One of the most well-known crypto exchanges in the market is Bybit. This cryptocurrency exchange is known all around the world, thanks to its incredible features and services offered to the users. This exchange was launched in 2018 and was created to be a well-known peer-to-peer (P2P) Bitcoin platform. This is an impressive trading platform that is suitable for experienced and inexperienced parties alike. Its features such as its fee structure and more make it an outstanding platform among its competition in the crypto market. Therefore, if you are new to the world of crypto then you should know five major things that make the Bybit exchange a fantastic platform. Check the Bitcoinsensus reviewed Bybit tutorial: https://www.bitcoinsensus.com/bybit-tutorial/
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Trading Fee Charged by Bybit
The fee structure of the exchange is one of the most impressive factors. Whether you are new to crypto trading or investing, taking a look at the fee structure of a platform and analyzing it to see if it matches your requirements is important. The Bybit fees is one of the reasons why this exchange is at the top of crypto traders’ lists. If you intend on using it too then you should know about its fee structure as well. This crypto exchange also follows the market maker and taker model, the details of which are mentioned here:
-0.025% maker fee
0.075% taker fee
0.0005 BTC withdrawal fee
0.02%/-0.02% Bybit funding rate
Impressive Customer Support
Customer services offered by Bybit is yet another outstanding feature you should know about if you are looking to use the crypto exchange. Customer support extended by a platform has a high significance, especially for people who are new to the world of crypto. While buying, selling, holding or trading digital currencies, novice parties can come across numerous obstacles or challenges. Even if the challenges are not tough they may have questions and concerns regarding the process and more. In such a case, if there is an active team of customer support agents available to assist the users and address their concerns then the level of difficulty for beginners can decrease significantly. The Bybit exchange is one of the platforms that is known for offering excellent customer support to the users that is available 24/7.
Apart from Bybit fees and customer support, another outstanding aspect of the exchange is its user interface. The kind of experience people have of using a platform is what encourages them to either use it again or look for something better. This means that the user experience of an exchange should be simple and easy for every kind of investor and trader to understand. Fortunately, Bybit is known for offering an outstanding user experience to the crypto investors and traders. Its interface is straightforward and quite easy to navigate. Which makes it prominent among other cryptocurrency exchanges it’s in competition with.
Good Mobile Support
A crypto exchange that offers impressive trading services and options should also have a mobile-friendly trading application. The significance of a mobile application is that it helps the traders in keeping a track of the market trends. Their open positions, open new positions and trade while on the go. This is one of the features of the Bybit exchange and what many crypto traders look for. It has good functionality, similar to the desktop version and is available for both Android and iOS users. If you are interested in trading digital assets and have a demanding schedule. Then you can opt for Bybit and use its mobile application to trade wherever you go.
Order Types Supported by Bybit
Bybit is one of the crypto exchanges that enables the crypto traders to trade with leverage. One of the factors that make it a suitable platform for many crypto traders. That it supports various order types including the advanced order types. The basic order types supported by the platform are three in total. They are mentioned here in detail:
Market Order – placed at the current market price.
Limit Order – placed at a level chosen by the crypto traders and is “filled” by a buyer or seller that matches the specified level.
Conditional Order – either executed as a limit or market order depending on the price level that is reached.
The Bybit exchange also supports some advanced order types that are mentioned here in detail:
Good-Till-Cancelled (GTC) – remains open until it is actively closed.
Immediate-or-Cancel (IOC) – designed to be filled instantly and at the best possible price.
Fill-or-Kill (FOK) – designed to be filled entirely, however, it should be at the best price or it is not filled at all.
Bybit is a popular crypto exchange that is known for its services and features. However, as a first-timer you should know if its services match your criteria and trading requirements. Before you choose this crypto exchange you should know the reasons mentioned above why it can be suitable for you.