Countless exchanges dominate the market today but only a few leverage trading. Among those that offer this exceptional trading service, Bybit stands out as the cream of the crop. With minimal trading fees, top-notch security measures and seamless trading views, this exchange platform ensures convenient, fast and secure transactions. Are you curious to know more? Learn about these features and more here at BTC Post.
Bybit exchange: Next Level Trading
Bybit is a cryptocurrency exchange founded in March 2018 by Ben Zhou and is currently based in Singapore. It’s a Peer-to-Peer (P2P) exchange registered in the British Virgin Islands that aims to provide ‘a professional, smart, intuitive and innovative online trading and cloud mining experience for retail and institutional clients around the world’.
The exchange has more than 9 million registered users. Additionally, Bybit also boasts pioneering professionals who have worked in foreign exchange and investment banking industries. With a team of industry enthusiasts, Bybit is able to produce a user-friendly platform to provide a safe and transparent trading system.
Bybit is known for its 100x leverage, allowing traders to trade a position of $10,000 from a $100 investment. Additionally, it offers more benefits to its users to take advantage of the features and make the most of their trading experience on the platform.
Features of Bybit
Just like other crypto exchanges, Bybit has a plethora of features to provide your trading needs. Check out the features you’ll find when you choose Bybit:
With Bybit, you can always trade with leverage, allowing you to grow your capital exponentially and maximize returns.
Leverage is the money that the exchange platform allows you to borrow to increase the amount of funds you can trade. For instance, if you have $100 and you used 100x leverage, then that value will multiply to $10,000.
You have the freedom to choose how you want to trade on the Bybit platform. The exchange supports three types of trading—limit order, market order and conditional order. Here are their differences:
This order type is used to set leverage and the order price. For this type, once the latest traded price has reached the order limit price, the order will be executed. This means that the cryptocurrency can be bought or sold at a specific price.
A market order is the buying or selling of cryptocurrency at the best price at that time. There’s no guarantee what the exact price of the cryptocurrency will be since the prices of altcoins fluctuate rapidly.
When trading in market order, the transactions are fast-paced since the current price of the cryptocurrency is what you’ll get at the time of trading.
This order type pertains to traders setting a specific ‘trigger price’ in advance which will be activated when the condition has been met.
Bybit has a referral program that incentivizes current users for inviting other interested crypto enthusiasts. This rewards existing users a prize worth $10 for every new referred customer that has deposited at least 0.02 BTC.
Like most cryptocurrency exchanges, Bybit’s trading view shows the order book and updated price chart of your chosen cryptocurrency trading pair. Aside from this, it also reveals your order history where all your past transactions are displayed so you can track them all in one place.
In trading, there are two people involved in the process—the maker who puts up an order in the order book and the taker who places the order on the platform. With Bybit, takers are only charged a fee of 0.075% and 0.025% for makers per order when trading contracts.
Bybit is only slightly above the global average for taker and maker fees. The average fee for takers is 0.063% and 0.018% for makers.
Bybit has a testnet demo account with virtual funds you can use to place trades in a simulated market with actual spot prices. This lets you practice your trading strategies without risking your money, making it suitable for beginners getting used to trading and veterans trying different strategies.
To use the demo feature, all you need to do is create a Bybit account on their website using your email address or use your mobile number to register at their testnet website.
Apart from its desktop website, Bybit also has its own mobile application designed for users who want an easier and faster trading experience. This allows them to place trades and check markets anytime and anywhere. The mobile app is available for download for iOS at the App Store and Google Play for Android.
In terms of security, Bybit assures its users that their funds are safe by using numerous security features such as cold storage solutions and multi-signature addresses. The former pertains to the storage of crypto reserves in bulk, while the latter describes Bybit requiring more than one key to sign a transaction from one wallet to another. With this, Bybit exchange can prevent the risk of having just one individual to handle all the funds.
Moreover, the exchange has SSL encryption that protects the platform from being compromised by hackers. By encrypting your passwords and address details, Bybit can keep your identity safe. With this, you can use the platform knowing the transactions are secured and protected.
Get the best trading experience with Bybit
As one of the top crypto trading exchanges today, Bybit provides all the services you need, whether you’re only starting in the industry or looking for a new exchange with exceptional features. Their top-notch security measures such as SSL encryption, multi-signature addresses and cold storage assure you that your funds are protected.
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