Table of Contents
- 1 Our Takeaways
- 2 What Is Bybit?
- 3 Bybit Pros & Cons
- 4 Top Bybit Features You Should Know
- 5 Is Bybit Regulated?
- 6 Security Measures
- 7 Bybit Fees
- 8 Accepted Countries
- 9 Getting Started With Bybit
- 10 The User Experience
- 11 Customer Support
- 12 Mobile App
- 13 Bybit Affiliate & Referral Program
- 14 Bybit Alternatives
- 15 Frequently Asked Questions
- 16 Our Verdict
Leveraged margin trading with crypto has gained popularity over recent years. Alongside this, Bybit has become a household name in this space due to its offering of a robust, practical, and feature-rich trading interface.
Promotion: 3.5% deposit bonus up to $3,500
Trading Fees: -0.025% / 0.075%
Available Cryptos: 85
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|Core Services||Spot and derivatives trading with leverage|
|Fiat Currencies||59 supported fiat currencies including AUD, BRL, CAD, EUR, HKD, JPY, THB, NZD, and USD.|
|Deposit Options||Bank transfers, cryptocurrency from external wallet|
|Trading Fees||-0.025% (maker) and 0.075% (taker)|
|Mobile App||Yes (iOS and Android)|
What Is Bybit?
Bybit is a top cryptocurrency trading platform where leveraged margin of up to 100x can be applied to spot, perpetual, and futures trading. The derivatives exchange was established in 2018 and now serves over 3 million users.
The exchange is based in Singapore and operates all over the world including Canada, Europe, South East Asia, and Russia. Due to regulatory reasons, Bybit is not able to provide its services to investors and traders located in the United States.
Bybit Pros & Cons
- Best-in-class market depth with minimal price slippage
- Industry leading cold storage security system
- Dual-price mechanism to prevent unfair liquidations
- Highly competitive maker/taker fees (-0.025%/0.075%)
- Multilingual customer support team available 24/7
- 30% affiliate program
- Outstanding mobile app for iOS and Android
- Limited number of assets that can be staked
- Not available in the US
Top Bybit Features You Should Know
Investors are able to use their USDT to purchase over 82 digital currencies including BTC, SOL, ETH, SAND, XRP, ADA, DOT, DOGE, and more. Bitcoin can also be used as a base digital asset to purchase other assets, however, the only trading pairs available at the time of writing were BTC-XRP and BTC-ETH. The spot trading feature is akin to the quick buying and selling features of many exchanges and allows you to easily buy digital currencies.
USDT Perpetual Trading
Traders have the option of using USDT as collateral to execute perpetual trades. There are over 79 available trading pairs which include popular coins such as BTC, ETH, XRP, SHIB, LTC, LINK, DOT, and more. USDT contracts support hedging where traders can use different leverages on long and short positions to allow for more flexibility when managing speculative positions.
Inverse Perpetual Trading
Inverse perpetual trading is supported with BTC, ETH, EOS, XRP, BIT, and DOT as the base currencies. The base currency must be held in the user’s account to execute the contract. For example, if a trader wants to trade an XRPUSD contract, then XRP must be used as the base currency. Quantities of base currencies are expressed in terms of USD.
At the time of writing, Bybit allows inverse future trades to be executed using BTC and ETH as collateral. This means that Bitcoin or Ethereum must be held in the user’s wallet. The key difference from inverse perpetual trading is that futures contracts have a pre-determined settlement date where all positions must be settled on a specific date. Traders are able to leverage their positions by up to 100x.
Earn Crypto With Bybit Staking
Bybit customers have the ability to stake their ETH, BTC, USDC, or USDT and earn interest on their holdings. Users can take advantage of this by transferring their assets into a ByFi account to begin start earning between 2% and 9% APY. There are no pre-determined or lock-in periods and funds can be withdrawn at any time. Interest rewards do not compound, are distributed daily, and are paid out in the staked asset.
|ASSET||APY||MINIMUM STAKING AMOUNT||MAXIMUM STAKING AMOUNT|
|USDT||3.50 %||50 USDT||500,000 USDT|
|USDC||8.88 %||50 USDC||500,000 USDC|
|BTC||2.00 %||0.001 BTC||10 BTC|
|ETH||2.50 %||0.01 ETH||100 ETH|
Dual Price Mechanism
A key benefit of trading cryptocurrencies with Bybit is that customers know they are protected against market price manipulations. To prevent traders from being affected by market price manipulations, Bybit utilizes a dual price mechanism. A market manipulation occurs when the market price on a futures exchange may significantly change from the spot price, resulting in the liquidation of traders’ open positions. The Bybit dual-price mechanism consists of a Mark Price which is the global spot price index and Last Traded Price is Bybit’s last traded price.
An Insurance Fund is maintained by Bybit to decrease the potential for Auto-Deleveraging to occur. If a liquidated order is closed at a price that is worse than the bankrupt price. In this instance, funds from the Insurance Fund will be used as a contingency to cover the loss. If the insurance funds are insufficient to cover the loss then Auto-Deleveraging occurs. In simple terms, the Insurance Fund is there to protect traders against losses when assets are liquidated below the bankrupt price.
Is Bybit Regulated?
Bybit is a legitimate crypto trading exchange operated by Bybit Fintech Limited. The company is based in Singapore and registered in the British Virgin Islands. The crypto exchange is currently not regulated in any country and therefore users do not require Know-Your-Customer (KNY) to trade on Bybit.
Bybit is a secure leveraged trading platform that possesses bank-like security measures and operational procedures to ensure clients’ funds and digital assets are kept safe. The exchange offers an industry-leading HD cold wallet system, and Two-Factor Authentication (2FA) can be set up to add an extra layer of account security.
Bybit fees for derivatives trading are based on a maker/taker structure. For every completed trade, either a trading fee (0.075%) or trading rebate (-0.025%) is incurred and is dependant on the order placed. Compared to other derivative exchanges, Bybit fees are very competitive. Spot trading transactions also follow a maker/taker structure of 0.1%/0.1%.
- A trading rebate of -0.025% will be received from Bybit when a market maker places a limit order or conditional trigger. This increases the depth of the order book and increases liquidity.
- A trading fee of 0.075% will be incurred when a market taker places market orders that are immediately executed resulting in a decreased order depth.
Bybit is a global cryptocurrency platform that is available to investors and traders situated in Canada (excluding Quebec), Europe, Russia, Japan, and countries in South East Asia. Bybit does not offer its products or services to users residing in the United States, China, Singapore, Quebec (Canada), North Korea, Cuba, Iran, Crimea, Sudan, or Syria. Investors and traders located in the US will need to find an alternative exchange that offers leveraged trading such as FTX.
Getting Started With Bybit
Account Creation & Verification
Creating a Bybit will require a valid email address and a strong password. Since Bybit is not regulated under the local government authorities in any of the countries it operates in, ID verification (KYC) is not required.
Bybit account wallets can be funded with either cryptocurrencies or fiat currencies. In terms of fiat currencies, Bybit supports 59 fiat currencies including AUD, BRL, CAD, EUR, HKD, JPY, THB, NZD, and USD. Bybit uses a third party to convert fiat currencies into BTC, ETH, USDT, or USDC.
The User Experience
The Bybit trading interface is one of the most advanced interfaces on the market. The various panels and tools are clearly laid out and visually pleasing without sacrificing functionality. The live charting is powered by TradingView and provides traders with a suite of advanced indicators (e.g. advance/decline, ratio, average price, and oscillators) and tools to make the most out of their trades.
A range of trading pairs for USDT Perpetual and Inverse Contracts can be selected from the top left-hand corner. We noticed that there was a fast transition in the charting with very minimal latency issues.
Users do not have to stray far from understanding their currently held assets, with a snapshot of their assets viewable on the right-hand side. Unlike other exchange trading platforms, Bybit has incorporated buttons for accounts funds to be easily topped up. The order book indicates the market price that triggers liquidation. Order conditions can be set up in the order panel, where users can:
- Select from cross or isolated margin modes.
- Select the level of leverage (1x to 100x).
- View and initiate advanced order types.
- Confirm long or short positions.
The bottom panel can be used to check the status of current positions, orders, and the history of orders and trades. Conditional order types can be selected to act as risk management tools.
- Stop Entry – Traders are able to trade a breakout on the market where the trigger price must be higher than the last traded price.
- Stop Loss – An exit option for traders where the open position is closed to limit the loss.
- Take Profit – An open order is closed once it reaches a certain level of profit.
Users experiencing difficulties or who have queries can access the Bybit Help Centre where a comprehensive list of informative guides and articles are located. Topics include general account settings, order types, the trading tools available, how to buy crypto, and closing positions. Other avenues to obtain assistance include submitting a ticket to the Bybit customer support team, or via the 24/7 chatbot that is available in a number of languages.
The Bybit platform is available for use on the iOS and Android compatible mobile app. The Android mobile app has been downloaded over 1 million times and supports all the features that are available on the desktop including live charting. The layout of the interface is clean and responsive with navigation between features not presenting any latency issues. Based on over 94,000 customer feedback, the app has received an overall rating of 4.2/5 on Google Play.
Bybit Affiliate & Referral Program
Bybit offers an affiliate program where users are rewarded with a commission of 30% of the maker/taker fees collected on all trades over the lifetime of an active Bybit account. Affiliate commissions are calculated in real-time and are paid out on a daily basis.
The Bybit referral program incentivizes its customers to refer the Bybit platform to friends and family. A referral code or a QR code can be shared where both the user and receiver will earn $20.
Bybit is a popular derivatives trading platform that has attracted over 3 million users. In an effort to stay in touch with the competition, Bybit has recently added crypto spot trading to its services, and the number of supported coins that can be staked is increasing. Traders, including those located in the United States, who are considering alternatives to Bybit, may opt for one of the following reputable exchanges.
- FTX – FTX and FTX.US is an advanced cryptocurrency platform for futures, spot, and leveraged tokens where up to 101x leveraged can be achieved. The platform offers cutting-edge features including advanced charting, tools, and indicators with TradngView.
- Binance – Binance offers margin trading or futures trading to speculate on the price of digital assets with leverage. Compared to regular trading, margin trading allows users to access greater sums of capital with leveraged positions.
Frequently Asked Questions
Is Bybit Available In The US?
Due to regulatory reasons, Bybit currently does not offer its products and services to investors and traders residing in the United States. US residents will need to find an alternative cryptocurrency exchange in the US.
Can You Use Bybit In Australia?
In Australia, Bybit is not registered with AUSTRAC. However, Australians are still able to trade digital currencies since verification of the user’s identity is not required. Australian investors and traders who prefer an exchange where the local fiat currency AUD is supported can read our list of the best cryptocurrency exchanges in Australia.
Bybit is a reputable cryptocurrency exchange that has fast become a household name in the leveraged crypto trading market. Its popularity is largely attributed to its innovative trading features which are supported by a clean and organized trading interface packed with advanced margin trading instruments. Serious crypto traders who are looking to maximize their profits will find the tools and features to be highly appealing.