One of the main pillars of a good currency transaction in the cryptocurrency market is working in a good and reliable exchange. Bybit centralized exchange is one of those exchanges that most traders and people active in the cryptocurrency market prefer to operate in it over other platforms. From this exchange as Derivatives digital currency platform It is also mentioned.
Bybit exchange is possible leveraged trade made available to its users and in the category of exchanges safe is placed This exchange is under the supervision of a company named Bybit Fintech Limited It operates in the British Virgin Islands. Buybit platform as well 24 hour support and provides professional services to users. Dedicated application This exchange has also been made available to users and has made it easy for them to buy and sell digital currencies. In the rest of this article, we will learn about the ByBit exchange and introduce it.
Full introduction of ByBit exchange
Buybit exchange is known as one of the best centralized exchanges in the world of digital currencies. This exchange was established for the first time in 2018 in Singapore. Bybit is not just a simple centralized exchange. It is a hosting platform for derivatives trading. ByBit focuses heavily on advertising and marketing. For this reason, during these few years, it has been able to increase the number of its users to more than 10 million people. Also, the volume of transactions of this exchange is currently more than 700 million dollars.
The Bay Bit platform is available in two web-based versions and an application for mobile phones. Another attraction of this centralized exchange is trade robots. ByBit provides a convenient platform for traders around the world.
The users of this platform are mostly from countries like Russia, Japan, Europe, North America, Southeast Asia, South Korea and Iran. Also, this exchange has the ability Multilingual support It has made it easy for its users.
History of team formation and introduction
If you know what digital currency exchange is? Probably, many features of ByBit exchange will become obvious. In 2018, a person named Ben Zhou (Ben Zhou) founded Baibit exchange. Before that, Ben Zhu managed to run a forex broker for 10 years. ByBit exchange currently has its own page with address on LinkedIn social network. In addition, about 800 employees are working in the team of this platform.
Linkedin Bybit address: https://www.linkedin.com/company/bybitexchange
ByBit exchange services and services
This exchange has a very strong support team. So that with the help of a 24-hour support center (Help Center), it follows up all possible problems for its users. Also, this centralized exchange supports a wide range of currency transactions, which we will discuss further.
Spot transactions
Buybit exchange supports spot transactions. Using this feature, you will be able to exchange about 280 tokens in single or pair form. Also, the terms of their purchase and sale will be provided for you.
Futures transactions
Another service of this exchange is futures transactions, which are done with leverage. Futures transactions allow traders to buy and sell various assets. In this case, they can even benefit from falling prices without actually owning those assets. The maximum leverage for these transactions in the ByBit exchange is 100.
Trading NFTs
One of the services that has been recently launched in Buy Bit Exchange is the possibility of NFT trading. NFT or Non-Fungible Tokens are a unique type of token in the cryptocurrency world. Centralized exchange Bybit recently succeeded in launching its NFT Police Market to attract new users. In this part of the exchange, users can buy and sell different tokens.
Copy Trading
The ability to copy trade is one of the services that few exchanges offer. But the Baybit exchange has a section called Copy Trading, where users can check the performance of other traders and connect their accounts to them. This feature may be a good suggestion for beginners. Also, if you check the performance of other traders in a professional way, you may be able to have a profitable activity. Just note that using this feature takes away your control and authority over your assets and transactions; You will not be able to change and manage the position.
Bybit exchange training
Buying and selling of digital currency in Bybit exchange is usually done through the Spot option. You just have to remember to top up your spot account beforehand. This option is located in the top bar of the main screen, select it.
A new page will open for you. In its Search box, you can search for the digital currency you want. After that, the 24-hour changes in the price and trading volume of your chosen digital asset will be displayed in the middle of the page. Also, charts are displayed that you can adjust in different time frames.
On the right side of the page, see a list of different orders. The sell order is displayed in red and the buy order is displayed in green. You have the option to transfer digital currency to your account Transfer use. Also, you can use the option to deposit digital currency Deposit use.
Learning to buy and sell digital currency in Baybit
To buy and sell digital currency at Baybit exchange, after entering the Spot section, you must choose your order type. Orders in this exchange include three different types:
- Limit
- Market
- Conditional
In the limit order, you determine the price. In fact, you first register your desired price for the digital currency so that the order is registered when the asset reaches that price. Select the Limit option and then enter the desired price. In the second field, you must enter the amount of digital currency. If you wanted to buy, select the Buy option and if you wanted to sell, select the Sell option. The details of the registered order will finally be displayed in the Active section.
In the market order, the price of the digital currency is determined by the Bybit exchange. So you only need to enter the amount of digital currency you want. Finally, according to your goal, select the Buy option and the Sell option.
In the Conditional section, your order will be registered conditionally, and other steps will be similar to the previous sections.
Learning to deposit and withdraw digital currency in the ByBit exchange
In order to be able to top up your account in the ByBit exchange, you must select the Assets option on the main page.
Then select the Deposit option. Now you can choose the digital currency you want.
In the next step, an address will be displayed to you, which you must copy and enter in the source.
To withdraw digital currency from Baybit exchange, you must first select the Assets option and then the Withdraw option.
Then you have to choose the digital currency you want. Now, in the second field, enter the destination wallet address. In the third field, you must enter the amount of digital currency that you intend to withdraw. Then you will see that the amount of the transaction fee will be shown to you in front of the Transaction Fee option. Finally, to complete the withdrawal process, you must click on the Submit option.
The method of transferring digital currency from spot account to futures
It is necessary to carry out futures transactions in Buybit exchange that your futures account is charged. For this you need to transfer your assets from spot account to futures. So first select the Assets option. In the new page that opens for you, you must select the Transfer option.
Now, a new window will open for you. In the first section, you must enter your Spot account. In the second section, select Derivatives Account option. The next step is to choose the desired digital currency. Also, in the last field, you must enter the amount of currency you want and then select the Confirm option to complete the transfer process.
Working conditions with Baybit exchange for Iranian users
Before reading about a crypto project, many Iranian traders inquire about the terms of use of that project in Iran. This is completely normal and you, as an Iranian user, have every right to ask about it; Because the sanctions and restrictions in Iran have made it very difficult to operate in the cryptocurrency market. As a foreign centralized exchange and due to existing international laws, the Bybit exchange has limited the activity of Iranian users on its platform.
In the terms and conditions section (Terms and Conditions) The site of Baybit exchange is clearly mentioned that it does not provide services for some countries, including Iran! In addition, it has mentioned that if it suspects a user account and realizes that it has been acted against the rules of the site, it will block the account in question.
This question may arise in your mind that Iranian users are not able to use Baybit exchange? Note that ByBit is a centralized exchange that does not require authentication for its users. Therefore, if you, as an Iranian user, enter Baybit Exchange through a VPN or VPS with a fixed IP and without going through the authentication process, you can use its services. You just have to remember that the risk of blocking your account and losing your assets will be with you. Also, don’t underestimate the importance of using a static IP!
Buybit exchange and buy and sell digital currency in it
Since its establishment, Baybit Exchange has started to take great strides. This made him succeed in gaining a good position in the crypto market in a relatively short period of time. Now it is among the top 50 exchanges in this market and the volume of transactions is increasing day by day. A strong support team, no need for authentication, providing services such as derivatives trading, etc. are among the things that make this exchange a good choice for traders.
ByBit exchange is relatively easy to use. Buying and selling digital currencies in this exchange is done through the spot section, which we explained in the previous sections. Also, the fee charged by this exchange for various transactions is acceptable compared to most other exchanges. Only you, as an Iranian user, should not forget your conditions and limitations. You should check and see how much it costs to use the ByBit exchange? Because in any case, there will be a possibility of blocking your account. So keep in mind that using a reliable Iranian exchange like Valex exchange can provide you the security you need in addition to providing you with suitable services.
Bybit exchange training and trading methods written for the first time on Wallex blog. appeared.
