The Bybit exchange is an advanced and popular crypto derivatives exchange that offers several high-end and impressive features to the users. Bybit has made a mark in the crypto industry, thanks to the technologically advanced features it offers.
The services and features are introduced to make crypto investing and trading not only easier and convenient for experienced users but for beginners as well.
The user-friendly interface it offers is one of several reasons why it is a prominent crypto trading platform in the market. However, if you are interested in using the exchange for buying, selling or trading crypto, you need to know more details of the popular platform, which includes the information mentioned below.
This Bybit exchange review is brief yet it sheds light on all major aspects of the platform.
Introducing the Bybit Exchange
Bybit is one of the best trading platforms in the industry. It supports various high-end features that caters the needs of all kinds of traders and investors.
This exchange was launched in 2018 and is based in Singapore. Since its establishment, it has seen significant growth and popularity. It is a powerful trading platform and has one of the highest trading engine capacities.
As compared to its competitors, Bybit can handle 100,000 transactions per second (TPS).
Other major details of the exchange that highlight why it is a prominent and successful option for many are as follows.
User-friendly Interface
As mentioned above, this crypto exchange is a highly user-friendly exchange. There are no complex steps or procedures that you have to follow if you want to use the platform. This makes Bybit a suitable option for all kinds of traders, experienced and inexperienced alike.
You can opt for the dark mode while using Bybit’s application or website among several other options.
Customer Support
The customer support of the cryptocurrency exchange is yet another major attribute that should be explored properly before a user starts buying or trading crypto through Bybit.
The Bybit exchange is known to offer one of the best customer support services. The team of customer support agents is not only experienced and knowledgeable in crypto but is also multilingual. The experts are available to assist the users around the clock and they are easily accessible through the live-chat feature.
Fee Structure of Bybit
This Bybit exchange review may be brief but it highlights all the important details of an exchange, which also includes the fee structure. One should never opt for a platform without understanding the fee structure first.
It is common understanding that you will be required to pay some amount as fee, regardless of whichever exchange you choose. It can be payable while you make deposits or withdrawals or when you place a trade.
While the basic fee structure can be similar across various exchanges, the amount you have to pay and its transparency can vary. In other words, you should opt for a platform that charges a fair and transparent fee.
The Bybit exchange is one such platform that not only charges a transparent fee but also one of the lowest in the industry. The details of its fee are mentioned below.
- Funding rate: -0.02% / 0.02%
- Withdrawal fee: 0.0005 BTC
- No fee for deposits
- Trading fee for market makers: -0.025%
- Trading fee for market takers: 0.075%
Copy Trading
A recent feature introduced by the platform and mentioned in this Bybit exchange review is copy trading. This is a feature that makes crypto trading easier for new traders or the ones who do not have enough time to monitor the market and manually place trades.
With the help of this feature, people using the Bybit exchange can take a look at a list of professional traders with good portfolios. They can then opt to copy one of those professional traders. Any trades they make or any profits and losses they experience will automatically be copied by the users who opt for this feature.
Using the copy trading feature through Bybit requires the copy traders to pay 10% of their net profit to the traders they copy.
Order Types Supported
As a crypto trader, if you want to use the Bybit exchange then you need to know that it supports both basic and advanced order types. This makes it an outstanding option for a vast audience.
The basic order types are:
- Conditional order
- Limit order
- Market order
The advanced order types are:
- Fill-or-kill (FOK)
- Good-till-cancelled (GTC)
- Immediate-or-cancel (IOC)
Final Takeaways!
If you look through any list of popular crypto exchanges the Bybit exchange is one of the names you are likely to come across. This is an outstanding platform that does not only cater the needs of professional traders but also the ones who are inexperienced. You should know the details of Bybit mentioned above before you use it for buying or trading crypto.
