Bybit Review

bybit-review

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 located in Singapore. It has a wide range of features, which are covered in detail in our Bybit review.

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 sector, Forex industry, and early blockchain adopters. Their technology team includes experts from big-name companies like Morgan Stanley, Tencent, Ping’an Bank, Nuoya Fortune, etc..

Pros / Cons
  • Flexible withdrawals
  • Good security
  • Testnet available
  • Light Mobile Apps for both iOS and Android
  • BTC and USDT settled contracts
  • Low leverage on most pairs
  • Unregulated
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Bybit Features Review

MarketsCrypto
Supported countriesWorldwide, USA not allowed
KYCNO
Leverage1x-100x
DepositsBTC, ETH, EOS, XRP, USDT
Min. Deposit1$
Max. Withdrawal Limit10 BTC per 1 withdraw
Trading fee0.075%
Supportlive chat
Mobile appiOS, Android

 

bybit exchange features

Bybit Security Review

Bybit is known for its high security with the platform built on the industry’s leading hierarchical deterministic cold wallet system. Every withdrawal is made through offline signatures assuring high security for the capital on the platform.

Investing in security is highly valuable and with this leverage trading platform, we have one that truly does a tremendous job. Until this moment there were no serious problems or hacks on the platform. Due to its high-security level and reliability, Bybit 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 congesting. 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 enough to cover the 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. 

Note: There are no known major unexpected drops on Bybit to this date.

Insurance Fund?

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 a liquidated position. Having an insurance fund is crucial for 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 it. Anyone can track and check if it’s depleting or filling up accordingly.

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Can you use Bybit in the USA?

Unfortunately, residents of the United States (USA) are not allowed to trade on Bybit due to regulatory unclarity from the regulators. The USA imposes strict measures to protect its citizens from high-risk instruments therefore it steers clear from high leverage trading platforms for the moment.

Bybit Deposits and Withdrawals Review

Bybit comes with higher versatility than other platforms when it comes to deposits and withdrawals. 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.

You can deposit and withdraw the following assets:

  • BTC
  • ETH
  • EOS
  • XRP

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, meaning they can cover a larger volume of withdraw 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 replenished you will have to wait till they refill it and proceed with the withdrawal request. Bybit does not add withdrawal fees on top of the transaction fees when withdrawing, the only fee paid is the one that is required for the transaction to go on to the respected blockchain.

How to withdraw

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

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Bybit User Interface Review

Bybit Dark mode

Bybit white mode

The user interface of Bybit comes in dark and white, it is customizable as you would expect from a high profile leverage trading platform. 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 Bybit UI holds its own level as the trading environemnt is unique and different enough to stand on a higher ground than its competitors. 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 the order tab where you have limit/market and conditional order types, all of the needed options so you will be able to make a profit in one of the most volatile markets. Positioned on the top of the order tab is the leverage adjustment slider. 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. 

order submission

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 it you will find a selection of assets that you can trade with leverage. One thing that to criticize here is that this button is not obvious enough as it is just the logo of the corresponding asset. 

contract details

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. 

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.

In Conclusion

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 trading 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. When a position is closed, the fees are being deducted from the profit or the loss made.

Bybit has one of the lowest trading fees 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.

BTC/USD:
Funding rate: 0.0447%

ETH/USD:
Funding rate: 0.0447%

EOS/USD:
Funding rate: 0.0100%

XRP/USD:
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

On Bybit you will find the following order types:

  • Limit
  • Market
  • Conditional

Additional order options:

  • Post-only
  • Reduce-only
  • Good till cancelled
  • Immediate or Cancel
  • Fill or Kill

A conditional order is a flexible order type that will become either a market or a limit order if 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

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.

Stop loss, Trailing stop, Take Profit

Setting and adjusting stop loss, take profit and trailing stop is more than easy on Bybit as they have made it be an intuitive process. You can set stop loss and take profit while you set the order itself. Adjusting the trailing stop can be done once the position is active which is done from the same place where stop loss and take profit are set.

Cross Margin

Recently Bybit introduced Cross Margin which will be the new default option while trading while isolated margin will stay as a secondary option. 

What is Cross Margin? 

All of the user available balance will be used to cover the liquidity and requirements of all open positions. 

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.

Support

bybit support

Bybit is excelling in support and helping materials. They offer 24/7 multilingual support and a very extensive and comprehensive FAQ section.

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 with the agent being a real person and not a bot for automated responses. Their support staff is composed 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.

Are there welcome deposit bonuses on Bybit?

Bybit is one of the trading platforms that often offers a welcome deposit bonus to new and existing users. Some of the welcome bonuses are highly lucrative and this is one of the multiple reasons why Bybit has gained so much traction.

Affiliate program

The affiliate program of Bybit is really rewarding with 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%. At the same time, they also give a 60$ welcoming bonus to support and draw new users towards the platform. Once you create an account you get a personal referral code that you can use to build your passive income.

Is Bybit a scam?

With its founder’s background and the way the exchange handles its security and puts 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 out of ignorance or forgetting to use a stop loss while trading on the platform.

Bybit Review Conclusion

Being confident with their product accompanied 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 providing reliable instruments for the ultimate trading experience.

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. 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 heavy competition. 

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. 

Want to know how Bybit holds against the biggest leverage trading exchange – Bitmex? Check out here to find out.

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

bybit-registration
Bybit Main Page

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.

bybit-email-registration
Bybit Registration

This is the window for the Email Registration. It’s very simple as you are required to only fill two mandatory fields.

  • E-mail
  • Password
  • Referral Code (Optional)
Bybit Mobile Registration

For the mobile Registration you are required to fill the following fields:

  • Country/Region
  • Mobile
  • Password
  • 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!

bybit-account-security

Step 2: Depositing Bitcoin or altcoins

bybit-asset-button

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.

bybit-deposit

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!

bybit-trading-position

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.

bybit-limit-buy-tab
Bybit Position Confirmation Tab

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.

Bybit-positions-tab

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

bybit-close-limit-position-tab
Bybit Close by Limit tab

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

bybit-withdraw-steps1
Bybit Assets page

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.

Bybit Withdrawal tab

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.

bybit

Min. Deposit: 1$

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Min. Deposit: 1$

Bybit is a new exchange created in 2018 with headquarters in Singapore offering 100x leverage on the biggest cryptocurrencies