Crypto market is evolving day by day providing services 24/7. Cryptocurrency exchange allows you to do business by buying and selling cryptocurrencies at market price. Here is a detailed bybit review and guide to how to trade with it.
What are makers and takers?
Before starting trading with bybit exchange you must need to know these terms. You should also have knowledge about bitget vs bybit and which one is better among them. To read more about it, tap the link attached.
So what are makers and takers? Here is the explanation
They are the makers of the market who provide liquidity to the market.
For eg- they can increase the market depth of the order book. They make lower fees than takers. Bybit offers 0.015 market maker fees.
On the other hand, takers remove liquidity from the market. They make orders to remove liquidity.
Factors that determine:
There are certain factors that determine whether your order is considered as taker or maker. To simplify this you must know that:
- Market order are always taken as taker order
- Limit order can be taken as marker order or taker order.
|Liquidity||Add liquidity to order book||Remove liquidity from the order book.|
How to start trading on Bybit:
Bybit offers you a variety of programs and online information related to getting started. But here is a complete guide which you can follow step by step to start your trading with bybit.
Bybit offers you a verification named as ” know your customer” verification. It allows you to get access with additional features with security and safety.
Need official documentation such as bank statements, id cards, bills and residential places. Level of verification is increased with the need.
Here is how you can get yourself verificated:
- Sign up your account on bybit.
- Click on avatar.
- Click on account and security and then verify me.
- Level 1 of knowing your customer starts. Enter your basic information which is required.
- Add your scanned copy of documents.
- Provide face detection if required.
After completing this short ‘know your customer’ verification process you can simply get started with crypto trading.
Bybit affiliate program:
Each partner will get upto 30% commission from referral exchange. You will get a reference link after registering as a partner. You can even get upto 10% of affiliated earnings by building a multi level referral network.
Some benefits of affiliated program:
- You will get a commission.
- Source of passive income for you.
- Help companies to grow in the market.
Benefits of Bybit:
Bybit is a trading platform letting you trade with several benefits:
- Overall rating of bybit is 9.6 that means it is quite good in the market.
- Website is easy to use and beginner friendly.
- Allow you to trade at any time.
- Uses a simplified maker/taker model to count the trading fee.
- Deposit fees are zero.
- Minimal withdrawal fees.
- You can calculate both fees by simple formula.
Pros and cons of Bybit:
Some of pros list as follow:
- No need for “know your customer” protection for new users.
- You can do several types of orders including limit order, partial order and market order.
- High bonuses and withdrawal.
- Less bybit fees as compared to other brokers.
- Has insurance guarantee.
- Convenient and easy to use for beginners
- Good margin and leverage rate.
- Order book option to learn new initiative updates and business policy.
- You can start with a minimum deposit of $1.
Some of the cons of bybit are:
- Less protection.
- No development for classic trades.
- No proper regulation.
- Limited trading pairs.
- Don’t allow US citizens to trade.
- Trading volume can’t be verified.
Bybit Security and Customer Support:
20% of the annual budget of bybit has been spent on its security and regulation. Most of the exchange companies use ‘hot wallets’. On the other hand Bybit uses ‘cold wallets’ which means they have built in robotic security systems and other features.
Assets transfers and withdrawal requests will go through three types of verification for security. They have techniques and encrypted systems to protect user data and personal data. They will insist traders to use two factor authentication for extra security.
Bybit provides you 24/7 customer support. Their team is always ready to answer your queries. You can even join them on the phone or in a live session. They will let you choose from different language options they have for your feasibility.