Bybit has emerged as a powerful crypto derivatives trading platform. The platform is particularly appealing due to its remarkable services. They are powered by cutting-edge technology. Traders can take advantage of a risk-free testing environment and are encouraged to learn. Let Crypto Trading introduce you to What is Bybit .
Some things to note when using Bybit Exchange
Bybit aims to provide users with an intuitive and intelligent trading experience. Let’s dive into the crypto derivatives platform to learn more about the concept of What is Bybit.
Concept What is Bybit?
Bybit Global was founded in 2018 and is headquartered in the British Virgin Islands. Bybit has grown rapidly in a short period of time. Currently, the platform has attracted more than 10 million users. This is an impressive number for a relatively new exchange in the market. Bybit allows the trading of real crypto assets. By bit also offers the ability to trade derivatives.
Is Bybit Exchange reputable?
The safety of the concept What is Bybit is always a concern for many users. By bit operates similarly to many other cryptocurrency derivatives exchanges. So if you have ever traded, you will easily grasp how By bit works.
How is Bybit different from other exchanges? First of all, it is important to understand that when using Bybit, you do not directly trade cryptocurrencies. Instead, you will buy and sell contracts related to those cryptocurrencies.
Derivatives are financial products that derive their value from an underlying asset. A futures transaction is when you enter into an agreement to buy or sell a certain asset at a specific time in the future. The agreement is then called a “futures contract”.
While the two aspects are clear, Bybit also offers trading in perpetual futures. This is a bit more complicated. Futures are contracts where perpetual and do not have an expiration date. This means you can hold them indefinitely without any pressure to sell.
See more: Open an Bybit account – explore the crypto exchange
Advantages of the What is Bybit exchange
As usual, you will start by evaluating the concept of What is Bybit from the positive points. Then, explain why many people choose Bybit.
Superior technical analysis functions
Because Bybit aims to provide users with innovative and smart trading tools. In addition to perpetual futures contracts, it also integrates many other unique features.
- This smart trading platform not only provides strategy alerts. It also allows you to set “take profit/stop loss” points as soon as you log in.
- It is important to always protect your cryptocurrencies by storing them in a secure wallet. Normally, I recommend a cold wallet like Ledger or Trezor. However, the Bybit exchange offers an “all-in-one” solution. It is a combination of an exchange and a cold wallet. It is also a place where you can safely store your cryptocurrencies.
- The 100K TPS combo tool and ultra-fast motor ensure you never have to worry about overloading.
- The most prominent difference of What is Bybit? That is, every transaction on this platform will almost not change the price.
- With a 99.99% uptime guarantee, Bybit is committed to providing you with an uninterrupted service experience.
- With the advanced dual price mechanism, you will not encounter false liquidity problems.
One of the reasons to choose Bybit Exchange is its advanced features. If you are interested in taking advantage of smart and innovative trading. This is a platform that you should consider. This also means that the Bybit exchange is safe or not.
Multiple Crypto trading options
What are the assets on What is Bybit? The exchange has now expanded its portfolio to more than 1,000 cryptocurrencies and more than 300 trading pairs. The list includes major coins such as BTC, ETH, SOL, APE, LTC, DOGE, AVAX and many others. Bybit is available in more than 160 countries around the world, including Vietnam.
Low Bybit Crypto trading fees
In trading, not only functionality is important, but transaction fees also play an important role. This is especially important for traders who frequently buy and sell cryptocurrencies during the day.
The “maker-taker” transaction fee model on What is Bybit?Market takers are those who create demand. They typically pay transaction fees to execute trades. Conversely, market makers are those who provide liquidity. They deepen the strength of the market and typically receive negative transaction fees. Also known as rebates.
Bybit’s trading fees are very competitive, with maker and taker fees both being 0.1%. This means that the exchange is suitable for those interested in long-term contracts. It is also suitable for those who want to maximize profits in the short term. In addition, Bybit also offers a variety of trading fee options. The aim is to suit everyone’s trading needs.
Bybit applies different trading fee structures for VIP and non-VIP users. The trading fee discount will depend on the VIP level the user achieves. It is determined based on the account balance or 30-day trading volume.
Trading fees apply to crypto pairs on Bybit. For Fiat-Crypto trades, fees also depend on the user’s account level on the exchange.
By bit trading mobile app
Anyone who is passionate about trading knows the importance of being able to trade. As well as the importance of tracking cryptocurrencies on the go. To do this, using a mobile application is necessary.
Bybit’s mobile app is available on both Google Play and the App Store. On Google Play, the app has a rating of 4.3 stars. This shows that users are surprisingly happy with its quality. Customers praise its clean design and attractive user interface. All the necessary features work smoothly without any bugs. This makes the app an ideal choice for beginners as well.
The Bybit app has now been upgraded with many useful features. In addition, it also integrates features such as “Stop Loss and Take Profit”. They notify prices, and flexibility when converting between different cryptocurrencies.
So if you want to trade cryptocurrencies conveniently on the go, consider using Bybit’s mobile app.
See more: Opening an Bybit exchange account for traders
Review of Bybit platform disadvantages
Now it’s time to dig deeper and explore the issues surrounding the leverage feature. Although the exchange has not had any notable negative “breakthroughs”.
Negative feedback from user experience
While you can test the product first, you still can’t be sure what problems you might encounter in the long run. According to customer reviews on Trustpilot, the Bybit exchange only has 3.2 stars. Customers say the platform needs improvement. There are also complaints about account freezing, which is a constant problem.
It could also be a dirty play from a competitor. Also, most users only leave reviews when they encounter a problem. It doesn’t mean they’re upset about how the app works.
Account freezing is a complicated issue. Bybit does not routinely freeze accounts randomly like some other platforms. When accounts are frozen, there are usually reasons such as regulatory violations or suspicious activity.
However, be sure to check out reviews and conceptual information about Bybit. However, you should always remain skeptical and do your own independent research. Don’t rely solely on user feedback.
Limitation on the number of coins used on Bybit exchange
The current coin list on the Bybit exchange includes the following types: BTC, ETH, XRP, EOS, LTC, XTZ, LINK, USDT
While this list may leave some people thinking that there is a lack of less popular altcoins to choose from, the final choice comes down to personal preference.
You can buy coins like BTC, ETH, and USDT with fiat currency.
Difficulty in learning to use What is By bit
While futures trading is one of the reasons many people choose Bybit, this feature also comes with some notable risks, especially for those new to the world of cryptocurrencies.
When you enter into a futures contract, you are predicting the price of an asset in the future. This is a high-risk investment, and that is the main reason. Let’s look at an example of how you can lose a large investment in cryptocurrencies.
Let’s say you entered into a contract to buy 1 BTC for $12,000. But if the price of Bitcoin drops to $8,000. You will lose $4,000 while someone else makes the same amount. This is a reminder that you cannot predict the future of cryptocurrencies.
So be sure to do your due diligence before entering into futures contracts.
How to register What is Bybit
Below is a detailed guide on how to register an account on the Bybit exchange: https://www.bybit.com/
- Step 1: Access the “Register” section located in the top right corner of the homepage: Byb
- Step 2: You can register an account using your email address or phone number. Enter your email address/phone number and you can enter your referral code if you have one. Set a password and check the box to agree to the terms of service and privacy policy. Finally, click on the “Get My Welcome Gift” button.
- Step 3: Enter the verification code sent to your email into the blank box.
Congratulations! You have completed the account registration process on the Bybit exchange. Next, you can proceed with the required KYC identity verification. And start trading as you wish.
Conclude
A Bit Exchange review shows that this is one of the most recommended cryptocurrency derivatives trading platforms. You have learned about the What is Bybit exchange, its reputation, and safety of Bybit exchange. In fact, the transaction fees on Bybit are very low. What some users say is that this exchange can be a bit complicated for Newbies. That’s what we give you about the concept of What is Bybit. Follow more at Crypto Trading to have more understanding about this exchange!
Frequently Asked Questions
How to register an account and start trading on Bybits?
To register an account on Bybits, you need to go to the website or download the application on your phone, then follow the instructions to register and verify your identity. Once completed, you can fund your account and start trading.
Is Bybit suitable for beginners?
Bybit offers a beginner-friendly trading environment, but it is important to understand leveraged trading and risks before getting started.
Should you trade leverage on Bybits?
Leveraged trading has the advantage of increasing profitability, but also comes with high risks. Users need to consider and understand the risks before participating in leveraged trading.
