Explore the latest findings in our Bybit Review, where we explore the fast-paced world of cryptocurrency trading on one of the top platforms in the field.
Bybit provides a sophisticated trading environment and offers various cryptocurrencies across multiple markets.
This piece explores Bybit’s trading fees, innovative features, customer service, and security protocols, helping you make informed decisions for your trading journey. Join us on this Bybit review as we uncover all the exchange offers in the ever-evolving crypto market.
Reader’s note: The numbers, facts, and figures provided in this article were accurate at the time of publishing.
Bybit is a leverage-focused cryptocurrency exchange designed to cater to novice and experienced traders. It offers extensive margin trading options, with leverage up to 100:1, which allows traders to amplify their positions significantly. Bybit’s standout feature is its flexibility in adjusting leverage settings even after opening a trade. This adaptability is rare in the crypto trading world.
Bybit is not just about trading. It’s about a secure and functional trading experience. The platform supports spot trading and features an intuitive trading terminal. Automated grid bot trading caters to high-volume trading needs.
Bybit’s educational initiatives and a testnet for newcomers lay a solid foundation for learning derivatives trading. The platform’s unique features, including an intelligent trading system, an HD cold wallet, and a 100K TPS matching engine, ensure robust security and high functionality, setting it apart from its competitors.
Payment methods are diverse, and Bybit supports over 55 currencies through its fiat gateway. However, Bybit is not accessible to U.S. traders, which limits its reach.
While generally robust, customer service has occasionally been criticized for delays. Overall, Bybit offers a comprehensive, secure trading environment with features distinguishing it from competitors.
Bybit’s pros and cons
This Bybit review section examines the platform’s pros and cons to provide a balanced understanding.
Pros:
- Wide Range of Cryptocurrency Offerings: Over 24 high-volume cryptos, including Bitcoin, Ethereum, and Litecoin.
- Leveraged Trading: Allows up to 100:1 leverage, enhancing trading strategies.
- Intuitive User Interface: An easy-to-navigate platform suitable for all traders.
- Robust Security Measures: Implements 2FA, cold storage, and regular security audits.
- Competitive Fees: Offers competitive trading fees.
- Advanced Trading Tools: Superior technology supports a wide range of trading tools.
- Educational Resources: Comprehensive materials and a risk-free simulation environment.
- Apple Pay Integration: Bybit card integrated with Apple Pay for crypto transactions.
Cons:
- Limited Fiat Currency Support: Limited options for fiat deposits and withdrawals.
- Regulatory Uncertainty: Legal status varies across regions.
- Technical glitches: On May 16, 2024, not all users received Notcoin airdropped tokens before trading opened. If such incidents recur, the exchange’s credibility in handling new listings may be negatively affected.
- Customer Support: Reports of occasional delays.
- Limited Spot Trading: Primarily focuses on futures and derivatives trading.
About Bybit
Bybit, a leading cryptocurrency spot and derivatives exchange, has been operational since 2018.
Interesting fact: Inspired by the need for a trustworthy exchange, Bybit’s founder aimed to create a platform blending the best aspects of crypto and traditional finance, allowing users to trade “bit by bit” – a motto that became the company’s name.
Headquartered at the Dubai World Trade Center, Bybit has become the world’s second-largest crypto exchange by 24-hour trading volume. It boasts a significant market share of over 6% and serves a global user base exceeding 10 million.
Bybit’s unique selling point is its small perpetual contracts, each valued at $1 USD. This appeals to a wider audience compared to larger contracts found elsewhere. Bybit offers leverage options up to 100:1 but adjusts this based on position size to manage risk. You can find more details on their Risk Limit Levels page.
Bybit offers trading in inverse, linear perpetual, and quarterly futures contracts. The platform’s state-of-the-art matching engine manages 100,000 transactions per second, ensuring stability during market volatility.
Bybit’s innovative features include a dual-price mechanism and significant market depth, ensuring minimal price impact for trades. It provides a secure environment with an insurance fund to mitigate risks.
While it’s known for high-leverage trading, Bybit also supports spot trading and offers various passive income products. Despite its global reach, Bybit is unavailable in the U.S. due to regulatory restrictions.
Other regions/countries where Bybit is unavailable include Québec (Canada), Singapore, Cuba, Crimea, Iran, Mainland China, North Korea, Syria, and Sudan.
Bybit further prioritizes security with an “insurance fund” currently at 1,280.59 BTC (as of this article).
This fund safeguards traders if liquidation occurs below their “bankruptcy price.” It is funded by traders’ initial margins and replenishes itself through liquidations, ensuring availability to compensate counterparties and protect traders during extreme market events.
Bybit review: Fees
Bybit’s fee structure is tiered, offering discounts for VIP users based on their asset balance or 30-day trading volume. VIP levels update daily, with higher levels granting greater discounts. For instance, a $250K asset balance or $6 million 30-day spot trading volume qualifies for VIP Level 3.
However, exact trading fees can vary by region, so users are advised to check their personalized fee rate after completing identity verification.
Deposit and withdrawal fees
| Fee Type | Method | Fee |
|---|---|---|
| Trading Fees | Maker | 0.01% |
| Taker | 0.06% | |
| Deposit Fees | Cryptocurrency | Free |
| Bank Account (SEPA) | Free | |
| Bank Account (Non-SEPA) | Varies (depends on banks involved) | |
| Debit/Credit Card | 2.5% to 4.5% | |
| PayPal | [Not supported directly] | |
| Withdrawal Fees | Bitcoin (BTC) | 0.0005 BTC |
| Ethereum (ETH) | 0.01 ETH | |
| USDT | 10 USDT | |
| Bank Account | [Not supported directly] | |
| Debit/Credit Card | [Not supported directly] | |
| PayPal | [Not supported directly] |
Trading fees
| Fee Type | Details | Fee |
|---|---|---|
| Instant Purchase | Deposit Fees | |
| – Cryptocurrency | Free | |
| – Debit/Credit Card | 2.5% to 4.5% | |
| – Bank Transfer | Varies (depends on the bank) | |
| Purchase Fee | Up to 2.1% | |
| Spot Market | Trading Fees | |
| – Maker Fee | 0.1% | |
| – Taker Fee | 0.1% | |
| Futures/Perpetuals | Trading Fees | |
| – Maker Fee | 0.01% | |
| – Taker Fee | 0.06% |
Summary: Bybit provides competitive trading fees, with higher discounts available for higher trading volumes or asset balances. This tiered fee structure rewards active traders, making Bybit a cost-effective choice for high-volume trading.
Supported cryptocurrencies
Bybit offers a carefully chosen range of cryptocurrencies for trading. They have 644 cryptocurrencies available in 919 spot markets and 505 futures and perpetual options trading pairs.
This provides access to diverse popular and cutting-edge digital assets from which to trade and potentially profit. Bybit is a derivative cryptocurrency exchange established in 2018.
It offers spot and futures trading, with 505 trading pairs available on the exchange. The reported 24-hour trading volume on Bybit is over $5 billion, while the futures market boasts explicitly a significantly higher volume of over $26 billion.
ByBit review: Exploring the key features
This Bybit review delves into the platform’s extensive range of trading instruments, including leverage trading options. It also offers an ultra-fast matching engine for instant trade executions and multilingual customer support for a global user base.
It features an NFT marketplace, options for fiat withdrawals, crypto loans, copy trading, and a Bybit crypto debit card.
Bybit also provides a risk-free testnet environment for new traders to practice strategies without financial risk, complemented by an impressive array of educational resources.
From “Bybit Learn” for mastering technical tools to social media classes, Bybit invests in trader education, which is particularly valuable for navigating the complexities of futures and margin trading.
Trading features
| Feature | Description |
|---|---|
| Spot Trading | Buy and sell cryptocurrencies at market price. |
| Margin Trading | Amplify your profits by borrowing funds to trade futures contracts with up to 100:1 leverage on perpetual contracts. |
| Perpetual Contracts | Utilize various order types, including limit, market, stop, and trailing stop orders. |
| Copy Trading | Copy trades of experienced traders automatically. |
| Inverse Perpetual Contracts | Hedge against price drops with profits made when the price goes down. |
| Order Types | Utilize various order types including limit, market, stop, and trailing stop orders. |
| Advanced Trading Tools | Access customizable interfaces, charting tools, and order book depth. |
| Stop-Market Orders and Take-Profit Orders | Automate trades to lock in profits or minimize losses. |
| Unified Trading Account | Seamlessly manage funds across Bybit’s products and services. |
| Trailing Stop Orders | Adjust stop prices automatically as the market moves in your favor. |
| OCO Orders (One-Cancels-the-Other) | Place two orders simultaneously, with one canceling if the other is filled. |
| Hidden Orders | Execute trades without revealing your intentions. |
| API Trading | Automate trading strategies with Bybit’s API. |
| MT4 (MetaTrader 4) | Trade crypto derivatives using the familiar MT4 interface. |
Earning features
| Feature | Description |
|---|---|
| Bybit Earn | Earn interest on idle crypto holdings through fixed-income products, flexible savings plans, and staking services. |
| Launchpool | Participate in new crypto projects by staking Bybit’s token, BIT. [Note. ByBit is partnered with BitDAO, which has BIT as its native token.] |
| Referral Program | Earn commissions for referring friends to Bybit. |
| Liquidity Mining | Earn rewards from trading fees by adding crypto holdings to liquidity pools. |
| Dual Asset | Invest in asset pairs with a predetermined payoff range. |
| Discount Buy | Buy crypto at a discounted price by locking up funds. |
| Smart Leverage | Automatically adjust leverage ratios based on market conditions. |
| Wealth Management | Access a suite of investment products to potentially earn returns in all market conditions. |
| Bybit Savings | Earn interest on idle crypto holdings with various flexible and fixed-term savings plans. |
| ETH 2.0 Staking | Support Ethereum 2.0 network staking and earn rewards. |
| Double Win | Combine leveraged positions with fixed-income investments. |
Bybit review: The mobile app
Bybit’s app, available on Google Play and the App Store, mirrors the robust features of its desktop counterpart, Bybit Web3, allowing interaction with decentralized applications directly from Bybit’s platform.
During the Bybit review, we highlighted the app’s ability to facilitate quick trades, essential in the fast-paced crypto market. It includes features such as “Stop Loss and Take Profit,” pricing notifications, and easy conversions between cryptocurrencies.
Bybit’s app provides an accessible and streamlined trading experience, along with modern strategies on the go, making it suitable for both new and experienced traders.
Bybit review: User ratings
| Platform | Rating | Number of reviews |
| Google Play | 4.6/5 | 656K |
| Apple Store | 4.7/5 | 18k |
| Trustpilot | 1.9/5 | 1.1k |
| TradingView | 4.8/5 | 3.6K |
Customer satisfaction
User sentiment towards Bybit is mixed, as reflected in its 3.2-star rating on Trustpilot. Positive reviews highlight the platform’s user-friendly interface and supportive customer service. For instance, one user praised Bybit’s VIP system and insurance fund, noting the added security and cost savings.
Conversely, negative feedback often centers around account issues and customer support delays, with some users reporting unresolved cases and lack of live agent support.
As one dissatisfied user stated, “Approach this exchange cautiously due to poor communication and unresolved issues.”
For these sections, keep in mind the following: Even though Bybit has a low rating on Trustpilot and some users have complained about their accounts freezing, it’s possible that competitors are writing negative reviews. Additionally, people are more likely to leave reviews when they are dissatisfied. Account freezes typically occur due to suspicious activity or violations of the platform’s rules.
So, while user feedback is important, remaining skeptical and research is essential. Always research customer reviews before making a decision.
Customer support
Bybit offers various customer support options, including live chat, email, and a comprehensive FAQ section.
However, based on our research for this Bybit review, we have found that user reviews indicate inconsistent support responsiveness, which may lead to delays in resolving issues for some users.
You could better understand response times and effectiveness by testing the support channels yourself.
- ✅ Live chat: Accessible via Bybit’s website and mobile app.
- ✅ Email support: Available for detailed inquiries.
- ✅ FAQ section: Provides answers to common questions and issues.
- ✅ Educational resources: Access articles, tutorials, and webinars for cryptocurrency trading education.
Bybit review: Is the platform safe?
Bybit implements several measures to ensure the safety and security of its users’ funds and data. Below are key aspects of Bybit’s safety protocols:
- Security: Bybit uses multi-factor authentication, cold storage for user funds, and regular security audits. Most user funds are stored offline in cold wallets to prevent unauthorized access and are protected by multi-signature and Threshold Signature Schemes (TSS).
- Insurance: As presented in this Bybit review, the platform maintains an insurance fund to cover potential trader losses, ensuring additional protection for users’ assets in extreme market conditions.
- Proof-of-Reserves: Bybit ensures user trust and fund security by implementing Merkle tree proof-of-reserves. This cryptographic method guarantees the availability of funds for withdrawal and demonstrates reliability as a crypto asset custodian.
- Past hacks: Bybit has not been publicly known to experience significant security breaches, reflecting its strong emphasis on platform security.
- Legal issues: As you’ll learn in this Bybit review, the platform complies with international regulations and has faced legal challenges. However, the platform has taken steps to enhance compliance and user safety.
- Reputation: Bybit is generally well-regarded in the cryptocurrency community for its comprehensive security measures and commitment to transparency. However, some users have reported issues with customer support and account management, emphasizing the need for continual improvement.
Compliance highlights:
- Membership in VerifyVASP Alliance: Bybit integrates with VerifyVASP, a solution that streamlines compliance with the Financial Action Task Force’s (FATF) Travel Rule. This rule requires exchanges to collect and share user information for transactions above a certain threshold.
- ISO 27001 Certification: Bybit has obtained ISO 27001 certification, a globally recognized standard for information security management. This demonstrates their commitment to protecting user data and information security.
Bybit review conclusion
Is this exchange right for you?
Bybit carves out a strong niche for derivatives enthusiasts and offers a compelling platform for experienced traders. The user interface is sleek, fees are competitive, and the focus on security is commendable.
However, Bybit’s leverage options and complex features can be daunting for beginners. Additionally, Bybit’s regulatory restrictions may limit user access in certain countries.
Ultimately, Bybit’s suitability depends on your experience level and location.
This Bybit review finds that if you’re a seasoned trader comfortable with derivatives and reside in a supported region, Bybit is a solid platform to consider. However, if you’re new to crypto or your location is restricted, Bybit might not be the best fit. It’s always wise to explore other viable options before diving in.
How to sign up on Bybit
This Bybit review also summarizes the user-friendly signup process to help you start your crypto journey. As we conclude this review, we present you with a step-by-step guide to join the platform.
1. Choose Your Platform:
Bybit allows registration through their website or mobile app.
- Website: Head over to the Bybit homepage.
- Mobile App: Download the Bybit app from the Apple App Store or Google Play Store.
2. Initiate Account Creation:
- Website: Click on the “Sign Up” button at the homepage’s top right corner.
- Mobile App: Launch the Bybit app and tap on the “Sign Up” button on the bottom right corner.
3. Select Your Registration Method:
Bybit offers two signup methods:
- Email: Enter your valid email address and a strong password.
- Mobile Number: Enter your mobile number with the country code and a strong password.
4. Additional Information (Optional):
- Referral code: You can enter a referral code if you have one (this step is optional).
- Terms and conditions: By clicking “Create Account,” you agree to Bybit’s Terms of Service and Privacy Policy. Make sure to read and understand them before proceeding.
5. KYC Verification:
To fit this Bybit review, it’s essential to mention that the exchange requires KYC (Know Your Customer) verification to comply with regulations and to enable full account functionality, including withdrawals.
Here’s what you’ll need for KYC verification:
- A valid government-issued ID: It can be your passport, national identity card, or driver’s license.
- A clear selfie: Ensure your face is well-lit and centered in the frame.
6. Verification Process:
Once you submit your information, Bybit will guide you through the verification process. This typically involves uploading clear photos of your ID and selfie. Processing times may vary, but Bybit aims for swift completion.
7. Account Created
After successful verification, your Bybit account will be active, allowing you to deposit funds and start trading cryptocurrencies.
By following these steps in this Bybit review, you’ll be well on your way to exploring the Bybit platform and its crypto offerings. KYC verification is crucial for full account functionality, so ensure you have the necessary documents prepared.
Review methodology: How we scored Bybit
This Bybit review evaluated the platform across the following criteria, which considered both objective data and the subjective experience of our expert reviewers.
- Supported cryptocurrencies: A variety of digital assets available for trading on the platform.
- Payment methods: Options for depositing and withdrawing funds, including fiat currency support.
- Fees: Trading fees, withdrawal fees, and any other applicable charges.
- Ease of use: User-friendliness of the platform’s interface and trading tools.
- Features: Functionality offered by the platform, such as spot trading, margin trading, staking, etc.
- Customer service: Quality and responsiveness of Bybit’s support team.
- Reputation and security: Trustworthiness and security measures implemented by the platform.
FAQs
Where is Bybit located?
These include Asia and Europe. This global presence allows Bybit to cater to a diverse user base. Its central location in Dubai serves clients from various regions well.
Is Bybit available in the US?
Alternatives include Coinbase and Kraken, which are popular and regulated in the US.
Is Bybit easy to use?
Advanced traders also find its tools powerful and accessible. Bybit’s mobile app is well-designed, making trading on the go simple. Overall, Bybit balances ease of use with advanced features.
Bybit vs Coinbase: Which is better?
Bybit offers lower fees and more trading options.
Coinbase provides ease of use and security for new investors. For better context on this Bybit review, please see our comparison article “Bybit vs. Binance” on our website.
Which platform is better: Bybit or Kraken?
Bybit offers a more modern interface and lower fees. Kraken provides a wide range of cryptocurrencies and solid security.
Both have their strengths, so your choice depends on your needs. For further insights, see our Coinbase vs. Kraken article.
What are some interesting Bybit facts?
Bybit promotes crypto as a positive force by collaborating with UNICEF to empower girls’ education in East Asia and the Pacific. They also work with One Tree Planted to address climate change and support marginalized communities in India.
Bybit review: Sources
- https://learn.bybit.com/trading/what-is-the-insurance-fund/
- https://www.bybit.com/en/help-center/article/Trading-Fee-Structure
- https://www.bybit.com/en/help-center/article/Bybit-Fees-You-Need-to-Know
- https://finance.yahoo.com/news/leading-crypto-exchange-bybit-hits-123500965.html
- https://www.bloomberg.com/press-releases/2022-11-09/bybit-puts-crypto-transparency-in-the-spotlight
- https://www.unicef.org/eap/press-releases/bybit-partners-unicef-empower-girls-education-east-asia-and-pacific
- https://www.bvb.de/eng/News/Overview/Bybit-becomes-new-International-Champion-Partner-of-Borussia-Dortmund
