Vee Finance, a decentralized finance platform, has officially confirmed its hack on Avalanche. On September 20, the hacker managed to transfer funds worth $35 million. In terms of assets, it was 8804.7 ETH (around $26 million) and 213.93 BTC (around $9 million). According to the report, the stablecoin was left untouched. As for the hacker, the report confirms that they have not yet transferred or processed the funds. The team is working to provide more details of the incident. Further,…
Bybit is a global cryptocurrency derivatives exchange that continues to see adoption in the sector due to its focus on experienced traders. The platform combines various advanced tools like trading bots and leverages to give experts an edge in the market. Consequently, Bybit is one of the most popular exchanges in the world.
Bybit is one of only a few reputable exchanges that offer peer-to-peer cryptocurrency futures. While the platform was built from the ground up with expert traders in mind, it also has a demo mode where you can get familiar with the system and its unique features.
What Problems Does Bybit Attempt to Fix?
Bybit helps to alleviate some major concerns in the market. Primarily, the platform increases ROI opportunities. Users enjoy more flexibility when using this platform. For example, it offers futures investor’s smaller contracts than the competition. This approach helps investors to diversify their holdings more effectively.
Bybit’s secure exchange has the capabilities and functionality to compete with established exchanges such as BitMEX and Deribit. Both of these exchanges offer futures contracts, but only Bybit allows investors to participate in smaller increments.
Benefits of Bybit
There are numerous benefits users gain when they trade on the Bybit exchange. The platform is one of the safest, fastest, and most transparent exchanges in the market currently. Additionally, it’s one of only a select few exchanges to offer cryptocurrency perpetual contracts to users.
Exchange responsiveness is a serious concern for expert traders. Anyone who has lost profits due to exchange delays can attest to the importance of responsiveness. Bybit is one of the fastest exchanges in the market. The platform can handle 100,000 transactions per second.
Bybit offers users up to 100x in leverage. Leveraged trading is an advanced investment strategy that increases both your ROI potential and risk exposure. The platform offers leveraged trading on many top cryptocurrencies, including BTC, ETH, and XRP. Additionally, it’s the only exchange currently offering EOS futures contracts.
Bybit traders enjoy more options than the competition. For example, users can hold long and short positions of one USDT contract simultaneously. These contracts combine as one long or short contract to simplify the process.
One of the biggest draws for Bybit is its 24-hour live customer service chat. Here you can find all the answers to your most pressing questions. Offering a live chat demonstrates Bybit’s commitment to its users. Not every exchange has this level of customer care.
Your privacy is protected when you utilize the Bybit exchange. The only information you will need is your email address or phone number to get trading. Sadly, US citizens cannot use the exchange at this time. The platform relies on an IP verification system to verify you reside in an approved location. While KYC (Know-Your-Customer) is not required to trade on the platform, KYC is needed to successfully perform a Fiat deposit on the third-party providers’ website, instead.
Bybit is designed for experts but builtin away that it’s easy to navigate for anyone. This user-friendly structure allows users to access the most important features in a click. For example, you can set up stop-losses immediately after taking a position using the interface.
Bybit’s developers put a strong focus on security. The platform operates a secure cold storage solution to keep user’s cryptocurrencies safe. Cold storage systems introduce an air-gap to ensure safety from online threats. Additionally, the company uses a multi-signature address scheme. Also, the website has full SSL encryption. In this way, investors can trade in confidence.
How Does Bybit Work
Bybit operates on what is called a maker-taker fee model. Currently, the market taker fee is fixed at 0.075%, and the market maker fee is fixed at -0.025%. This system works because the network charges traders a small fee if they remove liquidity from the market. Keenly, the system also rebates users who add liquidity to the exchange.
Liquidation Risk Prevention
When trading with leverage, there is always the risk of contract liquidation. This occurs when an investor’s trade goes sour. Liquidation is necessary to keep the platform functioning correctly. However, to help traders avoid the risk of liquidation, Bybit introduces some next-generation protocols.
Dual Price Mechanism
The dual price mechanism is a set of protocols that work together to prevent the risk of market manipulation. The system consists of a Mark Price functions and a Last Traded price function.
The Mark Price is based on the global Bitcoin price. This is also the mechanism that triggers liquidation.
Last Traded Price
The Last Traded price is the current Bybit market price. This protocol is what’s used to calculate the price at which the position is closed.
Auto Margin Replenishment
The Auto Margin Replenishment protocol is another unique feature that makes Bybit stand out amongst the competition. The system automatically draws on your funds to keep your position open to avoid liquidation.
History of Bybit
Bybit is fairly new to the market. It officially entered the market in March 2018. The platform is registered in the BVI under Bybit Fintech Limited. Currently, the firm is headquartered in Singapore and has offices in Hong Kong and Taiwan.
How to Use Bybit
Bybit is one of the easiest exchanges to register on. You will need to provide a username and email to get started. Bybit sends you a confirmation code within seconds. Notably, the code is only valid for five minutes. If the period passes, you will need to hit resend verification on your Bybit interface.
Bybit – The New Kid on the Block
Bybit is a professional grade exchange that is ideal for expert traders and those seeking to become professionals. The platform’s combination of advanced trading features makes it a smart choice for anyone who understands how to trade using leverage. Consequently, it is sure to hold a prominent space in the market for years to come.