daily yield will start on the next day (T+1) after you’ve staked the tokens, and will be automatically extended to your Bybit Earn Account daily starting one day after the calculation period starts (T+2). No yield will be generated on the day you unstake your staked assets.

Borrow one crypto asset using another as collateral. Borrowed assets can be traded on Bybit’s Spot and Derivatives markets, used on Monetization and other platforms, or withdrawn. On Bybit you can have a high loan-to-value (LTV) ratio, repay at any time with no penalty, and receive borrowed property instantly.

Security Parameters

Bybit spends 20% of its annual budget on ensuring the platform’s security against the industry average of 15%. Unlike most other exchanges that use ‘hot wallets,’ it has adopted ‘cold wallets,’ which have inbuilt robust security management, features, and measures. All deposit addresses are cold wallet addresses. Offline signatures carry on underlying Asset transfers and withdrawals. Withdrawal requests are subject to three levels of verifications and manual reviews per day to manage risk, and traders can withdraw once every eight hours.

Bybit has a stringent policy regarding crypto-asset consolidation, including system security, physical environment security, operation authentication, encryption techniques, monitoring, and audit. It protects user data and personal information, which is in line with its privacy policy. Each employee of the platform is thoroughly trained, scrutinized, and assessed for internal security control.

The exchange always insists the user have two-factor authentication. The user has to scan the QR code, and a six-digit 2FA code is generated randomly inside the Google Authenticator App. Users should write down the Recovery Key Phrase and store your RKP securely inside a cloud server with full SSL encryption.

Bybit Fees

Makers and Takers: Users can be classified as either ‘Makers’ or ‘Takers’. Market Makers provide liquidity and market depth, whereas market Makers squeeze the liquidity from the order book. Makers orders are not filled immediately, whereas Takers orders are filled immediately as a market order. Market makers are rewarded for providing liquidity and market depth.

Bybit offers a maker fee (rebate) of 0.025% instead of charging fees to Makers, unlike a fee of 0.075% charged for Takers. The net cost accrued by the Bybit platform is 0.05%. One can withdraw funds by entering the wallet address and clicking the withdrawal button three times a day with a withdrawal fee. Bybit withdrawal limits are 10BTC. It also has limits on daily withdrawals, which is 0.0005 BTC, and Bybit Funding Fee or Funding Rate is 0.02%/ -0.02%.

NFT marketplace

Non-fungible tokens are one of the most popular crypto investments as of late. To satisfy the growing demand for digital collectibles, Bybit launched its own NFT marketplace in early 2022, allowing users to mint Ethereum-based NFTs, and listing Solana (SOL) NFTs. 

The unique digital items on the Bybit marketplace can be sold and bought with BIT, ETH, and USDT. However, each NFT can only be priced with one of the tokens, meaning that NFTs priced in BIT can’t be traded with USDT, for instance.

Competitors

Over the few short years since its founding, Bybit has managed to surpass most of its competitors in terms of trading volume and mart liquidity. On the derivatives side of things, Bybit’s three main rivals include industry giants FTX and Binance.

Given that Bybit didn’t start out as a spot trading exchange, its climb towards the upper echelon of spot trading platforms is definitely commendable. However, Bybit’s spot trading volume still lags behind Binance, and other industry leaders, such as OKX, Coinbase, Crypto.com, and Kucoin, to name a few.

When it comes to the overall feature set, Bybit can be considered as one of the industry’s top dogs. Few crypto platforms, apart from Binance, offer as many trading features and functionality as Bybit.

Conclusion – Bybit Review

According to our Bybit review, it is a dynamic and efficient crypto derivatives trading platform with unique features and it is also one of the top crypto exchanges in the world. gender. Bybit is safe, secure and transparent. Wide range of trading options, leveraged trading, loss protection, payment options, fee structure, promotions and solid round-the-clock customer support, truly offering a complete package that traders Cryptocurrency traders are looking for.

With the rapid rollout of new features, listing properties, and a rapidly growing user base. Bybit could become the leading reputable cryptocurrency exchange at this rate of development in the near future.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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