By Jake Coleman
Bybit emerged as a rapidly expanding crypto trading platform, with its headquarters in Dubai, UAE, and additional offices gracefully established in Taiwan and Hong Kong. The matching engine of Bybit exhibits an impressive capacity of managing 100,000 transactions per second (TPS), alleviating concerns regarding overload complications. Additionally, it boasts commendably low latency, clocking in at a mere one millisecond.
Boasting a vast user base exceeding 100,000 individuals and offering linguistic assistance, Bybit stands tall among the leading trio of crypto exchanges.
The Characteristics of Bybit—What Sets It Apart From Other Services?
Bybit, in contrast to other exchanges for margin trading, has a straightforward interface. Still, behind the scenes, the platform is loaded with a wide variety of features that, when combined, provide a more streamlined trading experience for traders like you and others.
In the following paragraphs, I will describe some aspects of Bybit that are important to you. As one becomes more acquainted with Bybit, additional capabilities can be discovered.
Spot Trading:
In crypto, Bybit, a prominent player in the domain of margin trading derivatives, discreetly unveiled its spot trading platform.
A Centralised Market Designed for High-Volume Transactions:
Bybit facilitates the trading of 24 prominent cryptocurrencies with high trading volumes, encompassing BTC, ETH, BNB, SUSHI, DOGE, USDT, and others. USDT perpetual trading has been recently introduced, where P&L is calculated in USDT, providing a hassle-free experience.
High Leverage:
Bybit provides an impressive leverage of up to 100X, representing the potential funds that can be borrowed from the exchange.
In a hypothetical scenario, assuming a position of 100 USD and utilizing 50X leverage, one would have the opportunity to engage in a trade with a contract value of 5,000 USD. In this scenario, the term used to refer to 100 USD is “Initial margin.”
Fiat Gateway:
Cryptocurrencies can be purchased on Bybit through their Fiat gateway. The feature above is made possible through utilizing Moonpay, a third-party entity offering cryptocurrency payment infrastructure. To access this functionality, KYC verification with Moonpay is required.
Grid Bot Trading:
Bybit has recently introduced a multitude of automated trading bots, with the most recent inclusion being grid bot trading. The approach above enables one to harness the market’s inherent volatility, thereby facilitating the generation of profits through an automated mechanism. Numerous exchanges have embraced the incorporation of this sought-after functionality, given its appeal to traders and scalpers alike.
The grid bot trading feature is available for free usage on Bybit (excluding trading fees). Currently, Bybit offers a range of selected pairs for running grid bots.
Trading Platform That Is Simple to Use:
Bybit presents a remarkably user-friendly trading interface, which may pleasantly astonish individuals transitioning from other prominent exchanges such as Bitmex or Binance. The trading terminal by Bybit exhibits impressive power and a wide range of robust features.
Hedging:
Bybit enables the simultaneous holding of both long and short positions. An isolated mode is provided, allowing for varying leverages across concurrent classes. Both types of available margins have been explained in the further section.
No KYC Required:
Bybit is a top-tier No KYC exchange, offering global accessibility except in restricted regions like the USA, UK, and sanctioned countries.
To access specific Bybit offerings like Bybit Earn, completion of the KYC process is required.
The signup process is swift, and a joining bonus is available, as elaborated in the subsequent section of our comprehensive Bybit review.
In decentralized finance, a No KYC account grants you the power to withdraw a generous 2BTC daily. However, should you desire to exceed this limit, completing KYC formalities on Bybit becomes imperative.
Bybit Mobile App:
The Bybit mobile app was explored later, revealing a pleasant surprise regarding its simplicity and quality. The mobile app is undoubtedly a practical and efficient tool, encompassing all essential functionalities. In contrast to its counterparts, the Bybit mobile app exudes an air of simplicity and user-friendliness, setting it apart from the bustling crowd. A tutorial will be shared in the upcoming days. The mobile application is accessible on both iOS and Android platforms.
By bit Subaccount: Evaluate Diverse Strategies
Trading on Bybit may be done in several different ways. One may do it manually to trade cryptocurrencies or venture into the exciting new world of grid bot trading. However, more than an account is required for testing various strategies, necessitating the utilization of the sub-accounts feature. The calculation of the P&L shall be conducted autonomously, enabling the deployment of diverse systems and facilitating enhanced monitoring of trade performance.
This feature is accessible to all accounts (limited to desktop usage) and enables the following functionalities:
- A maximum of 20 Subaccounts can be accommodated for every Main Account.
- Fund transfers between the Primary Account and Secondary Accounts are subject to no fees.
Bybit Fees
The fee structure of Bybit contributes significantly to its widespread appeal. The leadership under CEO Ben Zhou and the team has demonstrated exceptional performance by maintaining fees at a remarkably competitive level within the crypto derivatives sector.
The determination of fees is contingent upon the VIP level assigned by Bybit. The comprehensive table below showcases the meticulously calculated and structured Bybit fees that are applicable to the esteemed spot trading market and the highly respected perpetual and futures trading market.
For those who are unfamiliar with trading and seek clarity on the Taker fee or Maker fee, kindly consult the chart provided:
Is Bybit Safe?
In the realm of learning and research, Bybit has been discovered to possess a heightened level of safety. The sole caveat lies in its unregulated nature, encompassing the inherent risk customary across all crypto derivatives exchanges. Enabling 2-factor authentication and utilizing a robust password are recommended to bolster the security of your Bybit account. And engage in transactions solely with substantial funds, ensuring you are mentally prepared for potential losses.
Caution: Refusing exchanges to store substantial amounts of cryptocurrencies, such as BTC, is advisable. Instead, consider acquiring a hardware wallet, such as the Ledger Nano X, to safeguard your coins for extended durations securely. Utilise solely the necessary funds for trading purposes. Consider utilizing a mobile wallet such as Trust Wallet for seamless fund transfers between your Bybit account and your wallet.
Conclusion
Bybit is an exceptional platform, offering unparalleled security and remarkable speed for spot and derivative trading. The entity typically engages in prominent public crypto gatherings, instilling notable confidence. The provision of multi-lingual customer support and the presence of a dedicated account manager ensures that traders are provided with enhanced onboarding experiences.
The trading engine stands out as an exceptional platform, capturing the attention of crypto traders and establishing itself as a prominent derivative exchange.
