I'm super stoked about the crypto market making a comeback. Slowly we're seeing some good days, and I've got a good feeling about its future. With the market recovering, I know a bunch of newbies will be itching to jump in, and I thought I'd share my two cents on one of the crypto exchanges I've been using since 2019.
First off, Bybit exchange is only a good fit if you're not in the U.S. and you're into margin trading or want to learn more about derivatives. The cool thing is they don't hassle you with any KYC requirements - just your phone number or email is enough to get you started. You can deposit crypto or use third-party apps to get some Bitcoin with money.
Now, the best part is that Bybit offers up to 100x leverage on Bitcoin and 50x leverage on other currencies. Leveraging puts the selected multiplier on both gains and losses, big risk - big reward. Don’t go straight 100x on your first trade though, learn first then try your hand. Seasoned traders would find this very beneficial.
On the Bybit app, my two favorite features are the profit-loss feature, which gives me access to spot and derivative trading with exit positions. And second, the charting tools that help me create candlestick chart patterns. Super useful.
What sets them apart is that they claim to handle 100,000 transactions per second, making them super-fast compared to the competition. And if you're a bit anxious about using leverage, you can practice your strategies and get the hang of their platform without risking real money. It's a smart move before you go all-in and one which benefits novices getting the feel of things.
Let's talk a little about Bybit’s trading fees. They have one of the lowest fees for entry-level accounts. For spot trading, bybit fees for non-VIP users are 0.10% for taker and maker fees, but the highest VIP level users only pay 0.02% and 0% for taker/maker fees. Also, the Bybit insurance fund is designed to cover a loss in the event that a position is closed at "worse than bankrupt price." So, they’ve got you covered in case of unforeseen market shenanigans. No going kaput hopefully
But a fair review also delves into the cons, and not everything is well on the Bybit platform. Unfortunately, they don't serve customers from the U.S. or certain other countries due to strict regulations. So, if you're from the States, you'll have to look elsewhere.
And let's talk about the elephant in the room – leveraging. It is exactly like riding a wild bull. Crypto derivatives are super risky in margin trading. When you use leverage, you're basically betting borrowed money, and if things go south, you could lose it all fast. So, keep your wits about you and understand the risks before diving in.
Alright, that was my Bybit review. I’m gonna be doing a couple of these for other cryptocurrency exchanges too.
Happy tradingš°
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