Bybit Review

Bybit Review 2022: Features, Fees, Pros & Cons

In this Bybit Review for 2022, we take a deep dive into one of the most popular cryptocurrency platforms in the industry.

We assess whether Bybit continues to offer best-in-class services for crypto traders. With an extensive suite of crypto products, the company provides clients with one of the most complete packages in the crypto trading space. But does Bybit.com represent good value, or are there better alternatives out there?

So, let’s dive into this Bybit Review, to help you work out whether Bybit is the right crypto trading platform for you.

Bybit Review: How to Use ByBit?

What is Bybit?

Let’s start with a bit of background – what is Bybit? Bybit is a global online cryptocurrency exchange that launched in 2018.  Founded by Ben Zhou, the company has expanded rapidly since their formation, with a user base now exceeding over 5 million.

Bybit offers crypto-powered trading opportunities, with many products and services available. Its most popular offering includes crypto derivatives, which enable leveraged trades on pairs like BTC/USD, ETH/USD, XRP/USD, EOS/USD, and BTC/USDT. Recently, it has added many new strings to its bow, including NFT trading and a ‘copy trading’ feature.

Bybit Review

Who is Bybit Meant for?

Bybit is a derivatives exchange, which means it is for highly experienced traders who can trade with leverage. However, the availability of other features such as buying crypto directly from the site, copy trading or bot trading makes them also suitable for absolute beginners as they can earn and learn trading in the process. It is, therefore, safe to say that Bybit is ideal for any kind of trader, the beginner, the seasoned and everything in-between.

Pros & Cons

What are Bybit’s pros & cons? As a provider built to service experienced traders, beginners might feel a little bit neglected when faced with the scale and complexity of Bybit’s offering. But for those who know their way around a trading platform, there’s a lot to love. Its low trading fees and fully featured account experience are huge positives. On the flipside, Bybit isn’t currently available for US clients, which represents a glaring gap in the market.

Pros
  • Low Trading Fees
  • Seamless Mobile App
  • Huge List of Features
  • Demo Account for Beginners
Cons
  • Geographical Restrictions
  • Not Available in the U.S
  • Limited Instruments Compared to Rivals
  • Lack of Support for Beginners

Bybit Features

Aside from the nuts and bolts of its offering, there’s an impressive collection of Bybit features built to optimise its clients’ overall experience. This list is one of the most comprehensive in the crypto trading industry, which is why our Bybit review will explain these additions at length. 

Bybit Features

Insurance Fund

Given the high amounts of leverage offered by Bybit, margin traders will experience greater risk in adverse market conditions. This is particularly true for those trading smaller amounts. To help protect its client base from the threat of liquidated positions, Bybit has an insurance fund to manage and absorb the excess loss.

Bybit Mobile App for iOS & Android

Bybit’s mobile app is available for iOS and Android and allows users to take advantage of all the key products and services the company offers. With its sleek interface, fast performance, and glowing user reviews, the app is one of the best currently on the market. From complex trading charts to advanced technical indicators, there isn’t much this app can’t do. For those who like to trade on the move, the Bybit mobile app is a must-have!

Take Profit / Stop Loss Orders Supported

Bybit provides a good range of risk-management tools for traders looking to protect their balance. Take-profit and stop-loss orders allow traders to establish the exit strategy for their trades, so they won’t need to continually monitor each open position in case of severe price swings. With Bybit, these are easy to set, and won’t prove too time-consuming for traders looking for rapid market entry. 

World Series of Trading

Win from a total prize pool of $8 million USDT with the World Series of Trading. With this exciting competition, participants can team up to win huge cash prizes, with winners decided based on profit/loss percentage, so everyone competes on a level playing field.

Copy Trading

Some trading strategies are too good not to share. With Bybit’s copy trading feature, inexperienced traders can share in the profits of their peers, by replicating every trade they make. For strategy providers, there’s the prospect of earning extra commission from your winning trades. The benefits work both ways. 

NFT Trading

Buy NFTs from the hottest digital artists online, with a huge marketplace available through Bybit’s platform. Users can browse a categorised list of NFTs, access advanced statistics, and increase their collection through a simplified transaction process.

DeFi 

Bybit’s Defi offering is a decentralized peer-to-peer network where no one has control over the network, and transactions are made between Bybit clients. The process is surprisingly simple, involving the creation of an advert, which – much like any online marketplace – advertises what you’re selling, and how much you’re wanting for it. 

Bybit’s P2P exchange is very user-friendly, well signposted, and with an array of data points available, represents a safe way to secure DeFi crypto. Bybit explains that with Bybit P2P, you can “complete transactions at lightning speed in a safe and secure trading environment, and at optimal prices agreed upon by you and the merchant.”

Bybit Savings

One of the most exciting recent additions by the company is the Bybit savings option. Just like any other savings account, users receive a fixed or flexible interest rate for their deposits. Unlike a traditional savings account though, it involves crypto investments. Currently, one of the highest fixed-rate yields offered is 4.25%, which is a great deal higher than what you’d find at your local bank.

Buy Crypto with Card

If you’re brand new to crypto and you don’t already have any crypto to deposit, dont worry, as Bybit have ways that you can buy crypto directly on their site with the likes of a credit or debit card. You can buy the likes of  USDT, BTC, ETH and USDC.

Just note, though, that this won’t be the cheapest way to buy your crypto as firstly you are dictated to by the rates by their 3rd party providers and usually (although there is currently a promotion at 0%) credit card fees are generally quite high, and this is mostly down to the convenience of buying in this way. Plus, it’s ideal for those who don’t already have any crypto to deposit.

Bybit Trading Options

There are an impressive variety of Bybit trading options to help users increase their crypto market exposure. These vary by market risk, as well as the amount of leverage available to traders. With new additions being made on a regular basis, look out for further inclusions in the near future!

Bybit Trading Options

Spot Trading

Bybit’s spot trading service allows traders to own the underlying assets. This contrasts with other trading styles which deal with contracts. With no fixed expiry dates, positions can be held permanently, which allows for a more traditional feel to crypto trading. Available instruments include BTC, ETH, and XRP, with a seamless online platform built for spot market transactions. 

Derivatives Trading

Bybit is one of the leading global crypto derivatives providers, a reputation it earns by giving traders the ultimate tools to trade such assets. Derivatives refer to instruments that derive their value from the performance of an underlying entity, rather than including outright ownership over it. In the case of futures contracts, these frequently include expiry dates. However, Bybit’s offering includes USDT Perpetual, which is a type of contract that doesn’t expire. 

Due to the increased complexity of such instruments, Bybit includes a good range of educational material to help explain the intricacies of this trading style. Additionally, it provides a smart and powerful trading platform to allow traders to gain that competitive advantage. 

Demo Account

One of the best ways to learn how to trade is in a risk-free environment. With Bybit’s Testnet platform, traders can hone their craft in a practice scenario. Bybit’s demo account is a replica of a real-life trading terminal. Allowing traders to practice trading with virtual funds and test their strategies before using their actual money or cryptocurrencies. This cuts losses significantly. 

Bybit Fees

Fees on Bybit can be divided into trading and deposit/withdrawal fees.

Trading Fees

Bybit trading fees are charged when buying or selling cryptocurrencies on the exchange and are split between maker and taker orders. These will also vary depending on your type of trade i.e if you are spot or derivates trading. 

Trading TypeMarket Makers FeeMarket Takers Fee
Spot Trading0.1%0.1%
Derivatives Trading0.01%0.06%

When trading derivatives and you’re a market maker, you’ll be rewarded for providing liquidity in the market, and you’ll receive a rebate. If you’re a market taker, you’ll take some liquidity off the book, which means you’ll receive a higher Bybit trading fee. Your VIP level also greatly affects these fees.

The Bybit trading fees can be found below. 

Bybit Trading Fees

Deposit & Withdrawal Fees

When depositing crypto, there are no deposit fees charged by Bybit. However, the network you use to withdraw assets will charge a fee which depends on the amount you are withdrawing, the asset and how busy the blockchain is. The busier the network, the higher the withdrawal fees may be.

If you want to deposit fiat currency (GBP, EUR, etc.), while Bybit charges no fees themselves, the service provider of the fiat gateway will charge a fee. In each case, you should check with the selected provider on their website to determine the fees incurred.

Deposit Methods & Currencies

Both fiat and crypto deposits are supported on Bybit. For fiat deposits, only Brazilian Real (BRL) and Argentinian Peso (ARS) are supported. Deposits are only through bank transfers.

For crypto deposits, you can send any of the supported crypto assets to the platform, there are no restrictions.

Bybit Support

While Bybit can be a little tricky to get to grips with, those new to the platform can receive expert help and guidance through the company’s support channels. Offering an array of communication options including email, message box, and a dedicated chatroom, there’s no shortage of options for those looking to find the answers they need.

Bybit Help Center

How to Contact Bybit

Now let’s find out how to contact Bybit. Whether experiencing account issues or just need something clarified, Bybit’s customer service team can be contacted via the following methods:

Is Bybit Safe?

Before committing to trading with this provider, you’re likely wondering – is Bybit safe? Reassuringly, the company seem pretty vigilant about safeguarding its community and include an array of security features to help guarantee this. These involve:

Is Bybit Safe?

Multi-Signature Cold Wallet Storage

One of the most secure ways to store your crypto is offline. Bybit offers a multi-signature cold wallet storage system to keep funds safe from malicious activity. 

Unlike hot wallet providers, Bybit assigns cold deposit addresses to traders. Furthermore, it completes asset consolidation and withdrawals with offline signatures.

Zero-Trust Architecture

Bybit provides round-the-clock security protocols to ensure its tech architecture remains impervious to potential threats. This includes regular penetration testing, as well as engaging a reputable third-party security auditor.

Mandatory Bitcoin Address Whitelisting 

Whitelisting allows crypto withdrawals to only go to addresses (external or Coinbase) already designated in your Address Book. In conjunction with two-factor authentication, Whitelisting allows users to more safely withdraw to verified addresses.

Partnership with White Hat Hackers

Bybit engages with white hat (friendly) hackers to identify any potential vulnerabilities before the criminals do. Any discoveries made are rewarded through its bounty programs, to ensure an incentivised threat detection system. 

Two-Factor Authentication

Bybit accounts utilise two-factor authentication, which provides an extra layer of login security. This can be toggled on/off depending on your preferences

Bybit Supported Countries

Bybit is a global exchange, which means it supports users from many countries, regions and continents as long as their local regulations permit the use of such platforms. Notably, Bybit is not currently supported in the U.S.

Countries where Bybit is not operational;
The United States, Quebec (Canada), Singapore, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan, and Mainland China.

If you are not in any of these countries or regions, chances are you can use Bybit to buy, sell or trade cryptocurrencies where you are.

Bybit Alternatives

If you live in a place where Bybit is not accessible, do not fret. There are other exchanges like it that you can use for your crypto buying and trading. The following are other exchanges you can use that provide similar services to Bybit’s.

PlatformBybitFTXBinanceZoomex
Trading Fees0.05%0.07%0.1%0.02%
Leverage100x20x125x100x
Available Cryptos400+200+500+50+
ReviewReviewReviewReviewReview

Bybit Signing up

As previously mentioned, the lack of KYC requirements means Bybit’s sign-up process is relatively simple. Users can register using either their email address or phone number. Once you’ve clicked the registration button at the top of the screen, you will then be asked to fill out a few details, as well as some verification checks, before your new account will be ready and waiting.

Deposits are similarly intuitive, allowing users to fund their accounts using a wide range of payment options.

Bybit Sign-up Bonus

Bybit Referral Code

Bybit Referral Code Sign-up to Bybit or use Referral Code QZ6LZ3
Bybit Sign-up Bonus$20 Bonus Plus a Reward Card Worth up to $1,000
Referral TermsCheck Out Bybit T&Cs here
Bonus Last Validated July 2022

Bybit vs Zoomex

In comparing Bybit vs Zoomex, one of the most significant differences between the pair relates to the extent of its products and services. Given the recent entry of Zoomex into the crypto trading space, users have only a limited amount of trading options available. Bybit on the other hand provides a huge list of products and features, all at a comparatively low cost.

While newcomers might find Bybit a little too complex at first glance, the company truly deserve their reputation as an industry leader. Having said that, we see a lot of potential in Zoomex.

Bybit vs Binance

Binance is the largest crypto exchange by trading volume. It is also a leading derivatives exchange that provides Bybit’s kind of services at very affordable rates. Binance charges some of the lowest fees in the space but can be complex to use.

Our Verdict: Should You Use Bybit?

In all areas we’ve reviewed, Bybit is a hugely impressive crypto provider. Packed full of features and innovations, the company is truly a one-stop-shop for all your crypto dealing needs. Combining endless trading styles with user-friendly platforms, users will enjoy an intuitive experience when using Bybit. While novice traders might lament a steeper-than-average learning curve, those who can get to grips with its services will find no shortage of money-making opportunities.

Bybit FAQs

Is Bybit Legal in the US?

Bybit is currently unavailable to citizens of the US.

Where is Bybit Located?

Bybit is located in Singapore.

What Deposit Options Does Bybit Accept?

Users can fund their accounts using an array of deposit options, including crypto transfer and fiat currencies. No charge is levied on any deposits, although some fiat gateway providers will charge a fee.

Does Bybit have a Minimum Investment?

There is no minimum investment for crypto dealing. 

What Countries Does Bybit Support?

Bybit is a global crypto company with translation support for English, Simplified and Traditional Chinese, Korean, and Japanese. For regulatory reasons, there are a number of restricted countries, where clients aren’t allowed to access Bybit.

These include;
Québec (Canada)
Cuba
Crimea
Sevastopol
Iran
Syria
North Korea
Sudan
Singapore
United States

Does Bybit have a Mobile App?

Bybit has a mobile trading app available for Android and iOS devices. This allows users to make trades, and monitor their positions on the move.

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