Investors may wonder if they have enough information to gauge whether cryptocurrencies are right for them. Even if they want to buy or sell cryptocurrencies, many investors haven’t yet found a cryptocurrency exchange that they can trust. Our Bybit review will help you evaluate the strengths and limitations of the Bybit cryptocurrency exchange.
- Operating Since 2018
- Currencies Supported 15+ cryptocurrencies
- Fees Varies
- Deposit Methods Credit and debit cards, bank transfers, and ApplePay
- Fiat Currencies Yes
- Verification Methods 2FA
- Margin Trading Yes
- Futures Trading Yes
What Is Bybit All About?
Bybit is a cryptocurrency exchange (mainly as a crypto derivatives exchange) registered in the British Virgin Islands. As an exchange platform, it allows account holders to buy and sell cryptocurrencies. It provides a fair trading environment to trade futures contracts with good leverage in BTC/USDT, ESO/USD, XRP/USD, ETH/USD, and BTC/USD perpetual contracts. The exchange also offers futures trading and margin trading at up to 100x leverage.
Founded in 2018, Bybit takes a visionary approach to investing. The company views its mission as empowering both new and experienced traders to achieve financial and personal success. Bybit doesn’t require new users to have any KYC requirements. Just provide a valid email address and working phone number to open an account.
Bybit exchange has carved out an interesting niche in the crypto market. Specifically, it focuses on spot trading and derivatives trading. Our Bybit review will consider these distinguishing elements of the exchange. It will also evaluate the platform’s features that could help or hinder investors in pursuing general financial success.
Our Bybit review serves investors at all skill levels. We do not shy away from using crypto terminology. However, we also do not want our review to come off as esoteric or obscure. Therefore, we will start with the basics of Bybit to ensure that all readers can interpret and use our review effectively.
Overall, this Bybit review will rate the crypto trading platform’s ability to help both new and veteran investors increase the value of their portfolios.
Caveats and Reminders
Many of Bybit’s investment and trading options are only suitable for experienced investors. These options may expose beginners to risks that can exceed the amount they invest. Derivatives trading particularly involves substantial risk and can be difficult to understand without some expertise in finance.
Bear in mind that no review can capture the full experience of using a cryptocurrency platform or replace years of investment experience. So, as you plan your investment strategy, keep in mind the level of risk you can tolerate. As such, you should avoid any investment vehicle you do not understand or exceeds your risk tolerance.
Pros of Bybit
A Variety of Cryptocurrency Options
Bybit allows you to execute spot trades in a variety of cryptocurrencies. Spot trades consist of instantly trading coins and tokens by posting buy and sell orders.
Spot trading allows traders to choose from a variety of cryptocurrencies including:
- Bitcoin (BTC)
- Cardano (ADA)
- Chainlink (LINK)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Polkadot (DOT)
- and more
As of 2021, Bybit offers some spot trading options with a more limited number of trading pairs. The Bybit platform is likely to increase its spot trading options in the future.
USDT (Tether) Trading
The volatility of Bitcoin trading is a strong point for many risk-taking investors. Yet, stability has its value in a diversified crypto portfolio.
Bybit offers Tether (USDT), a type of stablecoin. Tether and other stablecoins maintain a value equal to one US dollar, reducing cryptocurrency’s volatility.
Many traders favor the efficiency of trading between volatile cryptocurrencies and a safe harbor in the form of Tether. That way, they don’t have to transfer a cryptocurrency into a fiat currency such as USD or AUD.
Bybit allows its users to make spot trades between many cryptocurrencies. Note that spot trading involves actual ownership of cryptocurrency, unlike derivatives trading such as CFD trading.
The Dual-Price Mechanism and Perpetual Futures
Perpetual futures contracts are a derivative that doesn’t expire unlike spot or futures trades. This allows you to maximize your profit potential. Bybit plans to integrate with the MetaTrader4 foreign currency platform and incorporate quarterly futures contracts as well as subaccounts.
The Dual price Mechanism protects traders against price manipulation and trade manipulation. This can result in severe losses due to liquidation due to margin shortage or requirement for the prevailing market price.
Contract-for-Differences (CFD) trading is a form of derivatives trading. It involves parties agreeing to pay each other based on the short-term changes in a commodity without actually owning the commodity. Bybit provides users with opportunities for CFD trading and other types of derivatives trading in many cryptocurrencies.
Bybit, as with other crypto exchanges, allows traders to capitalize on leverage. Leverage consists of borrowing a multiple of the amount you are investing and using that amount to buy a much larger stake in the commodity. Keep in mind that leveraging raises potential risks as well as potential profits.
Bybit allows for 100x leverage, which is advantageous to investors who can tolerate a high level of risk. Take note that the max leverage Bybit offers is 100x. However, you can easily customize it from a leverage slider for isolated margin trading.
But, allowing high levels of leverage combined with derivatives trading could pose significantly high risk to new investors. This aspect has sometimes landed Bybit in trouble with regulatory agencies.
Nonetheless, Bybit has insurance fund to protect investors’ assets in case of default on derivatives contracts.
Bybit offers additional options for configuring conditional orders. These include reaching a certain price level or a pre-specified event.
- Post-Only- This fee is not required, even though your limit order price uses liquidity from the books. However, it will still process as a make order.
- Close on Trigger – This option guarantees that your stop loss will reduce your position regardless of any open orders.
- Good Till Cancelled: Your order will remain open until it is filled or you cancel.
- Immediate Or Cancel: This option allows you to cancel your order immediately.
- Fill O rKill – Your order will be cancelled when it isn’t filled with one trade.
You can set up conditional orders by clicking on the Conditional Orders tab or selecting the options at bottom of the box.
Opportunities to Learn
Unlike some cryptocurrency exchanges, Bybit’s founders included education in their mission statement. Consistent with that goal, Bybit hosts resources for investors such as a glossary and informational articles.
New crypto investors might appreciate this guidance as they gain experience and become accustomed to the Bybit interface. These resources can especially help investors learn how to interpret the platform’s tracking tools and order book.
One of Bybit’s most useful features is its demo trading functionality. The platform allows users to practice using its exchange before investing any money. As a result, this demo feature reduces an investor’s risk of losing money due to mistakenly using the interface.
Bybit received the Most Transparent Exchange award from Crypto Expo 2021. Cryptocurrencies by their very nature involve codes and hidden information. Furthermore, they derive their value from “dark pools” of money from anonymous sources. Therefore, a transparent exchange like Bybit offers conservative investors more reason to trust crypto trading.
Dual pricing is a process that prevents traders from manipulating the price of an asset on an exchange. For example, in some “pump-and-dump” schemes, unscrupulous investors purchase an asset to drive up its price. Their hope is to dupe other investors by selling the asset at this inflated price.
Bybit uses two prices, the Mark Price and the Last Traded Price. The Last Traded Price reflects an asset’s value on the exchange while the Mark Price reflects the actual global value of the asset. So, if someone tries to manipulate a cryptocurrency’s value on Bybit, its dual pricing will stop trades from executing until the exchange realigns with the global value.
Bybit allows people to trade quickly, securely, and easily using their mobile app (available for both Android and iOS). The app puts all the platform’s trading and performance data at your fingertips. This feature sets Bybit apart from numerous other cryptocurrency exchanges that lack an app. The users’ crypto accounts are fully secured through a multi-signature cold storage wallet solution. Just like desktop, users can buy crypto such as BTC, ETH, and other digital assets through the mobile app, either using the following deposit methods or payment methods: bank transfer, debit card, or a credit card.
Inverse futures trading is a form of crypto derivatives trading that allows an investor to profit if an asset decreases in value. It is similar to a short position in the result it delivers. However, like other forms of derivative trading, it does not require the investor to own the commodity.
Bybit gives traders the tools to profit from the rise and fall of currencies through derivatives trading.
Inverse perpetuals can be beneficial to trade in a bullish market where the underlining crypto asset also appreciate in market price. Any potential trading profits will be compounded in its value against its fiat currency value.
USDT perpetuals, which are the opposite of inverse, can be traded against USDT to secure collateral. There are over 30 trading pairs that use USDT as their base currency, which includes majors like Bitcoin, Ethereum, and XRP. To make a profit in USDT, you can trade popular DeFi tokens like LUNA and LINK. Trading USDT perpetuals has the advantage of gaining USDT that can later be used to buy assets on the spot market. These contracts are often used during Bitcoin bear markets.
ByBit’s advanced ordering system allows traders to create take profit and stop loss in with just one click. The order confirmation window includes multiple order types and times in force. This is an excellent feature. It’s not necessary to manually enter stop loss and take profits orders. A window will prompt you to set trade targets before the order is executed.
Take profit orders are activated by default as a Market Order and a Taker Fee is applied.
Orders that are available to traders include ‘limit order,’market or’ and ‘conditional orders’. ByBit’s order system allows for greater flexibility and control by using price-based triggers that allow for proper risk management.
Risk-free testnet environment
Bybit offers a testnet site that allows new traders to test trading strategies and learn how the site works without having to spend real money. It’s an excellent way to learn about derivatives and to practice your skills.
Leveraged trading is extremely risky so it’s a good idea to test your skills before you risk your hard-earned money. Start small and learn how to minimize risk before you trade for real.
Bybit’s Matching engine
Bybit’s matching engine can handle up to 100,000 transactions per second (TPS), which is incredible and offers great prospects for anyone who is interested in leveraged trading. This is not to imply that we are unable to verify the information. Bybit continually improves the security and reliability of its trading platform. They made speed improvements to the platform on December 2, 2020. This included order placements that were 50% faster, 50% less CPU and memory load, and 500% faster connections to Latin America and EMEA.
Two-Factor Authentication (2FA)
On Bybit, you don’t have to worry about someone getting into your account by stealing your phone or your password if you enable the 2FA feature. You (or anyone else) would need to have both your phone and your password to access your account.
Security is often paramount for crypto investors. Bybit allows investors to use cold wallets to store cryptocurrencies. Cold storage wallets are disconnected from the internet so they are not susceptible to hackers, ransomware, and malware when not in use.
Besides spot trading and derivatives trading, Bybit allows investors to invest in bitcoin mining and more conventional interest-bearing accounts.
Their dual asset accounts include two different cryptocurrencies within the same account. These accounts sometimes have phenomenal rates of return well above 100% APY.
However, keep in mind that many of these accounts are not asset protected. In other words, you could potentially lose the value of all your assets.
Bybit Trading Bot
Trading bots are automated software that trades as per the pre-set conditions by advanced traders. Some trading bots that enable a trader to auto trade in Bybit include WBCCLUB, Wunderbit, Tycoon, TokenBot, Stacked, Sirius Trader, Profitview, ProfitTrailer, Profit Trading, Mudrex, Massonline Hydor, GoodCrypto, FMZ, Cornix, Autoview, Alertaton, and 3Commas.
Bybit allows cryptocurrency deposits, but also offers fiat deposits via its fiat gateway. You can’t deposit fiat currency directly into Bybit, but you can easily access the fiat gateway by clicking Buy Crypto at top left.
Depositing cryptocurrency to your Bybit account is free of charge. Bybit doesn’t charge fees for depositing fiat currency. However, the service provider for the fiat gateway may charge a fee. To find out the exact fees, you will need to contact each provider via their respective websites.
Referrals are a way to share the financial incentives with active traders who refer friends or family to Bybit. Traders may receive a $10 bonus in BTC immediately. The referral bonus will be based on the trading volume made by the new user you invited.
Bybit bonus can either be utilized as an initial maintenance or initial margin to offset the trading fee or cover losses. As such, bonus cannot be withdrawn. The profits from trading with bonuses cannot be withdrawn. The bonus is immediately deposited in the trader’s Derivatives account, which refers the new user, once the referee has become qualified.
For new users, $50 coupon for first-time deposit within 2 days and $10 after 2 days, $5 bonus on a Bitcoin deposit, and $5 coupon on following Bybit on their social media channels such as Twitter and Telegram. Another thing is that Bybit is a user-friendly crypto platform that also conducts trading competitions offering huge prize money to winners.
Cons of Bybit
Bybit is a popular, growing platform but has some drawbacks that might give some investors pause before choosing it. Note that some of the following downsides may no longer apply in the future as the platform expands and develops:
Based in Singapore, Bybit is becoming integrated into the global regulatory framework. However, its current lack of regulation could concern some investors, not to mention regulatory agencies.
Not Available On Certain Countries:
Bybit provides cryptocurrency services for customers around the globe. It supports translations for English, Traditional Chinese, Korean and Japanese. Bybit prohibits certain countries from trading cryptocurrency such as:
- North Korea
- Quebec (Canada)
Bybit is not permitted to be used by traders from the United States (US). This is due to strict regulations which are beyond Bybit’s control. To trade crypto with margin, residents will need to locate a US cryptocurrency exchange.
The Site Can Be Confusing
Compared to some other cryptocurrency platforms, Bybit requires more computer savvy. It also demands a deeper understanding of computer and finance terminology to maximize its features.
Cryptocurrency is a new field for many investors, even those with prior investing experience. In a rapidly growing marketplace, Bybit and other crypto exchanges could benefit by easing newcomers into the trading experience.
For example, the instructions for Bybit’s withdrawal page warn that failing to select the correct blockchain network during withdrawal could cause loss of funds. Novice investors already have to keep track of different currencies, trades, strategies, and investments.
Altogether, new users should practice in Bybit’s demo mode to master the interface. They should also exercise caution while performing trades, deposits, and withdrawals.
Customer Support Team
Unlike other trading platforms that offer around-the-clock technical support, Bybit offers customer support only through online documentation and e-mail. This attribute might be frustrating if you need immediate help executing a trade, withdrawing funds, or accessing features of your account.
Nonetheless, Bybit users should not worry about losing funds because they mistakenly used the interface.
Bybit trading is not allowed in the United States. As a result, the number of trading pairs between cryptocurrencies is lower than those offered by other competing crypto exchanges such as Binance and BitMEX.
These limitations may decrease over time as Bybit expands its offerings and works toward compliance with regulatory frameworks around the world.
When it comes to trading, Bybit charges a maker fee / taker fee. This depends on whether you’re taking or adding liquidity to the market. Bybit charges a 0.075% taker fee for some transactions. Withdrawal fees vary based on the type of cryptocurrency you are trading.
Also, if you’re a beginner, keep in mind that market makers orders are not filled instantly, whereas market takers orders are filled right away as a market order.
Furthermore, investors who place orders that go into effect conditionally—thereby increasing the currency’s stability—receive a 0.025% rebate. Bybit fees and rebates are subject to change after the publication of this Bybit review. For that reason, check Bybit’s fee structure before investing.
ByBit Crypto Exchange Review for Australia
Established in 2018, Bybit is a fast-growing, innovative cryptocurrency derivatives exchange. A team of professionals with expertise in the forex and investment banking industries founded the company. Bybit is registered in British Virgin Islands and has its headquarters in Singapore. It is a platform that promises a fast, secure, and transparent trading environment. It is now on a mission to create the next-generation financial ecosystem using advanced blockchain technology. Bybit has more than 1.6million users worldwide, whether they are professional or retail clients. It remains customer-focused and strives to offer the best possible user experience.
Before we dive into the benefits, let’s briefly examine what derivatives are. These financial instruments, also called contracts, are based on an underlying asset and have a value of derivatives. The asset is not yours. Instead, you have a contract that allows you to purchase or sell the asset at a certain price in the future. This asset is cryptocurrency. Bybit is a cryptocurrency derivatives platform, meaning it can be used to buy and sell those contracts.
Trade cryptocurrencies on Bybit up to 100x leverage. You could trade a $10,000 position with a $100 investment. Leverage trading is a great way to make big profits, as it increases the trading rewards. However, it can also increase the risk.
You can either bet on the currency’s rising or falling price by placing a long or short trade. Bybit provides advanced trading options.
Bybit claims it can process 100,000 transactions per second which is significantly more than its competitors. It takes every precaution to prevent any server downtime. This is a problem that many exchanges have to deal with when a market change forces a lot of traders to trade simultaneously.
Charting tools such as it are very popular among traders because they offer a lot of functionality. Data can be downloaded in many formats.
Bybit offers a testnet site that allows new traders to test strategies and learn how the site works without having to spend real money. It’s an excellent way to learn about derivatives and to practice your skills.
Leveraged trading is extremely risky so it’s a good idea to test your skills before you risk your hard-earned money. Start small and learn how to minimize risk before you trade for real.
Bybit offers traders at all levels a wide range of news and resources. Bybit Learn teaches traders how to use technical tools, understand chart patterns, and more. It provides detailed analysis of individual coins and teaches users decentralized financing (DeFi). Bybit also hosts social media classes twice per week.
This is a good thing. Futures and margins can be complex financial tools, so you need to understand them before you use them.
Bybit offers a variety of security options to protect your assets. It keeps 100% of client funds in cold storage. To prevent unauthorized withdrawals, it reviews every withdrawal request individually.
Bybit is part of a bug bounty program encouraging ethical hackers to report loopholes in its systems. It also conducts background checks on all employees.
Bybit offers two-factor authentication at the user level for account security changes and withdrawals.
Our Bybit review reveals that it is a highly efficient and dynamic derivatives trading platform for cryptocurrency with unique features. It also falls under the top cryptocurrency exchanges. Bybit offers a safe, secure, and transparent. With multiple trading options, leveraged trades, loss protection, payment options and a solid customer service, Bybit truly offers the complete package crypto traders need. Bybit is not intended to be an investment advisory or independent financial advice. The above facts are confirmed by the Bybit summary. It is the best cryptocurrency firm.
ByBit Crypto Exchange Review for Canada
Bybit, a cryptocurrency derivatives trading platform, was established in 2018. The team behind the company includes professionals who are experts in forex and investment banking. Bybit’s headquarters are in Singapore. It is also registered in British Virgin Islands. It envisions a global economy, offering a transparent, fast, and secure trading platform. It is on a quest to build the next-generation financial system using innovative and advanced blockchain technology. Bybit is proud to have more than 1.6 million users around the world, including professional and retail customers.
Before we go into the perks let’s first look at what exactly derivatives actually are. Derivatives, also known as contracts, are financial instruments that are dependent on an underlying assets. The asset does not belong to you. Instead, you hold a contract to buy the asset or sell it at a future price. In this instance, the asset is cryptocurrency. Bybit is a cryptocurrency exchange that deals in derivatives. This means that these contracts can be bought and sold at this place.
You can trade cryptocurrency on Bybit at up 100x leverage. With a $100 investment, you can trade a $10,000 position. Because leveraged trading increases trading opportunities, experienced traders can make large profits. It also increases the risk.
The 15 currencies available allow users to bet on either the rising or falling prices. Bybit offers advanced trading options.
Bybit claims it can process 100,000 transactions per minute, which is significantly higher than the competitors. It makes every effort to avoid server downtime. This problem is faced by many exchanges when there are too many people trading at once.
The charting tools of this tool are extremely popular with traders, as they provide a lot more functionality and additional features. You can also download data from different formats.
Bybit provides a testnet website where traders can try out strategies and learn the site’s use without spending real money. This is a great way to get familiar with the complex and advanced tools of derivatives trading.
Because leveraged trading can be very risky, it is important to get confidence in the testing environment before risking your hard earned cash. You should start small before you begin trading for real. Make sure you know how to minimize your risk.
Bybit provides traders with a wealth of information, news, and insight. Bybit Learn, for example, teaches you how to use technical instruments and chart patterns. It also teaches users Decentralized Finance (DeFi), and provides detailed analysis for individual coins. Bybit offers classes on social media twice weekly.
It’s a good thing. Margins and futures are sophisticated financial tools that you will need to be able to use.
Bybit has several security measures in place that will protect your assets. It cold stores 100% of its client funds offline. Each withdrawal request is reviewed individually by the system to prevent unauthorised withdrawals.
Bybit is a participant in a bug bounty programme that encourages ethical hackers report any flaws in its system. It also checks the background of all its employees.
Bybit provides two-factor authentication to allow withdrawals and security changes at the account level.
Bybit is a dynamic, efficient derivatives trading platform that supports crypto. We also found it to be one of the most popular cryptocurrency exchanges. bybit is secure, transparent, and secure. The multiple trading options, leveraged and protected trading, loss prevention, payment options, fees structure, promotions, round-the-clock customer support, and many other features make Bybit the perfect choice for crypto traders. Bybit does NOT provide investment advice nor any independent financial advice. This is confirmed by the Bybit review summary. It is without doubt the best crypto company.
If you think Bybit won’t satisfy your crypto trading needs, then you should check out this review about the best Bitcoin and altcoin exchanges in Canada.
ByBit Crypto Exchange Review for UK
Bybit, an innovative and fast-growing cryptocurrency derivatives platform, was founded in 2018. The team was made up of experts in investment banking and the Forex industry. Bybit has its headquarters and is registered in Singapore. It envisions a global economic system and offers a fast, secure and transparent trading platform. It has begun a journey to build the next generation financial ecosystem that uses advanced blockchain technology. Bybit boasts more than 1.5 million users, both professional and retail, around the globe. This keeps Bybit customer-focused, and strives for the best user experience.
Let’s start by briefly explaining what derivatives are before we move on to the perks. Financial instruments (also known as contracts) that are based their value on an asset underlying them are called derivatives . You don’t actually own the asset. Instead, you are able to contract to purchase or sell the asset at a specified price in future. This is cryptocurrency. Bybit is an exchange for cryptocurrency derivatives, where these contracts can also be purchased and sold.
Bybit allows you to trade cryptocurrencies at upto 100x leverage. This means that you could trade a $10,000-value position for $100. As leveraged trading magnifies the potential trading rewards, it can help traders make huge profits. But, it also magnifies risk.
Users can choose to either go long or small on any of the available currencies. This allows them to place a bet on whether the price will rise or fall. Bybit offers advanced trading tools.
Bybit claims that it can process 100,000 transactions per seconds, which is significantly better than other exchanges. It does all it can to avoid server outages, which is something that many exchanges experience when too many traders are trading simultaneously.
Traders love its charting tools because of their many features and functionality. You can also get data in different formats.
Bybit has a testnet where new traders can practice strategies and learn how to use it without real money. It is an easy way to get started with derivatives.
Leveraged trading can be risky. It is best to practice your trading skills in a test environment before you invest any real money. Start small and understand the risks involved in trading.
Bybit offers traders of all levels an impressive range of resources, news, insights, and other information. Bybit Learn is a tutorial that teaches how to use technical tools and recognize chart patterns. It offers detailed analysis of individual coins as well as decentralized financial (DeFi), instruction. Bybit also offers social media classes twice a week.
That’s a great thing. Margins and futures are complex financial tools. You’ll need to know how they work before you can use them.
Bybit has many security measures in place for protecting your assets. It has cold storage for 100% of the client funds. It reviews each withdrawal request separately to ensure that there are no unauthorized withdrawals.
Bybit participates as a bug bounty participant, encouraging ethical hackers and others to report bugs in its system. It also runs background checks on all of its employees.
Bybit allows two-factor authentication on a user’s level. This is used to withdraw funds and make changes to your account security settings.
Bybit’s review states that it is a powerful and efficient trading platform for derivatives crypto, with unique features. Also, it falls under the top cryptocurrency platforms. Withbit is transparent . It’s secure and reliable . The many trading options, leveraged trading and protection against losses, payment options as well as the fee structure, promotions, customer support, and solid customer service make it the ideal choice for crypto traders. Bybit does not provide financial advice, investment advice, or any independent financial advice. A Bybit review summaries on the internet confirm the above facts. It is undoubtedly the most trusted cryptocurrency company.
Bybit is a solid choice of crypto exchange for newcomers who are eager to learn. It may be a stronger choice overall for experienced investors due to its emphasis on more advanced investment strategies as well as relatively low fees. Nonetheless, its transparency still makes it a good option for more squeamish investors new to cryptocurrency.
To close our Bybit review, Bybit’s focus on derivatives trading could convince new investors to take on considerable risk. However, as long as new investors do not let the user-friendly interface lull them into thinking derivatives trading is easy, they could benefit from Bybit. Make sure to visit their website (bybit.com) for more info!