Another place to trade leverage contracts on BTC, but is it any good, and what sets it apart from it’s rivals? Let’s have a look.
Bybit offers leveraged contracts, trade LONG or SHORT on BTC, ETH, XRP, and EOS. They offer up to 100x leverage on BTC, and 50x leverage on ETH, XRP, EOS.
They boast all the goodies that most of the other exchanges talk about from top notch security, to a high performance trading platform, but is it really all that good?
Let’s have a look at the user interface:
Overall the interface is acceptable, it works and is relatively easy to use. Nevertheless, there is something about it that I don’t quite like. It seems busy, and jammed up with small text and information that I don’t need. You can arrange the order book, price chart, and recent orders; but the thing that bothers me is that you don’t really have the option to customize your interface and what you see. I don’t really care about the recent trades, it just adds clutter and slows down the U.I. would be better if I could just get rid of it. The colors and layout look a bit like Binance, which is okay, but would prefer it to be a bit more unique. These things make a big difference when you’re spending hours on a platform trading, so they might be a deal breaker for some.
Order Types
ByBit has advanced order features which will be welcomed by professional traders. The orders types are:
- Limit
- Market
- Conditional
Additional options and functions for orders are as follows:
- Post Only
- Good Till Cancel
- Fill or Kill
- Immediate or Cancel
- Close on Trigger option
Leverage
As mentioned before Bybit offers ample leverage for your trades. You are allowed to use cross margin, or isolated margin on your position.
Liquditiy
Overall the liquidity is quite good! You’ll be happy to know that over a million users are trading on Bybit, making buying and selling contracts at almost any price a breeze. The order book doesn’t look thin and should accommodate most traders with more than enough liquidity.
Fees
Like most exchanges there are some fees, you’ll have to pay a Maker and Taker fee unless you use a post-only order, in which case you’ll get a ‘maker’ fee rebate. The fees are comparable to other exchanges like Bitmex and depend on the type of position you open and what the funding rate is. The funding rate is taken ever 8 hours, and determines whether you get a rebate or fee charged on your position. Overall, the fees aren’t too bad and are similar to their competitors. One thing to note is that they have a withdrawal fee, which is something most exchanges don’t have but it’s very small at 0.0005 BTC
Insurance AKA UP/Down Contracts
Bybits unique selling point might be that you’re able to insure your position against big market movements. You can buy insurance for small periods of time such as 8 hours or up to two days. Bitmex used to offer these contracts known as “UP/DOWNS” but they were eliminated because they were unpopular. Nevertheless, you have to pay a funding fee on the insurance and it does come with some stipulations. It’s a cool feature, and you can even make money trading the UP/DOWN contracts themselves, but is something reserved for more advanced traders.
Conclusion
Overall, ByBit is a decent place to trade. The security is highly rated by Mozilla Observatory test, which should help put your mind at ease. They claim to have 99.99% uptime and NO engine overload, which is actually pretty impressive. Bitmex users may be swayed by this, as there is sometimes issues with engine overload and downtime. The liquidity is also good, so Bybit really has some good things working for it. My main complaint is the user interface, but besides that the platform is a great place to trade.