What is bybit?
Bybit is a growing Peer to Peer (P2P) exchange. The exchange primarily targets the field of margin / leverage in cryptocurrency trading.
Although only established in March 3, the platform is becoming increasingly popular: attracting more than 2018 users in the first 100.000 years only.
Besides, the floor was registered in the Virgin Islands (British), with its headquarters in Singapore and branches in Hong Kong and Taiwan.
The exchange was founded by Ben Zhou. Previously, he had founded his own "world" Fintech called XM and served as CEO for 7 years. Currently, XM is a leading provider of brokerage services.
Latica Qiu is another character in the core team who worked at XM. Besides, the floor's technology team are characters from leading companies such as Morgan Stanley, Tencent, Nuoya Fortune, ...
The salient features of the Bybit floor
Perpetual Futures Contracts
Different from instant payments in spot trading; or must be paid at a certain date in the future contract. The perpetual futures contract allows the user to hold the position for as long as he wants and without the due date.
This opens up more opportunities, helping users get better prices than futures contracts.
Double price mechanism
Before the problem of market manipulation that often occurs on exchanges, Bybit has used a dual price mechanism to protect traders, ensuring users have a "fair environment" of trading.
Along with that, the floor uses Mark Price (global spot price index) as a liquidation tool, not using Last Traded Price (the last trading price) as most exchanges.
To give you a better understanding of how the floor uses Mark Price instead of Last Traded Price; Blogtienao gives an example:
If the Bitcoin price in the final transaction drops sharply from $ 8.000 to $ 5.000; Mark Price will not be affected and will remain at $ 8.000. This will protect the position of traders from liquidation due to the sudden fall in prices.
Mark to market (Accounting at market prices)
On Bybit, the contract price is accounted for by the spot market price with the final trading price close to the spot price.
Leverage up to x100
In perpetual futures contracts, users can use leverage up to 100 times. Additionally, traders can adjust the leverage and margin of an open position at any time.
This is a very flexible form of risk management and ensures the best possible trading experience.
Leverage levels for each cryptocurrency:
- BTC / USD: 1: 100
- ETH / USD: 1:50
- EOS / USD: 1:50
- XRP / USD: 1:50
Some other features
- Store assets with cold wallets
- Users are allowed to withdraw unlimited funds
- No KYC
- Can handle 100.000 transactions per second
Delivery fee translation, withdrawal fee
At Bybit, Maker fee is -0.025% still Taker fee is 0.075% for each order.
With a negative Maker fee, it means that the "maker" side will get paid for the transaction. For you to imagine more clearly, Blogtienao will take an example below:
Let's say you are the Maker side, when you give $ 1,000 to buy cryptocurrency, you only need to pay $ 997.50. This is one of the competitive points of the floor.
BTC withdrawal fee off the floor is 0.0005 BTC, which is 40% lower than the industry's average BTC withdrawal fee (0.0008 BTC).
Table comparing fees on the floor
Pros and Cons of the Bybit floor
- Good user interface and user experience
- 24/7 support team
- Good liquidity, increased trading volume. In a recent report, daily trading volume on the floor reached nearly 1 billion USD mark
- No need of KYC
- Low transaction fees
- Is an exchange with a young age
- Vietnamese language is not integrated
- Does not support fiat
- The trading pairs are not diverse. Currently, the exchange only supports 4 trading pairs with the dollar: BTC, ETH, EOS and XRP
- No OTC platform yet
Is Bybit floor safe?
At the moment it is still too early to conclude Bybit is a secure exchange.
However, the exchange is following a standard security system such as keeping customers' money in a cold wallet, using a multi-signature system, keeping only a small amount directly on the floor for trading ...
For personal account security, Bybit provides two-factor authentication (2FA) of the Google Authenticator application. In addition, the exchange maintains an insurance fund to resolve errors in contract settlement.
Finally, after more than two years of operation, the floor has never been attacked or leaked customer information.
Is Bybit platform banned in Vietnam?
Currently, Vietnam has not yet banned the ban but has not legalized cryptocurrencies, so you can still safely use the Bybit floor.
Instructions to register an account on the floor Bybit
Step 1: Access: https://blogtienao.com/go/bybit. Open the Bibyt app to register your account. Then fill in all required information. Part Referral Code you enter PJzAw to support Blogtienao dentist.
Step 2: Enter the code sent to the registered phone number to complete
Instructions to enable Google authenticator
Step 1: Log in to the application, select “assets” (1) => setting icon in the right corner of the screen (2)
Step 2: Click on it "Security" => Enable Google authenticator
Step 3: Enter the code sent by the exchange into the phone => select "tiếp tục"
Step 4: Copy the key to the GA application on your phone and select "next"
Step 5: Enter the GA code as required and complete
Instructions to improve security for your account
Step 1: choose "Assets" (1) => setting icon in the right corner of the screen (2)
Step 2: Click on it "Security" (1) => enabled "Lock pattern password" (2)
Step 3: Set up password by drawing => Done
Instructions on how to get
Step 1: You need to log in using a desktop or laptop computer.
Step 2: After logging in, you drag the mouse to the account name on the right (1) and select "Referral Program" (2)
Step 3: When you do, you will see the Referral Code and the Referral Link. You can use this link and code to invite your friends to register and you will receive a commission.
Instructions on how to contact the floor for support
- On the floor website: After logging in you will see the frame immediately "Support"
- On the phone app, after logging in, scroll down to see the box "Live Support"
The support team of the floor is always available 24/7 so you feel secure.
Instructions to load coins into the Bybit floor
Step 1: choose "Assets" (1) => "Deposit" (2)
Step 2: Select the coin you want to deposit (in this example, I will choose Bitcoin)
Some note when coin loading
- When you load EOS, you need to record the Memo
- When loading XRP, you need to add tags
Instructions to withdraw coins from the Bybit floor
Step 1: choose "Assets" (1) => “Withdraw” (2)
Step 2: Select the coin you want to withdraw (in this example, I will choose Bitcoin)
Step 3: Enter the amount of Bitcoin you want to transfer and select "next"
Step 4: Enter the 2FA code and the code that the floor sends to your email.
So, the steps have been completed and all you need to do is wait for the floor to process your transaction request.
Note when withdrawing coins
There are 3 time points processing the floor your withdrawal request: 7:00, 15:00 and 23:00 (Vietnam time).
Some basic knowledge before trading
Bybit platform currently supports 3 types of transactions: Limit, Marker and Conditional. Here, Blogtienao will introduce more about these commands.
This is an order to help you buy coins at the price you want. For example, if you want to buy coins for $ 7.500, then you would set a Limit for 1BTC for $ 7.500.
This is an order to help you buy coins immediately at market prices.
For example, ETH is down 30% and you realize this is a bargain, you will place a Market order to buy ETH immediately.
This is the same order as Limit. However, this type of conditional order has an additional "Trigger Price" entry. This section allows you to instantly grab a buy / sell opportunity with a predetermined price target if there is a sudden movement in the market.
Two important concepts that traders need to know when choosing to trade on Bybit
When you want to trade on Bybit, in the section "trade" (to go to the trading interface), you need to choose one of two types of contracts: USDT Perpetual and Inverse Perpetual.
So these two types of contracts are, how are they different?
USDT contract is a contract that uses USDT only as the valuation currency and payment currency.
Basically, this type of contract allows two-way transactions. That is, traders can hold Long - Short positions simultaneously and with different leverage.
The goal is to replicate the basic spot market but with high leverage. This USDT contract does not expire and can be used as a method of follow-up to the base reference price index.
To use this type of contract, you only need to hold each USDT in your wallet. All profits and losses will be referenced in USDT.
* This type of contract is newly implemented on the computer interface
This type of contract uses BTC / ETH / EOS / XRP as the base currency. Traders need to confirm the number of transactions in USD, then use a cryptocurrency (such as BTC, ETH) to calculate the profit, profit and loss ratio.
For example, if you want to trade with the BTC / USD pair, you must use BTC as the base currency. If you want to trade on ETH / USD, you need to hold ETH.
As an additional note, you only have BTC in your wallet, you cannot trade on the ETH / USD pair. However, on Bybit there is an asset swap function, so you can swap BTC into ETH for trading on ETH / USD pairs.
Instructions on how to trade on the floor Bybit
Step 1: Log into the application and select the trading icon (1)
Step 2: Select the type of transaction you want (2)
For Market transactions
- (1): The amount of USD you want to spend to buy BTC
- (2): Choose a leverage
For Limit transactions
- (1): The price you want to enter the order
- (2): The amount of USD you want to spend to buy BTC
- (3): Choose a leverage
- (4): This is the option to ensure your order is definitely placed on the Order Book.
- (5): This is an option to ensure the new orders you place will only decrease and never increase your currently open positions.
- (1): Select the trigger price "trigger" to place the order. For example, if I put "Order Price" at $ 8,250 then "Trigger Price" will be at $ 8,230
- (2): Enter the level you want to enter. Here you have two options, set to Limit or Market
- (3): The amount of USD you want to spend to buy BTC
- (4): Choose a leverage
- (5): This is the option to ensure your order is definitely placed on the Order Book.
- (6): This is an option for the exchange to execute the Stop-loss order when not qualified for margin. After that, the exchange will cancel other BTC / USD orders to "put" the fund into the current order and execute.
Instructions on how to use the asset swap function on Bybit
Step 1: choose "Assets" => "Exchange"
Step 2: Select the type of coin you want to swap (1), then enter the number of coins (2)
- As for swap rates, Bybit will take the best price at swap time
- The floor has a fixed fee for this service (about 5 USD), unlike some other floors, they will charge% of the amount you swap.
Hope this article of Blogtienao gives you a new choice in choosing reputable exchange to trade. It can be said that this is a fairly "modern" floor because Bybit has many new features, extremely competitive fees and up to now, the floor has not had any "seals" yet.
If you have any questions or have difficulty trading on Bybit, please inbox ask on Blogtienao fanpage, we will answer more.