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    ByBit Review 2022: Features, Fees, Benefits & Cons

    Updated: Sep 27th, 2022
    Kevin Groves
    Kevin Groves
    ByBit Review 2022: Features, Fees, Benefits & Cons

    Bybit is one of the best crypto margin platforms 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 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. 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.

    Our Review of Bybit - Quick Verdict

    Bybit is truly a world-class cryptocurrency exchange for margin traders after using the platform for over 2 years. 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 which is feature-rich in trading tools and highly intuitive on desktop and mobile app.

    Beginners may feel overwhelmed trying to use the Bybit trading platform, as it is designed for users that have extensive crypto trading knowledge. The NFT platform is also lacking, with the inability to mint NFTs and a limited selection. Regardless, Bybit is one of the best platforms available for professional traders, but first-time crypto buyers should look elsewhere with greater fiat-to-crypto support.

    Overall Rating: 4.7/5.

    Visit the Bybit website

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

    Bybit Overview

    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.

    To summarize, the key features and products of ByBit are:

    • 100+ derivative markets
    • 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
    Exchange NameBybit
    MarketsSpot, margin, leveraged tokens, derivatives, options, copy-trading and P2P
    Deposit methodsFiat, Crypto
    Number of CryptoBTC, ETH, LTC, XRP, BCH, LINK, XTZ & 100 others
    Supported fiatEUR, GBP, RUB, BRL, ARS
    Max. LeverageUp to 100x
    Trading Fee0.075% / 0.01% (derivatives), 0.1% (spot)
    TP/SL OrdersYes
    Mobile AppYes

    Bybit 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 traders and 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, they are continually adding more crypto coins.

    The other disadvantage that could be improved upon is Bybit is 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.

    Bybit Pros:
    • Trustworthy and reputable trading platform
    • 5th largest derivatives exchange in the world by volume
    • Variety of markets including spot, perpetuals and Futures
    • Advanced and feature-rich trading platform
    • Intuitive and responsive mobile app
    Bybit Cons:
    • Difficult for beginners to navigate
    • Fiat support is lacking (only 5 supported)
    • NFT marketplace is limited

    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. Here are a few of the top features of the Bybit platform:

    User Interface & Trading Platform

    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. Some of the featured charting indicators include:

    • Simple Moving Averages
    • Relative Strength Index (RSI)
    • Ichimoku
    • Bollinger Bands
    • Average True Range
    • MACD
    • Volume
    • Stochastics
    Bybit derivatives trading interfaceBybit derivatives trading interface

    ByBit 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. The menu makes 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 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.

    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 using 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 is one of the largest exchanges 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 trading volumesbybit trading volumes

    ByBit Earn

    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.

    Screenshot of the Bybit P2P exchangeScreenshot of the Bybit P2P exchangeScreenshot of the Bybit P2P exchange

    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.

    Demo Trading

    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.

    Dual Price Mechanism

    ByBit uses a 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.

    Rapid Trade Speed

    ByBit maintains a no-server-downtime 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.

    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.

    The app has been downloaded over 50,000 times with a 4.6 stars based on 912 reviews. In terms of trading, Bybit's app is one of the best crypto apps for margin trading due to its sophisticated and state-of-the-art design,

    bybit mobile app screenshotsbybit mobile app screenshots

    Bybit Comparisons & Alternatives

    Advanced features, an intuitive user interface and a mobile trading app are important features on Bybit.com. Below is a list of Bybit comparisons with other top-rated exchanges like Bybit that offer excellent crypto features.

    ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview
    FTX

    FTX

    3190.02% / 0.07%
    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.
    4.7/5
    StarStarStarStarEmpty Star
    5% off trading feesVisit FTXFTX Review
    Bybit LogoBybit Logo

    Bybit

    810.06% / 0.01% (leverage), 0.1% (spot)
    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.
    4.7/5
    StarStarStarStarEmpty Star
    Deposit bonus up to $3,000Visit BybitBybit Review
    binance futures

    Binance Futures

    100+0.02% / 0.04%
    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.
    4.6/5
    StarStarStarStarEmpty Star
    Up to $100 welcome bonusVisit Binance Fu...Binance Futures Review
    eToro

    eToro

    70+1%
    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.
    4.6/5
    StarStarStarStarEmpty Star
    None available at this timeVisit eToro

    eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Archived, "Virtual currencies are highly volatile. Your capital is at risk."

    eToro Review

    Creating an Account & ID Verification

    To sign up for a free Bybit account, users can provide an email address and password, and then verify their email address. Users can then deposit crypto and begin trading, but will be restricted to a “2 BTC” withdrawal limit per day until verification is completed. To pass identity verification, users must provide personal details, including;

    • A valid email address
    • Personal details (name, birthday, etc.)
    • Government or state-issued ID (driver’s license, passport or passport card)
    • Selfie picture
    • Residential proof of address (such as utility bill)

    Once these documents are submitted, Bybit will review and verify the account. Approval typically happens within 15 minutes but may take up to 48 hours.

    Creating an account with BybitCreating an account with Bybit

    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
    • Advcash

    The average speeds of each payment option are an important consideration and are listed below.

    Fiat CurrencyPayment MethodProcessing Time
    BRLPIXInstantly
    BRLBank Transfer (TED)1–3 working days
    BRLBank Transfer (DOC)1–3 working days
    ARSBank Transfer1–3 working days
    EURSEPA CreditUp to 1 working day
    GBPFaster PaymentInstantly
    RUBLocal E-walletInstantly
    RUBAdvcashInstantly

    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 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. 

    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.

    Bybit Fees

    Trading Fees

    Bybit utilizes 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 offers even lower fees for derivatives trading with fees starting at 0.03% for options trading, and 0.075% 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% 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.

    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.

    There are no fees on crypto deposits, and most fiat deposit methods do not charge fees as well. There may be a fee associated with depositing RUB through “Local E-wallet” of up to 1.5%, but this can be avoided by switching to a bank card in the E-Wallet settings.

    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.

    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 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 commands significant more users and has an established reputation in the market. It does have it's issues with server overload which 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 whereas 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 allow 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.

    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.

    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 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.

    To mitigate the inherent risk posed by shortfalls in the Bybit futures contract settlement, ByBit maintains an insurance 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 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 features an affiliate program that rewards new users that sign up using a unique affiliate link. The pay out is 30% of fees collected on all trades made for the lifetime of the accounts you’ve referred to.

    The referral program allows users to earn up to 420 USDT per referral, depending on the deposit and trading activity of referred users. ByBit also offers up to 500 USDT for referring users to the Copy Trading program.

    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.

    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.

    New crypto investors may want to steer clear of Bybit, as the trading 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. 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 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 started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, 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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