Despite being newly introduced to crypto exchange, Bybit strengthened rapidly to the top 2 of the world’s most prestigious platforms. So, what is Bybid exchange? ? How to use the Bybit? Let’s go find out with Betomon.
What is the Bybit exchange?
Bybit is a Singapore-based company founded in March 2018 and is registered in the British Virgin Islands (BVI). Apart from their headquarters located in Singapore, they also operate representative offices in Taiwan and Hong Kong. Besides, North America, Europe, Russia, Japan, Korea, and Southeast Asia are the markets they are concentrating on.
Bybit’s team are professionals from the Forex market. Particularly, their development crew has experience working at Nuoya Fortune, Tencent, Ping’an Bank, and Morgan Stanley.
Bybit listing over 800 cryptocurrencies and offers a range of trading methods involving Futures, Perpetual, and Options transactions… with a maximum leverage of 100x.., with a focus on derivatives products in the cryptocurrency market. Bybit is ranked 5th in terms of trading volume among cryptocurrency derivatives exchanges.
Bybit Exchange also promotes the development of materials like TradeGPT, Copy Trading, and TradingBot that help users achieve the best trading results and strategies. In addition, Bybit provides a Bybit Learn page helping users access basic to advanced crypto knowledge.
Some essential information about Bybit exchange:
- Name: Bybid
- Service: Cryptocurrencies exchange
- Established: 03/2018
- Founder: Ben Zhou.
- Headquarter: Dubai (UAE).
- Website: www.bybit.com
The evaluation of Bybit Exchange:
Advantages:
- It provides a variety of features allowing users to trade with leverage up to 100x, including borrowing and lending, derivatives, margin, trading bot, tradeGPT, copy trading,…
- You can test out the exchange’s services on the Bybit testnet page. This website permits beginners to practice trading strategies and learn how to use it without spending real resources.
- Customer service staff is available 24/7 to guarantee that users’ issues are immediately addressed.
- Organize trading competitions regularly with valuable rewards to attract users. At the same time, make a playground where participants can trade and get incentives.
- The Affiliate program lets users earn commissions by inviting new members to use Bybit.
- Low transaction fees, maximum 0.055% for contract transactions and 0.1% for spot transactions.
- The Bybit Learn feature uses blogs and articles to offer knowledge, information, and instructions on the cryptocurrency market and trading in general
- Offering a selection of tools to assist traders in formulating successful trading plans via Copy Trading, TradeGPT, TradingBot,… Bybit puts a lot of emphasis on its Copy Trading feature, which has an easy-to-use interface, optimal top trader filter, easy to understand, and involves multiple specialists in the derivatives trading industry.
- A number of financial functions that help users optimize capital efficiency such as: Lending, Crypto Loans as well as many options to gain profits through the Earn section like Liquidity Mining, Bybit Savings, Launchpool…
- Moreover, Bybit also provides Web3 products that allow users to interact with dApps and participate in DeFi activities such as Bybit Wallet, ApeX (DEX exchange), NFTs.
Drawbacks:
- Bybit does not support OTC transactions yet.
- Complex interface. Because the features on Bybit are optimized for trading experts and focus on derivatives products, it can be confusing and challenging for newcomers to follow.
- There is no exchange coin like some other exchanges, for example: Binance exchange has BNB coin, OKX exchange has OKB coin,… Users who possess exchange coins typically have a variety of advantages, including lower transaction fees and more possibilities to take part in exchange token sales. In light of this, Bybit’s lack of exchange coins might decrease user benefits when compared to other exchanges.
- Limit participants to certain countries such as the United States, China, Singapore, Canada, North Korea, Cuba, Iran, Uzbekistan… Find out the list of nations that Bybit does not support here.
Some Bybit exchange fees:
Bybit exchanges charge users for activities including:
- Withdrawal fees: The user fee for on-chain withdrawals will also change dynamically depending on the amount, token, and network. On the other hand, when users transfer money between accounts on the exchange, Bybit does not charge withdrawal fees.
- Derivatives transaction fees: Maker pays a maximum fee of 0.02%, Taker pays a maximum fee of 0.055%.
- Spot transaction fee: Maker and Taker pay 0.01% fee.
Options transaction fees: Maker and Taker pay 0.03% fee.
To learn more about how Bybit calculates transaction fees, refer here.
Live chat window on Bybit exchange interface
Moreover, customers can email the following departments of Bybit to request assistance or more detailed support:
- Customer Support: support@bybit.com
- IT Support: IT@bybit.com
- Affiliates: IB@bybit.com
- Marketing: Marketing@bybit.com
Trading Instructions on Bybit Exchange:
Bybit offers three primary order types for spot and derivatives trading: Limit, Market, and Conditional. You can find detailed instructions on how to trade with these orders in the section below. These orders all support margin trading.
To access the derivatives trading interface, choose Derivatives and Trade Now from the home screen. I’ll use the BTCUSDT pair as my guide in these examples.
Derivatives trading interface of Bybit exchange
Way to place a Limit order:
Choose the Limit tab and follow the guidelines below to place a limit order.
- Leverage: Set leverage value. Users can customize the leverage to the desired value (from 1x to 100x). Alternatively, you can select the available Leverage milestones, as seen in the image.
- Order Price: Choose the price that you would like to apply to the order. As shown in the picture, it is set up at 9,479.5 USD.
- Quantity: Enter the amount of BTC. Below the user will see the Order Value corresponding to the amount of BTC just entered above.
Then press Buy/Long or Sell/Short.
Steps to place a Limit order
Additionally, participants should pay attention to the following options:
- Post-Only: Option that appears when placing Limit Orders or Conditional Orders. Post-Only guarantees that the user’s Limit Orders are entered into the Order Book. So, users will receive a Maker rebate. If the order is matched immediately, the order will be canceled.
- Reduce-Only: Reduce-Only makes sure that in the event that the user’s position is closed/stopped, or liquidated, it won’t accidentally place a position order.
The method to place Market order
Bybit’s Market Order is normally similar to Limit Order. The difference is that in a Market order, the exchange will choose the user’s current entry price automatically. The remaining criteria such as Leverage, or order amount, users can set themselves as usual.
In Market Order: There is no Post-Only & Reduce-Only.
Steps to set a Market order on the Bybid exchange:
The way to place Conditional orders
Before an order can be formally placed with Conditional ordering, users must set an additional price known as the Trigger Price. Users must thus set the following parameters:
- Leverage: Set leverage level.
- Trigger Price: Choose the trigger price, placing an Order.
- Order Price: Choose the price you want to enter. Here users also have two options: Limit and Market.
- Quantity: The amount of capital you want to place an order.
Additionally, users ought to be aware of the following two options:
- Post Only: To ensure that the user’s Limit Orders are definitely placed in the Order Book.
- Close On Trigger: To guarantee that stop-loss orders are executed when the margin requirements are not fulfilled. The system is implemented by automatically canceling other orders when there are no deposit conditions to transfer money and execute the current order.
>>> How to Verify an Account in Bybit
Steps to set a Conditional order on Bybid
Guidelines for obtaining an API Key on Bybit
Bybit, similar to other exchanges, allows traders to integrate this exchange with third-party apps by supporting API Keys. To get Bybit’s API, users follow these steps:
- Step 1: In the Account section, select API.
- Step 2: In the API Management, choose Create New Key.
- Step 3: Select API Transaction or Connect to Third-Party Applications. Then enter API information, including:
Name for the API key: Reference name for the user’s API key.
API Key Permissions: Authorize API keys, including Read-Write or Read-Only.
- Step 4: Based on your needs, choose which information to query.
- Step 5: Submit and enter the Google 2FA authentication code.
>>> How to Trend Trade Cryptocurrency in Bybit for Beginners
Frequently asked questions about Bybit exchange:
Which country is Bybit exchange from?
Bybit is headquartered in Singapore and registered in the British Virgin Islands (BVI).
Is the Bybit secure and reputable? Should I trade on Bybit?
Yes! Bybit’s development team includes experienced members from Morgan Stanley, Tencent, Ping’an Bank, and Nuoya Fortune. As a result, users can be confident in both the quality of the service and the security of each transaction.
Besides, the Bybit exchange is suitable for users who prefer to trade leverage and derivatives. One of the advantages of Bybit is that it focuses on derivative transactions and margin leverage, so the user interface is more optimized.
Has Bybit been hacked yet?
Up to now (October 2023), Bybit exchange has never been hacked.
How can I contact Bybit customer service?
Users can visit Bybit’s Telegram group or chat directly with the customer support team via the online chat window if they struggle with any issues.
>> The Bybit Frequently Asked Questions (FAQ)
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