Are you wondering what Bybit actually is? And if it’s a good crypto exchange? And if Bybit is safe to use? Here in this article we will give you a detailed Bybit review and everything else you need to know about it.
What Is Bybit?
Bybit is a cryptocurrency exchange relatively a small one that depends on little known or famous products.
It started in 2018. Doing a great competition with competitors. It is famous for its simplicity and technology. Trading conditions are quite confusing at first but if you read it thoroughly and understand the terminology you will understand it.
There are four main trading assets presented in different variations. These include:
- Inverse perpetual
They are differentiated with the price of assets and expiration date.
Here are few trading conditions of Bybit which you must know:
Bybit will provide you with a minimum deposit of $1. Which is quite affordable and convenient for everyone.
You will get leverage rate upto 1:100.
Use Proprietary platform powered by TradingView as a trading platform.
Bybit uses the following instruments to make their users’ trading experience good.
- USDT pairs
Bybit account currency is cryptocurrency.
It provides you 24/7. Which is very important, you can get guidance every time of the week.
Bybit is geographically distributed as follow:
- Japan (22.3%)
- United States (15.5%)
- Germany (11.6%)
- Korea, Republic of (9.9%)
- Australia (8%)
- India (7.1%)
- Canada (6.8%)
- Venezuela (6.5%)
- Argentina (6.3%)
- Others (36%)
Pros and Cons of Bybit:
While trading with Bybit you will get many pros along with few cons. Here we are discussing both.
Here is pros you will get with Bybit:
Convenient and easy to use:
This platform is convenient, can be used in the browser version. Hence easy to use and operate.
It provides you option of minimum deposit of upto USD 1
Margin and leverage:
It provides margin and leverage of upto 100. Also provide short term insurance.
You can use their order book to learn about new initiative updates of the crypto world and trading future.
You can use mutual recalculation to open long and short positions.
Everything has some pros along with cons. Here is list of some cons you must know:
Difficult for beginners:
Some trading conditions are difficult, especially for beginners. These include calculation of leverage by formula, funding rates, and size. So they might find difficulty in doing these.
Undeveloped classic trade:
There is no development in trading of classic cryptocurrency. You can purchase only BTC, ETH, USDT.
There is no proper system of protection for traders in controversies.
ByBit Commission rate:
Commission rate highly depends on which category it is related to. There are two main categories:
- Maker (0.025%)
- Trader (0.075%)
On standard account types you will get a commission of minimum $20. While there is no withdrawal commission.
We also compared the commission rate of Bybit with other brokers.
Bybit provides $20 of commission with a high rate.
Binance provides you with a commission of $6 with a low rate.
Huobi Global commission:
Providing you commision of 18$ with medium rate.
Bybit vs Bitget:
These both brokers are quite famous that why we did a little comparison between Bitget vs ByBit: