Bybit Review [The Ultimate Guide 2022]

Bybit, which is a Peer to Peer cryptocurrency derivatives exchange, offers a wide range of trading tools and high liquidity. It also has a number of security features. There’s no downtime.

Although Bybit was founded in 2018, it has grown rapidly to be a global crypto destination that is used by millions worldwide. It has almost $1 billion of daily trading and, despite only being established in 2018.

The Bybit platform provides features such as derivative trading and leveraged margin trading. You can trade digital assets including BTC and ETH with as much leverage as 100x.

Bybit Earn is a crypto investment platform that allows investors to earn high yields by leveraging a wide range of products.

Bybit is made up of professionals working in investment banking and the Forex industry. Ben Zhou is its founder and CEO and has worked with XM, one of the world’s largest Forex and CFD trading brokerage firms.

In this Bybit review, we’ve covered everything you need to know about the exchange to help you decide if it’s a suitable platform for you.

Let’s get right to it!

Review of the Pros and Cons of Bybit

Bybit Pros

Bybit provides advanced tools to trade crypto currencies. Some of the platform’s pros are:

24/7 Multilingual Support

Bybit has 24/7 customer support available in many languages. There is a worldwide customer service team that can answer your questions via phone or chat.

Margin trading

Bybit is undoubtedly one of the top platforms for margin trades. It allows users to borrow more funds to open positions greater than their current wallet balance to trade on Spot Market. Bybit allows you to trade cryptocurrency at up 100x leverage for a low trading fee.

Insurance Fund

Bybit Insurance Fund guarantees to cover and mitigate losses.

Enjoy High Bonuses and Very Low Fees 

These fees are some of the lowest on the cryptocurrency market. You also get high-quality bonuses for traders. 

Advanced Tools and Technology

Bybit is capable of processing 100,000 transactions per second, and it will not allow any downtime. You can also use charting features with Bybit.

Bybit Cons

Here are some of the Bybit’s downsides you should consider before trading or investing on its platform:

For beginners, this is difficult

Bybit is a sophisticated platform that allows for leveraged trading. You can also trade in spot, futures, or perpetual markets. These features are great for traders who have experience, but beginners might find it difficult to maximize their earning potential.

It is not offered in many countries

ByBit’s services and products are unavailable to users in many countries, including the United States, mainland China, Singapore, Quebec (Canada), North Korea, Cuba, Iran, Crimea, Sevastopol, Sudan, Syria, Donetsk, and Luhansk.

The UK has not authorized this.

The United Kingdom’s Financial Conduct Authority (FCA) banned crypto derivatives and exchange-traded notes in January 2021, following which Bybit stopped providing its services to customers in the UK. The official FCA website declares Bybit an “unauthorized firm” and warns consumers against using this platform. 

A small range of assets

Bybit offers a small number of trading pairs, which is not the case with other popular cryptocurrency exchanges.

Bybit Exchange Overview

Bybit has its head office in Singapore and is an authorized trading exchange for the British Virgin Islands. The Bybit Exchange allows you to trade over 100 popular cryptocurrency and offers a range of options for trading to take advantage of different market conditions. Bybit’s intuitive, feature-rich trading interface is one of its best features.

The Bybit Exchange offers advanced charting for leveraged trading. It’s an all-in-one crypto platform offering spot trading, margin, and derivatives trading, and an NFT marketplace to trade in Non-Fungible tokens (NFTs). Bybit is an international exchange that allows margin traders to trade in non-fungible tokens (NFTs).

Bybit is a fantastic platform for cryptocurrency traders who are experienced. The most appealing feature of Bybit for cryptocurrency traders is its highly detailed and advanced charting interface. It supports profit/stop losses, which is an important feature to reduce loss in volatile markets. 

Bybit is currently ranked among the world’s top 20 cryptocurrency spot exchanges on CoinMarketCap. It’s also ranked as the world’s second-largest derivative exchange, next only to Binance. It offers derivative trading on over 100 markets. 

Bybit currently offers inverse perpetual and linear derivatives (BTCUSDT. ETHUSD. XRPUSD. EOSUSD. Bybit’s spot market and perpetual contracts as well as Futures allow traders to speculate up to 100x using their leverage. 

Bybit Offers Cryptocurrencies

A small number of digital assets can be traded on the Bybit site and app. These include Bitcoin, Ethereum and Litecoin. Bybit doesn’t support any fiat currencies at this time.

Withdrawals and Deposits at Bybit

Bybit can accept crypto withdrawals or deposits on its desktop, as well as through the Bybit mobile app.

Desktop users need to click “My Assets” on the top right-hand corner of the home page. Once they click “My Assets”, they will be taken to the page where users can enter the currency and click on the button. On the Bybit mobile app, users should click on the button at the bottom right-hand corner of the page and then click on the”Deposit” or “Withdraw” button and select the currency to proceed further. 

Bybit deposits to accounts that were registered before the 15th of July 2021 are credit to the derivative account as default. Deposits to accounts that are registered after the 15th of July 2021 are credit to the spot account as default. You can modify the default deposit account settings. 

Other Bybit Options

Binance is a leading alternative to Bybit when it comes to derivative trading. BitCoke and Binance are two examples. CoinMarketCap ranks Binance as the best platform for derivative trading. BitCoke comes in third. Binance and Coinbase, which are top options to Bybit for spot trading, are Binance. 

Binance 

Binance is the world’s largest derivative and spot exchange, with 90 million registered users globally. Over 600 cryptocurrency options are available on the platform, including Bitcoin, Ethereum, Binance Chain Coin, Binance Coin, and Bitcoin. Binance has both an intuitive spot trading platform that is easy to use for beginners as well as a sophisticated platform for more experienced traders. Binance was recently granted a “Digital Asset Service Provider” (DASP) license in France.  

BitCoke

The BitCoke Exchange was first launched in 2019, with the main feature being derivative. Later, it added features such as spot market, earn and cloud mining. BitCoke’s headquarters are in Hong Kong, and it is registered in Cayman Islands.  BitCoke has low trading fees and quanta swap facilities. It also offers a user-friendly interface. However, unlike Bybit, it doesn’t provide 24/7 multilingual customer support. 

Coinbase

Coinbase, which was founded in 2012 is considered to be the best platform for trading crypto. It’s also the only US crypto company listed on a traditional financial market exchange. Coinbase Pro is a platform that allows investors with experience to trade several digital assets through a secured, insurance-backed exchange. There are more than 98,000 users on the exchange from more than 100 different countries. 

The Best Features of Bybit

Now let’s review some of Bybit’s top features and characteristics that make it unique. 

There is no downtime

Bybit claims 99.99% functionality and no server downtime. 

Smart Trading 

Intelligent trading allows users to adjust their orders quickly and take profits or stop losses at entry. With the assistance of its cutting-edge pricing system, there will be no unfair liquidations. 

The Bybit VIP Programme

Trading fees are discounted and VIP members have access to exclusive events. To give VIP members additional perks, the exchange hosts exclusive events. To help improve their trading strategies, VIP Members of Bybit have access to exclusive insights from the industry. The Bybit VIP program has four tiers – across derivatives, Spot, USDC Perpetual, and USDC Options Trading. VIP 3 members can trade derivatives for a fee of 0.002%, and taker fees of only 0.0425%.

Education Resources

Bybit Learn has a large selection of resources and classes for beginner and experienced traders.

Try Testnet

Bybit offers a free testnet where beginners can try out different strategies and get to know the site’s functionality without spending any real money.

Products for Bybit Trading

Bybit has been a popular trading platform among cryptocurrency investors due to its many trading options and advanced features. Let’s take a look at Bybit’s trading products:

Spot Market 

Bybit is an emerging platform that allows spot traders to trade crypto currencies. Crypto traders can spot trade cryptocurrencies at their current market value. Spot trading, unlike contract-based derivative trading, requires spot traders to have the asset to be sold. It is possible to either buy cryptocurrency, keep it growing in value, or trade it for another coin that may offer better returns. 

Bybit allows users to spot trade via its spot trading webpage. You can place Limit order, market order and conditional orders on Bybit.  Traders can only place up to 500 orders at a time and 10 conditional orders. 

Derivative Trading 

Derivative trading allows traders to speculate on an asset’s future price. If speculation is correct, traders can earn profit on any price variation. All of this involves a contract for trading an asset at a certain date and time. Although it is risky, cryptocurrency derivative trading can provide traders with growth opportunities if they are able to devise the best strategy. With over 150 contracts, Bybit is the most popular crypto derivatives platform. You can find a variety of derivative products, including USDT Perpetual and Inverse Perpetual Futures. 

The Leveraged Token

The Bybit leverage trade is a product of derivatives that has no liquidation or underlying risk. Users have leveraged exposure that can increase or reduce profit. 

Leveraged tokens can be traded on Bybit in two ways – Buy and Sell or Purchase and Redemption. Bybit represents a collection of perpetual contract positions with each leveraged token.

Launchpad

The Bybit Launchpad allows users to get early access tokens for promising blockchain and crypto-based projects. There are two ways to subscribe to the launchpad: using USDT or BIT (BitDAO). You can subscribe using BIT, or you can use USDT to get a token allocation. 

Copy trading

Bybit currently offers 14 trading pairs in Copy Trading. Copy Trading allows traders to duplicate successful trades that have been executed by professional investors. Bybit allows users to start Copy Trading. They can open a Copy Trading Account, transfer their assets from the Derivative Account to Copy Trading Account. Copy trading fees and funding fees are identical to those for derivative trading. 

Copy Trading allows users to join as either followers or principal traders. Principal traders receive a 10% cut of the net profits earned by followers, and a 1% commission from Bybit. Bybit principal traders can take a percentage of a prize pool worth 1 million USDT. 

Trades between P2P

Bybit’s P2P trading platform lets users purchase and sell crypto directly between users on a secure peer-to-peer platform at a mutually agreed price. It supports more than 300 payment options and multiple fiat currencies.  

Margin Trading 

Users can trade on Bybit margin to gain up to 100x leverage, multiplied earnings and multiplied profits when the market is moving higher. This feature lets traders borrow at competitive rates when they don’t hold sufficient funds in their wallets.

To start margin trading on Bybit, users need to go to the Spot Trading page by clicking on trade –> Spot trading on the navigation bar. This page allows users to select the Spot Pair that they wish to use for margin trading. For margin trading on Bybit, Bitcoin, Ethereum, USDT, and USDT, are all supported. After selecting the Spot Pair, users have to click on “Acknowledge & Enable Margin Trading. ” However, before final confirmation, users are advised to read and fully understand the risk information provided in the risk alert pop-up box.

Reward yourself with By-by Rewards 

Bybit Rewards Hub is a rewards platform that offers numerous benefits to its users. It allows them to earn cash backs, coupon codes, and bonuses by completing easy tasks. Sign up now to receive up to $30T in rewards for new users. Bybit provides USDT coupons of $10 for new spot traders and derivative traders. For $5, a 3-day active trader will receive a USDT coupon. A similar amount of money is available for those who follow Bybit. 

Bybit is currently running WSOT, the world’s largest crypto trading competition, with a prize pool of 8 million USDT. It began 26 May 2022. The contest will go on until the 1st of August 2022. Last date for applying to this competition: 22 June 2022 

Earn by Bit

Bybit Earn allows you to easily grow your crypto holdings without having to engage in risky trades. The platform offers competitive APYs for higher yield and best-in-class security to safeguard investors’ funds.  There are several ways to earn: Launchpool, Dual Asset and Liquidity Mining. Bybit Savings is a low-risk option, much like a bank’s savings account, providing a guaranteed yield and the facility to withdraw tokens at any point. 

Dual Asset products allow users to receive floating returns on investment products that are not principal protected. It’s a short-term investment product that may provide a higher yield than the Savings product. Bybit’s Liquidity Mining allows users to earn high yields derived from trading fees. You can increase your share and maximize your yield by adding leverage. Launchpool lets users stake tokens to earn them free of charge. Bybit Earn is a platform that has helped to invest assets worth over $500 million. 

NFT MarketPlace

On Bybit’s NFT Marketplace, users can list and trade Non-Fungible Tokens (NFTs) of digital art, collectibles, GameFi, metaverse, etc. This platform allows you to buy NFTs with USDT, BitDAO(BIT), XTZ or ETH with your Bybit Spot account. 

NFTs are priced at one token each. To sell an NFT, users need to go to their profile page, click on the “List Now,” select the NFT they want to sell, and enter the NFT Listing page. The Marketplace can be reached by email at [email protected]

The Bybit Trading Fees

Trading fees are among the most affordable in the industry. VIP members receive a trading fee that is lower than the rest. Different fees are charged by the exchange for market makers who add liquidity to market and market takers who remove market liquidity. Market Maker Incentive Program offers up to 0.015% discount on maker fees. Below is a complete chart showing Bybit’s trading fees.  

Secure Bybit

Bybit spends 20% of its annual budget on ensuring the platform’s security against the industry average of 15%.

To enhance security and protect user data and assets, the Bybit team implemented several security protocols. It’s also working with leading security experts, blockchain businesses, and data analytics companies to improve its security infrastructure. 

Two-factor authentication (2FA) is required by the exchange. 

Bybit also stores 100% of client funds offline using a Deterministic Cold Wallet System to enhance the platform’s security. To prevent unauthorised withdrawals, the withdrawal requests are reviewed manually by the team.

How do I register a Bybit account? 

An email registration or phone number is required to create a trading account with Bybit. Sign up by email: Users will need an email address, a strong password and a username. Users will receive a confirmation code from the exchange to their email address. It is necessary to enter this code to confirm your registration. Prior to signing up, you must first read the Terms and Privacy Policy.

Users must enter the country code and mobile number to sign up via a mobile device. They also need to create strong passwords. A verification code via SMS is sent by the exchange to the given mobile number. To complete your signup, you will need to enter this code. 

Last words

Bybit’s review shows that Bybit is an extremely secure crypto derivatives trading platform and margin trading platform. 

Bybit’s exchange features cutting-edge tech and solid security protocols. They also offer a large range of trading functions and market orders. 24/7 multilingual support is available to customers.

With Bybit’s risk-free testnet, you can conduct demo trades with testnet funds to decide if the Bybit exchange is the solution for you.