What is Bybit?
Bybit is a relatively new cryptocurrency derivatives (up to 100x leverage) exchange founded in March of 2018. Bybit is legally structured in the British Virgin Islands, with their headquarters based in Singapore, a well known fintech friendly capital. That said, most new exchanges suffer from liquidity issues but Bybit has been making leaps and bounds in user signups since they launched in April 2019. They've been really on a roll.
Trading on Bybit allows you to leverage trade (margin trade) cryptocurrency derivatives, just like BitMEX and PrimeXBT. On Bybit, you can trade Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and EOS against the US Dollar (USD).
Join Bybit today and receive up to $90 of free Bitcoin!
On Bybit you can trade 1x (no leverage) or as high as 100x (100 times your trade value). Leverage is complex and dangerous, as you can get liquidated of all your currency if your leverage is too high. Always keep an eye on your Liquidation Price when using leverage! Leverage is powerful, it allows you to bet with a much larger crypto stack than you actually have. Used properly is can be very rewarding. Of course, in order to use leverage you must incur fees.
Traders on Bybit can take both short and long positions to make money whichever way the market moves. Taking a long position means buying the asset and essentially making a bet that it goes up. Similarly taking a short position means selling the asset and essentially making a bet that it goes down in value.
Inexperienced traders should be very cautious and start with small positions or simulated trading (also known as paper trading). Never risk more than you can afford to lose. If you are interested in learning more about trading, join us on the To The Moon Telegram Group. We look forward to seeing you there!
User Interface and Experience (UI/UX)
Bybitâs user interface looks gorgeous and is very easy to use. I personally really love using the dark mode and I think the overall user experience is far superior