Bybit is one of the fastest-growing cryptocurrency exchanges, with more than 2 million registered users. You can buy and sell crypto instantly, or trade popular coins across different contract types as you’d like.
I first heard about ByBit a couple of months ago while was looking for some YouTube videos on crypto day-trading, where most of the crypto traders were mentioning ByBit. As I was already used to trading crypto options and bitcoin futures with Deribit I didn't even consider switching platforms.
This article contains my referral URL to ByBit, if you will decided to click on the link, open an account with ByBit, I will earn a small commission at no cost to you
But as I kept blowing my small bitcoin account on Deribit, as I was using 50x times margin, which is fixed, I kind of liked the feature I saw on ByBit, configurable leverage. As I wanted to keep trading Bitcoin futures but with smaller leverage, I decided to give it a try ByBit.
First things first - unlike Deribit, ByBit seems more cluttered, with too many tabs, too many choices, too many names, but this should be just a minor problem I guess, but if there is a reason I love Deribit, because of its simplicity. ByBit doesn't seem simple at the first sight.
As my interest is only in Bitcoin future trading - straight went to the Derivatives tab, selected BTC USDT pair, which also seems a nice feature unlike Deribit which offers crypto settled contracts only (it seems Deribit added USDT trading pair just recently)
I decided to start small, bought Bitcoin worth 10 EUR at Coinbase Pro, and deposited it on my ByBit derivates account. Ready to trade.
Before trading, I configured leverage to 3x only (as I'm just testing it out) and set up my indicators (EMA's)
Next, I noticed my about 10 USD worth of Bitcoin is not enough to trade BTC USDT pair (not sure, maybe because of the leverage I scaled down to 3 or because of the minimum tick size, which is 0.001 BTC, so I switched to BTC USD pair where I was able to enter my first trade.
After some 30 minutes, I already started to better understand how the platform works, placed a few trades, made a loss, took a profit.. all the rest is a learning curve.