Bybit Review – Crypto exchange

Introduction

In 2018, the crypto world welcomed the emergence of Bybit, a dynamic derivatives exchange.

Founded by a group of seasoned professionals with deep roots in investment banking and the forex industry, Bybit found its home base in the vibrant city-state of Singapore. While the company's legal registration takes place in the captivating British Virgin Islands, its vision spans the global economy. Bybit envisions an economy driven by rapid, robust, and transparent trading infrastructure. At the heart of Bybit's vision is integrating groundbreaking blockchain technology to construct a financial ecosystem that shapes the future

With a massive user base surpassing 15 million users worldwide, including both retail and professional traders, Bybit remains dedicated to delivering an unmatched user experience. However, joining a crypto exchange needs an extensive overview. In this review, we covered a neutral outlook of this exchange, which might help you make an investment decision.

Exchange overview

Bybit Exchange specializes in crypto derivatives, providing traders with an ideal arena for futures trading. They offer substantial leverage crypto pairs like BTC/USD, ETH/USD, XRP/USD, EOS/USD, and BTC/USDT perpetual contracts. In the spot section are 270+ assets available to buy, while the number is 200+ on perpetual contracts.

The exchange allows buying 30+ cryptos from fiats. The availability of fiat deposit options depends on the geographical location. 

Bybit boasts a user-friendly trading exchange that offers a seamless and intuitive interface. Switching between wallets and accounts is effortless, providing both convenience and flexibility to traders. Moreover, Bybit enhances trading strategies by enabling users to easily switch between BTC and ETH futures markets, fostering diversified trading approaches.

The exchange's standard layout encompasses key features like diagrams and depth charts on the right-hand side, ensuring comprehensive market trend visualization. These visual tools are complemented by access to the order book and recent trade history on the same interface. On the left side, traders can access their orders and essential contact information, creating a well-rounded trading experience that empowers you with all the necessary insights and tools.

Key features

This segment unveils the essence of the exchange, as a crypto exchange's primary objective revolves around trading derivatives or futures. 

Spot trading

It is a common trading opportunity available in any crypto exchange. Users can easily buy and hold crypto assets from the spot market and profit from the price increase. New traders and HODLers mainly use this technique to buy a crypto token.

In Bybit, the availability of trading pairs is huge, and the exchange interface is sophisticated. Also, users can access the spot trading function from any device like a PC or mobile.

As per the information from Coinmarketcap, Bybit offers trading 384 crypto pairs through spot trading.

Derivatives

At Bybit, they provide a diverse range of derivative options tailored to your trading needs. Embrace the world of derivatives. From futures to options, explore different strategies to enhance your trading experience. Let's explore four key types:   

1. Futures Contracts: If you've traded outside of crypto, you'll recognize futures contracts. These agreements involve buying or selling an asset at a predetermined price on a future date. Traders aim to predict price shifts and go long (buying low, selling high) or short (selling high, buying low).
2. Perpetual Contracts: These contracts never expire, offering flexibility. While you can hold them indefinitely, be mindful of funding fees. Market changes can impact your costs if asset prices drop.
3. Inverse Perpetual Contracts: Unlike traditional futures, these contracts stipulate a crypto as the final purchase, boosting your exposure to assets like BTC.
4. USDC Options: Similar to futures, options have an expiration date. However, holders aren't obliged to fulfill the contract. Bybit's USDC options use USDC as the fulfillment currency.   

Overall, the variety in trading types and huge collection of assets might make this exchange superior among others.

Bybit’s Launchpad

Unlock the power of Bybit's Launchpad, where your tokens can work for you and earn interest. It's like staking a claim and watching your holdings grow. The beauty of this staking process lies in its efficiency, thanks to the Proof-of-Stake (PoS) mechanism, a smart alternative to the original Proof-of-Work (PoW).      

Imagine if you're handing over your tokens to the blockchain network for a specific period, and in return, you're rewarded. Think of it akin to a government bond with digital dividends.

Bybit offers staking options for a variety of cryptos, depending on the availability. This lineup spans both well-known players and promising upstarts. The handy image showcases different coins and their corresponding staking Annual Percentage Yields (APYs).

And here's the cherry on top: You get to choose your staking duration. Opt for the “Flexible” setting, and you'll be free to tailor your staking journey as you see fit.

Copy trade

Bybit is renowned in the industry for offering this copy trading feature, among other exchanges. But it's more than just a feature; it's a stepping stone for newcomers. Imagine delving into the world of crypto trading with ease, even if you're new to the game. That's where the game-changing feature of copy trading steps in, designed especially for traders who are just starting out and lack prior trading expertise. This incredible tool simplifies the entire trading process, enabling you to ride the waves of success effortlessly.

With copy trading on Bybit, you have the power to select a seasoned expert trader who's already registered on the exchange. You'll automatically emulate their trades, walking in their footsteps and potentially reaping similar rewards. It's a remarkable way for beginners to dive into crypto trading without feeling overwhelmed by the market intricacies.

As a copy trader, there's a small sharing gesture involved. You'll contribute 10% of your net profits back to the expert trader you're following. Think of it as a win-win collaboration – they share their strategies, and you share a portion of the gains.

Fiat on Bybit    

Bybit supports stablecoin deposits directly to the exchange. This means using conventional methods like debit cards, wire transfers, and bank transfers on the exchange. If you dont have any credit card to pay, you can use P2P for the deposit. However, for the direct USD Dollar deposit, you have to use a third party like Advcash or Quickpay. 

Bybit has a notable edge when it comes to deposit flexibility. It accepts deposits in 30+ cryptos, including-

• Bitcoin (BTC), 
• Ethereum (ETH),
• Litecoin (LTC)
• Tether (USDT)
• Ripple (XRP), and 
• Eos (EOS). 

This feature sets Bybit apart from exchanges, which only accommodate BTC deposits despite offering trading options for a variety of other digital currencies.

Referral program   

Unlock a rewarding opportunity with Bybit's exceptional referral program, often hailed as one of the industry's finest. Here's how it works for you:

• Sign Up: Create your account on the exchange; it's fast and simple.
• Unique Referral Link: Access your unique referral link within your account.
• Spread the Word: Share this link with your friends.
• Earn Together: When your friends sign up and start trading, you also earn!

Bybit's Referral Program boasts impressive commission rates, soaring up to 30%. This means you can earn substantial rewards while introducing your friends to the trading world on Bybit. 

Bybit trading bot

Discover the power of automated trading with bots – ingenious software designed to execute trades based on your chosen conditions. If you're delving into the world of Bitcoin trading, these bots can be your valuable allies, streamlining your efforts.    

Bybit trading bot is available for spot and futures markets and you can see top performers from the leaderboard. As a result, new traders can easily find a profitable trader and follow. Also, the exchange covers basic understanding of bot trading from FAQs.

ByBit MT4

It is a unique feature of a crypto exchange. In Bybit, you can easily open an account in the MT4 exchange and enjoy traditional CFDs trading.

Security

When it comes to your security, Bybit goes the extra mile. A substantial 25% of the annual budget ensures the exchange's safety, exceeding the industry's typical 15%. Unlike some exchanges relying on “hot wallets,” Bybit has adopted a security-first approach with its “cold wallets.” These wallets boast robust security features that prioritize your protection.

Every deposit address on the exchange is linked to a cold wallet, further enhancing security. Asset transfers and withdrawals follow offline signatures, adding an extra layer of defense. To effectively manage risks, withdrawal requests undergo three levels of verification and daily manual reviews. Plus, you have the flexibility to make withdrawals every eight hours.

Bybit's commitment to security extends to various fronts. Rigorous policies govern crypto-asset consolidation, spanning system security, physical environment security, operation authentication, encryption techniques, monitoring, and auditing. User data and personal information are shielded and aligned with the exchange's privacy policy. Each employee undergoes comprehensive training and scrutiny to maintain top-tier internal security control.

Fees

The ByBit exchange has gained renown due to its exceptional service quality and competitive fee structures.  

Deposit and withdrawal fees   

At Bybit, they've streamlined the deposit process to be completely fee-free, giving you peace of mind as you add funds to your account. However, remember that while they don't impose deposit fees, mining fees might still be associated with transferring funds, which some users find relatively high.   

Their deposit methods offer flexibility as there are 30+ cryptos are available to deposit, including-

• Bitcoin (BTC)
• Ethereum (ETH)
• EOS (EOS)
• Ripple (XRP)
• Tether USDT (ERC-20) and (TRC-20). 

When it comes to withdrawing your funds, you have the same array of options.   

While withdrawing, there are no minimum deposit requirements, but remember, the minimum withdrawal amounts depend on the crypto you're using.

Withdrawal fees come into play as well. These fees vary based on the type of crypto you're withdrawing.   

Your maximum daily withdrawal from Bybit hinges on your KYC verification level. For instance, if you're at KYC level 0, you can withdraw up to 20,000 USDT per day and up to 100,000 USDT per month. 

The platform offers varying functionalities based on KYC levels:

• Non-KYC: Limited to crypto deposits and withdrawals with a daily limit of ≤20K USDT and a monthly limit of ≤100K USDT.
• Individual KYC Lv. 1: Enables fiat deposits, crypto withdrawals up to a daily limit of ≤1M USDT (no monthly limit), fiat withdrawals, and access to numerous trading, finance, NFT, and rewards features.
• Individual KYC Lv. 2: Expands upon Level 1 by offering increased crypto withdrawal limits of ≤2M USDT daily (no monthly limit), along with additional features like the Bybit Card.
• Business KYC: Similar to Level 2, but with specific functionalities like fiat deposits restricted. The focus is on a higher crypto withdrawal limit of ≤100 BTC daily (no monthly limit) and extensive trading and finance options.

A detailed view of the withdrawal limit is shown below:

Trading fees

Navigating the world of trading fees becomes a breeze with Bybit's user-friendly fee model. Crafted to accommodate various trading styles, this maker/taker fee structure is tailored to your needs. The exchange proudly stands by its commitment to affordability, particularly for those entering the trading arena.     

When it comes to spot trading on Bybit, non-VIP users can expect a fee of 0.10% for both taker and maker activities. However, if you're a Pro 3 level VIP member, the tables turn in your favor. Taker fees drop to 0.02%, and maker fees become a thing of the past, set at 0%.   

For perpetual and futures trading, non-VIP users encounter fees of 0.06% for takers and 0.01% for makers. VIP status, especially Pro 3, doesn't just bring benefits but also lowered fees. Taker fees for VIPs stand at 0.03%, while makers revel in a fee-free experience.    

At Bybit, we're not just about trading; we're about empowering you with the best rates possible. Explore our fee structure today and embark on your trading journey with confidence. Get ready for a simpler, cost-effective trading experience that works for you.     

User experience

With multiple deposit bonuses, enticing referral rewards, and crypto bonuses for tasks as simple as following Bybit on social media or being an active trader, your journey is primed for success.    

While Bybit currently supports a select few cryptos, rest assured that the exchange is committed to expanding its offerings over the years to come.

One of the standout features you'll love is the hassle-free deposit and withdrawal process. In case of struggles, you can easily knock them via live chat or email. Also, this exchange is present in several social media’s with a huge collection of crypto education content on the main website.

The only drawback is the less positive review in TrustPilot but where the current score is 2.4 out of 5.0 based on 500+ reviews.

Bybit video overview

Deposit and withdrawal methods

Discovering convenient ways to fund your Bybit account is a breeze. You have a range of payment options at your fingertips, designed to suit your preferences. Choose from Visa, Mastercard, Electronic Fund Transfer (EFT) or Wire Transfer, and Bill Payment options to seamlessly deposit funds. 

These methods enable you to work with fiat currency effortlessly. Bybit has joined forces with trusted partners such as Banxa, Xanpool, MoonPay, and Mercury, enhancing the process of fiat currency transactions.

For a swift deposit through the Bybit mobile app, simply follow these user-friendly steps:

1. Access the App: Begin by opening the intuitive Bybit mobile app.
2. Navigate to Assets: Spot the “Assets” tab, usually situated at the lower right-hand corner of the app's interface.
3. Initiate Deposit: A simple tap on the “Deposit” option sets the deposit process in motion.
4. Choose crypto: As you embark on a deposit, pick the crypto of your choice, destined for your Bybit wallet address. Presently, Bybit supports 30+ cryptos, including BTC, ETH, and USDT.
5. Specify Amount: Enter the deposit amount in either fiat currency or crypto – select the one that aligns with your preference.

It's important to note that the availability of specific payment options might vary depending on your geographical location and partnerships established with payment providers. 

Bybit alternatives

Trading Platform	Leverage	Available futures Cryptos	Review	Promotion	Website
	leverage up to x100	Over 100	Bybit Review	Welcome bonus available	Trade Now
	leverage up to x200	Over 100	MEXC Review	Rewards available	Trade Now
	leverage up to x20	Over 100	Binance Review	Trading competitions	Trade Now
	leverage up to x100	Over 100	Bitget Review	No promotion available at this time	Trade Now
	leverage up to x100	5	Primexbt Review	Welcome bonus available	Trade Now

Customer Support   

When you need assistance, Bybit has your back with a dedicated global customer support team available around the clock, 24/7. Your queries and concerns are their priority, and reaching out is a breeze. Connect with the support team via phone or live chat functions, ensuring you get the help you need when you need it most.    

Communication is seamless, as the support team is proficient in various languages, including English, Chinese, Japanese, Korean, Russian, Spanish, and Vietnamese.

When you encounter account-related issues, technical questions, or concerns, Bybit's dedicated team is there. Their focus is on ensuring your experience is positive, with timely and helpful responses that make your journey smooth and stress-free.

Regulatory compliance

At Bybit, your security is a top priority. They've implemented robust layers of protection to ensure your account and assets remain safe. They're registered as a legal entity under the name “Bybit Fintech Limited” in the British Virgin Islands, demonstrating a commitment to regulatory standards. While they're not currently regulated in other countries, rest assured that your identity verification isn't mandatory.

Bybit’s track record is impeccable – they've never fallen victim to a cyber attack, and your funds are secure, even without strict regulation. It employs cutting-edge SSL encryption technology to safeguard all data and communications on its exchange. Plus, you can activate two-factor authentication for an extra layer of protection. Also, Bybit stores 98% of assets in multi-signature cold wallets, offline and out of harm's way. 

Conclusion

Bybit stands out as a leading player in crypto trading, achieving a balance between user-friendly features and advanced offerings. Its innovation-driven approach and strong focus on security and asset diversity showcases its forward-looking mindset.

For traders seeking an exchange that combines foundational crypto trading with cutting-edge derivatives options, Bybit emerges as a top choice. Its commitment to innovation and security solidifies its position as a reputable and promising trading exchange for both newcomers and seasoned traders.