Established in 2018, Bybit is a fast-growing, innovative cryptocurrency derivatives exchange. A team of professionals with expertise in the forex and investment banking industries founded the company. Bybit is registered in the British Virgin Islands and has its headquarters in Singapore. It is a platform that promises a fast, secure, and transparent trading environment. It is now on a mission to create the next-generation financial ecosystem using advanced blockchain technology. Bybit has more than 1.6million users worldwide, whether they are professional or retail clients. It remains customer-focused and strives to offer the best possible user experience.
How does Bybit work?
You don’t need to provide KYC information for Bybit. To open an account, you will only need your phone number and email address. To buy Bitcoin with fiat money (traditional), you can either deposit cryptocurrency or use a third-party app.
You can trade margin or futures at up to 100x leverage. Users of Bybit can enjoy 100x leverage for Bitcoin and 50x on other currencies. Customers can also get short-term insurance to protect against losses. The website and the mobile app for cryptocurrency trading are loaded with useful features.
One cryptocurrency can be exchanged for another. However, if you are looking to exchange one cryptocurrency for another, Bybit might not be the best option. It isn’t set up for spot trading.
If you have never used leverage, it is borrowing money to increase your potential returns. This is also known as buying on margin. Retail investors are not allowed to buy on margin. This is because it can increase your losses and leave you with little.
You have the option to either go long (bet the currency will increase in value) or short (“bet the currency will decrease in value”). These are the main types of orders you can place:
- Limit: A purchase or sale at a price that you have set.
- Market: An order that is filled immediately from the order book. You will pay a taker charge and have less control of the price that you pay.
- Conditional: The trigger price activates the conditional order. You might, for example, set a “take profits order” to receive your profits after you have made at least 50% of your investment.
Launchpool at Bybit lets you stake tokens and earn interest. You can do this with tokens that use Proof-of-Stake (PoS), which is a faster version of validating than the original Proof-of-Work.
It can be compared to a government bond. The blockchain uses your tokens for a time, and you get paid for it. Bybit allows you to undo your tokens at any time. This is an advantage over other exchanges that have untaking periods.
Bybit DeFi Mining
Mining Decentralized finance (DeFi), works in a similar way to staking. Once you have invested some tokens, you can start earning a return. Mining requires a lot of computing power, and very little electricity.
This is possible by simply putting in tokens. This is different from staking because there are no minimum deposits or a staking period. This option will yield a higher return, however.
Bybit VIP Membership
Bybit launched a VIP Program for traders who trade large amounts. Your 30-day trading volume, asset balance and membership level determine your membership level.
According to their website they offer the following perks for VIP members:
- An exclusive dedicated VIP Ambassador
- Priority access to Bybit customer service live chat
- Join the VIP Program to Receive Exclusive Gifts
- Exclusive trading fee rate
- Early access to the new product launches with private walkthroughs and a 1-on-1 introduction
- Get exclusive invitations to events and campaigns
Tokens and Coins
There are nearly 200 cryptocurrencies available, so you’re likely to find the currency you need. It is quite a wide range. Although there will undoubtedly be some not listed, most cryptos can be found and traded.
They also have a launchpad which gives users early access to soon-to-be-released cryptos. A subscription can be purchased by paying money. Although this is risky, the token will be worth a lot of money once they are launched.
Bybit cannot store fiat currencies. You will need to use cryptocurrency when making a deposit. To do this, you can use an entry level exchange. You can also use Bybit’s Fiat Gateway – which is a service offered by a third party provider.
Makers and takers: Users are classified as either ‘Makers or ‘Takers. Market Makers create liquidity and market depth. Market Makers extract liquidity from the order books. Market Makers orders don’t get filled immediately while Takers orders fill immediately. Market makers get rewarded for their market liquidity and market depth.
Instead of charging Makers fees, Bybit charges a rebate of 0.025% (maker fee) instead. This is in contrast to the 0.075% charge for Takers. Bybit charges a net cost of 0.05%. You can withdraw funds by entering your wallet address, clicking the withdrawal button once a day and paying a withdrawal fee. The Bybit withdrawal limit is 10BTC. There are also daily withdrawal limits of 10BTC. The Bybit Funding Fee (or Funding Rate) is 0.02%/-0.02%.
Bybit Payment Methods
You can make Bybit payments or deposits to their account using Visa, Mastercard or Electronic Fund Transfer. Bill payment options are also available. Bybit works in partnership with Xanpool and MoonPay to allow fiat currency payments. Mobile app users can click the ‘Assets tab in the bottom right-hand corner, and then click on Deposit.
New signups receive a $50 coupon and $10 for every additional deposit within 48-hours. There is also a $5 bonus on deposits of Bitcoin. You can also get $5 off your first deposit via social media. It is user-friendly and offers huge prize money to winners in trading competitions.
The Bybit affiliate program allows users to earn passive income up to 30% on trading fees. The program provides support, commissions can be settled immediately and data is automatically updated. The multi-dimensional report contains all transaction details and details about commissions. Bybit provides marketing materials and market activity support to affiliates.
$10 coupon for active users, valid for seven consecutive days. $20 coupon to deposit one or more bitcoins. $5 coupon to use Take Profit/Stop Loss at least once. $5 coupon to trade at least one USDT per year, excluding BTC.
Pros and Cons
|Cryptocurrency can be leveraged up to 100x||It is not available in the U.S.|
|Technology and advanced tools support great technology||Crypto derivatives can be extremely risky|
|You can learn and experiment in a safe environment.||Spot trading is not possible|
|Educational resources||You may share your data with other parties to market|
Our Bybit review reveals that it is a highly efficient and dynamic derivatives trading platform for cryptocurrency with unique features. It also ranks among the top cryptocurrency exchanges worldwide. Bybit is secure, transparent, and secure. Bybit offers crypto traders a wide range of trading options, including leveraged trading, loss protection, payment options, fees structure, promotions, and a solid customer service. Bybit is not intended to be an investment advisory or independent financial advice. The above facts are confirmed by the Bybit summary. It is without doubt one of the best cryptocurrency companies.