In the dynamic world of cryptocurrency trading, where innovation and competition are constant companions, platforms that provide innovative features and dependable services stand out. Bybit, founded in 2018, has quickly emerged as a dominant player in the Bitcoin derivatives exchange industry. This comprehensive Bybit Review dives into all aspects of Bybit, including its essential features, functioning, security measures, and overall user experience.
Table of Contents
What is Bybit?
Bybit is a cryptocurrency futures exchange based in Dubai after migrating from Singapore in 2022. The exchange is run by Bybit Fintech Limited, a British Virgin Islands-registered firm. The exchange’s principal product is perpetual futures with 100x leverage, but the platform has risen in popularity among spot traders, who can leverage up to 10x.
Bybit Features
- Users can enjoy margin trading with leverage up to 100x, and you can read our guide to Bybit margin trading to understand it better.
- Bybit offers cold wallets for maximum protection of their customers’ funds.
- Advanced charting feature available that allows the traders to take part in leveraged trading.
- Lightning-fast updates with a powerful API are available every 20 minutes to provide a good trading experience to each user.
- Bybit also offers P2P which facilitates the buying and selling of two (2) users’ holdings at an optimal, agreed-upon price between them.
- Bybit has expanded its suite of trading products to enable users to earn interest passively on their crypto holdings through its Bybit Earn feature. The exchange offers lockup terms ranging from 0 to 60 days and yields up to 609.57%
- Bybit extends its platform with the addition of copy trading. This feature enables less experienced traders to mimic the techniques of more experienced traders, serving as both a great learning tool and a potential source of additional income for expert traders who share their strategies.
- Additionally, it also offers an ‘Insurance Fund’ option if the trader cannot get a better price than bankruptcy price.
- Users can use the Bybit testnet to get an idea of how the platform works.
- Bybit has an NFT (Non-Fungible Token) marketplace, although the available assets are limited. Users can simply buy or trade NFTs on the site using their Bybit account, however listing new NFTs necessitates filling out an application manually.
How to Register on Bybit?
- Download the Bybit application. Select ‘Assets’ from the bottom right corner.
- Click on the ‘Login’ tab.
- Click the ‘Register’ button in the upper right corner.
- Register using either the email or mobile option.
- Select the ‘Sign Up’ tab.
- Verify the code given to the email/account’s registered mobile number.
Also, you may read Bybit vs Coinbase
Bybit Trading Fees
Bybit trading fees are different for non-VIP and VIP users. Users can enjoy higher trading fee discounts according to different VIP levels.
The VIP level will be determined based on your asset balance or last 30-day trading volume. Traders are only required to meet one of the criteria to unlock the fee discount of the respective VIP Level.
The Spot Trading charge rate shown above only applies to Crypto Trading pairings. Please see the table below for the trading fees for Fiat-Crypto Trading Pairs (e.g., USDT/EUR).
Bybit Earn
Bybit’s “Earn” program offers a number of products that allow users to generate passive revenue from their idle assets. The products accessible on its ‘Earn’ program are—
- Bybit Savings
- Bitcoin Liquidity Mining
- Bybit Dual Assets
- Bybit Launchpool
- Bitcoin Defi Mining
Earn goods are accessible for both new and seasoned cryptocurrency users, as well as a diverse range of high-risk and low-risk options.
Bybit Copy Trading
Bybit extends its platform with the addition of copy trading. This feature enables less experienced traders to mimic the techniques of more experienced traders, serving as both a great learning tool and a potential source of additional income for expert traders who share their strategies. Bybit’s copy trading is designed for ease of use, making it accessible to traders of any level.
Bybit Card
Bybit Card is a Mastercard debit card that allows you to effortlessly and securely access your funds wherever and whenever you want, making it the ideal companion for your cryptocurrency adventure.
Bybit Card is a dependable and convenient way to off-ramp your cryptocurrency and spend it on the move. It allows you to utilize and fully integrate cryptocurrency into your daily life, giving you rapid access to internet and international transactions.
You can utilize your earnings from Bybit’s comprehensive range of trading products to pay for your purchases immediately.
Benefits
- accepted by more than 90 million Mastercard shops worldwide.
- Multiple crypto assets as payment choices.
- EMV 3D Secure safeguards your funds.
- Exciting Loyalty Reward Program
- 24/7 multilingual customer service
Bybit NFT Marketplace
The Bybit NFT Marketplace is the one-stop shop for listing and trading NFTs. You can obtain early access to cutting-edge NFT collections from producers all over the world, as well as special initiatives that Bybit sponsors.
You can buy your favorite NFTs at Bybit NFT Marketplace without paying any additional costs, including digital art, collectibles, GameFi and metaverse items, and more. You can also pay with the token in which the NFT is priced, such as ETH, USDT, or XTZ.
It’s worth noting that each NFT on Bybit is priced with a single token. For example, if an NFT’s price unit is XTZ, you cannot trade with other tokens like as USDT or ETH.
Is Bybit safe?
Bybit has included the following features to keep the exchange platform safe for trading.
- It has been built on the impenetrable cold wallet system that stores all the users’ funds offline to keep it safe from digital thefts. The deposit address given to the users is a cold wallet address.
- Only three withdrawals are allowed in a single day. If the public keys do not match, the trading is immediately frozen, and the system is closed.
- It also uses two-factor authentication via email, SMS, or Google Authenticator.
- SSL encryption is also used for website security.
Also, you may read Phemex Vs Bybit Vs BTCC: Which is the best option?
Bybit Mobile App
Traders on the go will undoubtedly want to keep track of their open positions. This is why Bybit developed their smartphone app. It’s accessible for iOS and Android and appears to be very functional.
In fact, it offers most of the same features as the desktop version. You may simply access advanced charting and order management from the navigation pane. You can also configure a variety of price levels to be sent as push notifications.
You also have advanced order forms, as shown on the main exchange. This is not something we’ve seen on other exchanges or brokers. Most of the time, the order functionality is reduced down, so high marks here.
Bybit Customer Support
Bybit customer service is fairly good, and there aren’t too many obvious bad reviews online about help quality and response times. The responses arrives at reasonable intervals and the assistance provided is beneficial.
In terms of assistance, Zendesk provides a 24/7 live chat function on their site. Support is accessible in the languages that Bybit has translated its website into.
You can also contact them by email at [email protected] for customer assistance or [email protected] for technical inquiries.
Also, you may read How to use Bybit in the USA (Is it Legal)?
Conclusion
We found Bybit to be a user-friendly exchange with excellent technology, fair fees, and a pretty simple UI. We’re particularly pleased to learn Bybit has established an insurance fund to handle market risk.
Bybit is well-positioned to provide an alternative to the existing quo in the crypto derivatives trading market, and the company has experienced rapid development.
The exchange is one of the fastest growing platforms available, with new goods and services being added on a regular basis, which has only accelerated its growth.
Frequently Asked Questions
Is Bybit Available in the US?
Unfortunately not. Residents of the United States and sanctioned nations are not able to use Bybit.
What is Inverse Perpetual on Bybit?
Inverse Perpetual Contracts enable traders to utilize Bitcoin and other cryptocurrencies as the foundation currency. An Inverse Perpetual Contract differs from a USDT Perpetual Contract in terms of margin, profit and loss, and risk exposure.
Where is Bybit Located?
Bybit is headquartered in Dubai, United Arab Emirates
