ByBit is a top crypto margin platform in the world based on traffic, trading volume, and liquidity. With more than 10 million registered users, ByBit is a serious trading platform with an innovative trading experience. But is it right for you? In this ByBit review, we examine and compare its features, trading pairs, charting interface, fees, mobile app, security and customer support so you can make an informed decision.
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Our ByBit Review - Quick Verdict
ByBit is truly a world-class cryptocurrency leverage exchange for trading spot margin, perpetual contracts, and Futures markets with up to 100x leverage. The best features of ByBit are centered around the advanced charting and trading terminal which is modern, sleek and suitable for all traders and strategies. The spot fees of 0.1% are extremely competitive, as well as the futures fees that start at 0.06% / 0.01% (maker and taker) and reduce with VIP levels.
However, beginners may feel overwhelmed trying to use the ByBit trading exchange, as it is designed for users that have extensive crypto trading knowledge. Furthermore, the selection of crypto assets that can be purchased on the spot exchange is limited.
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- Stable and trustworthy platform that has steadily grown in popularity and services offered
- Top 5 crypto derivatives exchange in the world by volume
- Variety of markets including spot, perpetuals and Futures for serious traders
- Advanced, intuitive and feature-rich trading platform with one-click interactions
- Does not have a trading desk to trade against users (like other platforms)
- Difficult for beginners to navigate
- Fiat support is lacking (only 5 supported)
- NFT marketplace is limited
ByBit is a derivatives cryptocurrency platform with an emphasis on leverage trading with up to 100x leverage on BTC/USD and ETH/USD trading pairs. The derivatives exchange offers perpetual contracts that follow the cryptocurrency spot price, not the actual cryptocurrency assets.
Based and headquartered in Singapore, ByBit is a registered trading exchange in the British Virgin Islands. The platform 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.
ByBit At A Glance
|Markets||Spot, margin, leveraged tokens, derivatives, options, copy-trading and P2P|
|Deposit methods||Fiat, Crypto|
|Number of Crypto||BTC, ETH, LTC, XRP, BCH, LINK, XTZ & 100 others|
|Supported fiat||EUR, GBP, RUB, BRL, ARS|
|Max. Leverage||Up to 100x|
|Trading Fee||0.06% / 0.01% (derivatives), 0.1% (spot)|
Bybit Features and Products Reviewed
ByBit offers a huge range of features, from spot and derivatives trading to leveraged tokens and trading bots, plus an NFT marketplace and tons of ways to earn interest on crypto. The team at HedgewithCrypto has reviewed the top features of the ByBit platform in the section below.
User Interface & Trading Experience
For astute cryptocurrency traders, the charting interface is one of the most important considerations. ByBit offers a very advanced trading platform powered by TradingView charts, with hundreds of built-in indicators and drawing tools. The price charts offer a wide range of time frames and tools to draw trend lines, add indicators, and chart patterns to perfectly time a trade.
ByBit Exchange also offers its own advanced charting system. Users can also view live order books, a depth chart, a detailed order form (with access to market, limit, stop-loss, and conditional orders), and access to a favorites menu. This makes s it easy to trade spot (and optional margin) and leveraged tokens, and ByBit even offers its own custom crypto trading bot that users can program to automate their trading.
Moreover, there is the ability to set a take profit/loss orders directly by right-clicking the charts which is an excellent feature that is not available on all leverage platforms for crypto. Experienced traders can maintain proper risk management when planning a trade and adjusting the risk once the position is live by dragging the limits orders on the chart. Dragging the order across the bid/ask price will execute a trade at market price.
Derivatives Trading (with Leverage)
ByBit is a premium crypto margin trading platform in our opinion. A major factor is the 100+ derivatives markets supported, and multiple ways to use leverage with ample flexibility and choice. Moreover, Bybit processes nearly $10 billion in daily derivatives trading volume keeps slippage low for larger traders and continues to offer new advanced features for professional traders.
Here are the types of markets available for derivatives trading:
- Futures contracts. Perpetual futures contracts with up to 100x leverage available. Over 100 trading pairs are available.
- Leveraged tokens. Both LONG and SHORT positions on over 30 tokens with 3x leverage.
- Inverse contracts. Perpetual and futures contracts use the coin itself as collateral. Only a handful of available coins are supported, including BTC and ETH. Futures contracts are settled on a quarterly basis.
- Options contracts. USDC-settled options contracts are available on a daily, weekly, monthly, and quarterly basis.
Trading Volume & Liquidity
ByBit Exchange is one of the largest platforms in the world for derivative trading volume, processing over $10 billion in daily trading volume. As for liquidity on spot trading, ByBit has an average liquidity score of 561 (out of 1,000), Which is an average score. High liquidity means that users can place large orders and avoid excess slippage, and while ByBit offers decent liquidity for Bitcoin and Ethereum, smaller-cap coins may not have great liquidity.
ByBit has expanded its suite of trading products to enable its users to earn interest on their crypto. The exchange offers decent interest rates, but nothing too exceptional when compared to dedicated platforms for earning crypto interest. Although, it gives another dimension to Bybit for existing users to maximize their holdings while in between trading. The higher rates for dual asset investments have very short timeframes, so it isn’t a long-term investment. A list of the earn products is below:
- Crypto savings accounts. Deposit crypto for a fixed or flexible length of time and earn interest.
- Decentralized Finance (DeFi) mining. Join Curve mining pools to earn yield from mining rewards.
- Liquidity mining. Join liquidity pools to earn yield by collecting transaction fees from DeFi exchanges.
- Launchpool. A way to stake crypto and earn new tokens for free.
- Dual asset investing strategy. Deposit USDT and another crypto asset, predict the price action, and each yield.
Peer-to-Peer (P2P exchange)
Launched in January 2022, Bybit introduced a P2P crypto exchange for its users to exchange coins and tokens with each other. Bybit facilitates the transactions between buyers and sellers and charges zero fees for the service. There is a minimum starting price of $2. The platform aggregates the best offers and prices in real-time for Bitcoin, Ethereum, and Tether (USDT). These assets are pegged to USDT giving a total of 9 trading pairs at the time of writing.
There are over 80 different payment methods for fluid trade executions, including credit/debit cards, bank transfers, and in-person cash payments. Bybit's P2P exchange offers several benefits to existing users and is a value-add compared to other leverage platforms. Although, there isn't an option to filter the merchants which makes it more time-consuming to find the right buyer or seller. In short, the P2P exchange allows users to buy crypto using a multitude of fiat currencies and payment methods and is a top P2P platform based on our comparison.
ByBit NFT Marketplace
ByBit offers a basic NFT marketplace, but the selection is limited. Users can buy or sell NFTs on the platform, but listing new NFTs requires filling out an application manually. Seller’s pay a 1% fee of the total sale, as well as a royalty to the original creator, which will vary per NFT. Minting of new NFTs is not currently supported on the platform. Overall, the selection is lacking, but the functionality is available for users that need it.
Bybit features a testnet for users that would like to demo trade crypto without making a deposit. It functions as a virtual account of the platform to practice crypto trading with fake money that follows the live Bitcoin spot 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 address and a phone number. Before you can place a trade, you will need to obtain testnet Bitcoin coins from a faucet.
Bybit Comparisons & Alternatives
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|229+||0.02% (maker) / 0.04% (taker)|
|Up to $100 welcome bonus||Visit Binance Fu...||Binance Futures Review|
|BTC, ETH, XRP, and 334 Others||0.1% (spot), 0.06% / 0.01% (futures)|
|Up to $6,050 Crypto Sign Up Bonus||Visit Phemex||Phemex Review|
|366||0.08% (maker) / 0.10% (taker)|
|None available at this time||Visit OKX||OKX Review|
HedgewithCrypto has reviewed and compared ByBit Exchange with similar exchanges in the market as listed below.
Fiat Funding & Limits
ByBit recently added fiat deposit support to fund user accounts. Currently, Bybit supports EUR, GBP, RUB, BRL, and ARS. Bybit supports several payment options for its customers located worldwide. The options to deposit, withdraw, buy and sell do vary for each supported country. The deposit options include:
- Bank account transfers
- SEPA Payments
- Wire transfers
- Local E-wallet
- Faster Payments
The average speeds of each payment option are an important consideration and are listed below.
|Fiat Currency||Payment Method||Processing Time|
|BRL||Bank Transfer (TED)||1–3 working days|
|BRL||Bank Transfer (DOC)||1–3 working days|
|ARS||Bank Transfer||1–3 working days|
|EUR||SEPA Credit||Up to 1 working day|
Ease of Use & Trading Experience
For astute cryptocurrency traders, the charting interface is one of the most important considerations. If you're familiar with trading on BitMEX or Binance Futures, 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, and 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 'Assets' 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 which is renowned for smooth, intuitive and clean charts. Traders will be able to make use of the best charting software for TA to refine their trading edge in maximizing profits and minimizing 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.
ByBit Exchange features an expansive suite of chart indicators that can be added to each chart such as Simple Moving Averages, Relative Strength Index (RSI), Ichimoku, Bollinger Bands, Average True Range, MACD, Volume, Stochastics and many more. In comparison to other exchanges, the charting interface and tools offered with ByBit are 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.
Moreover, ByBit has an advanced ordering system that allows traders to set up take-profit and stop-loss orders 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 to stop loss and take profit and a window will show to prompt for trade targets before an order is executed. Take-profit orders are triggered by default as a market order and a taker fee is applied.
The orders available include 'limit order', 'market order' and 'conditional order' which most traders will be familiar with. ByBit's order system gives greater flexibility and control using price-based triggers to allow proper risk management. There is also the option to control the duration of each 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 Trading Fees
Bybit fees utilize a Maker-Taker fee schedule, with discounts available to high-volume traders. Spot trading fees start at 0.1%, which is competitive in the market. Bybit fees for derivatives trading start at 0.03% for options trading and 0.06% / 0.01% for futures trading. Market markers can even receive a rebate of 0.015% on trades. For example, traders that use limit orders and provide liquidity to the order book are paid 0.015% of the volume traded.
Due to the low transaction fees, Bybit is a good platform for crypto day traders as it keeps 'trading costs' to a minimum, whilst maximizing potential profits with the rebates offered.
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.
ByBit Mobile App & Feedback
Bybit provides an excellent mobile trading app that is highly intuitive, easy to use, and responsive on Android and iOS devices. The mobile app includes all of the trading features, indicators, and tools on the web version. Traders can quickly and easily place trades, monitor positions, and check balances.
The ByBit app has been downloaded over 50,000 times with a 4.6/5 star rating based on 912 reviews. In terms of trading, ByBit's app is one of the best in the crypto industry due to its sophisticated and state-of-the-art design.
Customer Support & Reviews
ByBit Exchange has an expansive FAQ section that covers a broad range of topics to obtain answers to common troubleshooting queries. They also have a live chat feature which is available 24/7 and operated by actual people. Other mediums to get in touch include email and social media channels such as Telegram and Twitter which appear to be very responsive.
When it comes to feedback from existing customers, ByBit has a rating of 3.2 out of 5 stars on TrustPilot, which indicates mixed reviews about its overall user experience, technical issues and customer support. Most of the negative comments related to stop-loss orders not triggering at the set price. However, we could not replicate this issue with our testing.
Frequently Asked Questions
ByBit is not regulated in any country and therefore users do not require KYC to trade crypto. The company is operated by ByBit Fintech Limited which is based in Singapore and registered in the British Virgin Islands.
Bybit appears to be a secure leveraged trading platform that features bank-like security measures and operational procedures to ensure clients' funds are kept safe. The exchange has also never been hacked or compromised before based on our research. Offline cold wallet storage, multi-signature withdrawal process, and two-factor authentication are examples of the safety measures in place.
To mitigate the inherent risk posed by shortfalls in the ByBit futures contract settlement, ByBit maintains an insurance contingency fund that decreases the possibility of auto-deleveraging in the event of a liquidation. Essentially, the fund protects traders if the exchange can not liquidate a position at bankruptcy price or better. In this instance, the ByBit insurance fund will cover the shortfall. The insurance fund balance can be viewed here.
New users can open a ByBit account with an email address and password only and deposit crypto assets to begin trading on ByBit immediately. However, they will be restricted to a “2 BTC” withdrawal limit per day until full KYC verification is completed. For more information on how long ByBit verification takes to complete, read this guide.
Bybit is a derivatives platform that allows traders to speculate on cryptocurrency futures pairs with leverage. However, the platform is not regulated by AUSTRAC but individuals within Australia are still eligible to use its services to trade crypto.
Bybit accepts crypto deposits only and therefore does not enforce an identity verification process. Users that prefer to use a regulated cryptocurrency trading platform can read our article that compares the best exchanges in Australia.
To conclude this ByBit review, the crypto derivatives exchange is a reliable, safe, and robust trading platform that is suitable for beginner and experienced users that would like to speculate on digital currencies with high leverage. Although, newer crypto investors may want to steer clear of ByBit, as the platform and host of features may be too confusing for new users. While there is a simple “Buy Crypto” option, it has high fees from third-party gateway services.Visit Bybit