Bybit Exchange is one of the largest and most reputable cryptocurrency trading platforms globally. As of March 2024, Bybit holds the second position among derivative exchanges in the crypto market based on trading volume, according to CoinMarketCap. In this Bybit review, let’s delve into the details of this prominent player in the virtual currency industry!
| Pros | Bybit offers 100x leverage, borrowing, derivatives, and trading bots. Testnet available for risk-free practice. 24/7 customer support and regular trading competitions with valuable prizes. Affiliate program for earning commissions. Low trading fees, maxing out at 0.055%. Bybit Learn provides educational content. Tools like Copy Trading and TradeGPT for effective strategies. User-friendly Copy Trading feature with top trader filters. Financial products include lending, crypto loans, and earning opportunities. Web3 products for DApps and DeFi activities (wallet, DEX platform – ApeX, NFTs). |
| Cons | Bybit doesn’t allow OTC trading. Unlike some exchanges, Bybit lacks its native coin, potentially depriving users of benefits like lower fees. User-friendly features might be limited for newcomers to the crypto market due to the platform’s focus on complex financial products. Bybit restricts users from certain countries, including the United States, China, Singapore, Canada, North Korea, Cuba, Iran, Uzbekistan, and more. |
| WARNING: Unlike traditional brokerage firms, cryptocurrency exchanges aren’t part of the Securities Investor Protection Corp (SIPC). This means that unless the terms say otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors. |
| Official Website | https://www.bybit.com/ |
| Year Founded | 2018 |
| Total Visits | 15.1M |
| Transaction Fees | Derivatives Transaction Fees: Makers incur a maximum fee of 0.02%. Takers incur a maximum fee of 0.055%. Spot Trading Transaction Fees: Both Makers and Takers are charged a fee of 0.01%. Options Trading Transaction Fees: Both Makers and Takers are subject to a fee of 0.03%. |
| Withdrawal Fees | 0.5% (On top of Mastercard’s Foreign Exchange Rate) |
| Deposit Fees | No deposit fees |
| Number of Cryptocurrencies Supported | Bybit has over 100 crypto tokens listed and over 300 spot trading pairs |
| Fiat Currency | Over 50 different currencies, including EUR, USD, GBP, BRL, JPY, TRY, BTC, ETH, USDT, USDC, XRP, SOL, and more. |
| Accepted Payment Methods | Bybit currently accepts credit and debit card payments. |
Is Trading on Bybit Safe?
Using Bybit for trading is widely recognized as a highly secure option. The experienced development team, with members from reputable organizations like Morgan Stanley, Tencent, Ping’an Bank, and Nuoya Fortune, contributes to the credibility of the platform. The focus on derivatives and margin leverage makes the user interface more optimized for those specific trading activities.
A significant point in Bybit’s favor is that, as of March 2024, the exchange has never experienced a hacking incident. This track record is reassuring for users concerned about the security of their funds.
The platform is designed with unique security features, reinforcing its legitimacy and safety. While there may be some limitations, Bybit seems committed to providing the necessary security measures for its users.
However, it’s important to note that no platform is entirely risk-free, and users should always practice caution, employ recommended security measures, and stay informed about potential risks in the cryptocurrency market. Additionally, the suggestion to enhance KYC policies and implement a robust ID verification procedure could further strengthen the platform’s legitimacy and security.
Pros Explained
- Bybit offers a bunch of cool features for crypto enthusiasts. You can trade with up to 100x leverage, do borrowing and lending, margin trading, and even use trading bots, TradeGPT, and copy trading. If you’re new to all this, there’s a Bybit testnet where you can practice without using real money.
- The support team is available 24/7, so they’ve got your back if you run into any issues. They also host regular trading competitions with some awesome prizes to get you excited about trading and maybe winning some rewards.
- If you invite friends to use Bybit, you can earn commissions through their Affiliate program. And the trading fees are pretty low, maxing out at 0.055% for certain trades.
- Bybit Learn has articles and blogs to help you understand crypto trading better. Plus, they’ve got tools like Copy Trading, TradeGPT, and TradingBot to assist you in building smart trading strategies.
- Speaking of Copy Trading, Bybit makes it easy with a nice interface, top trader filters, and the wisdom of many experts in the market.
- They’ve got various financial products to help you make the most of your money, like lending and crypto loans. You can also earn through features like Liquidity Mining, Bybit Savings, Launchpool, and more.
- And if you’re into Web3, Bybit has products that let you learn around with dApps and join DeFi activities, including a wallet, a DEX platform called ApeX, and NFTs.
Cons Explained
- Bybit exchange currently doesn’t allow Over-the-Counter (OTC) trading.
- The way the platform looks and operates might be a bit complicated, as it’s designed to cater to experienced traders who are into advanced financial products, particularly derivatives. This focus on complex features could make it a bit tricky and less user-friendly for those who are new to the crypto market.
- Unlike some other exchanges, like Binance with its BNB or OKX with OKB, Bybit doesn’t have its own native coin. Having a native coin from an exchange often brings perks such as lower transaction fees and more opportunities to join token sales on the platform. So, because Bybit lacks a native coin, users might miss out on some advantages that users of other exchanges enjoy.
- Bybit has restrictions on users from certain countries, including the United States, China, Singapore, Canada, North Korea, Cuba, Iran, Uzbekistan, and more. If you want to know exactly which countries are not supported by Bybit, you can find the detailed list on their website for more information.
Bybit’s User Interface
Bybit’s User Interface is like the control center for traders. It’s designed to be easy to use, whether you’re just starting out or you’re already a pro. The main screen, or dashboard, gives you a quick look at important things like how much money is in your account, any orders you have open, and your recent trades.
For people who like to analyze charts, Bybit has a strong toolset. You can look at different timeframes and use various indicators, which helps you understand the market trends better. Placing orders is straightforward, and you can set levels to automatically sell if the price drops too low or take profits if it goes up.
Bybit also cares about keeping your investments safe. They have features to help you manage risks, making sure you’re in control of your positions. The platform keeps you updated with real-time market prices, so you always have the latest information for smart decision-making.
If you’re someone who’s always on the move, Bybit has a mobile version that works well. It’s responsive, meaning it adapts to your phone or tablet screen. The platform runs smoothly, with orders executing quickly and with minimal disruptions.
Now, Bybit focuses more on advanced financial products, especially derivatives. This means it’s geared towards people who are already experienced in trading complex financial instruments. For beginners, it might be a bit more challenging, as it’s not as simple as some other platforms designed specifically for newbies.
For those just starting, the learning curve might be a bit steep. Bybit could consider adding more educational materials or step-by-step guides to help beginners get used to the platform, especially for those who are new to trading derivatives.
On the flip side, this complexity can be a positive thing for experienced traders. They often look for sophisticated tools, and Bybit offers that. So, whether it’s a strength or a challenge depends on your level of expertise and what you’re looking for in a trading platform.
Overview
Bybit is a well-known cryptocurrency exchange that was founded in 2018 and registered in the British Virgin Islands as Bybit Fintech Limited. It has gained recognition in the crypto market for its reputation and size.
The trading platform has a skilled team of experts who possess vast experience in the Forex market. As a result, users can expect to have a highly satisfactory trading experience. Bybit is known for its low fees, high-security measures, and wide array of features, making it a standout option for traders.
Bybit is a platform that focuses on cryptocurrency derivatives products. It offers a wide range of trading forms, including futures trading, contract trading, perpetual contracts, and options. With more than 800 cryptocurrencies listed on the platform, Bybit gives traders the flexibility to choose from a broad range of options. Additionally, traders can enjoy the benefit of maximum leverage of up to 100x, which allows them to implement a wider range of trading strategies.
Bybit offers a wide variety of trading options to its users. The platform is dedicated to helping its users achieve their trading goals and has developed several tools to assist them. These tools include TradeGPT, Copy Trading, and TradingBot, which are designed to help users implement effective trading strategies.
Furthermore, Bybit provides educational resources through its Bybit Learn page. This page offers a wealth of cryptocurrency knowledge, covering topics from basic to advanced levels, ensuring that users have access to valuable information to enhance their understanding of the crypto market.
FAQs
Is Bybit legal in the US?
No, Bybit is not authorized to operate in the United States due to the strict regulations in place for cryptocurrency trading. As an unregulated platform, Bybit does not adhere to the norms set by the US government. Consequently, the exchange has chosen to refrain from participating in the American crypto trading market.
Does Bybit require KYC?
Yes, Bybit required users to complete Know Your Customer (KYC) verification only if they wished to withdraw more than 2 BTC within 24 hours.
Is Bybit legit?
Yes, Bybit is a legitimate cryptocurrency exchange that provides trading services for various digital assets. It has gained popularity among cryptocurrency traders, particularly for its derivatives trading platform.
Bybit Review Conclusion
In conclusion, Bybit stands out as a reputable cryptocurrency exchange offering a user-friendly platform, robust security measures, and responsive customer support. Its emphasis on derivatives trading, particularly perpetual contracts for Bitcoin and other cryptocurrencies, has attracted a diverse range of traders seeking both simplicity and advanced features. While Bybit’s liquidity and trading volume have grown substantially, users should remain cautious of the inherent risks associated with leverage trading and market volatility.
