Choosing a cryptocurrency trading exchange can be a challenging task. There are several considerations such as the platform features, charting interface, trading pairs, fees, security and customer support.
One of the most popular leveraged crypto 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.
Ease of use
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What Is ByBit?
ByBit is a derivatives cryptocurrency trading 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 follows 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.
BTC, ETH, LTC, XRP, BCH, LINK, XTZ
Up to 100x
-0.025% and 0.0075%
Crypto standard network fee
Advanced features, an intuitive user interface and a mobile trading app are important features on Bybit.com. This comparison table lists other top rated crypto exchanges like Bybit that offer world-class features.
10% off trading fees
0.5% - 3.99%
$5 BTC bonus (USA only)
0.02% & 0.07%
5% off trading fees
Bybit sets itself apart from the traditional cryptocurrency trading exchange by providing an advanced charting platform that enables its traders to participate in leveraged trading. Aside from allowing the buying and sell using BTC, ETH, EOS, XRP or USDT as collateral, Bybit offers the following features.
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.
Take-Profit & Stop Loss Orders
The ability to set a take profit/loss orders using Bybit is an excellent feature that is not available on all leverage trading platforms. 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.
ByBit maintains a contingency called the “Insurance Fund” which decreases the possibility of auto-deleveraging in the event of a liquidation. Essentially, the fund serves to protect traders in the event the exchange can not liquidate a position at bankruptcy price or better.
Rapid Trade Speed
The infamous 'System Overload' error on BitMEX and system downtimes are a frustration that results in traders losing money across many trading exchanges. ByBit maintains a no-server time focus and is available 99.99% of the time. The advanced trading engine can process 100,000 Transactions Per Second (TSP) allowing orders to be executed in rapid times and avoid system downtime.
Is Bybit Safe?
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 been 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.
Is ByBit Legit?
Bybit is a legitimate crypto trading exchange operated by Bybit Fintech Limited. The company is based in Singapore and registered in the British Virgin Islands. The crypto exchange is currently not regulated in any country and therefore users do not require KYC to trade on Bybit.
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 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.
Bybit 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 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 offers an advanced ordering system that allows traders to set up take profit and stop losses 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 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.
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 can increase protection against 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 does not accept fiat currency deposit methods using a bank transfer or credit card. 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 fiat currency (e.g. USD) in exchange for Bitcoin.
Bybit trading fees are competitive compared to other exchanges in the cryptocurrency trading industry and are based on a market maker and taker fee structure. Depending on the type of order placed (i.e. market or limit order), the Bybit fees are -0.025% or 0.075%.
To help explain what maker and taker trading fees are:
- A market maker is someone who places a limit order or conditional trigger 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 market makers.
- A market 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.
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 Insurance Fund
To mitigate the inherent risk posed by shortfalls in the Bybit futures contract settlement, ByBit maintains a contingency fund which decreases the possibility of auto-deleveraging in the event of a liquidation. Essentially, the fund serves to protect traders in the event ByBit can not liquidate a position at bankruptcy price or better.
In this instance, ByBit's insurance will use the balance to cover the shortfall. To reassure ByBit traders, the exchange shows the current balance of the fund as well as all inflows & outflows on their website. Anyone can view it at any time, ensuring a very transparent system.
Bybit has introduced a mutual insurance feature which is a risk management tool available to its users to hedge against unfavorable market movements. If a user experiences a loss on their insured position (within the effective period of the insurance), the user will receive a payoff from the mutual insurance account.
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.
Testnet / Demo Trading
Bybit features a testnet for users that would like to demo trade without making a deposit. It functions as a virtual account of the platform to practice crypto trading with fake money that follow 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. We suggest you follow this guide to get started as it isn't the simplest of processes!
Affiliate & Referral Program
Bybit features an affiliate program and referral system that rewards new users that sign up using a referral code. The pay out is 30% of fees collected on all trades made for the lifetime of the accounts you’ve referred. The unique referral code can be shared with family or friends that want to start trading to earn a passive income.
Experienced traders can participate in ByBit's competitions. Crypto trading comps are never before seen in the industry and an attractive proposition to join the exchange. ByBit users can register to start trading 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 competitions and games will only grow in size and BTC prizes.
Bybit Vs. BitMEX
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 is a relatively 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.
Bybit vs. Binance
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 markets to long and short Bitcoin futures 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.
Bybit vs. Deribit
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.
Bybit vs. PrimeXBT
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. The exchange has not had any crypto exchange hacks, security incidents or theft of funds on Bybit that can be attributed to the following measures.
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. Bitcoin private keys are not kept on any cloud server which greatly reduces cyber risks such as hackers.
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
One thing that really stands out is the expansive suite of guides and articles in the Bybit FAQ section that covers a broad range of topics 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, users can directly contact the customer support team using the zendesk live chat bot. The chat bot is available 24/7 in a number of languages. Other mediums to get in touch with the customer support team include email and social media channels. The feedback on social media profiles on Twitter and Telegram are positive on Bybit.
Frequently Asked Questions
Does Bybit Have A Mobile App?
Bybit.com has a mobile trading app for Android and iOS smartphones that can be downloaded from Play Store and the Apple Store respectively. The Bybit app has been downloaded over 50,000 times with a 4.6 stars based on 912 reviews.
Can I Lose More Than My Initial Deposit On Bybit?
Bybit has an advanced liquidation back-end 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.
What Countries Does Bybit Support?
Bybit 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 cryptocurrency on Bybit due to regulatory reasons such as:
- Québec (Canada)
- North Korea
- United States
Traders from the United States (US) are not allowed to use Bybit due to strict regulations that are outside of Bybit's control. Residents will need to find a suitable cryptocurrency exchange in the US to trade crypto with margin.
Can You Use Bybit In Australia?
Bybit is a derivatives platform that allows traders to speculates 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 our Bybit review, the exchange is a reliable, safe and robust cryptocurrency exchange that is suitable to beginner and experienced traders that would like to speculate on digital currencies with high margin. Bybit has successfully combined the best of cryptocurrencies and traditional financial markets with a user-friendly exchange. For traders that are comfortable with leveraged trading and want a leading-edge derivatives trading platform with innovative features and tools, ByBit is a great choice.
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