Bitcoin has become a leading crypto investment in the past few years; it attracts traders and brokers all over the world. With its price growing faster than most other currencies, Bitcoin has reached another peak this month. It is now being sold at 56,416.00 USD (as of April 7, 5:09 PM UTC. Data provided by Morningstar for Currency and Coinbase for Cryptocurrency). Many beginner traders – and even professionals – wonder what the most convenient and reliable places to trade Bitcoin are.
Fortunately, Trader’s Union regularly reviews new trading platforms, providing users with the most up-to-date information about the investment market. Trader’s Union is officially considered the largest association of International Forex Traders in the world. It is also a trusted information resource on broker companies.
International traders rely on Trader’s Union to get the ranking of the companies based on the following elements:
- User reviews
- Expert opinion
- Broker analysis
- Investment and partnership programs
- Review of trading conditions
- Comparison with other competitor companies
- Commission review and fees.
Recently, the Union issued a new rating, which ranks the exchanges for traders who are buying or selling Bitcoin – with the best place being a quickly growing crypto exchange called ByBit. ByBit is a derivatives exchange company that has been on the market since 2018. It has a wide user base of more than 1.6 million people and is responsible for 16.1% of the global Bitcoin open interest.
What Is ByBit?
ByBit is very much a retail-oriented company, with a relatively large server capacity and the ability to deal with high volumes and extreme spikes in sales. According to the Trader’s Union, its major feature is centered around leverage. Compared to other Bitcoin trading platforms, Bybit offers users 100x leverage with a margin of 1%. These conditions are further improved by the possibility to re-adjust the leverage once the position has been already opened.
The three types of orders that you can make with ByBit:
- Market Order. With this type of order, you are dealing with the leading market price. To buy BTC at a market price, you’d need to search for a bid to buy and an “ask” to sell.
- Limit Order. The level can be different than the market one.
- Conditional Order. Depending on a number of factors, it can be either market or conditional order.
Usually, traders are very reliant on the fiat currency, and Trader’s Union has noted the contracts at ByBit that help address this issue. ByBit has two major types of contracts:
- USDT Contracts. With this type of contract, USD becomes your primary base currency for every transaction and sale. T stands “Tether” and is the margin of your selected coin. For example. BTCUSDT would be a type of contract for a USD/BTC trade.
- Inverse Contracts. Here, the cryptocurrency is used to calculate the margin.
Trader’s Union experts highlight the following ByBit’s advantages:
- Easy Currency Exchanges. At ByBit, you can deposit fiat currency and exchange it into BTC all in one place.
- Fair Withdrawal Limits. The minimum withdrawal amount is only 0.001 BTC, which comes with a fee of 0.0005BTC.
- Competitive Fees. ByBit fees are very encouraging for BTC traders. Maker fee: -0.0250% and taker fee 0.0750%. The current daily USD interest is 0.06%, and the underlying asset interest is 0.03%. The fund interval is every 8 hours at 0.01%.
- High BTC/USD Leverage of 100x.
- Good customer service and user experience. ByBit offers a test version of its platform, in which users can make demo accounts.
- Referral Incentives. For every 0.2 of BTC deposits made upon the users’ referrals, they get 10 USD. With the Affiliate Program, which is another level after Referral, it is possible to earn as much as a 30% commission of the trading fee.
- Interface and account manageability. Its charter-based outlook makes the use of the platform convenient for users at all levels. Despite being customizable, the outlook seems quite user-friendly and well organized, even on the default setting.
Overall, the Trader’s Union review of ByBit revealed many valuable details about this company that helps BTC traders earn profitable returns from their deals. Being ranked as the best place to buy BTC, it surely creates vast opportunities for both beginner and professional traders.