What is Bybit?
Bybit is a cryptocurrency exchange that specializes in Derivative products. In addition, Bybit allows users to trade crypto derivatives focused on leveraged trading with up to 100x leverage on BTC/USD and ETH/USD trading pairs.
Futures exchanges offer perpetual contracts at the spot price of cryptocurrencies, not actual crypto assets. The trading experience is one of the best aspects of Bybit.
Who is the founder of Bybit exchange?
- Ben Zhou is the co-founder and CEO of Bybit – a global crypto derivatives exchange.
- He became interested in cryptocurrencies in 2016 after being recommended by a friend and was immediately attracted by the opportunities and possibilities of crypto trading.
- In 2017, as the price of cryptocurrency skyrocketed and more and more people became interested in cryptocurrencies, he realized that the public perception was wrong.
- Ben has 7 years of forex experience before founding Bybit and was previously the CEO of XM.com China.
- He led the crypto derivatives exchange into a platform with over 1 million users in 2018.
What are Bybit’s products and ecosystem?
Bybit Exchange is one of the exchanges with a diverse ecosystem with a full range of products for new investors and investors with many years of experience in the market.
With a Bybit account you can participate in using the product:
Bybit P2P: Only three transaction steps and absolutely no fees. Bybit P2P is a simple and secure trading platform. Promote the purchase and sale of assets at the best price agreed between the two users. The exchange currently supports more than 300 payment methods, including debit cards, credit cards, and direct cash payments. Non-Vietnamese customers can accumulate more than 500 USDT without identity verification. Bybit currently only supports P2P trading with USDT. Please note that the bank account name must be the same as the account name registered with Bybit, it is not allowed to Borrow other people’s bank accounts in P2P transactions.
Fiat Bybit: Currently only USDT and USDC are supported for Fiat deposits. BRL and ARS are two fiat currencies used to pay for transactions and Bybit does not charge any fees. When trading fiat money, users are not required to KYC and there is no limit on the amount of deposits. Money will be transferred to Funding wallet 1-2 minutes after transaction.
Bybit Express: Method to buy USDT, BTC, ETH with fiat currency via bank transfer, credit card or MoMo / ZaloPay for Vietnamese customers.
Spot Trading Bybit (Spot) : Sell and buy a digital currency with three types of orders: Market Order, Limit Order, Conditional Order. Buyer and seller must pay immediately after purchase or sale. After completing the purchase, the coin remains in the spot wallet and you can make a huge profit if the value of this coin increases. After the end of the sale, the sold tokens will be converted to USDT, USDC, USD, DAI or BTC depending on the previously selected trading pair and stored in your wallet.
Margin Trading Bybit (Margin Trading) : is a form of financial leverage that involves borrowing capital from an exchange to increase a user’s initial capital and improve their position. This method offers huge profits and also carries a relatively high risk if you have no trading experience.
Leveraged tokens Bybit (leveraged tokens) : Refers to the use of borrowed funds to trade cryptocurrencies or other financial assets. It amplifies buying or selling power so you can trade with more capital than you have in your wallet
Launchpad Bybit : Investors can pre-purchase the project’s token before it is sold to the public. KASTA, REAL, CBX are three projects that have been listed on Bybit and have very high profits.
ByVotes Bybit : Get listing votes when you meet the trading volume or position requirements. If you win the list vote, you will receive an airdrop. This reward is: your votes / (total votes * total bounty) and is deposited into the Spot wallet.
Bybit Bot Trading – Grid Bot : The system automatically places buy and sell orders at a predetermined price range and generates profits thanks to market fluctuations. The bot trades 24/7 and the average return is 12.21% APR. However, it is currently only supported for spot transactions.
What is Bybit Derivatives Trading :
- USDT Perpetual: Perpetual contract with USDT as a digital asset.
- Eternal and Future Inverse: A perpetual futures contract that takes coins as collateral.
- USDC Perpetual: A perpetual contract that uses USDT as an asset.
- USDC Option: An option contract that uses USDC as a margin.
Copy Trading Bybit : Expert in copying trades to facilitate better returns. If you are an experienced trader or KOL, apply to become a Bybit expert. From June 7, 2022, Take Profit and Stop Loss features will be supported on Copy Trading platform.
Savings Bybit : Earn interest by saving your favorite coins, so choose tokens with flexible maturities and attractive APY.
Dual Asset Bybit : A speculative tool that makes money by predicting the price action of a crypto asset over a predetermined period of time. When it expires, you will receive USDT or BTC, ETH, BIT…. depending on the outcome of the transaction. The type of crypto asset you receive is based on the ratio of the settlement price to the reference price.
- Settlement Price: The spot price of assets like BTC, ETH, and BIT expressed in USDT when your bundle ends.
- Estimated Benchmark: Spot prices of assets like BTC, ETH, and BIT, denominated in USDT – when your product launches.
Liquidity Mining Bybit : Become a liquidity provider and benefit from common transaction fees by adding or subtracting liquidity at any time.
Example: On Bybit exchange you can get 15.13 USDT/month for investing 1000$ in BTC/USDT Liquidity Pool with APY 6.1% – 18.4%.
DeFi Mining Bybit : Cheap fees, good security
Example: Deposit USDT get Curve with annual net profit from 3% to 5%, minimum bet amount is 100 USDT, 7 day Staking cycle.
Launchpool Bybit : Earn free chips by staking. To participate, you must complete KYC Level 1. Daily earnings are not automatically reinvested.
NFT Bybit : Users can list and trade NFT with ETH, BIT, XTZ and USDT, they cannot use other tokens to trade.
What are the pros and cons of Bybit exchange?
Advantages of Bybit exchange
- Low transaction fees. Taker Fee = 0.075%, Maker Fee = 0.025%.
- The trading interface is simple so any trader can join. In addition, Bybit Exchange has always focused on product development to improve user experience.
- Up to 99.99% of transactions full-time with no interruption (capability to match 100,000 transactions per second).
- 24/7 customer service support and always ready to answer any questions from customers.
- Regularly organize competitive trading events to encourage investment.
- Bybit does not require investors to define KYC. In this way, the security of traders’ information is more assured.
- Traders can now conduct Bybit trades through a mobile app compatible with iOS and Android.
- The interface of the floor on the Website supports Vietnamese language.
- High security feature: 100% of funds are stored in cold wallets (withdrawals are processed three times a day)
- Offers a full range of API services to traders who want to use third-party apps for trading.
Disadvantages of Bybit exchange
- Bybit has not yet formed a proprietary exchange currency.
- Bybit has no OTC trading .
What is the history of Bybit exchange?
Although initially incorporated in Singapore in March 2018, Bybit has established its headquarters in the British Virgin Islands and is registered as Bybit Fintech Limited.
Backed by a powerful matching engine and extensive infrastructure, the platform weathered the complex and unpredictable fluctuations in historic digital forex trading in May 2021 without harmful, with the rate increasing to 99.9%.
On March 17, 2022, Bybit won the award for Best Cryptocurrency Exchange at Crypto Expo Dubai (CED).
