How do I trade Bitcoin on Bybit?
Julius How to Trade on Bybit
Bybit is basically a crypto futures platform, and the exchange allows its users to place both long and short positions. Place a long order if you think the price will rise, or place a short order if you think the price will tumble.
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Additionally, there are some advanced order types: Limit, Market, and Conditional.
Limit Order
With a limit order, you can set the price at which your order will be executed. Let’s say Bitcoin is currently trading at $9,800 and you want to long it, but you feel the price is too high. You can set a limit order to buy Bitcoin at $9,700, and when the market drops to that price, your order will be filled.
Market Order
This is the simplest order type. You select an amount of Bitcoin (for example) that you wish to buy or sell and then hit the Long or Short button, respectively. The order will be executed at the best available price of Bitcoin on the order book.
Conditional Order
Conditional orders are best suited to more experienced traders. When you set a conditional order, you have to enter a trigger price along with the limit price. The trigger is the price at which your order will enter the order book. So, when the trigger price is reached, only then will the order be delivered to the market (whether it’s limit or market).
Bybit Margin Trading: How to Set Leverage
Before you enter the position quantity, you’ll have to select a margin level. Once you do this, your position will be re-calculated and you’ll be ready to go. Bybit allows a margin level of up to 100x. This means that you can trade each $1 for $100; however, as the margin increases, your position’s stop-loss tightens.
Opening and Closing a Position
As you can see, opening a position on Bybit is fairly straightforward. After you’ve chosen an order type, all you have to do is enter your desired metrics. Once you’ve done so, you’ll open your position by clicking on the “Buy/Long” or “Sell/Short” button, depending on whether you want to long or short the cryptocurrency at hand.
After you’ve done so, you will see your position appear in a designated space where you can monitor its performance.
What Are the Fees on Bybit?
Bybit charges two types of fees depending on whether one qualifies as a market maker or a market taker.
Market Makers: The fee here is 0.025% of your trade. To qualify as a market maker, your order must be placed on the order book waiting to be filled. This is the case when you decide to place a limit order.
Market Takers: The fee here is 0.075%. When you are a market taker, your order is filled immediately without being placed on the order book. That applies when you decide to place a market order.
On top of the above, there is a funding fee, which is exchanged between buyers and sellers, and calculated every 8 hours: at 00:00 UTC, 08:00 UTC and 16:00 UTC.
Bybit Security: Is Bybit Safe?
In its short life, Bybit has proven to be a secure platform to trade on. Bybit maintains an insurance-like fund to deal with shortfalls in contract settlements.
Besides, Bybit has mutual insurance, which is a risk management tool for the BTC/USD pair.
As for personal account security, Bybit offers 2FA authentication provided by the Google Authenticator app.