When it comes to trading cryptocurrencies, there are different choices for investors and traders. In addition to merely investing in cryptocurrencies, professional traders can also invest in crypto derivatives. A well-known Cryptocurrency Derivatives Trading Platform is Bybit. This article is all about Bybit review 2022 and whether Bybit is a good exchange. Let’s take a look at it in more detail.
What is Bybit?
Bybit is one of those crypto exchanges that is expanding fast. This exchange began to operate back in March 2018, and already has more than 10 million users. After successfully registering, you can start trading perpetual contracts. There are trading pairs of diverse cryptocurrencies against the US dollar.
What makes Bybit thriving is its easy-to-use platform and its high-leverage offerings that can reach 100x. The platform is available in more than 160 countries and 16+ languages.
Bybit Pros:
- No KYC is needed for a new user.
- It’s effortless to begin trading.
- It also has a mobile app alternative to log in and trade.
- Bybit leverage is extremely high, with alluring trading fees and market maker reimbursement.
- It is one of the top exchanges when it comes to the highest trading volumes in crypto derivatives.
- Limit orders, partial orders, conditional orders, and market orders are all possible order types.
- Has a guarantee from the Insurance Fund to reduce and make up for the losses.
Bybit Cons:
- The number of possible trading pairs is restricted.
- Not available for US citizens.
How does Bybit work?
Bybit is not your typical cryptocurrency exchange, and they have several features that distinguish them apart from competing platforms. The first of these characteristics is how they enact trades. The main pillars of Bybit are:
- Unparalleled Customer Support and dedicated live agents are available 24/7.
- 99.99% functionality, zero server downtime.
- Leading blockchain custodial solutions
- Available in over 160 countries and 16+ languages
- World’s most extensive USDC Options Marketplace
- Leading worldwide open interest for BTC and ETH Derivatives contracts.
- 100k TPS Matching Engine
What are the features of Bybit Exchange?
- P2P Trading: Bybit P2P is a simple and secure peer-to-peer trading platform. It essentially allows the buying and selling of two users’ holdings at an ideal, mutually agreed-upon price. Please bear in mind that the buy and sell deals on the P2P page are not made available by Bybit.
- VIP Program: VIP tiers are conveyed across Derivatives, Spot, USDC Perpetual, and USDC Options Trading.
- 0 Fees on All Spot Pairs & More: In this users can enjoy zero fees as both Spot Maker and Taker, as well as Grid Bot trading.
- Derivatives: In this users can upgrade their trades with USDT, Perpetual, Inverse futures, and more.
- NFT marketplace: The Bybit NFT Marketplace is for listing and trading NFTs. The NFTs delivered cover digital art, collectibles, GameFi, the metaverse, and more.
- Bybit Earn: This contains various features like Savings, Liquidity mining, Dual Asset, Shark Fin, and Launchpool.
Right now, Bybit provides trading plans or alternatives in Bitcoin, EOS, Ethereum, and Ripple XRP Inverse Perpetual Contract, USDT Perpetual Contract, and Inverse Contract.
Which fiat currencies does the Bybit support?
- ARS
- AUD
- COP
- EGP
- EUR
- GHS
- HKD
- IDR
- INR
- JPY
- KES
- KGS
- KZT
- MXN
- MYR
- NGN
- PHP
- PKR
- RUB
- TWD
- UAH
- VND
- THB
- TRY
- UZS
- USD
Available Cryptocurrencies on Bybit
Bybit supports more than 100 crypto tokens and over 300 spot trading pairs, including significant tokens such as BTC, ETH, SOL, APE, DYDX, LTC, DOGE, AVAX, MATIC, DOT, and many others.
Bybit Review: Is Bybit safe?
Since Bybit has been in the market for more than 4 years, we can’t but acknowledge this achievement. Any company that passes 2 years successfully knows what they’re doing.
Additionally, this exchange stores its client’s cryptocurrencies offline in cold storage wallets. This means that hackers and attackers won’t have digital access to the funds. The firm also reviews each withdrawal request to avoid hackers making transfers on the behalf of the actual clients.
What are the fees for Bybit?
Bybit has a low-cost fee structure that is appealing to traders. The recently introduced VIP program will overhaul the existing trading fee rates for both the spot and derivatives markets, for which traders will only be qualified for the VIP or Bybit Loyalty program benefits. More about various fee structures is given here.
The breakdown is as follows:
Bybit Fees
P2P on Bybit has no transaction fees for either the buyer or the seller. However, depending on the payment method chosen, traders may be required to pay transaction fees to the payment provider.
How to create an account and purchase cryptocurrencies on Bybit?
Create an account Bybit
Bybit is a cryptocurrency exchange platform that presents futures trading and it’s one of the largest exchanges by trading volume. Registering on Bybit is relatively straightforward as the platform has developed an easy-to-use interface.
Navigate to the official Bybit website which will directly take you to the registration window. Here you have two options: Email Registration and Mobile Registration, so pick the one you want. Just fill in the needed fields and click on Sign Up. Once signed up, you will get a confirmation email or SMS with a verification code that you will need to enter to complete the registration. If there is a problem with the code, you can wait a bit and request another one.
Once that’s done, your account will be completely verified and you will be ready to begin utilizing Bybit. To further protect your account, you can enable an SMS Authentication system or a Google Authentication method.
Here’s a step-by-step guide to buying coins with fiat currencies on Bybit using credit/debit card payments. Visa and Mastercard payments are currently accepted.
Purchase Method
Step 1: On the top left corner of the navigation bar, click on Buy Crypto -> One-Click Buy to access the One-Click Buy page.
Step 2: If this is your first time using a credit/debit card payment, please link your card first.
Step3: Now, choose the fiat currency in which you want to pay. Next, choose the coin you want to receive in your Funding Account. Now, enter the purchase price. You can enter the transaction amount in either fiat currency or coin amount, depending on your needs.
Step 4: Now, choose the credit/debit card you added and then select Buy with EUR.
Step 5: Transaction is complete.
Remember that you have many other options on Bybit to choose from.
Conclusion
Bybit is secure, reliable, and transparent. Its numerous trading opportunities, leveraged trading, security against losses, payment choices, fee system, promotions, and excellent client support, certainly deliver the entire parcel that crypto traders are looking for. It is definitely one of the best cryptocurrency exchanges.