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⏰ Time Stamps ⏰
1:44 What is Bybit?
3:20 Available Instruments
4:45 Security Features
6:17 Fees
7:38 Exclusive PROMO
8:32 Platform Walkthrough
11:04 Placing a Long
14:40 Other Neat Features
16:11 Mobile App & API
17:07 Customer Support
17:53 Conclusion
🔗 Helpful Links 🔗
► Complete Guide To Using Leverage: https://www.coinbureau.com/education/cryptocurrency-margin-trading/
► Beginners Guide To Technical Analysis: https://www.coinbureau.com/education/crypto-technical-analysis/
📋 Bybit Overview 📋
Launched in March 2018, the Singapore based crypto derivatives exchange was the first to really challenge BitMEX’s virtual monopoly in the crypto futures space.
In a nutshell, Bybit’s growth strategy was simple. They saw all the shortcomings of BitMEX, like exchange overloads which were costing traders a fortune, and focused on solving them.
Indeed, it seems that crypto traders have voted with their feet with Bybit posting a higher Alexa ranking in December 2019 than BitMEX.
❓ What Are You Trading On Bybit? ❓
As Bybit is a crypto derivatives exchange, you are not trading the underlying cryptocurrency but you are trading on margin with a leveraged instrument. On the platform, these are known as perpetual swaps.
In a nutshell, perpetual swaps are futures with no expiry time. There are two types on Bybit: USDT perpetuals and inverse perpetuals. These basically allow you to long or short a crypto on the exchange.
Another interesting thing about perpetuals is that you can leverage up to a maximum of 100 times. ByBit supports trading for Bitcoin, Ethereum, EOS and XRP contracts.
🔒 Security & Risk Management 🔒
ByBit operates most of the standard fund security procedures that you would come to expect from an established crypto exchange. These include the likes of a cold wallet system with multisig functionality.
This means that Bybit keeps most funds offline and no single person at Bybit can access the funds.
When it comes to risk management, Bybit are no slouches in that department either with their state-of-the-art insurance fund and Auto Deleveraging mechanism.
💰 Trading Fees 💰
Bybit uses a maker-take model for trading fees. In short, those that provide liquidity to the exchanges order books are “makers” and those who take it are “takers”. Makers pay lower fees or even get a rebate. This is done to incentivize market-making.
At ByBit, the taker fee is .075% whereas the maker rebate is .025%.
📈 The Platform 📈
There are two types of contacts you can trade on Bybit. These are the USDT perpetual and the inverse perpetual. The USDT perpetual is only a Bitcoin contract whereas the inverse has BTC, EOS, XRP & ETH
Both platforms have similar functionality, however, they do have a slightly different layout. The Bybit platform is also heavily customizable to best suit your trading needs.
🔨 Useful Trading Tools 🔨
A super useful tool built into Bybit is the position calculator. This allows you to quickly work out your PnL, liquidation levels, target prices etc. Even better, you can check all this stuff out before you even open your position.
Another cool thing is Bybit’s market data tab. This gives you a quick snapshot overview of all the trading data on Bybit. This includes price history, trading ranges, volatility.
Oh yes, Bybit does offer a mobile app for Android and iOS.
🙌 Customer Support 🙌
One thing common to most crypto platforms is shoddy customer support. However, this is another area where Bybit seems to have learned from the failings of others. The platform has first-class 24/7 live chat support.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome. Links to OKEx in this video description are affiliate links and Coin Bureau earns a small commission if you choose to use them.
#Bitcoin #bybit #btc #trading #crypto #bitmex
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