ByBit Review: Is it the best crypto trading platform in 2022?
Whenever it comes to trading crypto, it is important to choose a good trading platform. A good exchange will help you with a huge number of assets, trading margin, low trading fees, and more. And there are too many good options available out there. Among them one such name is ByBit.
So the question is, how good is ByBit? In case you are wondering the same, then I am here to help you out with a ByBit Review. So you can learn about the exchange and decide if it would be a good one for your trading needs or not.
What is ByBit?
ByBit is one of the popular cryptocurrency trading platforms out there. It is a Singapore based company that allows you to trade in crypto derivatives.
It is an ideal option for anyone who is looking to trade cryptocurrency derivatives. The platform allows you to open long positions and short positions. Also, you can leverage to borrow funds to trade with huge funds. So you can earn more without putting your own money as an investment.
Apart from derivatives, you can also use the platform for spot trading. You can easily buy and sell crypto at the best price. Also, it offers you different spot trading pairs like fiat crypto or crypto to crypto and more.
Plus, it offers you a wide selection of crypto derivatives, perpetual and futures contracts, including ADAUSDT, BTCUSDT, ETHUSDT, XRPUSDT, and more.
Furthermore, you can also earn an annual percentage yield or APY on your investments by staking crypto through DeFi Mining.
Overall, the exchange is full of amazing features. Plus, it is suitable for both newbies and advanced traders. Plus, it offers you an optimized user experience.
Many crypto review platforms including The Money Mongers has named Bybit as one of the best exchange for crypto leverage trading.
ByBit offers you different types of assets to trade on the platform. The types of contracts you can buy and sell on the exchange are:
- USDT perpetual contracts
- Inverse perpetual contracts
- Inverse futures contracts
Now let me talk about these contract types individually in brief:
Perpetual trading: It occurs when you enter a position without exchanging the underlying asset on the spot. You can hold the position for as long as you wish to. Just make sure that your margin remains sufficient.
Futures trading: It occurs when you agree to buy or sell a contract’s underlying asset at an agreed price at a specified later date.
One of the best parts of ByBit is that it allows you leverage trading. With leverage trading, you can borrow funds to trade more than the actual value of your assets in your crypto wallet. As a result, you can boost up your gains if the crypto price goes towards your prediction.
ByBit allows you to trade cryptocurrencies and other assets at up to 100x leverage. This means, you can trade up to $10,000 with an investment of $100. So if you are an experienced trader, you can easily make high profits using it.
On ByBit you will be able to trade different types of orders. These order types are:
Limit: This allows you to set the number of contracts, order price, and leverage. And the trade gets executed when the last trade price reaches the preset order price.
Market: The market allows you to set the number of contracts and order price. But the best available price on the order book determines the executed price. You can use them to enter or exit the market immediately and react to the fluid price environment quickly.
Conditional: With conditional trading, you will be able to place advanced trades. These trades get automatically submitted once your specified trigger price meets the last traded price. The conditional market order gets filled right away.
ByBit Deposit and Withdrawals
ByBit supports about five cryptocurrencies. These include BTC, ETH, EOS, XRP, and USDT. By default, you will have a wallet for all of these coins. However, for your overall balance, ByBit will give you a calculation of the value of Bitcoin.
If you have any of the supported assets in some other exchange or wallet, you are allowed to move them to ByBit wallet and start trading.
Apart from depositing crypto, you can also use the fiat gateway to deposit fiat currencies like USD, CAD, INR and others. In total, it supports about 45 fiat currencies.
Based on your preferred currency, By bit will offer you multiple payment options facilitated by different third party service providers. This way, you can pick the vendor that can top up your wallets with the most crypto for the lowest fees.
Also, when it comes to withdrawals, you can enable two factor authentication. However, ByBit charges a withdrawal fee.
ByBit charges different types of trading fees. These fees are:
Bybit uses its funding mechanism to keep the perpetual contract trading price as close to the spot price as possible. Who pays the funding fee depends on the interplay between the two prices.
In case the perpetual price gets greater than the spot price, long position holders have to pay the funding fee to short position holders. As a result, this will provoke more traders to take short positions, and it will lower the trading price.
The funding fee is paid every eight hours on the platform. The spread between intervals determines the funding rate for upcoming settlement time.
ByBit uses a maker and taker feel model. However, instead of charging the makers ByBit trading fees, the company issues maker rebates.
If you are a market maker, you will provide liquidity by increasing the market depth with your order, and in return, ByBit will reward you. However, if you are a market taker, then you are taking some liquidity off the book. As a result, you will need to pay fees for that.
The actual trading fees and maker rebates are the same for BTC, USD, ETH, and other coins. Its maker rebate sits at -0.25%, and the taker fee is 0.075%.
When it comes to exchanging fees, ByBit exchange fees remain the same at a flat rate of 0.1%. It doesn’t matter what amount of funds you are trading on the platform.
When it comes to the withdrawal fee, the company pays a standard miner fee. Hence, the withdrawal fee is fixed no matter how much funds you take out of the platform to your crypto wallet. However, for different types of coins, there is a different withdrawal fee.
Overall, using ByBit is extremely easy. It is suitable for both beginners and advanced traders. The exchange offers you customizable modules. Also, its dashboard is nicely organized, and you can always edit the layout as per your needs.
Even the mobile app of the trading platform is highly optimized. You can easily execute traders, and it has an easy to understand user interface, which is pretty simple to navigate.
There is also a leverage slider, so you can easily adjust the leverage you wish to use for your trades.
With ByBit you will also be able to earn an annual percentage yield or APY even when the market doesn’t perform well. Using the ByFi center, you will be able to diversify your investment. Also, you can subscribe to earn crypto by staking USDT in DeFi Mining and get floating returns via Bybit’s Dual Asset Mining.
So that was all for bybit review. I hope by now you know the good and bad of the exchange. So go ahead and check it out and compare its features with other trading platforms and see how it is working for you. Also, for any other questions, do comment below.