Bybit is often at the top of the list for crypto investors and traders around the world, due to the outstanding services and features it offers. This is one of the most well-known crypto exchanges novices are likely to come across when they step into the crypto space.
However, before beginners choose any kind of platform they need to be sure that the exchange suits their needs and requirements. The same rule applies to the Bybit exchange. Even though it is popular and is known for offering good services, potential users should know the details and determine if it matches their criteria and standards or not.
Therefore, here are some quick facts you should know about the exchange to ensure you make the right decision.
What to Know About Bybit?
Bybit is based in Singapore and was established in 2018. It is one of the peer-to-peer trading platforms and has a higher capacity to handle transactions per second (TPS) than its competitors.
As compared to other popular crypto exchanges such as Deribit and BitMEX, Bybit is capable of handling 100,000 transactions per second.
The Bybit exchange also enables the users to trade perpetual futures products with a leverage of up to 100x.
While this is a popular crypto exchange in the market, it does not offer services to a few countries that include:
- United States of America
- Quebec (Canadian Province)
The interface of the Exchange
The user interface of an exchange is a very important and major factor that should not be overlooked by potential users. There are some crypto exchanges that have a complex user interface, while others are more simplistic. As a beginner, you should look for a platform that has an easy-to-navigate interface, one of which is Bybit.
As compared to other competing crypto exchanges in the market, Bybit has a simpler and more user-friendly interface. This is one of the facts that makes it a suitable platform for both new and experienced crypto investors and traders.
Trading Fees and More
The Bybit exchange is known to charge one of the lowest fee structures in the crypto market. Every platform charges some kind of fee to the users that vary in terms of the amount the users have to pay.
Some of the exchanges also include hidden charges that bring the trustworthiness of the platform in question.
However, one major fact you should know about this exchange is that the Bybit fees structure is not only transparent but also safe from additional charges of any kind. This exchange also follows the market maker and taker model, the details of which are mentioned below:
- Withdrawal fee: 0.0005 BTC
- Funding rate: 0.02% / -0.02%
- Maker fee: -0.025%
- Taker fee: 0.075%
Testnet of the Exchange
Another fact that potential Bybit users should know about the exchange is its testnet. The exchange has a very user-friendly testnet that allows the users to go for a test run without using real money. This is an amazing way for potential users to test out the exchange and see if it is suitable for them to use or not.
This is an especially helpful and important way for potential traders as they can use the testnet first before using the exchange for real. If the users feel comfortable with the trading interface of the Bybit exchange, they can deposit real BTC and start trading.
Supported Order Types
Order types supported by an exchange is one of the things crypto traders look for before they choose the platform. Most of the exchanges support basic order types. However, Bybit is an exchange that also offers support to advanced order types.
Therefore, people who aim to start crypto trading and hold order types to be significant should know that this exchange supports the following order types.
Basic order types:
- Limit order
- Market order
- Conditional order
Advanced order types:
- Immediate-or-Cancel (IOC)
- Good-till-Cancelled (GTC)
- Fill-or-Kill (FOK)
Know your Customer Verification
Up until recently, the Bybit exchange did not support the KYC (know your customer) verification. KYC is an elaborate way to protect the funds of the users and the security of the platform from fraudsters and hackers.
Users of the exchange can trade digital assets without going through the KYC process but the withdrawal limit is quite low.
People who want to increase the withdrawal limit to at least 50 or 100 BTC are encouraged to opt for KYC. The KYC verification has two levels, both of which require detailed and personal information from the users to mitigate the chances for hackers to strike.
Bybit can be a suitable and fantastic option for people who are looking to trade or invest in cryptocurrencies. However, before any novice party uses the platform they need to be sure that the services offered by the platform match the trading requirements and criteria that you have in mind. Therefore, you should know the major facts about the exchange mentioned above.