Bybit is a cryptocurrency exchange that has more than 2 million registered users.
A Quick Overview of our Bybit Review:
The company provides a professional, smart, intuitive, and innovative online trading and cloud mining experience for retail and institutional clients.
Bybit is a derivatives cryptocurrency trading platform with an emphasis on leverage trading with up to 100x leverage on btc/usd and eth/usd trading pairs. The derivatives exchange offers perpetual contracts that follows the cryptocurrency spot price, not the actual cryptocurrency assets.
The company is committed to creating a fair, transparent, and efficient exchange environment, and offer 24/7 multi-lingual customer support.
Bybit allows traders to trade cryptocurrency perpetual contracts with up to 1: 100 leverage.
Concisely the company offers the following:
- Market depth
- Hd cold wallet
- 100k tps matching engine
- State-of-the-art pricing system
- Powerful api
- 99.99% system functionality
- 24/7 customer support
There are various countries that are not accepted as clients with bybit due to regulatory reasons, namely québec (Canada), Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan, Singapore, and the united states.
History and headquarters of bybit
Bybit is a p2p cryptocurrency futures exchange that has been in operation since 2018. The company is based and headquartered in Singapore, with offices in hong kong and Taiwan.
Although based in Singapore it is a registered trading exchange in the british virgin islands where it operates under bybit fintech limited.
Ben zhou founded the company and he previously established himself in the world of fintech by working as xm’s china district general manager for seven years.
Awards and recognition
When a broker has won numerous awards and indicates such on their website, it often instills more confidence in the broker as an industry leader and provides it with a good reputation in its solutions and services provision.
Bybit is a young company and does not have any awards or recognition listed on the broker website yet.
Types of accounts and their features
A forex account is a trading account that traders hold with a specific broker with the purpose of trading financial instruments.
Brokers offer a variety of trading accounts, or they may only offer a single account, in which they provide certain trading conditions that appeal to a variety of traders according to their trading needs and objectives.
The number and the type of accounts that traders are offered will vary from one broker to the next and therefore it is imperative for traders to know what their trading needs and objectives are, and why they should choose a broker according to that, amidst other factors.
Bybit offers one account to traders in cryptocurrencies. The sign-up process is easy and hassle-free and can be done directly from the homepage on the website.
To register for an account, all that is required is an email or phone number, and a password. If you have been given a referral code then when registering, you can also use this.
Once you have registered, bybit will send you a confirmation code that you will need to use to confirm your email/phone number. This is only valid for 5 minutes so make sure that you do it right after creating the account.
In addition to the live account, bybit also features a testnet for users that would like to demo trade without making a deposit. It is like a virtual account of the platform which allows you to practice crypto trading with fake money that follows the live bitcoin spot price.
Interested users can access the bybit demo account at testnet.bybit.com and click on ‘register’ at the top right of the page.
Since bybit is registered in Singapore it operates as a strictly crypto to crypto exchange, which does not require its users to perform KYC verification.
Deposits and withdrawals
When evaluating brokers, the ease with which deposits and withdrawals can be made is another imperative factor to consider.
Regulation plays a key part where client funds are concerned as funds which are kept in segregated accounts must be available for withdrawal at any given time when a request is made by the trader and subsequent owner of the trading account.
Bybit does not accept any deposits of fiat currency, which means that new investors that does not have any previous crypto holdings cannot trade with bybit. It only accepts bitcoin (btc) deposits.
To purchase your first cryptos, you need an entry-level exchange, which is an exchange accepting deposits of fiat currency.
Bybit does not charge a fee to deposit cryptocurrency to the exchange, but there is a minimum bitcoin network fee charged for withdrawing funds which is determined by the blockchain network load which is typically around 0.0005 btc.
Withdrawals can be done directly on the applicable asset. It only requests your wallet address, and you need to confirm the transaction through 2fa. You will also be given information on the miner fee that will be applied to the transaction.
Withdrawals are processed 3 times a day at 08:00, 16:00 and 24:00 (all in utc time). All withdrawals are credited to your wallet 1 to 2 hours after a review.
Traders should note that there are withdrawal limits that are set on the accounts. They are:
- Bitcoin: 0.002btc / 10btc
- Etherem: 0.02eth / 200eth
- Ripple: 20xrp / 100,000xrp
- Eos: 0.2eos / 10,000eos
Currently, bybit only accepts the following digital currencies which btc, eth, eos, xrp, and usdt. However, funds can be displayed in the gbp, eur, usd, aud, cad, cny, chf, hkd, jpy, and krw currencies.
Cost and fees, commissions and spreads
When evaluating a broker, it is imperative to look at the fees which are charged. These often depend on numerous factors including the spread, commissions, and margin requirements.
The spread is the difference between the bid and the ask price, which is expressed in pips, which is the smallest increment that a price can move either up or down.
A margin requirement is the amount of capital that the trader must put down at the start of the trade, or that they must have available in their trading account, as collateral for the trade. This amount is often lowered substantially when leverage is applied.
Commissions are charged on certain instruments, often when traders are offered with variable or floating spreads, as the percentage charged counts towards the broker’s fee for their services. Brokers who are market makers, or who offer fixed spreads, often offer commission-free trading.
Bybit does not charge any deposit fees but when you withdraw btc you will have to pay 0.0005 btc per btc-withdrawal. This is seen as a miner or netword fee due to blockchain mining.
Bybit trading fees are competitive compared to other exchanges in the cryptocurrency trading industry and are based on a market maker and taker fee structure. Depending on the type of order placed, fees are -0.025% or 0.075%.
Bybit operates what is called a “maker-taker” fee model. This means that they will charge traders a fee if they take liquidity off their books and they will give them a rebate if they provide liquidity to the exchange.
Other fees charged are funding rates which is an “overnight” rate. These rates are determined by market conditions and interest rates. It is not fixed and vary daily.
Traders will have a relatively small fee of $ 5 to pay on any asset exchange orders for exchanging physical crypto at spot.
Leverage is a tool that allows the trader to open larger positions in addition to providing the trader with larger exposure to the market in which they are trading regardless of the trader’s initial deposit. Leveraged products, such as forex, increases the potential profits of the trader, but it also increases the risks and subsequent losses that the trader may incur.
Leverage is expressed as a ratio, for instance, 1:1, 1:50, 1:100, 1:500, and even up to 1:3000. For instance, should a trader have $1,000 in their trading account and they apply a leverage ratio of 1:100, they can control a position of $100,000.
Margin is the amount required at the start of every trade which is collateral for any credit risks which may arise while trading. It is expressed as a percentage of the position size and traders must ensure that they have adequate funds to cover this requirement.
For instance, should there be a 1% margin requirement on a position of $1,000,000, the trader must cover a margin requirement amount of $10,000. The margin requirement must be equal to or more than 100% for the position to be opened.
Bybit offers traders with leverage up to 1:400 which is more than adequate. It also falls in with the industry standard of what is offered by other brokers who offer between 1:200 and 1:500, respectively.
With bybit the leverage allowed to trade with is 1: 100.
Forex brokers often lure new traders with offers of deposit bonuses. This can be useful, but it is essential to discern what the conditions are to benefit from the bonus.
The bonus usually compensates traders for choosing a certain broker, since once the account is active, the trader will have the same expenses as any other. The bonus usually only starts giving some expenses back to the trader once the person has proved himself as an active trader.
Hence, although no deposit bonuses are a fantastic way to help you start trading, the terms to benefit from it often require trading with such a high volume before you can withdraw profits, that it may not be worthwhile.
There are several opportunities for inexperienced users to earn some free btc to trade with. If your first deposit on the platform is over 0.05btc then you will get an added $ 5. If it is over 0.5btc then you will earn an additional $ 50. If you deposit more than 1btc in total, you will get an additional $ 20.
Bybit also offers a referral program where users who refer a customer that has deposited at least 0.02 btc can receive a reward of $ 10.
Trading platforms, software, and its features
A trading platform is a type of software that is used through which trading can be executed. Each broker has its own preference in which platforms it supports and often brokers offer the use of their own proprietary trading platforms.
Bybit offers the use of MetaTrader 4 and its own proprietary trading platform, cloud trade, which can be used to execute trades, in addition to offering a variety of functions and features, that traders can use to add a competitive edge to their trading.
The bybit trading platform is a mobile trading app for desktop, as well as android and ios smartphones that can be downloaded from play store or the apple store, respectively.
The platform allows two types of trading, namely contracts trading and spot trading.
Markets, products, and instruments
Most brokers offer all or some of the following market instruments for trading:
Forex trading, or currency or fx trading, involves the currency exchange market where individuals, companies and financial institutions exchange currencies for one another at floating rates.
As with currency exchange markets, commodity markets offer trading in contract-based tradable goods.
Equity or stock indices can represent a specific set of the largest companies of a nation, or they can represent a specific stock market. It is actual stock market indexes that measures the value of a specific section of a stock market.
This involves the trading of gold, silver and other precious metals as hard commodities that are contract-based tradable.
The high volatility of energy prices due to political, environmental and several other factors, is a typical feature of this product, making it a popular trading choice.
Tradable cryptocurrencies include the following:
Bitcoin (btc) is the digital currency with the largest market capitalisation and price levels and dominates 50% of the total crypto market cap.
Litecoin (ltc) is like bitcoin but differs in terms of scalability.
Ethereum (eth) is the second-largest cryptocurrency after bitcoin and allows developers to create smart contracts on a platform.
Ripple (rpl) is popular among big banks with the ripple network a next generation real-time gross settlement system.
With bybit, traders can only trade in cryptocurrencies.
Safety and regulation
When choosing a broker, one of the benchmarks against which to measure safety and client fund safety and security, is to establish which regulating authorities oversee the operations of the broker.
Bybit is a legitimate crypto trading exchange operated by bybit fintech limited which is based in Singapore and registered in the British virgin islands. It is not regulated in any country.
It does have some insurance in place and to mitigate the inherent risk posed by shortfalls in the bybit futures contract settlement, bybit maintains a contingency fund which decreases the possibility of auto-deleveraging in the event of a liquidation.
Bybit has introduced a mutual insurance feature which is a risk management tool available to its users to hedge against unfavourable market movements. If a user experiences a loss on their insured position, the user will receive a payoff from the mutual insurance account.
This is a critical point when evaluating potential brokers to trade with as the broker must ensure that their traders have a variety of ways in which to contact support should they have queries, questions, or issues.
Bybit does not offer the option of contacting customer services through telephone. It does provide live chat through the zendesk live chat bot which is available 24/7 in various languages. Clients can also complete an online request form or send an email.
In addition, feedback can be received on various social media platforms, such as Twitter and telegram.
What does stand out is the expansive suite of guides and articles in the bybit faq section that covers a broad range of topics such as:
- Beginners q&a
- Getting started on bybit
- Deposit & withdrawal
- Margin & leverage
- Profit & loss
Education and training
Education refers to all the learning material and tools offered by brokers which is imperative for traders in their trading activities, especially beginners. It provides traders with the necessary knowledge that they will need to become successful traders.
Bybit does not offer and education tools. It does not really cater for the beginner trader but focusses more on the advanced and professional trader.
To assist in their trading endeavours, brokers offer traders with a variety of trading tools that can be used to refine their trading.
No research tools are offered by bybit.
Bybit is still a relative new operator since it has only been in operation since 2018 in terms of cryptocurrency derivatives trading but has emerged as an alternative platform to the more established platforms.
While it is suitable for a wide range of traders and provides valuable resources such as the testnet which allows extensive demo trading to take place, it focuses more in the more experienced high-volume traders.
Since it does not have kyc requirements and no real trading or deposit/withdrawal limits, bybit will suit anyone looking to trade in substantial amounts. The consistently high liquidity levels also suit anyone looking to take advantage of sudden market swings by making swift deposits onto the platform.
The exchange platform offered by bybit is reliable and safe. Bybit has successfully combined the best of cryptocurrencies and traditional financial markets with a user-friendly exchange.
The trading conditions offered are favourable and competitive when compared with other brokers. The trading platforms are powerful and offer a vast number of features that can be used to the advantage of the trader.
Bybit warns potential customers that cryptocurrency trading carries a substantial risk and may not be suitable for all investors.
The practice of leveraged trading can result in higher losses than first expected, and the volatile nature of futures markets makes them a part of the crypto sector best left to more experienced traders to navigate.
Before deciding to trade with bybit, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.
Bybit at a glance
|Countries not accepted for trade||Québec (canada), cuba, crimea, sevastopol, iran, syria, north korea, sudan, singapore, and the united states|
|Islamic account (swap free)||No|
|Maximum leverage||1: 100|
|Minimum deposit||$ 5|
|Deposit options||Deposits can only be done on the app and only btc, eth, xrp, eos and usdt are accepted.|
|Withdrawal options||Deposits can only be done on the app and only btc, eth, xrp, eos and usdt are accepted.|
|Platform(s) provided||Bybit trading app|
|Os compatibility||Desktop, android, and ios|
|Tradable assets offered||Cryptocurrencies|
|Languages supported on website||English, spanish, french, indonesian, chinese, russian, turkish, japanese, korean, vietnamese, portuguese and more.|
|Customer support languages||English, spanish, french, indonesian, chinese, russian, turkish, japanese, korean, vietnamese, portuguese and more.|
|Customer service hours||24/7|
How many instruments can i trade with bybit?
You can trade in cryptocurrencies.
Which platforms are supported by bybit?
Bybit trading platform.
Does bybit offer leverage?
Yes. Bybit offers leverage up to 1: 100.
What spreads can i expect with bybit?
Does bybit charge commission?
No. Bybit offers commission-free trading.
Is bybit regulated?
No. Bybit is self-regulated.
Is bybit a recommended forex trading broker for experts and beginners?
No. Although it does offer trading for beginner traders it focuses of the more advanced trader.
What is the overall rating out of 10 for bybit?
What is the difference between a demo and live trading account?
A demo account is offered by brokers as a risk-free trading environment where traders can use virtual funds to either explore the broker’s offer, practice trading, or test strategies.
Does bybit offer a demo account?
Yes. Bybit does offer a demo account.
How long is the demo account valid?
It is not indicated for how long the demo account is valid.
Which live trading accounts does bybit offer?
Bybit offers one live account type.
What are the available deposit currencies for a live trading account?
Bybit accepts digital currencies which are btc, eth, eos, xrp, and usdt. However, funds can be displayed in the gbp, eur, usd, aud, cad, cny, chf, hkd, jpy, and krw currencies.
Deposits and withdrawals
What is the minimum deposit for bybit?
How do you make a deposit and withdrawal with bybit?
Deposits and withdrawals can only be made through the bybit app.
Does bybit charge withdrawal fees?
Yes. When you withdraw btc you will have to pay 0.0005 btc per btc-withdrawal.
How long does it take to make a withdrawal?
Withdrawals are processed 3 times a day at 08:00, 16:00 and 24:00 (all in utc time). All withdrawals are credited to your wallet 1 to 2 hours after a review.