What is Bybit?
Bybit is the world’s leading cryptocurrency derivatives trading platform by trading volume. The company was founded by Ben Zhou in 2018. Recently, the platform has added Spot trading, issued exchange coins (BIT) and launched services like Launchpad, Launchpool to compete with other exchanges like Binance, Huobi, OKex.
According to Bybit, they aim to “revolutionize today’s crypto market by combining the best of cryptocurrencies and traditional finance to deliver safe, reliable, fair and user-friendly transactions.” the most user friendly by far”.
The exchange has more than 10 million registered users.
Overview of Bybit
From a user experience point of view, Bybit had a neat and organized platform. You can easily navigate around the platform following a few pointers here and there. If you are an experienced trader, it will only take you a few minutes to get used to it.
On this platform, you can find an order entry panel similar to the one on all other exchanges. Bybit uses an additional feature of sliding limit price bars and conditional order bars. These extra features are not found in many other exchanges.
With the slider bar, adjusting to a fast-moving market becomes easy. Therefore, there is no need to re-enter the price continuously, you can simply slide up or down.
Why use Bybit?
With high liquidity volume and fast processing speed, no lag when the market fluctuates, Bybit has won the hearts of many experienced traders, especially through its speedy execution of trades. high.
Technically, as of now, no trading platform has come close to Bybit’s speed. Exchanges like BitMEX and Deribit pale in comparison, as they can only offer matching speeds of 500 TPS (transactions per second) and 5000 TPS, compared to Bybit’s 100,000 TPS. Binance exchange is about 60,000 TPS.
The faster the TPS speed, the less likely to experience system overload, which can always affect orders placed while trading.
To secure funds, Bybit uses a hierarchical cold wallet system to store all of a trader’s assets. They also conduct manual withdrawal three times a day, at 8am, 4pm and 24h daily (equivalent to the funding rate).
In addition, Bybit has a robust financial plan to insure funds in the event of traders being liquidated below the bankruptcy price.
Since its inception, Bybit has not had a single hack.
Super fast order matching engine
With Bybit’s super-fast execution engine, traders can enjoy a seamless trading experience without affecting their profits and losses.
Instructions for registering a ByBit . account
You can follow these steps to set up your account.
Visit the Bybit official website and click register here.
Enter Referral Code: 22939 to get $20 instantly.
Go to your email and enter the verification code sent to you.
Choose 1 of 3 conditions (this step is not important). Then return to the homepage.
Navigate to settings, select “Account and Security” then select “Verify Now” to KYC your account.
You only need Basic Verification (Level 1) to be able to withdraw up to 100 BTC per day. If there is no higher demand, there is no need to verify Level 2.
You choose 1 of 4 types of licenses that you want to use for KYC. Note, it is necessary to take clear pictures of the front and back.
After downloading the photo successfully, click Next, the screen will show your face capture, you need to turn on the computer camera, or use it on the phone.
Note: If you want to KYC by phone, download the Bybit app and complete the same steps.
For Apple (IOS): here
For Android: here
After completing face verification, wait for 5 to 10 minutes, the system will automatically update.
Now, you can deposit money to trade, good luck.
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