Bybit Review | The Many Benefits To Trade On Bybit

Your Capital is at risk.

Your Capital is at risk.

Your Capital is at risk.

What is Bybit?

Bybit is a cryptocurrency exchange that was founded by Ben Zhou in 2018. Bybit began with a mission to offer innovative trading services to professional traders and beginners alike.

The company is registered in the British Virgin Islands as Bybit Fintech Limited and is headquartered in Singapore. Bybit is a privately owned company with over 1,000 employees and more than 10 million registered users worldwide.

Bybit is available in over 200 countries except countries with service restrictions like the United States, China, Cuba and a few others. They offer over 250 cryptocurrencies and 300 spot trading pairs.

Bybit is also available as an IOS and Android app and has over 10 million app downloads an an impressive 4.7 star rating with over 190,000 reviews.

Bybit KYC Requirements

The signup process for Bybit is also easy with users being able to register with their phone number or email.

1. Visit Bybit and click signup in the top right corner
2. Signup by entering email or phone number
3. Enter the activation code that has been sent to you

The KYC verification process on Bybit takes approximately 10 minutes to be verified by Bybit but can take up to 48 hours in some cases.

We give the edge to the signup process to Bybit because of the non-obligatory KYC requirements. This means that users can more easily signup, deposit cryptocurrencies and beginning trading right away.

Bybit allows for trading without KYC verification but with some limitations such as a daily withdrawal limit of 20K USDT and a monthly limit of 100K USDT. For those that want to participate in Bybit's earn, one click buys and conduct fiat deposits, KYC verification is required.

Bybit: Products & Services

Bybit’s product offering has grown almost as fast as its user growth in the last 5 years. The exchange offers a wide range of products that targets mainly retail users and professional traders.

Bybit has done a great job of creating a user-friendly platform even though the exchange offers a lot of different products. The platform is easy to navigate and even beginners can get started quickly without too much fuss.

The central offering of Bybit is spot trading where its users can buy and sell over 450 cryptocurrencies. Here users have access to almost all the large cap coins and tokens and even a good selection of altcoins.

For those that want to trade with leverage to long or short a particular asset, Bybit also offers margin trading with up to 10X leverage.

Users also have access to Bybit’s leveraged tokens where they can take up to 2X leverage on 30 cryptocurrencies without any risk for liquidation.

Bybit has also developed a wide range of trading bots for users to automate various trading strategies such as futures grid, futures martingale, spot grid, and DCA.

There are also plenty of strategies already created with historical track records that users can easily copy for free. Copy trading is also available for those that want to replicate and follow the trades of professional traders on Bybit.

Bybit of course also has made available futures trading with over 180 perpetual contracts including USDT perpetuals, inverse perpetual & futures, USDC perpetual & futures as well as USDC Options.

For those that want to trade options on Bybit, they have at their disposal European-style cash-settled options priced and settled in USDC.

Bybit offers both isolated margin and cross margin depending if the user prefers the margin to be isolated from the rest of their account or not.

In terms of 24h trading volumes, Bybit is currently ranking in the top 10 for spot trading volumes with over $1 billion, and top 5 for derivatives trading with over $7 billion in trading volumes.

Demo trading is also supported on Bybit so that users can experiment with trading strategies for free and without any risk before trading with real money.

For users that want to earn interest on their digital assets, they have at their disposal multiple earn products such as lending and borrowing, liquidity mining, dual asset and more.

Here users can earn interest on various digital assets including BTC, ETH, USDT, USDC and other coins. Bybit’s offering includes the more common flexible and fixed-term earnings, staking rewards and liquidity mining.

And for those that also want the ability to spend their digital assets in the real world, Bybit also offers it unique Master Card that allows for just that with up with up to 10% cashback in rewards.

NFTs have also been recently added with support for digital collectibles on blockchains such as Ethereum, Solana, Polygon, Tezos and BNB Chain.

Bybit also offers its own launchpad for early-stage projects to launch their tokens to an audience with a higher risk appetite.

To access these new projects, users must commit MNT or USDT tokens to subscribe to token allocations. Based on the amount committed, users will receive a corresponding allocation of the project tokens.

And finally Bybit also provides high-net-worth individuals and institutions access to their very own OTC desk where they can settle large trades up to $10 million instantly.

Bybit

products vs alternatives

Bybit

MEXC

Kucoin

Spot

Yes

Futures

Yes

Leverage

100X

200X

125X

Copy trade

Yes

Lend & Borrow

Yes

Staking

Yes

NFTs

Yes

Signup

Your Capital is at risk.

Your Capital is at risk.

Your Capital is at risk.

Bybit: Trading Fees

Bybit has a competitive trading fee structure that charges a low spot maker fee of 0.10% and a spot taker fee of 0.10%. You are considered a Taker when your order is executed immediately and a Maker when your order is not immediately matched.

For users that wish to trade futures on Bybit, the future fees on Bybit start at 0.01% for makers and 0.06% for takers. Bybit has also created a VIP Program that rewards loyal traders with lower trading fees based on how much they traded in the last 30 days.

Bybit

fees vs alternatives

Bybit

MEXC

Kucoin

Spot fee (mkr)

0.10%

0.2%

0.1%-0.3%

Spot fee (tkr)

0.10%

0.2%

0.1%-0.3%

Futures (mkr)

0.01%

0.02%

Futures (tkr)

0.06%

0.02%

0.06%

Signup

Your Capital is at risk.

Your Capital is at risk.

Your Capital is at risk.

Bybit: Deposit Methods

Bybit offers 4 quick ways to buy cryptocurrencies.

‍

1. One Click Buy

‍Buy crypto in one click with credit card, Google Pay or Maestro

A $100 USD deposit via debit or credit card via Bybits One-Click Buy returns $95.1 worth of USDT. An almost 4.5% commission.

2. Fiat Deposit & Payment methods

On the other hand, Bybit offers support for 5 fiat currencies including USD, RUB, MXN, BRL, ARS, and TRY. Users can make deposits via Bank Transfer, SEPA, FPS, QiWI, Advcash, PIX, and Wire Transfer which incurs an $8 deposit fee.

‍

EUR: Zero fee SEPA transfers that arrive in 1-3 business days
GBP: FPS (Faster Payment Service) transfers that arrive in 1 business day
RUB: QIWI/Local Bank Card (1.5% commission) or Advcash (zero fees)
BRL: Real time PIX transfers with zero fees
ARS: Real time bank transfers with zero fees

‍

3. P2P-trading

P2P trading means that traders can trade directly with each other, without the need for a middleman.

This type of trading can be beneficial as it can save on fees and provide a more efficient way to trade. Bybit facilitates the buying and selling of USDT, USDC, BTC or ETH between people at agreed-upon prices for zeros fees.

‍

4. Crypto Deposit

On Bybit, users can deposit over 350 cryptocurrencies free of charge. Bybit like most exchanges in the market do not make it costly for users to deposit funds to their exchanges.

Bybit Withdrawal Fees

Bybit provides a decent range of fiat withdrawal options with support for USD, EUR, GBP, BRL, PLN, RUB, TRY and a few other fiat currencies.

Having said that, most of the fiat currencies can only be withdrawn to an Advcash or a Zen Wallet with the exception of TRY/ BRL that can be withdrawn to a bank account.

Other fiat currencies like EUR and GBP can also be withdrawn with SEPA and Faster Payments (FSP) with fees of 0.19% commission and 0.22%.

For those that want to withdraw cryptocurrencies from Bybit, they will pay different fees depending on the blockchain and coin being withdrawn.

Below we have outlined the withdrawal fees that Bybit charges for some well known cryptocurrencies:

Bitcoin (BTC) withdrawal fee: 0.0005 BTC
Ethereum (ETH) withdrawal fee: 0.0019 ETH
Solana (SOL) withdrawal fee: 0.01 SOL
USDT (ERC-20) withdrawal fee: 5 USDT
Cosmos (ATOM) withdrawal fee: 0.005 ATOM

Bybit: Apps & Wallet

Bybit is available on both the App Store and Google Play store. Their apps offer intuitive design and enable users to access cryptocurrency markets on the go.

Bybit has over 5 million downloads on Google Play store and a 3.9 star rating out of 75,000 reviews. Bybit has +5 million downloads on Google Play Store with a rating of 4.4 with over 110,000 reviews. On the App Store they have a 4.6 rating based on 17,500 ratings.

Is Bybit Safe?

Bybit is safe and has contrary to many other cryptocurrency exchanges never been hacked. Bybit has a perfect 10/10 trustscore on Coingecko.

Bybit stores the vast majority of user funds securely offline in cold wallets protected by a combination of Multi-signature, Trusted execution environment (TEE) and Threshold signature schemes (TSS).

From the moment a user signs up, their data is encrypted through end-to-end encryption to ensure only they can access it. Everything is further monitored in real time to identity and prevent suspicious unwarranted activity.

Bybit

security vs alternatives

Bybit

MEXC

Kucoin

Hacked

Proof of reserves

Yes

Partial

Yes

Licenses

VA in Dubai

FinCEN (US)

Signup

Your Capital is at risk.

Your Capital is at risk.