Introducing Bybit Exchange: Services & Advantages/Disadvantages

Bybit is one of the world’s leading cryptocurrency exchanges, known for its diverse offerings and high liquidity. Founded in 2018 and headquartered in Singapore, it’s registered in the British Virgin Islands (BVI). In addition to its headquarters, it maintains representative offices in various countries, including Taiwan and Hong Kong. Its customer base is concentrated in North America, Europe, and Southeast Asia, including Vietnam.

What is Bybit?

Bybit’s team comprises experienced professionals from the Forex market. Its developers include experts from organizations like Morgan Stanley, Tencent, Ping’an Bank, and Nuoya Fortune.

Services Offered by Bybit

1. Spot Trading

Launched in August 2018, Bybit provides high-quality cryptocurrency spot trading services. Its aim is to connect users with cryptocurrencies that suit their needs.

Bybit Spot (http://www.bybit.com/trade/spot/BTC/USDT)

2. Derivatives Trading

Unlike many exchanges that started with derivatives, Bybit is renowned for its robust derivatives trading platform, which has consistently handled high volumes of orders without experiencing overload issues. Services include “Inverse Perpetual BTCUSDT Contracts,” etc.

USDT Perpetual contracts refer to futures contracts using Tether as collateral, while Inverse Perpetual contracts use the cryptocurrency itself as collateral.

Bybit Derivatives Market (http://www.bybit.com/trade/usdt/BTCUSDT)

3. Futures Contracts Trading

Bybit currently offers futures contracts for 162 cryptocurrencies. These 162 cryptocurrencies can be used for both shorting (Short) and leveraged long positions (Long). Major cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Chainlink (LINK), Litecoin (LTC), Tezos (XTZ), Cardano (ADA), Polkadot (DOT), Uniswap (UNI), Aave (AAVE), Sushiswap (SUSHI), NEM (XEM), Ripple (XRP), EOS, and Dogecoin (DOGE).

4. NFT Marketplace for Users

Bybit’s NFT marketplace allows users to list and trade non-fungible tokens (NFTs). Its current commission-free structure encompasses NFTs used in digital art, collectibles, gaming-related items, and metadata. Bybit offers a more user-friendly interface compared to OpenSea. Vietnamese users can participate in NFT auctions and even sell their own NFTs.

5. Decentralized Finance (DeFi) Mining and Cloud Mining

In May 2021, Bybit launched its Ethereum cloud mining service. Investors can participate in cryptocurrency mining and earn profits using cloud mining without needing to own physical mining equipment.

Among cloud-based cryptocurrency mining companies, Bybit is considered one of the most secure. Additionally, DeFi mining, a highly speculative but popular investment product, offers Governance Tokens (CRV) for mining via Curve Finance.

6. Copy Trading Feature

This feature allows users to automatically mirror the trades of professional investors registered on the Bybit platform. The platform’s support team manually selects registered professional users, and trades are executed automatically in real-time. Professional traders can view their trading history for the past seven days and see their profitability and win rate. Users can directly assess professional traders and decide on their risk tolerance, strengths, and weaknesses. Registered professional traders receive ten percent of the net profit from copied trades. A maximum of five hundred users can copy one professional trader.

Advantages and Disadvantages of Bybit

Users will find both advantages and disadvantages with any exchange. Thorough research is essential for choosing the best platform.

Advantages:

• User-friendly interface.
• Mobile app available on all major platforms.
• Fast transaction speeds.
• Resources for beginners to learn about trading and cryptocurrency.
• Integration with multiple markets.

Disadvantages:

• Limited product variety compared to some competitors.
• Customer support response times can be slow, especially during peak hours.

Frequently Asked Questions about Bybit

1. Can Bybit be used in Vietnam?

Yes, Bybit is accessible in Vietnam. Although not officially registered as an exchange under Vietnamese law, Vietnamese users can freely access all platform features, participate in Bybit events, and trade cryptocurrencies. The P2P marketplace allows Vietnamese users to buy and sell cryptocurrencies using VND (Vietnamese Dong). Vietnamese users can safely deposit and withdraw cryptocurrencies from Bybit.

2. What is Bybit VIP?

This is a loyalty program offered by Bybit’s derivatives exchange, rewarding frequent users with significant asset holdings. Users qualify for different tiers based on trading volume and account balance over a 30-day period.

Conclusion

This overview of Bybit is based on research conducted on the Bybit website to provide users with the best possible experience. All information has been carefully vetted to assist investors in making informed decisions to trade safely and profitably. We wish you success!