A cryptocurrency exchange allows the investors to exchange and trade cryptocurrencies for other digital currencies or assets like fiat money. It’s one of the digital investments that traders find to be reliable because it’s not affected by inflation, just like gold.
However, the challenge for most crypto investors is finding the right and legit cryptocurrency exchange in the market. It requires essential considerations of several factors, including the features, services, fees, withdrawals options, customers service, and security.
Therefore, the purpose of this Bybit Review is to provide valuable insights about this exchange platform for traders to choose the right platform for them. Although, it’s still essential for them to check its website to understand Bybit’s operation further.
Introduction
When it comes to leverage trading, Bybit Exchange is one of the leading platforms for that particular form of trading. In fact, Bybit is known to offer up to a hundred times leverage on trading pairs of BTCUSD and other crypto derivatives.
Moreover, the exchange company holds the title as one of the fastest-growing companies since its launch in 2018. As of now, Bybit has catered to more than two million traders globally, offering a plethora of derivative products for them, including BTCUSD, ETHUSD, and XRPUSD.
Bybit is also known to offer quarterly futures contracts without any funding fee, which is quite attractive for most investors. So, Bybit is not just for perpetual trading contracts but also quarterly contracts, giving more options for traders.
Review from Customers
The overall rating of Bybit customer reviews is 2.5/5 stars. The complaints are from three major areas:
- The trading platform is too complex, although bybit is providing more and more information to train users. Bybit is trying to attract professional traders without provides the solution of pain points of professional traders.
- Users deposit and withdraw crypto by BTC or XRP. They must pay the transaction fees for miners to process the transaction because it’s base on blockchain 1.0 and 2.0. The transaction fees are relevantly high compared with the latest blockchain 3.0 transaction methods.
- Bybit used to learn from Bitmex. Except for the corporate color, almost everything is the same as Bitmex includes insurance pools and the price mechanism. It used to be Bybit’s advantage, but now it has become a disadvantage. Most of the bitcoin traders are not professional on derivatives. At the time of settlement, the user usually keeps silent that the system gives benefits. However, they will complain the system made a charge.
Different country has different cryptocurrency derivatives policies. Almost every country does not support cryptocurrency derivative trading because traders are easily lost money in derivative trading. Insurance Pool is the best proof.
That’s why the Bybit business is not sustainable and the same reason Bybit is proving spot trading.Bybit insurance funds currently hold 4617 bitcoins.
Features
As for Bybit, its features are designed to focus more on providing a convenient and reliable trading site to both novice and expert traders. But it will still depend on the traders’ preferences, if whether Bybit is for them or not.
Traders can expect these features when using Bybit:
Mobile and Web Version
Traders mostly want to track and check their trade wherever they are. So, the mobile application of Bybit is vital for traders who wish to be updated about their investments most of the time. It gives them the convenience they need.
The Bybit trading app is available on Android and iOS smart devices, including all the valuable features in its web version. Thus, the traders can access the tools and indicators right through their phones anytime they prefer. Moreover, Bybit’s app provides a user-friendly interface, giving an excellent experience even for beginner traders.
Comprehensive Charting Platform
For experienced traders, charts are essential for drafting their strategies in trading. Fortunately, Bybit’s exchange platform offers intensive charts supported by TradingView. These charts allow the traders to gain access to use indicators and time intervals. It also enables them to participate in other trading options provided on Bybit’s platform, including leveraged trading.
Take Profit/ Stop Loss Orders
One unique feature that truly sets Bybit apart from other leverage exchange companies is the option to set TP/SL. This feature helps the traders manage the risk of their trading and allows them to have two options depending on their trading preferences.
Insurance Fund and Mutual Insurance
Bybit also offers a reserve pool, protecting its traders from possible excessive loss through its Insurance Fund. Usually, the fund is used when the traders hit negative equity to avoid being taken over by the auto-deleveraging mechanism.
Moreover, aside from the Insurance Fund, Bybit also offers Mutual Insurance. It’s a tool for risk management to prevent traders from experiencing unwanted market fluctuation. Using this tool, the traders can receive protection from declined profits. It’s also beneficial for traders to lock in profitable positions to secure their investments from possible fluctuations.
 Reliable Transaction Speed
System failures are the enemy of most traders as they can impose the risk of losing their money during trading transactions. Fortunately, Bybit’s has a robust trading engine, always making its server fast and reliable. In fact, its engine can process up to 100,000 Transaction Per Second (TSP), enabling the users to experience excellent trading transactions.
Other Services and Tools
Aside from Bybit’s unique features, the crypto-exchange company also offer various services and tools that can help in providing the users with a great trading experience. Here are some of the services that traders can find in Bybit:
Trading Calculator
In using Bybit for trading, the users can access an essential tool to calculate their assets, profit, and loss through Bybit’s built-in calculator. The traders can use the calculator to manage their position and be aware of the numbers they can gain or lose.
Testnet or Demo Account
Bybit also provides a testing platform for traders who want to experience how the platform works before signing up. The testers can create their demo account in the trial platform and get accustomed to using Bybit’s platform. Although, it’s essential to take note that there is a need for traders to have demo coins to start the trial. Demo coins are available on Testnet faucets.
Referral and Affiliate Programs
Other than trading, users of Bybit can earn more assets through its referral and affiliate programs. The referral program works by referring the exchange platform to other people through a code or link. For example, the traders can earn $10 when their referrals deposit 0.2 BTC.
Additionally, Bybit also offers affiliate programs for traders, giving them up to 10% of commissions on their successful invites. So, it’s ideal for traders with a vast network of like-minded individuals to invite more and earn more on Bybit.
Orders Offered by Bybit
In trading cryptocurrencies, there are various types of trade orders that investors use to control the transaction process. Bybit offers the basic types of orders in crypto trading, such as:
- Market Orders: It’s the form of order where the trade is executed instantly and with assurance. It’s usually the immediate order of the traders to buy or sell digital currencies at their current price.
- Limit Order: Bybit also offers limit orders in which the traders place orders on a specific price point of the available currencies. Its purpose is to lessen the price risks for the traders.
- Conditional Order: Bybit also provides an option for traders to do conditional orders or set a specific price as a condition to meet. Mainly, the activation can be triggered by the index price, mark price, or trader’s last traded price.
Infrastructure
Support Country
Singapore is the base country of Bybit, and it’s also where its headquarter is located. However, the derivative exchange company is registered in the British Virgin Islands. Bybit is accessible for investors around the globe, but some countries are restricted of its service. Countries like Quebec, Cuba, Crimea, Singapore, North Korea, Mainland China, Sudan, Syria, Iran, Sevastopol, and the United States.
Supported Cryptos
Bybit derivative exchange company is currently supporting 20 cryptocurrencies as of now, but deposits are still using bitcoins. The supported 20 derivative trading pairs are:
Bitcoin, Bitcoin Cash, Ethereum, Aave, Cardano’s ADA, Dogecoin, EOS, Chainlink, Filecoin, Ethereum Classic, Litecoin, NEM, Uniswap, Polkadot, Solana, Polygon, Ripple’s, Tezos, and SushiSwap.
| Exchange Name | Bybit |
|---|---|
| Fiat Currency | No |
| Withdraw to Bank | No |
| Payment Type | BTC, ETH, XRP |
| Fees | trading fees and withdraw fees |
| Non Supported Countries or Places | US, UK, Singapore, Japan |
Comparison
Is Bybit legit?
The company has been in the market for almost three years, providing traders with an excellent platform and services. In fact, the reviews, and comments for Bybit on their social media sites are primarily positive, which somewhat prove its legitimacy. However, it’s still essential for traders to do their own research to get the most insight about Bybit and its operation. But overall, Bybit is a legit derivative exchange company for both beginner and experienced level traders.
Is Bybit Safe?
Investing in any trading platform always has the risk even when investing in Bybit. But, the exchange company made sure that its users’ experience and transactions are safe and secure through its various security features.
- Bybit ensures that its users’ funds are secure by storing them on its cold wallet or offline hardware storage. It reduces the risk of cyber hacking.
- In withdrawing funds, Bybit protects the funds through a multi-signature process wherein the system is set to stop the trading if the provided keys are wrong.
- Bybit also has a 2-factor-authentication when users are processing withdrawals, changing security settings, and resetting passwords.
Service
Bybit customer service is undeniably excellent as it provides multiple channels for its users to connect with their customer support. In addition, its customer support is multilingual and accessible 24 hours every day, making Bybit convenient for foreign traders. Bybit also provides live chat support available on its platform in seven different languages.
Furthermore, Bybit Exchange also has active social media accounts from YouTube, Twitter, Facebook, and more. The trader can also request support by writing at [email protected], [email protected], and [email protected]. Bybit also designates a section on its platform for FAQs to answer common questions of its users.
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Bybit’s Contracts Explained
Bybit offers various types of contracts available on its platforms, including perpetual and futures contracts.
In terms of perpetual contracts, Bybit supports two main forms of this contract: Inverse and USDT. Inverse perpetual contracts are assets quoted in USD, but trading still depends on cryptocurrency that serves as a margin. In Bybit, the available pairings for perpetual inverse trading are BTCUSD, ETHUSD, XRPUSD, and EOSUSD.
On the other hand, USDT’s value is base on USD currency, which traders should provide a margin or crypto collateral. So, traders need to purchase stablecoins to secure their trades on USDT contracts. One advantage of both inverse and USDT contracts is they have no expiration date, which means the traders can hold their trade as much as they want.
When talking about Bybit’s futures contracts, it’s more of all crypto trading which means that the margin and settlement are all in cryptocurrency. It also includes a specific date delivery of trade. To understand more about Bybit’s trading options, visit its website and read some dedicated articles regarding this topic in its blog section.
Bybit Fees
The fees structure of Bybit is straightforward, giving clear no deposit limits and fees. However, when it comes to withdrawals, Bybit provides a minimum limit.
Withdrawal Fees for Bybit
If the trader is withdrawing his Bitcoin assets, the minimum limit is 0.002 BTC with a fee of 0.0005 BTC. And when withdrawing Ethereum, the limit is 0.02 ETH, while Bybit charges 0.05 ETH for the fee. For XRP, there is a limit of 20XRP and a fee of 0.25 XRP. The complete list of the withdrawal fees for other currencies on Bybit is available on its website.
Trading Fees
Bybit requires traders to pay the fee for every trading transaction. Bybit based the fees whether the trader acts as a maker or taker. Market orders are usually executed as takers, while Limit Orders can be either a maker or taker.
Bybit requires the traders to pay 0.75% for takers while the makers will gain a 0.025% rebate. Furthermore, the cryptocurrency exchange company charges above 0.02% for spot trading.
Overall Scores
Bybit Pros and Cons
Bybit has been attracting more investors because of its unique features that stand out among others. It has advantages that set it apart from other leverage exchange companies. One benefit includes Bybits low and consistent 0.02% to 0.75% trading fees. Its leverage is also remarkable, with up to 100x leverage. Bybit also boasts its user and beginner-friendly platform, which integrates Trading bots.
Bybit’s mobile app is also commendable, along with its excellent customer support available in different languages catering to foreign users. Its robust security features are also worth mentioning, from 2-FA up to the multi-signature process when withdrawing funds.
However, although Bybit has plenty of advantages, it also has downsides like having no KYC since the trading in Bybit is anonymously done. It’s also important to note for traders that Bybit does not provide service in particular countries, including the U.S, Canada, Singapore, and other countries.
Moreover, it’s only been in the industry for three years, which is still young for an exchange company. But, mostly, it’s not about the years of operation because it’s about the service that the company provides to its users. So, overall, with all Bybits features, services, tools, fees, customer service, and security-it’s an excellent platform to trade and leverage assets.
