Key Features of Bybit Derivatives Exchange That Gives Them an Edge

Crypto derivatives exchange Bybit has made its presence felt to the Indian community over the past few months. We wrote a first impression review of it and then an article comparing popular derivatives exchange where ByBit took the lead.

In this article we want to focus on few key features of the exchange that give Bybit an edge in the market. Not all of these features are exclusive, but they certainly are important.

Mutual Insurance

Perhaps the most important addition to the Bybit family of tools is mutual insurance.

Mutual insurance is a risk management tool for a perpetual contract. Traders holding perpetual contract positions on the exchange can purchase mutual insurance to hedge a potential loss. By buying insurance on a position, a trader secures their position and can receive compensation from the Mutual insurance fund in the event of a loss.

By paying a small amount of premium, a trader can ensure that their potential losses are recovered. A stop loss can limit losses, but if the market takes a turn after closing the position at stop loss, a trader loses the opportunity to profit from it. Mutual insurance can ensure the change of tide in the market doesn’t cost the trader.

Any premium paid for mutual insurance will be credited to Bybit’s Mutual Insurance Fund. If the insured perpetual contract position experiences a loss, the trader can receive compensation from Mutual Insurance Fund.

Smart Strategy Alerts

Exchanges offer alert services, wherein a user can set an alert, commonly a price alert, and receive a notification when the asset price reaches the level set. Bybit has taken the traditional alert system up a notch. Users can place strategy alerts on Bybit.

Bybit’s alert system dubbed Smart Strategy, support four different strategic functions: Price alert, Trend following, Local Pivots and Market Heat.

• Price Alerts: Enter your target price and the corresponding direction action to track your expected market price.
• Trends Following: Choose Crossing Down or Crossing Up, use MA50 and MA200 price lines to track the trend of the market.
• Big Movements: Choose to touch local High or Low to track the short-term rapid rise and fall. When the price reaches the highest point (lowest point) of 20 bars, you will be notified when the price retraces (bounces) 100 USD.
• Market Heat: Choose Crossing Down or Crossing Up, enter your target value to track the number of open interest in the market.

Users can use preset templates or create customized alerts on the platform. Additionally, they can also archive the alerts manually in order to use them in the future as well. They can create up to 50 archive alerts and have up to 5 active alerts which are yet to be triggered.

Bracket Orders and Conditional Orders

Although not entirely exclusive, Bybit was one of the first exchanges to offer bracket orders. A Bracket order is when a user sets the Stop Loss and Take Profit prices together within the same order. So, if you place a ‘Limit Long’ at $10500, and set a ‘Take Profit’ at $10700, the $10700 ‘Short’ order won’t be in the order books until AFTER the $10500 limit long order is filled out. The ‘Stop Market’ order will also only be placed after the limit long order is executed.

Bybit supports three order types, limit, market, and conditional, and these orders can then be clubbed with Stop Loss and Take Profit targets, so as to create a Bracket order.

Conditional orders on Bybit allows users to place Limit or Market orders when a certain market condition has been met. 

Bybit Blog and Support

The Bybit blog and Help content don’t just offer insights into new product developments and what is happening in the industry but also offer traditional educational content for free.

Every feature available on the platform is meticulously explained with another dedicated section for FAQ as well.

Bybit offers 24/7 support on the platform available via both live chat and emails. The company offers a professional and intuitive trading experience to better serve its customers. Education plays a vital role in its ambition to provide a fair, transparent and efficient trading environment, enabling its users to make better informed decisions. The blog and 24/7 Multi language support, both customer-centric approaches, allow users to be relaxed about trading on the platform.

These are the three key features that sets Bybit apart from many other crypto derivatives exchanges. Bybit’s user base in India is growing as well since the exchange set eyes on the Indian market.

For India

Bybit has a dedicated Telegram group where the exchange runs several competitions for users to win crypto assets and offers support if needed.

You can join the Telegram group here

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