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 crypto exchange with an ultra-fast matching engine, multilingual 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, 2FA, and proof of reserves.
- 24/7 Customer Support: Bybit customer support is available 24/7 via email, live chat support, 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.
- Trading Bot: Bybit has a Trading Bot which is an automated program that executes buy and sell orders according to a preset trading strategy. There are three main types of bots available: Spot Grid Bot, DCA Bot and Futures Grid Bot.
- Mobile App: ByBit has an app available on both Google Play and the App Store
Bybit Mobile App: Trade Anytime, Anywhere
The Bybit 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 user 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 app lets users do everything they need to trade cryptocurrencies. They can use all the important trading tools and features like spot trading, derivatives trading, and leveraged trading. Users can see market data in real-time, manage their trades, and make new trades right from the app. This makes it easy for users to stay connected to the markets all the time.
See more about Bybit funding rates and fees in derivatives trading here.
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 app lets users set up special alerts and notifications for prices. This way, users will always know when something important happens in the market. Users can choose what kind of alerts and notifications they want to get. This helps them stay up-to-date on big price changes and other important things that happen in their account.
Secure and Easy Account Management
The Bybit app has strong security features to keep users’ accounts and personal information safe. For example, users can use 2FA or their fingerprint to log in. Users can also easily manage their money and change their account settings right from the app. This makes using Bybit easier and more convenient.
Customer Support and Resources
The Bybit app lets users get help quickly if they need it. Users can send a message to the support team and get an answer fast. The app also has a help center with lots of information to help users learn more about Bybit, how to trade, and how to understand the market. This makes it easy for users to get the help they need and learn more about trading on Bybit.
NFT Marketplace Access
The Bybit app lets users explore and use the Bybit NFT marketplace. In the marketplace, users can find, buy, and sell special digital art and collectibles. This lets users invest in different things and learn about the exciting world of NFTs.
The Bybit app is also a very useful tool for people who are new to trading and for people who have been trading for a long time. The app is easy to use and has many advanced features. It’s a great way to trade cryptocurrencies on your phone so that you never miss any good trading opportunities, even when you are 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)
Bybit doesn’t have its own coin or token like some other exchanges do. But Bybit is a partner of a group called BitDAO, which has its own token called $BIT. Bybit gives money to BitDAO on a regular basis. Right now, one $BIT is worth around US$0.606699.
BitDAO doesn’t have any founders or employees. People who own $BIT tokens run the group and want to create a new kind of economy using tokens. BitDAO helps many different projects by giving them money and support.
Bybit often has special events and rewards for people who own $BIT tokens. People who own $BIT can also get higher VIP levels and pay less in fees.
Bybit has the most $BIT tokens and it’s the easiest place to trade them. So if you want to trade $BIT tokens, Bybit is the best place to do it.
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 fees for withdrawals depend on which cryptocurrency is to be withdrawn. 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
The most money you can take out of Bybit in one day depends on how much information you have given them about yourself. This is called KYC verification. If you haven’t given them any information (KYC level 0), you can take out up to 20,000 USDT per day and up to 100,000 USDT per month. But if you have given them a lot of information (KYC level 2), you can take out up to 2 million USDT per day and there is no limit for the whole month.
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 fees.
Bybit VIP Program
Bybit has a special program for important users called the VIP program. Users can become VIPs if they have a lot of money in their trading accounts, own a lot of $BIT, borrow money from Spot Margin Trading and Crypto Loans, and trade a lot in 30 days. Once users meet these requirements, they automatically become VIPs.
For example, to become a level 1 VIP, users must have at least US$50,000 in their account, own 50,000 $BIT, and borrow an average of US$50,000 for 30 days. Level 1 VIPs must also trade at least 1-3 million dollars in spot trading and 10-25 million dollars in other types of trading in 30 days.
For higher Bybit VIP levels, see the below table:
Is Bybit Safe?
Bybit has never been hacked and has received an important security award called the PCI-DSS Service Provider Level 1 Certification. This means they follow the best security practices.
Bybit works hard to keep its users safe from the moment they sign up. They have many security features like two-factor authentication, access security, security notifications, and customer service support available 24/7. They even have a special team that provides security alerts all day and night for big companies that use Bybit.
After another exchange called FTX had problems, Bybit started showing proof that they have enough money to cover all the money their users have deposited. Users can even check their own Bybit account deposits using a special feature called Verify My Account.
What is the Bybit Insurance Fund?
ByBit has an Insurance Fund protects users from losses caused by extreme market volatility. ByBit collects a portion of fees to fund this, 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 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 fees, good user experience, and strong security measures. Overall, Bybit provides 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 is popular due to its ultra-fast matching engine, multilingual support, and excellent customer service. It has more than 10 million worldwide users and offers more than 230 perpetual and futures contracts. Bybit’s wide range of services in the crypto space, including buying and selling crypto, an NFT marketplace, bot trading, peer-to-peer (P2P) trading, copy trading, and so much more make it ideal for both experienced and new crypto investors and tradersÂ
Bybit does not require any KYC verifications to start trading. However, there will be limited features available to non-KYC users as well as lower withdrawal limits.
No, Bybit is not supported in the United States.
New Bybit users will get up to 30,000 USDT deposit rewards when registering for an account. 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 they 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 trading crypto, Bybit also has a marketplace where users can explore, buy and sell NFTs. Check it out here.
Bybit supports fiat deposits, P2P and one-click buy. One-click buy allows users to buy crypto using bank transfer or credit card.
It can be profitable. However, users should always remember that this 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.
Bybit uses advanced security measures to protect user funds and has never been hacked. They have received the PCI-DSS Service Provider Level 1 Certification and have many security features like two-factor authentication, access security, and security notifications. Bybit also shows proof that they have enough money to cover all the money their users have deposited.
Bybit is considered a legit cryptocurrency exchange. It is located in Singapore and has offices in Taiwan and Hong Kong. Bybit has more than 10 million users worldwide and offers over 230 different types of trades. The people who work at Bybit are experts from many different fields like banking, technology, and money trading. They also have a team of developers from big companies like Morgan Stanley, Baidu, Alibaba, and Tencent.
Bybit hosts many trading competitions. They range from small but frequent product-specific competitions held every month or two, to annual grand events like the World Series of Trading (WSOT). Winners are ranked on the leaderboard based on the profit and loss (P&L) ratio or by trading volume.
Bybit uses a dual-price mechanism consisting of the Last Traded Price and the Mark Price. This mechanism stops traders from falling victim to market manipulations which result in differences between the market price on a futures exchange and the spot price. For traders, this means a mass liquidation of their positions can be prevented. Learn more about Bybit’s dual price mechanism here.
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.
Bybit ranks third out of all top derivative exchanges on Coingecko based on 24 hour open interest.
For regular users, Bybit offers cheaper rates for perpetual and futures contracts trading. Bybit charges 0.06%/0.01%, whereas Binance charges 0.02%/0.04% for maker/taker fees. For spot trading, Bybit and Binance fees are the same (0.01% for both makers and takers)
Coinbase is mostly for buying and selling crypto on the spot market. However, Bybit is more specialised in derivatives trading. The fees for Bybit are also better than Coinbase in that it is cheaper. However, if you are a US citizen, your only choice is to use Coinbase since Bybit does not support US customers.
Bybit has more users than Kucoinm and a better and smoother user experience. Bybit also has lower trading fees than Kucoin.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
