Bybit

What is ByBit?

Bybit is a derivatives exchange that offers both traditional trading activities, such as buying and selling stocks, and the ability to trade derivatives. They have a "learn-to-earn" section and staking options for all types of users.

Earning Passive Income

The Bybit exchange offers several ways to generate passive income.

Launchpool Staking

The Launchpool at Bybit allows you to stake tokens and thus earn interest on them. This is done by making deposits with cryptocurrencies that work with Proof-of-Stake (PoS), a more efficient version of validating than the original Proof-of-Work (PoW).

DeFi Mining

Decentralized finance (DeFi) is a new way to earn tokens by putting in some of your crypto holdings. Instead of mining crypto, you can mine DeFi using the same kind of hardware that is used for staking. DeFi is different from staking in that there are minimum deposits and a staking period. But your yield will be higher if you go with this option.

Coins and Tokens Available

With nearly 200 cryptocurrencies to choose from, you will probably be able to find all the currencies you are looking for.

Trading

Bybit offers a variety of trading options. These include spot trading and leveraged, P2P and derivative trading.

Derivatives

One of Bybit’s main attractions is its derivative functions, which are financial contracts that derive their value from an underlying currency or asset. For example, they have future derivatives, which agree to buy certain tokens at a certain price in the future. They also offer perpetual derivative trading. This is similar to a future derivative in that you buy and sell tokens at an agreed-upon price, but these do not expire.

Bybit P2P

In January 2022, Bybit opened its peer-to-peer (P2P) platform to all its users. Similar to the online stores for cryptocurrencies, investors at the exchange post different “ads” for a price quote for a specific cryptocurrency. This ad can be for buying or selling or either one of those actions. If you as another buyer/seller opine that the offer is good, you can just take it from there.

Leveraged Trading

As mentioned above, Bybit allows you to trade with leverage. Leverage means you can receive a higher exposure toward a certain crypto's price increase or decrease without actually holding the necessary amount of assets. You do this by "leveraging" your trade by borrowing from the exchange to bet more.

Spot Trading

Spot trading is when you buy cryptocurrency at the prevailing rates; it is the most simple type of trading and was launched on ByBit's platform in July of 2021. This reveals that their main focus is on derivative or contract trading. However, their spot trading is still quite nice. Their trading view is fairly standard, and they offer markets on plenty of cryptocurrencies.

NFT Marketplace

ByBit has an extensive non-fungible token marketplace. Here, you can gain early access to metaverse products. There are also zero transaction fees in their NFT marketplace. They pride themselves on hosting early access to NFTs from creators around the world by providing a platform for them to interact with one another and market their products.

Mobile Support

The app is available for download from the Apple Store, the Google Play Store, or directly from their homepage. You can use this exchange on your smartphone or tablet by downloading the app from one of these locations.