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The Types of Orders – Bybit Review

Founded in 2018, Bybit is a comparatively recent cryptocurrency brokerage. But since then, it has expanded quickly. They will have 3 million users in three years. Bybit is a cryptocurrency exchange which specializes in trading derivatives of cryptocurrencies. With that, popular banking software Revolut doubles as a payment card. It serves as an alternative to the traditional banking system and aims to fully empower clients by adjusting to their demands. Regular people and corporations can open a bank account with Revolut because it provides worldwide money transfers and global spending without additional costs. Trades Union has listed a short Bybit Vs Revolut comparison.

Bybit Review

Bybit Type of Orders

There are three different order types available on Bybit:

1. Market Order

Traders have no influence over the prices that are implemented for market orders. Trades will be carried out at the order book’s best available pricing. If you place a market order, your deal will be filled, but at the going rate. If you need to execute your order soon in a market that moves quickly, a market order is a smart option.

2. Limit Order

You can specify the amount you want to execute a limit order. In a limit order, your order would be filled at the price you choose unless a lower price is offered. Your price must be less than the market price in order to place a buy limit order. Likewise, your order price for a sell limit order should also be greater than the market price.

3. Conditional Orders

The advanced orders are conditional orders. These orders are automatically submitted after your predetermined parameters are satisfied. It is known as a trigger price. A conditional market will be placed, and the conditional limit order will be transmitted for execution once your current trigger price and the most recent trade price have matched. Let’s examine several conditional orders.

  • Stop-Entry Orders

You may trade a breakout just on the market by putting in Stop-Entry Orders. You can place your Stop Entry Order in Bybit using a Conditional Market or Conditional Limit Order.

  • Stop Loss Orders

You specify how to close your trade in the Stop Loss Order in order to minimize your loss. Similar to a stop entry order. However, this time, you’re giving the order to leave your position.

  • Take Profit Orders

Take Profit Orders to allow you to exit a trade when it generates a specific profit. Your position can potentially be partially closed. On Bybit, you can utilize Take Profit Orders for advanced entry orders, even though they are often used for taking an exit.

The Bybit Affiliate Program

An affiliate program is offered by Bybit to entice customers to refer their family and friends to the website. Up to 30% of a trader’s trading winnings when they bring a new user onto the platform are theirs to keep. There is even a sub-affiliate program whereby the initial trader receives 10% of the trading fees from a friend’s referral when they join up a friend, who then signs up another friend. Bybit aims to make it simple to acquire new users and offers a $60 incentive if they comply with certain requirements. In this instance, a new user must fund their account with at least 6 ETH or 0.2 BTC in order to qualify for the bonus. 

Bybit Vs Revolut

Revolut

Revolut is a top-notch banking option for people who travel frequently. Users of Revolut can transfer money from their Revolut account without having to worry about additional fees. Revolut is one of the greatest solutions for travellers thanks to the platform’s free foreign spending, auto-exchange or share trading, medical and travel insurance, as well as numerous other remarkable bonus features.

Bybit

According to our Bybit review, it is one of the top cryptocurrency exchanges around the world and a dynamic, effective, and feature-rich derivatives trading platform for cryptocurrencies. Bybit is transparent, secure, and safe. It offers the full package that cryptocurrency traders are searching for with its numerous trading options, leveraged trading, loss protection, payment alternatives, fee structure, promos, and round-the-clock reliable customer service. Bybit, however, does not represent independent financial advice or investment advice.

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Red Note: 30 September 2022

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