Bybit Reviews
With more than 10 million users in 2022, bybit is an exchange platform for cryptocurrencies which is currently on the rise. Based in Singapore, it was created in 2018 by Ben Zhou, CEO of Bybit Fintech Limited. It is a site that arouses great enthusiasm among crypto-enthusiasts in general and DeFi lovers in particular, the latter constantly flocking to this exchange.
This is due to the many qualities and possibilities offered by Bybit, which make it an excellent way to invest in cryptocurrencies. Want to know more about Bybit? If so, you've come to the right place to find out everything there is to know about this excellent trading platform. crypto and how to use it to earn the most money.
Bybit, a multifunctional platform focused on cryptocurrencies
Bybit is a very attractive site due to the many features offered. Four of these are most interesting, and all crypto-investor should definitely take advantage of it. It is :
- the exchange of cryptocurrencies;
- the trading (negotiation) of cryptos;
- investment products;
- the loan of cryptocurrencies.
Each of these services has assets that it is essential to know, to seize the opportunities available on Bybit.
The exchange of cryptocurrencies
The exchange of cryptocurrencies is the core functionality of the platform bybit. It allows you to convert a certain quantity of a cryptoinitial currency into another. This exchange service is particularly practical when the two tokens to be exchanged are not created on the same blockchain. Assets created on the Bitcoin and Ethereum networks respectively, such as BTC and ETH, for example, cannot be converted directly without an exchange platform.
It is then a very useful functionality on a daily basis which allows you to redeploy your assets in cryptocurrencies quickly to seize opportunities or perform other maneuvers. For now, there are only 10 tokens that can be exchanged against others on Bybit, namely: BTC, ETH, USDT, EOS, XRP, DOT, MANA, LTC, BIT and ADA. It goes without saying that this small amount of cryptos convertible between them is a disadvantage, since the competition offers a wider range of choices. That said, you have to be indulgent with the site which, let's remember, only saw the light of day recently. There is no doubt that the number of exchangeable currencies will grow over time. Moreover, the tokens available for conversion are among the most used, which is already a good start. The peculiarity of the exchange of cryptocurrencies on Bybit is that it is done absolutely free of charge, which makes a huge difference and a platform of choice for this type of operation.
The trading of cryptocurrencies
The feature of Bybit that mainly makes it successful is the trading of cryptocurrencies and derivatives. If there are only 10 cryptos available for exchange, for trading, on the other hand, more than 200 currencies are already accessible. What attracts the majority of crypto-investors and trading professionals crypto and the powerful leverage offered on Bybit. It is indeed possible to access an effect of lever of the order of x100, which allows a trader to invest huge sums while personally betting a very small amount.
Practically, the crypto-investor will be able to invest $10 in a derivative product by betting only $000 of his capital, thanks to the leverage effect x100. This possibility makes it possible to increase the potential gains tenfold, but also implies the same effect on the losses realized after the issuance of an order. The use of leverage for trading cryptocurrencies is therefore recommended for very experienced investors, who can skillfully use it to make significant gains with minimal capital.
Regarding leverage, there are two types on Bybit: long leverage and short leverage. The former is only suitable for leveraged buy orders, which stipulate that the price of an asset will go up. Concerning the short leverage, it is rather used for any sale type position with leverage effect. The investor is betting here that the short of the relevant asset will depreciate and therefore go down.
investment products
With regard to investment products, these are services offered by bybit for crypto-investors. They allow platform users to increase their holdings by crypto. Various possibilities are available to you such as: Bybit savings, cash mining, Shark Fin and Launchpool. Of all these products, Bybit savings is one of the most attractive options.
It allows you to stake your assets (cryptos) by placing them in investment products on fixed or flexible terms, to receive remuneration on your assets held. This operation guarantees you an APY (Annual Percentage Yield) also called annual interest rate, which is high. It should be noted that staking is not risky; your capital is therefore preserved. It is in fact an investment method suitable for people reluctant to the risks of trading cryptocurrencies. The Launchpool also allows you to do staking by placing your assets on nascent projects, to collect free tokens as interest (APY).
Liquidity mining, on the other hand, consists of injecting cryptocurrencies in a pool of liquidity, to obtain a high daily return. It can be used in combination with leverage to inject more liquidity and increase yield. However, this maneuver involves a risk of liquidation of the invested assets. The Shark Fin also makes it possible to obtain excellent returns by taking advantage of the increase in volatility of a crypto or its decline.
These gains will be made when the price of the asset concerned on the closing date is greater than or equal to that offered for purchase. Although it can offer an APY of up to 500%, this investment is therefore quite risky, and may even cause you to lose your capital.
The loan of cryptocurrencies
Regarding the loan of cryptocurrencies, it allows you to borrow cryptos with Bybit at a fixed hourly rate. The borrowed amount can be used for trading cryptomargin currencies or investing in the products mentioned above.
The benefits of using Bybit
Apart from its powerful leverage effect which is very interesting for trading cryptocurrencies, Bybit also has other advantages that make it an excellent platform.
An easy-to-use and intuitive platform
Bybit's interface is really very ergonomic, which makes it easy to use the platform even for beginners. This is the result of a simplified and clear design, where it is easy to find the functionalities sought and to perform the desired actions. Regarding the trading section of cryptocurrencies, it is also very intuitive and includes an excellent real-time price analysis tool.
It is mainly a Trading View window, which contains a significant amount of useful information for decision making. For example, you will be able to consult different timeframes to better understand the evolution of the price of each pair of assets and access data relating to the volume of transactions, the current market price, the log of orders issued and much more. To this, traders can add technical indicators such as moving averages, RSI, Bollinger bands, etc. All this will allow them to make more relevant decisions when it is necessary to place orders.
Bybit opinion on the multi-support and secure platform
Bybit is a platform whose services are accessible on PC and mobile. With the app available on iOS and Android, traders can track open positions on the go. The Bybit app for smartphones and tablets has the same visual appearance and uses the same functionalities as the website. You will then have no trouble finding your way around. The tools used on a daily basis for trading assets in cryptocurrency are available there with just one click.
The other advantage of Bybit is that it is a very secure and reliable platform. It combines cold wallets, which makes it possible to keep part of the assets in crypto off the platform. The assets are therefore out of reach of hackers, since they are offline. Another measure that makes the Bybit platform even more secure is the multi-signature process that one must go through before withdrawing funds. Several authorizations are therefore essential to carry out each fund transaction.
Finally, the cryptage of important data stored on the data exchange platform cryptoBybit currencies is performed by SSL technology. This is the same security protocol used by banking institutions and government sites. Other security measures are also implemented such as double authentication.
Always-on customer service
The great success that bybit also comes from the desire of its leaders to remain attentive to users. They make it a point of honor to be able to respond to customer concerns as quickly as possible, through several contact channels. With this in mind, live chat is available 24/24 on Bybit. You can then use it whenever you are faced with a difficulty in using this exchange and trading platform. cryptocurrencies.
Creating an account on Bybit
To benefit from the excellent services of Bybit and the associated advantages, create an account on this platform of exchange of cryptocurrencies is essential. The first action to take in this direction is to go to the site bybit.com, then provide a phone number and password. Once this is done, click on “Create an account” and a code will be sent to you by SMS, which you will need to enter in the corresponding field to validate your registration.
It is also possible to use your e-mail address instead of your telephone number during the process of creating your account on the trading platform. cryptoBybit currency. After signing up, you will be able to make a deposit to your account to trade your assets or invest them as you wish. On Bybit, it is not necessary to go through the KYC (Know Your Customer) process before trading. This is due to the fact that the platform places special emphasis on anonymity.
However, it is advisable to strengthen the security of your account to avoid possible disappointments. To do this, on PC, please click on your profile tab located at the top right of the interface. You will then have to choose on “account and security”, then select the method of double authentication that suits you. You can then opt to receive a code by SMS or email or rely on the Google Authenticator system, in order to be able to connect to your account or carry out sensitive operations.
Depositing and withdrawing funds on Bybit
After creating and securing your account on Bybit, you can then fund it without the need to validate KYCs. To recharge your account, several solutions are possible here.
The purchase of cryptoassets from fiat currencies
The easiest way to deposit funds into your Bybit account is to purchase cryptocurrencies with fiat currency. As a reminder, fiat currencies are the classic currencies used for daily transactions. These are the euro, US dollar, Canadian dollar, British pound, Japanese yen, etc.
Regarding the procedure to adopt to make the deposit with fiat currency, first click on "buy cryptocash ". Two options will be available to you: "buy in one click" or "deposit in fiat currency".
With the first option, it is possible to make your purchase of cryptocurrencies directly by linking a bank card or using another third-party online payment service. These are for example: GooglePay, Maestro, a SEPA bank transfer... At this level, you can choose the starting fiduciary currency as well as the quantity to be spent, then the cryptocurrency to buy. You will then validate the purchase by selecting the payment service.
For the “deposit in fiat currency” option, only the means of payment and the quantity of the fiat currency must be specified. This alternative will allow you to top up your funding account in the selected fiat currency, then make the purchase of cryptocurrencies with the funds received. Purchasing through the “fiat currency deposit” tab may require validating KYCs before completing the transaction.
The import of cryptocoins from a wallet
The other way to deposit cryptocurrencies on your account is to import assets from an existing wallet. The objective here is to connect your wallet to the exchange and trading platform of cryptoBybit currencies. To do this, if you are on a PC, hover your mouse cursor over the "My assets" tab and then in the drop-down menu, click on the "Deposit" button. Then choose the currency you want to import.
On the right, you will also have to select the type of blockchain and click on “Acknowledge receipt of” to reveal the QR code and the alpha numeric suite acting as the receipt address. It is essential that the token to be received is the same as the one to be transferred. Also, make sure you don't get the wrong type of blockchain.
For example, if you plan to send USDT TRC-20, you will have to use the TRON network. If you make a mistake, the assets may never arrive at their destination. They will then be lost forever. Leaving nothing to chance is the only way to prevent an unfortunate situation and a loss of money.
Withdrawal of funds
To withdraw your funds from a computer, you will again need to drag your mouse cursor over the "My Assets" tab and then click on "Withdraw" in the drop-down menu. Then select the crypto to receive. The next step will be to fill in the address crypto on which the withdrawal will be made, and the quantity then validate the transfer. An authentication code will be required to pass this step, and no withdrawal will be possible if double authentication has not previously been activated on your account. Note that without validating the KYCs, it is possible to withdraw up to 20 USDT/day and 000 USDT/month, or the equivalent in another currency. This is very clearly one of the biggest advantages of using Bybit for online financial transactions. cryptocurrencies.
Bybit: The conversion of cryptocurrencies
To exchange (convert) some of your assets for other tokens on the Bybit exchange platform, it will also be enough to hover the mouse cursor over the "My assets" tab and choose "Derivatives" in the menu scrolling. In the list of cryptocurrencies, select the one you want to convert by clicking on the “Exchange” tile. Then, you will have to specify the crypto to give and that to receive, as well as the quantity to be exchanged, before clicking on "Convert" to proceed with the operation. The exchange must be made in accordance with the daily conversion limits and the quantities of cryptocurrencies allowed by exchange. If the information provided is not compliant, the conversion cannot be carried out.
When all the instructions have been followed, you must finalize the exchange by pressing "Confirm". Before doing so, there are some details that you should absolutely understand. The first relates to the rate of execution of the exchange which may differ substantially from the quotation. The next point concerns the automatic cancellation of the conversion which will occur if there is a difference of more than 0,5% between the actual price of the exchange and the quotation. Lastly, trade demand can affect the liquidation price of the asset when cross-margining is the mode of trading adopted. If all of this suits you, click on “Confirm” and the exchange will be done free of charge.
Bybit usage fees
On the Bybit site, there are two types of fees: those for withdrawal and those for trading. As for withdrawal fees, they vary depending on the asset you wish to withdraw. For example, they are 0,0005 BTC, 0,005 ETH, 0,1 EOS, 0,25 XRP and 1 USDT (TRC-20) respectively for minimum withdrawal amounts of 0,001 BTC, 0,02 ETH, 0,20 EOS, 20 XRP and 10 USDT (TRC-20).
For trading fees (speculation), bybit works on the basis of two profiles: makers and takers. Makers are traders of cryptocurrencies whose investment process consists of announcing in advance their price of sale or purchase of an asset. They inject liquidity into the market and their orders are executed offline.
The platform rewards these crypto- investors by charging them very attractive withdrawal fees, estimated at 0,01% on derivative contracts (perpetual trading and futures). On the other hand, for spot trading, the withdrawal fees will rather represent 0,10% of the operation.
Takers are crypto- investors who place orders for immediate execution. These people take liquidity immediately when their trades are successful and their withdrawal fee for derivatives is 0,06%. These fees are less advantageous than those applied to makers. The fee charged to takers for spot trading is also 10%.
The steps to follow to trade (speculate) cryptocurrencies on Bybit
Trading on bybit is done according to a well-defined process, as follows:
The choice of the type of trading: spot or perpetual and futures
The first thing to consider before you start trading cryptocurrencies is the type of trading to be performed. You have the possibility to opt for the trading of crypto spot, which involves trading at the current market price for immediate execution or trading at the price of your choice for deferred execution. In either case, you will go from one crypto to another, at the end of the execution of the order.
As for perpetual and futures trading, it involves more risk, being done with leverage effects. That said, it allows you to earn money much faster and more consistently than spot trading. Here too, you can instantly execute an order at the market price or at a specific price. In the second case, your order will also be deferred. Unlike spot trading, perpetual and futures trading pays you in the currency of your trading capital. You therefore do not receive the crypto on which you speculate a rise or fall.
Placement of trading orders
Before placing an order, it is essential to know the 3 types available on Bybit. The first category concerns "limit" orders, which allow cryptoinvestors to take a position at a more interesting estimated price level. This consists of defining the price of the asset at which the order will be executed. The limit order is particularly suitable for traders who have a well-crafted trading strategy and who do not wish to miss a specific entry point for one reason or another. The transaction costs of such a trade are generally reduced.
The second type of order is the market price order, which involves taking an immediate position at the current price of the asset. It is a very fast operation and suitable for novice traders who have a more modest portfolio. Such an order involves higher transaction costs than with a limit order. The final order category is conditional orders, which execute only if certain conditions are met. It can be a reference price, the last traded price or even that of the index.
To place a spot trading order, hover your cursor over the “Trader” tab and then choose “Spot Trading”. You will access a new interface where the graph and a lot of information are visible. The thumbnails and buttons for placing your order are on the left side of your screen.
Trading related to perpetual and other derivatives can be accessed under the “Derivatives” tab. Drag the cursor of your mouse to this place then choose the option which interests you in the drop-down list. Note that these trading options are aimed more at professional traders rather than beginners.
Copy trading to trade on Bybit without being an expert
Lagrasse is the perfect setting for crypto-Inexperienced investors, it is possible to trade the assets through copy trading. This is a feature present on Bybit that allows you to automatically replicate the positions taken by the best traders on the platform. It is accessible in the “tools” tab, then “copy trading”. You can choose the trader that interests you the most based on his performance, which is illustrated by two elements: the trader's ROI (return on investment) and the percentage of profitability of his community.
Bybit Trading Bot
If they are not a miracle solution to win all your trades for sure, the fact remains that trading bots are very useful for this speculative activity. They allow a considerable saving in time and energy, by automating a certain number of actions. For traders adept at algorithmic trading, Bybit offers its homemade bot. It will allow you to buy when prices are low and sell when prices rise. This Bybit-signed bot offers a variety of pre-configured parameter types associated with trading strategies that prove to be effective. Full tutorial articles explaining how the bot works can be accessed on the Bybit trading platform.
P2P trading
Bybit also allows the sale and purchase of cryptocurrencies between individuals. This is called P2P trading. It is a marketplace where users offer their assets at very attractive prices. To access it, click on "Buy cryptocurrency”, then on “P2P Trading”. Transactions between individuals on this Bybit marketplace are free of charge. Additionally, around XNUMX fiat currencies are accepted for transactions that run with hundreds of diverse payment methods.
You too can start saving on your exchange and trading fees with bybit !
