The ability to set a take profit/loss orders using Bybit is an excellent feature that is not available on all leverage trading platforms. Traders can maintain proper risk management when planning a trade and adjusting the risk once the position is live by dragging the limits orders on the chart.

ByBit maintains a contingency called the “Insurance Fund” which decreases the possibility of auto-deleveraging in the event of a liquidation. Essentially, the fund serves to protect traders in the event the exchange can not liquidate a position at bankruptcy price or better.

The infamous 'System Overload' error on BitMEX and system downtimes are a frustration that results in traders losing money across many trading exchanges. ByBit maintains a no-server time focus and is available 99.99% of the time. The advanced trading engine can process 100,000 Transactions Per Second (TSP) allowing orders to be executed in rapid times and avoid system downtime.

Bybit is a derivatives platform that is not supported in the United States due to strict regulations set by the Government. Individuals within the USA will not be able to create an account to trade leveraged markets which is a limiting factor. For a list of exchanges that support crypto trading in the US, read our article on the best US crypto trading platforms.

Bybit supports 136 digital currencies that can be purchased on its spot exchange. Compared to well-known exchanges such as Binance and FTX which offer 401 and 397 coins, the selection of assets to buy and sell on Bybit is quite limited.

Bybit is a legitimate crypto trading exchange operated by Bybit Fintech Limited. The company is based in Singapore and registered in the British Virgin Islands. The crypto exchange is currently not regulated in any country and therefore users do not require KYC to trade on Bybit.

Bybit appears to be a secure leveraged trading platform that features bank-like security measures and operational procedures to ensure clients funds are kept safe. The exchange has also never been hacked or been compromised before based on our research. Offline cold wallet storage, multi-signature withdrawal process and two factor authentication are examples of the safety measures in place.

Bybit does not accept fiat currency deposit methods using a bank transfer or credit card. It is a cryptocurrency exchange only that accepts Bitcoin (BTC) deposits. New users will need to make a Bitcoin purchase using a reputable crypto exchange that accepts fiat currency (e.g. USD) in exchange for Bitcoin.

Bybit is a popular choice for cryptocurrency traders due to the variety of markets on offer. These include spot and derivatives products with a good selection of trading pairs.

To compete with the top spot trading platforms, Bybit has released a spot exchange that allows users on the platform to buy and sell cryptocurrency using Bitcoin or USDT as the base currency. There are over 40 digital assets that can be traded against USDT. Ethereum and XRP are the only assets can be purchased using Bitcoin which is quite limited at the time of writing.

Related: What Is Tether (USDT) Used For?

Inverse perpetual provides the ability to leverage trade using the crypto as the base currency. Bybit currently supports BTC, ETH, XRP, EOS and DOT trading pairs. The advantages of using inverse perpetuals is it allows the trader to profit in the base cryptocurrency. For example, a person that wants to trade a BTCUSD contract must deposit Bitcoin as the base currency. Similarly, this applies to ETHUSD contracts where the trader must hold ETH in their derivatives wallet.

Inverse perpetuals are beneficial to trade during a bull market where the underlining asset also appreciate in market price. Any potential trading profits are compounded in its value against its fiat value.

• A market maker is someone who places a limit order or conditional trigger that goes to the order book and adds up to the market depth, regardless of whether the trader chooses to go long or short. These traders help to make the market and thus are named market makers.
• A market taker is someone who places market orders that are immediately fulfilled before they go to the order book and decrease the market depth by taking orders from the order book.