One of the biggest problems that crypto traders face is the lack of exchanges that listen or care about their needs. All too often it’s more about profits instead, which leaves many traders frustrated because of issues like low liquidity, slow matching engines, and poor customer support.
Bybit, a fast-growing cryptocurrency derivatives exchange that intends to solve all these issues. Let’s take a look.
Bybit is Singapore-based and was launched in March 2018. On the neatly designed platform, you can trade in four cryptocurrencies: BTC, ETH, XRP, and EOS. Signing up takes less than a minute, and you can begin to trade immediately after you fund your account.
Bybit takes pride in offering its services in multiple languages. It also accepts traders from most countries in the world, although there are some exceptions, including the USA, because of national regulations. The exchange provides these features:
- Perpetual Contracts: You can enter into a futures contract with no expiry date on Bybit, something called perpetual contracts. Prices are calculated based on the most last traded price when you choose to close a contract.
- Powerful Matching Engine: the exchange features a super-fast order matching engine that processes up to 100,000 transactions per second. For comparison, PayPal processes 193 transactions per second on average. EOS, one of the fastest blockchain networks out there, processes 50,000 tps.
- Beginner Friendly Trading Platform: Bybit’s order book is tailored for beginner traders. But, it also features the tools needed for advanced trading. Users can visit the help center section for assistance. The USD acts as the base currency for secure trading.
- Coin Swap Function: One of Bybit’s latest features is a coin swap function that helps convert one coin to another (for e.g. BTC to XRP) instantly and for a fixed tiny fee. All can be done in just a few clicks.
- Advanced Trading tools: Whether you want to set take profit and stop loss limits or to switch indicators, Bybit has all the configuration features you need. It also provides great liquidity to help you trade cryptocurrency conveniently.
- 100X Leverage: Bybit provides the standard maximum leverage offered by top trading platforms. You can also set the leverage to 2X, 3X, 10X, or 50 times at your convenience.
- Mark Price: Bybit operates a sophisticated mark price system, meaning that positions are less prone to liquidation than they may be on other exchanges.
Trading on Bybit: Claim a $60 Welcome Bonus
Bybit is designed to offer traders a smooth, hassle-free experience, starting from the signup process to advanced trading methods. To get started, you will have to sign up with an email address or phone number and a password. You are sent a six-digit verification code, and that’s it. You don’t need to provide your name or any other personal info.
Once you’ve signed up, you can claim up to up to $60 in bonuses. $10 can be claimed without any deposit, and a further $50 can be claimed if you meet the deposit requirements. Claim your welcome bonus here.
Bonuses aside, you can start trading by funding your account using BTC, ETH, EOS, or XRP. You can deposit by opening the “assets” tab and “my assets”. The deposit feature is marked alongside each asset, and you can copy the wallet address or scan a QR code.
With funds in your account, click “Start Trading” and take a market position. Bybit shows you the value of your cryptocurrency in USD in the trading section. You can also choose whether to use leverage and other trading tools, as we mentioned earlier on.
If you have a social media presence, you could consider applying for Bybit’s affiliate program. You can earn a 30% commission from referrals and a 10% commission from sub-affiliates.
Bybit Trading Fees
The exchange charges fees as follows:
|Asset||Maximum Leverage||Market Maker (Receives 25% rebate)||Market Taker|
Bybit gives market makers a 0.025% rebate on the amount of money they put in the market. If you make a market worth $10,000 while Bitcoin is worth $8,000 you’ll receive:
10,000/8,000 X -0.025% which equals -0.0003125 BTC. It might look like a small amount, but it can add up to decent amounts of cash in the long haul.
Bybit’s perpetual contracts attract a funding fee that varies based on the asset being exchanged. BTC and ETH to USD are charged at 0.0278%. EOS is charged at 0.01% while XRP costs 0.0141%. When it comes to deposits and withdrawals, you only need to pay for mining fees. Bybit doesn’t charge deposit and withdrawal fees regardless of the amount.
Bybit claims to be listening and caring crypto exchange, with a motto “we listen, we care, we improve”, and it provides a variety of communication channels to back that claim. You can reach out to the company’s support team through a live chat feature located at the bottom right corner of its website.
Alternatively, you can send Bybit an email at [email protected] To show their transparency, you can also directly talk to the company’s CEO on Twitter. He’s active on the platform daily, and his handle is @ben_bybit. Other social channels for Bybit include Facebook, Twitter, Reddit, Telegram, Youtube, Medium, and Instagram.
Bybit is definitely a beginner-friendly crypto trading platform. It features an elegantly designed website with a trading platform that features all the essential trading tools, and an extensive help center section which gives you all the answers you need to get started. Another big advantage is their 24/7 customer service live chat, meaning you can get an answer to any query you may have about the platform quickly. It gets a thumbs-up from us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.