What is Bybit?
Bybit is a cryptocurrency derivatives trading platform with the world’s leading trading volume. The company was founded in 2018 by Ben Zhou. Recently the platform added spot trading, issued Exchange Coins (BIT) and introduced services like Launchpad, Launchpool to compete with other exchanges like Binance, Huobi, OKex.
According to Bybit, they aim to “revolutionize today’s crypto market by combining the best of cryptocurrencies and traditional finance to enable secure, reliable, fair and user-friendly transactions”.
The exchange has 9 million registered users.
Overview of Bybit
From a user experience perspective, Bybit had a neat and organized platform. You can easily navigate the platform by following a few pointers here and there. If you are a seasoned trader, it only takes a few minutes to get used to it.
On this platform you will find an order entry field similar to that on all other exchanges. Bybit uses an additional function of price bars with moving limit and bars for conditional orders. These additional features cannot be found in many other exchanges.
The slider makes it easy to adapt to a fast-moving market. So you don’t have to keep re-entering the price, you can just slide it up or down.
Why use Bybit?
With high volume of liquidity and fast processing speed, with no delay in the event of market fluctuations, Bybit has captured the hearts of many experienced traders, especially through the fast execution of order execution.
Technically, no trading platform has yet come close to Bybit’s. Exchanges like BitMEX and Deribit pale in comparison as they can only offer appropriate speeds of 500 TPS (transactions per second) and 5000 TPS compared to Bybit’s 100,000 TPS. Binance Exchange is around 60,000 TPS.
The higher the TPS speed, the less likely there is a system overload, which can always affect the orders placed during trading.
To secure funds, Bybit uses a hierarchical cold wallet system to store all of a trader’s assets. They also perform a manual withdrawal process three times a day, at 8:00 a.m., 4:00 p.m. and 24 hours a day (equals the funding rate).
In addition, Bybit has a solid financial plan to insure funds in the event that dealers are liquidated below the bankruptcy price.
Bybit has not had a single hack since its inception.
Super fast order matching engine
With Bybit’s super fast execution engine, traders can enjoy a seamless trading experience without affecting their profits and losses.
Instructions for registering a ByBit account
You can follow these steps to set up your account.
Go to the Bybit official website and click Register here.
Enter referral code: 22939 to get $ 20 instantly.
Click on Keep going
Go to your email and enter the verification code sent to you.
Choose 1 of 3 conditions (this step is not important). Then return to the home page.
Navigate to Settings, select Account & Security, then Verify Now to make your account KYC.
You only need the Basic Verification (Level 1) to be able to withdraw up to 100 BTC per day. If there is no higher demand, level 2 does not need to be checked.
You select 1 of 4 license types that you want to use for KYC. Note that it is necessary to take clear pictures of the front and back.
After you have successfully downloaded the image, click Next. The screen displays your face image. You need to turn on the computer camera or use it on the phone.
Note: If you want KYC over the phone, download the Bybit app and follow the same steps.
For Apple (IOS): here
For Android: here
After the facial scan is complete, wait 5 to 10 minutes, the system will update automatically.
Now you can deposit money to trade, good luck.
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According to AZCoin News