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ByBit Review: Read This Before Using

Bybit is a crypto exchange for derivatives. As a P2P trading platform from crypto to crypto derivatives, Bybit enables traders from different countries to participate in trading with up to 100 times the leverage. Bybit’s team consists of experts in the blockchain and financial sectors with former employees from BAT and Morgan Stanley. In the past, Bybit stood out for its transparency and quick troubleshooting. All Bybit users get access to the same range of functions after opening an account and can trade perpetual crypto derivative contracts in Bitcoin, Ethereum, EOS and Ripple in relation to the USD.

You can register here (Click Here!)*

Interface

The platform’s interface is very user-friendly and intuitive to use. It is very similar to the interface of similar crypto exchanges, so that a smooth change from one platform to another is guaranteed. The platform uses a dark background for a somewhat minimalist look, with each segment of the screen clearly and neatly organized. Before your trade is executed, Bybit will display a full breakdown of your order. This is particularly useful when considering the complexity associated with derivative contracts. Of course, there is also a Bybit smartphone app for iOS and Android, which is often updated and equipped with new features. The operation is very intuitive and the performance of the app is very good.

Derivative Trading 

All users conduct trades by entering into an agreement with the seller on the future price of a particular asset on a P2P basis. The matching engine used by Bybit can process up to 100,000 orders per second, which is a huge advantage for day traders who often trade minimal swings. Users of the platform can trade and make withdrawals practically unlimited. Contracts do not have a set expiration date on which they are automatically settled, and most importantly, it is important to remember that as a derivatives trading platform at Bybit, there are no physical transfers of Bitcoin between buyers and sellers.

Tradable Assets

The Assets Exchange on Bybit is also very convenient. In general, cryptocurrencies such as Bitcoin, Ethereum, XRP and EOS can be deposited. These can be exchanged for other cryptocurrencies. But there is also the option to deposit USDT and trade the USDT pairs.

No Overloads, 24/7 Customer Support, Safety of Your Funds
No Overloads, 24/7 Customer Support, Safety of Your Funds

Security

The Bybit team has a strong focus on the security of their exchange and therefore use a hierarchically deterministic cold wallet system, full SSL encryption and daily, manual payouts. Bybit has managed to stay resilient to potential hacks. The team has also developed its Gray Release Update System, where maintenance of the platform is done “on the go” resulting in minimal downtime, and which gives traders continuous access to live trading, enabling “ losing ”trades is restricted.

Deposit/Withdrawal

There are no minimum deposit requirements. Bybit processes withdrawals three times a day. All withdrawals will be credited to your wallet 1 to 2 hours after verification.

Fees

A position funding fee is also charged on the platform, which is exchanged between the long positions and the short positions. The financing fee ensures that exchange prices remain anchored to the global spot price, and the financing is exchanged directly between buyers and sellers every 8 hours. When the funding rate is positive, long positions are paid for by short positions, and when it becomes negative, the holders of the short positions pay the holders of the long positions. You will not be charged if you close your position before the funding interval.

School and Support

Bybit provides a number of resources that enable traders to refresh and improve their skills and trading knowledge. These include the Bybit Testnet and the demo trading function, as well as a support center with an extensive FAQ section that deals with frequently asked questions from users. The platform also offers a live chat function.

You can register here (Click Here!)*

Try it for Free!
Try it for Free!

Warning: Trading leveraged futures products is incredibly risky. Make sure that you practice adequate risk management.

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