Bybit is a platform for trading cryptocurrencies that focuses on leveraged trying to trade with up to 100x leverage. The derivatives exchange provides perpetual contracts that track the spot price of cryptocurrencies rather than the actual assets. International traders are supported by the platform. The comparison between Bybit and Huobi will be provided by the traders union, along with the benefits and drawbacks of Bybit. One of the biggest cryptocurrency exchanges in the world, Huobi, offers the upper tokens by market valuation on its trading platform.
Pros of Bybit
- Leverage on Cryptocurrencies Up To 100x – Bybit allows you to trade cryptocurrencies with up to 100x leverage. With a $100 investment, you might trade a stance worth $10,000. Leveraged trading increases the potential trading rewards, so skilled traders can profit greatly from it.
- Tools And Technology Set It Distinct – According to Bybit, it can process 100,000 transactions per second, much faster than its rivals. In addition, it makes every effort to prevent server downtime, a problem that several exchanges encounter whenever a shift in the market encourages many individuals to trade at once.
- Risk-Free Testnet Environment – Bybit offers a testnet site where new traders can practice trading strategies without risking their own money. It’s a good way to get accustomed to these sophisticated and occasionally challenging tools if you’re fresh to derivatives.
- Educational Sources – Bybit offers traders of all experience levels an impressive range of materials, news, and insights. It provides users with information on decentralized finance (DeFi) and thoroughly analyzes each coin. Furthermore, Bybit offers twice-weekly social media classes.
Cons of Bybit
- Not Accessible In The U.S. – Derivatives trading and cryptocurrency transfers are governed by strict rules in the United States. Users in the U.S. and some other nations, like the U.K., are not able to use Bybit. It would help if you proactively verified that you are not a U.S. citizen in order to use its website. You might be tempted to use the service despite the lack of Understand Your Customer (KYC) checks.
- Crypto-Derivatives Carry a High Level of Risk – In essence, using leverage allows people to wager borrowed funds on a specific outcome in a speculative market like the cryptocurrency one. The issue is that they risk losing all of their money if the wager fails. Smaller investors were disproportionally affected by liquidations, according to a Carnegie Mellon University report on crypto derivatives trading.
- Trading Platform – A proprietary platform and TradingView are the two charting systems that makeup Huobi. Both are outstanding. The TradingView, however, has more features. It contains a watch list where you can highlight your new favorite pairs to quickly access them. The exchange also offers mobile systems for Android and iOS devices.
- How to Get Started? – Create an account by logging in with your email address and password. After completing the registration form and providing identification, you can start trading as soon as you fund your record in a profitable way.
- Customer Service – It offers a thorough help section with almost all of your query-related solutions. Additionally, you can get in touch with them through their customer support portal, which is easy to find on their website.
- Trading Platform – Its trading platform and user interface are outfitted with all the features necessary for efficient trading. One of the preferred interfaces among the top exchanges is that of this one. Both novice and experienced traders can use it. Bybit will work with any trading strategy you have. Additionally, it offers a Dual Market System those guards against price manipulation.
- How to Get Started? – You can sign up for the platform using a phone number or email, just like Huobi. You can deposit and withdraw money by following a few steps, after you sign up and finish your KYC.
- Customer Service – On the other hand, Bybit helps users all over the world by offering support via live chat and email in a variety of languages, including English, Russian, Chinese, Japanese, and Vietnamese. In addition, numerous users have praised Bybit’s customer service agents for being responsive, quick, and reasonably knowledgeable.