Sergey Marynychev, Community Manager at Bybit Spoke About the Nuances of Trading on the International Cryptocurrency Derivatives Exchange.
What types of contracts are more profitable to trade on a constantly changing crypto market? How can beginners in trading minimize risks and start making money? What services and solutions are offered by one of the most progressive trading platforms – Bybit?
Sergey Marynychev, Community Manager at Bybit answered these and other questions in an interview with Blockchain & Bitcoin Conference Kyiv 2021.
Bybit platform was founded in March 2018 and now it is a leading innovative cryptocurrency derivatives exchange. Today the site has more than 2 million users from all over the world.
Bybit is a leader in terms of contract execution speed. The line of derivatives on the exchange includes inverse and linear perpetual contracts, as well as inverse futures.
The trading platform has become a Mining Sponsor of Blockchain & Bitcoin Conference Kyiv 2021!
In an exclusive interview, Sergey spoke about the advantages of the exchange and the nuances of working with the platform. He analyzed the risks in derivatives trading and outlined ways to avoid them. The expert also shared Bybit’s plans for the development in the near future.
The interviewer: Blockchain & Bitcoin Conference Kyiv (BBCK)
The respondent: Sergey Marynychev (S.M.)
BBCK: Please tell us about the features and benefits of Bybit marketplace.
S.M: Among the features and advantages of the exchange, I can single out the following:
The fastest engine on the market: any large movements on the market will not affect the trading of users in any way.
New products with a focus on traders: cloud mining, deposits.
Instant 24/7 support, including in Russian.
The best liquidity in the world on inverse contracts (BTC, ETH, EOS, XRP) and many pairs on a direct (linear) contract to USDT (BTC, ETH, XRP, BCH, LINK, LTC, XTZ, DOT, ADA, UNI, AAVE , SUSHI, XEM) with a leverage of up to × 100.
Futures contracts with expiration terms for ETH, BTC.
Bybit mobile app for iOS and Android with the possibility of notifications.
Russian-speaking community on Telegram, where exchange ambassadors hold giveaways and bonuses every day.
Trading contests with a prize fund of up to $2,000,000.
BBCK: What tools and functions are available to exchange users?
S.M: Trading inverse futures BTC, ETH, EOS, XRP/USD and trading linear futures to USDT top altcoins. The ability to exchange within the service with a minimum commission. Trading commissions are 0.075%, for a maker -0.025%. Cloud mining is a product that was launched on May 24 and represents a unique offer on the market. The ability to buy cryptocurrency for fiat on the Bybit website, as well as create subaccounts for testing strategies.
BBCK: How to trade Bitcoin on Bybit?
S.M: If you already have a cryptocurrency, then download Bybit mobile application. Deposit your USDT, BTC, ETH, XRP, EOS wallet, get bonuses and coupons in the bonus center ($100 bonuses and $10 for each referral), open a position on an inverse or linear contract and trade.
If there you have no cryptocurrency, you can buy it on our website.
BBCK: How does crypto regulation affect derivatives trading?
S.M: At the moment, the exchange works without KYC and any data from users.
BBCK: What risks can you face when trading cryptocurrency derivatives and how to avoid them?
S.M: Since trading with leverage of up to × 100 is possible on the exchange, you must always adhere to the rules of money management and not risk more than 5% of your deposit for each transaction.
BBCK: Perpetual or futures contracts: what is better for trading on a constantly changing crypto market?
S.M: If you trade on a monthly/quarterly basis, futures contracts are better, since you will not pay the financing rate every 8 hours. If you trade within the day, it is better to use indefinite ones, since they have better liquidity.
In addition to perpetual and futures contracts, inverse and linear contracts are also available on the Bybit exchange. It all depends on how you measure your profit and losses.
If you are aiming to increase the number of bitcoins or ethers on your account, then inverse ones (BTC/USD, ETH/USD, XRP/USD) are more suitable for you. By the way, they are more popular with traders. If you calculate your income and loss in dollars, then it is linear, since your money is stored in the USDT stablecoin (USDT/BTC, USDT/ETH, USDT/XRP).
BBCK: What would you advice to beginners in trading? How to start trading cryptocurrency?
S.M: For beginners, I would recommend the following:
Check out our free training from traders with experience in the Bybit Telegram community.
Collect $5 in our community for a beginner.
Try trading in the Bybit App.
Do not risk more than 5% of your deposit per trade.
Learn with us on our weekly streams.
BBCK: Tell us about Bybit's plans for the next 2-3 years.
S.M: Bybit has many plans for the near future: to expand the number of altcoins, upgrade cloud mining, add staff to Russian-speaking support, hold meetups in different cities of Ukraine, add MetaTrader and many other terminals, give traders the best experience in the crypto trading field by continually improving platform speed and security.
BBCK: What do you expect from Blockchain & Bitcoin Conference Kyiv 2021?
S.M: New acquaintances, possibly partnerships and make ourselves known as a stable intermediary between the market and traders.
Blockchain & Bitcoin Conference Kyiv 2021 will take place on May 25! Join to learn about effective methods of making money on the crypto market!
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