Bybit Review 2023

What is Bybit?

Bybit was established in March 2018 and is currently the most famous cryptocurrency exchange for derivatives trading. Bybit has come a long way since its establishment.

Initially, the platform did not gain as much popularity at the time of its establishment due to the presence of BitMEX. Nevertheless, Bybit has continued to evolve to provide the most user-friendly interface to its users and has been recognized for its reliability evidenced by its lack of a single incident or accident during the four-year service period. As a result of such efforts, more than 6 million users around the world now have subscribed to the service.

Here are some basic information, advantages and disadvantages, and special features of Bybit, one of the most beloved international exchanges by people all over the world.

Coin-Labs signed an agreement in 2021 to become the official business partner of Bybit.
Therefore, when you sign up for Bybit through the Coin-Labs website, you will be able to experience top commission benefits and also become eligible to participate in an event to receive up to $600 in bonuses.

Pros and Cons of Bybit

Pros 👍

• One of the most user-friendly interfaces
• Affordable cryptocurrency transaction fees and high discount % through promotion codes
• Establishment of a copy-trading system that follows the trades of professional traders
• KYC: Ability to conduct leverage derivative trading without identity verification

Cons 👎

• Some cryptocurrencies withdrawal will not be available at all times (for such cases, withdrawals can be made a total of three times a day at 09:00, 17:00, and 01:00)
• Low spot market orders, vulnerable to slippage trading bots
• Bybit is not available for US citizens.

Services Provided by Bybit as of 2023

1. Cryptocurrency Spot Asset Trading

Bybit first announced the launch of the spot trading platform on August 2020, 2021 and has been providing the highest quality token and coin trading services. Bybit’s motto is

We do our best to make it easy for users to approach their preferred cryptocurrency!

Bybit’s motto

Bybit is constantly striving to evolve into an exchange that fulfills such a motto.

Today, the Bybit spot exchange has grown into a spot market where 269 different cryptocurrencies can be traded.

2. Bybit Derivative Market Trading Through Cryptocurrency

Bybit essentially started its service as a derivative exchange similar to BitMEX. However, unlike other exchanges, Bybit derivatives exchange is famous for not experiencing malfunctions such as exchange server crashes (overload) due to heavy orders. Bybit derivatives exchange provides services ranging from the classic transaction form in the “Inverse Perpetual BTCUSD Futures Contracts” to the recently trending “USDT Perpetual BTCUSDT Futures Contracts”. An Inverse Perpetual contract refers to a futures transaction with cryptocurrency held as collateral, and a USDT Perpetual contract refers to a futures transaction with Tether as collateral.

Currently, there are 162 virtual currencies available for futures derivative trading services at Bybit. Both short selling and margin buying with leverage are available for the 162 different cryptocurrencies. Major cryptocurrencies include Bitcoin(BTC), Ethereum(ETH), Bitcoin Cash (BCH), Link (LINK), Litecoin (LTC), Tezos (XTZ), Cardano (ADA), Polkadot (DOT), Uni (UNI), Aave (AAVE), Sushiswap (SUSHI), Nem (XEM), Ripple(XRP), and EOS, and Dogecoin (DOGE).

3. Bybit NFT Marketplace

The NFT Marketplace on the Bybit is a platform for listing and trading non-fungible tokens (NFTs). The marketplace encompasses NFTs used in digital art, collections, game-related products, and metaverse, and its biggest feature is that the current transaction structure is commission-free. Unlike the OpenSea Exchange, Bybit has a more convenient interface and intuitive trading UX as its advantage.

4. Bybit Earn with Cloud Mining and DeFI Mining Features

Bybit launched the Ethereum Cloud Mining Service back in May 2021. Cloud mining allows investors to participate in cryptocurrency mining and realize profits without actual virtual currency mining equipment. Bybit is considered one of the safest exchanges among a variety of cryptocurrency cloud mining companies. In addition, DeFi mining, which provides Governance Token (CRV) for mining through Curve Finance, is a highly speculative, but nonetheless a popular investment product.

5. Bybit Copy Trading

Bybit copy trading users select a professional trader registered with Bybit and trades are automatically fulfilled real-time to shadow the professional trader’s cryptocurrency purchases and sales. While the cryptocurrency used in the transaction is kept in the user’s wallet, the trading position is shared through the Bybit copy trading process. Users can see the historical transactions of the professional traders, their returns, and winning rates over the past seven days. Consequently, users will be able to directly identify and select risks, strengths, and weaknesses of the traders.

Professional traders registered with Bybit receive 10% of the net profit from copy trading from users who follow their trades. Up to 500 users can copy 1 professional trader and all popular professional traders have already reached their maximum capacity limit.

Bybit Security

Bybit provides security through its dual authentication protection. Users can choose to use Authy, Google Authenticator, or SMS security authentication. Security authentication is required in order to withdraw cryptocurrency. In addition, Bybit stores users’ assets in an offline cold wallet, rather than a hot wallet with weak security, by connecting the wallet to the Internet. Ultimately, this is a very effective method to prevent hacking.

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