Review on Bybit by jesus ruiz
ByBit, especially for experienced traders
Choosing the right exchange to trade cryptocurrencies is an important task and there are several issues to consider before doing so, such as the features of the platform, the graphical interface, the currency pairs they offer to trade, the commissions, their security and customer support, among others.
ByBit is a P2P cryptocurrency futures exchange based in Singapore. The exchange operates under Bybit Fintech Limited, which is a company registered in the British Virgin Islands.
Registration with Bybit is very simple, for example I just subscribed with my email, then the platform sent me a confirmation code and that's it.
This platform gives us the ability to trade Bitcoin, Ethereum, Ripple and EOS perpetual contracts with a leverage of up to 100:1. For example, let's say I have 100 USD in my trading account and I bet this amount on BTC staying long term (i.e. going up in value). If BTC increases in value by 10%, I would have made 10 USD profit. If I used 100x leverage, your initial 100 USD position becomes a 10,000 USD position, so I will instead make an additional 1,000 USD (990 USD more than if I had not taken advantage of your deal). However, the more leverage you use, the smaller the distance to your settlement price. This means that if the price of BTC moves in the opposite direction (down in this example), then it only needs to go down a very small percentage for me to lose the full 100 USD I started with.
If you look at the standard interface, you have the chart and the market depth on the left (you can toggle between them). Then in the middle you have the order book and the latest trades. On the right you have the order forms as well as the contract details.
One thing I really like about its interface is that it is customizable and modular. I can detach some of the modules, resize them and move them so that they are in the position I like best.
Despite being especially suitable for experienced traders, Bybit suits anyone who wants to trade cryptocurrency derivatives, regardless of their level of experience.
In case you are a newbie and you are determined to get started in cryptocurrency trading, ByBit is undoubtedly one of the best and safest platforms to do so.
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Pros
- Bybit offers one of the fastest matching engines in the industry with up to 100,000 TPS
- Bybit applies the hierarchical deterministic cold wallet system that stores all assets and all withdrawals are processed manually up to 3 times a day.
- Bybit's customer support always responds to customer requests and issues in a timely manner.
- Clients can use the native currencies of each pair (not only BTC, but also ETH, XRP and EOS) as margin with up to 100x leverage.
Cons
- ByBit allows you to buy BTC, ETH and USDT directly on its platform from the Buy Crypto tab, but personally I don't recommend it as the selling price, including commissions, is higher than what you can get on other exchanges.
