Bybit logo

Bybit Review

A high-leverage, low-fee crypto exchange noted for its speed and user support, yet challenged by a steep learning curve and does not allow U.S. traders.

Bybit distinguishes itself in the competitive crypto exchange market with its high-leverage options and notably low fees, attracting traders who prioritize cost-effective and dynamic trading environments.

Its impressive transaction processing speed enhances trading efficiency, a key factor for active market participants.

While Bybit's rigorous security measures provide a solid trust foundation, the platform's complexity, and limited cryptocurrency selection might be challenging for beginners and those seeking diverse trading opportunities.

The geographical restrictions, particularly its unavailability to U.S. users, and specific withdrawal timeframes could be limiting. In essence, Bybit is a strong fit for experienced traders focused on leveraging advanced trading features and cost savings.

General Overview

  • High Leverage
  • Low Fees
  • Fast Execution
  • Secure Trading
  • Extensive Support
  • Learning Curve
  • Limited Cryptos
  • Withdrawal Restrictions
  • Slippage Susceptibility
  • Geographic Limitations
Rank#1 of 423 exchanges
ID Verificationno
Maker fee0.01%
Taker fee0.06%
Trading Volume$11,689,756,953
Liquidity Score7.80/10

Bybit Deposit & Withdrawal Methods

Credit CardInstant
Apple PayInstant
Bank Transfer (ACH)Instant
PaypalInstant via P2P platform
AdvCashInstant via P2P platform
PAYEERInstant via P2P platform

Bybit supports the deposit of cryptocurrencies and the purchase of crypto via third-party service providers. Cryptocurrency deposits can be made by a wallet-to-wallet transfer without deposit limits or fees. For fiat currency deposits, Bybit allows the use of Visa, MasterCard, Apple Pay, and other gateways. There are over 59 fiat currencies listed on the exchange for purchasing crypto, including USD, AUD, GBP, EUR, NZD, and others​​​​.

Bybit enables withdrawals of cryptocurrencies by transferring from the Bybit wallet to an external wallet. Setting up 2FA is necessary for withdrawals. The P2P platform on Bybit allows for fiat withdrawals to bank accounts, debit and credit cards, PayPal, Payeer, AdvCash, and other methods.

KuCoin does not offer KYC verification for U.S. users, limiting them to basic account functions. This means U.S. users can only trade and withdraw in cryptocurrencies, with no access to higher withdrawal limits and fiat transactions. Withdrawals usually take around 30 minutes, but larger transactions may require more time. This policy is in line with the strict cryptocurrency regulations in the U.S.

Bybit Fees

Base maker fee0.01%
Base taker fee0.06%

Bybit employs a dynamic fee structure that caters to different trading styles and volumes. Its fee system is competitive within the industry, offering advantageous rates for both casual and professional traders. Bybit's approach to fees reflects its commitment to providing a flexible and accessible trading environment, balancing the needs of various traders with market realities.

  • Spot Trading Fees: 0.1% for both makers and takers.
  • Futures Fees: Start at 0.02% for makers and 0.055% for takers.
  • Options Trading Fees: Begin at 0.03% for both makers and takers.
  • Margin Trading Fees: Include a 0.1% spot trading fee, interest, and liquidation fees.
  • Funding Rate: Variable, based on Interest Rate and Premium Index, updated every minute with exchanges at set intervals like every 8 hours.

Full Fees Chart

bybit fees chart

How to Sign Up for Bybit

  1. Visit Bybit's homepage and click the “Sign up” button located in the top right corner.
  2. Choose your preferred method of registration, either via email or mobile phone number, and provide the necessary details. You can also enter a referral code if you have one.
  3. Click “Create Account” after reading and agreeing to Bybit’s terms and privacy policy.
  4. A window listing restricted countries and regions will appear. Confirm that you are not from any of these regions by clicking “No.”
  5. Complete the reCAPTCHA verification, then enter the verification code sent to your email or mobile phone.
  6. Once you input the code, you will gain access to the Bybit platform.

Pros Explained

  • High Leverage: Bybit enables up to 100x leverage on perpetual contracts, allowing significant potential profit maximization.
  • Low Fees: The platform offers competitive fees, with non-VIP maker and taker fees as low as 0.06% and 0.01% respectively.
  • Fast Execution: Bybit boasts a matching engine capable of processing up to 100,000 transactions per second.
  • Secure Trading: Implements advanced security measures like cold storage, multi-signature wallets, and two-factor authentication.
  • Extensive Support: Provides 24/7 customer support through email, live chat, and social media​​.

Cons Explained

  • Learning Curve: Bybit might present a steep learning curve for new users​​​​.
  • Limited Cryptos: Supports a limited number of cryptocurrencies compared to top exchanges​​.
  • Withdrawal Restrictions: Certain cryptocurrency withdrawals are not available at all times, with three specific withdrawal timings daily​​.
  • Slippage Susceptibility: The platform's low spot market orders are vulnerable to slippage from trading bots​​.
  • Geographic Limitations: Bybit is not available for users in the United States​​​​.

Navigating the cryptocurrency trading world can feel like stepping into a complex maze. Bybit is a dynamic platform for experienced traders seeking advanced tools and high leverage.

Bybit offers high-leverage trading options, leading to significant profits when used wisely.

While Bybit offers impressive leverage and a broad selection of trading options, balancing these benefits against potential risks is essential. The platform is known for its robust security measures and strong customer support, which can provide peace of mind as you trade.

Key Takeaways

  • Bybit provides high-leverage trading options for cryptocurrencies.
  • The platform offers a wide range of trading products beyond Bitcoin and Ethereum.
  • Bybit is known for its strong security and customer support features.

Overview of Bybit

Bybit is a rapidly growing crypto exchange known for its user-friendly interface and advanced trading options, including high leverage. It is gaining traction in the market by offering competitive fees and robust security features. website home page

Bybit’s Position in the Cryptocurrency Exchange Landscape

Bybit has established itself as a significant player among cryptocurrency exchanges. It offers various trading options, including spot, margin, and derivatives, allowing you to trade up to 100x leverage on Bitcoin and 50x on other cryptocurrencies.

The platform is known for its reliability and security features, making it a popular choice for seasoned traders.

Security is critical, with Bybit employing industry-standard measures to protect user funds and data. Additionally, Bybit provides 24/7 customer support, enhancing user experience and trust.

The exchange also offers a VIP program for high-volume traders, rewarding those who trade over $250,000 monthly. This program includes lower fees and other benefits, indicating Bybit’s commitment to retaining and rewarding its active user base.

Comparative Analysis with Major Exchanges

When comparing Bybit with other major exchanges, such as Binance, Coinbase, Kraken, and KuCoin, differences and similarities emerge.

Bybit’s fee structure is competitive, with taker fees starting at 0.06% and maker fees at 0.01% on contracts. In contrast, Binance typically charges 0.1% for spot trading, while Coinbase charges up to 0.5% per trade. This makes Bybit attractive, especially for high-frequency traders.

For Bitcoin, Bybit charges a 0.00068 BTC fee, higher than Binance’s 0.00025 BTC and KuCoin’s 0.0005 BTC. This could be a consideration if you frequently move funds off the exchange.

Bybit offers high leverage, which is a significant draw for experienced traders. While Binance and Kraken also offer leverage, Bybit’s 100x leverage on Bitcoin is among the highest available. Additionally, Bybit’s user interface is designed to be intuitive for beginners and robust for advanced users.

Bybit matches other top exchanges with its robust security protocols and dedicated customer support. It’s on par with Kraken’s reputation for security and Coinbase’s reliable customer service.

By comparing these aspects, you can see how Bybit carves its niche while remaining competitive with other major crypto exchanges.

Account Registration and Verification

To start using Bybit, you must create an account and go through a verification process. This ensures the security of your funds and complies with regulatory requirements.

Creating a Bybit Account

Begin by visiting Bybit’s website or app. You will see an option to sign up. Click on it, enter your email address, and create a strong password. After you fill out these details, Bybit will send you a verification email.

Click the confirmation link in your email to verify your address. Once verified, you can log in to your new account. Enabling two-factor authentication (2FA) is recommended for additional security. This adds an extra layer of protection by requiring a unique code sent to your phone each time you log in.

KYC and Security Protocols

After setting up your account, you should complete the KYC (Know Your Customer) process. Navigate to your account settings and select the Verification option. You must provide personal details, such as your full name, date of birth, and possibly a government-issued ID.

Bybit takes security seriously and uses advanced measures to protect users. Two-factor authentication is encouraged for all accounts. Additionally, Bybit monitors activity for suspicious behavior and has responsive customer support available 24/7 to handle security issues quickly.

Bybit’s Trading Products and Platforms

Bybit offers a wide range of trading products, including spot and derivatives trading, and innovative offerings like an NFT marketplace and Bybit Earn, enhancing your crypto trading experience.

bybit trading interface
Bybit’s trading interface

Spot and Derivatives Trading

Bybit allows you to engage in both spot trading and derivatives trading. Spot trading enables you to buy and sell cryptocurrencies instantly at market prices. This is ideal for those looking to enter or exit positions quickly.

On the other hand, derivatives trading includes futures contracts, options, and perpetual contracts. In these markets, you can leverage up to 100x, giving you the potential for higher returns but also increased risk. Bybit supports various order types, allowing you to set Take Profit and Stop Loss instructions to manage risk effectively.

The platform’s interface is user-friendly, and its mobile app ensures you can manage your trades anytime, anywhere.

Innovative Offerings such as NFT Marketplace and Bybit Earn

Beyond traditional trading products, Bybit features an NFT marketplace for buying, selling, and trading digital collectibles. This marketplace supports a variety of blockchain networks, providing a broad selection of NFTs.

The Bybit Earn program offers multiple ways to grow your crypto holdings. You can participate in staking programs, yield farming, and even crypto loans, where you can collateralize your assets for additional liquidity. These products provide a way to earn passive income on your crypto investments without actively trading.

By utilizing these innovative offerings, Bybit ensures you can diversify your investment strategies beyond conventional trading methods.

Fees and Commissions

Bybit offers a competitive fee structure designed to appeal to many types of traders. The exchange uses a maker-taker fee model and has specific policies for deposits and withdrawals.

Bybit’s basic fee structure. View full fees structures here.

Bybit’s Maker and Taker Fees

Maker fees are charged when you create a new order that adds liquidity to the market. On Bybit, the standard maker fee for spot trading is 0.1%. In the derivatives market, makers are charged 0.02%, while for options trading, it is 0.02%.

Taker fees, on the other hand, apply when you place an order that matches an existing order, removing liquidity from the market. For spot trades, Bybit charges a 0.1% taker fee. In the derivatives market, the taker fee is 0.055%, and for options trading, it is also 0.02%.

Frequent traders or those with higher volumes can benefit from tier-based discounts. Bybit’s fee structure is competitive, compared favorably with other leading exchanges like Binance.

Deposit and Withdrawal Policies

Depositing funds into your Bybit account is generally free, though you must check if your bank or payment provider charges any fees. You can fund your account using various cryptocurrencies.

Bybit charges network fees for withdrawals, which depend on the condition of the blockchain network. These fees cover the cost of processing the transaction on the blockchain. Each cryptocurrency has a specific withdrawal fee, so reviewing these before initiating a withdrawal is essential.

Bybit implements robust security measures like withdrawal address whitelisting and two-factor authentication. These ensure that your assets remain safe during any withdrawals. Make sure to complete all necessary verifications to avoid any delays when withdrawing funds.

Funding and Transactions

Bybit offers various options for funding your account and managing your transactions efficiently. Understanding supported currencies and payment methods is crucial for seamless trading.

Supported Currencies and Payment Methods

Bybit supports several major cryptocurrencies, including BTC, USDT, and USDC. You can deposit these directly into your Bybit account.

Bybit offers P2P trading and third-party payment methods like Banxa and Mercuryo for those looking to buy crypto using fiat currencies. This allows you to use traditional payment methods like bank transfers and credit cards.

Moreover, Bybit’s extensive currency support ensures you have flexibility in managing your investments. The platform often adds new currencies to keep up with market trends, making it a versatile choice for crypto traders.

Managing Funds and Transactions on Bybit

Managing your funds and transactions on Bybit is straightforward. After logging in, go to the Assets section to view your balances.

Bybit provides real-time updates on your deposits, withdrawals, and transaction histories. This transparency helps you keep track of your trading activities.

When withdrawing, verify your identity per Bybit’s security policies. Depending on the currency and payment method, withdrawals are typically processed within 1-3 business days.

Additionally, Bybit’s integration with cold wallets ensures your funds are stored securely, minimizing the risk of unauthorized access. You can also set up two-factor authentication (2FA) for extra transaction security, making Bybit a dependable platform for managing crypto assets.

Security and Customer Support

Bybit maintains a high security and customer service standard to provide users with a reliable and safe trading experience. It offers advanced security measures and different support channels that aim to address queries swiftly.

Security Measures and Insurance Fund

Bybit uses a comprehensive suite of security features to protect users’ funds and data. The platform employs industry-leading techniques, including:

  1. Cold Wallets: Bybit stores the majority of funds in cold wallets, which are not directly connected to the internet, reducing the risk of hacks.
  2. Two-Factor Authentication (2FA): This adds an additional layer of security by requiring users to provide a second form of identification.
  3. SSL Encryption: Bybit encrypts all data transmissions to ensure information is secure from external threats.

Bybit also has an insurance fund to protect users in extreme market conditions, ensuring that traders are compensated in case of unexpected losses due to system failures or other unforeseen events.

Support Channels and Customer Service Quality

Bybit offers multiple customer support channels, ensuring you can get assistance whenever needed. The 24/7 chat support is available directly on their website, providing quick responses to urgent queries.

Other support channels and features include:

  1. Help Center: An expansive help center with articles on common issues such as account setup and placing orders.
  2. Bybit Learn: A section with educational resources to help beginners and seasoned traders better understand the platform.
  3. Multilingual Support: Bybit provides customer service in multiple languages, ensuring accessibility for users worldwide.

Despite some mixed reviews, Bybit is committed to improving customer service by swiftly and effectively addressing user concerns.

Leverage and Margin Trading

Bybit allows you to trade with high leverage, enabling significant market positions with relatively small investments. You’ll find detailed information on margin requirements, leverage limits, and the risks and opportunities associated with leverage trading.

Margin Requirements and Leverage Limits

Bybit offers margin and futures trading with leverage options up to 100x for Bitcoin and 50x for other cryptocurrencies. You must only put up a small percentage of the trade value as the initial margin, determined by your chosen leverage ratio. This ratio is the amount of borrowed funds compared to your investment.

For instance, with 100x leverage, you only need 1% of the trade value as the margin. This allows for substantial positions but also means that even small price movements can lead to significant gains or losses.

Maintaining the minimum margin requirement is crucial to avoid liquidation, where the system automatically closes your position if your margin balance falls below a required threshold. Bybit’s platform is built to handle high-frequency trades, making it reliable and efficient for leveraged trading.

Risks and Opportunities in Leverage Trading

Leverage trading can amplify both your profits and losses. While a correct trade prediction can lead to substantial gains, a wrong move can deplete your margin quickly. Understanding the risks and having a solid strategy is essential when using high leverage.

Liquidations are a significant risk. When you leverage trade, the exchange might liquidate your assets to cover losses if the market moves drastically against your position. Therefore, using leverage responsibly and setting stop-loss orders can help manage risk.

Leveraged trading on Bybit also offers opportunities for high returns with a smaller capital outlay. Experienced traders leverage their knowledge to earn significant profits from market fluctuations. Bybit’s trading platform provides tools and protections like short-term insurance to help mitigate potential losses.

Additional Tools and Features

Bybit offers a range of tools and features designed to enhance your trading experience. You’ll find advanced trading tools, top-notch charting software, and innovative features like copy trading.

Trading Tools and Charting Software

Bybit provides various advanced trading tools to assist you in making informed decisions. The platform includes comprehensive charting tools with multiple timeframes, technical indicators, and drawing tools. These features help you analyze market trends and execute trades efficiently.

You’ll also have access to trading bots, which can automate your trading strategies based on predefined criteria. This helps in executing trades quicker and more accurately. Bybit’s interface is user-friendly, making it easier to navigate the plentiful tools and features available.

Copy Trading and Other Innovative Features

Bybit’s copy trading feature allows you to mimic the trades of successful traders. This is particularly beneficial if you’re a beginner or need more time to analyze the markets yourself. You can choose from a variety of experienced traders to follow.

Additionally, Bybit offers a VIP program for high-volume traders, providing benefits like reduced fees and priority customer support. Other innovative features include educational resources that help you learn more about trading strategies and market analysis, enhancing your overall trading proficiency.

Frequently Asked Questions

Bybit is known for its competitive fees, high-leverage options, and robust security measures, but certain limitations and legal restrictions must be considered. The following points address some common concerns and provide insights into the platform.

What are the advantages and disadvantages of using Bybit for trading?

Bybit offers competitive fees, high-leverage options up to 100x, and various trading products, including spot and derivatives. However, users do not have direct control over their private keys, and US residents cannot use the platform.

How does Bybit compare with other major exchanges like Binance?

Bybit has lower trading fees than some exchanges like Binance, especially futures trading. Binance offers more cryptocurrency pairs, additional services like staking, and a broader range of financial products.

Can users from the United States legally use Bybit?

No, due to regulatory restrictions, US residents are not allowed to use Bybit. Attempting to access Bybit from the US could result in account suspension or other penalties.

What measures does Bybit take to ensure the security of its clients’ funds?

To protect client funds, Bybit uses a custodial wallet model and various security strategies, such as multi-signature wallets, cold storage, and regular security audits.

How beginner-friendly is the Bybit platform for new cryptocurrency traders?

Bybit can be challenging for beginners due to its advanced features, such as high-leverage trading. However, it offers educational resources and has a straightforward interface to help new users get started.

Bybit logo
High Leverage
Low Fees
Fast Execution
Secure Trading
Extensive Support