Pros
Cons
Quick Summary
| Headquarters Location | Dubai, UAE |
|---|---|
| Fiat Currencies Supported | USD, AUD, GBP, CAD, EUR, NZD + 160 others (some through third party apps) |
| Total Supported Cryptocurrencies | 543+ |
| Trading Fees | -0.0050% - 0.1000% |
| Deposit Methods | Bank Transfer, Debit Card, Credit Card, Cryptocurrency, Banxa, XanPool, MoonPay, Mercuryo, Neofi, GEO Pay, Onramp |
| Support | Facebook, Twitter, Instagram, Live Chat, Help Center Articles, Support Ticket |
| Mobile App | Yes - iOS, Android |
Established in 2018 by Ben Zhou and currently operating from Dubai, Bybit has rapidly gained popularity among novice and experienced traders. The platform specializes in derivative products like futures and perpetual contracts and maintains seamless operations even during market uncertainties.
Bybit has expanded into the Web3 space from traditional cryptocurrency assets, providing connections to decentralized applications including DeFi, GameFi, and NFTs through a custodial wallet service. This wallet simplifies the user experience by handling private keys on their behalf.
Bybit distinguishes itself from other crypto exchanges through its diverse product offerings and low-cost fees. It uses a maker-taker model offering competitive rates for cryptocurrency exchanges.
About Bybit
Bybit has been recognized for its advanced trading platform and modern technology. Servicing an international customer base, Bybit has become a popular choice for crypto fans.
Bybit’s primary offerings include perpetual futures products that provide leverages up to 100:1. The platform can also process up to 100,000 transactions every second, which helps maintain continuous operations even during market volatility.
The intuitive design of Bybit’s dashboard helps newcomers and veteran traders to go through the platform easily. This portal also allows users to execute market orders, limit orders, and conditional orders, which are all practical tools for trading.
Bybit has a number of active social profiles including Facebook, Twitter, Instagram, LinkedIn, Discord, Reddit, Telegram, TikTok and YouTube.
Bybit has a mobile app on both the Apple App Store and Google Play.
Bybit Supported Cryptocurrencies
Bybit supports trading on over 543 cryptocurrencies on their platform. This exchange currently supports 26 of the top 30 market cap cryptocurrencies.
Download full list of cryptocurrencies Bybit supports
At Bybit, traders are given many cryptocurrency trading possibilities. The platform offers 543+ cryptocurrencies ready for purchase. This broad selection of digital currencies provides for competitive trading within the platform.
Trading Experience
With Bybit’s intuitive platform, even beginners can manage cryptocurrency transactions smoothly. The company’s service also includes advanced trading features and tools for seasoned traders.
Bybit excels by:
- Handling up to 100,000 transactions per second
- Operating 24/7 without interruptions
- Providing ample liquidity with high-volume pairs
- Guaranteeing no slippage on prices
Perpetual, Futures, and Margin Contracts
Through its perpetual contracts offering, Bybit traders can maintain positions for an unlimited duration. This feature is particularly advantageous for traders who are convinced of the retaining value of a specific cryptocurrency (and desire to keep their stakes without worrying about expiration dates).
Bybit also offers futures contracts with up to 25x leverage, empowering traders to magnify their prospective gains by using more funds than they have available. Nevertheless, it’s important to recognize that while leveraging can increase profits, it equally has the potential to increase losses.
Finally, Bybit presents its margin trading capability, which permits trades involving capital exceeding what users hold, thereby intensifying the possibility for both profits and losses. Experienced traders often use this function because of their market knowledge and readiness to embrace greater risks.
Options Trading
Bybit features options trading, enabling users to engage in USDC option contracts with BTC. This provides traders with options to either hedge against or speculate on Bitcoin’s future price fluctuations.
Options trading can effectively manage risks and capitalize on market trends. For example, if you believe BTC’s value will increase, a call option could be strategic as it gives the right to buy BTC at an agreed-upon price later on. Should your prediction come true and BTC’s value increase, you’d have the leverage to execute your call option and purchase Bitcoin for less than its elevated market value (and earn from the difference).
Now, if you anticipate a decrease in Bitcoin’s value, purchasing a put option might prove more practical. Then, if Bitcoin’s worth diminishes as expected, you’ll be in a good position. You can then sell using your put option at a more favorable rate than current prices permit (again benefiting from the price difference).
Copy Trading and Trading Bots
Bybit introduces a copy trading tool that allows beginner traders to copy transactions carried out by expert investors. This instrument is invaluable for newbies who aspire to gain insights from experienced traders. At the same time, skilled traders can share their trade blueprints and gain an extra source of income.
The platform’s Copy Trading option is compatible with USDT-based derivatives and offers two distinct modalities (Smart Copy Mode and Advanced Copy Mode). Smart Copy Mode authorizes the principal trader to oversee portfolio risk management, while Advanced Copy Mode permits participants to specify constant margins.
Bybit also extends automated transactional functionality through various preset bots without any necessary coding knowledge. These Autobots allow market participants to avoid losses associated with manual human involvement.
Bybit Fees
Bybit utilizes a maker-taker fee model that varies depending on the product being traded and the user’s specific VIP level. This structure aims to boost liquidity, offering rebates to makers who place limit orders and contribute to market depth for their activity. Takers who execute trades at market prices are charged a trading fee.
At an appealing rate of -0.0050% - 0.1000%, Bybit’s trading fees are more affordable than those of several competitors in the field. Such lower costs benefit traders, particularly those who engage frequently with high trade volumes.
The platform attracts users through its VIP Program, which grants greater discounts on trading fees for members based on their held assets’ worth or accumulated volume from transactions over the past month. These VIP tiers are evaluated daily using balance requirements or 30-day trade volume records to determine eligibility.
To perpetual contracts, Bybit extends these fee rates toward fiat-cryptocurrency pairs that can be influenced by one’s VIP grade. Bybit motivates users to increase their transactions or maintain more significant account balances for improved cost savings during crypto trading activities.
| Type | Fee |
|---|---|
| Deposit Fee (Bank Transfer) | Depends on Fiat Currency |
| Deposit Fee (Credit/Debit Card) | Depends on Fiat Currency |
| Trading Fee | -0.0050% - 0.1000% |
| Withdrawal Fee (Bank Transfer) | Depends on Fiat Currency |
Bybit supports a range of different cryptocurrencies with varying withdrawal fees. When looking at Bitcoin, their withdrawal fee is 0.0002 BTC. The average across all other exchanges that we've reviewed is 0.000288 BTC. This means Bybit charges below the industry average by 30.48%.
Bybit has a maker/taker fee schedule which you can see below.
| User Tier | Maker Fee | Taker Fee |
|---|---|---|
|
Non-VIP
|
0.1000 % | 0.1000 % |
|
VIP1
|
0.0675 % | 0.0800 % |
|
VIP2
|
0.0650 % | 0.0775 % |
|
VIP3
|
0.0625 % | 0.0750 % |
|
VIP4
|
0.0500 % | 0.0600 % |
|
VIP5
|
0.0400 % | 0.0500 % |
|
Supreme VIP
|
0.0300 % | 0.0450 % |
|
PRO1
|
0.0400 % | 0.0600 % |
|
PRO2
|
0.0300 % | 0.0500 % |
|
PRO3
|
0.0200 % | 0.0450 % |
|
PRO4
|
0.0200 % | 0.0400 % |
|
PRO5
|
0.0050 % | 0.0150 % |
|
MM1
|
-0.0010 % | – |
|
MM2
|
-0.0050 % | – |
Security - Is Bybit Safe?
To protect user funds, Bybit comes with various security measures such as:
- The use of cold storage solutions that use multi-signature and Trusted Execution Environment (TEE) technologies
- Require hot wallets
- Mandatory two-factor authentication (2FA) for all users’ accounts
To maintain secure access to its platform, Bybit uses numerous security protocols, such as the following:
- Combined use of multi-signature and Threshold Signature Schemes (TSS)
- Advanced login protection featuring a mix of human-computer validation, hardware verification methods, and encrypted SSL communications
- Implementation of anti-phishing codes
- Regular monitoring with safety checks
- Routine evaluation of user behavior patterns
Bybit’s strong safeguards within its platform also translate into efforts to secure clients’ capital against unlawful withdrawal attempts. The company performs manual review procedures on large transfer requests and initiates timed-delay withdrawal mechanisms.
Bybit Customer Support
The nature of cryptocurrency trading calls for immediate and effective customer support. Bybit meets this requirement by offering round-the-clock assistance through its Zendesk live chat and dedicated email channels. No matter the problem, from a system error to questions about managing your account, the Bybit team is always ready to help.
Also, by broadening language accessibility in its customer services, Bybit demonstrates consideration for user convenience worldwide. It provides multilingual support in Filipino, Hindi, Kazakh, Ukrainian, and English, among others. Such diversity caters to international traders who prefer communicating in their native tongue.
For those new to trading (specifically, new users on the platform), Bybit has a collection of FAQs and instructional guides. These help beginners find thorough explanations of basic processes like deposits and withdrawal fees while also learning how advanced order forms work.
Bybit Support Channels
ByBit’s Mobile App
The Bybit mobile app is available for both Android and iOS users. It offers features that make cryptocurrency trading accessible wherever you are. It has charting tools and order management capabilities to facilitate active trading 24/7.
The mobile version works the same way as the desktop counterpart, equipping you with everything from real-time price alerts and advanced trading options to order-handling abilities. The Bybt mobile app ensures you’ll never miss a trading opportunity while away from your desk.
How to Sign Up on Bybit
- Create Account - Visit the Bybit website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
- Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
- Transferring Funds - Once your account has been verified, you can deposit using the deposit methods listed below, including some options through third party apps.
- Start Trading Crypto - That's it! You should now have everything in place to start trading.
Deposit Methods
Bybit Alternatives
Binance
Total Supported Cryptocurrencies
408+
Trading Fees
0.10%
Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 75 others
Kraken
Total Supported Cryptocurrencies
321+
Trading Fees
0.08% - 0.40%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 1 other
OKX
Total Supported Cryptocurrencies
318+
Trading Fees
-0.005% - 0.10%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others
Final Thoughts
Bybit offers a cryptocurrency trading platform designed to meet the varied demands of today’s traders. It features an intuitive interface, advanced trading tools, security protocols, and round-the-clock customer support, positioning Bybit as an excellent option for novice and seasoned traders.
Individuals keen on engaging in spot trading, futures contracts, or digging into Web3 will find all the necessary features at Bybit.
Bybit FAQs
Trust in a cryptocurrency exchange like Bybit is subjective and depends on individual experiences and the user’s specific requirements. It’s important to conduct your own research and consider the platform’s security measures, user reviews, regulatory compliance, and track record in the industry.
Deciding whether to use Bybit or Binance depends on your trading needs, preferences for platform usability, available cryptocurrencies, and customer support. You should compare these features and consider your location, as some services may be restricted in certain areas.
The risks of using Bybit include those inherent to cryptocurrency trading, such as market volatility and the potential for significant financial loss. Additionally, there are risks related to platform security, regulatory changes, and operational issues that could affect trading and assets.
Yes, users can withdraw money from Bybit. The process involves submitting a withdrawal request and following the platform’s procedures, which typically include security checks and may have conditions such as withdrawal limits or fees.
Bybit was initially established with a team that included founders from China, but it is registered in the British Virgin Islands and has offices in multiple locations globally. The company’s operational base or headquarters location may change over time due to strategic or regulatory reasons.
Regulations regarding cryptocurrency exchanges like Bybit can vary greatly by country and region. Some countries may impose bans or restrictions on using Bybit based on local financial regulations.
Users should check the legal status of Bybit in their jurisdiction and comply with local laws.
The legality of trading on Bybit depends on your country’s cryptocurrency regulations. It is the user’s responsibility to ensure that they comply with local laws and regulations regarding using crypto trading platforms like Bybit.
People use Bybit for various reasons, including its user interface, support for various cryptocurrencies, and customer service. Users should evaluate whether the platform meets their needs regarding usability, available features, and compliance with relevant regulations.
Bybit User Reviews
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Methodology
At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.
About The Authors
James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.
His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.
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