ByBit Review

    Bybit is an excellent crypto exchange offering advanced trading tools and many crypto-related features. However, it's busy-interface and complex trading terminal could cause issues for beginners.
    Kevin Groves
    Posted by: Kevin GrovesUpdated May 25th, 2023

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    ByBit is a top crypto margin platform in the world based on traffic, trading volume, and liquidity. But how does it compare to other exchanges? 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 Take

    HedgewithCryptoScoreOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    Full StarFull StarFull StarFull StarHalf Star

    ByBit is a world-class crypto exchange for trading spot, margin, perpetual contracts, and futures markets with up to 125x leverage. The trading terminal boasts a modern and sleek interface suitable for traders of all experience levels. Furthermore, with highly competitive fees and a diverse set of features, Bybit is one of the best exchanges in the world. However, beginners may feel overwhelmed trying to use the Bybit exchange because it's designed for users with extensive crypto trading knowledge.

    There's even a 30,000 USDT welcome bonus using a ByBit referral code.

    Trading Fees:
    0% (spot), 0.06% / 0.01% (futures)
    Currency:USD, EUR, GBP, AUD, CAD, +125 Others
    Country:Global (USA not allowed)
    0% trading fees for 30 days (spot only)
    • Competitive fees
    • Diverse feature set
    • Supports multiple crypto markets
    • Difficult for beginners to navigate
    • NFT marketplace is limited

    Pros Explained

    • Competitive fees. One of the most attractive aspects of Bybit is its highly competitive fees. Priced at just 0.1% for spot trading and 0.01%/0.06% (maker/taker) for derivatives, Bybit's fees are comparable to the world's largest exchange, Binance.
    • Diverse feature set. Many exchanges specialize in a single area. However, Bybit offers a diverse and constantly evolving set of features designed to appeal to a broad audience of crypto enthusiasts. As such, the exchange is excellent for anyone looking for an all-in-one platform for crypto-related activities.
    • Supports multiple crypto markets. With Bybit users able to access the spot, margin, futures, and options markets, there are always plenty of trading opportunities on the platform, ideal for active day traders.

    Cons Explained

    • Difficult for beginners to navigate. One drawback to Bybit's broad set of features is its complex interface. While quick to get used to, beginners could be overwhelmed by the available options.
    • NFT marketplace is limited. NFTs are a growing asset class, with marketplaces like OpenSea processing millions of dollars worth of transactions. However, Bybit's NFT marketplace is limited in scope and lacks blue-chip projects like the Board Ape Yacht Club or Doodles.

    Bybit Compared & Alternatives

    ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview


    3500.1% (spot) and 0.02% / 0.04% (Futures)
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    Full StarFull StarFull StarFull StarHalf Star
    Up to $100 welcome bonusVisit BinanceBinance Review


    2220.16% (maker) and 0.26% (taker)
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    Full StarFull StarFull StarFull StarHalf Star
    None available at this timeVisit KrakenKraken Review


    BTC, ETH, XRP, and 334 Others0.1% (spot), 0.06% / 0.01% (futures)
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    Full StarFull StarFull StarFull StarEmpty Star
    Up to $6,050 Crypto Sign Up BonusVisit PhemexPhemex Review

    ByBit At A Glance

    ByBit is a Dubai-based cryptocurrency exchange with an emphasis on derivatives trading. Founded by Ben Zhou in March 2018 and now serving over 10 million users around the world, Bybit is an unregulated exchange available to residents of most countries outside of the United States.

    Exchange NameByBit
    FeaturesSpot, Margin & Futures Market, Trading Bots, Copy Trading, Crypto Loans, Up to 125x Leverage, Deep Liquidity, Staking, P2P Trading, NFT Marketplace, Demo Trading
    Accepted Fiat CurrenciesUSD, EUR, GBP, AUD, CAD, +125 Others
    Deposit MethodsCredit/Debit Card, Bank Transfer, e-Wallet, Crypto
    Supported Cryptocurrencies331
    Number of Trading Pairs608
    Trading Fee0.06% / 0.01% (derivatives), None (spot)
    Max Leverage125x
    Customer SupportLive Chat, Help Center, Email, Twitter, Telegram
    Security MeasuresEncryption, Cold Storage, 2FA, Anti-Phishing Code, Address Whitelisting
    Mobile AppYes (Android and IOS)
    Visit the ByBit website

    ByBit Features and Products Reviewed

    ByBit offers a massive 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. For our ByBit review, the team at HedgewithCrypto has reviewed the top features of the platform in the section below.

    Derivatives Trading (with Leverage)

    ByBit is an excellent crypto margin trading platform with many options for derivatives trading. With nearly 240 tradable instruments spread across multiple products, Bybit is ideal for anyone wishing to trade crypto-based contracts. Here are the types of markets available to long or short crypto on Bybit using stablecoins or crypto as collateral:

    • Futures contracts. Perpetual futures contracts with up to 125x leverage available. Over 100 trading pairs are available.
    • Leveraged tokens. A total of 34 LONG and SHORT coins are available with 3x leverage.
    • Inverse contracts. Perpetual and futures contracts use the coin itself as collateral. Only a handful of assets are supported, including BTC and ETH. Futures contracts are settled every quarter.
    • Crypto options trading. USDC-settled options contracts, available on a daily, weekly, monthly, or quarterly basis.

    Trading bots

    Automation tools can streamline many aspects of life, including trading. The ByBit platform allows users to create three types of crypto trading bots, a Dollar-Cost-Average (DCA) bot, a spot grid-trading bot, and a Futures grid-trading bot. The AI-generated grid trading strategies automatically input the interval, price range, and the number of grids to simplify building a bot.

    However, for users looking for more customizability, ByBit enables users to enter the fields manually, tailoring the bot to their preferences. A screenshot of the typical trading bots available on Bybit are shown below from our account.

    Bybit Trading BotBybit Trading BotExamples of the trading bots on Bybit.

    Although the bots provide a way to trade passively, users can take things a step further by copying other successful traders on ByBit to set up a bot without any technical know-how. While ByBit's trading bots may not be as customizable as some platforms, they offer an excellent way to trade passively without coding expertise.


    Crypto trading is challenging, time-consuming, and inherently risky. However, with ByBit's copy trading feature, users can automatically buy and sell crypto by mirroring respected traders with proven track records of generating profits.

    To access Bybit's copy trading platform, users must register as a trader. After doing so, users can view a trader's 90-day performance, daily profits, trading history, average profits/losses, winning trades, and followers' earnings. On top of gaining exposure, traders earn a percentage of their followers' profits, making it a great way to earn additional income.

    Bybit copy tradingBybit copy tradingSelection of traders sharing their performance to be copied on Bybit.

    Compared to other copy trading platforms, Bybit has one of the most active communities, which is crucial as it means traders can earn more money from their followers, and users can follow a higher class of traders. As such, Bybit is one of the best crypto platforms for copy trading and should be considered for anyone wishing to engage in the activity.

    ByBit Card

    Another feature that impressed us while writing our ByBit review is the Mastercard-powered ByBit crypto debit card. Residents of the UK and certain European Economic Area (EEA) countries with a ByBit account can apply for a debit card after completing levels one and two identity verification.

    The ByBit card is funded by adding money to a ByBit funding account and can be used anywhere that accepts Mastercard payments, making it highly versatile. However, when spending crypto using the ByBit card, an additional 0.9% liquidation fee is levied on top of the standard 0.1% trading fee.

    Crypto loans

    While having exposure to the crypto market can be highly beneficial over the long term, it can result in severe tax implications when an investor sells their holdings for fiat. Crypto loans provide a way for users to leverage their holdings as collateral for a loan that users can withdraw without being subject to capital gains tax. Bybit has a crypto loan program that enables users to receive a loan-to-value (LTV) ratio of up to 75%, meaning for every $1,000 pledged, Bybit can provide up to $750.

    Loans on Bybit have a minimum amount of $20 and a maximum of $400,000, meaning the service should be suitable for most investors. Furthermore, loans can be paid back anytime within the loan term, ranging from 7 to 180 days. With its flexibility and high limits, Bybit is one of the best crypto loan platforms available. A screenshot of the process to obtain a crypto loan on Bybit is shown below.

    Bybit loansBybit loansSetting up a crypto loan with Bybit.

    ByBit Earn

    ByBit has expanded its suite of trading products to enable users to earn interest passively on their crypto holdings. The exchange offers lockup terms ranging from 0 to 60 days and yields up to 609.57%. Furthermore, with 36 supported assets, ByBit Earn is more versatile than many dedicated platforms for earning crypto interest.

    Although it gives another way for existing ByBit users to maximize their holdings in between trading, ByBit's Earn products aren't risk-free, so it's crucial to research the product before investing. A complete list of Earn products is below:

    • Crypto savings accounts. Deposit crypto for a fixed or flexible length of time and earn interest.
    • Liquidity mining. Join liquidity pools to earn yield by collecting transaction fees from DeFi exchanges.
    • Launchpool. A way to stake crypto to earn new tokens.
    • Crypto Launchpad. A platform to invest in new IDO and IEO projects.
    • 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 buy and sell crypto assets in a decentralized manner. ByBit facilitates the transactions between buyers/sellers and charges zero fees for the service. However, there is a minimum purchase price of $2.

    Bybit P2P MarketplaceBybit P2P MarketplaceScreenshot of filtering through buyers on Bybit P2P.

    The platform aggregates the best offers and prices in real-time for Bitcoin, Ethereum, USD Coin (USDC), and Tether (USDT). While the selection offered by ByBit is not as extensive as some other exchanges, the platform supports purchases with over 80 payment methods making it extremely versatile.

    Users can browse through the P2P marketplace, filtering offers by payment method, cryptocurrency, and desired quantity of tokens. Although ByBit's P2P marketplace isn't life-changing, it's an excellent value-add and dramatically expands the payment methods available to users, making it one of the top P2P platforms based on our comparisons.

    ByBit NFT Marketplace

    ByBit has an NFT (Non-Fungible-Token) marketplace, but its selection of assets is limited. Users can easily buy or sell NFTs on the platform using their ByBit account, but listing new NFTs requires filling out an application manually.

    Sellers pay a 1% fee of the total transaction price and 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 available and the platform will likely be developed further over the coming months.

    Demo Trading

    ByBit features a testnet for users who want to demo trade crypto without making a deposit. It functions as a virtual ByBit account, enabling users to practice crypto trading with fake money that follows the live spot price of crypto assets.

    Users can access a ByBit demo account by heading to testnet.bybit.com and clicking on 'Register' at the top right of the page. All traders need is an email address and a phone number. Before placing a trade, users must request testnet coins from the ByBit support team, which is more convoluted than most platforms.

    Creating and Verifying a ByBit Account

    ByBit has one of the most straightforward account creation processes available. As the platform hasn't made Know-Your-Customer (KYC) verification mandatory, users initially only have to provide an email address and password. This makes ByBit one of the premium crypto exchanges without KYC to start trading.

    However, to access fiat currency deposits, users must complete level-1 KYC verification which entails providing a photo ID (passport, driving license) and a selfie. Increased limits and additional trading products can be attained by providing proof of address (utility bill, bank statement) and completing level-2 verification.

    Supported Fiat Currencies and Deposit Methods

    Although ByBit is primarily touted as a crypto-to-crypto exchange, the platform enables users to buy crypto with 130 fiat currencies, including USD, GBP, EUR, and CAD, through its third-party partners MoonPay, LegendTrading, Mercuryo, and Banxa. Additionally, users can deposit to Bybit without directly purchasing crypto using 12 fiat currencies.

    While creating our ByBit review, we were impressed by the platform's supported deposit methods. Users can add funds to their ByBit account using cryptocurrency, a credit/debit card, or a bank transfer. Furthermore, an additional 80 payment methods, including e-wallet or cash in-person, are available via the P2P marketplace.

    Bybit buy crypto with fiatBybit buy crypto with fiatScreenshot of buying crypto with our Bybit account.

    Supported Cryptocurrencies and Trading Pairs

    Access to a wide range of cryptocurrencies is essential for any crypto trader. To ensure users can trade ample instruments, ByBit provides access to several markets, including spot, margin, futures, and options.

    Across its supported markets, ByBit enables users to trade 331 unique cryptocurrencies, 240 futures contracts, and three options contracts. Additionally, ByBit has created 34 leveraged tokens which enable users to amplify their profits and losses without being subject to funding fees. In total, ByBit offers 608 tradable assets which are exceptional for serious traders.

    ByBit Fees

    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 and the same as Binance. For derivatives and perpetual contracts, fees start at 0.03% for options and 0.06% / 0.01% for futures trading.

    To attain discounted trading fees, users must also hold the BitDAO (BIT) token. While ByBit is an investor and proponent of the project, BIT has no use on the Bybit trading platform outside of the VIP fee discount program.

    Thanks to its low transaction fees and straightforward cost structure, ByBit is a good platform for crypto day traders aiming to maximize their profits. Institutional market markers can even receive a rebate of up to 0.015% on trades that add liquidity to the order books. For example, market makers that use limit orders can earn up to 0.015% of the volume traded.

    Account BalanceBIT Token HoldingsSpot Trading Volume (30-Day)Spot Trading Fees (Maker/Taker)Derivatives Trading Volume (30-Day)Derivatives Trading Fees (Maker/Taker)
    $00 BIT$00.1% / 0.1%$00.01% / 0.06%
    Over $50,00050,000 BIT$1M to $2M0.04% / 0.06%$10M to $25M0.006% / 0.05%
    Over $250,000200,000 BIT$2M to $4M0.025%/ 0.05%$25M to $50M0.005% / 0.045%
    Over $500,000 500,000 BIT$4M to $6M0.02% / 0.045%$50M to $100M0.004% / 0.0425%
    Over $1 MillionN/A$6M to $8M0.015% / 0.04%$100M to $250M0.002% / 0.04%

    ByBit Trading Fees Compared

    Bybit offers highly competitive trading fees that are comparable to some of the world's largest crypto exchanges. We've included the easy-reference table below to highlight how Bybit compares to other platforms in trading costs.

    Exchange NameSpot Trading Fees (Maker/Taker)Derivatives Trading Fees (Maker/Taker)
    ByBit0.1% / 0.1%0.01% / 0.06%
    Binance0.1% / 0.1%0.02% / 0.04%
    Kraken0.16% / 0.26%0.02% / 0.05%
    Coinbase0.4% / 0.6%N/A

    Deposit & Withdrawal Fees

    Withdrawing funds from ByBit does not incur any additional fees. However, the company charges a flat fee to cover network costs. This approach is typical within the industry and is designed to prevent excessive network load and cost disparities. The cost to withdraw will vary from asset to asset. For example, Bitcoin costs 0.0002 BTC, Ethereum costs 0.0012 ETH, and Solana is priced at 0.01 SOL.

    Ease of Use & Trading Experience

    The charting interface is one of the most critical considerations for astute cryptocurrency traders. Anyone familiar with trading on BitMEX or Binance Futures will likely love the charting interface on ByBit, which is loaded with helpful crypto tools for performing detailed technical analysis.

    The ByBit user interface is sleek, laid out well, and easy-to-navigate thanks to the top bar packed with quick links to popular areas like crypto markets and ByBbit's trading tools. In addition, the exchange utilizes an order book-based trading interface that can be used to analyze up to four charts simultaneously.

    Bybit multi-chart trading interfaceBybit multi-chart trading interfaceScreenshot of our trading configuration with quad charts.

    Seasoned users will notice that the ByBit trading platform offers TradingView charting in addition to its propriety interface. Considered the best charting software for technical analysis, TradingView offers hundreds of technical indicators and a complete suite of drawing tools designed to make plotting complex trading strategies and finding exciting opportunities simple.

    Placing spot or derivatives trades on ByBit is simple. After deciding which instrument to trade, users can decide on entry and exit points using the in-built analysis tools and create a short or long order with up to 125x leverage. Additionally, users can trade with precision thanks to the range of supported order types, which include limit, market, and conditional.

    Bybit trading interface screenshotBybit trading interface screenshotScreenshot of our Bybit trading platform.

    In short, ByBit is an excellent spot, leverage, or margin trading platform. The exchange is simple to use and yet powerful enough for even the most advanced technical traders. Furthermore, thanks to its superb order execution, deep liquidity, selection of popular crypto indicators, and robust trading engine, users can rest assured that their positions will fill quickly and at the best possible price

    ByBit Mobile App and Feedback

    For on-the-go traders, Bybit provides an excellent mobile trading app that is highly intuitive, easy to use, and available on Android and iOS devices. The mobile app includes all the trading features, indicators, and tools present on the web platform. The Bybit app has been downloaded over 50,000 times with a 4.5/5 star rating based on over 65,000 reviews.

    After logging into the Bybit app, which can be done by inputting an email/password or via Google, users are shown a dashboard containing trending pairs and quick links to important features like Bybit Earn, copy trading, and the in-built trading bots. Furthermore, users can access markets and spot/derivatives trading via the convenient bottom navigation bar.

    Bybit mobile app dashboardBybit mobile app dashboardScreenshot from our Bybit app and wallet balance.

    The Bybit mobile app is highly versatile, making it ideal for anyone wishing to engage in a diverse range of crypto-related activities without switching platforms. From depositing funds to building custom trading bots and managing the Bybit Card, the mobile app boasts full versions of Bybit's features which is relatively usual to see from mobile trading platforms.

    Furthermore, Bybit has worked hard to ensure its features are accessible on mobile by including a series of supporting informational articles from the help center on each feature page to ensure its customers aren't confused by a particular aspect of the app.

    Charting and placing orders on ByBit appCharting and placing orders on ByBit appScreenshot of charting and placing orders on our app.

    Bybit app users can access hundreds of instruments on the spot, margin, and derivatives markets, perfect for active traders. Furthermore, the mobile trading interface is exquisitely crafted, with users able to use a plethora of drawing tools and several technical indicators to perform detailed technical analysis.

    The Bybit mobile app is well-designed and supports every feature from the web platform, making it an excellent choice for traders and investors who frequently travel. While it would be nice to see support for additional indicators, the existing range covers the most popular options and is suitable for performing analysis while on the go.

    Customer Support & Reviews

    The Bybit exchange has an expansive help center containing many articles relating to common troubleshooting queries, including opening a trading account and placing orders. Furthermore, Bybit offers an advanced live chatbot that can provide assistance with common topics or connect the user to a customer support agent, who, in our experience, responded promptly.

    In case its users are unable to access live chat support, customers can contact a customer service agent via email or social media channels, including Twitter and Telegram. Like most cryptocurrency exchanges with millions of users, Trustpilot contains mixed reviews, although they primarily concern users' operational activities, with a representative responding quickly.

    ByBit Security Measures

    Bybit has an excellent reputation as a safe place to trade crypto that utilizes industry-leading techniques to protect its customers. On top of mandatory two-factor authentication (2FA) for all Bybit users, there is offline cold storage 256 AES encryption, and a dedicated threat monitoring team. There is also device management, address whitelisting, and an anti-phishing code for communications. These factors combined have prevented Bybit from being hacked since its 2018 launch.

    Frequently Asked Questions

    Bybit is not regulated anywhere globally, so its users do not require KYC to trade crypto. The trading platform is operated by Bybit Fintech Limited, a company based in Singapore and registered in the British Virgin Islands.

    ByBit appears to be a secure leveraged trading platform with bank-like security measures and operational procedures to keep clients' funds safe. Based on our research, the exchange has also never been hacked or compromised. Offline cold wallet storage, multi-signature wallets, 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.

    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 just an email address/password and deposit crypto assets to begin trading on Bybit immediately. However, they will be restricted to a “2 BTC” daily withdrawal limit until full KYC verification is completed. Read this guide for more information on how long Bybit verification takes to complete.

    ByBit exchange is the second largest platform in the world for derivative trading, behind Binance at the time of writing. Each day Bybit processes over $15 billion in trading volume. As for liquidity on spot trading, Bybit has an average liquidity score of 626 / 1,000, which is above average and higher than KuCoin.

    While Bybit offers excellent liquidity for popular assets, some smaller-cap coins may have little depth. That said, retail customers trading on Bybit shouldn't encounter any issues unless deploying millions of dollars worth of capital at once.

    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.

    Final Verdict

    To conclude our Bybit review, the crypto derivatives exchange is a reliable, safe, and robust trading platform suitable for experienced users who want to speculate on digital currencies with high leverage and novice traders looking for an all-in-one crypto platform.

    Bybit uses TradingView as its charting provider, meaning users can access excellent drawing tools and hundreds of technical indicators. Furthermore, Bybit boasts a highly competitive fee structure that can rival exchanges like Binance and KuCoin.

    However, the one drawback to Bybit is its wide range of advanced crypto products and use of complex terminology, which could be confusing for those without any prior experience using a crypto exchange.

    Review CriteriaHWC Score
    Features5 / 5
    Supported Fiat and Deposit Methods4.4 / 5
    Supported Crypto & Trading Pairs4.9 / 5
    Fees4.9 / 5
    Ease of Use4.7 / 5
    Customer support4.5 / 5
    Security Measures5 / 5
    Mobile App5 / 5

    If ByBit is not suitable, the team at HedgewithCrypto has compared ByBit Exchange to similar exchanges in the market as listed below.

    Kevin GrovesKevin GrovesKevin Groves

    Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. He started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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