Bybit is a cryptocurrency exchange on which Bitcoin, Ethereum, Ripple, and EOS can be traded. Crypto assets called perpetual contracts, which are similar to futures contracts, but without an expiration date, are traded on this stock exchange. You may buy and sell these contracts at any time, and the profit or loss depends on how the price of the selected cryptocurrency has changed over time. Thanks to this model, it is possible to apply financial leverage, which is a method through which your profits (and potential losses) may be increased by up to one hundred times.
Bybit exchange Business platform
The Bybit Exchange focuses mainly on the BTC / USD and ETH / USD currency pairs. However, their portfolio also includes EOS / USD and XRP / USD. ByBit boasts a robust network that is said to handle up to 100,000 transactions per second.
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The Bybit platform is straightforward, intuitive, and reminiscent of the best cryptocurrency exchange platform. The large chart in the left panel is complemented by several practical tools, such as the ability to insert technical indicators, and the ability to change the chart’s layout. Next to this chart is a list of current orders and a list of recent transactions. The panel on the right is then used to enter trades. However, the layout of the individual windows is not fixed, and traders can change it.
Bybit registration and use
Bybit, in many respects, copies its more famous competitors, but it is relatively unique in terms of registration. All you need in order to create an account is an email address or a phone number. Clients do not have to provide any personal data. For higher security, two-factor authentication is available, either via SMS or a mobile application.
Bybit does not accept payments in fiat currencies, only crypto is allowed. The same goes for selections. Although you can trade in four popular cryptocurrency / USD pairs in this exchange, it is necessary to sell the perpetual contracts in order to obtain profits, and these sales are only performed using cryptocurrencies. However, the advantage is that, since the exchange does not support payments in traditional currencies, it does not require identity verification.
How to trade on the Bybit cryptocurrency exchange
Bybit uses the classic maker-taker model, so it distinguishes between orders that enrich the market and those which, in turn, narrow it. Therefore, maker and taker orders are subject to different fees (see below). If you create an order that increases the market’s liquidity, you get a discount or rebate. At the same time, however, you must wait longer to complete the order until a suitable counter-offer appears on the market. Similarly, if your order reduces the liquidity (i.e., it is filled immediately because a counter-offer already exists on the market), you must pay a fee.
There are three types of trade orders on the platform. For a Market order, you only fill in the required amount or “Qty” of the relevant currency. For a Limit order, you can also enter a required “Order Price” rate for which you want to buy or sell. The third type, the Conditional order, serves as an automatic Market or Limit order, which is not executed until the market reaches a “Trigger Price” rate that you set. For each order, you can also select the method of termination if the order is not executed immediately (both manual and automatic terminations are offered).
The minimum transaction size is $1, which is approximately 20 Czech crowns. When trading, financial leverage of up to 100x can be used for ETH and BTC or 25x for EOS and XRP.
Bybit does not charge any fees for deposits or withdrawals from a trading account. Therefore, when paying with cryptocurrencies, you only pay the fees for miners.
Bybit transaction fees are relatively low. Bybit charges 0.075% for Taker orders. The stock exchange will even give you a 0.025% discount on Maker orders. In addition to the transaction fee, traders must also take into account the spread (the difference between the buying and selling rate).
The last type of fee is the so-called funding rate. This is similar to the classic fee for holding a trading position overnight or holding a position outside trading hours. The size of this fee is related to financial leverage, and it varies. The maximum can be of up to 1.125% per day. This fee can even be reversed, so the trader does not pay a fee, but receives a rebate.
USD $10 welcome bonus at Bybit
It is not customary for cryptocurrency exchanges to offer bonuses. Even more rare are the bonuses awarded without requiring any deposits at all (so-called no deposit bonuses). Bybit cryptocurrency exchange, however, is a clear exception in this regard. The exchange offers new clients an attractive bonus of $10, thanks to which you can start trading without even making a deposit. Nothing is free in this world though, so you will get the bonus only if you register an account on the stock exchange, follow Bybit on Twitter, and retweet one of their posts.
The bonus is for trading only, and the bonus amount cannot be withdrawn. However, all the profits you make with this bonus are available to you without restriction. Bybit also offers a deposit bonus of $50. The condition is that the trader enters at least 0.2 BTC or 6 ETH to their platform. Again, this bonus is exclusively for trading, and the bonus amount cannot be withdrawn.
A unique feature is the ByBit testnet, where you can test the platform’s functionality without obligation or risk. This is a demo account, for which you need to fill in your email address and a password. Immediately after registration, you will receive a one-time code by email, with which you must activate your account within the next five minutes after registration. However, the test account has one major disadvantage: it does not contain any virtual assets, so it is not possible to create fictitious orders. This means that the only function of the testnet is for you to preview the platform and familiarize yourself with its functionality.
ByBit is an amazing platform for CFD Trading that has several useful tools for both beginner and seasoned traders.