The Bybit platform is one of the top and most popular trading platforms in the world. It has great significance, thanks to the outstanding features it offers to the users.
There are numerous trading platforms that are operational and popular in the crypto trading community but the reasons for why Bybit stands out among most of them are mentioned below.
If you are a new investor or trader, it is important to take a look at the details of every available exchange before you choose one. To take a look at the features offered by an exchange can help you to discern how much it suits your needs and trading requirements. Therefore, a well-mapped research is a good practice and should be followed by every trader, especially the beginners.
If you are interested in Bybit then you should take a look at the details mentioned below. Which include Bybit platform fees, security and more.
Introduction to Bybit Platform
Offering support to several advanced trading features, Bybit is a peer-to-peer (P2P) trading platform that was established in 2018. It is based in Singapore and has an undeniable recognition and reputable all around the world.
It was launched by Ben Zhou and offers some of the best features to crypto traders. The platform aims to make crypto trading easier and convenient for all users, which is why, it is user-friendly and offers some of the best features.
Bybit is also known to be a powerful trading platform that is capable of handling more transactions per second (TPS) as compared to its competition.
While Deribit can handle 10,000 TPS and BitMEX can only handle 5,000 TPS. Bybit can handle 100,000 TPS without any delays or interruptions.
Learning about the Bybit platform includes exploring the support it extends towards a mobile application. Having a mobile application supported by the exchange you choose as a trader can bring forth many conveniences. One of them being that you can open and close trading positions even while on the go.
Bybit’s mobile application is well-developed and has the same functionality as the desktop version. Users of both Android and iOS software can use the application and trade whenever and wherever.
The application also has advanced charting tools and order management. It is one of the best features for crypto traders.
Order Types Supported
As a crypto trader, you should look for a trading platform that suits your trading requirements and offers services and tools that benefit you. One of the aspects to look for is the order types supported by an exchange.
If you want to use the Bybit platform then you should know that this exchange supports different order types that include basic order types such as:
- Limit order
- Conditional order
- Market order
It also supports advanced order types that are:
- Fill-or-kill (FOK)
- Good-till-Cancelled (GTC)
- Immediate-or-cancel (IOC)
Fee Structure of the Exchange
Exploring the Bybit platform fees is one of the aspects that should not be overlooked as this is crucial information. As a trader, you should never opt for a trading platform without taking a look at its fee structure first or if its charges a high and untransparent fee.
You should instead always opt for a platform with a low and transparent fee structure such as Bybit. Here are the details of the fee charged by the Bybit platform.
- Funding rate: 0.02% / -0.02%
- Trading fee for market makers: -0.025%
- Trading fee for market takers: 0.075%
- Withdrawal fee: 0.0005 BTC
The level of security offered by an exchange is also a crucial aspect to look at before you make your decision. The Bybit platform is popular for several reasons, one of which is the fact that it is a secure platform. It uses advanced safety technologies to ensure the funds and information of the users are kept safe from any kind of cyber threat and failure.
Copy Trading Feature
One of the top reasons why this trading platform is suitable for all kinds of traders, experienced and inexperienced alike, is because of the copy trading feature.
This feature is for every kind of trader but is mostly used by new traders. Copy trading allows the new traders to choose an experienced trader from a carefully formed list and start copying their trades automatically. This enables new traders and those with a demanding schedule to trade crypto without having any prior experience, information or constantly monitoring the charts.
One of the biggest plus points of the Bybit platform is its customer support. This platform understands the challenges a new trader can face in the market, which is why, it offers impeccable customer support services available around-the-clock.
The customer support agents are easily accessible, multilingual and can be quickly reached through the live chat feature.
As a new crypto trader in the market you should know about all your possible options, which may include the Bybit platform. This is a powerful and impressive trading platform that offers high-end features as mentioned above.