Bybit, one of the fastest-growing cryptocurrency exchanges around, has been in the news a lot lately. For all the right reasons, too. For example, on Aug. 18, the company opened the registrations for the 2021 rendition of the annual World Series of Trading (WSOT). The competition this year comes with a 4.9x bigger prize pool.
And then, earlier last week, it struck a sponsorship deal with leading esports team NAVI (Natus Vincere).
The point is, be it the frequent additions of new trading pairs, newly forged partnerships with key industry players, or the various schemes designed to attract new users, Bybit is clearly on a mission to push the crypto frontier — aiming to firmly anchor its spot among the big boys of the crypto space. And to make that happen, the exchange is increasingly focusing on projecting itself among the most user-friendly trading venues you can find.
In a recent interaction with BeInCrypto, the exchange underlined seven key factors that it believes make Bybit one of the most trusted and convenient exchanges for new and experienced users alike. You might want to consider these points if you’re planning on switching to a new exchange anytime soon:
Smart trading system
Bybit touts its homegrown smart trading system as the best-in-class in the industry. It enables traders to quickly take profit, adjust their orders, and receive custom strategy alerts. The ability to configure take profit/stop loss at entry is another big advantage irrespective of your experience level.
The market depth is also comparatively higher than most of its peers, which means each trade is executed in the metaphorical blink of an eye with minimal price impact. The smart trading system is also backed by a 100K TPS matching engine, which ensures that you do not have to sweat over system overloads.
Based on our early assessments, Bybit also has a pretty neat track record when it comes to service availability. The company promises 99.99% uptime, which it says is ensured by their grey release feature and hot patches released on the fly.
The pricing system also appears fairly balanced. Especially, with the platform’s dual-price mechanism in place, you don’t have to worry about unfair liquidations.
If you’re into High-Frequency Trading (HFT), you are likely to enjoy Bybit’s API which pushes lightning-fast market data and updates every 20ms.
Quality customer support
Bybit has a pretty active and generally consistent 24/7 customer support team that you can reach out to any time, all seven days a week. And the best part is that the team is multilingual and offers support in 11 languages including English, Russian, Japanese, Korean, Simplified Chinese, Traditional Chinese, French, German, Bahasa Indonesia, Thai Vietnamese.
The Help section on the Bybit website has detailed guides to answer some of the most frequently asked questions. If these guides do not answer your questions or grievances, you may opt to chat with a customer support executive for instant solutions.
Speaking of quality support, the Bybit website also hosts a dedicated Learn section where users can go to learn about cryptocurrencies, trading, and the platform itself.
Spot trading with zero maker fees!
In July 2021, Bybit introduced spot trading for the first time on its platform. The spot market enables you to place limit, market, and conditional orders on all supported cryptocurrencies and tokens.
To incentivize users to switch to its spot market, Bybit has completely waived off maker fees while keeping a competitive rate for taker fees.
Bybit: A popular destination for crypto derivatives trading
Since its launch in 2018, Bybit has quickly climbed the ranks to secure a spot in the Big-4 of crypto derivatives exchanges. The exchange backs its inverse perpetual, linear perpetual, and futures contracts with one of the best-in-class liquidity in the market.
Bybit’s derivatives products include:
- Inverse futures on BTCUSD0924, BTCUSD1231, ETHUSD0924, and ETHUSD1231.
- USDT perpetual contracts on pairs including BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, BCH, LTC, and SOL.
With $7 billion in daily trading volume, Bybit is today among the most popular destinations for crypto futures contracts.
Bybit added cloud mining to its portfolio of services in May 2021 with the launch of an Ethereum cloud miner. Since launch, the relatively low entry price of $100 and flexible 7-, 21-, and 42-day plans have subsequently grabbed the attention of many existing and would-be cloud miners.
It is easy to get started with Bybit’s cloud mining product. You just have to sign up on Bybit using your email address and go to the cloud mining section. Here, you will find several mining configurations to choose from.
Just pick the one that suits your requirement, make the payment, and that’s pretty much it. Your personal cloud miner activates almost instantaneously and starts mining.
For further details, refer to BeInCrypto’s detailed review of the Bybit Ethereum cloud miner.
Bybit also launched a DeFi mining service last month. As of press time, it only supports the Curve Finance protocol, but the exchange has promised to add more to this platform in the coming months, including Dual Asset mining.
Just in case you were out of the loop, Curve Protocol happens to be one of the most popular automated market maker (AMM) platforms designed for low-fee and low-slippage stablecoin trading.
You can get started with Bybit DeFi mining by staking funds on the exchange, which it will then repurpose for liquidity mining via Curve Finance. In exchange, you will receive Curve’s governance token (CRV) and earn a share of the transaction fees. Bybit will also help you sell the newly mined tokens in the open market. All your yields from liquidity mining will be automatically deposited into our Bybit account.
Bybit is offering a $600 welcome pack for all new users. You can redeem this bonus in the Rewards Hub by participating in simple tasks such as following one of Bybit’s social media accounts, making a certain amount of deposit, or executing a new trade worth $100 or more.
Additionally, the exchange has an exciting referral program that rewards you every time a new user meeting certain criteria joins the platform with your unique reference code.
Each time you make a successful referral, both you and your friend stand a chance to earn an unlimited number of reward cards. That includes you receiving a $500 bonus when your buddy makes their first trade on the platform.
Note that this is a limited period offer and you can find more details about the referral program here.
So, as you can see, Bybit is indeed bringing a lot to the table lately for new, as well as existing users. As we suggested in our earlier review of the exchange, Bybit is an increasingly popular mid-tier cryptocurrency exchange with a sizable user base and a clean track record so far.
So, if you are planning to switch to a new exchange anytime soon, Bybit is definitely an option worth mulling over.
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