Bybit is a new generation margin trading platform where you can use leverage to long or short the crypto market. Created in March of 2018 and headquartered in Singapore while being registered in the British Virgin Islands. It has a tremendous amount of features, which will be covered in detail in our review.
Bybit offers adjustable leverage up to 100x before or after you open your position. With the leveraged perpetual contracts that Bybit offers, it has managed to establish itself as one of the top platforms for trading acquiring over 100 000 active users since its inception. Their team is comprised of professionals from the Investment banking, Forex industry, and early blockchain adopters and their technology team includes experts from big-name companies like Morgan Stanley, Tencent, Ping’an Bank, Nuoya Fortune, etc..Visit Bybit
Quick Menu of Contents
- Features Review
- Bybit Security Review
- Deposits and Withdrawals
- Bybit User Interface Review
- Trading Fees Breakdown
- Trading Pairs, Options and Order types
- Is Bybit a scam?
- Bybit Review Conclusion
Bybit Features Review
|Supported countries||Worldwide, USA not allowed|
|Max. Withdrawal Limit||10 BTC per 1 withdraw|
Bybit Security Review
Bybit is known for its high security with the platform being built on the industry’s leading hierarchical deterministic cold wallet system thus making all of the user deposit addresses cold wallet address. Every withdrawal is made through offline signatures assuring high security for your capital on the platform.
Investing in security is highly valuable and with this leverage trading platform now, we have one that truly does a tremendous job. Until this moment there were no serious problems or hacks occurring on Bybit Due to its high-security level Bybit can be trusted on a high note, it is not by chance that it became the second-largest exchange for margin trading in the crypto industry.
Order Matching and Servers
The platform applies state of the art matching engine so you will never have to worry about full-memory ordering. The positions matching with the engine is at a rate of 100 000 transactions per second completing each matching under 10 microseconds.
Bybit is actively priding itself as a platform with close to zero downtime. In case of a breach or users being negatively affected by an update or downtime – Bybit guarantees it will take full responsibility and reimburse the affected accounts.
For additional security Bybit provides an insurance fund and ADL (Auto-deleverage) in the cause of liquidation.
How does the ADL on Bybit work?
When an order is liquidated with a price different from the hard stop or the set stop loss, Bybit will cover up the difference in the gap using funds from the Insurance fund. If the Insurance Fund is not sufficient to cover that gap, then the ADL is going to trigger. Having protection like this is valuable for every trader out there, as being protected from sharp drops in the price which happen sometimes due to errors is very important. There are no known major unexpected drops on Bybit to this date.
The Insurance Fund is in place to cover contract losses generated by the users on the platform. The balance will increase or decrease during a liquidation depending on the difference between the final Liquidation Price and the Bankruptcy Price of that liquidated position. Having insurance fund is crucial to having insurance of the user funds in case of errors, hacks, or any kind of undesired loss.
The insurance fund is live on the website for public notice for maximum transparency of the balance held by the fund. Anyone can track it and see if it’s depleting or filling up accordingly.Visit Bybit
Bybit Deposits and Withdrawals Review
Bybit comes with higher versatility than other platforms when it comes to deposits and withdrawals in BTC/ETH/EOS/XRP. Unfortunately, this is a crypto-only exchange and you will not find any options for depositing or withdrawing FIAT through Debit/Credit cards, Wire or SEPA.
For withdrawals, Bybit is one of the few platforms where you have more treasury staff available at all times, meaning they can cover a larger volume of withdraw requests, up to 3 per day compared to the industry norm of 1 per day.
There is a slight limit per withdrawal as the majority of the funds are held in a cold wallet. If their hot wallet is replenished you will have to wait till they refill it and proceed with the withdrawal request.
Limits per withdrawal request:
BTC : 0.002 – 10 BTC
ETH : 0.02 – 200 ETH
XRP : 20 – 100 000 XRP
EOS : 0.2 – 10 000 EOS
Bybit User Interface Review
The user interface of Bybit comes in dark and white, it is customizable as you would expect from a high profile leverage trading platform. Almost every tab is adjustable so you can transform the working space although limited when compared to other platforms, this doesn’t make it less usable and informative. The way the interface is laid out is very intuitive, especially if you are a trader who likes everything to be highly accessible.
The design of the UI is nothing groundbreaking but it is highly functional. And for effective trading you need accessibility and quality, you don’t need an amazing design as it may not be suitable for this type of trading. When you compare it to the competitors, the design on Bybit holds its own level. It is different enough to offer you a good place for trading. Especially when you compare it to the old school UI design of Bitmex, Bybit builds a notch above.
The Order Tab
On the right, you have your order tab where you have limit/market and conditional order types with all the needed options so you can turn the markets in your favor. The leverage adjustment is done through this tab as you can find it on the top. You can adjust it from 1x to 100x or input a custom level. Depending on which asset you are trading the max leverage number will be different. What is good about the design here is that everything can be adjusted or accessed in one or two clicks. One other good side of design here is that the buttons and the sliders are highly visible as they use bright colors. It is crucial to have bright colors, especially on buttons and sliders, making the design of the UI friendly for new users who are new to exchanges of this type.
On the tab, you also find the asset selection mini-tab in the top right corner where the Bitcoin sign is located. When you click on the Bitcoin sign you will find a selection of assets that you can trade with leverage. One thing that I can criticize here is that this button is not obvious enough as it is just the logo of the corresponding asset. But this is a very small point that may not need to be even addressed.
Under the order tab, you can find the Contract Details where all of the details for the chosen contract BTC/USD are shown. This is very useful information for those looking to find a more global view of the platform activity. This single window gives you so much information and it can save you a lot of time traversing through tabs to get everything by yourself.
In conclusion, the UI design of Bybit is clean while using bright colors which help it to be even more newbie-friendly as it makes obvious certain buttons/sliders of importance. Therefore we can conclude that most of the people will feel comfortable trading in an environment like this.
Trading fees breakdown
Bybit has relatively low fees overall with a maker fee of 0.025% and a taker fee of 0.075%. There is a funding fee that is paid every 8 hours which is different for every asset.
The fees on Bybit are paid whenever you close and open positions either in loss or profit. When a position is closed, the fees are being deducted from the profit or the loss made.
Bybit has one of the lowest fees for trading compared to other leverage trading platforms, therefore, the marginal cost of opening positions is very low. This is one of the factors why this platform managed to get so big occupying second place in the leverage trading space.
Funding rate: 0.0447%
Funding rate: 0.0447%
Funding rate: 0.0100%
Funding rate: 0.0100%
The fees on the exchange are well balanced to accommodate effective trading. Therefore traders looking for a place to trade with minimal cost and get one of the better services have found it.
Options and Order types
Having the standard orders which are expected to be there like limit/market/conditional order types and you have additional options like Post-only/reduce-only/good till cancelled/immediate or cancel and fill or kill.
Conditional order here is the one that is different compared to other exchanges as it is an order that will become a market or limit order if a certain price level is reached.
You can apply all of those order types on 4 different options for trading with different leverage:
Those options are more than enough for a trader to turn the market to his favor creating incredible profit with the power of leverage and the advanced order types.
Recently Bybit introduced Cross Margin which will be the new default option while trading. What is Cross Margin? All of the user available balance will be used when trading, very similar like on PrimeXBT. The Contract size will be determined by the maximum leverage allowed for a particular asset. Therefore the system will automatically calculate the required maintenance margin. If an open position goes in the wrong way and below the available equity, it will be liquidated.
What is the difference between Isolated Margin and Cross Margin on Bybit?
Positions that are open with an Isolated Margin isolate a certain amount from your equity. With Isolated Margin, you lose only the amount used to open the position, while Cross Margin will use your available balance for all of your open positions and you can lose all of the balance if not handled properly.
The very good news is that Bybit will give you a choice. You can always switch from Cross Margin to Isolated Margin. This is a very neat feature as it will give you an opportunity to play with different strategies.
Bybit is excelling in support and helping materials.
They offer 24/7 multilingual support and a very extensive and comprehensive FAQ section.
Every part of the exchange is covered in the FAQ section.
While for more serious and personal problems you can contact the support directly through the Zendesk Live Chat found on the bottom right at all times.
We’ve tested the support staff response time and it was almost instant. The agent was a real person and not a bot.
Their support staff is compromised of well-trained individuals on a strong KPI (key performance indicator) to keep them motivated and giving their best for the customer’s good at all times.
The affiliate program of Bybit is really rewarding with its 40% commission rewards which consist of two levels, on the direct level you get 30% from the trading fees and on level 2 you get 10% and at the same time they also give a 60$ welcoming bonus to support and draw new users towards the platform.
Is Bybit a scam?
With its founder’s background and the way the exchange handles its high security and users first, Bybit is far from a scam. It is stable and reliable with a lot of room to grow and add more products to its portfolio. You can always find acquisitions for it being a scam as there is always someone who lost trading on the platform out of ignorance or forgetting to use a stop loss.
Bybit Review Conclusion
They are confident in their product with high stability and security, Bybit is going to attract users from all over the world. Bound to continue its expansion as one of the beasts in the next few years with a beautiful user interface and reliable instruments for you to have your ultimate trading sessions here.
Searching for a good and reliable leverage trading exchange? You can consider Bybit to be the one where you can safely put your money and start trading right away.
Bybit is continuing to grow and attract more users since its inception. The way that they are handling the exchange speaks by its quality and from the overall performance since the launch. Trading with high leverage gradually became a highly desired product in the industry and the side effect of this is the emergence of more trading platforms, resulting in a heavy competition. This is a healthy competition as each and every newer generation of trading platforms tries to come out with a better product than the previous generation.
Pros / Cons
- Flexible withdraws
- Good security
- Demo account available
- Only 4 options for trading
- Low leverage on EOS and XRP