Bybit Review

Founded in 2018, Bybit is a dynamic and rapidly expanding cryptocurrency derivatives exchange. The company was established by a team of professionals with deep expertise in investment banking and the forex industry. Bybit is headquartered in Singapore and is registered in the British Virgin Islands. Its vision is to contribute to the development of a global economy by offering a fast, secure, and transparent trading system. Bybit is committed to leveraging innovative and advanced blockchain technology to create the next-generation financial ecosystem. With a user base exceeding 1.6 million globally, including both retail and professional clients, Bybit maintains a strong customer focus and strives to deliver the best possible user experience.

Bybit Summary

Table Header	Table Header
Official Website	https://www.bybit.com/
Headquarters	Singapore
Found in	2018
Native Token	None
Listed Cryptocurrency	BTC, ETH, USDT, EOS, XRP, & more
Trading Pairs	BTC/USD, ETH/USD, XRP/USD, EOS/USD, BTC/USDT
Supported Fiat Currencies	20+ Fiat Currencies
Supported Countries	North America, Europe, Russia, Japan, South Korea, and Southeast Asia
Minimum Deposit	No Minimum Deposit
Deposit Fees	NA
Trading Fees	Maker Fee: -0.025%Taker Fee: 0.075%
Withdrawal Fees	Crypto Standard Network Fee
Application	Android and iOS
Customer Support	24/7

What Is Bybit?

Bybit, a cryptocurrency derivatives exchange, offers traders a fair and transparent environment for trading futures contracts with favorable leverage options. The exchange supports futures trading in BTC/USD, ETH/USD, XRP/USD, EOS/USD, and BTC/USDT perpetual contracts. Our review of Bybit reveals that the platform operates with a strong emphasis on safety, security, fairness, transparency, and efficiency, ensuring a reliable trading experience for its users.

Features of Bybit

Bybit exchange stands out with several distinctive features that make it an attractive choice among other exchanges.

Firstly, Bybit offers a variety of trade derivatives products, including Bitcoin and other cryptocurrencies, with three contract options: Inverse Perpetual, USDT Perpetual, and Inverse Futures.

The exchange provides comprehensive access to a wide range of trading features, including cross and isolated margin trading. Bybit allows for leverage trading up to 100X, although this leverage option is not adjustable when using the cross-margin option.

Bybit supports various order types, such as limit orders, conditional orders, stop-loss orders, and advanced orders like Good till Cancelled and Immediate or Cancel (IOC) orders. The platform’s Advanced Order Forms are user-friendly and enable quick access to advanced trading options.

In terms of data analysis, Bybit offers a wealth of tools to access essential data such as price moving averages, moving average indicators, monthly price range, funding data, specific index prices, rolling volatility chart, BTC daily realized volatility, market analysis, and the latest news.

Moreover, Bybit provides an intuitive user interface, ensuring a seamless and enjoyable trading experience for the crypto community.

Overall, the distinctive features offered by Bybit make it an appealing option for traders seeking a comprehensive and user-friendly trading platform.

Perpetual Futures and The Dual Price Mechanism

A perpetual futures contract is a derivative instrument that differs from traditional spot and futures contracts in that it does not have an expiration date. This unique characteristic allows traders to capitalize on profit opportunities over an extended period. Bybit has future plans to introduce quarterly futures contracts and subaccounts, further enhancing its offerings and integration with the MetaTrader 4 foreign exchange platform.

To protect traders from trade manipulation or price manipulation, Bybit employs a Dual Price Mechanism. This mechanism helps prevent steep losses resulting from forced liquidation of positions due to margin shortages or requirements at prevailing market prices. By implementing this safeguard, Bybit prioritizes the security and protection of traders’ positions and mitigates the risks associated with market manipulation.

Bybit’s Mark to Market Price

The concept of ‘funding’ in cryptocurrency trading ensures a healthy spread between the spot price and the derivative exchange price. Every eight hours, this mechanism works to align the spot price and derivative exchange price by using the last traded price of the asset as the reference point, commonly referred to as the ‘mark price.’ This periodic adjustment helps maintain consistency and fairness in the pricing of derivatives contracts on the cryptocurrency platform.

100X Leveraged Trading

Bybit offers the ability to leverage up to 100x on its perpetual futures products. This means that traders have the opportunity to increase their leverage to meet the maintenance margin requirement. This feature empowers experienced traders to enter into substantial positions, maximizing their potential returns within the platform.

The Contract Loss Mechanism

In a highly volatile market, leveraged long or short positions run the risk of being liquidated if the price moves against the trader and reaches the bankruptcy price. However, Bybit has established an Insurance Fund to assist traders who have been liquidated and incurred losses. The Insurance Fund helps cover the deficits resulting from these losses, providing a measure of protection and support to affected traders.

Socialized Loss system Vs Auto-Deleveraging system (ADL)

Auto Deleveraging (ADL) is a mechanism that serves to safeguard traders from abnormal losses by potentially deleveraging their highest profitable and leveraged positions in a specific order. The ranking of positions for ADL is determined based on factors such as the unrealized profit ratio and leverage associated with each position. This prioritized approach helps mitigate the impact of adverse market conditions and provides an additional layer of protection for traders on the platform.

Bybit Account Opening Process

According to the Bybit review, in order to utilize the platform, new users are required to have a trading account.

Registration Using Website

To begin using the Bybit platform, visit the official website and navigate to the registration page. On this page, fill in the necessary details as prompted. Take the time to read and understand the terms and conditions provided, and once done, click on the ‘Sign Up’ button to complete the registration process.

Registration Using Mobile App

To register on the Bybit app, follow these steps:

1. Download the Bybit app onto your device.
2. Open the app and navigate to the ‘Assets’ section located in the bottom right corner.
3. Tap on the ‘Login’ tab.
4. In the login screen, select the ‘Register’ tab located in the top right corner.
5. Choose to register using either the Email or Mobile option.
6. Enter the required details and proceed.
7. Click on the ‘Sign Up’ button to complete the registration process.
8. You will receive a verification code sent to the Email or the registered mobile number associated with your account.
9. Enter the verification code to verify your account.

Please note that users from countries restricted under the FATCA (Foreign Account Tax Compliance Act) are not eligible to register with the Bybit app.

Bybit Payment Methods

Bybit provides various options for making payments or deposits into user accounts. These options include Visa, Mastercard, Electronic Fund Transfer (EFT) or Wire Transfer, and Bill Payment methods. Bybit has partnered with Banxa, Xanpool, MoonPay, and Mercury to facilitate payments using fiat currencies.

Mobile app users can access the deposit feature by clicking on the ‘Assets’ tab located in the bottom right-hand corner of the app. From there, they can select the ‘Deposit’ option to initiate the deposit process.

Bybit Fees

On Bybit, users are classified as either ‘Makers’ or ‘Takers’ based on their trading activity. Market Makers contribute liquidity and enhance the market depth, while Market Takers consume liquidity from the order book. Makers’ orders are not immediately filled, whereas Takers’ orders are executed as market orders and filled immediately. Market Makers are incentivized for providing liquidity and market depth.

Bybit implements a maker fee (rebate) of 0.025%, meaning that Makers receive a rebate instead of being charged a fee. On the other hand, Takers incur a fee of 0.075%. The net cost to the platform is 0.05%. Users can withdraw funds by entering the wallet address and clicking the withdrawal button, with a withdrawal fee applicable. Bybit has a withdrawal limit of 10BTC, as well as daily withdrawal limits, with a limit of 0.0005 BTC per day. Bybit also employs a Funding Fee or Funding Rate of 0.02%/-0.02% for certain trades.

Services Provided by Bybit Exchange

At present, Bybit provides a range of trading options for various cryptocurrencies, including Bitcoin, EOS, Ethereum, and Ripple XRP. These options include Inverse Perpetual Contract, USDT Perpetual, and Inverse Contract. Bybit allows users to leverage up to 100x on Bitcoin’s perpetual swap future contract, offering increased potential for profit or loss.

Bybit accepts deposits in the cryptocurrencies they support, which include BTC, ETH, EOS, and XRP. Traders can deposit these currencies into their Bybit accounts to engage in trading activities on the platform.

Bybit Promotions

Rewards Hub

Bybit offers several attractive incentives for new signups. Upon signing up, users can avail themselves of a $50 coupon for their first-time deposit made within 48 hours, followed by an additional $10 bonus after the initial 48-hour period. Furthermore, a $5 bonus is provided for BTC deposits, and an additional $5 coupon can be obtained by following Bybit on various social media channels or networks.

In addition to these bonuses, Bybit is known for its user-friendly interface, making it accessible to traders of all experience levels. The exchange also organizes trading competitions that feature substantial prize pools, offering participants the opportunity to compete and potentially win significant amounts of money. These competitions further contribute to the engaging and dynamic nature of the Bybit platform.

Affiliate Program

Bybit offers an affiliate program that allows users to generate a passive income by earning commissions of up to 30% on Bybit trading fees. The program provides comprehensive support, ensuring that commissions are settled in real-time with instant data updates. Affiliates have access to a multi-dimensional report that provides detailed transaction data and commission information.

To assist affiliates in their marketing efforts, Bybit offers tailor-made marketing materials and facilitates various market activities. This support enables affiliates to effectively promote the platform and maximize their earning potential through the affiliate program.

Flash Deals

Bybit provides various coupons and incentives to reward active users on the platform. Active users who consistently engage with Bybit for a total of seven accumulative days can receive a $10 coupon as a bonus. Additionally, users who make a total deposit of one or more bitcoins can receive a $20 coupon as a reward.

Bybit also encourages the use of its features by offering a $5 coupon to users who utilize the Taking Profit/Stop Loss feature at least once. Furthermore, traders who engage in trading at least one USDT perpetual contract, excluding BTC and USDT, can receive a $5 coupon as an incentive.

These coupons serve as a way for Bybit to appreciate and reward users for their active participation and engagement on the platform.

Referral Program

Bybit’s referral program is designed to reward active traders who refer friends and family members to the platform. Traders who successfully refer someone can earn an instant bonus of $10, equivalent in BTC. The referral bonus earned by the trader is based on the trade volume of the newly introduced user, as shown in the table below:

Trade Volume of Newly Introduced User	Referral Bonus Earned
Less than 5 BTC	$5
5 BTC or more	$10

This referral program incentivizes traders to share the benefits of Bybit with others and allows them to earn additional rewards based on the trading activity of their referrals.

Volume	Bonus
50K	$5
100K	$5
200K	$10
+100K	$10
5M	$100

The Bybit bonus serves as a valuable resource for traders, as it can be utilized as an initial margin or initial maintenance margin to help mitigate losses or offset trading fees. It’s important to note that the bonus itself cannot be withdrawn. However, any profits earned from trading with the bonus can be withdrawn.

Once the referee meets the necessary qualifications, the bonus is promptly deposited into the trader’s Derivatives Account. The Derivatives Account refers to the account of the new user who has been successfully referred by the trader. This process ensures that both the referrer and the referee can benefit from the bonus in their trading activities.

Bybit Calculator

The Bybit Calculator is a valuable tool that enables traders to closely monitor their position value and position size while calculating essential trading parameters. Traders can utilize the Bybit Calculator to calculate the following:

1. Initial Margin or First Deposit: Determine the required initial margin or deposit for a trading position.
2. Profit/Loss: Calculate the potential profit or loss based on the position’s performance.
3. Profit/Loss %: Determine the percentage of profit or loss in relation to the initial investment.
4. Return on Investment (ROI): Calculate the return on investment based on the profit or loss.
5. Initial Deposit Margin: Determine the margin required to open a position based on the initial deposit.
6. Target Price: Calculate the target price required to achieve a predetermined return on investment.
7. Trigger Price: Determine the price at which an order will be triggered.
8. Liquidation Price: Calculate the liquidation price when using the isolated margin or cross margin mode for a position.
9. Account Balance: Calculate the current balance of the trading account.
10. Funding Rate/Funding Fees: Determine the funding rate or fees associated with the trading position.
11. Price Difference: Calculate the price difference between the entry price and exit price.
12. Underlying Margin: Determine the margin required for the underlying asset.

The Bybit Calculator empowers traders with valuable insights to make informed trading decisions, manage risks effectively, and assess their performance in the market.

Bybit Trading Bot

A cryptocurrency trading bot is a software program that automates trading activities based on pre-defined conditions set by experienced traders. Several crypto trading bots are available for auto trading on Bybit, including:

1. TradingView
2. 3Commas
3. Alertatron
4. Autoview
5. Cornix
6. FMZ
7. GoodCrypto
8. Haasonline Hydor
9. Mudrex
10. Profit Trading
11. ProfitTrailer
12. Profitview
13. Sirius Trader
14. Stacked
15. TokenBot
16. Tycoon
17. Wunderbit
18. WBCCLUB

These trading bots provide automation and convenience, allowing traders to execute trades on Bybit without manual intervention. Each bot offers unique features and functionalities to cater to different trading strategies and preferences.

Bybit Testnet

Bybit testnet provides a valuable opportunity for potential traders to gain a comprehensive understanding of the platform’s key features, options, advantages, as well as the pros and cons of trading, all without the need to make a deposit. It functions as a virtual account, allowing users to practice crypto trading using simulated funds.

By utilizing the testnet, new users can explore the platform, familiarize themselves with its functionalities, and gain hands-on experience without the risk of losing real money. This offers a safe environment for informational purposes, enabling users to test different strategies, study market trends, and enhance their trading skills before engaging in actual trading on the live platform.

Bybit Mobile App

The mobile app offered by Bybit is fully compatible with advanced Android and iOS systems, and it can be easily downloaded from the Google Play Store. With the mobile app, users can conveniently buy cryptocurrencies such as Bitcoin, Ethereum, and other coins using various payment methods, including credit cards, debit cards, or bank transfers.

While studying TradingView charts and monitoring multiple markets might be slightly challenging on the app, it serves as an excellent tool for keeping track of open positions. The crypto account is secured through a robust multi-signature cold storage wallet solution, ensuring the safety of user funds.

The mobile app allows users to trade a wide range of trading pairs, including BTC/USD, ETH/USD, XRP/USD, EOS/USD, BTC/USDT, and other perpetual trade contracts. With a high processing capacity of 100,000 transactions per second, the app ensures swift order execution and trade fulfillment, providing a seamless trading experience for users.

Bybit Security Parameters

Bybit is committed to prioritizing the security of its platform and invests 20% of its annual budget, surpassing the industry average of 15%, to ensure robust security measures. Unlike many other exchanges that utilize “hot wallets,” Bybit has implemented “cold wallets” that provide enhanced security features and measures. All deposit addresses are generated from cold wallets, and offline signatures are used for underlying asset transfers and withdrawals.

To manage risk effectively, withdrawal requests on Bybit undergo three levels of verifications and manual reviews per day. Traders are allowed to withdraw funds once every eight hours. Bybit maintains a stringent policy regarding crypto-asset consolidation, encompassing system security, physical environment security, operation authentication, encryption techniques, monitoring, and audit. This comprehensive approach safeguards user data and personal information, aligning with the platform’s privacy policy.

Every employee at Bybit undergoes thorough training, scrutiny, and assessment to ensure internal security controls are upheld. The platform emphasizes the use of two-factor authentication (2FA) and strongly encourages users to enable it. Users are required to scan a QR code and generate a randomly generated six-digit 2FA code within the Google Authenticator App. It is also recommended to securely store the Recovery Key Phrase (RKP) in a cloud server with full SSL encryption.

By implementing these stringent security measures and promoting the use of 2FA, Bybit aims to provide users with a secure trading environment and protect their assets and personal information.

Bybit Customer Support

Bybit provides round-the-clock customer support on a global scale, ensuring that users can receive assistance and resolve any queries or issues promptly. The customer support team is available through various channels, including phone support and live chat, ensuring that users can reach out for assistance conveniently.

To cater to a diverse user base, Bybit offers language options that include English, Chinese (Cantonese and Mandarin), Japanese, Korean, Russian, Spanish, and Vietnamese. This multilingual support allows users from different regions and backgrounds to communicate effectively and receive support in their preferred language.

With its dedicated customer support team and language options, Bybit strives to deliver excellent customer service and ensure a seamless user experience for traders across the globe.

Users Can Also Email the Following Depending on the Type of Queries:-

Customer Support: Support@bybit.com
IT Support: IT@bybit.com
Affiliates: IB@bybit.com
Media: Media@bybit.com
Partnerships: Partnerships@bybit.com

Our Verdict on Bybit

Our review of Bybit highlights it as a dynamic and efficient derivatives trading platform in the crypto industry, positioning it among the top cryptocurrency exchanges worldwide. Bybit prioritizes safety, security, and transparency, offering unique features that cater to the needs of crypto traders. The platform’s diverse trading options, leverage trading capabilities, loss protection mechanisms, flexible payment options, competitive fee structure, enticing promotions, and reliable round-the-clock customer support make it a comprehensive package for traders.

However, it’s important to note that Bybit does not provide investment advice or independent financial advice. Traders should conduct their own research and exercise caution when making investment decisions.

For additional insights, we also recommend checking out our review of BaseFEX, another notable crypto-derivative exchange in the market.

FAQs

Who is the owner of Bybit?
Ben Zhou is the co-founder and CEO of Bybit.

Is Bybit a legitimate exchange?
Yes, Bybit is a legitimate crypto-only exchange with an advanced trading platform. It operates under Bybit Fintech Limited and offers various types of contracts, such as inverse perpetual, inverse future, and perpetual linear contracts. Bybit also has an insurance fund in place to protect users. You can find online reviews to gather more insights about this crypto exchange.

How can I start using Bybit?
To start using Bybit, you need to register an account, deposit funds or cryptocurrencies, and then begin trading. Bybit provides both desktop and mobile app versions, equipped with solid technology. They also offer a testnet where you can familiarize yourself with the trading process.

Can I use a credit card on Bybit?
Yes, you can use a credit card to make transactions on Bybit.

How can I take profit on Bybit?
To take profit on Bybit, you can set a target price to exit your long or short positions. Additionally, you have the option to execute partial orders, which allows you to secure profits while on the go.

Can US citizens use Bybit?
No, US citizens are not able to trade on the Bybit platform due to regulatory compliance reasons and the potential legal implications of trading cryptocurrencies in the US.

Can I deposit USD to Bybit?
Based on our research, Bybit accepts crypto deposits only. USD deposits are not supported.

What is the maximum leverage offered by Bybit?
Bybit offers a maximum leverage of 100x. You can easily adjust the leverage through a leverage slider when engaging in isolated margin trading.