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Bybit – A First Growing Crypto Exchange for Skilled Traders

5/5

Bybit – A First Growing Crypto Exchange for Skilled Traders

ByBit started its journey in 2018 but soon attracted a huge user base. The platform found the right balance between offering advanced trader options and affordable fees. It also appeals to users who appreciate hybrid exchanges, which are centralized platforms with certain DeFi options.

This crypto exchange has its main office in Singapore, but it’s available in more than 170 countries worldwide. You can join and trade on both PCs and portable devices, thanks to the ByBit mobile apps. Here is a detailed ByBit review for those who want to learn more about its features!

ByBit Exchange Details

  • Established: 2018
  • Mobile apps: Android, iOS
  • Decentralized: No (Hybrid)
  • Main location: Singapore
  • Users: 3+ million

ByBit Pros and Cons

Pros

  • Spot and derivative trading available
  • Mobile apps work perfectly
  • Useful smart trading features to control your profits and losses
  • Advanced trading options, such as flexible staking
  • Many bonuses and rewards available for loyal users
  • Around the clock customer support

Cons

  • No direct fiat withdrawals are available
  • The crypto you can purchase depends on the fiat currency used
  • It doesn’t support as many coins as some other exchanges

How Does ByBit Work?

It all starts by signing up for an account since you can’t use ByBit before you register. Once you access your profile, it’s up to you to choose whether you want to buy or trade crypto. Security features are impressive, ranging from two-factor authentication to the cold wallet system that guarantees fund safety.

The menus are intuitive, and it’s easy to navigate around the site. While the designers tried to make everything user-friendly, the platform itself is more suitable for advanced traders. That’s good if you have previous experience with spot or derivative trading or other services offered on ByBit. The platform tries to offer useful additions, such as the option to set “stop-loss” or “take profit” options before you start trading.

Regardless of the service you use, ByBit promises budget-friendly fees and a minimum price impact. It’s nice to see a platform that delivers on that promise. The charges vary, but they are at a similar range to other top-rated exchanges in the market. The bonuses are also a nice touch since they can enhance user loyalty to this platform.

How to trade on Bybit Tutorial & Review (Credit: The Moon YouTube Channel)

https://www.youtube.com/watch?v=VGLKt3GNIec&ab_channel=TheMoon

ByBit Features

All the Major Currencies Are There

ByBit supports more than 60 coins. That number might not seem that impressive, but it’s more than most traders will ever need. The important thing is that Bitcoin and popular altcoins, such as Ethereum, are all there.

Flexible Staking and Advanced Trading Options

The platform considers flexible staking a part of ByFi services, which offer innovative and profitable ways of doing business in the crypto market. Flexible staking involves earning yields by staking tokens during a certain time. Dual asset mining, DeFi mining, and launch pools can also be ways of earning on the platform.

Spot and Derivative Trading

You can pick between spot trading quoted in BTC or USDT. The former only supports Ripple and Ethereum, which is somewhat limiting. As for derivatives, you can use USDT and inverse perpetual, as well as inverse futures.

Buy Crypto with Over 50 Fiat Currencies

You can use more than 50 worldwide fiat currencies to buy crypto in seconds. ByBit works with different payment channels, such as Paxful and Simplex. You can choose the desired gateway, but please note it depends on the selected fiat. The chosen currency will also affect which crypto you can buy. Some only allow purchasing BTC, while others support ETH and USDT.

24/7 Customer Support

ByBit offers extremely helpful customer service. Not only are they available around the clock, but the agents speak multiple languages. They respond quickly, and you can use multiple ways to get in touch, such as Facebook and other social media.

Cookies Policy

  1. We may use software technologies such as unique identifiers or “cookies” to collect and store information related to user interactions with the Services. Cookies are small data files that are placed onto your device by our servers. We may use temporary session cookies, which are terminated when the user closes the current session, to store certain personal information provided by the user for purposes of administering that session. We also may use persistent cookies, which remain saved on the user’s device after the current session is closed, to store user information to facilitate future sessions.

  2. Most browsers automatically accept cookies, but you can usually modify your browser settings to decline cookies or to notify you when a cookie is being placed on your device. Each browser is different, but generally, users can remove cookies by following directions provided in the browser’s “help” file. Please note that, if you reject cookies or disable cookies, some features of the Services may not function properly.

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