ByBit Review: A crypto exchange focused on futures trading

0
36
kanchanara GnWfl nnZro unsplash
kanchanara GnWfl nnZro unsplash

With an emphasis on bitcoin futures trading, ByBit Exchange is a cryptocurrency exchange unlike any other. The Singapore-based derivatives exchange, which started in 2018, allows customers to trade perpetual crypto contracts with leverage of up to 100:1.

There are just five crypto assets available for margin trading, and the exchange is a crypto-only exchange, which only accepts digital money as a form of payment. When it comes to cryptocurrency, ByBit is best suited to experienced traders and investors wanting to trade futures contracts rather than newbies searching for a more diversified variety of assets to trade and invest in. Our ByBit Review will assist you in making an informed decision about whether or not this product is appropriate for you.

What Does the Term “Bybit” Mean?

It is possible to trade futures contracts with substantial leverage in BTC/USD, ETH/USD, XRP/USD, EOS/USD, and BTC/USDT everlasting contracts on the Bybit exchange. Our Bybit review shows that this cryptocurrency exchange runs and delivers a futures trading platform that is safe, secure, fair, transparent, and efficient.

How Bybit is put to use

To establish an account with Bybit, you only need a phone number or email address. You may utilize a third-party program to purchase Bitcoin using fiat currency, or you can deposit cryptocurrency.

Margin and futures trading can do with up to 100 times the leverage. 100x leverage on Bitcoin is available, while other currencies can leverage up to 50x. Customers can also purchase a short-term insurance policy. The website and the mobile bitcoin app include helpful features for skilled traders. One cryptocurrency can be traded for another. However, Bybit isn’t the best option for spotting trading because it isn’t designed for that use case.

If you’ve never utilized leverage before, you’re borrowing money to increase your prospective profits. Also known as buying on credit. For this reason, regulators do not allow regular investors to buy on margin, as they may quickly lose everything. You may either go long (bet on the currency increasing in value) or short (bet on the currency decreasing in value) (bet that the currency will lose value). You can place one of three kinds of orders:

  • You can establish a price limit for an order to purchase or sell.
  • An order that is immediately filled from the order book. Taker fees and less control over the pricing are the prices you’ll pay.
  • When your trigger price is met, this order is triggered. Set a “take profit order,” for example, to take gains whenever your investment has returned a 50 percent profit.

Is ByBit a Good Starter Tool?

It was at the beginning that we wondered is bybit legit. Because ByBit is legitimate and safe to use, it’s also perfect for newbies. People with minimal funds or skills can try their luck because it offers inexpensive trading fees.

Additionally, this platform’s app or user interface is pretty easy to navigate. Because of this, even if you aren’t very tech-savvy, ByBit will get you up to speed on all the fine points within a few applications.

Pros and Cons of ByBit

ByBit has its advantages and disadvantages, just like any other bitcoin trading platform. Here are some of the most important advantages and disadvantages. 

Pros of ByBit

With no KYC (Know Your Customer) requirements, ByBit’s signup procedure is quite simple and fast.

  • ByBit’s mobile app is one of the most excellent features of the company, making trading a breeze.
  • In order to keep your money safe, ByBit offers cold storage wallets. It is significantly better to carry a cold wallet than a heated one.
  • ByBit is just a handful of exchanges allowing swap futures trading.
  • ByBit’s high leverages and generous affiliate and referral programs make it a great place to trade.
  • ByBit is a good choice for sophisticated investors and traders since it handles a wide range of order types.

Cons of ByBit

  • ByBit now supports only four currencies, and the company has no plans to add more soon.
  • There are a number of nations where ByBit is not available, limiting the number of individuals who may profit from this platform.
  • It’s also a big drawback because ByBit doesn’t enable fiat exchange payments.

LEAVE A REPLY

Please enter your comment!
Please enter your name here