We can explain ByBit as a late addition in growing exchanges that provide cryptocurrency trading services.
ByBit was established in 2018, in Singapore. Since that time, they have expanded their offices in Hongkong and Taiwan too due to an increasing number of users 100,000+ from North America, Russia, Europe, South Korea, and Japan.
The exchange interface is also available in English, Korean, and Traditional Chinese that help to increase the number of multinational users.
How ByBit Works?
To access ByBit you can only use cryptocurrency. Moreover, you can’t perform trade with USD or Euros and you can’t convert them into Bitcon.
For example, if you don’t have cryptocurrency you have to buy Bitcon or other cryptocurrencies from an exchange, and deposit it on ByBit. You can also deposit BTC, XRP, and ETH while starting your trade.ByBit facilitates spot trading and not CFD trading. In spot trading you can exchange one currency for other you can purchase a currency.
You can also set leverage which indicates whether you will trade for the long term or short term. ByBit trade deals with two persons a maker and a taker. A maker is supposed to place an order forthe future. While the taker also places orders similar to the maker.
Maker creates order and the taker executes the deal.
WhyByBit is better than Competitors
One of the most famous exchanges BitMEX has been targeted, indeed founders were also charged for money laundering in New York. After that moment traders are looking for a secure and advanced exchange, ByBit has all the features which should be necessary for an ideal trade.
Many exchanges havecome into existence as an alternative they also offer more leverage and also a good interface, But ByBit has taken the position and a big share in the market.
ByBit never complained of a system overload, since they grasp 100,000 transactions per second.
Pros and Cons of ByBit
Talking about online crypto trading exchanges, many companies fight for their establishment. But ByBit is among the long-lasting trading platforms.
Yet, ByBit has a sure advantage that differentiates it from its competitors. ByBit has a remarkable user base that is increasing day by day and if this continues ByBit might become the best online crypto trading in the future. following are some pros and cons of ByBit
- Offers a high advantage
- Support during trade completion
- Progressive orders
- Support secrecy
- Includes insurance fund
- Referral and affiliate programs
- ByBit do not require a KYC
- Contains the short number of supported coins
- US traders are not allowed to trade in ByBit
it is considered a reliable trading platform by numerous traders.So,you should not be demotivated if you don’t have a verification system. Indeed, many traders choose KYC-free trading.
Moreover, ByBit offers an ideal support system for its traders all the time. Though, this trading platform has been made for only experienced traders. With the help of a demo environment, you can have a look at its dashboard.