I’m sure that you’re aware that trading in cryptocurrency has made notable progress since Bitcoin started. It has given a lot of individuals including investors and traders the opportunity to earn from it. As the cryptocurrency marketplace continues to grow, platform like Bybit came -up to handle the growing demand for cryptocurrency through derivatives.
Cryptocurrency is a digital kind of money that exists only on computers. No one, not even any financial institution or the government has control over it. Cryptocurrency started with Bitcoin, and later progressed to Litecoin and Ethereum. People buy, sell and trade these digital money through a means called exchange. Some people hold on to it, hoping it will increase its value so they can sell it off and make more profit. While some use it to buy more digital currencies and store it for the future.
That’s where Bybit comes in as a top cryptocurrency derivativesplatform that is well-known in the crypto trading community. Before you join Bybit make sure they supported your country. This article will reveal to you all the Bybit supported countries. Now, let’s take a look at Bybit and all Bybit supported countries including what it has to offer to traders.
What is Bybit?
Bybit is a trading platform where people trade cryptocurrency through betting.
Instead of buying and selling cryptos, traders on Bybit place bets on what they think would be the price of Bitcoin and any other cryptocurrencies in the future. It’s like making a prediction when you’re not sure of what the outcome would be, but hoping it would turn out the way you want it. In derivatives trading, you don’t have to own a Bitcoin to trade. When you trade on Bybit, you’re only betting on the price movement of Bitcoin. That means, you’re trading on a contract that tracks the price of Bitcoin and not trading the Bitcoin itself.
When you predict that Bitcoin will go up and place a trade, you’re taking a position based on your prediction while other traders might take the opposite side thinking it’ll go down.
This trading activity happens between traders like you, while the platform serves as the middleman that makes trading possible and easier. However, the Bitcoin is not changing its value, but it’s more like a bet on the price movement.
How Bybit Works
- Normally, to be a member of any organization or platform you’ll have to register. So the same principle applies here. Visit Bybit website, register, provide your information and get your account. With this, you can join other traders to place bets on Bitcoin future outcomes. Below is the guide on how to go about it.
- Deposit money into your Bybit account.
- You set a leverage . This leverage is more like a loan that enables you to control a bigger trade with a smaller amount of money. It means you’re trading with power, and your money’s buying power is being multiplied despite how small it is. More like 10x your actually money.
- Next, you place a bet on your prediction.
- If you’re right, you make profit from it, but if you’re wrong, you’ll lose the money you staked and also the leverage you used will increase your lose. That’s why it’s important to use your leverage wisely to reduce the risk of losing too much when your stake is wrong.
- In summary, if you think the price will go up, go ahead and buy a contract. If the price goes up, the contract becomes more prized. You can sell it off and make profit. However, you can only do this if your zone is among the Bybit supported countries.
List of Bybit Supported Countries
Bybit is a great platform. Unfortunately, it only supports a few countries. Below are the Bybit supported countries:
- Australia
- Algeria
- Angola
- Åland Islands
- American Samoa
- Andorra
- Argentina
- Armenia
- Aruba
- Azerbaijan
- Bulgaria
- Belarus
- Belgium
- Benin
- Bermuda
- Bonaire
- Sint Eustatius and Saba
- Brazil
- British Indian Ocean Territory
- Brunei Darussalam
- Bulgaria
- Canada
- Croatia
- Czech Republic
- Curaçao
- Cyprus
- Czechia
- Denmark
- Dominica
- Egypt
- Estonia
- Eswatini
- Faroe Islands
- Finland
- France,
- French Polynesia
- Gabon
- Gambia
- Georgia
- Germany
- Greece
- Greenland
- Grenada
- Guadeloupe
- Guam
- Guernsey
- Guyana
- Holy See
- Hong Kong
- Hungary
- Iceland
- India
- Ireland
- Israel
- Indonesia
- Italy
- Japan
- Kazakhstan
- Kenya
- Kiribati
- Republic of Korea
- Lao People’s Democratic Republic
- Latvia
- Lesotho
- Liechtenstein
- Lithuania
- Madagascar
- Malawi
- Malaysia
- Maldives
- Marshall Islands
- Martinique
- Mauritania
- Federated States of Micronesia
- Republic of Moldova
- Monaco
- Montenegro
- Mozambique
- Netherlands
- New Caledonia
- New Zealand
- Niger
- Norway
- Oman
- Palau
- Papua New Guinea
- Paraguay
- Peru
- Philippines
- Poland
- Portugal
- Romania
- Russian Federation
- Réunion
- Saint Barthélemy
- Saint Martin (French part)
- Saint Vincent and the Grenadines
- San Marino
- Senegal
- Seychelles
- Slovakia
- Slovenia
- South Africa
- Spain
- Sri Lanka
- Suriname
- Svalbard and Jan Mayen
- Sweden
- Switzerland
- Taiwan (Province of China)
- Tajikistan
- Tanzania
- United Republic of
- Togo
- Turkey,
- Turkmenistan
- Turks and Caicos Islands
- Ukraine
- United Kingdom of Great Britain and Northern Ireland
- United States Minor Outlying Islands
- Uruguay
- Uzbekistan,
- British Virgin Islands
- U.S. Virgin Islands
- Zambia
List of States Where Bybit is Supported in the USA
US residents can’t create an account with Bybit, trade or make withdrawals because Bybit platform is not supported in the entire country. Bybit is yet to follow the US cryptocurrency trading rules, that’s why residents are banned from using it. But you can check out other trading exchange platforms to know which one is supported in the US.
Bybit Alternative Platforms
- Binance.com (Most Popular)
- MEXC
- KuCoin
- OKX
- Bitget
- PrimeXBT
- Kraken
- Phemex
Conclusion
Bybit is a strong derivatives cryptocurrency platform, which allows you as a trader to place a bet on the future outcome of Bitcoin prices, make a profit and also manage risks. As a trader, you can use leverage as borrowed funds to increase your trading power. But this also means increased risks as well. Traders have the opportunity to spread their investment throughout different cryptocurrencies like Bitcoin, Ethereum and Altcoins. This will help to reduce the traders dependence on one marketplace and also make their investment more stable. It’s more like having many streams of income. For you to be a trader in Bybit, your country must be among the Bybit supported countries.