Bybit is offering the cryptocurrency trading space a good way to start trading with their many products. It offers an impressive array of services tailored to both novice and professional traders, backed by impressive statistics and user-friendly tools. This article delves into what makes Bybit a premier choice for traders worldwide.
What are the Trading Specs Bybit offer to its users?
Bybit boasts an average 24-hour trading volume of $20 billion on futures and $5 billion on its sports markets. With over 36 million registered users across 160 countries and support for 1,325 tokens, Bybit presents itself as a global leader in the crypto exchange market, ranking number three among the biggest crypto exchanges worldwide.
What trading products does Bybit offer?
Bybit is not just a cryptocurrency exchange; it is a comprehensive trading platform that offers:
- Perpetuals (trading with leverage)
- Futures (trading with leverage, hedging)
- Options (Hedging)
- Margin Trading (trading with leverage)
- Spot Trading (1:1 trading)
How does Bybit enhance the trading experience for its users?
Bybit is equipped with a 100k TPS Matching Engine, ensuring high-speed transaction processing without lag. This feature, combined with 24/7 support, ensures that traders can execute trades efficiently at any time without delay. There is no downtime during moments of high volatility, unlike some other exchanges.
What tools does Bybit offer to assist traders?
Bybit enhances trading decisions with its easy-to-use trading tools, designed to cater to all levels of trading expertise. Traders can take advantage of:
- Earn features (APYs by staking/lending)
- Copy Trading (Following profitable traders)
- Trading Bots (Automatic Trading)
While these tools help users maximize their trading strategies and gain more from their trading sessions, a lot needs to be learned to be profitable over the long run.
Bybit’s Trading Options in the Netherlands
Derivatives trading on Bybit has been discontinued for users in the Netherlands due to new European regulations. However, Dutch traders can still engage in spot and margin trading with up to 10x leverage through Bybit’s platform.
Getting Started with Bybit Trading
If you want to start trading on Bybit, we’ve got you covered. Check out our extensive manual or follow these simplified steps here. Here’s how you can get started:
- Sign Up: Navigate to Bybit’s main page and click the “Sign Up” button. You can register using either your email address or mobile phone number.
- Verification: Depending on your registration method, you will receive a reCAPTCHA verification code either through email or as a text message. Input this code to access the Bybit platform.
- KYC Process: Bybit requires a two-tier Know Your Customer (KYC) process, which is crucial for access to all its services and higher withdrawal limits.
Funding Your Account
Bybit offers multiple methods for depositing funds into your account:
- Crypto Deposit: Transfer cryptocurrency from an external wallet or another exchange to your Bybit account.
- Buy Crypto Using Fiat: Use fiat currencies to buy crypto directly on Bybit using credit/debit cards or third-party payment services.
- P2P Trading: Engage in peer-to-peer transactions to buy or sell crypto directly with other users.
Placing Your First Trade
Here’s how you can place your first trade:
- Navigate to the Trade Section: Choose between Spot Trading and Derivatives Trading. For beginners, the best is to use spot trading, because your risk is lower.
- Select the Trading Pair: Choose which cryptocurrencies you want to trade.
- Choose Your Order Type: Decide between a market order, limit order, or other advanced order types depending on your trading strategy.