ByBit is one of the leading assets platforms in the world that makes crypto trading secure and easy for beginners and experts, alike. This is a popular crypto exchange that was founded by Ben Zhou in March 2018.
Since it was created, it has caught the eye of crypto traders from all across the globe. This exchange prioritizes the security and satisfaction of its users and makes crypto trading easy. These are some of the reasons why ByBit is one of the top crypto exchanges you are likely to come across when you step into the crypto space. (Find an extensive list of the best cryptocurrency exchanges to date here.)
Here are ten things about ByBit that make it stand out among other crypto exchanges.
What is ByBit?
ByBit is a well-known peer-to-peer (P2P) bitcoin and cryptocurrency futures exchange. It is based in Singapore and has been created to help all interested parties in trading crypto, regardless of their prior experience.
It is a technologically advanced exchange and focuses on offering a safe and convenient trading experience to potential and existing traders. Therefore, if you are new at crypto trading and are looking for a suitable exchange then ByBit can be a suitable option for you.
How is the ByBit User Experience?
One of the leading factors that make ByBit a suitable option for beginners and experts is its user-friendly interface. As mentioned above, this exchange was created to facilitate everyone interested in crypto trading. This is why, ByBit’s user interface is easy-to-understand and simple, which is what most novice crypto traders look for.
If you compare ByBit with some of its competitors in the market, you will come to know that ByBit offers a much simpler user interface. This is one of the reasons that make it stand out among other exchanges.
Is There a ByBit Desktop Version?
The ByBit exchange aims to help people in stepping into the world of crypto. This is why the exchange has a well-developed desktop version that is easy to understand and navigate.
The desktop version of the ByBit exchange features advanced charting and order management, that facilitate the crypto traders while making trades.
Is There a Mobile Application for Bybit?
Taking the user-friendly interface to the next level, the ByBit exchange also offers a mobile-friendly application. The mobile application is available for both Android and iOS users.
It is most suitable for digital natives and traders who are busy and travelling frequently as it can help them trade while on the go. It has good functionality and also helps the traders in keeping a track of their open positions no matter where they are.
Can You Use ByBit to Buy and Sell BTC?
ByBit leverage trading capabilities are one of the best features of the crypto exchange. It has an advanced order functionality and allows you to customize your entries as well as manage risks.
While placing an order you can select different order types that are mentioned as follows:
- Market Order – placed at the current market price.
- Limit Order – placed at a level recommended by the trader, which can deviate from the current market price.
- Conditional Order – it can be executed as a market or limit order as soon as a specific level of price is reached.
Advanced tools such as the ByBit leverage calculator can help in placing advanced orders as well, which include:
- Good-till-cancelled (GTC)
- Immediate-or-cancel (IOC)
- Fill or Kill (FOK)
What are Different ByBit Funding Methods?
Having essential information about an exchange can help you in making an informed decision regarding the crypto exchange you can use. Different exchanges support different cryptocurrencies and trading styles, which can help you determine if an exchange is suitable for you.
If you want to use ByBit exchange to buy, sell or trade crypto then one of the things to know is its funding methods.
Since ByBit is a crypto-to-crypto exchange it only allows the deposit of digital currencies.
This means if you use this exchange, you will not be able to deposit fiat currencies such as USD or EUR.
The cryptocurrencies supported by the ByBit exchange are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
What are Some ByBit Data Analysis Tools?
Market analysis is one of the most essential factors to consider as a crypto trader. The best way to keep a track of the market analysis is by using technologically advanced tools, which are available on ByBit. This is yet another reason why ByBit stands out among other exchanges, especially for first-time crypto traders.
Here are some of the data analysis tools available on ByBit:
- BTC Daily Realized Volatility – shows the actual volatility over a period.
- Monthly Price Range – allows observation of a range of assets traded and also looks at the highs and lows at the instrument’s price every month.
- Price Moving Averages – shows the price of BTC and multiple moving average indicators.
- Rolling Volatility – shows the realized volatility over 30 months in comparison to the average of the mentioned time. The purpose of rolling volatility is to help the traders understanding how much the price varied within a given time frame.
What is the Withdrawal Time on ByBit?
The ByBit leverage trading platform is outstanding, thanks to several benefits it offers to the users, including suitable withdrawal times.
Unlike other crypto exchanges available in the market, ByBit allows users to withdraw their funds thrice a day. The time to withdraw funds three times in a day are specific (0800, 1600 and 2400 UTC).
You can withdraw your funds as soon as you get a confirmation from the exchange. The maximum time for the withdrawal is 8 hours as is confirmed by the ByBit exchange within this time.
One important factor you should know about the withdrawal time is the 30-minute rule. This means that if you submit a withdrawal request by 0730, it will be confirmed at 0800. However, if you submit a request after 0730, it will be confirmed in the next time slot, which is 1600.
What to Know About ByBit Exchange Fees?
If you decide to use the ByBit exchange then you should have a good understanding of the fee charged by the exchange. A crypto exchange that offers a good and transparent fee structure is a suitable platform for potential and existing crypto traders.
Here is an idea of the ByBit leverage fees you should have before using the exchange:
- Funding rate: 0.02%/ -0.02%
- Limit order fee/maker fee: -0.025%
- Market order fee/taker fee: 0.075%
- Withdrawal fee: 0.0005 BTC
Can ByBit be Used in the U.S.A?
It is a popular crypto exchange that is used by traders all over the globe. While it is available in many countries, it is not directly available for U.S. citizens. The United States is geo-blocked by the exchange due to strict regulatory laws in the U.S.
However, interested parties can access the exchange and their funds by using a VPN. As a potential or existing trader, it is important for you to know that the crypto market is unpredictable and using any kind of VPN or exchange should be done at one’s own risk.
ByBit is one of the top crypto exchanges in the market and offers several benefits to the users, beginners and experts alike. However, if you plan on crypto trading or investing for the first time then you should have some information about the crypto exchange before using it.
If you want to use it then it is helpful that you know the above-mentioned details.