Bybit is one of the fastest-growing crypto derivatives exchanges and has made its mark in the crypto industry, especially for futures and margin trading.
However, wondering how to start trading on Bybit it is important to discover its suitability for beginners. Today we will figure out whether is Bybit easy to use for new traders, and the overall pros and cons of Bybit for beginners.
User-friendly Interface
Bybit vs other exchanges for beginners is far user-friendlier for a few reasons. Probably, your first crypto exchange is Binance, which introduced a kind of design standard for the whole industry. Bybit leverages its design practices, and you will find the very familiar with its user interface, features, etc.
Another reason is that in some areas Bybit is even simpler. For example, it clearly divides its Exchange and other Web3 features on the very top of its website, and other similar elements, making navigation even easier for new users. Bybit interface review for beginners, as well as Bybit tutorial for beginners and pros with Bybit trading tools explained in our comprehensive Bybit article.
Bybit Beginner-Friendly Features
Going further and talking about the best features of Bybit for new traders, we can highlight a few of them you might find very valuable.
Prioritizes Safety
Bybit is one of the safest cryptocurrency exchanges in the market. It prioritizes the security of the users by implementing the use of technologically advanced security solutions such as Trusted Execution Environment (TEE) and Threshold Signature Schemes (TSS) and got PCI-DSS Service Provider Level 1 Certification. Also, it cares about legal safety and obtained the MVP license from the Virtual Assets Regulatory Authority (VARA). Also, it is licensed by the Cyprus Securities and Exchange Commission (CySEC), the Astana Financial Services Authority, and De Nederlandsche Bank (DNB). The security offered by Bybit has never been compromised and remains one of its most impressive attributes.
Transparent Fee Structure
Unlike some other crypto exchanges in the market, Bybit charges one of the lowest and most transparent fee structures, and provides additional bonuses for deposits, about which you can read here.
Still, it depends on different kinds of trading, getting through KYC and VIP levels, but the general points are the following:
- Spot Taker 0.015% – 0.1% Maker 0.005% – 0.1%
- Futures Taker 0.0125% – 0.055% Maker 0% – 0.2%
Bybit Demo Trading and Copy Trading Features
Bybit is a powerful and stable trading platform and is one of the most suitable ones for experienced and inexperienced traders alike.
Bybit demo account for beginners enables you to test your strategies without risking real funds but see the result of your actions and potential profit from them. So, you can trade virtual assets until you are sure that you have enough knowledge and skills to operate with the real ones.
Also, thanks to the availability of its copy trading feature, new users can easily start trading crypto. Copy trading, as the term suggests, allows traders to choose an experienced trader from a vast list and automatically copy their trades. It is not specifically introduced for the new traders and can be used by all. Our brief Bybit copy trading guide provides more details about this feature.
Customer Support
The customer support offered by Bybit is a prominent attribute and one of several reasons why it grabs the attention of a vast audience. This crypto trading platform offers around-the-clock customer support that helps new users tackle challenges and avoid unnecessary risks.
The customer service agents working for Bybit are experienced, multilingual, and quick to respond, available through multiple ways such as live chat, email, and messenger apps.
Bybit Pros for Beginners
✅ Clear and simple user interface
✅ Relatively low fees and transparent fee system
✅ High-security level and safety foundation
✅ Many beginner-friendly features
Bybit Cons for Beginners
❌ Still, not the lowest fees on the market
❌ The main focus on derivatives
Conclusion
The features offered by the Bybit exchange make crypto trading easier for every user, whether they have any prior experience or not. Pros will find it very beneficial because of its focus on derivatives and fee systems for high-volume trades. New traders will find the usage experience very simple with many beginner-friendly features such as demo trading and copy trading, accessible customer support, and more.
