Bybit Review 2024: Is The Crypto Exchange Safe, Legit, And Trustworthy?

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Bybit is an innovative, fast-growing cryptocurrency derivatives exchange. A team of professionals with expertise in investment banking and the forex industry founded the company. It envisions a global economy and provides a seemingly fast, secure, and transparent trading system. It has embarked on a journey to build the next-gen financial ecosystem powered by innovative and advanced blockchain technology. With more than 1.6 million Bybit users globally and retail or professional clients, Bybit remains customer-focused and endeavors to provide the best user experience. 

Bybit Exchange Review Summary

Official Website https://www.bybit.com/
Headquarters Singapore
Found in 2018
Native Token $BIT
Listed Cryptocurrency Over 1,073 crypto tokens(BTC, ETH, BIT, SOL, APE, DYDX, LTC, DOGE, AVAX, MATIC, DOT, etc.,)
Trading Pairs 500+ trading pairs(BTC/USD, ETH/USD, XRP/USD, EOS/USD, BTC/USDT)
Supported Fiat Currencies 65+ Fiat Currencies
Supported Countries North America, Europe, Russia, Japan, South Korea, and Southeast Asia
Minimum Deposit No Minimum Deposit
Deposit Fees NA
Transaction Fees Maker Fee: 0.025%
Taker Fee: 0.075
Withdrawal Fees No Withdrawal fee
Application Android and iOS
Customer Support 24/7

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Bybit exchange, a crypto derivatives exchange, provides a fair trading environment to trade futures with good leverage in BTC/USD, ETH/USD, XRP/USD, EOS/USD, and BTC/USDT perpetual contracts. According to our Bybit review, this cryptocurrency exchange operates and provides a safe, secure, fair, transparent, and efficient futures trading platform.

Bybit Exchange Interface

Pros and Cons Of The Bybit Trading Platform

Pros Cons
No KYC is required for new users. Lack of regulation.
Easy initiation into trading. Few US states are banned from trading.
Offers PC-based and mobile app trading. Unverifiable trading volume statistics.
High leverage with attractive fees.
Insurance Fund for loss mitigation.
Supports multiple order types.
High bonuses for traders.
Among the top three in crypto derivatives volume.
Competitive trading fees.
Derivative contracts settled in coins and USDT.

Features Of Bybit Exchange

According to bybit reviews, the exchanges have many similarities, but some distinctive features that Bybit has included have made them attractive.

  • Bybit exchange offers trade derivatives products, including Bitcoin and other cryptos, with three contract options:-
    • Inverse Perpetual
    • USDT Perpetual
    • Inverse Futures
  • It gives full access to various trading features, including cross and isolated-margin trading. Bybit offers 100X leverage trading, which is not adjustable if utilized in the cross-margin option.
  • Bybit permits limit orders, conditional or conditional limit orders, stop-loss orders, and advanced orders such as Good till Cancelled, Immediate or Cancel (IOC order), and Fill or Kill. Advanced Order Forms are easy to use and great for quick access.
  • It provides various data analysis tools to access data such as price moving averages, moving average indicators, and monthly price ranges. It includes funding data, specific index prices, a rolling volatility chart, BTC daily realized volatility, market analysis, and the latest news.
  • It provides a great trading experience with an intuitive user interface for the crypto community.

Trading Pairs Offered by Bybit Crypto Exchange

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Perpetual Futures and The Dual Price Mechanism

A perpetual futures contract is a derivative that does not expire, unlike spot and futures trade contracts. It helps to maximize profit opportunities. Bybit has plans to incorporate quarterly futures contracts and subaccounts when it integrates with the MetaTrader 4 foreign exchange platform.

The Dual Price Mechanism protects traders from trade manipulation or price manipulation, which results in steep losses due to liquidation of positions due to margin shortage or requirements at the prevailing market price.

Dual Price Mechanism @Bybit Crypto Exchange

Bybit’s Mark to Market Price

‘Funding’ provides a healthy spread between the spot and the derivative cryptocurrency exchange price. It helps to match spot price and derivative exchange price, once in eight hours, by making the last asset traded price on the crypto platform ‘mark price to market price.’

100X Leveraged Trading

Bybit allows 100x leverage on perpetual futures products. Thus, most traders can increase their leverage to match the maintenance margin requirement. It equips experienced traders to enter sizable positions.

The Contract Loss Mechanism

A leveraged long or short position in a highly volatile market might be liquidated if the price goes lower than the bankruptcy price. Bybit Insurance Fund helps liquidated traders cover the deficits caused by losses.

Socialized Loss system Vs Auto-Deleveraging system (ADL)

ADL can protect traders from abnormal losses by potentially deleveraging the highest profitable and leveraged positions in that order. Its unrealized profit ratio and leverage determine the ADL ranking for each position.

Bybit Exchange: Payment Methods

Bybit Payments or Deposits into their account can be made through Visa, Mastercard, Electronic Fund Transfer or Wire Transfer, and Bill Payment options. Bybit collaborates with Banxa, Xanpool, MoonPay, and Mercury to support payments through fiat currency. Mobile App users can click on the ‘Assets’ tab in the bottom right-hand corner and click on ‘Deposit.’

Bybit Exchange Review - Deposit Method

Bybit Withdrawal Method

Bybit Trading Fees

Bybit’s trading fees vary for non-VIP and VIP users, with higher fee discounts based on different VIP levels. VIP levels are determined by asset balance or last 30-day trading volume, and users need to meet one of these criteria to unlock the corresponding fee discount.

The trading fees for different products (Spot Trading, Perpetual & Futures Contracts Trading, and USDC Options Trading) at various VIP levels are presented in tables. Taker and maker fee rates are specified for each VIP level.

 

Bybit Fees Structure
This image has been added from Bybit Official site.

For Fiat-Crypto Trading Pairs, the trading fees depend on trading volume or VIP level, with the higher of the two considered. Specific fee rates for different VIP levels are provided based on the 30-day Spot Trading Volume.

Additional tables outline the criteria for determining VIP levels based on asset balance, 30-day average net borrowing, and 30-day trading volume in the Spot, Derivatives, and Options categories.

Bybit Trading Promotions

Rewards Hub

For new signups, a $50 coupon for a first-time deposit within 48 hours and $10 after 48 hours, a $5 bonus on a BTC deposit, and a $5 coupon on following Bybit on social media channels or networks. It is a user-friendly exchange that also conducts trading competitions, offering colossal prize money to the winners.

Affiliate Program

Through the Bybit affiliate program, users can earn a passive income of up to 50% commission on Bybit trading fees. It provides full support, commissions are settled in real-time, and the data is updated instantly. A multi-dimensional report is generated with complete transaction data and commission details. Bybit assists affiliates with tailor-made marketing materials and market activities.

Bybit Affiliate Program

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Flash Deals

$5 coupon for active users for seven accumulative days, a $20 coupon for a total deposit of one or more bitcoins, a $5 coupon for the use of the Taking Profit/Stop Loss feature at least once, a $5 coupon for trading at least one USDT perpetual excluding BTC, USDT.

Referral Program

The referral program aims to share the financial incentive with the active traders who introduced or referred friends and families to Bybit. Traders can earn an instant bonus of $10 in BTC. The following table shows the referral bonus earned based on the trade volume of a newly introduced user.

Bybit Referral Program

The bybit bonus can be used as an initial or maintenance margin to cover losses or offset the trading fee. Bonus as such cannot be withdrawn. However, the profits derived from trading with bonuses can be withdrawn. As soon as the referee becomes qualified, the bonus is deposited immediately in the trader’s Derivatives Account, which refers to the new user.

Bybit Exchange Account Opening Process

As per the Bybit review, a new user must have a trading account before using the platform.

Registration Using Website

  1. On the official website, go to the registration page.
  2. Fill in the required details.
  3. Read all the terms and conditions and click on ‘Sign Up.

Account Opening Process at Bybit Exchange

Registration Using Mobile App

  1. Download the Bybit App. Select ‘Assets’ in the bottom right corner.
  2. Click on the ‘Login’ tab.
  3. Click on the ‘Register’ tab in the top right corner.
  4. Register either through the Email or Mobile option.
  5. Click on the ‘Sign Up’ tab.
  6. Verify a code sent to the Email/account’s registered Mobile number.

Bybit Mobile App

The mobile app is fully compatible with the most advanced Android and iOS systems and can be downloaded from the Google Play Store. Like a desktop, one can buy cryptocurrencies like Bitcoin, Ethereum, and other coins through the app, using a credit card, debit card, or bank transfer. Though studying TradingView charts and monitoring numerous markets on the app is challenging, it’s a good tool for monitoring open positions. The crypto account is fully secured through a multi-signature cold storage wallet solution. One can trade various trading pairs like BTC/USD, ETH/USD, XRP/USD, EOS/USD, BTC/USDT, and other perpetual trade contracts. It processes 100,000 transactions per second, ensuring the fulfillment of every trade order.

Bybit Mobile App

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Bybit Trading Calculator

The Bybit Calculator equips a trader with the ability to monitor his position value and position size closely and calculate important trading parameters that indicate the performance in terms of profit/ loss and risk management. Traders can calculate the following using the Bybit Calculator

  • Trader’s initial Margin or first deposit, 
  • Profit/ Loss, 
  • Profit/ Loss %, and ROI, 
  • Initial deposit Margin required to open a position, a target price, a trigger price, or the best price to achieve a predetermined ROI, 
  • Liquidation Price when the position is on isolated margin option or cross margin mode, 
  • account balance, 
  • funding rate/funding fees, 
  • price difference, 
  • underlying margin.

Bybit Calculator

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Bybit Trading Bot

A cryptocurrency trading bot is an automated software that trades as per experienced traders’ pre-set conditions. Some crypto trading bots that enable a trader to auto-trade in Bybit are TradingView, 3Commas, Alertaton, Autoview, Cornix, FMZ, GoodCrypto, Haasonline Hydor, Mudrex, Profit Trading, ProfitTrailer, Profitview, Sirius Trader, Stacked, TokenBot, Tycoon, Wunderbit, and WBCCLUB.

Bybit Testnet

Bybit testnet enables a potential trader to better understand the key features, options, advantages, and pros and cons without making a deposit. It’s a virtual account provided solely to practice crypto trading with fake money. A new user could explore for informational purposes and have a hands-on experience without exposing oneself to the risk of losing money.

Bybit Review 2022 - Bybit Testnet

Bybit Review: Security Measures

Bybit spends 20% of its annual budget on ensuring the platform’s security against the industry average of 15%. Unlike most other exchanges that use ‘hot wallets,’ it has adopted ‘cold wallets,’ which have inbuilt robust security management, features, and measures. All deposit addresses are cold wallet addresses. Offline signatures carry on underlying Asset transfers and withdrawals. Withdrawal requests are subject to three levels of verifications and manual reviews per day to manage risk, and traders can withdraw once every eight hours.

Bybit has a stringent policy regarding crypto-asset consolidation, including system security, physical environment security, operation authentication, encryption techniques, monitoring, and audit. It protects user data and personal information, which aligns with its privacy policy. Each platform employee is thoroughly trained, scrutinized, and assessed for internal security control.

The exchange always insists the user has two-factor authentication. The user has to scan the QR code, and a six-digit 2FA code is generated randomly inside the Google Authenticator App. Users should write down the Recovery Key Phrase and store their RKP securely inside a cloud server with full SSL encryption.

Bybit Exchange Review: Conclusion

According to our Bybit review, it is a dynamic and efficient derivatives trading platform for crypto with unique features. It comes under one of the top cryptocurrency exchanges in the world. Bybit is safe, secure, and transparent. Its multiple trading options, leveraged trading, protection against losses, payment options, fee structure, promotions, and round-the-clock solid customer support provide a complete package that crypto traders are looking for. However, Bybit does not constitute investment advice or any independent financial advice. Bybit review summary on the net confirms the above facts. It is undoubtedly the best cryptocurrency company.

FAQs

Who Owns Bybit?

The co-founder and CEO of Bybit is Ben Zhou.

Is Bybit Legit? 

Bybit Fintech Limited operates Bybit, a legitimate crypto-only exchange with a trading platform with advanced trading technology. Bybit is an entirely anonymous exchange. Therefore, a KYC procedure is not mandatory in the Bybit trading platform. It offers traders inverse perpetual, inverse future, and perpetual linear contracts and has an insurance fund for user protection. One can check out Bybit reviews online to get a fair opinion about this crypto exchange.

How To Start Using Bybit? 

A new user has to first register on Bybit, add funds or cryptos, and then trade. It has both desktop and mobile app versions with solid technology. It has a testnet to understand the nitty-gritty of trading.

Can I Use A Credit Card On Bybit?

Yes, you can use a credit card on Bybit.

How To Take Profit On Bybit?

A user can set a target price to exit long and short positions. One can also opt for partial order execution. This helps to gain profit while the trader is on the go.

Can US Citizens Use Bybit?

US citizens can’t trade on the Bybit platform due to lack of compliance, crypto regulatory reasons, and constant fear of being sued by the SEC in the US.

Can I Deposit USD To Bybit?

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As per our research, we can say that Bybit accepts crypto deposits only.

Is Bybit Reputable?

Yes, Bybit with its transparent operations, advanced trading features, and commitment to safety and security, is widely recognized as a reputable cryptocurrency exchange among users.

Is Bybit Safe?

Yes, Bybit is safe. The platform employs robust security measures, including cold wallets for funds storage, two-factor authentication (2FA), and regular security audits. Users’ assets and data are prioritized for protection.

How Much Leverage Bybit Offers?

The maximum leverage Bybit offers is 100x, but you can easily customize it from a leverage slider for isolated margin trading.

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