Bybit is a cryptocurrency exchange used for trading derivatives with perpetual and inverse futures contracts. The platform is popular among users as it offers several technology features. However, before registering at the exchange and entrusting your money, you need to review its key features in detail. Traders Union experts have prepared a Bybit Review. In this review, potential clients can learn about the pros and cons of the cryptocurrency exchange, read the reviews of traders who have already used it and expert evaluation of TU analysts.
What is Bybit?
Bybit is a relatively young exchange, which, unlike many other cryptocurrency platforms, focuses on cryptocurrency derivatives.
The choice of trading assets on the platform is diverse. You can trade 245 coins in the spot market. However, the exchange’s focus lies with the futures market, where over 100 positions are available. There is a linear futures contract for BTC/USDT, and quarterly futures in US dollars (paired with BTC, EOS, XRP, ETH and LTC). The minimum deposit on the platform is $1. The exchange also offers access to margin trading with leverage up to 1:100.
The mutual insurance feature is the key benefit of Bybit. The principle is based on the “American version”, where in case of sudden volatility the market players receive full or partial compensation for their losses.
The exchange focuses on active traders, but also offers options for passive investors. These include staking, a savings program, and DeFi mining. Bybit is gradually expanding the range of technological opportunities and available instruments. There are no critical shortcomings in terms of fulfillment of agreement and payment discipline. Bybit is ranked among the top cryptocurrency exchanges among Traders Union partners.
ByBit Pros and Cons
The key benefits of Bybit include:
– Intuitive, user-friendly interface of the trading platform (the trading platform of the exchange is available only in the browser version);
– Wide opportunities for earning a profit from trading perpetual contracts and futures;
– Low entry threshold.
The drawbacks are:
– Lack of algorithm for protecting users in disputes, and there is no regulation;
– Beginners do not understand the nuances of trading cryptocurrency derivatives (you need to learn the terminology, the formula for calculating leverage, etc.).
You can learn more about this cryptocurrency exchange in the review on the Traders Union website. The review features key facts that interest potential clients.