Bybit, the derivatives exchange you should know
Bybit is a peer-to-peer (p2p) crypto derivatives exchange, giving traders the ability to trade perpetual cryptocurrency contracts, with leverage of up to 1: 100.
In its short operating time, this platform has managed to accumulate the best liquidity in the market. In fact, it’s in the top five by 24-hour volume for digital currency futures contracts.
Singapore-based Bybit operates under Bybit Fintech Limited, a company registered in the British Virgin Islands, and is comprised of experts in blockchain finance and technology. For example, your tech team has people who come from Morgan Stanley, Tencent, etc. You can check them out on LinkedIn.
That is why the platform has the capacity to handle 100,000 TPS (transactions per second), which is much better than the competition. In fact, so far, you have never experienced a system overload, which is very promising.
This is one of the main reasons why merchants choose Bybit over their competition.
Bybit’s interface is that it is friendly and easier to use than most other cryptocurrency exchanges.
At the top you can switch between your wallets and account management. You can also switch between the BTC and ETH futures markets.
Looking at the standard interface, you have the chart and depth of the market on the left. Then in the middle you have the order book and the latest trades. On the right you have the order forms and contract details.
Scrolling down from the main interface, you have other important business information. This includes things like current market activity and your assets.
In addition, its interface is customizable and modular. Some of the modules can be separated, resized and moved so that they are in the position of the user.
Bybit uses TradingView’s charting technology . This third party graphics package is well known in the industry for having the most functionality and features.
With TradingView charts, technical analysts can easily establish their studies and follow the important trend lines.
On the current position / order bar, you have the “ADL rank” indicator. This will show where you are currently for possible deleveraging in the event that the ADL is triggered. This is done to manage risk.
One thing Bybit is quite proud of is its order comparison engine. They claim that this trading engine can execute a total of 100,000 transactions per second per contract . So for every new asset they add, their matchmaking engine will have 100,000 dedicated transactions per second for that asset alone.
This translates into faster order execution, also the risk of slippage and trading errors is greatly reduced. Also, with an asset that moves as fast as Bitcoin, it is really important to be able to match both sides of the order book almost instantly.
Bybit operates a secure cold storage solution. This means that they store most of their cryptocurrency reserves, and all client funds, in offline wallets that are stored in a secure “air-gapped” location.
There is only a small part of their own coins that are kept in their “hot wallets”, to meet the needs of traders when it comes to withdrawals. Also, if they ever need to move funds from cold storage, they should use a multi-signature address scheme.
Multiple signing means that the exchange will need more than one key to sign a transaction from one wallet to another. This avoids the risk of having a single person manage all the funds on the exchange.
Additionally, to prevent the risk posed by online snoopers and phishing attacks, Bybit’s website has full SSL encryption. This means that all passwords and address information that you send to them will be encrypted .
This is also useful for detecting a phishing site. If you’re on a website that looks like it might be the platform’s, but doesn’t have a secure padlock in the browser, it’s an immediate indication that you’re on a phishing site and should immediately exit.
While protecting the exchange side is one thing, in most cases the biggest threat to a trader’s safety is himself. That is why Bybit has included a number of tools that will help protect your account from a hacker with the password.
One of the most important tools they have included is two-factor authentication. This means that you will have to use your phone to authenticate to your account or send transactions. You must enable the Google authenticator before you are allowed to withdraw coins.
It also has a 24/7 customer service.
To manage the risk posed by deficits in the settlement of futures contracts, Bybit operates what they call their “insurance fund.”
Basically, this fund will be used in the event that a trader is liquidated at a level that is below its “bankruptcy price”. The latter is the price at which the trader’s initial margin has been completely exhausted.
Without the fund, there would be a deficit for which the counterpart of the operation would not be complete. It is essentially an insurance policy that will protect traders, in the event that Bybit is unable to liquidate the position at the bankruptcy price or better .
These funds are replenished with the initial margin that settled traders have at the beginning of their operation. The difference between the price at which the merchant is settled and the bankruptcy price is how much will be sent or withdrawn from the insurance fund.
Records without KYC
Something that many traders can appreciate is the fact that ByBit is a completely anonymous exchange. They do not require the KYC (know your customer) procedure to be completed before you can trade.
This is great for those privacy hawks, who are concerned about the risks of certain data breaches.
This is why registering an account takes 30 seconds and all you need to provide is an email and create a password.
“Smart Strategy Alert” is a custom strategy alert tool provided by Bybit for traders.
In view of the high volatility of price fluctuation in the perpetual contract market, determining when to enter and when to exit the market more effectively becomes a required course for traders.
Identifying good entry and exit opportunities can allow traders to make more profits or reduce losses.
Bybit’s “Smart Strategy Alert” offers four types of strategies: Price Alert, Trend Following, Local Pivots, and Market Rush.
The exchange also provides a high degree of freedom for custom settings, and traders can create unique strategic alerts according to their strategic directions.
When the market meets its set targets, for example “BTC / USD price crosses up to $ 10,000”, the platform will immediately notify users that they have enabled push notification in the app.
Mutual insurance is a risk management tool for a perpetual contract. Traders holding perpetual contract positions on Bybit can purchase mutual insurance to cover potential loss.
The premium paid for mutual insurance will be credited to the Mutual Insurance Fund . If the insured perpetual contract position experiences a loss, the merchant may receive compensation from the Mutual Insurance Fund.
A trader with a long position in BTC / USD can buy a long protection, to protect himself against possible downside risk. Whereas a trader with a short position in BTC / USD can buy a short protection, to protect against a possible upside risk.
Bybit offers a series of bonuses for its users, which are achieved by following certain tasks, after registering on the platform.
Thus, for example, users can earn five dollars, by following the platform on Twitter, or $ 50 for depositing 0.5 BTC. In total, the exchange offers $ 90 to clients who comply with all the activity.
To register, those interested can do so through the links found within this review.
Do you want more information? Visit to Bybit
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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO, and should not be attributed to CriptomonedaseICO.