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Bybit

Bybit Review

Bybit is an emerging global cryptocurrency derivatives exchange. It has seen significant growth since launch, onboarding users at an impressive rate. Today, it is the world’s second-largest Bitcoin futures trading platform. Our Bybit review will cover the secure login, leverage, deposits & withdrawals, fees, platform features, and more.

Since this is a very long and detailed review, please use the navigation below to get to the appropriate section.

What Is Bybit?

Bybit was established in 2018 and is now one of the fastest-growing cryptocurrency derivatives exchanges in the world. Bybit specializes in leveraged trading and crypto perpetual contracts. Today, there are more than 1.6 million registered users.

The exchange is committed to creating a fair, transparent, and efficient trading environment for retail clients across the world.

Bybit is registered in the British Virgin Islands with its headquarters located in Singapore and an office presence across several Asian countries. The company is not currently authorised by any regulatory body.

Products

Bybit is a crypto-to-crypto exchange. However, tokens can be purchased on their website using fiat currency through a service provided by Banxa. Banxa is a third-party payment service provider linked to the Bybit website. Crypto purchases through this service will then immediately be stored in your Bybit wallet.

Bybit allows traders to take both long and short positions. Derivatives products currently offered on the Bybit platform include:

  • Inverse futures contracts – BTC/USD quarterly
  • Inverse perpetual contracts – Four margined coins, including BTC/USD and ETH/USD
  • Linear perpetual contracts – 13 USDT margined, including BTC/USDT, BCH/LINK, LTC/USDT

Trading Platform

Bybit’s trading platform is user-friendly but also integrates advanced trading capabilities. As a result, it is suitable for both new and experienced traders. The platform is free to use and available on a web browser and mobile app.

Clients can select from the list of assets on the top navigation bar of the crypto platform.

Features include:

  • Wide range of time frames
  • Fully customisable interface
  • Advanced technical indicators
  • Trade breakdown before execution
  • View trading history and closed P&L calculation
  • Ability to set trading parameters across limit, conditional and market orders
  • Customisable charting tools and indicators, including RSI and Bollinger Bands

The crypto exchange has a 99.99% availability track record. This advanced trading platform can process 100,000 transactions per second without system downtime.

ByBit Trading Platform
ByBit Trading Platform

Order Types

The Bybit trading platform supports three order types: limit order, market order, and conditional order. Clients can choose from this list to suit trading needs with the option to amend features, such as leverage and mark price. Additional functions, such as post only, close on the trigger, and reduce only, can also be set.

  • Limit order – Used to set leverage and contract quantity and set the order price. When the latest traded price reaches the order limit price, the order will be executed.
  • Market order – Used to set leverage and contract quantity but not the executed price. Traders may enter or exit the market immediately. The execution price cannot be guaranteed as market prices fluctuate rapidly.
  • Conditional order – A conditional market order will be filled immediately once the trigger price meets the last traded price. A conditional order limit will be submitted to the order book pending execution.

Fees

Executing Bybit trades incurs a fee or rebate based on a retail trader’s liquidity classification. Market takers will receive a rebate/negative trading fee from Bybit as they provide liquidity and increase the market depth of the order book. This taker’s fee is +0.075%. Market makers will be charged trading fees as liquidation is taken off the book. This rebate fee is -0.025%.

A position funding fee also applies. This ensures that traders can access fair and anchored exchange pricing to global spot prices. This occurs between buyers and sellers every 8 hours at 4 pm, 12 pm and 8 am UTC time zone. If positions are closed before the funding exchange, no fees will apply.

In a positive funding rate, long positions pay short positions and when negative, short positions will pay long position holders. Bybit does not charge overnight fees, these are exchanged between traders.

Demo Account

Bybit features a testnet demo account with access to virtual funds. The practice account provides a virtual simulation of the live platform with spot prices. Traders can register with an email address or mobile phone number at testnet.bybit.com.

Mobile Trading

Bybit provides an easy-to-use, intuitive mobile trading app. This is available for free download to iOS and Android devices. Traders can access all the advanced trading platform features and tools available on the desktop version. Users can place trades, monitor positions, save favorite cryptos, and deposit or withdraw while on the go.

Mobile Trading
Mobile Trading

Deposits & Withdrawals

Deposits

Bybit currently accepts BTC, ETH, XRP, EOS, and USDT funding currencies. Bybit does not handle fiat deposits directly. These are handled by the fiat gateway partners including Banxa and MoonPay. Accepted currencies include GBP, USD, and EUR. Payment methods for fiat currency purchases vary between the two providers but include electronic fund transfers and credit/debit cards. There are no minimum requirements or fees on deposits, however, a miner’s fee may apply.

The account funding process is simple. Select the ‘assets’ button at the top of your account page on desktop devices. Choose the deposit currency and press deposit. The deposit wallet address will be shown in the pop-out window. Visit the FAQ section for full details on how to deposit to your account using all available platforms.

Processing times vary by currency. All deposits must be confirmed by the blockchain before they will be reflected in your account.

Withdrawals

Withdrawal fees and minimum withdrawals apply, varying by coin:

  • EOS – 0.2 EOS minimum withdrawal, 0.1 EOS fee
  • XRP – 20 XRP minimum withdrawal, 0.25 XRP fee
  • ETH – 0.02 ETH minimum withdrawal, 0.01 ETH fee
  • USDT – 50 USDT minimum withdrawal, 30 USDT fee
  • BTC – 0.001 BTC minimum withdrawal, 0.0005 BTC fee

Withdrawals are processed three times per day; at 8 am, 4 pm, and 12 pm UTC. The processing cut-off time for requests is 30 minutes before the scheduled time.

Bonus & Promotions

Bybit supports several bonuses, vouchers, and financial promo code incentives. This includes a joining bonus and a no deposit bonus. The rewards hub is an active page on the exchange website where traders can view the latest promotions. A referral code bonus scheme is also available where clients can earn $10 per new sign-up and have a chance to win a $500 bonus. Bybit also promotes a number of Flash Deals where traders can win a financial prize when they achieve certain milestones, such as seven trades in a week, deposit 1 BTC, or executing a trade using a limit order.

Additional Features

Bybit utilizes several third-party partners to enhance clients’ overall trading experience. These can be integrated within the trading platform. The extensive list includes 3Commas trading software, available to link to your Bybit trading bot via API keys. TokenBot, a notification software providing inexperienced crypto investors with the ability to follow or mirror trades by seasoned investors, is also available.

An educational Bybit blog is published on the crypto exchange website. This includes insights, announcements, and the latest news articles. Topics include Grayscale Bitcoin holdings, using open interest indicators to determine market sentiment, and how to use the Bybit P&L calculator.

Bybit offers an auto-deleveraging (ADL) system in the event of liquidation. This applies when a position cannot be liquidated at a price better than the bankruptcy price and when there is insufficient insurance fund to cover the contract loss.

Benefits

  • Price system – Dual price mechanism reducing unfair liquidations
  • Customer support – 24/7 customer help from a multilingual service team
  • 100x leverage – Increased profit potential with leverage up to 1:100
  • Market depth – Best-in-class market depth, minimum price impact trade execution
  • Unlimited trades & withdrawals – No limits on trades and withdrawals on any account
  • HD cold wallet – Industry-leading cold wallet strengthens security and improves the safety of funds
  • Mutual Insurance – A risk management tool protecting retail traders against unfavourable price fluctuations
  • No KYC compliance – Accounts can be opened with just an email address and username creation
  • 100,000 TPS per contract – Results in no overloads with an ultra-fast matching engine that is 10x the industry average
  • One-click coin swaps – Retail clients can easily swap between supported cryptocurrency coins within accounts, take profit and stop loss, strategy alerts, and adjust orders with one click

Drawbacks

  • No regulation – Bybit is not currently regulated in any country, vs alternative crypto exchange providers such as Kraken or Binance which are both authorised by globally recognised bodies, such as the FCA
  • Global clients not always permitted – Residents of some countries are restricted from opening an account, including clients from the US. See our list of banned countries below

How To Trade With Bybit

Bybit does not handle fiat deposits directly. To purchase the required cryptocurrency, clients must use third-party service providers via the Bybit fiat gateway to convert fiat currency to cryptocurrency. Alternative methods include using an online spot exchange or peer-to-peer crypto transfers.

Registration is easy, with no KYC requirements. You can open an account using either an email address or mobile phone number. Clients should submit a referral code if applicable, then enter the verification code and begin trading. Accounts can be opened on desktop devices or via the Bybit mobile app.

The crypto exchange also offers a sub-account feature. Clients may open 2+ accounts grouped under the main account name. This allows for the deployment of different trading strategies, such as hedging, and independent P&L calculations.

Customer Support

The Bybit crypto exchange offers the following customer contact options for 24/7 multi-language help:

  • Live chat – website and app
  • Email – [email protected]
  • Bybit chat room – Peer-to-peer live chatbot
  • Social media – Including LinkedIn, Twitter, and Telegram

A comprehensive FAQ page can also be found on the Bybit website. This includes step-by-step tutorials and YouTube video guidance. Topics include withdrawal issues, fees explained, how to take partial profit, margin, yield vouchers, and restricted countries.

Security

Bybit doesn’t require stringent KYC verification, making account registration quick and easy. The exchange offers Mutual Insurance, a risk management tool protecting retail traders against unfavorable price fluctuations. This is beneficial given the volatility of the crypto market. Traders may also receive compensation to offset losses and protect profits.

All traders are encouraged to have 2-factor authentication (2FA) at all times. This is simple to integrate using QR code verification. Traders should store recovery key phrases in an encrypted cloud server for enhanced security.

ByBit uses a multi-signature cold wallet to store deposited assets. These will be segregated from the company’s operating profits.

Note, recent news indicates services are now banned for UK customers. This is a result of the Financial Conduct Authority (FCA) placing a ban on the sales of digital currency derivatives. Clients from the United Kingdom were required to close positions and withdraw account balances by 31st March 2021.

Bybit Verdict

ByBit trading volume has boomed since its launch in 2018, although it does offer a much narrower coin offering vs alternative exchanges. The list of benefits makes its growth no surprise. This includes the advanced trading platform, high leverage, secure HD cold wallet, Mutual Insurance, no system downtime, and more. It should be noted, although it is an excellent platform for crypto traders, it is not regulated in any country, therefore trading is a risk.

FAQs

Is ByBit A Wallet?

ByBit operates a secure offline cold wallet solution to store clients’ digital assets. KYC compliance is not required and the withdrawal process is limited to 3 per day to increase security.

Does ByBit Offer MetaTrader 4?

ByBit announced in November 2020 plans to offer Quarterly Futures contracts integrating with the MetaTrader 4 platform. Keep an eye on the crypto exchange website for the latest news and product launch propositions.

Can UK Traders Use ByBit?

ByBit is not currently regulated for retail traders in the UK. This is a result of the Financial Conduct Authority (FCA) placing a ban on the sale of digital currency derivatives in the country.

What Leverage Does ByBit Offer?

Bybit offers maximum leverage up to 1:100. The amount of leverage depends on the derivative contract. BTC/USD is permitted up to 1:100 leverage. XRP/USD leverage is capped at 1:25.

ByBit Keeps Cancelling My Order, What Should I Do?

There are several reasons why conditional orders might not be executed. This includes insufficient margin, selection of ‘Close on Trigger’ when placing orders or if the trade does not meet the minimum order price.

Accepted Countries

Bybit accepts traders from Australia, Thailand, the United Kingdom, South Africa, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.

Traders can not use Bybit from the United States, Canada, Singapore, Cuba, Iran, Korea, Sudan, Switzerland, Syria.

Alternatives to Bybit

If you are looking for alternatives to Bybit we have compiled a list of the top 5 brokers that are similar to Bybit below. This list of brokers like Bybit is in order of similarity and only includes companies that accept traders from your location.

  1. OKX – OKEx is a digital exchange offering trading on hundreds of cryptos across desktop and mobile applications with low fees.
  2. Kraken – Kraken is a top crypto trading exchange offering the largest altcoins by market cap.
  3. Binance – Binance is one of the leading online crypto exchanges offering Bitcoin.
  4. Bitfinex – Bitfinex is among the best crypto exchanges for experienced traders with a free mobile trading app and low fees.
  5. RaceOption – RaceOption is a binary options and CFD platform offering trading contests and prize giveaways.
Bybit LogoBybit is an established crypto exchange aimed at active online traders.
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