💡 Key Insights:
- Bybit is a one-stop trading platform for all your crypto needs, whether you want to buy, sell, swap, or stake your coins. You can explore the spot and futures market, as well as discover new products such as ByStarter, Copy Trading, Trading Bot, and Bybit Card.
- Bybit Exchange values your safety and security, with features such as triple-layer asset protection, privacy protection, advanced data protection, and real-time monitoring.
- It offers a unified trading account that lets you trade spot, derivatives, and options from one account. It also supports Web3 technology, which brings you more reliability, innovation, and opportunities in the crypto space.
Bybit Exchange Review: Pros & Cons
Pros 👍
- Bybit charges low fees for both types (maker/taker) of trading, which can save you money in the long run.
- It has an easy-to-use interface and a mobile app that lets you trade anytime and anywhere.
- It allows you to place different kinds of orders and use high leverage up to 100x, which can increase your profits if used wisely.
- The exchange offers various ways to earn passive income, such as liquidity mining and dual asset trading to boost your returns.
Cons 👎
- Bybit is not accessible in some countries, such as the US, UK, Canada, and others, due to legal restrictions
- It does not support fiat to crypto withdrawals to your bank account.
Bybit Crypto Exchange Overview
| Launched date | 2018 |
| Founders | Ben Zhou, Dennise Chen |
| Supported Coins | 800+ cryptocurrencies |
| Avg. Liquidity | 553 (CMC Score) |
| Avg. Volume | $300 million + |
| Trading Features | margin, perpetual and futures contracts, leveraged, copy trading, etc. |
| Trading Fees | 0.1% maker/taker |
| NFT Marketplace | Yes (Not Offers a wide range of NFTs) |
| Web 3 wallet | Yes (Custodial Wallet) |
| Security | SSL encryption, cold storage, 2FA, address whitelisting |
| Supported fiat | USD, EUR, GBP, KRW, JPY |
| Deposit methods | bank transfer, cryptocurrency transfer, debit/credit card payment, MoonPay, Banxa, etc |
Check the Bybit Referral code “47991” for exclusive sign-up bonuses.
Bybit Crypto Trading Review
- Spot Trading: This is the most basic and popular way of trading, where you exchange cryptocurrencies at the spot price. You can use fiat money or other coins as payment options, and you can also transfer your coins to your own wallet. Bybit’s spot trading platform lets you trade over 800 trading pairs, including BTC, ETH, USDT, USDC, and more.
- Margin Trading: This is a more sophisticated way of trading, where you leverage funds from Bybit or other users to boost your buying power and potential returns. You can trade with up to 10x leverage. However, margin trading also comes with higher risks and fees, and you need to keep a certain level of margin ratio to avoid liquidation. It offers two modes of margin trading: isolated margin and cross margin.
- Futures Trading: This is a type of derivative trading, where you make a contract to buy or sell an underlying asset at a fixed price and date in the future. Futures contracts have an expiry date, which means you need to close your position before or on that date. Bybit offers inverse futures contracts, which are paid in cryptocurrencies instead of fiat money. You can trade BTC, ETH, EOS, and XRP futures contracts with up to 100x leverage.
- Perpetual Contracts: These are similar to futures but have no expiry date. This means you can hold your position as long as you want. However, you need to pay a funding fee every eight hours to maintain your position.
- P2P Trading: It is peer-to-peer trading, where you can buy or sell cryptocurrencies directly from other users without intermediaries. You can use fiat money or stablecoins as payment options, and you can choose from various payment channels such as bank transfer, PayPal, Banxa, SWIFT, UPI, Alipay, etc.
Bybit Copy Trading Review
Bybit Copy Trading is a feature that lets you follow and mimic the trades of skilled and profitable traders. You can pick from a list of top traders based on their results and risk level, and customize your own preferences for the amount and frequency of copying. You can also check your copy trading profit and loss in real time, and pause or change your copy trading settings at any time.
Some of the advantages of Bybit Copy Trading are:
- Learn from the best traders and enhance your own trading skills.
- Save time and energy by letting the experts handle the market analysis and execution for you.
- Diversify your portfolio and lower your risk by following multiple master traders with different strategies and styles.
- Earn passive income by sharing your profits with the traders you follow.
Read full Guide: Bybit copy trading explained
Bybit Bots Review
Bybit trading bots are programs that can place buy and sell orders at predetermined intervals and prices, following your selected strategy. Bybit has four kinds of bots: Spot Grid, Futures Grid, DCA Bot, and Futures Martingale.
- Spot Grid Bot can help you earn from price movements in the spot market, where you hold the actual asset. You can specify a price range and a number of grids, and the bot will create buy and sell orders at each grid level. When the price oscillates within the range, the bot will execute the orders and generate income from the price difference.
- Futures Grid Bot can help you leverage your funds and increase your returns in the futures market.
- Future Martingale Bot: This bot is designed to enhance your trading strategies by adjusting your investment size automatically based on market conditions. It uses the Martingale strategy, which aims to lower your average cost by doubling your investment when the market goes against your expectations.
- DCA Bot: It uses the DCA strategy, which ensures that you invest regularly, regardless of the market sentiment. By buying at regular intervals, you can mitigate the risk of timing the market and continue to build your positions that you’re willing to invest in for long periods of time.
How much does Bybit charge for Crypto Trading?
Bybit uses a maker-taker fee structure, which means that you pay different fees depending on whether you are creating or filling orders in the market.
Makers are traders who place limit orders that wait to be matched, and they add liquidity to the market. Takers are traders who place market orders that match immediately, and they remove liquidity from the market. Makers pay lower fees than takers, and sometimes they even receive rebates.
1. Trading Fees 💰
Bybit charges a flat 0.1% for both maker and taker orders in the spot market. For futures trading, you need to pay 0.02% maker and 0.055% taker fee.
| Market | Maker Fee | Taker Fee |
|---|---|---|
| Spot | 0.1% | 0.1% |
| Futures | 0.02% | 0.055% |
| Options | 0.02% | 0.02% |
The trading fees can be lowered based on your monthly trading volume and your VIP level. Bybit has six VIP levels, from VIP0 to VIP5, and each level has different fee discounts. You can check your fee rate and VIP level on the Bybit Fee Rate page.
How much is Bybit fee compared to other Exchanges?
| Crypto Exchange | Maker Fee | Taker Fee | Total Fee per trade |
| Bybit (Non-VIP) | 0.100% | 0.100% | 0.200% |
| OKX | 0.080% | 0.100% | 0.180% |
| Binance (VIP 0) | 0.100% | 0.100% | 0.200% |
| Huobi | 0.200% | 0.200% | 0.400% |
| Kraken | 0.160% | 0.260% | 0.420% |
| Gemini | 0.200% | 0.400% | 0.600% |
| Coinbase | 0.400% | 0.600% | 1.000% |
| Bitstamp (<$1,000) | 0.000% | 0.000% | 0.000% |
| KuCoin | 0.100% | 0.100% | 0.200% |
| Bitget | 0.100% | 0.100% | 0.200% |
2. Deposit and Withdrawal Fees 💳
Bybit does not charge any deposit or withdrawal fees, but you still have to pay the network fees that are set by the blockchain network of each cryptocurrency.
The network fees change depending on the traffic of the network and the size of your transaction. You can check the current network fees on the Withdrawal page.
3. Funding Fees 💲
These are the fees that are exchanged between long and short positions on derivatives contracts every eight hours. The funding fee is calculated based on the difference between the spot price and the contract price of each derivative.
If the contract price is higher than the spot price, long positions pay funding fees to short positions, and vice versa. The funding fee rate is determined by the market demand and supply, and it can be positive or negative.
Bybit Earn Products
1. Bybit Savings
Bybit Savings is a way to make your crypto assets work for you. You can deposit your crypto assets and earn interest on them. You can choose between flexible or fixed-term deposits, with different interest rates and durations. You can also withdraw your funds at any time in flexible savings. Bybit Savings supports BTC, ETH, USDT, USDC, AXS, and many more coins.
2. Liquidity Mining
Liquidity Mining is a way to reward you for providing liquidity to the spot market. You can earn mining rewards by placing limit orders on selected trading pairs, such as BTC/USDT, ETH/USDT, and more. The mining rewards are calculated based on the order size, duration, and spread. You can also earn bonus rewards by staking tokens.
3. Dual Assets
Dual Assets is a way to invest in two different crypto assets with one single transaction. You can choose from various dual-asset products, such as BTC/USDT, ETH/USDT, and more. Each product has a target price and a maturity date.
You can earn returns based on the performance of the two assets at maturity. You can also redeem your products before maturity, subject to the terms and conditions of the service.
4. Lending
Lending is a way to lend your crypto assets to other users and earn interest on them. You can choose from various lending products. Each product has a fixed interest rate and duration. You can also choose to terminate your lending contracts at any time.
5. Crypto Loans
Crypto Loans are a way to borrow crypto assets from other users and pay interest on them. You can choose from various loan products, such as BTC, ETH, USDT, etc. Each product has a variable interest rate and duration. You can also repay your loans at any time.
6. Bybit Card
Bybit Card is a way to convert your crypto assets into fiat currency and use them for online or offline payments worldwide. You can apply for a virtual or physical card, which is powered by Visa. You can also enjoy various benefits, such as cashback rewards, discounts, and more.
Bybit Bonuses and Rewards 🎁
If you are a new user, you will receive a $50 coupon for your first deposit within 48 hours and a $10 coupon after 48 hours. You can also receive a $5 bonus for depositing with BTC and a $5 coupon for following Bybit on social media. It also frequently holds trading competitions with large prize pools for the winners.
Please Note: These bonuses are Trading fee coupons that can be used to pay fees but can not be withdrawn on external wallets.
Bybit Affiliate and Referral Program
Bybit has two ways for you to earn rewards by inviting others to join the platform: Affiliate Program and Referral Program.
The Affiliate Program is for people who have a large audience and influence, such as bloggers, marketers, and organizations. It gives you a multi-level commission structure. You can earn up to 50% in commissions from the trading fees of your referrals, and an extra 10% if your referrals become affiliates too. You also get access to a special portal that has analytics, campaigns, assets, and support.
The Referral Program is for existing users who want to share the platform with their friends. It gives you a one-time referral bonus. You and your friend can both get 25 USDT and a Mystery Box worth up to 1,000 USDT when you meet certain conditions, such as signing up, depositing, and trading. You can also get up to 30% commission on every trade by your friend for 365 days.
Bybit Web3 Wallet
The Web3 Wallet is a non-custodial wallet, which means that users retain control over their private keys and have full ownership of their assets.
It supports a variety of features, including the ability to view and manage multiple assets, view transaction history, and track the value of assets in real-time. It also integrates with the Bybit trading platform, allowing users to easily buy and sell digital assets.
Bybit NFT Marketplace
Bybit’s NFT Marketplace is a platform that allows users to buy, sell, and trade non-fungible tokens (NFTs).
The marketplace features a wide range of NFTs, including art, music, gaming, and more. Users can browse and search for NFTs using various filters and criteria, such as category, price, and artist.
In addition to buying and selling NFTs, users can also interact with them in various ways. For example, they can display them on their personal collection pages, trade them with other users, and even use them in games and other applications.
Bybit’s NFT Marketplace also includes features such as a built-in wallet for securely storing NFTs and a bidding system for purchasing NFTs at the desired price.
Bybit LaunchPad Review
Bybit Launchpad is a platform that allows users to participate in the initial exchange offerings (IEOs) of new projects.
An IEO is a fundraising event where a new project sells its tokens to the public in exchange for a more established cryptocurrency, such as Bitcoin or Ethereum.
Users can participate in an IEO on Bybit Launchpad by purchasing the tokens being offered using one of the supported cryptocurrencies.
The tokens are then credited to the user’s account and can be traded on Bybit’s exchange or held for future appreciation.
Bybit Launchpad aims to provide a simple and secure way for users to participate in the early stages of new projects and potentially earn profits from the appreciation of the tokens they purchase. It also helps projects raise funds and gain exposure to a wider audience.
Bybit Mobile App Review
Bybit App is a mobile application that allows users to access Bybit’s cryptocurrency exchange and trading platform from their smartphone or tablet.
The app is available for both iOS and Android devices and can be downloaded from the App Store or Google Play Store.
The Bybit Mobile App provides users with many of the same features as the desktop version of the platform, including the ability to trade a variety of cryptocurrencies, access real-time market data, and use advanced trading tools.
Users can also use the app to manage their accounts, view their trade history, and withdraw funds. It also includes features such as push notifications for important updates and the ability to set up alerts for specific market events.
Bybit Security Review
Bybit places a strong emphasis on user fund security and has implemented several measures to protect user assets. These measures include:
- Cold storage: The majority of its user funds are in cold storage, which is a type of offline storage that is not connected to the internet. This helps to prevent cyber attacks and other threats that may target online assets.
- Multi-signature wallets: It uses multi-signature wallets, which require multiple parties to sign off on any transaction before it can be processed. This adds an additional layer of security and helps to prevent unauthorized access to user funds.
- Insurance: The exchange maintains insurance coverage for user assets to provide additional protection in the event of a loss.
- Security audits: It regularly undergoes security audits by independent firms to ensure that its systems are secure and compliant with industry standards.
Bybit Customer Support
The customer support team can be reached through various channels, including live chat, email, and social media.
Some users have reported that it can take a while to get a response through the live chat feature during busy periods, but overall, the support team is generally considered to be efficient and effective.
Bybit also has a comprehensive help center on its website that includes a variety of resources and guides to help users get started and troubleshoot any issues they may encounter.
These resources include FAQs, tutorials, and user guides, as well as comprehensive API documentation for developers.
Bybit E-mails:
- 24/7 support: Support@bybit.com
- Affiliates: affiliates@bybit.com
- Media: Media@bybit.com
- Partnerships: Partnerships@bybit.com
How to Register On the Bybit Exchange Platform?
To set up a Bybit account, follow these steps:
- Visit the Bybit website and click on the “Sign Up” button.
- Fill out the registration form with your personal details, including your name, email address, and password.
- Agree to the terms and conditions and click on the “Sign Up” button.
- Check your email and click on the verification link to complete the registration process.
- Once your account is verified, you can log in to the Bybit platform and start trading.
Before you can start trading on Bybit, you will need to complete the identity verification process by uploading a copy of your government-issued ID or passport.
This is required in order to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations.
Once your account is set up and verified, you can deposit funds and start trading on Bybit. It is recommended to familiarize yourself with the platform and its features before placing any trades.
You can also consult the help center or customer support team if you have any questions or need assistance.
Is Bybit safe and regulated?
Authority (FSA) of Saint Vincent and the Grenadines and the International Financial Services Commission (IFSC) of Belize. It is also a member of the Singapore Cryptocurrency and Blockchain Industry Association (ACCESS).
In addition to being regulated, Bybit uses industry-standard security measures to protect user accounts and assets. These measures include SSL encryption, cold storage for digital assets, and two-factor authentication for account login and withdrawal requests.
However, it is important to note that cryptocurrency exchanges are subject to various risks, including cyber attacks, technical errors, and market volatility. As with any exchange, it is important for users to properly secure their accounts and not keep large amounts of assets on the exchange.
It is also recommended to research an exchange’s security measures and regulatory status before using it.
Conclusion
In conclusion, Bybit is a reputable and reliable cryptocurrency exchange that offers a wide range of features and tools for traders of all levels.
From its advanced trading platform and wide range of cryptocurrencies to its liquidity mining and copy trading options, Bybit has something for everyone.
The platform’s focus on user fund security and customer support, as well as its comprehensive help center and resources, make it a great choice for those looking for a user-friendly and secure platform for trading cryptocurrencies.
