Bybit Review

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Founded in 2018, Bybit is a Singapore-based cryptocurrency exchange offering derivatives in 17 different trading pairs. Available to clients around the world, Bybit has over 2 million users trading traditional futures contracts and perpetual contracts with no expiration. Spot trading is available on the platform, which features a compatible mobile app for download on both iOS and Android devices. Bybit has reliable customer service, sophisticated trading tools, and a wealth of knowledge in its education libraries. However, US residents are shut out from its services.

Best For

  • Cryptocurrency traders of all levels
  • Affordable trading fees
  • API trading
  • Multiple order types

Pros

  • Fast server with no downtime
  • Accessible customer support
  • Can make deposits with more than 50 different currencies
  • Intuitive platform with mobile functionality

Cons

  • Not available to residents of the US, Quebec, Singapore, or China
  • Spot trading only available to whitelist clients
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Bybit Investment Options

Bybit is a robust cryptocurrency exchange featuring a number of different ways to gain exposure to digital assets. Users can buy and sell cryptocurrencies by exchanging 59 different fiat currencies from jurisdictions all over the world. The platform has superior speed and reliability, along with tools needed to perform sophisticated technical analysis using a variety of indicators.

Bybit clients can trade cryptocurrencies in three different fashions: perpetual contracts, futures, or spot. 

  • Inverse Perpetual Contracts – Bybit offers perpetual contracts for cryptocurrency trading which allows users to trade without worrying about the expiration date usually attached to a derivatives contract. Inverse perpetual contracts use one of four cryptocurrencies as a base: BTC, ETH, EOS, or XRP. Other digital currencies can be converted into a base using the Asset Exchange tool. Leverage limits vary based on the type of cryptocurrency used.
  • USDT Perpetual Contracts – Like inverse contracts, the USDT perpetual contracts have no expiration date. However, they use USDT as the base currency so margin, profits, and losses are calculated in USDT, not BTC or ETH. One benefit of using USDT is the wider variety of cryptocurrency pairs, including SOL/USDT, MATIC/USDT, and AAVE/USDT.
  • Inverse Futures Contracts – Unlike perpetual contracts, futures contracts do have an expiration date. Bybit clients can trade both BTC and ETH on quarterly intervals.
  • Spot Price Trading – Buy cryptocurrency directly using spot price trading. Note that this feature is still in demo and available only to a select group of Bybit clients. Spot traders need to hold the underlying asset, unlike perpetual contract or futures contract holders.

Two types of margin are also available for clients: isolated margin and cross margin. Using isolated margin means the margin applied to a specific position is limited to a predetermined amount, i.e. 1 BTC. Once the isolated margin amount is absorbed, the position will be liquidated. 

Cross margin allows more than just the initial margin to be used. By utilizing cross margin, a trader can decrease the odds of liquidation by applying the full account value to the margin level instead of an isolated amount. For example, an account with 5 BTC can apply 1 BTC of initial margin to a position and protect it from liquidation using the remaining 4 BTC.

Bybit Customer Service

Cryptocurrency exchanges aren’t exactly renowned for their customer service. On most platforms, the closest you’ll get to a real human response is by submitting a help center ticket and waiting (often a while) for a response to your inquiry. If you can find an email address to contact directly, consider yourself lucky. And talking to a real live person? You’d have a better chance of talking to Satoshi Nakamoto directly.

Bybit recognized the massive gap in customer service offerings at major exchanges and made it a focus of their own. Like most exchanges, you’ll be able to search through a diverse FAQ section that can adequately answer most basic questions. If you can’t find a satisfactory answer, you can submit a help ticket and add photo attachments to help explain your problem. 

Additionally, a focused list of email addresses is available for clients to ask questions about different topics. And if all else fails, a chat support feature is available 24/7 – you just need to click on the support tab in the bottom right-hand corner of the page. The staff and developers of Bybit are very accessible and you can even reach out to the CEO directly on Twitter (@benbybit). I haven’t messaged him yet, but I bet there’s a much better chance of response than the CEO of Coinbase.

Bybit Pricing

Cryptocurrency pricing can often be vague and filled with hidden expenses. The commission attached to most buy and sell orders on traditional exchanges like Coinbase and Gemini are fairly straightforward, but that’s just for basic spot price trading. Once you get into the thick of derivatives trading, fees become more complex.

On cryptocurrency exchanges, traders act as either makers or takers. The connotation might sound like one is better than the other, but both makers and takers are required for a market to function smoothly. Makers provide liquidity to the exchange while takers use that liquidity and take it off the exchange. Naturally, makers are provided with more beneficial rates – in fact, makers are provided with a rebate on their orders.

Limit orders on the Bybit exchange can be executed as maker or taker, but market orders are automatically executed on the taker side due to the immediacy needed in filling. Limit orders are only filled when a certain price level is reached, so liquidity is added to the order book until the price target is reached. 

Maker orders earn a 0.025% rebate on trades while takers pay 0.075%. If you open a position using a limit order that’s below the current spot price, your order will be considered on the maker side of the ledger and the rebate will be applied. However, if the position is closed as a taker, the fee will be charged and the net result will be 0.05% in total trading costs. 

Yes, trading with derivatives requires a bit more math than traditional spot trading, but Bybit’s fees stack up quite well compared with other international exchanges like Binance and Kraken.

Bybit Mobile App

The Bybit mobile app is available for both iOS and Android smartphones. The design is sleek and easy to read with a clean interface projected over a dark background. The similarities between the desktop version are instantly apparent and clients will be happy to know that no functionality is lost when moving into the mobile app.

Widgets can be used to customize the app experience. You can set updates and alerts to be delivered directly to your mobile device, enter Take Profit / Stop Loss orders on your positions, and read up on the latest current events in the digital asset market. Customer support is again available 24/7 and accounts are secured through a variety of methods, including two-factor authentication.

Bybit User Benefits

So we’ve already established a few perks for Bybit clients: 24/7 customer support, a diverse Help Center library with hundreds of articles, and a FAQ section loaded with step-by-step How To’s. Unlike most cryptocurrency exchanges, if you need support quickly, you’re going to receive it from Bybit. But those are the only benefits for users.

Signup bonuses and rewards are popular ways credit cards and banks attempt to entice new customers and Bybit “borrows” a bit from that model with their various reward programs. Users can be rewarded for referrals, promotions, or through affiliate marketing. For example, current clients can earn up to $600 in rewards by completing tasks on the website.

When clients refer new users, they receive a Bonus Card which will increase in value depending on the trading activity of the referred user. The more new users you refer, and the more active they are, the more you’ll be rewarded with bonuses, coupons, and other surprises on your Bonus Card.

Bybit User Experience

When trading on Bybit, users feel like part of a community instead of just another spoke in the wheel. Part of this is achieved through the 24/7 customer support offerings, but the rewards programs and trading platforms give a sense of optionality and fairness. Bybit has put a lot of focus on security and customer satisfaction and the end result is a safe, reliable product with plenty of perks for its users.

The platform can be a bit intimidating at first, especially if you’re new to the cryptocurrency market. But trading cryptocurrency derivatives is inherently complex so sophisticated tools are necessary. Thankfully, Bybit explains how each platform and tool work in simplified guides that anyone reading at a high school level can understand. New users can expect a bit of a curve, however the wait and legwork will be well worth it. You won’t find an exchange offering this multitude of ways to trade that can also maintain elite customer service.

Bybit vs. Competitors

Bybit has Maker/Taker fees that rival any of its closest competitors. The education and customer support tools also provide Bybit an edge that other exchanges struggle to match. One downside is the limited amount of available assets – USDT perpetual contracts can only be purchased using 17 different pairs. 

Other exchanges will have a wider array of cryptocurrencies, but Bybit has a superior help library, spot AND derivatives trading, plus plenty of ways to earn client rewards.

Bybit Overall

The pros outweigh the cons when it comes to Bybit. US residents can’t use the platform and only 17 cryptocurrency pairs can be purchased. But the trade offs are worth it. Bybit has unmatched customer service and trading platforms for both spot and derivatives. Multiple order types can be entered along with Take Profit / Stop Loss instructions and advanced traders can utilize automated systems through the API. The charting tools make technical analysis a breeze and the platform loses very little going from desktop to mobile. Bybit is worth checking out (provided it’s available in your country)

Bybit Tutorial

Frequently Asked Questions

Q

Can U.S. citizens use Bybit?

1
Can U.S. citizens use Bybit?
asked
A
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No, U.S. citizens and residents of Quebec cannot open accounts at Bybit

answered
Q

Is Bybit legit?

1
Is Bybit legit?
asked
A
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Yes, data analytics sites such as skew show that Bybit has one of the world’s best liquidity and trading volumes for Bitcoin. Peter Thiel and Alan Howard are investors in Bybit’s recent initiative BitDAO.

answered

How do you like ByBit?




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