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Understanding Bybit exchange and how it works

With the number of crypto exchange sites available in the market today, it can be hard to choose because of the overwhelming number of options. Traders usually look for a platform that they can trust their assets with but provide useful features. This is what Bybit aims to offer its customers. 

Are you curious why Bybit exchange is a solid choice for traders and why it currently has millions of users? Learn more about it here at Cryptoshimbun!

What is Bybit?

Bybit exchange is one of the fastest emerging crypto exchanges in the market today. Founded in March 2018 by Ben Zhou, it provides traders with a smart and innovative online trading platform.

Even though the platform is only 3 years old, it already amassed over 9 million users. The company is based in Singapore but it offers its services to traders from different countries such as Russia, Japan, North America and more. 

Different features of Bybit

Bybit exchange has already proven to be a reliable platform for traders because of its secure and fast transactions,  but what draws traders into using it is its diverse selection of features that help users exchange assets more efficiently and makes the overall trading experience easier. Here are some of the features that you’ll get with this exchange site:

Up to 100x leverage trading

Leverage trading is one of the top features of Bybit. It lets investors borrow funds from the platform to increase their trading position without paying for the full amount of the investment cost. 

This allows traders to make the most out of their capital by maximizing their profits and with this exchange site, they can trade with up to 100x leverage. If you’re ready to pay in full up front, this feature is perfect for you. 

Relatively low trading fees

As with any exchange platform, Bybit’s transactions also come with trading fees. However, it’s relatively cheap compared to other sites.

For you to determine whether or not the trading fee for a platform is low, you first have to know where to compare them to. As of writing, Bybit’s trading fee ranges between 0.075% for traders and 0.025% for makers.

Bybit app

Bybit further levels up the convenience by featuring a functional mobile app for its users. Through this app, traders can now monitor the market and make trades through their phones anywhere and anytime as long as they’re connected to the internet.

The Bybit mobile app is available for both Apple and Android devices through their respective app stores.

Referral program

Bybit exchange users are encouraged to refer their friends to the platform because they’ll be rewarded with incentives. Successful referrals will grant them a $20 bonus and a chance to unlock a reward card that can be worth up to $500. 

Different order types in Bybit

What’s great about Bybit exchange is that it gives its traders the chance to choose how they want to trade on the platform. Here are the options available:

Market order

Because of the volatile nature of the crypto market, the exact prices of each token is never certain. With a market order, traders can enter and exit the market instantly during rapid-moving price conditions.

Traders who choose a market order will allow them to buy cryptocurrency at the best available price and the order will be guaranteed with minimal price changes. 

Limit order

The advantage of a limit order is that it guarantees a limited price. How it works is that it sets the order price and the leverage. When the traded price reaches the order price, the trade will be executed.

Conditional order

From the name itself, this order will set a condition in advance which is called the ‘trigger price’. Once this condition has been met, it will automatically be activated.

Why choose Bybit?

There are many reasons why you should pick Bybit to trade your assets. Aside from the features mentioned above, here are more reasons why this exchange site is worth your attention:

Reliability

Bybit users can rest assured that their chosen platform is more than able to make trades. One of the worries that traders have when they choose a new trading platform that can handle several trades without issues.

Thankfully, overloading won’t be an issue thanks to Bybit’s system because of the fast matching engine that can seamlessly handle up to 100,000 trades per second.

Easy registration process

Unlike other exchange sites with hassle verification processes, Bybit only requires new registrants to input an active email address. They’re also given a chance to sign up using the mobile app where they only have to provide their country, password and phone number.

24/7 customer support service

Users can voice out their opinion about the platform and send their inquiries through Bybit’s customer support. This service is available 24/7 and it can support 10 different languages to make sure that every user will be able to use it. These are:

  • French
  • German
  • Bahasa Indonesia
  • Traditional Chinese
  • Korean
  • English
  • Russian
  • Japanese
  • Simplified Chinese
  • Thai Vietnamese.

Cutting-edge security

Bybit ensures 100% security when it comes to handling their traders’ assets. They’re able to achieve this through top-notch security measures such as:

Multi-signature addresses a security measure that requires multiple keys to authorize a transaction.

Cold storage solutions – refers to keeping cryptos offline to keep them away from hackers.

Trade with Bybit today!

With the promise of a smart trading platform and delivering on it exceptionally well, Bybit is an exchange that can help experienced and new traders alike. Their services such as leverage trading, referral programs, relatively low trading fees topped with fool-proof security measures are something users can benefit from. Discover what Bybit has to offer when you sign up and create an account.

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