Bybit is a popular cryptocurrency and digital asset derivatives exchange. What does its commercial offer look like? What does it consist of and who may be interested in it? Here is a brief description of the Bybit exchange, which will allow you to get an initial idea of the attractiveness of its offer.
What is Bybit?
Bybit is a Dubai-based crypto exchange that was founded in 2018 by entrepreneur Ben Zhou. The latter was previously associated with XM, one of the world’s largest forex and CFD brokers.
Here are the most important features of the Bybit exchange:
- the ability to trade cryptocurrencies as well as contracts and options on crypto,
- access to additional features such as copy trading or TradeGPT
- support for fiat currencies and stablecoins,
- Bybit app,
- the need to verify your identity when opening an account.
Is it worth taking advantage of Bybit’s offer?
In my opinion, Bybit is one of the best cryptocurrency exchanges today. It is a platform with high turnover and an attractive trading offer. It will work well for both novice traders interested in trading real cryptoassets, and experienced players who expect access to derivatives such as contracts or options.
Bybit is also distinguished by the ability to use the so-called social trading (copy trading), trading bots or a demo version of the exchange, which allows you to test the platform and run stock market simulations. It also provides access to an AI investment assistant (TradeGPT), which can be asked about current market trends, trading strategies, technical analysis and other data generated by the Bybit exchange.
The downside of the Bybit exchange is a fairly short time of operation and exotic jurisdiction (the company is registered in the Virgin Islands and is based in Dubai). This is not a serious drawback, but it causes some traders to perceive it as slightly less secure than, for example, US stock exchanges with a long market experience. If you are one of them or would otherwise like to look around for another trading platform, check out our ranking of cryptocurrency exchanges.
