Bybit (full name - Bybit Fintech Limited) is one of the fastest growing cryptocurrency derivative exchanges in the market. Established in 2018, it has already attracted over 3 million regular users. In terms of traffic, liquidity and functionality, Bybit is ranked among the leaders, as international ratings confirm.
Bybit is primarily a derivatives exchange, where you can trade perpetual futures with high leverage and good liquidity. In addition to being generally focused on active traders, the exchange is distinguished by high speed of operation, quick market update and technical competence.
The platform supports around 100,000 transactions per second. High frequency trading (HFT) is available through a powerful API. Bybit offers great options for earning passive income – in the ByFi section, staking (earning cryptocurrency without high computational power), DeFi mining (decentralized finance and lending) and dual mining (mining of two cryptocurrencies simultaneously) are available.
Bybit gets a high score for the majority of services that are monitored by our experts. The only nuance is that the platform is not legal in the territory of the US and even in Singapore, which affects the potential number of users, and, as a result, limits potential liquidity. The scores of the exchange are shown in the table below.
|Security and regulation||9|
|Deposit and withdrawal||6|
Every exchange has its pros and cons. In terms of Bybit, they are the following:
It took Bybit only 3 years to exceed 3 million users. The cryptocurrency exchange is particularly popular among traders in Eastern Europe. Here’s basic information about the exchange:
|Regulation||There is no data about the licenses at the place of Bybit registration in the Seychelles; Bybit Japan office holds the license of FSA Japan|
|BTC withdrawal limits||Daily limit is 100 BTC for verified accounts|
|USD withdrawal limits||Payouts are available only in cryptocurrency|
|Withdrawal in Fiat||Withdrawal to a bank account is not available, only tokens to external wallets|
|Time frame for account opening||Around 15 minutes for basic level, while full verification takes up to 5 days, depending on how fast the exchange’s team works|
Bybit commission and fees are some of the lowest in the market. Let’s see the pros and cons of the commission policy of the cryptocurrency exchange being reviewed:
The fees do not depend on the trading volumes, which can be considered a serious advantage. The trading fee is deducted from the account balance and in no way affects the initial margin on the order.
The structure of Bybit trading fee in spot trading is the same as for trading inverse and USDT contracts. The fee corresponds to two different types of execution: maker and taker.
The table below shows trading fees charged by Bybit in spot trading.
|Maker’s fee||Taker’s fee|
|All spot trading pairs||0.1%||0.1%|
The exchange does not charge a deposit fee, but the withdrawal fees are fixed. Here are the fees for the most popular cryptocurrencies:
The fees for popular cryptocurrencies are not much different from the average in the market, but for less popular altcoins, the withdrawal fees are higher than those charged by competitors. Notably, Bybit is planning to consider and add the option of determining own fees for experienced traders in the future.
This is how Bybit fees compare with the competitors:
As is befitting of all modern cryptocurrency exchanges, Bybit offers its customers an opportunity to trade using borrowed funds. Margin trading has long become a classic service.
As an example, let’s review several instruments and their leverage:
|Perpetual contracts (inverse)||Highest leverage||Maximum position size|
The current daily interest rate in USDT is 0.06% and 0.03% on the underlying asset. The current interest rate is 0.01%. Financing interval is 3 (every 8 hours): rate of financing calculated from 00:00 until 08:00 changes at 16:00, the rate of financing calculated from 08:00 until 16:00 changes at 00:00, and the rate of financing calculated from 16:00 until 00:00 changes at 08:00.
Bybit was established by professional bankers and traders in March 2018. Bybit Fintech Limited is the managing company. The legal address of the company is located in the British Virgin Islands, but the headquarters is in Singapore. Therefore, this is a classic organization that operates in the offshore territories. This fact does not contribute to the reliability, but this applies to many cryptocurrency exchanges due to persecution from official jurisdictions.
Bybit’s co-founder Ben Zhou is the company’s CEO. He is formerly from XM, one of the world’s largest Forex brokerage companies. The majority of the Bybit team actually came from Forex. The technical personnel were hired from Morgan Stanley, Tencent and Nuoya Fortune.
Thanks to the competent team composition and 24/7 support, Bybit boasts a high level of security against hacks and other abuses. In the entire short history of the company, there has not been a single major case of account theft, which can be considered as an advantage.
The exchange offers classic financial instruments to its clients. They are conveniently split into two categories – spot and derivatives. In terms of the number of trading pairs, Bybit is clearly behind its competitors, but the exchange offers a proprietary ByFi service, which features flexible staking and modern varieties of mining, which provides an opportunity to earn passive income from cryptocurrency assets.
Pros and cons:
When you add tokens to staking Bybit Pool, you can get new coins for free. It is also possible to withdraw them at any time. There is also a special offer of earning a profit from staking BIT, the native token of BITDAO, one of the largest decentralized organizations in the world.
Let’s compare the key indicators of the markets offered by Bybit by Binance and the competitors of the exchange:
|Cryptocurrency funds (a basket of cryptocurrencies in one lot)||No||No||No|
Compared to competitors, Bybit is not as big, but the exchange does have a potential to grow, mostly thanks to the competence of the team and excellent functionality. Bybit is focused not only on trading, but also on mining.
Bybit works with NFT tokens, which have lately become very popular, although NFTs support mainly exists only within the framework of promotions.
Spot trading became available on Bybit relatively recently – in July 2021. The CEO plans to gradually make the exchange universal, featuring everything both experienced and novice traders may need.
Spot is formed by only 126 currency pairs, including crosses formed between altcoins. Compared to the competitors, this is a rather low indicator that describes the small pool of the cryptocurrency exchange. For each trading pair, information is provided on the latest price, 24-hour performance and trading volume. You can also review the price charts, if needed.
Bybit’s main ‘bet’ is on derivatives. In terms of cumulative trading, the exchange is regularly ranked among the top five most popular exchanges in the market, but still has a long way to go to compete with Binance.
Perpetual contracts with high leverage are one of the strong suits of Bybit. At the moment, the exchange’s products include the following pairs (on inverse transactions):
The base coins are used as collateral. Leverage up to 100:1 is available on BTC/USD, while it is 50:1 on XRP/USD, EOS/USD and ETH/USD.
In spring 2020, the exchange launched trading of perpetual USDT contracts, which are linear contracts. Unlike inverse contracts, USDT trades have the following features:
The position can be held indefinitely – in this regard, the model is very similar to BitMEX.
Taker and maker on derivatives:
|Perpetual contracts (inverse)||Taker on derivatives||Maker on derivatives|
Bybit supports three order types: conditional, market and limit. With a market order, you can specify leverage and number of contracts; with limit order, you can also specify the order price on top of the above. A conditional order, in turn, is filled automatically once a specific trigger price is reached.
Passive income on Bybit is almost a fixed idea of the exchange itself. There is a ByFi Earn section for the fans of mining and staking. The following passive income options are offered:
Stable APY and low risks. The popular altcoins include DEVT, XYM and JASMI;
Dual asset investment
A product with floating yield. Popular pairs include BIT-USDT, BTC-USDT, ETH-USDT. The APY for the specified pairs exceeds 200%;
A product with a low entry threshold – suitable for novice investors. The APY is from 11%;
Adding tokens to staking subsequently getting free tokens. The profitability is daily.
In terms of passive income, Bybit has some truly interesting offers, which are hard to find among competitors.
Bybit has its own referral program, just like many other popular cryptocurrency exchanges. The key features include:
The registration procedure on Bybit does not differ much from other cryptocurrency exchanges. You need to take traditional actions, which will take no more than 15 minutes. After basic registration, the trading features will not be available, as you will need to pass verification. There are the following pros and cons:
Bybit is designed for global trading, but not all jurisdictions work with the cryptocurrency exchange. Trading is prohibited in the US, mainland China, Singapore, Quebec, North Korea, Cuba, Iran, Crimea, Sevastopol and Sudan.
A step-by-step registration algorithm:
Click Sign Up in the top right corner of Bybit website. www.bybit.com
Provide your email, come up with a password and enter your referral code (if available).
You will receive a password confirmation letter to your email. Enter the confirmation on the Bybit website.
Click on the human silhouette and select Account and Security.
Set up SMS authentication. You will need to enter your phone number.
Allow authentication of the Google account. You will need to provide your email, where the confirmation password will be sent.
Bybit does not have a minimum deposit amount; you can deposit any amount to your account. Bybit supports over 50 types of coins for deposit. The transaction hash (TXID) must be verified and shown inside the blockchain.
Once you’ve verified your account, you will have access to important account features. Just as in case of other exchanges, Bybit has several levels of verification:
|Basic verification||Daily limit - 50 BTC||You need to confirm nationality, ID number and name|
|Proof of residence||Daily limit - 100 BTC||Provide proof of residence|
In addition, there is a different type of verification on Bybit for corporate clients. It requires provision of company documents. The daily withdrawal limit, however, will not differ from the full verification level of the individual account (100 BTC). Only the account owner can pass verification.
As we’ve already mentioned, Bybit only works with cryptocurrencies. Therefore, the key deposit instruments include the following:
The exchange does not charge a deposit fee. On the other hand, there is a withdrawal fee. Its size depends on the number and type of cryptocurrency, which a trader plans to withdraw/transfer.
Despite that Bybit seriously focuses on working only with cryptocurrencies, the exchange supports deposits in fiat currencies. The method, however, cannot be considered an easy one, as it involves intermediaries. It is possible to perform transactions with fiat money through third-party service providers (MERCURYO, MoonPay, Legend Trading, BANXA). First, payments made in US dollars, Euro or other currencies (a total of 59) will be processed by the specified services and then will be credited to the user’s account.
Let’s review both deposit options in terms of processing time and fees in the table below:
|Method||Deposit/Withdrawal processing time||Fee|
|Cryptocurrencies||Within 10 minutes||No|
|Fiat through service providers||From 2 to 30 minutes||Bybit does not charge a fee, but the service providers charge transaction fees|
Bybit trading platforms practically do not differ from the platforms of other cryptocurrency platforms. The mobile app of the exchange is available both on iOS and Android. Here are the pros and cons:
Let’s review Bybit trading platforms and compare them to each other:
|Time frame range||From one minute to one month||From one minute to one month|
|Order types||Limit, Market, Conditional||Basic selection of the official website|
|Number of indicators||There are hundreds – there is the TradingView chart||There are hundreds – there is the TradingView chart|
The functionality of iOS and Android apps practically fully matches the features of the official website. Unfortunately, Bybit does not have a desktop version of its platform. You can find mentions of software for Windows and Mac online, but such software was developed by third parties without the support of the official team.
Here’s a summary of comparison of Bybit trading platforms with its competitors:
The score of the Android app on Google Play is 4.3, the iOS app – 3.8. Many users praise the quick operation of software, but some complain about poor adaptability and lack of interface support for tablets.
The key specifications and features of the platforms available on Bybit:
Bybit does not conduct full-fledged analysis and research. The cryptocurrency exchange is targeted primarily at active traders and miners. The specialists of the organization regularly publish latest ideas and articles on new financial instruments. Bybit Blog can be considered an analog of an analytical center, but without full-scale research.
You can also learn about the plans and prospects of Bybit on its YouTube channel. Most videos are dedicated to events and meetings with traders.
The cryptocurrency exchange has a separate section called Bybit Learn, where you can find the latest news from the world of trading and cryptocurrencies. In addition, there are also articles for novice traders. The main page features the most popular articles about the operation of blockchain, altcoins, DeFi and trading.
You can subscribe to Bybit learn and get notifications on the latest news and reviews.
Bybit boasts an extensive user support section. Help section features all required information, both for beginners and experienced traders. You can learn about new products, offers and promos of the exchange from this section.
Customer support service deserves special mention. To access it, you need to click on the headphones icon in the bottom right corner. Initially, a chat bot will try to answer your questions, but if the question is too complicated, a real employee will join. By the way, the operators respond very quickly; you won’t have to wait for longer than a minute. Every response is also accompanied by links to the corresponding sections of Bybit.
There is one nuance – if you “stay on the line for too long”, the operator will start ignoring requests and the user will be bounced back to the chat bot. Based on the author’s experience, you won’t be able to connect to an operator again.
Let’s review the pros and cons:
Notably, the responses in the live chat are provided for simple questions. If a user wants to learn something specific, he will have to use an email. That’s where we find another drawback – the responses to emails come within 24-48 hours, which is inadmissible for trading.
You can contact Bybit and check out the latest news on different platforms and social media:
Customer support is available in several languages:
In the Rewards Hub section, you can learn about all available bonuses:
Bonuses can be used as a margin for trading perpetual and futures contracts. The bonuses can be activated within 21 days by executing a trade in any perpetual or futures contract. Bonuses cannot be withdrawn. They are annulled when any asset is withdrawn.
Therefore, the majority of bonus opportunities are realized for users as coupons, which are strictly tied to the account.
Bybit clearly has not reached the market leaders yet, but it has attracted a large audience in a very short time. In just three years of operation, the exchange grew the number of its users to over 3 million. Despite the international nature of the audience, most of the users of the cryptocurrency exchange come from the EU and CIS countries. As it was already mentioned, Bybit does not operate in the US.
Bybit will certainly be liked by active traders of derivatives, as the platform charges low fees (there is even a bonus for the creator of an order in the form of negative fee) and very high liquidity. It is due to the extensive functionality of working with the derivatives market that the exchange has gained a large number of fans.
Also, it is worth highlighting the following benefits:
There are also some nuances. Some important information is available in private access – if a user wants to know more about the operation of the cryptocurrency exchange, he will have to wait for a response from customer support to email for a day.
Bybit is great for active traders and beginners, who want to give passive income a try. The ByFi Earn section offers truly unique options for mining, including flexible staking and a possibility to mine two types of cryptocurrencies at once. Traders have a lot of room for manipulations with perpetual contracts.
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