ByBit Guide and Review 2022 - Intro
What is ByBit? Let us guide you through some history and company information in this intro section for our review 2022.
ByBit was launched in March 2018 and this makes it you player, even on the cryptocurrency market.
Bybit is P2P cryptocurrency futures exchange that is based in Singapore. The trading site operates under Bybit Fintech Limited and this is a company that is registered in the British Virgin Islands.
ByBit Guide and Review KYC
Bybit doesn’t require you to complete KYC to be able to trade on their platform.
However, if you want to withdraw more than 2 BTC a day, you’ll need to complete your KYC verification.
You may also receive a KYC verification request from Bybit.
Bybit Derivative Trading Guide 2022
In this section we will provide a step by step guide on how you start trading with ByBit.
- Sign up with ByBit
- Once you are in, go for the “Derivatives” button in the header menu. Here, you find
- USDT Perpetuals
- Inverse perpetuals
- Inverse futures
- USDC perpetual
3. Now when you are in, make sure you have selected the cryptocurrency pair you want to trade. Some additional information you should be aware of regarding the perpetual futures are:
- The contracts has no expiry date since they are all perpetual contracts.
- Funding occurs every 8 hours
4. Now we have to go to the right column and select all trading criteria
a. First choice is Limit order, Market order or Conditional order
- Limit order – Set a limit price on your order (You pay maker fee)
- Market order – You will buy to the best price on the market (You pay taker fee)
- Conditional order – You set predetermined conditions
- Isolated margin – Margin only on this position
- Cross margin – Margin on all positions you have
5. Leverage – In the example below you can see the leverage slide. In this example it was set to 1.00x but you can change the bar up
6. Quantity – For how much USD do you want to buy?
7. TP/SL – If you want to set predetermined criteria for Take profit or Stop limit.
8. Buy / Long or Sell / Short – Buy long means that you will be profitable if the price increase. Sell Short means that you will be profitable id the price decrease. Make sure you understand what cryptocurrency pair you are trading. In the example below you are speculating on the cryptocurrency pair ETHUSD.
Can I Short Bitcoin on ByBit?
Yes, you can short Bitcoin and many other cryptocurrencies on Bybit. Bybit is offering perpetual contracts and futures contracts. In addition, ByBit has cross margin up to 100x and isolated margin for long and short contracts. Read more about how to short Bitcoin on Bybit.
Bybit Deposit Methods and Fees
There are both fiat and crypto deposit options on Bybit. For fiat deposits, Bybit are using 3th parties (Simplex, Moonpay, Banxa) for processing these transactions. These are offering different deposit alternatives but Credit card, SEPA and Apple Pay are some of the accepted payment methods.
For cryptocurrency deposits (we use Bitcoin as an example)
- Go to “Assets” in the top menu and click on “Spot Account“
- Click on “Deposit“
- Select BTC
- Copy the BTC address (Don’t transfer any other cryptocurrency than BTC)
For Bybit fiat deposits
- Go to “Buy Crypto” in the left top menu
- Click on “Express“
- Choose purchase amount
- Choose payment channel (Simplex, Moonpay, Banxa)
ByBit Trading Fees 2022
Like almost all other crypto trading platforms, ByBit are charging maker and taker fees for crypto derivative and spot market crypto trading. The Bybit trading fees were updated 2022-03-02 according to the following fee table.
Bybit Security Review
Bybit can be considered a safe trading site.
Below we go through the exchange, communication, insurance fund, and two-factor authentication.
Bybit Exchange Security
Bybit stores the funds of their traders in cold wallets protected by multi-signatures. Withdrawals are processed 3 times a day to ensure maximum crypto and asset security. of our Bybit traders are stored in our multi-signature cold wallet and all withdrawals are manually processed 3 times a day to ensure maximum asset security.
Bybit Encrypted Communication
Bybit uses SSL protection on their website which means that your password and addresses are protected.
ByBit Mutual Insurance Fund
ByBit mutual insurance is a risk management tool for a perpetual contract.
If you are holding a contract on ByBit you can purchase mutual insurance to hedge your potential loss.
The premium you pay for the mutual insurance will be credited to Mutual Insurance Fund. If your insured perpetual contract position experiences a loss, you can receive compensation from the mutual insurance fund.
What is ByBit Learn?
With Bybit learn you can explore the fundamentals of crypto trading from beginners to advanced guides. This is not as good as Binance academy but there are many blog posts about great topics here.
The covered topics are
ByBit Guide and Review 2022 Pros and Cons
In this article we presented a guide and review for ByBit 2022. Here, is a short summary in pros and and cons with Bybit
- High welcome bonus
- Inverse perpetuals
- Low fees
- High trading volumes
- Up to 100x leverage
- Bybit Learn
- Bybit is unregulated
- Not as many listed pairs and trading instruments as Binance
Track ByBit Trading with Coin Market Manager
There are numerous software compatible with ByBit trading platform.
We have chose to mention Coin Market Manager in this article since they have some unique features including automated journaling and risk exposure analysis.
Coin Market Manager is offering a three different plans including one FREE.
Below you can see the different subscription plans for Coin Market Manager.
Read more about Coin Market Manager and other crypto trading tools to take your crypto trading to the next level.