One of the key features of the Bybit exchange is its intuitive trading platform. The user interface is feature-rich yet easy to use. Users can also customize the various features to suit their trading preferences by moving around features as they wish.
The platform has a well-displayed order book clearing showing the seller side and buyer sides with the equilibrium (market price) in between. These bars indicate the number of sellers and buyers available in each market (trading each asset) plus the corresponding market prices. Bybit also displays recent trades coming into the order book.
To use the charting feature, click on the blue icon to display all charting tools. This action will display all the trend lines where you track all your trades. There are different trading/charting tools as per account tier. For example, a premium Bybit account has more charting tools than a basic one does.
You can access various indicator tools like candlesticks, Hollow Candles, Heikim Ashi, Line, Area, and Baseline from the charting interface.
To place a trade based on your study of the charts, make a market order. Click on “Market,” then enter the number of contracts you intend to trade. One contract stands for one dollar. If you have found a price that you would like to buy your crypto assets at, and are ready to pay a taker fee, click the large green “Buy/Long” button.
You can also access the leverage section from the charting interface, which allows users to increase their gains. That said, leverage can do much more than amp your gains. It is also a mechanism that can help minimize risks and alleviate more available margins.
For instance, if you want to buy $10,000 worth of Bitcoin and leverage it to 2X, it means that you will need $5,000 cash upfront to purchase 10,000BTC. You, therefore, only need $5,000 to get a massive amount of crypto. That said, the higher your leverage is, the higher your liquidation price will be, but the amount of collateral you need to place an order will go down, lowering your margin.
You can also add a stop loss, take profit or trailing stop order to your trade for safety. Choose when to take profit, close orders with a stop loss feature or a trailing stop order.
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