Choosing a cryptocurrency trading exchange can be a challenging task. There are several considerations such as the the platform features, charting interface, trading pairs, fees, security and customer support.
One of the most popular leverage exchanges in the world is Bybit.
While we aim to provide you with accurate and the latest information in this Bybit review, we strongly suggest that you visit the website to keep updated with any changes that may occur afterward.
P.S. Read our article on the Best Crypto Margin Platforms to see if Bybit made the list.
What Is ByBit?
ByBit is a derivatives cryptocurrency trading platform with an emphasis on leverage trading with up to 100x leverage on Bitcoin and Etherium trading pairs. The derivatives exchange offers perpetual contracts that follow the cryptocurrency price, not the actual cryptocurrency assets. Bybit has also released USDT-settled perpetual contracts that can be traded on the exchange with leverage.
Advanced features, intuitive user interface and a mobile trading app are important features on Bybit. This comparison table lists other top rated crypto exchanges that offer world-class features.
Maker - 0.025%
Taker - 0.075%
5 / 5
Maker - 0.025%
Taker - 0.075%
4.8 / 5
4.8 / 5
4.4 / 5
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Traders that are new to Bybit will enjoy the variety of features on offer on the trading platform that includes:
- Beginner-friendly and robust trading interface
- Margin platform to trade crypto with up to 100 times leverage
- High liquidity order-book with low spreads
- State-of-the-Art Matching Engine that processes 100,000 transactions per second
- Advanced risk management tools and mutual insurance
- Set take-profit and stop-loss orders in one click
- Secure wallet using offline cold storage measures
- No server down-time and available 99.99% of the time
- Bybit guarantees to bear the full cost of lost funds due to down-time or system errors
- Mobile trading app to monitor positions and trade from anywhere
- An affiliate program that rewards you for bringing more users to the platform
- 24/7 customer service team with multilingual support
Is ByBit Legit?
ByBit User Interface
For astute cryptocurrency traders, the charting interface is one of the most important considerations. If you're familiar with trading on BitMEX or Binance, users will love the charting interface on bybit which is far more advanced and loaded with excellent technical analysis tools and features.
When you first log in to Bybit, you will see that the Bybit trading interface is extremely well laid out, visually easy on the eye with advanced features. The top bar is static and provides an easy way to return back to the 'Trade' window, check your 'Asset's' and a 'More' drop down that provides links to a number of Guides and FAQs.
For season traders, you will notice the charts are by TradingView that are renowned for smooth, intuitive and clean charts. Traders will be able to make use of advanced trading tools and indicators provided by TradingView to refine their trading edge in maximize profits and minimize risk.
TradingView charts offer a wide range of time frames and tools to draw trend lines, add indicators and chart patterns to perfectly time a trade order using a market, limit or stop order.
Bybit features an expansive suite of chart indicators that can be added to each chart such as:
- Simple Moving Averages
- Relative Strength Index (RSI)
- Bollinger Bands
- Average True Range
- And many more...
In comparison to other exchanges, the charting interface and tools offered with Bybit is exceptional and like no other exchange. If you're a technical analysis trader, then you will be satisfied with the smooth charting experience on Bybit.
ByBit Advanced Orders
ByBit offers an advanced ordering system that allows traders to set up their take profit and stop loss in one click from the order confirmation window with multiple order types and time in force. This is a great feature in itself. You don't need to manually enter orders for stop loss and take profit and a window will show to prompt for trade targets before a order is executed.
The order types available to users includes 'limit', 'market' and 'conditional' which most traders will be familiar with. ByBit's order system gives greater flexibility and control using conditional orders to allow proper risk management. There is also the option to control the duration of the conditional order using the following criteria:
- Good Until Cancelled
- Immediate Or Cancel
- Kill Or Fill
Hovering over each of these options will bring up a short description of how to use the option or you can go to the FAQ's which have detailed guides to follow.
ByBit Dual Price Mechanism
ByBit uses dual price mechanism to ensure a fair trading environment for its users and prevent price manipulation. Where most exchanges will use the 'Last Traded Price' as the trigger for liquidation, Bybit on the other hand uses the 'Mark Price'. Otherwise referred to as the 'Global Spot Index Price' as the trigger for liquidation.
ByBit Dual Price Mechanism offers greater protection to its customers from malicious liquidations and means that it is more difficult for those trying to manipulate the market with a reduced benefit. This is another advantage of using ByBit, where crypto traders have greater protection against price manipulation.
ByBit Deposit Methods
Bybit exchange does not accept the deposit of fiat currency. It is a cryptocurrency exchange only that accepts Bitcoin (BTC) deposits. New users will need to make a Bitcoin purchase using a reputable crypto exchange that accepts payments using fiat currency (e.g. USD) in exchange for Bitcoin.
Bybit trading fees are very competitive compared to other exchanges in the cryptocurrency trading industry and are based on a maker and taker fee structure. Depending on the type of order placed (i.e. market or limit order), Bybit will determine the trading fee or rebate to be applied to the trade as below.
BTC / USD
ETH / USD
XRP / USD
EOS / USD
To help explain the different Bybit fees and when they will apply:
- A maker is someone who places a limit order or conditional order that goes to the order book and adds up to the market depth, regardless of whether the trader chooses to go long or short. These traders help to make the market and thus are named makers.
- A taker is someone who places market orders that are immediately fulfilled before they go to the order book and decrease the market depth by taking orders from the order book.
Bybit Deposit & Withdrawal Fees
Bybit does not charge a fee to deposit cryptocurrency to the exchange. There is a minimum Bitcoin network fee charged for withdrawing funds from Bybit which is determined by the blockchain network load which is typically around 0.0005 BTC.
Trade Speed & Scalability
The infamous 'System Overload' error on BitMEX has been a frustration with the popular crypto trading exchange to the point where the frustrations with the frequent system overload issue has become a popular meme. ByBit overcomes the down-time risk with its advanced trading engine which can process 100,000 Transaction-Per-Second (TSP) allowing orders to be executed in rapid times.
ByBit Insurance Fund
To mitigate the inherent risk posed by shortfalls in the Bybit futures contract settlement, ByBit exchange maintains a contingency called the “Insurance Fund” which decreases the possibility of auto-deleveraging in the event of a liquidation. Essentially, the insurance fund serves to protect traders in the event ByBit can not liquidate a position at bankruptcy price or better.
In this instance, the ByBit insurance fund will use the balance to cover the shortfall. To reassure ByBit traders, the exchange shows the current balance of the Insurance Fund as well as all inflows & outflows on their website. Anyone can view it at any time, ensuring a very transparent system.
Bybit Mutual Insurance
Bybit has introduced a mutual insurance feature which is a risk management tool available to its users to hedge against unfavorable market movements. In the event that a user experiences loss on their insured position (within the effective period of the insurance), the user will receive a payoff from the mutual insurance fund.
Users that foresee an increase in market volatility can opt to take out insurance instead of a traditional stop loss order on long and short positions. The insurance will last for a pre-determined time frame of 2-hours, 12-hours or 48-hours.
Each trade will incur a premium for protection which is credited to the Bybit Mutual Insurance Fund. Trades that are protected by the insurance will be compensated if the market moves against your position.
ByBit Testnet / Demo Trading
Bybit features a testnet which allows users to trade on the platform without making a deposit. It is basically a demo account of the platform to practice crypto trading with virtual funds that follow the live Bitcoin price. Users can access the Bybit demo account at testnet.bybit.com and click on 'Register' at the top right of the page.
All you need is an email and a phone number. Before you can place a trade, you will need to obtain testnet Bitcoin coins from a faucet. We suggest you follow this guide to get started as it isn't the simplest of processes!
ByBit offers new users rewards of up to $90 in Bitcoin for joining the platform and claiming coupons. To be eligible, you need to create an account with Bybit and visit the Bybit Rewards page. It is a fun and exciting way to reward new signs existing users with a bonus through flash deals. The rewards are incredibly simple to claim such as a $5 bonus for completing the Bybit customer satisfaction survey which takes about 3 minutes.
For the more experienced traders, there is the options to participate in ByBit competitions. Crypto trading comps are never before seen in the industry and an attractive proposition to join the exchange. ByBit users can register to participate in world class trading competitions to mix with the best cryptocurrency traders in the world, in a safe and friendly environment.
Bybit's previous global competition was called the BTC Brawl that featured huge prizes including up to 100 in Bitcoin that be given away. As Bybit continues its accelerated growth, the trading competitions and games will only grow in size and BTC prizes.
Bybit Vs. Competitors
Both exchanges are competing in the Bitcoin derivatives trading space and are often compared to each other. There are similarities between the two exchanges however we will focus on the main differences. BitMEX has a much larger daily volume to boast with and command significant more users and has an established reputation in the market. It does have it's issues with server overload that can be really frustrating.
Furthermore, there is limited new features and innovation being introduced to keep traders interested. Read our full review on crypto leverage trading platforms here.
On the other hand, Bybit exchange is a new platform that has over 100,000 traders in a short time. Bybit offers unique features that are very attractive such as trading competitors, price manipulation control, fast trade speed and low latency, insurance fund and up to 100 times leverage on Etherium contracts.
We have to say that Bybit takes the lead on review of both exchanges as BitMEX appears to lack development and new features.
Binance is a heavy weight in the cryptocurrency trading industry that is focused on innovative cryptocurrency trading products and services. Binance has recently introduced margin and futures trading to its exchange to compete with Bybit. Binance offers a wide selection of altcoins and stablecoins to trade where Bybit only accepts Bitcoin deposits.
Bybit was specifically designed for professional traders to use up to 100 times leveraged margin contracts. For now, Bybit is a clear winner when comparing the derivatives products. Although, we do expect the competition to increase in the near future as Binance continues to innovate and introduce new trading experiences and products to attract new users.
Deribit is a popular trading platform allows up to 100x margin trading Bitcoin futures or options. The platform has seen a surge in trading volume and have recently expanded to include Bitcoin and Ethereum futures that can be traded with leverage. In comparison to Bybit which also offers users to trade EOS and Ripple XRP.
In terms of trading interface, the Deribit platform is quite basic and similar to BitMEX. It has all the functions that you need however feels a little dated and could use an update. Bybit trading interface feels a lot more responsive, quicker and a better trading experience.
Deribit fees is similar to Bybit so there is nothing separating the two crypto trading platforms. However, the lack of trading competitions and promotions on Deribit with a dated interface makes Bybit a slightly better option for professional crypto traders.
Prime XBT is a popular Bitcoin-based cryptocurrency trading exchange that allows speculating on traditional financial products. Traders are able to trade a broad spectrum of markets including Forex (FX), cryptocurrency, commodities and indices using Bitcoin as collateral – something that Bybit or many other cryptocurrency exchanges offer today. PrimeXBT's best selling feature that gives professional traders flexibility to trade multiple asset classes and still profit in Bitcoin.
The trading interface between Bybit and PrimeXBT are quite different. The charts on Bybit are provided by Tradingview, which are know for clean and responsive charts. In comparison, PrimeXBT have developed their own trading platform which does not disappoint.
All of the technical analysis tools and indicators are included which is great. There isn't much to separate the two trading interfaces apart from personal preference.
Bybit includes several has security features to protect users funds and information on the website. There have been no serious hacks or theft of funds on Bybit that can be attributed to the following security measures:
- Bybit Wallet: Bybit is built on the industry's leading hierarchical deterministic cold wallet system to store all digital assets of users and the platform. Vast amounts of the client's funds are stored in an offline hardware wallet with each deposit address assigned to users is actually a cold wallet address. In the event of a system compromise, an attacker would still not have full access to all the required keys to steal funds. No private key is kept on any cloud server which greatly reduces cyber risks such as hackers.
- Multi-Signature Withdrawals: ByBit withdrawals require a multi-signature process. If the public keys do not match, the system is immediately shut down and trading is stopped. While offline withdrawals can be a slower process, the ByBit team puts security above all else and still allow withdrawals 3 times a day.
- Two Factor Authentication: The other significant security measure is Two Factor Authentication. This is optional however, recommended for all traders using ByBit. This means users are required to use a password AND a registered mobile phone to authenticate the account at login and to withdraw funds from the exchange.
ByBit Reviews & Customer Support
Being a fairly new exchange, there are not too many customer reviews on the internet or Reddit. The feedback on social media profiles on Twitter and Telegram are all generally positive. One thing that really stands out is the expansive suite of guides and articles in the Bybit FAQ section. It covers absolutely everything such as:
- Beginners Q&A
- Getting Started on ByBit
- Deposit & Withdrawal
- Margin & Leverage
- Profit & Loss
If you can't find the answer to a question here or in the Bybit blog, there is the option to contact the customer support team using the zendesk live chat bot. The chat bot is located at the bottom left corner and available 24/7 in a number of languages. We tested it out and got a response almost immediately. Other mediums to get in touch are email or social media channels.
BitMEX is a peer-to-peer cryptocurrency derivatives trading platform that offers leveraged contracts that are bought and sold in Bitcoin. It is the largest and most widely used margin trading platform in the world.
FTX is a crypto-to-crypto derivatives exchange that has been built by traders, for traders to provide a powerful platform for professional trading firms and intuitive enough for first-time users.
Plus500 is a CFD providers that offers its massive customer base to trade the world's most popular crypto assets with up to 30x leverage such as Bitcoin, Ethereum, Litecoin, Neo, Ripple XRP, EOS, Cardano, Tron and Monero.
Disclaimer: your capital is at risk
Frequently Asked Questions
Bybit is headquartered in Singapore and supports traders from all over the world including North America, Europe, Russia, Japan, South Korea and Southeast Asia. The founding team is made of professionals from the Forex industry, investment banking, and early blockchain adopters. In a relatively short period of time, Bybit has managed to build up a large trading base of over 100,000 users.
A perpetual contract resembles a futures contract but does not have an expiry date. It is possible to go long or short trading perpetual contracts which gives more potential for traders to profit in the market.
Yes, Bybit has a Testnet which is a crypto demo account that allows trading with virtual money and try out the Bybit platform and trade the live cryptocurrency market without making a deposit. It is a great way to learn how to trade crypto and experience the Bybit trading experience.
To access the Bybit testnet by visiting testnet.bybit.com. We suggest you read this useful guide on the Bybit website which outlines how to obtain Bybit testnet coins.
The short answer is, NO. Bybit has an advanced liquidation back-end and insurance fund in place to prevent a trader from losing more than the initial margin. A trader would not suffer any losses beyond the initial margin that they have placed on a position.
No, traders from the United States (US) are not allowed to use Bybit due to strict regulations that are outside of Bybit's control.
Bybit exchange is a cryptocurrency service for customers all around the world with translation support for English, Simplified and Traditional Chinese, Korean, and Japanese. There are a number of countries that are banned from trading on Bybit due to regulatory reasons that include:
- Québec (Canada)
- North Korea
- United States
To conclude our Bybit review, wit is a legit, reliable and robust cryptocurrency exchange that is suitable to beginner and intermediate cypto traders that are experienced with leverage trading.
Bybit has successfully combined the best of cryptocurrencies and traditional financial markets with a user-friendly exchange. For traders that are comfortable trading crypto with high leverage and want a leading-edge derivatives trading platform with innovative features and tools, ByBit is a great choice.
Risk management tools and platform features are very important for any prospective cryptocurrency investor. The following cryptocurrency trading exchanges - in addition to the above exchange - provide advanced trading features, technical indicators and a smooth, mobile-responsive charting interface that will be suited to beginners and professional crypto traders.