Our take
Launched in March 2018, Bybit is a cryptocurrency derivatives exchange headquartered in Singapore with offices in Hong Kong and Taiwan. Despite its recent beginnings, the site hosts more than one million registered users.
What's one of the reasons for its dramatic rise in popularity? The platform places a primary emphasis on providing experienced traders with the tools and resources they need to succeed.
But as you'll see in this Bybit review, the allure doesn't stop there. Users of the website also enjoy its user-friendly interface and intuitive design.
Nevertheless, the Bybit exchange proves powerful, boasting the ability to handle 100,000 transactions per second. And it provides perpetual futures of up to 100x leverage! Keep reading for our full analysis of this impressive platform.
What Is Bybit?
One of the fastest-growing crypto derivatives margin trading platforms, Bybit continues to revolutionize the way people trade in digital currencies.
Because of its impressive 100 TPS capabilities, you never have to worry about overload issues. Yet, you'll still enjoy low latency (just one millisecond).
What's more, the exchange boasts support in multiple languages (e.g., Chinese, English, Traditional Chinese, Japanese, Korean), making it a popular crypto derivatives exchange worldwide.
There are currently two kinds of contracts that you may enter into via ByBit:
Inverse perpetual contracts
USDT perpetual contracts
With an inverse perpetual contract, a trader may trade Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and EOS. With an inverse perpetual agreement, the underlying crypto must be utilized as the margin to trade respective contracts.
As for USDT perpetual contracts? The margin you'll use is USDT. These are linear contracts and an excellent route to go if you're a digital currency trading beginner.
USD Margin Lending- Return rates optimized daily
- Secure, stable investment growth
- No minimum
- No lock-up period, withdraw anytime
The Team Behind Bybit
Who founded this innovative approach to a trading platform? Ben Zhou is the co-founder and chief executive officer.
Besides Zhou, the founding team includes pioneering professionals from the foreign exchange and investment banking industries. The team also boasts early adopters of blockchain as well as industry enthusiasts.
This team continues to push the envelope on offering the best customer experience on the market today. To do this, they rely on a ground-up approach and best-in-class infrastructure.
The goal? Providing users with the industry's fastest, fairest, safest, and most transparent trading experiences possible.
Unique Features of Bybit
Unlike some other margin trading exchanges, Bybit provides consumers with a streamlined approach to trading. While the platform comes with all of the features you could want, it achieves a smoother overall experience than most trading platforms.
What are some of the most notable differences between Bybit and other platforms? They include:
High leverage
Concentrated exchange for high volume trading
Easy-to-use terminal
Mobile app
Know Your Customer (KYC) not required
Exchange coins at market rate
Hedging
Let's take a closer look at each of these features and what they mean when trading via Bybit.
High Leverage
You'll enjoy the leverage of up to 100x with Bybit. In other words, this represents the level of funds you may borrow from the exchange.
What does this mean in a real-world scenario? Imagine you've opened a position of $100 as your initial margin, and you'd like to leverage 50x. With Bybit, you have the option of trading a contract valued at $5,000.
Concentrated Exchange for High Volume Trading
How else does Bybit set itself apart? By supporting five high volume cryptos for trading. These include ETH, EOS, BTC, USDT, and XRP.
The platform has also introduced perpetual trading in USDT with profit and loss statements(P&L) counted in USDT. This approach will save users many headaches.
Easy-to-Use Terminal
Bybit also offers users one of the most intuitive trading terminals on the market today. If you're swapping an existing exchange such as Binance or Bitmex, you'll be amazed by the streamlined setup.
Despite the focus on an easy-to-use platform, you'll still be pleased by the robust features available on the app.
Mobile App
The Bybit mobile app also proves both simple and easy to use. It's available for Android and iOS, and you can get up and running with it quickly and easily.
Best of all, you'll never have to deal with an overly busy interface jampacked with too many options. Instead, the Bybit app gives you everything you need in one spot without a cluttered application.
No KYC Required
Despite being one of the few exchanges with no KYC requirements, Bybit doesn't skimp on security. You can sign up anywhere in the world unless you live in a sanctioned country or America. Users in the US must use a VPN (e.g., NordVPN) to access Bybit.
What's more, you'll find the sign-up process to be surprisingly fast. Best of all, you're entitled to a joining bonus.
Exchange Coins at Market Rate
With Bybit, you can also exchange one coin for another. For example, if you're holding BTC, and you want to convert it to USDT or ETH, Bybit makes it a breeze.
What about pricing? You'll find it's the same as any other popular exchange. However, this "exchange coin" feature is not very popular and can be hard to find online.
Hedging
What's another fantastic feature of using Bybit? The exchange allows you to hold both long and short positions. And you can do this simultaneously.
The platform also offers an "isolated mode," which permits you to use different leverages to respond to concurrent positions.
More Advantages of Using Bybit Exchange
Besides the factors listed above, there are many more compelling reasons why consumers keep turning to Bybit. For starters, Bybit features a smart trading system.
This system includes set up, take profit, and stop-loss entry. You can also receive strategy alerts and adjust your orders in real-time. Everything is available with just a click of a button.
You should also know that Bybit offers the best-in-class market depth, which means that each trade gets executed relying on the minimal price impact.
Bybit also boasts a state-of-the-art pricing system. This system ensures that you'll never experience unfair liquidations with their dual-price mechanisms.
And its 100K TPS matching engine means you'll never stress about overloads with the platform's uber-speedy machines. When you couple this with 99.99 percent system functionality, it's a win-win.
You'll never have to worry about server downtimes. Why? Because of the exchange's great release feature as well as its hot patches released on-the-fly.
You'll also enjoy 24/7 customer service, which means you can get all of your questions answered day and night. You'll also enjoy a multilingual customer service team.
Bybit Exchange Options and Order Types
On Bybit, you'll gain access to the following order types:
Conditional
Limit
Market
But you'll also find additional order options. They include:
Reduce-only
Post-only
Immediate or cancel
Good until canceled
Fill or kill
A conditional order is a flexible order type. It becomes either a market or limit order when a certain price level gets reached. This limit depends on parameters set manually by users.
Bybit Options for Trading
Beyond this, you can apply all of those order types to four different options for trading. Each of these options comes with additional leverage. They include:
Bitcoin (BTC): 100x
EOS: 50x
Ethereum (ETH): 50x
Ripple (XRP): 50x
When you use Bybit, you'll soon see that these options are more than enough for a trader to turn the market in their favor. What's more, you'll appreciate the platform's incredible profits with advanced order types and the power of leverage.
Bybit Exchange's Order Tab and Interface Design
When you log into Bybit, you'll see an order tab on the right-hand side of the interface. The order tab permits users to choose whether they want limit, market, or conditional order types.
These are all of the options you'll need to make a profit in one of the most volatile markets. Note that at the top of the order tab, you'll see the leverage adjustment slider.
You can set this slider from 1x to 100x. Or enter a custom leverage level if you'd prefer.
The maximum leverage will vary depending on the asset you're trading. What do we love about this design? It permits everything to be adjusted or accessed in one or two clicks.
You'll also find the mini-tab for selecting assets in the upper right corner of the tab. This is where the Bitcoin character is located.
Click on it, and you'll find a selection of assets you can trade with leverage. Under the order tab, you'll find the contact details.
Here, you'll see displayed all of the details for the selected contract BTC/USD. This proves super handy for those seeking a more global view of the platform's activity.
What's our one criticism of this set-up? This button isn't prominent enough, which can make it a pain in the neck to find. Right now, it's only the logo of the selected asset.
Bybit Exchange: A Streamlined and Simple Interface
Bybit's user interface is streamlined and simple to follow. It features a striking dark-and-white color set-up. But you can customize the interface to satisfy your own needs and functionality.
Customization makes it a high-quality leveraged trading platform. The design of the interface proves highly intuitive, especially for traders who value high accessibility.
The Bybit UI's design holds its own level. The trading environment proves both unique and different enough to stand head and shoulders above the competition.
This reality proves especially true if you compare it to the old school UI design of platforms such as Bitmex. But Bybit sits a notch above.
Which Crypto Coins Are Available via Bybit for Margin Trading?
There are a variety of coins that you may use for margin trading on Bybit. They include:
Tether (USDT)
Ripple (XRP)
EOS
Bitcoin (BTC)
These are some of the most popular cryptocurrencies out there and represent an excellent way to start trading in digital currencies.
What Do Bybit Fees Look Like?
Bybit has one of the lowest trading fees structures on the market. Especially when compared to other leveraged trading platforms. For this reason, the marginal cost of opening positions is very low.
This is one of the reasons this platform has become so big. It also explains why Bybit has taken second place among the best leverage trading exchanges out there today.
When you choose Bybit for your trading needs, you'll enjoy relatively low overall trading fees. The exchange's maker fees come in at 0.025 percent, and taker fees are 0.075 percent.
You'll also pay a finance fee every eight hours, which proves different for each asset. What happens when a position closes? The fees are deducted from the profit or the loss made.
Why Should You Consider Bybit?
The Bybit exchange has worked hard to create a product that exudes high stability and security. It will continue to attract users worldwide. Bybit will also expand as one of the best exchanges in the coming years.
Its streamlined, minimalist user interface and reliable tools are redefining the ultimate trading experience. For these reasons, Bybit continues to grow and has been attracting more users since its foundation.
The way they deal with the exchange speaks for its overall performance and quality. High leverage trading has gradually become a highly sought-after product in the industry. What's more, as trading platforms are emerging, this has led to intense competition.
If you're looking for a reliable, leveraged exchange, consider Bybit. It permits customers to safely and rapidly start trading. But bear in mind that the derivatives exchange requires a learning curve. It's recommended that you understand how it works before starting to trade on it.
Frequently Asked Questions About Bybit
Now that you have a better understanding of what Bybit is, let's take a look at customers' most frequently asked questions. No doubt you've got some of these questions, too.What Is Bybit's Cross Margin Feature?
Bybit recently introduced Cross Margin. This represents the new standard option for trading.
As for the second option? It remains an isolated margin.
Remember that all users’ available balances get used to cover the needs and liquidity of all open positions.
How does contract size get determined? By the maximum leverage allowed for a given asset.
The system automatically calculates the required maintenance margin. What happens if an open position goes in the wrong direction? Below the available equity? It's liquidated.
Positions with an isolated margin that are open only use a specific amount of your equity. But Cross Margin uses your available balance for all your open positions. That said, if it is not managed properly, you may lose all your funds.
How Easy Is It to Set Stop Loss, Trailing Stop, and Take Profit Options?
How do you set and adjust stop loss, take profit, and trailing stop? Bybit makes it an intuitive process.
How do you set stop loss and take profit while setting the order yourself? Set trailing stop as soon as the position is active, from the same place where take profit and stop loss are set.
Can You Rely on Bybit's Customer Service When things Go Haywire?
What should you know about Bybit's customer support? It's characterized by excellent helping materials and support. It features 24/7 multilingual communications and a very comprehensive, extensive FAQ section.
But can you get a real person when more serious and personal problems arise? Yes, you can always contact support directly via the Zendesk Live Chat. This feature is located in the lower right corner of the website.
But does this system hold up to scrutiny? The response time of the support staff proves almost instantaneous, a stunning feat for a crypto exchange.
Agents are real people, not bots spitting out automated responses. The support staff includes well-trained people who follow a strong Key Performance Indicator (KPI) to keep them motivated.
In turn, this ensures employees give their best for the benefit of the customer.
Does Bybit Offer Any Bonuses?
Keep an eye open because Bybit often provides new and existing users with exciting, attractive welcome deposit bonuses.
Some of these welcome bonuses prove downright lucrative, so it's in your best interest to take advantage of them. These bonuses are among the many reasons Bybit has gained so much traction.
Does Bybit Have an Affiliate Program?
If you're interested in an affiliate program, Bybit has a generous program worth your consideration. It comes with 40 percent commission rewards comprised of two levels. On the direct level, participants get 30 percent from trading fees.
On level two, affiliate marketers will get 10 percent. Simultaneously, there is also a welcome bonus of $60 to support new users while drawing more attention to the platform.
What happens once you've created an affiliate account? You'll receive a personal referral code you can use. Bybit claims you can build a generous passive income funnel based on their affiliate program with a little diligence.
Pros & Cons of Bybit
- Three types of orders available (e.g., market, limit, and conditional)
- Margin trading with up to 100x leverage
- USDT and inverse perpetual contracts
- Robust security management using SSL communication
- Two-factor authentication
- Advanced mark and index pricing system
- Safe and quick deposits and withdrawals
- Integration with the best trading bot services
- Extensive, 24/7 customer support
- Test net to know how the platform works before investing real funds
- An intuitive and user-friendly experience
- Insurance fund and mutual insurance for risk management
- Apps available in Android and iOS to track information on the go
- Referral Incentives and Affiliate programs to earn passive income
- Robust 100K TPS matching engine
- Strong API with market data pushed every 20 milliseconds
- Size of each contract is smaller compared to other exchanges
- Offers futures contracts on EOS and Ripple, unlike other platforms
- Best trading bot services with integration with Bybit
- Comparatively new platform
- Low leverage on most pairs
- Largely unregulated platform
- Some buttons aren't obvious enough, including the contract details button
While none of these red flags are necessarily game-changers, you need to be aware of them. You'll also need to consider whether these are issues or risks you want to stomach.
For example, some customers may not feel comfortable working with an exchange that's so new and largely unregulated. But for those willing to take a chance, the results could be something worth writing home about.
Not sure how Bybit fits into the mix? Explore the wide world of crypto exchange reviews.
Bybit Review: The Takeaway
As you can see from this Bybit review, there are many compelling reasons to give Bybit a try. This crypto exchange platform comes with a stunning and simplified interface that makes trading simple. Yet, you can rest assured the platform takes security seriously.
Are you ready to find out more about cryptocurrency exchanges? Or perhaps you're ready to start trading but don't know how to get started? Browse our exchange comparisons spanning the DeFi and CeFi industry now.