Bybit is one of the most revolutionary exchanges in recent years, it has features that set it apart from typical exchange platforms: let’s see in detail how it works.
Bybit’s strengths allow it to enter and express itself in the industry in a new different way.
In the post we will delve well into the features that make the platform a breath of fresh air in the industry.
Furthermore, among the numerous new features that Bybit brings to the digital currency ecological system, the platform has recently allowed itself to release its Proof of Reserve (PoR), an optimal display of transparency.
A close look at the Bybit exchange: how the platform works
As mentioned earlier, Bybit is a digital currency exchange platform, it was born in 2018 and is based in the British Virgin Islands.
Since its inception, the exchange platform has attempted to revolutionize the industry, attempting to merge the positive aspects of the cryptocurrency market with those of the traditional financial market.
The platform can be stated as very advanced, complete with the right features for investment and derivative trading, which can be stated as very exclusive in the exchange industry.
The platform has long since surpassed 5 Million users, and for some time it was even included in the top10 of CoinMarketCap. Bybit’s strengths are mainly expressed in trading futures on USDT, Bitcoin and numerous others.
Additionally, Bybit certainly does not exclude the spot market, with other very useful and continuously expanding services: staking, Launchpad or the NFT marketplace.
Spot trading on Bybit gives the potential to establish buy and sell orders either at limit or market.
The platform likewise provides the functionality of conditional orders, which allow the setting of trades that will be executed only when particular market conditions occur.
1 thing that makes Bybit different from others is definitely the derivatives solution. Nonetheless, the platform allows for more speculative trading, using tools such as leverage of up to 100x.
Consequently, Bybit’s leverage allows trading with 100 times greater than one’s available financial resources either in Cross (using all the financial resources available) or in Isolated Margin (using a margin, which can be raised depending on risk).
In terms of Bybit’s charges, the exchange ventured not to use excessive charges. This is another reason why this “new” platform is trending, especially for those who can afford to move large amounts of money.
Among the most interesting features, Bybit likewise offers its Launchpad, which allows users of the platform to engage in new project launches by locking in a limited amount of BIT tokens.
Plenty of interesting projects have already been launched from Bybit’s Launchpad, such as, Genopets (GENE), Pintu (PTU), and KASTA. Projects that are very diversified from play-to-earn games to cryptocurrency payment apps.
The launchpad section is quite easy to use indeed, which is likewise why it is one of the spearheads of the platform.
1 of the latest features launched, but not the last in importance is definitely its own Non-Fungible Token (NFT) marketplace. The year 2023 will probably be the year that will once more boost the Non-Fungible Token (NFT) market, encompassing the world of collectibles, along with the metaverse, art, and gaming.
Bybit wanted to enter the market, dedicating a section exclusively to Non-Fungible Token (NFTs), which can be purchased directly with the funds held on the platform’s account, expanding the option of purchasing with Ethereum (ETH), USDT and BTC.
Bybit’s security standards are very high, giving likewise the likelihood of storing cryptocurrencies in cold wallets offline, to prevent any network attacks. It likewise recently released its Proof of Reserve, which gives the clear-eyed view of the platform’s available liquidity.
The exchange’s user base has increased 104 percent in the past year
In 2022 alone, the Bybit exchange platform has seen its user cap skyrocket by 104 percent. The exchange announced in a Twitter post that it had reached 10 Million users, with 160 countries available.
These milestones have been achieved, improving its efficiency and speed, and showing the proper transparency that the industry needs:
“We have likewise reduced the loading time of our website by 48.3 % and improved our charting capabilities so that we can enjoy a quicker, smoother and more seamless trading experience.”
What should we expect from Bybit in 2023?
The future is quite clear for Bybit executives who want to launch numerous new features on their platform, which can be stated as “revolutionary.”
In the months ahead, the company will implement the Unified Trading Account (UTA) solution, which allows users to trade spot, perpetual, and options contracts from a single subaccount.
Likewise included in the latest information will be the introduction of the Bybit Card, which will give traders on the platform the potential to automatically transform their cryptocurrency assets into fiat currencies.
The card will have other features and advantages, which have not been revealed as yet.
Bybit is definitely one of the most interesting platforms in the industry. If 2022 was for all intents and objectives the year of its launch, 2023 may be the year of its consolidation.
Its strengths, innovations, and such a revolutionary shaping will really take the exchange platform to new heights.
For the time being, we at The Cryptonomist have stated the exchange’s most important features and functionalities, so as to give you a complete image of what to choose for your crypto-themed 2023.