Bybit Review

Bybit Review 2023: Features, Fees, Pros & Cons

In this Bybit Review for 2023, 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 better alternatives?

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

Bybit Review: How to Use ByBit?

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 10 million.

The Bybit exchange 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, demo and copy 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 trader, the beginner, the seasoned and everything in between.

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 much to love. Its low trading fees and fully featured account experience are huge positives. On the flip side, Bybit isn’t currently available for U.S. clients, representing a glaring market gap.

  • Low Trading Fees
  • Seamless Mobile App
  • Huge List of Features
  • Demo Account for Beginners
  • 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. It allows users to take advantage of all the company’s key products and services. 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 is little 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 exchange, these are easy to set and relatively easy for traders looking for rapid market entry.

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 vast 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.


Bybit’s Defi offering is a decentralised peer-to-peer network where no one controls 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 want for it.

Bybit’s P2P exchange is very user-friendly, well-signposted, and with an array of data points available, representing 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 to the Bybiy platform is its Savings feature. 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 a Card

If you’re brand new to crypto and don’t already have any crypto to deposit, dont worry, as Bybit have ways to buy crypto directly on their site with 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, the rates dictate to you by their 3rd party providers and usually (although there is currently a promotion at 0%) credit card fees are generally relatively high, and this is mainly 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

An impressive variety of Bybit trading options help users increase their crypto market exposure. These vary by market risk and the amount of leverage available to traders. With new additions being made regularly, look out for further inclusions soon!

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, allowing 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 trading contracts, these frequently include expiry dates. However, Bybit’s offering includes USDT Perpetual, a 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 Bybit fees 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 significantly affects these Bybit 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, 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. Only the Brazilian Real (BRL) and Argentinian Peso (ARS) are supported for fiat deposits. 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 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, a message box, and a dedicated chatroom, there are plenty 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 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 Bybit exchange seems pretty vigilant about safeguarding its community and includes 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 protect funds 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 and 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. With two-factor authentication, Whitelisting allows users to withdraw to verified addresses more safely.

Partnership with White Hat Hackers

Bybit engages with white hat (friendly) hackers to identify 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 trading platform, which means it supports users from many countries, regions and continents as long as their local regulations permit using such platforms. Notably, Bybit is not currently supported in the U.S.

Countries where Bybit is not operational include; 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, you can use the Bybit exchange 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 cryptocurrency exchanges you can use for your buying and trading. You can use the following exchanges that provide similar services to the Bybit trading platform.

Trading Fees0.05%0.1%0.02%
Supported Cryptos400+500+50+

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 be asked to fill out a few details and some verification checks before your new account is ready and waiting.

Deposits are similarly intuitive, allowing users to fund their accounts using various 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 February 2023

Zoomex vs Bybit

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 genuinely deserve their reputation as an industry leader.

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?

The Bybit platform is a hugely impressive cryptocurrency exchange in all areas we’ve delved into in this Bybit review. Packed with features and innovations, the company is a one-stop shop for all your crypto dealing needs. Combining endless trading styles, including futures trading and margin trading, 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 plenty of money-making opportunities.

Bybit FAQs

Is Bybit Legal in the US?

The Bybit crypto exchange is currently unavailable to citizens of the U.S.

Where is Bybit Located?

Bybit headquarters are located in Dubai, United Emirates after their move in 2022 from 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 several restricted countries where clients can’t access Bybit.

These include;
Québec (Canada)
North Korea
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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