Bybit is one of the top cryptocurrency exchanges specialized in crypto derivatives trading, and has one of the largest 24-hour trading volumes globally. In this Bybit review, we’ll dive into the platform’s features, fees, security, and more to help you decide if it’s the right exchange for your needs.
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What is Bybit?
Bybit is a cryptocurrency exchange with an ultra-fast matching engine, multilingual customer support, and excellent customer service. It has a global user base of more than 10 million and offers more than 230 perpetual and futures contracts. As a result of its impressive trading volume and open interest, the platform has secured the fourth position among derivative exchanges according to Coingecko.
Bybit was founded in March 2018 by Ben Zhou, a former trader at XM, which is one of the world’s largest forex and CFD trading brokerage firms. It is based in Singapore, with offices in Taiwan and Hong Kong. The team comprises professionals from investment banks, tech firms, the forex sector, and early adopters of blockchain. They also have a development team made up of experts from Morgan Stanley, Baidu, Alibaba, and Tencent.
Bybit also has a large network of strategic partnerships, working with some of the biggest organizations in the crypto industry such as Chainlink, Circle, Fireblocks, and Paradigm.
Bybit Key Features
Here are some key features of Bybit Exchange:
- High Leverage: Bybit offers up to 100x leverage on its perpetual contracts, allowing traders to maximize their profits.
- Low Fees: Bybit offers some of the lowest fees in the industry, with a maker fee of 0.06% and a taker fee of 0.01% for non-VIP perpetual and futures traders. However, this can go as low as 0.03% and 0% for taker and maker fees respectively.
- Fast Execution: Bybit’s matching engine is capable of processing up to 100,000 transactions per second, ensuring fast and reliable order execution.
- Secure Trading Platform: Bybit uses advanced security measures to protect user funds, including cold storage, multi-signature wallets, two-factor authentication, and proof of reserves.
- 24/7 Customer Support: Bybit customer support is available 24/7 via email, live chat, and social media.
- Products: Bybit offers over 220 trading pairs for derivatives perpetual contracts for Bitcoin, Ethereum and other altcoins.
- Copy Trading: Be the best by learning from the best! ByBit has a learderboard of top traders you can copy from.
- Mobile App: ByBit has a mobile app available on both Google Play and the App Store
Bybit Trading Platform: A Powerful and Intuitive Crypto Trading Experience
The Bybit trading platform stands out as a leading cryptocurrency exchange, offering a comprehensive suite of features that cater to both new and experienced traders. Designed with user experience in mind, the platform provides a seamless trading environment, enabling users to execute trades efficiently and access a range of advanced tools to optimize their strategies.
User-Friendly Interface
The platform’s intuitive design ensures that users can navigate the exchange with ease. The clean layout presents essential information clearly, while the customizable dashboard allows users to tailor the interface to suit their preferences. This focus on user experience minimizes the learning curve for new traders and enhances efficiency for experienced ones.
Advanced Charting and Analysis Tools
The Bybit trading platform offers a wide range of charting tools and technical indicators, empowering users to conduct in-depth market analysis. With numerous chart types, timeframes, and drawing tools, traders can easily visualize market trends and identify potential trading opportunities.
Diverse Trading Products
Bybit provides users with an extensive selection of trading products, including spot trading, derivatives trading, margin trading, and perpetual contracts. This variety allows traders to diversify their strategies, engage in different market segments, and manage their risk exposure more effectively.
Efficient Order Types
The platform supports various order types, including limit, market, and conditional orders, enabling users to execute trades with precision and control. Additionally, advanced order options, such as stop-loss, take-profit, and trailing stop orders, help traders manage risk and secure profits in volatile markets.
High Liquidity and Low Latency
Bybit ensures a high level of liquidity and minimal slippage by partnering with top market makers and using advanced matching engines. The platform’s low-latency infrastructure guarantees fast order execution, which is critical for traders, especially in fast-moving markets.
By integrating these essential features and focusing on user experience, the Bybit trading platform delivers a powerful and intuitive environment for cryptocurrency trading. Its advanced tools, diverse trading products, and user-friendly design make it an attractive choice for traders looking to optimize their strategies and succeed in the rapidly evolving world of crypto trading.
Bybit Mobile App: Trade Anytime, Anywhere
The Bybit mobile app is a powerful and user-friendly trading tool designed for cryptocurrency traders on the go. Available for both Android and iOS devices, the app provides an intuitive user interface and a comprehensive trading experience that matches the desktop version’s capabilities. It boasts numerous features to cater to traders’ diverse needs, making it an essential tool for anyone looking to trade on the Bybit platform.
Seamless Trading Experience
The Bybit mobile app allows users to access all the essential trading tools and features, such as spot trading, derivatives trading, and leveraged trading. Users can monitor real-time market data, manage their positions, and execute trades directly from the app, making it a convenient option for those who want to stay connected to the markets 24/7.
Advanced Charting Tools
The app offers a range of advanced charting tools and technical indicators to help users make informed trading decisions. With customizable time frames, users can easily analyze market trends and spot potential trading opportunities.
Price Alerts and Notifications
The Bybit mobile app enables users to set customizable price alerts and notifications, ensuring they never miss critical market movements. These notifications can be tailored to the user’s preferences, keeping them informed about significant price changes and account-related updates.
Secure and Easy Account Management
The app features robust security measures, such as two-factor authentication and biometric login options, to protect users’ accounts and personal information. Users can easily manage their deposits, withdrawals, and account settings directly from the app, streamlining their trading experience.
Customer Support and Resources
The Bybit mobile app provides access to the platform’s customer support, allowing users to submit tickets and receive assistance promptly. The app also includes a comprehensive help center and educational resources to help users learn more about the platform, trading strategies, and market analysis.
NFT Marketplace Access
The app allows users to explore and participate in the Bybit NFT marketplace, where they can discover, buy, and sell unique digital art and collectibles. This feature enables users to diversify their investment portfolios and engage with the rapidly growing world of non-fungible tokens.
By meeting the provided criteria and incorporating the essential features, the Bybit mobile app becomes an indispensable tool for both novice and experienced traders. Its user-friendly design, advanced functionalities, and seamless trading experience make it an attractive option for those looking to trade cryptocurrencies on the go.
Bybit Testnet and Demo Trading
The Bybit Testnet is a demo trading platform that allows users to practice trading with virtual funds without risking real money. The Testnet replicates the live trading environment, providing an excellent opportunity for beginners to familiarize themselves with the platform and advanced traders to test new strategies before implementing them on the main platform.
Does Bybit have a Coin/Token? ($BIT)
The Exchange does not officially have a native coin/token (unlike other exchanges such as Binance who has a $BNB token). However, Bybit is a partner of BitDAO, which has a native token known as $BIT. The exchange provides recurring contributions to the BitDAO treasury. As of the time of writing, $BIT has a market price of US$0.606699.
BitDAO does not have any founders or employees. A group of $BIT token holders is running the project with the aim to create a decentralized token economy. BitDAO aims to provide research and development, liquidity bootstrapping, and funding to a wide range of projects including DeFi, other DAOs, NFTs and gaming projects.
As a partner of BitDAO, Bybit frequently has campaigns and perks for $BIT coin and token holders. For example, there is currently a BIT Trading Fiesta campaign where frequent traders of $BIT on the exchange may get up to US$100,000 in rewards. $BIT holders are also eligible for higher VIP levels and discounted trading fees.
Bybit also holds the largest quantity of $BIT coins and has the highest liquidity. So Bybit would be the exchange of choice for trading $BIT coins.
Bybit Supported Countries
Bybit currently serves users in over 150 countries and regions. However, Bybit is not supported in the following countries: United States, mainland China, Singapore, Quebec and Ontario (Canada), North Korea, Cuba, Iran, Crimea, Sevastopol, Sudan, Syria, Donetsk, Luhansk and Uzbekistan.
Bybit Supported Cryptocurrencies
Bybit supports 279 cryptocurrencies and offers 358 trading pairs. So users should not have much trouble in being able to trade your rare cryptocurrencies on Bybit.
Bybit Fees
Deposit and Withdrawal Fees and Limits
Bybit does not charge any fees for crypto deposits. The cryptocurrency to be withdrawn determines Bybit withdrawal fees. For example:
- BTC: 0.0005
- ETH: 0.005
- USDT (ERC20): 10
- USDT (TRC20): 1
- DOGE: 5
Bybit also imposes limits. For example:
- BTC: 0.001
- ETH: 0.02
- USDT (ERC20): 20
- USDT (TRC20): 10
- DOGE: 25
As for the maximum withdrawal limits, the amount depends on your KYC vertification level. KYC level 0 users can withdraw up to 20,000 USDT per day, and 100,000 USDT per month. Meanwhile, KYC level 2 (i.e. the higest level) users can withdraw up to 2 million USDT per day with no monthly limits.
Trading Fees
Bybit uses a maker/taker model for its fees. The exchange prides itself on having one of the lowest fees for entry-level accounts.
For spot trading on Bybit, fees for non-VIP users are 0.10% for taker and maker fees. The highest VIP level (i.e. Pro 3) users only pay 0.02% and 0% for taker/maker fees.
For perpetual and futures trading on Bybit, non-VIP users pay 0.06% and 0.01% for taker and maker fees respectively. Whilst Pro 3 level VIP users only pay 0.03% and 0%.
Click here to learn more about Bybit trading fees.
Bybit VIP Program
Bybit has a VIP program that rewards useres with a higher asset balance in their trading accounts, $BIT holdings, borrowing from Spot Margin Trading and Crypto Loans, as well as a specified 30 day trading volume. Once the requirement levels are met, users will automatically qualify as a VIP trader.
For example, to be the first level of VIP i.e. VIP 1, users must have at least: US$50,000 asset balance, 50,000 $BIT, US$50,000 30 day average effective net borrowing. VIP 1 users must also have the minimum 30-day trading volume (in USD): 1-3M spot trading, and 10M-25M in USDT & inverse contracts trading, USDC perpetual trading and USDC options trading.
For higher Bybit VIP levels, see the below table:
Is Bybit Safe?
So far, Bybit has not suffered any hacks and has been awarded the PCI-DSS Service Provider Level 1 Certification, demonstrating its compliance with platform security best practices.
Bybit also aims to protect users from the moment they sign up for the exchange. Security features include: two-factor authentication, access security, security notifications, and round the clock customer service support. For institutional users, Bybit even has an independant team that provides round the clock security alerts.
Following the collapse of FTX exchange, Bybit has also taken the initative to provide proof of reserves. This shows that Bybit has more than sufficient funds to meet users deposits. Users can also verify their own Bybit account deposits using their Verify My Account feature.
What is the Bybit Insurance Fund?
The ByBit Insurance Fund protects users from losses caused by extreme market volatility. ByBit collects a portion of trading fees to fund its Insurance Fund, which covers any losses incurred by traders due to sudden market movements and provides users with peace of mind when trading on the platform. Learn more here.
Is Bybit Regulated? Ensuring Compliance and Security for Users
Bybit, as a cryptocurrency exchange, takes regulatory compliance very seriously. While the cryptocurrency industry is still evolving, and regulations can vary significantly across different jurisdictions, Bybit aims to adhere to the highest standards of compliance in every region where it operates.
Bybit is registered in the British Virgin Islands and has its headquarters in Singapore. It complies with the regulatory requirements of the jurisdictions in which it operates and maintains a strong focus on providing a safe and secure trading environment for its users.
Although Bybit is not regulated by a single, specific financial authority like traditional financial institutions, the exchange has implemented various measures to ensure user security and transparency. These measures include Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, which help maintain a high level of trust and accountability.
It is crucial for users to understand the regulatory landscape in their country of residence and ensure that they are compliant with local laws and regulations when using Bybit’s platform. As the global regulatory environment continues to evolve, Bybit remains committed to maintaining the highest standards of compliance and security to protect its users and their assets.
Bybit Review
Bybit is an exchange offering a wide range of services, including cryptocurrency trading and derivatives. It has a wide selection of cryptocurrencies supported, competitive trading fees, good user experience, and strong security measures. Overall, Bybit offers excellent services and for our ByBit review we give it scores out of 5 as follows:
Services Offered: 4/5
Cryptocurrency Support: 5/5
Trading Fees: 4.5/5
Security: 4.5/5
Conclusion
Bybit is one of the most popular crypto derivatives exchanges on the market. It has competitive fees and a good track record in terms of security. The only downsides are that it is not available for US users, and the lack of KYC procedures could be problematic if there is an issue with the exchange. Trades are constantly happening and can be executed quickly and at competitive prices on Bybit, which is a highly liquid exchange. However, users should always exercise caution when trading on leverage, because losses can be multiplied just as gains can.
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Frequently Asked Questions (FAQs)
Bybit does not require KYC verification to start trading. However, there will be limited features available to non-KYC users as well as lower withdrawal limits.
New Bybit users will receive a US$20 welcome bonus when registering for an account. There are also bonuses of up to 10 USDT for completing simple tasks such as KYC verification, depositing cryptocurrencies and trading on their spot and deriviates platforms. Sign up HERE.
Bybit accepts over 300 payment methods including bank transfer, credit card, in-person cash payments and can even connect you to other OTC markets. Note however that the payment methods may differ depending on your country.
The Bybit rewards hub contains a list of ongoing tasks you can complete on the exchange in order to get rewards. Tasks include staking or trading, and rewards usually are USDT/USDC bonuses. You can check out the Bybit rewards hub here.
In addition to crypto trading, Bybit also has an NFT marketplace where users can explore, buy and sell NFTs. Check out the Bybit NFT marketplace here.
Bybit supports fiat deposits, P2P and one-click buy. One-click buy allows users to buy crypto using payment methods such as bank transfer or credit card.
Bybit copy trading can be profitable. However, users should always remember that copy trading involves risk, as not all traders are successful.
Bybit has not suffered any hacks so far. They have also been awarded the PCI-DSS Service Provider Level 1 Certification showing its compliance with platform security best practices.
