Bybit is one of the top and most popular crypto exchanges in the world. It offers its services to hundreds of users from around the world. It is at the top of the list crypto traders have good exchanges for trading digital assets.
However, people who are new to the world of crypto should have some more information regarding the exchange so they can understand the reasons for its popularity. It is also helpful for novice parties to know about the services and features offered by the Bybit exchange so they can determine if it is a suitable exchange for them or not.
If you are a beginner and want to start crypto trading or investing then here are some details of the exchange you should know about the crypto exchange.
What is Bybit?
Bybit is a well-known peer-to-peer (P2P) cryptocurrency futures exchange. It is based in Singapore and was launched in 2018 by Ben Zhou. The team at the exchange comprises experts who come from some of the top companies. A strong team behind the platform is one of several reasons for its success and popularity.
This exchange offers numerous advanced technological features that make it stand out among its competition in the market. However, if you are interested in using the exchange you should know that it is not operational in the following countries.
- Quebec (Canadian province)
- Syria
- USA
Transactions Per Second
One of the highlighting factors about the Bybit exchange is that it is a capable trading platform. As compared to other crypto exchanges such as BitMEX and Deribit, this exchange has a higher trading engine capacity.
Bybit is capable of handling 100,000 transactions per second (TPS).
Whereas, Deribit can handle 10,000 TPS and BitMEX can handle 500 TPS.
Fee Charged by the Exchange
Another outstanding aspect of this crypto exchange that you should know about is its fee structure. Bybit fees is known to be one of the lowest and competitive fees in the market, which is why it catches the eye of a wide audience.
If you are interested in using this exchange to buy or trade digital assets then you should know the details of the fee structure that is offered by the platform.
As a user, you will have to pay:
- Withdrawal fee of 0005 BTC
- Bybit funding rate of 02% / -0.02%
- Market maker fee of -0.025%
- Market taker fee of 075%
Testnet of the Exchange
Bybit is a user-friendly crypto exchange that works to make crypto investing and trading easy for the interested parties, whether they are experienced or not.
The Bybit testnet is quite user-friendly and it allows the users to give the exchange a change without using any real funds. This is an outstanding way for the inexperienced parties to test the exchange to see if it matches their criteria before they commit to anything.
This is also highly beneficial for people who want to trade Bitcoin. If they trade on the testnet and feel comfortable then they can properly use the exchange and deposit and trade real Bitcoin.
Bybit Updates to Know About
The Bybit exchange also stands out among its competition, thanks to a few updates that it offers to the users. These updates make this exchange better than other platforms and are mentioned here:
- Creation of sub-accounts, which allows users to build different trading strategies on separate accounts without leaving the platform.
- Traders will have access to more altcoin pairs for USDT perpetual contracts.
- An integration with the MetaTrader 4 platform is also in the pipeline.
Order Types Supported by the Exchange
Bybit is an outstanding crypto exchange, due to the fact that it supports multiple order types. The order types available on the exchange are basic as well as advanced, which is what catches the eye of the audience a lot.
Crypto traders often look for a platform that is capable of offering such kinds of services.
The order types offered by the exchange include:
- Conditional order
- Market order
- Limit order
The advanced order types that are available on the exchange are:
- Fill or Kill (FOK)
- Good-Till-Cancelled (GTC)
- Immediate-or-Cancel (IOC)
Final Takeaways!
Bybit is one of the top crypto exchanges in the market and offers impressive features and services to the users, whether they are experienced or not. Some of the outstanding services and features of the exchange are mentioned above and as a potential user you should be familiar with these details. Knowing about a platform in detail can help you make an informed decision and help you choose a suitable exchange.
Check Bitcoinsensus.com Bybit tutorial for more details:
