The best margin trading platform for cryptocurrencies (now offering $90 sign-up bonus!)
After several months of extensive use I'm pretty comfortable declaring Bybit to be the best margin trading platform available for cryptocurrency traders and have fully migrated from Bitmex. I've never once encountered a server overload, the scam wicks that Bitmex is infamous for seem few and far between saving you from getting wicked out and it even has reliable customer service. The UI is simple to use both on web and app and is definitely more friendly for beginners than many exchanges. If that's not enough to convince you, it also has amongst the lowest slippage of any exchange. [1] The only major drawback at the moment is limited trading pairs and no futures options but I wouldn't be surprised to see them in the near future as well.
Bybit Overview
Platforms: Web & App
Withdrawals & Deposits: Free
Trading Pairs: Inverse Perpetual (BTC/USD, ETH/USD, XRP/USD, EOS/USD), USDT Perpetual (BTC/USDT, ETH/USDT)
Trading Fees: -0.025% maker, 0.075% taker
Average Daily Volume: ~$600M [2]
Est. Slippage (BTC-USD): 0.037% [1]
Pros:
No overloads
Seamless, fast trading and order entry
USDT-settled pairs
Multi-directional USDT perpetual contracts (long and short on the same account!)
Insurance coverage
Low slippage
Simple UI
$90 in sign-up bonuses
Cons:
Limited trading pairs
No futures
Trading Platform
Bybit is one of the most technologically advanced trading platforms for cryptocurrency and is capable of handling 100,000 transactions per second. No more server overloads and even system down-times are almost non-existent. What this means is a seamless trading experience and no more stress about being unable to enter or exit a position during volatile moves.
Trading Interface
The Bybit UI is simple and straightforward making it easy to use. The chart is actually usable unlike Bitmex and is interactive meaning you can draw key trading levels and add indicators like moving averages. Active positions are clearly shown on the bottom of the main screen with tabs to see P&L, active and conditional orders, as well as your order history and fills. Order-related information encompasses the right side of the screen including the order book, recent trades, contract details and order placement tools. The mobile UI is really simple but does sacrifice some of the functionality described here while the app generally provides a far better experience.
Setting Orders
One of the things I like about Bybit is the order confirmation window that pops up when you submit an order. Within the screen you are able to set take profit and stop loss levels and Bybit will tell you estimated loss and profit making for quick R/R calculations if you haven't done them beforehand. Liquidation levels and distance to liquidation are also clearly laid out. Bybit also has every order type you would ever need including limit, conditional, market, stop-loss, take profit and trailing stops.
Managing Positions
Like everything else, managing your positions on Bybit is simple and straightforward. You can edit your take profits and stop losses at any time, and this is also where you can add trailing stops. The buttons to limit or market close your position are easily accessible and quick to access when trying to close a position. Liquidation price is shown at all times and there's even an Auto Deleveraging (ADL) Ranking so traders can keep an eye on how close they might be to being deleveraged and reduce positions or add margin as needed. They've recently added insurance options to cover if your position moves against you as well.
Trading Pairs
If I had to complain about one thing on Bybit it would be trading pairs. Right now the only contracts offered are BTC, ETH, EOS, and XRP perpetuals which is a far cry from Bitmex and other platforms. However, one advantage is that all contracts are USD-based as opposed to Bitmex where most altcoins are BTC pairings. I expect new pairs and possibly futures contracts to be coming in the near future and they have recently launched USDT Perpetual contracts which offer multi-directional trading, meaning you can both long and short on the same account.
Security
Bybit hasn't been around for a long time but their track record is exceptional so far and there have been no reports of being hacked or compromised in anyway. They ensure all your funds are safe and secure using a hierarchical deterministic cold wallet system:
Furthermore, Bybit offers 2FA through email, SMS and mobile authenticators like Google Authentication. As always, I strongly recommend using 2FA through YubiKey or Google Authentication.
Support
In the cryptocurrency world, support isn't really something that is offered or expected, but that's not the case with Bybit. They offer 24/7 support and although I've rarely needed to use it my experience with the support team is that they are quick to respond and extremely helpful. If nothing else, Bybit's support definitely sets them apart from the competition.
Sign Up
Signing up on Bybit is easy, no KYC required and you can start trading within minutes. Right now they're offering up to $90 in trading bonuses for new accounts. Full terms and conditions are below, use this link to register in order to take advantage.
Summary
Hopefully this provides a good overview of Bybit for those considering trying it out. It's won me over as the most reliable and easiest to use margin trading platform and I'm certainly not alone in feeling that way. The technology the platform is built on in combination with the UI and support make it the new clear winner in the margin space in my opinion. Make sure to register below in order to get your $90 trading bonus today!
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[1] https://twitter.com/CryptoKirby1/status/1201250481563062272?s=20