ByBit is a cryptocurrency exchange platform that emphasizes the security of funds and the convenience of transactions.
What is Bybit?
Bybit is a global cryptocurrency exchange that offers trading in Bitcoin, Ethereum and other digital currencies. The company was founded in 2016 by Leonid Logvinov and Alexey Kuznetsov. It operates from offices in Singapore, Hong Kong, Tokyo and Seoul. Bybit provides users with an intuitive interface to trade cryptocurrencies on the platform’s decentralized exchange (DEX).
The DEX allows traders to buy or sell cryptocurrencies without having to deposit funds into their personal accounts. Instead of using fiat currency for transactions, Bybit uses its own native token – BBI – as the medium of exchange between buyers and sellers on the platform’s DEX. Traders can also use BBI as payment for fees charged by the company when they make trades on its platform.
How does Bybit work?
Bybit is a cryptocurrency exchange which allows users to trade various digital assets including bitcoin (BTC), ether (ETH) and several others against fiat currencies such as USD or KRW through its proprietary blockchain-based technology known as “Bitshares Blockchain Interface” (BBI). BBI enables users to trade both crypto tokens issued by third parties as well as their own tokens created within Bitshares ecosystem via smart contracts built upon this blockchain protocol. As such, it acts like an intermediary between two parties who want to transact with each other over different blockchains but have no direct connection between them so that neither party has access to all information about the transaction carried out through BBI at any time during execution of contract terms agreed upon by both parties.
How to use Bybit?
Here is our step-by-step guide on how to use Bybit:
Step 1: Signing up
Go to Bybit using this link and click on the "Sign Up Today!" button as shown below to sign up for an account and receive a $20 sign-up bonus!
Then, enter your email address and password to create an account.
Step 2: Deposit crypto
Deposit crypto to your spot account before you can start trading.
Step 3: Spot trading
After successfully depositing your crypto, hover over "Trade" in the top bar and click on "BTC/USDT".
How to earn more with Bybit?
You can go to the "Earn" tab and browse through a variety of financial investment products such as Bybit savings, liquidity mining, dual asset shark fin, and launchpool.
Bybit is an attractive crypto derivatives exchange. You might have heard a lot about it, as many content creators are drawn to its generous affiliate program. It also has a lot of good stuff, like its multi-signature cold wallet storage. You can trade with leverage and manage your positions with its user-friendly interface. But there's a lot of room for development. And it might start implementing a strict KYC policy to accommodate Bybit USA merchants. More importantly, a rigorous identity verification process can increase its legitimacy in the eyes of regulators.