December 8, 2023

Bybit exchange functional overview

Overview of the functionality of the Bybit exchange

In our publications, we will briefly introduce our readers to the new functionality of the exchange, andalso with the advanced interface of the Bybit trading platform.

At the end of March, we came acrosspresentation by ByBit exchange CEO Ben Jow, which presented some interesting features of this trading platform. Along with the presentation of the mobile version of the Bybit trading platform for iPhone and Android, the CEO spoke about the launch of new direct perpetual USDT contracts. 

Overview of the functionality of the Bybit exchange

What may be of interest to the new functionality of the exchange for ordinary traders, we decided to tell in this series of articles.

First, a few words about the exchange itself. 

Bybit positions itself as a platform fortrading cryptocurrency derivatives. The exchange was registered in 2018 in the British Virgin Islands, and the main office is located in Singapore. The platform interface includes Russian and allows you to comfortably serve retail clients from all over the world, providing technical support 24/7.  

Possibilities for visualizing graphs andtechnical analysis are implemented using the Tradingview functionality (as on many large exchanges, including Binance). Until recently, margin trading of perpetual inverse contracts was available on the platform only in four directions BTCUSD, ETHUSD, XRPUSD and EOSUSD. 

In March 2020, ByBit added the abilityhedge your open positions using direct perpetual contracts in which the settlement and quotation currency is the cryptocurrency stablecoin Tether. In other words, in order to open long and short positions on any direct contracts, it is enough to have a deposit in USDT on your wallet balance. 

According to the CEO, the new servicetakes into account the long-standing wishes of Bybit users and fans, the goal of which – repeat the functionality of the basic crypto spot market, but with increased leverage. 

At the same time, the margin requirements of the exchangesignificantly lower than its closest competitors. Traders will appreciate the practical and intuitive interface of the application to open a long or short position, as well as protective Stop Loss and Take Profit orders. An additional bonus is the ability to place or close orders directly on the price chart. 

Another confirmation of attention to detailand the opinion of each user is the Most Valuable Feedback (MVF) program and the recently launched Airdrop program, which we will talk about in our next publication.