ByBit is an exchange that appeared on the market in March 2018. The platform allows customers to exchange perpetual derivative contracts for cryptocurrencies.
The company provides services to both professional traders and individuals on one-time orders. The bybit.com website has a multilingual interface that indicates the organization’s focus on the international market. The company is headquartered in Singapore, and the service is registered in the British Virgin Islands.
The platform provides customers with favorable and comfortable trading conditions. The main product that the exchange offers is futures trading, and you can use leverage up to 1: 100. There are currently four specific derivatives markets available on the site: EOSUSD, XRPUSD, ETHUSD and BTCUSD.
The exchange is very similar to its competitors, but there are several distinguishing features. For example, a company offers one of the fastest order processing cores that can process up to 100,000 transactions per second per contract. It guarantees no overloads and instant processing.
The main advantages of ByBit include:
- Several supported cryptocurrency perpetual contracts
- Low commission
- High liquidity
- Ability to set take profit and stop loss
- Double price for protection against manipulation
- Cryptocurrency cold storage
- 24-hour feedback
- Availability of insurance fund
How To Trade On Bybit
One of the features of the exchange is the complete anonymity of its users. This is why traders are not required to pass an audit to trade. For traders who are concerned about the risks of disclosing personal information, this aspect is especially important.
For beginners, the Bybit platform will also be especially useful, because for them a guide was created with detailed instructions for trading and a demo account on which the user can try themselves in this field. The company’s customers are also provided with a separate section with the latest news and informative articles.
The Bybit broker even has its own application, so users can trade at any time of the day or night. Its versions are available for Android and iOS. This is well suited for those traders who travel or don’t have constant access to a laptop.
Since the platform cannot be exchanged for fiat funds, the client can use one of the following methods:
- make a transfer of money from a cryptocurrency wallet to a bank card using third-party resources
- withdrawal through the exchanger
Is Bybit Safe?
One of the main priorities of the organization is the security of user funds, therefore, a system of hierarchically defined autonomous wallets is used to store assets.
But despite the fact that the company is quite large, it is not regulated by any well-known governing body and does not have an appropriate license.
The ByBit project has gained popularity among users around the world and continues to grow. The company provides favorable conditions for cooperation and has a wide range of tools and analytical information for the comfortable trading of its users. However, the process of working with cryptocurrency on exchanges is risky, therefore, before starting cooperation, read all the rules of trade.