Bybit Exchange Review 2023

Overview

Bybit is one of the fastest-growing crypto exchanges that was launched in 2018 by Ben Zhou. Headquartered in Dubai, UAE, Bybit also has offices in Hong Kong and Taiwan. The platform began with the mission of providing innovative trading services to beginners and expert traders alike. Bybit is available in over 180 countries and restricted in some prominent regions such as Cuba, China, the US, and a few others. 

Currently, the number of active users has exceeded 15 million. It provides over 230 perpetual and futures contracts. Due to its impressive business volume and open interest, Bybit has been ranked second among derivates exchanges, according to Coingecko. The exchange’s matching engine can process 100,000 transactions per second (TPS) and provides low latency (1 ms), ensuring no overload problems.

Moreover, the platform has strategic partnerships with the biggest firms in the crypto market, including Fireblocks, Chainlink, and Paradigm.

Pros

• Great Design & User Experience
• Demo Account for Beginners
• Seamless Mobile App
• Low Trading Fees
• Leverage up to 100X
• Huge List of Features
• Fast Trading engine (1ms)
• Automated trading bots
• High Security
• Attractive Referral Program
• Excellent customer service

Cons

• Geographical Restrictions
• Not Available in the US
• Trading pairs are limited
• No fiat withdrawal
• Lack of regulatory clarity

Bybit Key Features

Bybit is a popular exchange because it offers many products and valuable services. Below we highlighted the main features offered by Bybit:

• High Leverage: The platform provides leverage of up to 100x on its perpetual contracts.
• Trading Bot: The exchange offers a trading bot — an automated program that executes sell and buy orders according to a preset trading strategy. There are three major types of bots: Futures Grid Bot, DCA Bot, and Spot Grid Bot.
• Fast Execution: Bybit’s matching engine can handle up to 100,000 transactions per second. This ensures reliable and fast execution of orders.
• Crypto Loans: Users can use one of their existing tokens as collateral to borrow multiple cryptocurrencies.
• Copy Trading: ByBit has a leaderboard of top traders that users can emulate and improve their trading skills.
• NFT Marketplace: Sell and Buy thousands of NFTs without paying gas fees.

Testnet And Demo Trading

The Bybit Testnet is a demo trading platform. Here people can practice trading with virtual funds. However, they don’t have to use real money and worry about risks. The Testnet replicates the live trading environment. This allows newcomers to get to know the exchange. Moreoever, advanced traders can try out new strategies before using them on the main platform.

Supported Countries

Bybit is currently operating in over 180 countries. However, the exchange is not supported in the following regions:

• United States
• Mainland China
• Singapore
• Quebec and Ontario (Canada)
• North Korea
• Donetsk
• Luhansk
• Uzbekistan
• Cuba
• Iran
• Crimea
• Sevastopol
• Sudan
• Syria

Bybit Fees

Withdrawal and Deposit Fees Limits

There is no crypto deposit fee. However, the withdrawal fee depends on which digital currency is to be withdrawn. For example:

• ETH: 0.005
• BTC: 0.0005
• DOGE: 5
• USDT (TRC20): 1
• USDT (ERC20): 10

There are also some limits. For instance:

• ETH: 0.02
• BTC: 0.001
• DOGE: 25
• USDT (TRC20): 10
• USDT (ERC20): 20

Trading Fees

The exchange implements a taker/maker model for its fees. The trading platform is proud to offer very affordable fees for basic accounts. The fee for non-VIP users of spot trading is 0.10% for maker and taker fees. However, the highest VIP level (i.e., Pro 3) customers only pay 0% and 0.02% for maker/taker fees.

For futures and perpetual trading on the exchange, non-VIP users pay 0.01% and 0.06% for maker and taker fees, respectively. Pro 3 level VIP customers pay only 0% and 0.03%.

Bybit Volume & Liquidity

At the time of writing, Bybit has a 24-hour spot trading volume of over $970 million. Pay attention to their trading size when evaluating different exchanges. Higher trading volume results in decreased expenses for users. The top 10 liquid spot markets on Bybit are listed below, ranked according to their trading volume:

1. Bitcoin
2. Ethereum
3. XRP
4. Terra
5. Solana
6. Angola
7. BitDAO
8. Litecoin
9. Chainlink
10. Uniswap

Bybit’s Rewards

Bybit offers its users many weekly rewards and bonuses through blogs and social media. They can get bonuses of up to $4,000 USD by completing easy tasks. Moreover, their Bybit blog has a weekly promotions section with new campaigns. The platform has a referral program, allowing users to earn up to $420 for each referral.

Bybit Mobile App

The Bybit app is compatible with Android and iOS devices. The user interface of the app is similar to the desktop version. Users can accomplish all their cryptocurrency trading needs through the Bybit app. 

All the crucial trading tools and features, including leveraged trading, spot trading, and derivatives trading, are accessible through it. Users can manage their trades, analyze real-time market data, and place new trades from the app.

Price Alerts And Notifications

Users can customize price notifications and alerts and stay informed about the crypto market’s events. Users can customize notifications not only for price changes but also for updates related to their accounts and more.

Easy And Secure Account Management

The Bybit app employs robust security features to protect customers’ data and assets. Moreoever, they can conveniently handle their finances and adjust account settings directly within the app.

Advanced Charting Tools

Bybit app offers various technical indicators and advanced charting tools. They help customers make informed trading decisions. Users can analyze market trends and quickly identify trading opportunities with customizable time frames. 

Customer Support And Resources

If users need assistance, they just have to send a message to the support team, and they will get a quick reply. Moreoever, the app has a help center with a lot of information. Newcomers can learn more about Bybit, crypto, and trading through this center.

Funding Methods (Withdrawal And Deposit)

Initially, Bybit began as a crypto-to-crypto exchange. This meant you could only deposit cryptocurrencies on the platform, not EUR or USD. You can now deposit and perform various transactions using over 55 fiat currencies and 20 coins on the exchange, including ETH, BTC, EOS, and XRP. Bybit offers over 547 payment methods, including credit cards. 

VIP Program

For important clients, Bybit offers a VIP program. Users can become VIPs if they have a lot of funds in their trading accounts, trade a lot in 30 days, borrow money from Spot Margin Trading and Crypto Loans, and own a lot of $BIT. They automatically become VIPs after completing these requirements.

For instance, to become a level 1 VIP, customers must possess at least US$50,000 in their account, borrow an average of US$50,000 for 30 days, and own 50,000 $BIT. Moreover, level 1 VIPs must also trade 10-25 million dollars in different types of trading and at least 1-3 million dollars on the spot in 30 days.

The exchange does not have its own token or coin as some other trading firms do. But it is a partner of the BitDAO group, which owns a $BIT token. The exchange gives funds to BitDAO regularly. Currently, one $BIT is worth about US$0.4257.

Is Bybit Regulated?

According to the exchange’s website, it is registered in the British Virgin Islands (BVI). Any particular government or regulatory body does not regulate it. However, the exchange said that it follows BVI laws and regulations. Notably, the lack of regulatory oversight does not mean that Bybit is not a reliable or legitimate platform. However, before using any financial platform, such as a crypto exchange, it is very important to do research.

Is Bybit Safe?

Bybit has never experienced a hack. It has also achieved the PCI-DSS Service Provider Level 1 Certification. This shows the exchange utilizes robust security methods. From the moment customers sign up, the company makes efforts to ensure their safety. They have many security features like 2FA, security notifications, access security, and 24/7 customer service.

They even have a dedicated team that provides round-the-clock security alerts for large companies using Bybit. After the FTX exchange failure, Bybit took action to boost users’ confidence. Bybit showed proof that it holds enough money to protect all the deposits.

Bybit Account Opening Process

Registration Using Website

• Go to the registration page on the official website
• Fill required details
• Read all the terms and conditions
• Click on “Sign Up”

Registration Using Mobile App

• Download Bybit App
• Click on the “Login” tab
• Click “Register”  in the upper right corner
• Register either through the Mobile or Email option
• Click on the “Sign Up”
• Verify a code sent to the account’s registered Mobile number/Email

Conclusion

Bybit stands out as a highly popular crypto derivatives exchange in the market. It has low fees compared to others and a strong history of being safe. The only negative aspect is that Americans can’t access it. On Bybit, trades occur frequently and at good prices. This makes it a very liquid exchange. Bybit is the best option for both new and experienced crypto traders.