How Bybit Strives to be better than its peers

Established in March 2018, Bybit is one of the world’s most popular crypto derivatives exchanges. Despite its relatively young age, Bybit has built a reputation for its safety and reliability. At Coin Crunch, we’ve wondered aloud whether it indeed delivers on its claims of a ‘supercharged trading experience’. It’s had our attention for a while. In this post, we explore what makes it stand out from its peers.

Bybit 101

Presently, BTC, ETH and USDT are available for purchase via Bybit’s fiat gateway. However, on the derivatives end, the perpetual contracts available on Bybit include BTC/USD, ETH/USD, XRP/USD, EOS/USD, BTC/USDT, ETH/USDT, LTC/USDT, XTZ/USDT, and LINK/USDT. Users can trade with as much as 100xleverage.

Bybit can be an ideal starting point for new traders and also enable them to use this leverage. But as is true for many new traders, they often require experience, and of course, knowledge to be able to trade and make gains. A trading platform that makes the experience easier, while facilitating knowledge gains, is therefore a good goal to pursue as an exchange.

So how does Bybit score on those aspects?

Bybit as a Trading Platform

At first glance, Bybit does seem to be built on customer-centric values, backed up by a multitude of valuable resources to help customers learn more about the fundamentals of crypto trading. How are these customer-centric values expressed on the platform? Some that caught our eye:

• 24/7 multi-language support for customers.
• Takers are charged 0.075% per order while makers are charged  -0.025%. Yes, makers are paid to trade.
• A withdrawal fee of 0.0005 BTC, nearly 40% lower than the global industry average.
• And a referral programme that gives any user who has referred a customer that has deposited a minimum of 0.02 BTC a reward of 10 USD.

Bybit Trading View

The trading window is one of the most fundamental aspects of any crypto exchange. More so for one focused on derivatives, which demand the need for signals, indicators and several other data points that are crucial to making quick and profitable trades. Of course, essentials like a price chart, orderbook, recent trades, etc. should not be sacrificed for the sake of cramming in data. And Bybit seems to understand this reasonably well.

Granted, the trading window is one of those aspects with no objective measure to ascertain the ‘best’ type, since preferences vary depending on users. But it’s undeniable that the overall user interface needs to be simple to navigate and make important information obvious for users to ensure that they make fewer errors.

Using Bybit, one is unlikely to feel claustrophobic. Instead, its large chart area, a compact-yet-clean orderbook, and an effortlessly packed trade window, make for a rather satisfying UX. 

Where does the other crucial data go, you ask? Right below the charts, in a scrollable portion of the window, should the need arise.

But Bybit doesn’t stand out for just these alone. It has quite an interesting community movement going for it, with several educational and engagement initiatives for its users. Which brings us to a fundamental challenge the crypto trader community of today faces:

The Need for a Comprehensive Knowledge Base

Derivatives trading is not the easiest investment strategy. Trading and profiting on derivatives products require patience, learning, and experience. Users take their time to strategize and build their own methods over time. 

Even from a broader perspective, regardless of whether you’re in the spot market or derivatives segment, trading is not a ‘get rich quick’ scheme, as some inexperienced folks may feel. It demands extensive knowledge of what to do and what not to do. To an average person, even basic technical terms can sound like a mystery. So starting from the basics to perfecting complex concepts – all of it is important for devising an effective strategy.

But with a vast sea of resources that paradoxically offer no concrete island of knowledge, how does a newcomer start their journey? 

Without prior knowledge, trading can seem intimidating, if not baffling. This is where the Bybit blog comes in. With over 100 explanatory articles on the website at last count, what we see here is a prudent combination of practical and theoretical knowledge. 

Is Bybit Institute the Answer Traders Have Been Seeking?

There’s a wide range of content explaining relevant themes and topics in detail on the Bybit blog. The platform proves to be ideal for both newbies, and experienced traders looking to revise and strengthen their conceptual understanding, and further compound their earnings. 

Consider a scenario where a trader wants to take advantage of a trend. Following trends requires risk-control if one wants to achieve long-term profits. Bybit’s explainer on Exponential Moving Averages is a good place to start. Explaining basic terminology such as EMA8 and EMA34 to how they function as indicators during trends, there’s much to learn regardless of your trading experience. 

Spotting a trend reversal is equally important, though. And for those yet to master that art, Bybit’s trend reversal guide explains the four types of reversal patterns that can occur – W bottom, M top, head and shoulders bottom, and head and shoulders top. 

We’ve taken a close look and found no dearth of content fundamentals. Support and Resistance, also known as ‘structural points’, deserves a mention in this crypto trading guide. From breakthroughs to stop loss, the basics are well covered. 

While comprehensive, it’s worth noting that the content on the Bybit blog, does not represent the views of Bybit and only constitutes an opinion. It must not be taken as direct trading and financial advice. Which is, of course, entirely fine. Trading, after all, is a path unique to everyone. What’s important are the fundamentals – which, again, Bybit has covered well.

The Exchange May Continue To Lead

As many new traders will themselves confess, a fundamental understanding is often essential to trade and make gains. But while such a need is real and felt across the community, not every crypto exchange is dedicated to meeting this requirement, in addition to their core premise of providing trading services.

In that context, the Bybit Blog is well-positioned as a venue for gaining an in-depth understanding of trading concepts. Fortunately, this initiative hasn’t come at the cost of the core trading experience, which, as we just saw, Bybit continues to deliver on fairly well.

The result? Inexperienced traders have a place to learn the basics, and experienced traders get to revise and strengthen their conceptual understanding, and further compound their earnings. In that aspect, Bybit does stands out from its peers. Keep doing what you’re doing, Bybit.

Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. Coin Crunch India does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.