Why is Bybit One of the Most Popular Exchanges Among Traders?

Bybit is one of the most common names every crypto investor or trader is likely to hear as they step into the crypto space. This is one of the top cryptocurrency exchanges that is especially popular among the margin traders.

There are several reasons why the Bybit exchange stands out among its competition. These reasons are based around the quality of services offered by the platform for beginners and experts alike.

However, if you are a margin trader and you want to use this exchange then you should first have some information regarding the platform. Knowing why it is popular and the features it offers can help you determine whether it is a good exchange for you or not.

Here is what every interested party should know about the features offered by the exchange.

User-friendly Interface of Bybit

As mentioned above, this crypto exchange is suitable for both experienced and inexperienced investors and traders, thanks to its user-friendly interface. This platform aims to help every interested party in stepping into the crypto space, especially if they have no prior experience.

In fact, the Bybit exchange is known to have one of the best user interfaces in the crypto market and is seen as one of the reasons for its success. The user experience is one of the top factors that define the kind of experience interested parties can have while using a certain platform. Therefore, this is an essential detail that cannot be overlooked.

Remarkable Customer Services

The customer support offered by an exchange is an equally important factor that needs to be considered before choosing an exchange. Bybit also takes the spotlight when it comes to customer support as it offers around-the-clock customer support.

This is one of the most prominent reasons why people choose to trade through Bybit. The customer support agent available to assist the users are experts and are responsive and active. Users can easily reach out to them and get their queries and concerns answered without any delays or inconveniences.

Quick and easy communication with the customer support of an exchange is important because it can help the users in avoiding unnecessary complexities and obstacles. Therefore, if you are new to crypto trading you don’t have to worry about being stranded anywhere through the trading process as you can reach out to the customer support 24/7.

Impressive Fee Structure

Bybit fees is yet another major and prominent factor that makes this exchange a top option for traders around the world. The fee charged by an exchange is always an important factor that needs to be considered as there are platforms that include hidden charges in their fee structures.

However, you don’t have to worry about any such complication if you choose the Bybit exchange because this exchange not only has a low and competitive fee structure, but it is also known to be transparent.

Similar to many other crypto exchanges, this platform also follows the market maker and taker fee model.

  • 0.0005 BTC withdrawal fee
  • 0.02% / -0.02% funding rate
  • -0.025% maker fee
  • 0.075% taker fee

Testnet of the Exchange

Not many platforms enable the users to experience a test run on an exchange, however, Bybit does. The Bybit testnet is one of the reasons why many people eventually opt for the exchange to trade digital assets.

The testnet is extremely user-friendly and allows the users to try the exchange without using any real money. This factor can convince the people to use the exchange as they can simply try it out, take a look at the features and how they work before they decide to commit to the platform and start trading for real.

Therefore, as a beginner if you are not sure whether the Bybit exchange is a good option for you or not, you can begin by using the testnet. If it is according to your requirements and is easy for you to use you can deposit real funds and start trading.

Order Types

Among numerous other factors, this exchange also supports several order types, which is something the crypto traders often look for. To the delight of traders, this platform not only supports the basic order types but it also allows the users to use the advanced order types.

Here are the basic order types available on Bybit:

  • Conditional order
  • Limit order
  • Market order

Here are the advanced order types available for the traders:

  • Fill-or-kill (FOK)
  • Good-till-cancelled (GTC)
  • Immediate-or-cancel (IOC)

Final Takeaways!

One of the most popular exchanges is Bybit. It is known for its impressive services and other factors that are mentioned above in detail. If you are also interested in using this platform to trade digital assets then you should first know and analyze the details mentioned above and then determine if it is a suitable platform for you or not.

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