Bybit is among the leading centralized exchanges, suiting the needs of almost all traders. As a user of this trading platform, you get access to over 400 cryptocurrencies and investment opportunities for passive income. Moreover, you can trade NFTs on Bybit. To know more about this exchange, continue reading this article.
Exploring Bybit
Bybit is based in Dubai. The exchange is regulated by local authorities to ensure users feel safe when trading on the platform. Bybit is the brainchild of Ben Zhou, who launched it in 2018. Zhou is a prominent forex trader. This explains why he takes matters to do with liquidity seriously.
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As of November 2023, Bybit boasts more than 10 million users across the globe. The exchange’s user base has been growing year after year, and this could be due to new products that Bybit launches regularly. For example, at the start of the year, the platform launched USDC-margined ETH and SOL options.
How Do You Register With Bybit?
Signing up with Bybit is super simple. Follow these steps to start trading cryptocurrencies on this exchange:
Step 1: Download and install the Bybit app, then click “Sign up” after opening it.
Step 2: Choose how you want to register with Bybit. It could be by mobile phone or email. After that, enter all the required details.
Step 3: Read and accept Bybit’s Privacy Policy and Terms of Service, then press “Create Account.” Expect a window to appear displaying all restricted countries. In case your country is not on that list, click “No.”
Step 4: Enter the verification code sent to your phone number or email to complete the account creation process.
Step 6: Complete the Know Your Customer procedure to access all Bybit’s features.
Bybit’s Numbers
As mentioned, Bybit has more than 10 million users in 160 countries. Over the last six months, it has been processing an average of $2.4 billion in daily trading volume, according to data from CoinGecko. You can trade over 445 pairs on Bybit. The most traded pair is BTC/Pair, which accounts for nearly 20% of the average daily trading volume.
Bybit’s Features
As one of the top crypto exchanges, Bybit offers multiple features and Services to give customers a seamless user experience. They include:
Spot and Derivatives Support
Bybit allows customers to participate in both derivatives and spot trading. In the spot markets, you can get a leverage of up to 10x. As for derivatives, you can leverage your trades by up to 25x. There are over 180 contracts to choose from. You can trade USDC and USDT coin futures.
Crypto Convert
Instead of exchanging tokens in the spot market, you can quickly swap them using Bybit’s “Crypto Convert” functionality. Note that you will incur a small conversion fee.
Quick Buy
Do you wish to buy your favorite crypto asset with fiat? Well, you can do that on Bybit. Just hit the “One-Click Buy” button and enter the amount of EUR or USD you want to spend on your preffered cryptocurrency. After that, select the method of payment. It could be a bank transfer or debit/credit card.
It is worth mentioning that you can use the One-Click Buy feature to convert crypto back to fiat.
Copy Trading
Although this feature on Bybit is not known to many, it has proven to be effective for most traders, especially those without sufficient trading experience. The copy trading functionality allows traders to replicate the trades of those who are successful.
Bybit Card
Bybit has partnered with MasterCard to offer customers a usable card that they can use to make payments using cryptocurrencies from their accounts. With the Bybit Card, you can pay for shopping in more than 90 million merchants across the world.
Bybit Earn
Bybit does not just support crypto trading. Instead, it allows you to explore investment opportunities to earn passive income through its Earn feature. For instance, you can provide liquidity to earn yield.
Final Thoughts
Whether you like trading crypto in the derivatives or spot market, Bybit has got you covered. Also, if you wish to earn passive, you can do so on this exchange via the Earn feature. With all said, do your due diligence before signing up with Bybit.