The ByBit network, introduced in 2018, has since aimed to position itself as the key market player offering support for the trading of crypto-derivatives, welcoming to both seasoned and beginner traders. The company is based in Singapore, headed by its CEO Ben Zhou, but its distribution is already a global one, thanks to an array of features that we will go over below.
How Does ByBit Work?
Knowing at least the basics of such crypto-trading is a must, because ByBit wants its users to be familiar with terms such as “derivatives,” “leverage” and “perpetual contracts.” What it does is provide traders with an open environment where the derivatives are linked to cryptocurrencies and made available for trading depending on the leverage available.
Perpetual futures contracts are used in a way similar to what one does with structured futures contracts, meaning they reflect deals to deal with a commodity or currency (or any other instrument) at a certain time in the future at a predefined price. It allows users to try to profit in future by speculating on the value one of these assets may possibly have. Yet their permanent contracts will never expire unlike what is seen with conventional futures contracts.
ByBit specialized in connecting the world of cryptocurrencies with that of its fiat counterparts, with the company currently offering support for four regions. Bitcoin, Ethereum, EOS and Ripple are the sponsored cryptocurrencies with USD acting as the second portion of all their pairings.
ByBit also provides an option to trade coins directly on the platform to enable more convenient trading for its customers, with any of the three currencies currently being offered for this type of transaction-ETH, EOS, and XRP. But bybit does not provide exchange services between fiat currencies and cryptocurrencies as of October 2019.
ByBit clearly wants to keep the door open for different trader types, from the small-time traders to the big-time investors coordinated. To achieve this, a strong performance infrastructure had to be developed, promising to accommodate potential 100,000 transactions per second. Paired with the fact that every single trade is carried out at intervals of 10 microseconds, one can easily see that ByBit can deliver the goods within its technical robustness category.
Nonetheless, the team behind it promises not to stop at this point as its software and engineering experts are constantly working with forex and blockchain practitioners to keep the performance levels in line with the increasing customer base of the platform.