Bybit

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Bybit
0.0/5

Bybit: A Full Review

Bybit is a crypto exchange that doubles up as a futures trading platform. It was founded in 2018 and is based in Dubai. In this Bybit review, we focus on an in-depth analysis of the platform looking at its features, cryptocurrencies, registration process, and fees.  

What is Bybit?

Company Overview

Established: 2018

Founders: Ben Zhou

Crypto available: 650+

Users: 20 million+

Trading volume:  $4,312,360,773

Bybit homepage screenshot

Bybit is now the second largest crypto exchange in the world, boasting 668 cryptocurrencies, across various markets including margin and options. The platform also provides access to fiat currencies through its P2P trading option, allowing you to buy and sell using GPB, USD, ARS, EUR, BRL, and COP among others. 

It is quite easy to navigate on the platform. You’ll enjoy many advanced tools there, and quick access to trending cryptos. You’ll take advantage of any ongoing market trends, and still enjoy some of the lowest fees.

Bybit Pros & Cons

Pros
  • 650+ cryptocurrencies available
  • 60+ fiat currencies
  • Compatible with MT4
  • iOS and Android mobile apps
  • Competitive fees
  • Beginner friendly
  • Access to copy trading
Cons
  • Trading tools need a learning curve
  • No free deposit options
  • No licensing in several jurisdictions
  • Doesn’t provide insurance on customer deposits
  • Unreliable customer service

Is Bybit Safe?

Bybit ensures its customers are safe by employing industry-leading security solutions and strategies to protect the platform. The exchange works with international regulators to enforce Anti Money Laundering measures to maintain trust and integrity. 

Security measures put in place include:

  • Triple layer asset protection: At Bybit, user funds are stored securely offline in cold wallets to prevent unauthorized access using multi-signature, Trusted Execution Environment (TEE), and Threshold Signature Schemes (TSS).
  • Regular audits: Bybit conducts regular Proof of Reserves audits and publishes them to the public.
  • Privacy protection: Bybit is transparent about its data collection policies and protects your data using desensitized query interfaces which encrypts data in storage and transit.
  • Real-time monitoring: Bybit’s risk controls analyze user behavior in real time and take quick measures if any suspicious activity is identified. 

Bybit is also licensed by several global financial authorities like the De Nederlandsche Bank (DNB) and the Cyprus Securities and Exchange Commission (CySEC).

Top Cryptocurrencies Available on Bybit

Bybit offers access to over 650 cryptocurrencies including:

  • Bitcoin 
  • Ethereum 
  • USDT
  • (BNB)
  • Ripple
  • TetherUS
  • Bitcoin Cash
  • Cardano 
  • Litecoin 
  • Solana 
  • XRP
  • TRON 
  • Dogecoin
  • USDC
  • SHIBA INU

Key Features of Bybit

The following features make Bybit worth a try:

NFT Marketplace

Bybit provides an interactive NFT marketplace, where you can buy, sell, and explore thousands of NFTs as well as buy Mystery Boxes with unique random NFTs at fixed prices. You can open the Mystery Box anytime, or trade it without opening it for profit. The marketplace is efficient, eliminating high gas fees. 

Advanced Trading Tools

You can access several order types like market orders, limit orders, and stop orders. You can use these orders to execute their strategies with precision. You can also leverage trading options to increase your positions and maximize any profit.

Staking

You can stake USDT, USDC, BTC, ETH, and stETH using Bybit’s earning options, which include Bybit Savings, Liquidity mining, Double Win, ETH 2.0 Staking, and Wealth Management.

Crypto loans

Bybit offers a loan service you can use to borrow cryptocurrencies. You can use existing tokens as collateral. You can also lend assets to other users on the platform and earn a yield.

Copy trading

The copy trading tool on Bybit allows you to copy trading strategies executed by expert investors in the markets. You can gain access to 116,000+ master traders and mimic their strategies.

Trading Bots

The trading bot allows automated crypto trading. You pre-set the code, and the trading robots will give you trading strategies.

With this feature, you can create buy and sell grids by setting a series of buy and sell price points with a certain price interval or when the market price touches the grid.

Bybit Fee Structure

Bybit’s fee structure is transparent, implementing a tiered maker/taker fee system for different trades and users. 

  • Spot Trading Fees: Both the taker and maker are charged 0.1%. For Supreme VIPs,  takers are at 0.02% and makers at 0.005% while Pro 5 takers are at 0.015%, and makers at 0.005%.
  • Perpetual & Futures Contracts Trading Fees: For these, VIP 0 taker at 0.055% and maker at 0.02%, Supreme VIP taker at 0.03% and maker at 0%, Pro 5 taker at 0.025% and maker at 0%.
  • USDC Options Trading Fees: Makers and Takers are charged 0.02% for VIP 0. Supreme VIP takers are at 0.015% and makers at 0.002%, while Pro 5 takers are at 0.01% and makers at 0%.
Bybit Fee Structure

Compatible Wallets

Some wallets you can use at Bybit include:

  • Bybit Web3 Wallet which is compatible with over 30 blockchains. 
  • Trust Wallet that supports over 1 million cryptocurrencies and is compatible with at least 50 blockchains. 
  • MetaMask is best for users who prefer maximum anonymity and only use Ethereum-based crypto. It supports 450,000+ cryptocurrencies on the Ethereum, Avalanche, and Polygon chains. 
  • Ledger Live supports 5,500+ cryptocurrencies through the app and manages much more from external wallets. 
  • Rainbow is a crypto wallet built for Ethereum-based assets.
  • MyEtherWallet is a WalletConnect-compatible available to Apple or Android users giving them full control over their assets.
  • SafePal is best for Ethereum and Bitcoin users.
  • Argent Wallet is great for beginners with ERC-20 tokens or Ethereum assets.
  • Math Wallet is also WalletConnect-compatible and offers multi-chain storage. It supports 100+ assets. 
  • BitPay is great for those with a wide range of crypto assets who want to swap or earn. 

Opening a Bybit Account

Registering a Bybit account is straightforward.  

  • Click the “Sign Up” button
  • Enter your email address and create a password
  • Read and accept the terms and conditions
  • Complete the CAPTCHA 
  • Enter the verification code that has been sent to you

You will need to complete KYC verification process. To do this, you will need to follow the on-screen instructions and provide the necessary documentation. Once your account is verified you can deposit funds into your account and start trading. 

Customer Service 

Bybit is available on all major social media platforms. It also features a help desk with various FAQs about using the platform. You can contact the customer support team via Live chat

Ticket submission

Email at support@bybit.com 

Bybit Ratings

Bybit has very low reviews on TrustPilot with a score of 1.4 out of  4.5K reviews. 

6% of reviewers have given it 5 stars citing great customer service while 80% have given it 1 star because of platform issues, trading issues, and failed transactions.

Bybit Ratings 1
Bybit Ratings 2
Bybit Ratings 3

Final Word

Bybit is a top crypto exchange. It has a wide range of trading features that are more than advanced. The interface is easy to use. You can quickly trade on the platform. The security measures are on point. Your funds and data are protected. Overall, a great platform worth trying.

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