What is Bybit?
Bybit is a cryptocurrency derivatives exchange. The biggest difference is that Bybit does not support spot or OTC trading. Bybit is considered a huge competitor to BitMEX when it allows BTC trading with up to 100x leverage.
Bybit has been present in the market since March 2018 and is licensed to operate in the British Virgin Islands, with its head office in Singapore and a number of offices in Hong Kong, Taiwan, and Shanghai.
Bybit's founding team are all experts in areas such as Forex, investment banking, and early access to blockchain technology. In it, CEO Mr. Ben Zhou is an expert in the forex and cryptocurrency market, he always thinks that his customers deserve a better exchange than what they need.
Is ByBit exchange safe?
Up to now, Bybit has never been hacked or shown signs of Exchange collapse, which can partly prove that the exchange's technical experts have done quite well in the security and safety of accounts. customer account. Bybit applies some of the following forms of security:
- 2FA 2-Factor Authentication: This form is quite safe for users' online accounts, to log in to their accounts, users need a password and a confirmation code sent to their personal phone through the application. Google Authenticator.
- Email Authentication: all activities on a user's account are authenticated via Email, so please make sure the Email you use has never been disclosed, otherwise all efforts of the exchange. also become meaningless.
- Authentication via Text message: this form is similar to email authentication
Core Features ByBit exchange
Unlike other margin exchanges, Bybit offers a minimalistic layout, but inside, it is packed with all the features that can help you have a smoother trading experience.
Focus on high volume markets
Bybit supports 5 high-volume cryptocurrencies including BTC, ETH, EOS, XRP, and USDT.
Bybit offers leverage up to 100x and is freely adjustable, which means it can be changed even after opening a position, which is not possible on other exchanges.
For example, if you opened a position of 100 USD and you use 50X leverage, you will be able to trade a contract value of 5,000 USD. And this 100 USD is called “Initial margin”.
Easy to use
Bybit offers one of the most intuitive trading terminals, and if you are someone who is moving from an existing exchange like Bitmex or Binance, you will be amazed at Bybit's features.
Bybit mobile application
Bybit has developed mobile applications on both iOS and Android operating systems, with functionality and interface quite similar to the Web. This is the app with all the necessary features for trading.
No KYC required
Bybit is one of the few high-quality KYC exchanges and you can sign up from anywhere in the world unless you live in a restricted country or in the US. US users can use a VPN like NordVPN to access Bybit.
Bybit allows you to hold both short and long positions at the same time. They also offer an isolated mode, allowing you to use different leverages for simultaneous positions.
Exchange money at market rate
Bybit also allows you to exchange one coin for another. For example, if you are holding ETH and want to convert it to BTC or USDT, you can do that too.
Transaction fees on ByBit
CEO Ben Zhou and his development team have kept trading fees among the lowest in the crypto derivatives industry.
Bybit charges taker 0.075% fee for all coins, maker will get 0.025% discount (ie will be refunded when order is filled). Transaction fees at Bybit are relatively low in the market, but currently, this exchange does not have fee incentives for investors who trade in large volumes.
- Trader A buys 10,000 BTCUSD contracts using a Market order.
- Trader B sells 10,000 BTCUSD contracts using a Limit order.
Assuming the strike price is $8,000:
- Trader A's receiving fee = 10,000 / 8,000 x 0.075% = 0.0009375 BTC
- Manufacturer discount for Trader B = 10,000 / 8,000 x -0.025% = -0.0003125 BTC
Therefore, on execution, Trader A will pay 0.0009375 BTC in Taker fees and Trader B will receive 0.0003125 BTC in Maker's refund.
Review of ByBit Exchange
- Good security (using cold wallet), withdrawal review time is every 8 hours.
- Focus on the comprehensive development of trading conditions on a single market (perpetual futures contract)
- High leverage
- Low transaction fees
- The trading platform works well, is easy to use, full of features
- Many bonus programs for newbies
- 24/7 support service, Vietnamese language support at Telegram community
- Recharge portal through Xanpool
- Speed: 100,000 transactions/second. (Bitmex : 500, Deribit : 10,000)
- Diverse ordering modes, smooth phone app, no lag like Bitmex, no conflict with ios like Binance.
- Limit the number of products traded
- No OTC
- Margin is not for beginners.
The trading conditions at Bybit are quite good, focusing on developing the platform to give users the best experience is the mission and mission that this exchange always mentions, which has also been proven by Bybit to customers. their own on the market.
Although it does not have a large number of participants like BitMEX, Bybit is still one of the exchanges that are considered to be reputable and highly secure.
If Bybit expands its traded products, it will probably attract more investors. With the above assessment, investors can completely rest assured to open a trading account at Bybit, if not a major exchange, they can choose Bybit as a good and safe alternative.
Guide to register for Bybit exchange
- First, register an account at Bybit: https://www.bybit.com/
- This is the account registration interface. Click the “Sign Up” button to continue.
- There are two ways to register: by email or by phone number. If by phone number, you just need to adjust the area code.
- After registering, the exchange will send a confirmation via email or phone, you just need to confirm the code to already own a Bybit account.
Then you need to enable 2FA to make your account more secure. On the menu bar in the right corner, select “Account & Security”. Scroll down to Two-Factor Authentication and in the Google Authentication section, click “Settings”.
Check your email and enter the 6-digit code as shown.
After Confirm, a QR code appears. In this step, you just need to use Google Authenticator or Authy software to scan the QR code to get the 6-digit code from the application. Then paste this 6-digit code into Bybit's authentication section.
So you have completed all the steps to create an account on the Bybit exchange.
Guide to depositing & withdrawing Bybit
Select the menu “My Assets” as shown, Then select the currency you want to deposit, press the Deposit button and transfer the money to the address provided by Bybit Exchange.
Withdrawal is also simple. In the “My Assets” section with “Deposit”, select “Withdraw”.
Enter the exact wallet address to be transferred into the “Wallet Address” box and enter the exact amount you need to withdraw in the “Amount” box. Finally, select “Submit”, enter the 2FA verification code and confirm the email, wait for the system to review and finish.
Instructions for trading on Bybit
After depositing money into your account, you go to the Trade interface, you can choose 2 transaction methods: USDT Perpetual or Inverse Perpetual.
In general, Bybit Exchange has 3 common types of orders:
- Limit: is an order where we will trigger the order to the desired price
- Market: is an order that the exchange will automatically take the best price and activate the order immediately
- Conditional: is an order that when there is a transaction at the Trigger Price level, your order will be put on the Order Book and waiting for order execution.
If you are just an ordinary trader, I think just using the Market order and the Limit order is enough.
Ending the Bybit exchange review here, it can be said that Bybit is one of the safest and fastest derivatives exchanges that you can find in cryptocurrency exchanges. Bybit company usually participates in all major community crypto events, which adds credibility to Bybit.
Multilingual customer support and a dedicated account manager ensure traders like you can get started with Bybit with the utmost ease.