Bybit is a new generation margin trading platform where you can use leverage to long or short the crypto market. Bybit was founded in March 2018 and is registered in the British Virgin Islands, but has its headquarters in Singapore.
With the leveraged perpetual contracts that Bybit offers, it has succeeded in establishing itself as one of the top platforms for trading and has gained over 100,000 active users. Its team consists of experts from the investment banking sector, the Forex industry, and early bitcoin adopters. Their technology team includes experts from renowned companies such as Morgan Stanley, Tencent, Ping’an Bank, Nuoya Fortune, etc.
Bybit Features Review
|Supported countries||Worldwide, USA not allowed|
|Deposits||BTC, ETH, EOS, XRP, USDT|
|Max. Withdrawal Limit||10 BTC per 1 withdraw|
|Mobile app||iOS, Android|
Bybit Security Review
Bybit is known for its high security. The platform is based on the industry-leading hierarchical deterministic cold wallet system. Each withdrawal is executed via offline signatures, which guarantee a high level of security for the capital on the platform.
Investments in security are very valuable, and with this leveraged trading platform, we have one that really does a tremendous job. Up to this point, there have been no serious problems or hacks on the platform. Because of the high level of security and reliability, Bybit became the second-largest exchange for margin trading in the crypto industry.
Order Matching and Servers
The platform applies a state of the art matching engine so you will never have to worry about full-memory congestion. The position matching of the engine is at a rate of 100 000 transactions per second completing each matching under 10 microseconds.
Bybit actively prides itself as a platform with almost zero downtime. In the event of a breach or users being negatively affected by an update or downtime – Bybit guarantees to take full responsibility and compensate the affected accounts.
For additional security, Bybit provides an insurance fund and ADL (Auto-Deleverage) in case of unexpected liquidation because of internal problems.
How does the ADL on Bybit work?
If an order is liquidated at a price different from the Hard Stop or the set Stop Loss, Bybit covers the difference in the gap with funds from the insurance fund. If the insurance fund is not sufficient to cover the gap, the ADL is triggered. Such protection is valuable for every trader out there because it is very important to be protected against heavy losses, which sometimes occur due to wrong decisions or technical problems.
The insurance fund serves to cover contract losses caused by the users of the platform. The balance increases or decreases during a liquidation depending on the difference between the final liquidation price and the bankruptcy price of a liquidated position. The existence of an insurance fund is essential for user funds in the event of errors, hacks or unwanted losses of any kind.
The insurance fund is live on the website for public notice for maximum transparency of the balance in it. Anyone can follow and check whether it’s depleting or filling up accordingly.
Can you use Bybit in the USA?
Unfortunately, residents of the United States (USA) are not allowed to trade on Bybit, because the regulatory authorities do not have clarity about the rules. The US imposes strict measures to protect its citizens from risky instruments, which is why they are staying away from highly leveraged trading platforms for the time being.
Bybit Deposits and Withdrawals Review
Bybit offers greater versatility than other platforms when it comes to deposits and withdrawals. Unfortunately, it is a pure crypto exchange and you will not find any options for deposits or withdrawals from fiat currencies via debit/credit cards, Wire, or SEPA.
You can deposit and withdraw the following assets:
NOTE: There are minimum deposit requirements on Bybit
For withdrawals, Bybit is one of the few platforms where you have more treasury staff available at all times, which means they can cover a larger volume of withdrawal requests, up to 3 times per day compared to the industry norm of 1 time per day.
There is a slight limit per withdrawal as the majority of the funds are held in a cold wallet. If the hot wallet is emptied you will have to wait till they refill it and proceed with the withdrawal request. Bybit does not add any withdrawal fees to the transaction fees when withdrawing funds.
Withdrawal Limits on Bybit per 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 is dark and white color set-up, it is customizable, as you would expect from a high quality leveraged trading platform. The way the interface is designed is very intuitive, especially if you are a trader who values high accessibility.
The design of the Bybit UI holds its own level, as the trading environment is unique and different enough to be on a higher level than its competitors especially if you compare it to the old school UI design of Bitmex, Bybit builds a notch above.
The Order Tab
On the right-hand side you have the order tab, where you have limit, market, and conditional order types, all the options you need to make a profit in one of the most volatile markets. At the top of the Order tab is the Leverage Adjustment slider. You can set it from 1x to 100x or enter a custom leverage level.
Depending on the asset you are trading, the maximum leverage will vary. What is good about the design here is that everything can be adjusted or accessed in one or two clicks.
On the tab, you will also find the mini-tab for selecting assets in the upper right corner, where the Bitcoin character is located. If you click on it, you will find a selection of assets that you can trade with leverage. One criticism here is that this button is not obvious enough, as it is only the logo of the selected asset.
Under the Order tab you will find the contract details where all details for the selected contract BTC/USD are displayed. This is very useful information for those seeking a more global view of the platform activity.
Does Bybit have Android and iOS apps?
Mobile trading is available on both Android and iOS through dedicated apps which can be found on Bybit main page.
Тhe Bybit’s UI design is clean and at the same time uses bright colors that make it even more beginner-friendly by making certain buttons, sliders of importance clear. From this, we can conclude that most people will feel comfortable trading in such an environment.
Trading fees breakdown
Bybit has relatively low overall trading fees with a maker fee of 0.025% and a taker fee of 0.075%. There is a finance fee that is paid every 8 hours and is different for each asset. When a position is closed, the fees are deducted from the profit or the loss made.
Bybit has one of the lowest trading fees compared to other leveraged trading platforms, so the marginal cost of opening positions is very low. This is one of the factors why this platform managed to become so big and take second place among the best leverage trading exchanges.
Funding rate: 0.0447%
Funding rate: 0.0447%
Funding rate: 0.0100%
Funding rate: 0.0100%
Options and Order types
On Bybit you will find the following order types:
Additional order options:
- Good till cancelled
- Immediate or Cancel
- Fill or Kill
A conditional order is a flexible order type that becomes either a market or limit order when a certain price level is reached, depending on manually set parameters.
You can apply all of those order types on 4 different options for trading with different leverage:
- BTC: 100x
- ETH: 50x
- XRP: 50x
- EOS: 50x
These options are more than enough for a trader to turn the market in his favor and make incredible profits with the power of leverage and advanced order types.
Stop loss, Trailing stop, Take Profit
Setting and adjusting Stop Loss, Take Profit and Trailing Stop is more than easy for Bybit, as they have made it an intuitive process. You can set Stop Loss and Take Profit while setting the order yourself. Trailing Stop can be set as soon as the position is active, from the same place where Stop Loss and Take Profit are set.
Recently, Bybit introduced Cross Margin, which will be the new standard option for trading, while isolated margin will remain as a secondary option.
What is Cross Margin?
All users’ available balances are used to cover the liquidity and needs of all open positions.
The Contract size is determined by the maximum leverage allowed for a given asset. The system therefore automatically calculates the required maintenance margin. If an open position goes in the wrong direction and below the available equity, it is liquidated.
What is the difference between Isolated Margin and Cross Margin on Bybit?
Positions that are open with an isolated margin use only a certain amount from your equity whereas with Cross Margin your available balance is used for all your open positions, and you may lose all your funds if it not managed properly.
Bybit is characterized by excellent support and helping materials with a 24/7 multilingual support and a very extensive and comprehensive FAQ section.
For more serious and personal problems, you can always contact support directly via the Zendesk Live Chat on the lower right.
We tested the response time of the support staff, and it was almost instantaneous, with the agent being a real person and not a bot providing automated responses. The support staff is made up of well-trained people who follow a strong KPI (Key Performance Indicator) to keep them motivated and give their best for the benefit of the customer at all times.
Are there welcome deposit bonuses on Bybit?
Bybit is one of the trading platforms that often offers new and existing users a welcome deposit bonus. Some of the welcome bonuses are very lucrative, and this is one of the many reasons why Bybit has gained so much traction.
Bybit’s affiliate program is really rewarding with 40% commission rewards consisting of two levels, on the direct level you get 30% from the trading fees and on level 2 you get 10%. At the same time, there is also a welcome bonus of 60 dollars to support new users and draw attention to the platform. Once you have created an account, you will receive a personal referral code that you can use to build your passive income.
Is Bybit a scam?
With the background of its founder and the way the exchange deals with its security and puts users first, Bybit is far from being a fraud. It is stable and reliable offering plenty of room for growth.
Bybit Review Conclusion
Bybit is confident with its product, which offers high stability and security, and will attract users from all over the world. In the coming years, Bybit will continue to expand as one of the best, with a beautiful user interface and reliable tools for the ultimate trading experience.
Bybit continues to grow and has been attracting more and more users since its foundation. The way they deal with the exchange speaks for its quality and for the overall performance. High leverage trading has gradually become a highly sought-after product in the industry, and as a side effect, more and more trading platforms are emerging, which leads to strong competition.
Looking for a good and reliable leveraged exchange? You can consider Bybit as the one where you can start trading safely and immediately.
ByBit is a derivatives exchange and it is recommended to understand how it works before starting to trade on it. Cryptocurrencies are very volatile and sometimes even the slightest mistake in trading can lead to the liquidation of a position.
Step-by-step guide on how to start trading on Bybit
Step 1: Registration
Click on the registration button in the top right corner of the homepage. It will redirect you to the registration page. There you will be presented with two options – Email Registration and Mobile Registration.
This is the window for the Email Registration. It’s very simple as you are required to only fill two mandatory fields.
- Referral Code (Optional)
For the mobile Registration you are required to fill the following fields:
- Referral Code (Optional)
Finishing any of the types of registration will require you to confirm either the e-mail or mobile number.
NOTE: After you finish the registration you can add additional security authentications through the “Account & Security” page!
Step 2: Depositing Bitcoin or altcoins
Click on “Assets” located on the top left side of the menu. This will redirect you to the asset page. You can manage your assets from here.
If you click on Deposit on one of the preferred assets, you will receive a unique deposit address and a QR code where you can deposit BTC or ETH/EOS/XRP to your Bybit account.
Trading on Bybit
Step 3: Opening positions
After depositing on Bybit you can start trading right away.
NOTE: Remember never to risk more than you can afford to lose when you plan to trade with high leverage!
To access Bybit’s trading page (1) – go to the top left corner and click on “Trade“. There you should see this trading layout. By default, it comes in white, but we prefer dark mode as it is easier on the eyes.
To open either a long or short position (2) you need to click “Buy/Long” or “Sell/Short“.
NOTE: Long position is used when you think that the price will go higher and a short position is used when you think that the price will go down.
Orders and leverage explained
Before opening a position, make sure you know how to properly set them up and how to manipulate the size of the leverage. For you to be here we will assume that you know how to use Market and Limit orders.
NOTE: Market order buys at the current price level, Limit order buys at a price target set by you. A Conditional Order (advanced order type) is an automatic order that is activated if certain targets are met.
The order tab of Bybit is located on the right side of the interface. If correctly adjusted, it contains a few elements crucial for opening successful positions.
- (1) Order Selection – Limit/Market/Conditional
- (2) Leverage size slider
- (3) Order Limit Price Field
- (4) Quantity of the contract (1 Contract = 1 USD)
- (5) Order Conditions (GoodTillCancelled, ImmediateOrCancel, FillOrKill) – where you select a condition upon which the order is filled or rejected automatically when the target is met.
Opening a position with Limit and Market orders
Opening a position either with Limit or Market order will prompt you to a tab where you need to confirm and adjust (optional) take profit and stop loss.
On the Order Confirmation tab, you will find options to adjust the Take Profit (1) with the option to directly set it with the percent buttons of 25% to 200%. Of course, you can set the Take Profit price at any desirable level. Next is the Stop Loss where you set a price target that will close your position if the price target is reached therefore it will protect you from full liquidation.
The last step after reviewing the order is to “Confirm” it. After that, the order will be executed depending on the set conditions.
Step 4: Managing and Closing positions
After you’ve learned how to properly open a position it is time to learn how to manage it and close it.
The open position will appear in the “Position tab” with all the necessary information and options so you can manage them effectively.
- (1) The current value in BTC
- (2) The average entry price
- (3) This is the liquidation price – if this price level is reached you will be liquidated (closed in full loss)
- (4) The current leverage used – you can add or remove margin from the small button right next to leverage number
- (5) Unrealized P&L is the potential profit and loss at the moment
- (6) This is where you can see your Take Profit and Stop Loss and adjust them
- (7) Limit and Market buttons for closing your position. If you chose to close by Market it will be done at the current price of the asset. If you choose to close by Limit you will need to set-up the price at which you want to exit.
Close by Limit Breakdown
You may prefer to close by Limit as it gives you more flexibility. You can set the price that you want to close the position (1) if it ever reaches it. Also, you can close a portion of it (2) which you can set manually or (3) for quick adjustment use the options set bellow.
Step 5: Withdrawing Profit
If you had a successful trading session it is time to withdraw your profits. Navigate to “Assets” (1) and click on “Withdraw” as shown in the screenshot.
After clicking withdraw this tab should pop up. Here you need to input the address to which you want to withdraw your funds and the desired amount. Then click submit and you will be asked to do a simple security verification and email confirmation for security purposes.
NOTE: Withdrawals on Bybit are manually processed by their treasury department 3 times per day. Don’t panic if you don’t see your Bitcoins or the asset that you have chosen to withdraw straight away in your personal wallet.