Everything you need to know about the Bybit cryptocurrency exchange

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Bybit is a feature-rich cryptocurrency exchange for traders. It offers futures trading as well as other common trading products such as margin trading. Users can buy fiat money cryptocurrencies on Bybit using credit cards such as Visa and MasterCards. Also, there is a ByFi hub on this exchange that offers cloud mining. Inverso Perpetuo, USDT Perpetuo and Inverse Futures are other services that Bybit offers to its users.

Bybit functions

This cryptocurrency exchange offers various services for traders and investors. It focuses on security and transparency in services. The pricing mechanism with an indexed pricing methodology helps users find access to reliable pricing and data. Bybit also has a support team that answers traders' questions and comments 24/7.

Uptime and service availability are very important in cryptocurrency exchanges. Users need to access their funds and the market anywhere and anytime. Bybit has an availability history of 99.9%. Users will have access to the market with reliable liquidity and market depth.

One of the most important benefits of Bybit is the Chainlink integration. The cryptocurrency exchange relies on a decentralized price supply offered by Oracle's leading provider, Chainlink.

Services

As mentioned above, Bybit offers various services for perpetual, futures, margin and other trading. Buying cryptocurrencies with fiat money is one of the best services on this exchange. You can buy BTC by paying USD through credit cards. Mercuryo and Banxa are the exchange partners for the fiduciary payment. You can pay with Visa, MasterCard, and even Apple Pay to buy crypto with fiat money on these platforms.

Bybit's trading platform offers Perpetual Reverse. In simple terms, it is a type of currency margin trading. Pairs like BTCUSD, ETHUSD, EOSUSD and XRPUSD are supported by this platform. The USDT Perpetual service is a margin trading platform for USDT on this exchange that supports many USDT paired currencies. Famous crypto assets like BTC, ETH, BCH, ADA, LINK, and many others are compatible with perpetual USDT on this exchange.

Inverse Futures is a novel service from the Bybit cryptocurrency exchange. This service has coin spreads and is primarily focused on trading BTC and ETH futures.

As mentioned above, Bybit also offers cloud mining to investors. The service allows you to invest in ETH miners and receive a static annualized percentage return. There are various mining pools available on ByFi Center with various APYs and fees. Cloud mining is an excellent option for those who want to enter the mining industry without the need to buy and maintain hardware and systems. You simply invest in mining services and receive your returns based on static returns offered by the cloud miner across various pools.

Bybit often runs different 7-day trading challenges with rewards for participants. In these challenges, users try to receive the highest individual profit and loss in a seven-day competition. All contracts available on the cryptocurrency exchange are compatible with the challenges.

One of the best services on this cryptocurrency exchange is the learning center and user guide that helps traders to get to know the industry and the platform better. The learning center introduced various cryptocurrency concepts, from coins to platforms like DeFi. The fundamentals of blockchain technology and also commerce are discussed in the learning center.

About the Bybit team

The team behind Bybit launched the cryptocurrency exchange in March 2018. They are a group of cryptocurrency experts with considerable experience in the industry, as well as investment banking.

How to use Bybit Exchange

Bybit offers services on both desktop and application platforms. The application is available for iOS and Android users, and the desktop version is a web-based application.

Check in

You can register with this cryptocurrency exchange on mainnet and testnet. To log into mainnet on the desktop, follow the instructions below:

  1. Open the official registration page (link)

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  1. Slide the verification page and enter the verification code sent to your email.

B). For mobile registration, select your country code, enter your mobile phone number, password and reference code if you have it.

  1. Slide the verification page and enter the verification code via SMS sent to your mobile phone number.
  2. Registration is complete and you can log into the exchange with your email or phone number. Don't forget to set up double verification for your account for added security.

Signing up for Bybit using the app is no different and you only need an email address or phone number.

Deposit and withdrawal

You can deposit crypto assets on Bybit Exchange to trade or invest. The exchange supports BTC, ETH, XRP, EOS, and USDT deposits. You just need to open the wallet page at this link, then log into your account and choose the asset you want to deposit. A wallet address will be displayed. Copy and paste it into the wallet from where you want to send the assets.

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1) For XRP and EOS deposits on Bybit, it is mandatory to enter your six-digit note / tag. Failure to do so may result in loss of coins.

2) For ETH deposit, Bybit currently only accepts direct transfer. All Smart Contract transfers cannot be processed automatically by the system.

3) For USDT deposit, Bybit currently only accepts simple send transfers. Bybit does not accept USDT deposits through other methods.

Trading platforms

As mentioned above, there are reverse trades, perpetual trades on USDT, and reverse futures trades available on Bybit. The trading interface is no different from other cryptocurrency exchanges. For example, in perpetual USDT trading, you have many options like leverage, order price, contract amount, and additional features like post-only strategy and time-in-force strategy. After setting the initials, you can place long or short positions for a USDT trading pair.

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Automatic Take Profit and Stop Loss at Bybit is an excellent option for those traders who want to make easier trading decisions. They can set TP / SL to fixed prices or set a percentage bar that automatically calculates the price. The choice of the TP / SL can be made using various prices. Lastly, brand and index prices are available to choose from. Do not forget that all these options are available both on the desktop and in the application.

Trailing Stop is another option that helps Bybit users to have an easier trading experience. You can set this option on your TP / SL, so the platform will automatically change targets before activating the take profit or stop loss options. The option is available on the reverse trading platform in the position tab below the price chart. You need to click on the TP / SL column to enable / disable the trailing stop option.

The position tab on the reverse trading platform is where you can check the details of your current positions on the Bybit exchange.

The closing functions are also available on this tab. It allows you to change the conditions of a position or cancel it. Also, you can cancel a position from the price chart. For this option, you must first choose the trading pair in the position tab, then locate the price chart and find its trigger price. After clicking the price, you can cancel the order by clicking the X button next to it.

Cloud mining

As mentioned above, cloud mining is an excellent option on Bybit for those users who want to enter the mining industry without investment in hardware and infrastructure. You must have sufficient funds in your account to purchase cloud mining products. Visit the cloud mining page by clicking ByFi Center in the top menu.

If you do not have sufficient funds in your account to purchase the products, you can do so by visiting the account page and clicking the Transfer button. Choose USDT for transfer because Bybit currently only accepts USDT for cloud mining products. Then choose to transfer funds from the Derivative Account to the ByFi Account. After transferring the funds, you can purchase a cloud mining product on the ByFi Center page. Profits from cloud mining will be paid to your Bybit account after the mining contract time expires.

Conclution

Bybit is a cryptocurrency exchange with various services for trading futures, with margins and even cloud mining. Although it supports a limited list of currencies, the exchange is expanding services very fast and may become one of the best in USDT perpetual and inverse futures trading. Also, the ability to buy cryptocurrencies with fiat money is one of the best features available on this exchange that can attract many mainstream users.



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