This Bybit review enlightens why this exchange is one of the best platforms in the crypto industry. Bybit has made its mark on the market, thanks to its innovative and technological features.
This outstanding was established in 2018 and is based in Dubai. It is one of the biggest exchanges and caters the needs of more than 10 million users from all around the world.
This platform outperforms several others in the industry due to several aspects and features it offers. New traders who are interested should know the features and other details before they start using it.
Here is everything you need to know about the Bybit exchange.
Bybit Review – Powerful Exchange
Since its establishment in 2018, Bybit has seen significant growth in all aspects, especially the user interface and security.
It is a powerful and capable exchange that can facilitate all types of users, including retail and institutional traders alike. It can also handle one of the fastest transaction times with 135,000 TPS (transactions per second).
Why Bybit is a Good Platform?
As mentioned above, there are several factors and aspects that make Bybit stand out among others. Apart from the fastest transaction times, other prominent factors mentioned in this Bybit exchange review are mentioned below.
- Has a daily trading volume of $3.4 billion
- Supports 547 payment methods
- Supports approximately 55 fiat currencies
- Supports credit cards
- Supports futures trading
- Supports spot trading with 60 listed tokens and more than 371 trading pairs
This Bybit review 2023 also focuses on the user interface of the platform, which is highly user-friendly. As compared to several other exchanges that Bybit is in competition with, it is comparatively much easier to use.
Whether the user is new to crypto or experienced, they are likely to have a smooth experience of using Bybit.
Another major aspect why Bybit is an impressive exchange is its customer support. The incredible support offered by the exchange is made possible by the availability of the customer support agents around the clock.
The agents are experienced and respond to the users in a timely manner. The customer support services offered by Bybit are also praised by several prominent influencers across different social media platforms.
Web 3/ NFT Page
The Bybit exchange has excelled in several areas, which also includes the NFT market. This market was added by the platform in 2022 and has grabbed the attention of an even bigger audience.
At the moment, the Bybit NFT market has over 1 million registered users. Based on the number of monthly active users it is also ranked among the top 5 NFT marketplaces.
Another new feature added by the platform is the addition of the Bybit Web3 wallet. It can be used by the users who access the NFT marketplace to store their NFT collections.
The Bybit Web3 wallet can be easily created and accessed on the Bybit exchange.
Order Types Supported
The availability of different order types further enhances the value and appeal of an exchange. Therefore, if you are a trader and order types is an essential factor for you then you should know that Bybit not only supports the basic order types, but also extends that support to advanced order types as well.
Here are the basic order types supported:
- Conditional order
- Limit order
- Market order
Here are the advanced order types supported:
- Immediate-or-cancel (IOC)
- Good-till-cancelled (GTC)
- Fill-or-kill (FOK)
There is also a Bybit leverage calculator to further assist and facilitate the users of Bybit.
Data Analysis Tools
Through this brief Bybit review you can also learn about the different data analysis tools offered by the exchange. These are highly beneficial for the traders and can be downloaded.
More details of the data analysis tools are mentioned below.
- Rolling Volatility – it helps the traders in discerning how much the price of an asset has changed over a specific time.
- Price Moving Averages – shows the price of the crypto king BTC and other moving average indicators for several timeframes
- Daily Realized Volatility – shows the actual volatility over a time
- Monthly Price Range – enables the traders to observe the range in the asset that is traded
Fee Structure of the Exchange
The fee structure is one of the biggest selling points mentioned in this Bybit review. The fee charged by the exchange is not only one of the lowest in the market but is also transparent and free of any hidden and additional charges.
The trading fee charged by the exchange is also based on the market makers and takers.
The details of the fee charged by Bybit are mentioned below.
- Low withdrawal fee of 0.0005 BTC
- Market maker fee of -0.025%
- Market taker fee of 0.075%
- Funding rate: 0.02% / -0.02%
Going through a brief yet informative Bybit review can help you make an informed decision regarding whether this is a suitable exchange for you or not. Therefore, before you make a decision, it is important to know the features of Bybit mentioned above.