Bybit is a cryptocurrency trading and exchange platform that specializes in derivatives products. Its founder Ben Zhou started the platform in March 2018 with its headquarters in Singapore.
It focuses on allowing users to buy and sell cryptocurrencies at specific prices in the future.
Well, what do I mean?
With Bybit you can place either a long or short order. You can place a long order if you think the prices will rise and a short order if you think the prices will fall in the future. In other terms, it’s a leverage platform where you predict your prices and wait for the market to favor you.
Features, services, and products.
Bybit has the following features:
This is a risk management tool where a trader secures their position and in case a loss occurs the trader is insured. This ensures traders of a stable financial position if there happens to be a market loss thus they rarely encounter losses
Smart strategy alerts
Upon an asset reaching the set price, a notification will be sent to the user informing him/her that the asset has reached the set price.
Bybit has dubbed a smart strategy hence the user can use either preset templates or create customized alerts on the platform
Bracket and conditional orders
Bybit is among the first exchanges offering bracket and conditional orders.
A bracket order is when a trader places the stop loss and takes profit prices together in the same order.
A conditional order allows the user to place a limit or market order when a market condition has been achieved
Bybit blog and support
Bybit has the live chat feature where you can speak to an agent in case of any queries. The support is 24-hour active therefore at no point will you get stuck for agents will be there to serve you.
How safe is Bybit?
One can say it’s a very safe platform because it has never been hacked and it has a number of precautions in place which have strongly protected it.
For example, it allows a maximum of three withdrawals per day. With such a policy hackers have a difficult time obtaining access to an account and withdrawing any amount.
You can say it’s an “online bank” because the policies put in place to protect users’ funds are very stringent.
The policies include multi-signature withdrawals, two-factor authentication, and offline cold wallet storage.
So it’s correct to say Bybit is a safe trading platform.
How to use Bybit
Visit Bybit’s site and click “Register”
Enter your email address and choose a strong password then submit
Verify your email address so that you can be able to login into your account
Complete your identity verification process by uploading the essential documents
Click on your email in the top right corner so as to access the menu
Then click on “my assets”
For you to place your first order you need to have some crypto, this will require you to purchase some.
After clicking on the deposit you will receive a unique deposit address and a QR code which you can use to deposit assets in your account
Finally, hit the trade button and start trading in your account.
Before using Bybit ensure you are connected to a VPN so as to secure your connection