Bybit, a crypto derivative exchange founded in 2018, is registered in the British Virgin Island and headquartered in Singapore, it also has offices in Taiwan, Hong Kong, and Shanghai. With its goal being to become the safest, fastest, fairest, most reliable and user-friendly trading platform for retail investors, professionals, and investment institutions, Bybit is improving every day since its launch. In this article, we will introduce to you what is Bybit and what does Bybit offer. If you are a crypto trader and enthusiastic that are seeking for the best crypto exchange or a new trader to the cryptocurrency world, please take your time to read through, Bybit will never let you down.
What Does Bybit Offer?
For now, Bybit offers BTCUSD, ETHUSD, EOSUSD and XRPUSD perpetual contracts with a maximum leverage of 100 for BTCUSD and 50 for ETHUSD, EOSUSD and XRPUSD. It is a global exchange that supports five languages, including English, Chinese, Traditional Chinese, Japanese, and Korean and promises to bring in more languages for users all over the world.
A 100x adjustable leverage enables traders to enter a $100 position with just $1 as initial margin. What’s more, the leverage can be changed after the position has been opened, giving much more freedom to the traders when it comes to how they wish to manage their position.
Bybit also offers a 24/7 multilingual customer service through live chat on their website and emails. Their customer support crew are well trained to answer and resolve technical and financial issues you come into in a short time. They have been very considerate about whatever their users are in need of.
Moreover, they use a clean and user-friendly UI to upgrade users’ experience, ensuring a smooth operation process when you place orders. Recently, a brand new night mode has been added to the trading platform and was well-received among traders.
The execution speed on Bybit is one of their most competitive advantages. If you are an experienced trader, you must be familiar with the long-existing problem in the industry of system overloads and slow speed execution. Bybit developed an amazing speed matching engine that reaches a speed of 100,000 TPS per contract, or 10 to 20 times the average industry speed.
To protect traders from liquidation due to market manipulations, Bybit introduced its Dual-price mechanism. Most exchanges use the Last Traded Price as the trigger for liquidation, which is dangerous to traders when some exchanges with a small market depth are maliciously manipulated. Bybit uses the global Spot Price as the trigger for liquidation, which hardly can be manipulated. Thanks to this, traders can trade in the fairest possible trading environment.
Bybit Perpetual contract
So far, the two main products on the exchange are the BTCUSD and ETHUSD perpetual contracts. What is a perpetual contract? It resembles a futures contract but does not have an expiry date. You can place orders to go long or short, depending on your analysis on the market and the corresponding strategies. You can choose between three different order types: market order, limit order, or conditional order, adjust to the leverage you want, set Take Profit and Stop Loss in advance, and place it.
Margin trading with high leverages are risky in the volatile crypto market, but also offers huge profits possibilities. The platform itself has a transparent and fair stance in trading policies, and they advise to head the most suggested frequent advice given by experienced traders: to only trade what you can afford to lose.
In conclusion, the absence of an expiry date on perpetual contracts gives more potential for traders to profit. The choices Bybit provide improves the rights of traders and enable them to try all kinds of strategies.
How to Create A Bybit Account?
It is very simple to create an account on Bybit and will only take a few minutes to complete the whole process. Provide either a mobile phone number or an email address, set up your password, confirm the verification code and the account is created.
Bybit is aware of the need of traders and has drawn lessons from other exchanges in the industry. Since its establishment, it is constantly making progress and innovations. Traders need a fair environment, and Bybit can provide something beyond.
This concludes today’s article on what is Bybit and its main advantages. Try using it and it may soon become your favorite trading platform. We hope you learned a lot, enjoyed the read, and stay tuned for more great content.