(Newswire.net — January 22, 2022) — Bybit is a cryptocurrency trading platform that has garnered significant attention for facilitating spot and derivatives trading. This platform was developed in March 2018 with the primary goal of providing traders with excellent customer service, an ultra-fast matching engine, and multilingual community support.
Not only the company provides the finest innovative trading services, along with mining and stacking products but is also the fastest-growing exchange platform for well-founded digital assets.
The best thing about this platform is that it offers excellent support to users with extensive documentation available at bybit learn so that both newbies and seasoned users can trade in cryptocurrencies with equal ease. Moreover, Bybit also offers a wide range of services and features for its user community.
What are the major features and services of Bybit?
- Spot trading and derivatives trading:
So far, Bybit has been the most prominent crypto derivate trading platform known. The derivatives available at Bybit are USDT perpetual contracts, perpetual inverse contracts, and inverse features contracts. Bybit in July 2021 added spot trading to provide a final touch to its central trading services.
- Margin trading with an observed 100 times leverage:
Margin trading is highly in demand among experienced traders as they aim at reaping huge profits on a successful trade. This means that the trader has the permit to utilize borrowed funds to bolster their trade. Margin trading could help them yield a better profit on a smaller investment. Margin trading is advised only for traders with a stronger hold on technical aspects of trading; therefore, certainly not recommended for beginners.
- Bybit insurance fund:
The Bybit insurance fund is a reserve pool system built to protect traders from impartiality and excessive loss. This is managed by the insurance fund that Bybit offers, which can absorb any excessive loss and benefit the traders who are already handling loss.
- Demo platforms to get the hang of trading:
Bybit put forward a testnet platform, a demo version of Man Site. This enables the users to practice trading without investing actual money or crypto before using real money.
- Fiat getaway offers easy deposit:
Bybit reinforces crypto deposits as its easiest deposit method; it also has an option for fiat deposit utilizing fiat getaways.
- Customer support:
Bybit offers highly efficient customer service that engages with customers and solves the difficulty or concerns they are facing a live chat. The usual responding time is less than 8 minutes, and the support is available 24×7.
- Mobile app
Bybit mobile app is available for Android as well as IOS, which can be easily installed on your device directly from the Google Play Store or the Apple app store. As per the recent data, the overall rating for the Bybit app on Google is 4.9 stars and over 1 million installations. The majority of users choose a mobile app over a website as there could be high site traffic.
Why do traders choose Bybit for cryptocurrency trade?
The primary reason traders choose Bybit over any other platform for trading cryptocurrency is its speedy trade, which is 100,000 trades per second. Bybit allows hassle-free trading without causing any overload as they have a superfast matching engine that can carry out trades at lightning speed.
Since the cryptocurrency market is wildly volatile, there is always a risk factor around it. Reducing these risks is possible through the spot-loss method. Stop-losses are computerized instructions guiding the exchange to trade a coin when the price drops below a level set by the traders. This means you don’t have to monitor the cost of your digital assets every time. The stop-loss method is also advantageous in automatically gaining profit when the price shoots up suddenly to a certain level.
Bybit does not demand any fees while depositing cryptocurrency into your Bybit account. Users can benefit from 100x leverage on Bitcoin and 50x leverage on others. It is always a go-to if you consider margin trading and crypto-assets seriously.
This platform meets all the trader’s needs by offering a fully-featured platform for derivative trading, spot trading, and margin trading with appreciable leverage. Moreover, you can also visit the website or mobile app options loaded with valuable features at your convenience for trading in cryptocurrencies. However, the only drawback is that Bybit is not available for US citizens.