Bybit Review: Features, Security, Fees and More
Bybit.com is a popular cryptocurrency derivatives exchange that has grown rapidly since its launch in 2018.
The platform focuses on perpetual contracts and futures trading for major cryptocurrencies like Bitcoin, Ethereum, Litecoin and Ripple.
Bybit offers traders high leverage up to 100x, an advanced trading platform, very low fees, and excellent customer support.
However, as an unregulated exchange, Bybit does carry higher risks than regulated platforms.
This detailed Bybit review covers everything potential users need to know, including features, trading options, fees, security, pros and cons, and more.
What Bybit Does
Bybit is a crypto derivatives trading platform, which means users can trade futures contracts and perpetual swaps on cryptocurrency prices rather than buying and selling the actual coins.
Some of the key features and services offered by Bybit include:
- Perpetual contracts – These are similar to futures but have no expiry date and closely track the underlying asset’s spot price.
- Inverse contracts – Value moves in opposite direction to the underlying asset’s price.
- USDT contracts – Settled and margined in USDT stablecoin.
- Up to 100x leverage – Bybit allows very high leverage for bigger profits and losses.
- Advanced trading platform – Featuring charts, technical indicators, order types, positions, etc.
- Mobile app – iOS and Android app to trade on the go.
- 24/7 live chat support – Get assistance from Bybit’s multilingual customer support.
- P2P trading – OTC trading of crypto between users.
- Copy trading – Automatically copy positions opened by expert traders.
Overall, Bybit focuses on being a fast, secure, and user-friendly platform for experienced traders, especially those interested in leveraged crypto derivatives products.
Features and Functionalities
Bybit packs a suite of powerful trading features and tools into its platform.
Here are some of the key functionalities:
- Conditional orders – Advanced orders like stop-loss, take-profit, and trailing stops to manage risk.
- Good ‘Til Cancelled – GTC orders remain open until filled or cancelled.
- Risk limits – Set exposure limits and leverage caps to control losses.
- Insurance fund – Covers auto-deleverage events in volatile markets.
- Indicators and charts – Advanced charting with 100+ technical indicators.
- API support – Allow trading bots and other programs to access Bybit markets.
- Liquidity mining – Earn trading fee discounts by staking BIT tokens.
- P2P trading – Direct OTC crypto trading between Bybit members.
- ByFi center – Dashboard to track crypto loans, staking yields, and more.
For traders, Bybit focuses on providing high performance, stability, a suite of trading tools, and the ability to customize layouts.
Overall, it aims to offer a complete trading experience under one platform.
How to Use Bybit
Using Bybit consists of a few simple steps:
- Register account – Sign Up with email and password. No KYC needed currently.
- Deposit crypto – Fund account with BTC, ETH, USDT or other supported coins.
- Select contract – Pick a perpetual swap or futures contract to trade.
- Analyze the market – Use Bybit’s charts and indicators to identify trading opportunities.
- Place orders – Enter buy/sell positions with desired leverage and risk limits.
- Monitor positions – Track P&L and use stops, limits and trailing stops to manage risk.
- Close positions – Take profit or cut losses by closing open positions.
- Withdraw funds – Withdraw back to crypto wallet when ready to cash out.
Bybit aims to make trading easy and intuitive for users of all experience levels.
The dashboard, trading screens, and order windows are well-designed and responsive.
Bybit employs a competitive fee structure as outlined below:
- Trading fees – 0.075% taker fee and -0.025% maker rebate.
- Perpetual funding – Pay funding if position differs from market to align contract price with spot.
- Withdrawal fees – Free for all cryptocurrencies.
- Deposit fees – Free for all coins.
- Inactive account fee – Charges if no trading activity for 90 straight days.
Compared to other crypto derivatives exchanges, Bybit offers very low trading fees to attract active traders to its platform.
There are no deposit or withdrawal fees which is a major advantage.
Bybit generates revenue from the trading fees, perpetual contract funding payments, and leveraged token issuance.
It does not currently charge for deposits, withdrawals, or custody like some exchanges do.
BYBIT $25 Sign Up Bonus
If you Sign Up on Bybit using my Link, you will get a $25 SignUp Bonus in USDT after depositing and Trading with at least $100.
Bybit vs Competitors
Here is how Bybit compares to some of its major competitors in the crypto derivatives space:
Bybit vs BitMEX
- BitMEX pioneered crypto derivatives but has fallen behind Bybit in user experience.
- Bybit has faster order execution speeds and higher liquidity now.
- Bybit offers more flexible leverage while BitMEX maxes out at 100x.
- Bybit has added more features and tokens over time compared to BitMEX.
Bybit vs Binance Futures
- Binance is the largest crypto exchange overall but has fewer derivative markets than Bybit.
- Bybit focuses solely on derivatives while Binance offers many other services.
- Bybit has lower fees compared to Binance Futures.
- Binance has the advantage of being a regulated exchange.
Bybit vs OKEx
- Both offer similar perpetual swaps and futures products.
- OKEx has the advantage of also offering spot and margin trading.
- Bybit has gained market share from OKEx in recent years.
- Bybit has faster order matching engine than OKEx.
Overall, Bybit stands out from competitors by focusing on building an advanced and easy-to-use trading platform tailored specifically for cryptocurrency derivatives products for retail and institutional traders.
Here are some of the key advantages of using Bybit crypto exchange:
- Industry low fees – Maker rebate and taker fee starting at -0.025% and 0.075% respectively.
- High leverage – Up to 100x leverage available for high risk trades.
- Advanced trading platform – Fast matching engine, charting tools, multiple order types.
- No KYC requirements – Easy and fast signup without identity verification needed.
- Responsive support – 24/7 multilingual live chat and Discord channel.
- High liquidity – Tight spreads and good slippage for major contracts.
- Backed by insurance fund – Provides protection against auto-deleverage events.
Bybit is designed to provide an institutional-grade trading experience to retail traders.
The low fees, leverage options, and advanced platform give it an edge over competitors.
However, there are also some downsides when using Bybit exchange:
- Not regulated – Bybit lacks regulatory oversight which raises trust and security issues.
- Only crypto derivatives – No support for spot trading or fiat currencies.
- Web only – No desktop trading application available currently. Mobile app has limited features.
- High risk – Up to 100x leverage means high chance of liquidations and losses.
- Limited coins – Mainly BTC, ETH, XRP, EOS contracts offered.
- KYC limits withdrawals – Anonymous accounts have low $1000 daily withdrawal limit.
As an unregulated offshore exchange, Bybit poses higher risks compared to regulated platforms.
Traders should use proper precautions and manage risk carefully when trading high leverage derivatives on Bybit.
Bybit User Reviews
Bybit is generally well regarded among experienced futures and leverage traders.
Here are some of the most common pros and cons highlighted by users:
- Simple and easy to use trading platform
- Fast trade execution speeds
- Excellent customer support response time
- High liquidity for major contracts
- Low trading fees
- Forced liquidations during volatile periods
- Limited coins compared to spot exchanges
- Unregulated exchange carries risks
- Mobile app lacking some features
- Server can be slow during peak periods
On third-party review sites like TrustPilot, Bybit scores around 4 out of 5 stars indicating a generally positive experience reported by users.
Traders praise their platform, fees, and customer support specifically.
Is Bybit Safe?
As an unregulated offshore exchange, Bybit does carry higher risks than regulated platforms.
However, Bybit states that they store customer funds in multi-signature cold wallets to reduce security risks.
Some of Bybit’s key security measures include:
- Multi-signature cold storage wallets
- AES-256 disk encryption
- Rate limiting and monitoring to prevent attacks
- Manual withdrawal reviews for larger amounts
- DDoS protection and data encryption
- Bug bounty rewards up to $10,000
Bybit protects against technical risks but has no investor protection insurance coverage common among regulated exchanges.
Users must exercise caution when trading on Bybit.
There have been no major security breaches reported yet.
Overall, Bybit seems to implement adequate security and risk management controls.
But users should only keep a portion of funds on the exchange for trading and withdraw the rest to private wallets.
Conclusion – Is Bybit Worth Using?
For experienced futures and leverage traders seeking advanced trading tools, minimal fees, and high liquidity, Bybit stands out as an excellent crypto derivatives exchange.
The simplicity of its trading platform coupled with powerful functionality makes Bybit easy to use for beginners yet comprehensive for professionals.
However, the unregulated nature of Bybit along with the risks of crypto derivatives trading means it is not ideal for casual investors or those new to cryptocurrency trading.
Users should have a clear understanding of how leverage and derivatives work before trading on Bybit and manage risk prudently.
But for traders comfortable with crypto derivatives, Bybit provides fast trade execution, responsive customer service, and competitive fees making it one of the top platforms in the market.
As long as you take necessary security precautions, Bybit offers a robust trading environment for crypto-focused traders.
Frequently Asked Questions
Is Bybit fully regulated?
No, Bybit is not a regulated exchange. It is registered in the British Virgin Islands and operates offshore.
This means Bybit does not have government oversight or offer investor protections.
What is the maximum leverage on Bybit?
Bybit allows up to 100x leverage on perpetual swaps and futures contracts.
Leverage multiples up to 50x and 100x are available depending on the specific coin traded.
Can I short crypto on Bybit?
Yes, Bybit allows traders to go both long and short on cryptocurrencies.
You can short coins and profit when prices fall using futures or perpetual swaps.
What are Bybit’s trading fees?
Bybit uses a maker-taker fee model. Fees range from -0.025% maker rebate up to 0.075% taker fee based on 30-day trading volume.
There are no deposit or withdrawal fees.
Is Bybit available in the United States?
No, Bybit does not accept registrations from users based in the United States.
Only non-US persons can access Bybit services currently due to regulations.
Here are helpful FAQs covering questions about trusting Bybit:
Is my money safe in Bybit?
- Bybit uses industry-standard encryption and security measures to protect user funds
- User funds are held in cold storage for additional protection
- Bybit has not had any major security breaches resulting in loss of user funds
- Bybit operates outside of regulatory jurisdictions like the USA and UK
- This allows Bybit to offer high leverage and derivative products
- However, it means Bybit has less regulatory oversight over its practices
- Like all crypto platforms, there are risks when storing funds on exchanges
- Bybit mitigates risks through security measures but risks still exist
- Users should enable 2FA and not store all their crypto holdings on Bybit
Is Bybit safe now?
- Bybit has not had any recent major security issues
- Its security practices remain robust
- However, all crypto exchanges carry risks that users should be aware of
Is Bybit or Binance better?
- Bybit specializes in crypto derivatives while Binance offers a wider range of products
- Bybit has higher leverage limits for derivatives trading
- Binance offers lower trading fees overall
- Both have strong liquidity and security practices
- Choose based on your specific trading needs
Can I withdraw to my bank from Bybit?
- Yes, Bybit allows withdrawals to bank accounts
- Support varies by country – make sure Bybit supports bank transfers in your country
- Withdrawals involve some fees and take 1-5 business days typically
Is Bybit legit in Nigeria?
- Yes, Bybit can be used legitimately by Nigerian users
- It is not specifically targeted by any Nigerian regulations
- Be aware that Bybit does not accept deposits in Naira
Which country is Bybit banned?
- Bybit does not operate in the United States, Canada, Singapore, Japan and some other countries
- This is due to regulatory restrictions in those jurisdictions
- Be sure to check if Bybit services your country before using their platform
Do I need KYC for Bybit?
- Basic accounts can trade up to 1 BTC daily without KYC verification
- To withdraw more and unlock full platform features, KYC is required
- KYC involves ID and address documentation to verify user identity
What are the disadvantages of Bybit?
- Not available in some countries due to regulation
- Derivatives trading carries high risk if used improperly
- Security practices could be strengthened to protect user funds
What is the minimum trade amount for Bybit?
The minimum trade amount can vary by crypto asset, but tends to be around $5-10 worth of the coin traded.
How much are Bybit fees?
- Bybit uses a maker/taker fee schedule ranging from -0.025% to 0.075%
- Funding fees apply for perpetual contract positions held past expiry
- Deposit/withdrawal fees vary by payment method, from free – $30 equivalent
How long does Bybit withdrawal take?
- Crypto withdrawals: 30mins – 2hrs typically
- Bank transfer withdrawals: 1-5 business days
- Speeds vary by country, verification level, network congestion
Where is Bybit located?
Bybit operates globally but the company itself is headquartered in Singapore. It has additional offices in Hong Kong, Taiwan and Japan among others.
Which Bitcoin app is legit in Nigeria?
Some popular and legit bitcoin apps used in Nigeria include:
- Yellow Card
Be sure to research any app before trusting it with your funds. Check reviews and confirm regulatory status.
How much can you withdraw from Bybit daily without KYC?
Up to 1 BTC worth can be withdrawn per 24 hour period without KYC verification.
Can I buy crypto on Bybit without verification?
No, Bybit does not directly sell crypto. It is an exchange for trading cryptocurrency derivatives like futures, options and perpetual swap contracts.
Can I have 2 Bybit accounts?
No, Bybit only allows one account per user as having multiple accounts violates their terms of service.
Which is better Bybit or Kucoin?
- Bybit focuses on crypto derivatives while Kucoin offers spot and margin trading
- Bybit has higher leverage while Kucoin offers lower overall fees
- Both offer strong liquidity, altcoin options, mobile apps and bonus programs
- Consider their product differences and your local regulations
Is Binance cheaper than Bybit?
For spot trading, Binance offers lower fees overall compared to Bybit derivatives fees.
But Bybit funding fees can be negligible with balanced positions, making it competitively priced for active traders.
Is Bybit better than crypto com?
- Crypto.com focuses on purchases and cashbacks while Bybit specializes in derivatives
- Bybit has higher leverage, more coin options, and robust trading features
- Crypto.com offers simpler fiat onramps, debit cards, earnings on holdings
- They excel in different areas catering to different users
How long can you hold a trade on Bybit?
Bybit perpetual swap contracts do not expire, so positions can technically be held indefinitely.
However, funding fees will accumulate to incentivize closing positions, so trades are typically closed within days or weeks.
Does Bybit have a withdrawal fee?
Yes, Bybit charges a small withdrawal fee depending on the currency withdrawn.
For example, BTC withdrawals cost 0.0005 BTC. Some coins have very low or no withdrawal fees.
Why is Bybit banned in the UK?
Bybit does not have authorization from the UK Financial Conduct Authority to offer derivatives trading services to UK citizens.
So UK residents are geo-blocked and forbidden from accessing Bybit.
Do people make money on Bybit?
- Skilled traders can profit consistently on Bybit through derivatives trading
- However most casual traders lose money due to significant risks involved
- Use proper risk management, experience and disciplined strategies to potentially profit
Is Bybit a wallet?
No, Bybit is not a crypto wallet. It is an exchange platform specialized for derivatives trading.
Users should withdraw any holdings to an external wallet for storage.
How do I withdraw USDT from Bybit to bank account?
- Verify bank account info on Bybit’s withdrawals page
- Select desired USDT amount to withdraw
- Input bank details and wallet address
- Pass Bybit authenticator confirmation
- Receive bank transfer in 1-5 business days typically
How long does Bybit KYC take?
Bybit advertises 1-2 hours for basic KYC verification when submitted properly.
However it may take up to 24 hours in some cases. Enhanced verification if needed can take 3-5 days.
Is Bybit a broker?
No, Bybit is a crypto asset exchange, not a brokerage.
They offer an exchange platform for trading crypto derivatives like futures, perpetual swaps and options rather than traditional securities.
What is the minimum deposit for Bybit?
Bybit has a $5 minimum initial deposit requirement for opening an account.
However, as contract sizes have minimums in the $5-20 range, its advised to deposit $20-50+ to start trading properly.
What is the most traded coin on Bybit?
The most active trading pairs on Bybit are typically:
Bitcoin sees the highest volumes overall, though altcoin contracts get significant action too.
How do I deposit money into Bybit?
- Create Bybit account & enable 2FA
- Select Assets tab > Deposit
- Choose coin and send to auto-generated wallet address
- Confirm required network, amounts and processing times
Bybit supports BTC, ETH, EOS, XRP, USDT/USD and other deposits.
Does Bybit accept debit card?
No, Bybit does not directly accept debit card or other fiat payments currently.
You must first purchase a supported crypto such as USDT or BTC and then transfer that to Bybit to trade.
Does Bybit work in Africa?
Yes, Bybit accepts customers globally including across Africa.
Just be sure Bybit services your specific country by checking their terms of service before opening an account.