What Is Bybit?
Bybit is a fast-growing cryptocurrency derivatives exchange established in 2018 by a team of professionals with a wealth of experience in the forex industry and investment banking. Its exchange vision is to provide the global economy with a fast, secure and transparent trading ecosystem.
Bybit is building a next-generation financial ecosystem powered by advanced blockchain technology. The platform has over 3 million users globally, consisting of both retail and professional clients. The derivatives exchange provides a secure trading environment for users to trade futures with optimal leverage in ETH/USD, XRP/USD, BTC/USD, EOS/USD and BTC/USDT perpetual contracts. Bybit provides a safe, secure and efficient futures trading platform.
Pros and Cons of Bybit
Let’s look at some of the pros and cons of Bybit’s crypto derivatives exchange.
Users can gain up to 100x leverage on cryptocurrencies
Suite of advanced tools
Availability of educational resources
A risk-free environment for users to learn
Reliable platform with virtually no service disruptions
24/7 multilingual customer service
Crypto derivatives are considered extremely risky
Bybit isn’t available for trading in the U.S.
While cryptocurrency exchanges tend to be pretty similar, Bybit has a host of unique features that give it an edge over many other exchanges. Let’s look at some of them.
Bybit offers several trade derivatives products. These include Bitcoin and other cryptocurrencies, and come with three contract options: USDT perpetual, inverse perpetual and inverse futures.
Bybit gives traders and users on the platform complete access to a host of trading tools and features, which include cross and isolated margin trading and 100x leverage trading.
Users on Bybit have access to a suite of data analysis tools that allow them to access moving average indicators, price moving averages, and see monthly price ranges. It also gives users access to specific index prices, funding data, rolling volatility charts, market analysis, and the latest news and updates.
Bybit also allows users to place the following types of orders: limit, conditional and conditional limit, stop-loss, and advanced.
Bybit’s user platform has an extremely intuitive and user-friendly interface.
How Does Bybit Work?
Bybit is simple and easy to use. All that users need to get started is their phone number or email address. Once users open their account, they can deposit and buy cryptocurrencies using the Bybit App, which is available on both Android and iOS. Users can simply go to the Bybit website , scan the QR code and download the app. The app provides almost the same features as the Bybit website, with users able to set and receive price level notifications.
Traders can manage their risk exposure via one-cancels-the-other (OCO) orders. OCOs empower traders to lock in profits, manage risk, and easily enter and exit positions.
While the platform is relatively easy to use, it’s essential to understand crypto trading basics and to be familiar with the concepts of derivatives, leverage and perpetual contracts. The exchange gives traders an accessible environment where derivatives tied to cryptocurrencies are available for trading based on the leverage available.
Perpetual contracts on Bybit function similar to standardized futures contracts. Futures essentially represent agreements to trade an asset or currency at a predefined price and time in the future. Users can then speculate on the potential prices that these assets could reach. However, unlike traditional futures contracts, perpetual futures contracts never expire.
Bybit links cryptocurrencies with their fiat counterparts, offering Bitcoin, Ethereum, XRP and EOS support. Bybit also offers an internal asset exchange, which allows users to exchange their coins directly on the platform.
Services Bybit Provides
Bybit’s platform allows traders to take long and short positions, and offers the following features:
Customizable user interface
Advanced technical indicators
Breakdown of trades before execution
Customizable charting tools and indicators
Trading parameters across limits, along with conditional and market orders
Bybit offers several different services for perpetual, futures and margin trading. Users can buy crypto with credit cards and third-party payment applications such as Apple Pay. The platform supports the following trading pairs: BTC/USD, ETH/USD, EOS/USD and XRP/USD.
The USDT perpetual service on Bybit is a USDT margin trading platform which supports cryptocurrencies paired with USDT. Assets such as BTC, ETH, BCH, ADA, LINK and others are supported.
Bybit ByFi Center
Bybit believes that DeFi has the potential to change the encryption ecosystem. Their platform aspires to give millions of users access to DeFi. With that vision in mind, Bybit has launched the ByFi Center, designed to become the gateway to DeFi.
As a cryptocurrency exchange, Bybit offers several services for futures trading and margin trading. While the exchange currently supports a relatively small number of coins on its platform, Bybit is constantly expanding its services. Bybit’s continuing goal is to become one of the largest top exchanges when it comes to USDT perpetual, inverse perpetual, inverse futures and crypto spot trading .
Interested in starting your crypto journey? Try Bybit today !
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This article is not a direct offer, recommendation, or endorsement of any products, services, or companies mentioned. Blockgeeks.com does not provide investment, tax, legal, or accounting advice. Crypto is risky, do your own research, invest safe.
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