ByBit Review 2022: Features, Fees, Benefits & Cons

Updated: May 13th, 2022
Kevin Groves
Kevin Groves
ByBit Review 2022: Features, Fees, Benefits & Cons

Bybit is one of the best crypto leverage exchanges in the world based on traffic, trading volume and liquidity. With more than 3 million registered users, Bybit is a serious trading platform with an innovative trading experience. In this review, we examine and compare its features, trading pairs, charting interface, fees, mobile app, security and customer support. Our methodology includes creating an account, depositing crypto and trading derivatives contracts on the website and mobile app to experience the full features of the trading platform.

HedgewithCrypto Score
HedgewithCrypto Score
4.7/5Our 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.
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Visit Bybit

Bybit

Trading Fees:0.06% / 0.01% (leverage), 0.1% (spot)
Country:Global (USA not allowed)
Currency:Crypto only
Promotion:Deposit bonus up to $3,000

Key Features

  • BTC, ETH, EOS and LTC perpetual USDT pairs
  • Up to 100 times leverage
  • 0.025 to 0.075% trading fees
  • High liquidity order-book with low spreads
  • Bybit app for mobile trading
  • 4.9 rating based on 50,000+ reviews
  • 30% affiliate and referral program

Bybit is a derivatives cryptocurrency platform that was established in March 2018 and has become one of the world's most popular exchanges with more than 3 million users worldwide. The platform has an emphasis on leverage trading that has advanced charting platform. Traders can participate in leveraged trading up to 100x on Bitcoin, Ethereum, XRP, EOS or USDT.

Bybit offers a variety of markets that can be traded which include spot, inverse perpetual, USDT perpetual and inverse Futures.

Key Features

  • BTC, ETH, EOS and LTC perpetual USDT pairs
  • Up to 100 times leverage
  • 0.025 to 0.075% trading fees
  • High liquidity order-book with low spreads
  • Bybit app for mobile trading
  • 4.9 rating based on 50,000+ reviews
  • 30% affiliate and referral program

Bybit is a derivatives cryptocurrency platform that was established in March 2018 and has become one of the world's most popular exchanges with more than 3 million users worldwide. The platform has an emphasis on leverage trading that has advanced charting platform. Traders can participate in leveraged trading up to 100x on Bitcoin, Ethereum, XRP, EOS or USDT.

Bybit offers a variety of markets that can be traded which include spot, inverse perpetual, USDT perpetual and inverse Futures.

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This post contains affiliate links with our partners who may compensate us. Read our disclaimer for further information.

Quick Summary

Bybit is a world-class cryptocurrency exchange for margin traders. Traders can speculate using the spot market, perpetual contracts and Futures with up to 100x leverage. The trading experience is one of the best aspects of Bybit which is feature-rich in trading tools and highly intuitive on desktop and its mobile app.

Exchange NameBybit
CryptocurrencyBTC, ETH, LTC, XRP, BCH, LINK, XTZ & 74 others
Fiat GatewayYes
Max. LeverageUp to 100x
Trading Fee-0.025% / 0.0075% (futures), 0.1% (spot)
TP/SL OrdersYes
Mobile AppYes

Pros & Cons?

Bybit is a serious crypto platform that is geared for spot and leverage trading. The best features of Bybit are centered around the advanced charting and trading terminal which is modern, sleek and suitable for all trading strategies. The feature-rich platform can be complicated for beginners that are looking to purchase crypto only. Furthermore, the selection of crypto assets that can be purchased on the spot exchange is limited, however, this is a new market that was added in late 2020 and expects more listings in the future.

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 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 website homepagebybit website homepage

Bybit Compared

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.

Features & Benefits

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.

Mobile App

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.

bybit mobile app screenshotsbybit mobile app screenshots

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.

Insurance

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.

What Could Be Improved

Not Available In The USA

Bybit is a derivatives platform that is not supported in the United States due to strict regulations set by the Government. Individuals within the USA will not be able to create an account to trade leveraged markets which is a limiting factor.

Limited Supported Trading Pairs

Bybit supports 136 digital currencies that can be purchased on its spot exchange at the time of writing. Compared to well-known exchanges such as Binance and FTX which offer 401 and 397 coins, the selection of assets to buy and sell on Bybit is quite limited.

Where Is Bybit Regulated?

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.

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.

Deposit Methods

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.

Trading Products

Bybit is a popular choice for cryptocurrency traders due to the variety of markets on offer. These include spot and derivatives products with a good selection of trading pairs.

Spot Market

To compete with the top spot trading platforms, Bybit has released a spot exchange that allows users on the platform to buy and sell cryptocurrency using Bitcoin or USDT as the base currency. There are over 40 digital assets that can be traded against USDT. Ethereum and XRP are the only assets can be purchased using Bitcoin which is quite limited at the time of writing.

Inverse Perpetual

Inverse perpetual provides the ability to leverage trade using the crypto as the base currency. Bybit currently supports BTC, ETH, XRP, EOS and DOT trading pairs. The advantages of using inverse perpetuals is it allows the trader to profit in the base cryptocurrency. For example, a person that wants to trade a BTCUSD contract must deposit Bitcoin as the base currency. Similarly, this applies to ETHUSD contracts where the trader must hold ETH in their derivatives wallet.

Inverse perpetuals are beneficial to trade during a bull market where the underlining asset also appreciate in market price. Any potential trading profits are compounded in its value against its fiat value.

bybit trading productsbybit trading products

USDT Perpetuals

USDT perpetuals are the opposite of inverse which are traded against USDT as collateral. The are more than 30 trading pairs using USDT as the base currency which includes the majors such as Bitcoin, Ethereum and XRP. Popular DeFi tokens such as LUNA, LINK and AAVE can be traded to profit in USDT. The advantages of trading USDT perpetuals is to gain USDT that can be later used to purchase assets on the spot exchange. These contracts are commonly used during Bitcoin bear cycles.

User Interface For Trading

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, 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.

screenshot of the bybit charting user interfacescreenshot of the bybit charting user interfaceScreenshot of the Bybit charting user interface.

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. 

Screenshot of the Bybit order book and recent trades windowScreenshot of the Bybit order book and recent trades windowScreenshot of the Bybit order book and recent trades window.

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.

Advanced Orders

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.

Screenshot of the Bybit order entry windowScreenshot of the Bybit order entry windowScreenshot of the Bybit order entry window.

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.

Trading Fees

Bybit trading fees are -0.025% and 0.075% for maker and taker orders which is competitive in the market. Compared to other trading platforms such as FTX and Delta Exchange which do not offer fee rebates for providing liquidity, Bybit is great value-for-money. For example, traders that use limit orders and provide liquidity to the order book are paid 0.025% on the volume traded. Due to the low transaction fees, Bybit is a top exchange for crypto day traders as it keeps 'trading costs' to a minimum, whilst maximizing potential profits with the rebates offered.

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.

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. 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.

Bybit mutual insuraceBybit mutual insurace

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.

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.

Related: Best Bitcoin and crypto demo exchanges.

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.

Competitions

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 Comparisons

bybit comparison with other exchangesbybit comparison with other exchanges

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 and a better alternative than Binance. 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. For more information, read our Deribit review.

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. For more information, read our PrimeXBT full review.

ByBit Security

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.

Wallet Security

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.

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.

Customer Support & Reviews

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
  • Liquidation

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

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.

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.

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)
  • Cuba
  • Crimea
  • Sevastopol
  • Iran
  • Syria
  • North Korea
  • Sudan
  • Singapore
  • 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.

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.

Conclusion

To conclude this 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. 

Visit Bybit

Review Methodology

HedgewithCrypto strives to provide an independent, factual and unbiased reviews of cryptocurrency exchanges and trading platforms to help readers make an informed decision about picking the right crypto exchange. The review process includes examining the website and external sources, creating and funding an account, demonstrating and experiencing the features of the platform and calculating an overall weight-average rating.

A rating between poor (1 star) and best (5 stars) with 0.1 increments is given. For further information on the criteria and categories that are evaluated, read our full exchange review methodology.

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Kevin GrovesKevin GrovesKevin Groves

Kevin is the founder and chief editor at HedgewithCrypto which he started in 2019 and has reached over 1.5 million visitors worldwide. He is passionate about cryptocurrency as an emerging technology and is heavily involved in the fast-growing fintech space. An experienced trader growing his portfolio since 2013, he has a strong understanding of investing in the crypto market using exchanges, brokers and derivatives platforms.

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