Bybit Review 2023

Bybit, established in 2018, is an innovative, fast-growing cryptocurrency derivatives exchange. The company was founded by a team of professionals having expertise in investment banking and the forex industry. Bybit has its headquarters in Singapore and is registered in the British Virgin Islands. It envisions a global economy and provides a seemingly fast, secured, and transparent trading system. It has embarked on a journey to build the next-gen financial ecosystem powered by innovative and advanced blockchain technology. With more than 1.6 million Bybit users globally, and retail or professional clients, Bybit remains customer-focused and endeavors to provide the best user experience.

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What Is Bybit?

Bybit exchange, a crypto derivatives exchange, provides a fair trading environment to trade futures with good leverage in BTC/USD, ETH/USD, XRP/USD, EOS/USD, and BTC/USDT perpetual contracts. According to our Bybit review, this cryptocurrency exchange operates and provides a safe, secured, fair, transparent, and efficient futures trading platform.

Features of Bybit

While there are many similarities between the exchanges, some distinctive features that Bybit has included could make them attractive.

• Bybit exchange offers trade derivatives products, including Bitcoin and other cryptos, with three contract options:-
  • Inverse Perpetual
  • USDT Perpetual
  • Inverse Futures
• It gives full access to a wide range of trading features, including cross and isolated margin trading. Bybit offers 100X leverage trading, which is not adjustable if utilized in the cross-margin option.
• Bybit permits limit order, conditional order or conditional limit order, stop-loss order, and advanced orders such as Good till Cancelled, Immediate or Cancel (IOC order), Fill or Kill. Advanced Order Forms are easy to use and great for quick access.
• It provides a host of data analysis tools to access data such as price moving averages, moving average indicators, and monthly price range. It also includes funding data, specific index prices, rolling volatility chart, BTC daily realized volatility, market analysis, and the latest news.
• It provides a great trading experience with an intuitive user interface for the crypto community.

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Perpetual Futures and The Dual Price Mechanism

A perpetual futures contract is a derivative that does not expire, unlike spot and futures trade contracts. It helps to maximize profit opportunities. Bybit has plans to incorporate quarterly futures contracts and subaccounts when it integrates with the MetaTrader 4 foreign exchange platform.

The Dual Price Mechanism protects traders from trade manipulation or price manipulation, which results in steep losses due to liquidation of positions due to margin shortage or requirement at prevailing market price.

Bybit’s Mark to Market Price

‘Funding’ provides a healthy spread between the spot and the derivative cryptocurrency exchange price. It helps to match spot price and derivative exchange price, once in eight hours, by making the last asset traded price on the crypto platform ‘mark price to market price.’

100X Leveraged Trading

Bybit allows 100x leverage on perpetual futures products. Thus, most traders can increase their leverage to match the maintenance margin requirement. It equips experienced traders in entering sizable positions.

The Contract Loss Mechanism

A leveraged long or short position in a highly volatile market might be liquidated if the price goes lower than the bankruptcy price. Bybit Insurance Fund helps liquidated traders to cover the deficits caused due to losses.

Socialized Loss system Vs Auto-Deleveraging system (ADL)

ADL can protect traders from abnormal losses by potential deleveraging of the highest profitable and leveraged positions in that order. Its unrealized profit ratio and leverage determine the ADL ranking for each position.

Pros and Cons of Bybit Exchange

Pros	Cons
No KYC is needed for a new user. It’s easy to start trading.	The number of trading pairs is limited.
It has a pc based trading as well as a mobile app option to log in and trade.	Lack of regulation.
Bybit leverage is very high, attractive trading fees and market maker rebate.	US citizens are not allowed to trade.
Has Insurance Fund guarantee to mitigate and cover losses.	Trading volume statistics cannot be verified to determine its authenticity.
Multiple order types possible such as limit orders, partial orders, conditional orders and market orders.
Derivative Contracts settled in Coin and USDT.
High bonuses.
It is among the top three established exchanges in terms of highest trading volumes in crypto derivatives.
Bybit fees are amongst the least compared to other exchanges.

Bybit Account Opening Process

As per the Bybit review, a new user needs to have a trading account before using the platform.

Registration Using Website

1. On the official website, go to the registration page.
2. Fill in the required details.
3. Read all the terms and conditions and click on ‘Sign Up.

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Registration Using Mobile App

1. Download Bybit App. Select ‘Assets’ on the bottom right corner.
2. Click on the ‘Login’ tab.
3. Click on the ‘Register’ tab on the top right corner.
4. Register either through the Email or Mobile option.
5. Click on the ‘Sign Up’ tab.
6. Verify a code sent to the Email/account’s registered Mobile number.

Users from countries restricted under FATCA (Foreign Account Tax Compliance Act) are ineligible to register with the Bybit app.

Bybit Payment Methods

Bybit Payments or Deposits into their account can be made through Visa, Mastercard, Electronic Fund Transfer or Wire Transfer, and Bill Payment options. Bybit operates in collaboration with Banxa, Xanpool, MoonPay, and Mercury to support payments through fiat currency. Mobile App users can click on the ‘Assets’ tab on the bottom right-hand corner and click on ‘Deposit.’

Bybit Fees

Makers and Takers: Users can be classified as either ‘Makers’ or ‘Takers’. Market Makers provide liquidity and market depth, whereas market Makers squeeze the liquidity from the order book. Makers orders are not filled immediately, whereas Takers orders are filled immediately as a market order. Market makers are rewarded for providing liquidity and market depth.

Bybit offers a maker fee (rebate) of 0.025% instead of charging fees to Makers, unlike a fee of 0.075% charged for Takers. The net cost accrued by the Bybit platform is 0.05%. One can withdraw funds by entering the wallet address and clicking the withdrawal button three times a day with a withdrawal fee. Bybit withdrawal limits are 10BTC. It also has limits on daily withdrawals, which is 0.0005 BTC, and Bybit Funding Fee or Funding Rate is 0.02%/ -0.02%.

Services Provided by Bybit Exchange

Currently, Bybit offers trading strategies or options in Inverse Perpetual Contract, USDT Perpetual, and Inverse Contract in Bitcoin, EOS, Ethereum, and Ripple XRP. It offers up to 100x leverage on Bitcoin’s perpetual swap future contract. Deposits are accepted in all the currencies that they trade, i.e., BTC ETH EOS, XRP.

Bybit Promotions

Rewards Hub

For new signups, $50 coupon for first-time deposit within 48 hours and $10 after 48 hours, $5 bonus on a BTC deposit, and $5 coupon on following Bybit on social media channels or networks. It is a user-friendly exchange that also conducts trading competitions offering colossal prize money to the winners.

Affiliate Program

Through the Bybit affiliate program, the user can earn a passive income of up to 30% commission on Bybit trading fees. It provides full support and commissions are settled in real-time, and the data is updated instantly. A multi-dimensional report is generated with complete details of transaction data and commission details. Bybit assists affiliates with tailor-made marketing materials and market activities.

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Flash Deals

$10 coupon for active users for seven accumulative days, $20 coupon for a total deposit of one or more bitcoins, $5 coupon for the use of Taking Profit/Stop Loss feature at least once, $5 coupon for trading at least one USDT perpetual excluding BTC, USDT.

Referral Program

The referral program aims to share the financial incentive with the active traders who introduced or referred friends and families to Bybit. Traders can earn an instant bonus of $10 equivalent in BTC. The following table shows the referral bonus earned based on the trade volume of a newly introduced user.

Bybit bonus can either be used as an initial margin or initial maintenance margin to cover losses or offset the trading fee. Bonus as such cannot be withdrawn. However, the profits derived from trading with bonuses can be withdrawn. As soon as the referee becomes qualified, the bonus is deposited immediately in the trader’s Derivatives Account, which refers to the new user.

Bybit Calculator

Bybit Calculator equips a trader to monitor his position value and position size closely and calculate important trading parameters that indicate the performance in terms of profit/ loss and risk management. Traders can calculate the following using the Bybit Calculator: Trader’s initial Margin or first deposit, Profit/ Loss, Profit/ Loss %, and ROI, Initial deposit Margin required to open a position, a target price, a trigger price, or the best price to achieve a predetermined ROI, Liquidation Price when the position is on isolated margin option or cross margin mode, account balance, funding rate/funding fees, price difference, underlying margin.

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Bybit Trading Bot

A cryptocurrency trading bot is an automated software that trades as per experienced traders’ pre-set conditions. Some crypto trading bots that enable a trader to auto trade in Bybit are TradingView, 3Commas, Alertaton, Autoview, Cornix, FMZ, GoodCrypto, Haasonline Hydor, Mudrex, Profit Trading, ProfitTrailer, Profitview, Sirius Trader, Stacked, TokenBot, Tycoon, Wunderbit, and WBCCLUB.

Bybit Testnet

Bybit testnet enables a potential trader to better understand the key features, options, advantages, and pros and cons without making a deposit. It’s a virtual account provided solely to practice crypto trading with fake money. A new user could explore for informational purposes and have a hands-on experience without actually exposing oneself to the risk of losing money.

Bybit Mobile App

The mobile app is fully compatible with the most advanced Android and iOS systems and can be downloaded from the Google play store. Like desktop, one can buy cryptocurrencies like Bitcoin, Ethereum, and other coins through the app, either using a credit card, debit card, or a bank transfer. Though it’s a bit challenging to study TradingView charts and monitor numerous markets on the app, it’s a good tool for monitoring open positions. The crypto account is fully secured through a multi-signature cold storage wallet solution. One can choose to trade various trading pairs like BTC/USD, ETH/USD, XRP/USD, EOS/USD, BTC/USDT, and other perpetual trade contracts. It processes 100,000 transactions per second which ensure the fulfillment of every trade order.

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Bybit Security Parameters

Bybit spends 20% of its annual budget on ensuring the platform’s security against the industry average of 15%. Unlike most other exchanges that use ‘hot wallets,’ it has adopted ‘cold wallets,’ which have inbuilt robust security management, features, and measures. All deposit addresses are cold wallet addresses. Offline signatures carry on underlying Asset transfers and withdrawals. Withdrawal requests are subject to three levels of verifications and manual reviews per day to manage risk, and traders can withdraw once every eight hours.

Bybit has a stringent policy regarding crypto-asset consolidation, including system security, physical environment security, operation authentication, encryption techniques, monitoring, and audit. It protects user data and personal information, which is in line with its privacy policy. Each employee of the platform is thoroughly trained, scrutinized, and assessed for internal security control.

The exchange always insists the user have two-factor authentication. The user has to scan the QR code, and a six-digit 2FA code is generated randomly inside the Google Authenticator App. Users should write down the Recovery Key Phrase and store your RKP securely inside a cloud server with full SSL encryption.

Bybit Customer Support

Bybit has a 24/7 customer support team on a global scale to answer the phone or live chat function to resolve any queries or issues. The language options here are English, Chinese (Cantonese and Mandarin), Japanese, Korean, Russian, Spanish, and Vietnamese.

Users Can Also Email the Following Depending on the Type of Queries:-

• Customer Support: [email protected]
• IT Support: [email protected]
• Affiliates: [email protected]
• Media: [email protected]
• Partnerships: [email protected]

Our Verdict on Bybit

According to our Bybit review, it is a dynamic and efficient derivatives trading platform for crypto with unique features and also it comes under one of the top cryptocurrency exchanges in the world. Bybit is safe, secured, and transparent. Its multiple trading options, leveraged trading, protection against losses, payment options, fee structure, promotions, and round-the-clock solid customer support, indeed provides a complete package that crypto traders are looking for. However, Bybit does not constitute investment advice or any independent financial advice. Bybit review summary on the net confirms the above facts. It is undoubtedly the best cryptocurrency company.

Also, check out our review of BaseFEX, a similar crypto-derivative exchange in the market.

FAQs

Who Owns Bybit?

The co-founder and CEO of Bybit is Ben Zhou.

Is Bybit Legit? 

Bybit Fintech Limited operates Bybit, a legitimate crypto-only exchange with a trading platform with advanced trading technology. Bybit is an entirely anonymous exchange. Therefore, a KYC procedure is not mandatory in the Bybit trading platform. It offers traders inverse perpetual, inverse future, and perpetual linear contracts and has an insurance fund for user protection. One can check out Bybit reviews online to get a fair opinion about this crypto exchange.

How to Start Using Bybit? 

A new user has to first register on Bybit, add funds or cryptos and then trade. It has both desktop and mobile app versions with solid technology. It has a testnet to understand the nitty-gritty of trading.

Can I Use a Credit Card on Bybit?

Yes, you can use a credit card on Bybit.

How to Take Profit on Bybit?

A user can set a target price to exit long and short positions. One can also opt for partial order execution. This helps to gain profit while the trader is on the go.

Can US Citizens Use Bybit?

US citizens can’t trade on the Bybit platform due to lack of compliance, crypto regulatory reasons, and constant fear of being sued by the SEC in the US.

Can I Deposit USD to Bybit?

As per our research, we can say that Bybit accepts crypto deposits only.

How Much Leverage Bybit Offers?

The maximum leverage Bybit offers is 100x, but you can easily customize it from a leverage slider for isolated margin trading.