BybitBybit exchange review
Bybit exchange was launched in 2018 with the goal of offering the best margin trading platform. In 2022 Bybit offers so much more than that, and is a good crypto exchange for everyone interested in crypto.
ByBit exchange details
|Exchange||Payments & fees||Account|
|Exchange name||ByBit||Payment options||Crypto, Fiat||KYC||KYC Optional. You can withdraw up to 2 BTC a day without KYC.|
|Website||bybit.com||Fiat deposits||yes||Accepted countries||Bybit is available in most countries.|
|Established||2018||Min deposit||N/A||Restricted countries||U.S, Quebec (Canada), Singapore, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan, and Mainland China.|
|Nr. of active accounts||2 million||Min withdrawal||N/A||Mobile app||Yes|
|License||Dubai, Estonia||Fees||Base trading fee is just 0.1 Direct Buy fees 1-15%.||Features||Spot Trading, Futures Trading, Margin Trading, Derivative Trading, Earn|
Bybit exchange review
Bybit is a crypto exchange from Singapore.
Bybit was launched in 2018 and it was created by professionals from tech companies, forex industry , investment banks as as well as other crypto enthusiasts with extensive know-how.
Bybit’s main focus is on margin trading and for certain pairs, such as BTC/USD and ETH/USD, they offer up to 100x leverage.
While beginners are always welcome in Bybit as well, Bybit is probably the best for experienced traders who are looking for extra features.
Bybit is one the very few exchanges that also features Testnet – it’s sort of a demo version of the real thing.
Platform where you can practice trading with play money.
Bybit is registered in British Virgin Islands.
Bybit safety and regulation
Bybit exchange is registered in British Virgin Islands and has over 2 million users. It’s a legitimate exchange that takes the task of keeping your assets safe seriously.
Is Bybit safe to use?
According to our information, Bybit has never been hacked.
That doesn’t say much, but it does show something.In order to make everything even safer, users are only able to withdraw cryptocurrency three times a day.
Users assets are held on HD cold wallet system to help keep the funds safe.
Only a small amount of assets are kept in hot wallets.
Additionally, Bybit has an insurance fund in place to keep users funds protected even in case of a major security breach.
Bybit account security options
Which account-level security measures does Bybit offer its users?
- 2-Factor Authentication (2FA)
- Email Authentication
- SMS Authentication
- Account Activity
Countries where Bybit is allowed
Bybit can be used in almost all countries in the world with just a few exceptions.
Countries where Bybit can not be used
Bybit can not be used in The U.S, Quebec (Canada), Singapore, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan, and Mainland China.
Bybit exchange details
Year established: 2018
CEO: Ben Zhou
Number of Cryptos: 230+
Number of accounts: 2 million
Bybit exchange Key attributes
What could be the best selling factors of Bybit exchange?
- Simple enough platform
- Leverage of up to 100x with Bitcoin and Ethereum
- Leverage up to 50x for altcoins
- Cold wallet system, which guarantees the safety of funds.
- No server downtime
- Platform is in 13 languages
- More than 10 local communities support Bybit traders in 13 languages.
- 24/7 customer support.
- Possibility to buy cryptos with credit and debit cards.
- Emphasizes on security.
- Coin Swaps – Swap coins with one click
- No KYC requirement
How to sign up o Bybit platform
Creating Bybit account is easy and takes just a few seconds.
- Click here to go straight to Bybit registration page
- Choose if you want to sign up using email or mobile
- Enter your email address or mobile number
- Choose password
- Accept T&Cs
- And click „sign up” button
- Now you will be send an email or SMS with a verification number you need to enter
Congratulations, you have just completed Bybit signup process!
Deposits & withdrawals on Bybit platform
What deposit and withdrawal options does Bybit offer?
Currently it is possible to deposit either cryptos or use Bybit fiat deposit option.
However, when it comes to fiat, it is possible to deposit only two fiat currencies right now – BRL and ARS.
If these are not your currencies, you can use Bybit Direct Buy option and buy crypto with your credit card or bank account.
There are also other payment options like Paysera, Revolut, etc.
Does Bybit exchange have a withdrawal limit?
Bybit limits depend on your verification level.
It is possible to deposit, trade, and withdraw without KYC, but for example P2P Transaction Limit without identity verification is $1,000.
Upgrading to Level 1 (KYC requires ID and selfie) or Level 2 (KYC requires proof of address) you can increase these limits.
How to deposit on Bybit?
Bybit offers deposits with both crypto and fiat.
Although when it comes to fiat, you can not directly deposit fiat to your Bybit account (except for ARS and BRL), but you can buy crypto directly with fiat money using your credit card, for example.
Using the direct buy option you can buy either BTC, ETH, USDC or USDT.
This is done through third party providers or P2P option.
Note that in case of using direct buy option, you will never get fiat on your account, rather you can just use the fiat money on your card (or anywhere else) to buy crypto.
If you want to deposit crypto, just go to deposit page, choose crypto you want to deposit, choose the correct network and make the deposit from your external crypto wallet or another exchange.
How to withdraw from Bybit exchange?
Bybit withdrawals are done the same way as you’d do it in other exchanges.
- Go to your wallet page and click „Assets”
- Choose the crypto your want to withdraw and click “Withdraw”
- Copy & paste the address
- Choose the network
- Choose amount
- And press „Confirm”
Note that having 2FA is mandatory to make withdrawals.
Bybit base trading fee is very low, just 0.1%, and this can go lower based on your trading volume.
Crypto deposits are free in Bybit.
When it comes to direct buy option, there are fees associated with that. And these fees vary depending on the third party provider.
Bybit withdrawal fees depend on the cryptocurrency. Withdrawal fee as well as minimum withdrawal amount can be seen when going to the “Assets” page and clicking on "Withdrawal" button next to the crypto you want to withdraw.
Find the withdrawal fees for some main crypto coins below:
Bybit withdrawal minimums can be found here:
Bybit trading fees are quite low and stand at 0.1% (same for Maker and Taker).
Derivatives trading fees are 0.01% and 0.06% accordingly.
Trading on Bybit platform
Bybit offers its users a full-featured trading platform with a multitude of features.
Among them very high leverage.
Bybit’s charting interface is full with features and should have enough to satisfy even the most demanding traders.
Bybit offers take-profit as well as stop-loss orders. That’s something not every margin trading exchange offers.
And of course, Bybit order types also include limit, market, and conditional order.
Bybit is one of very few exchanges where you can practice trading for free and for play money. So you can get a good feel of their platform and put your trading skills to the test without actually spending a dime.If you want to.
You can trade for free with play money using Bybit Testnet.
Bybit has NOT made it mandatory to verify your account.
This means that you can deposit, trade, and withdraw money without identity verification.
You can withdraw up to 2 BTC a day and also do $1000 worth of P2P transactions without KYC.
However, if you want to withdraw more, up to 50 BTC, you need to complete Level 1 verification.
This will also allow you to make up to $100k fiat topups.
Level 1 verification requires your ID and selfie.
If you want to withdraw up to 100 BTC, you need to complete Level 2 verification as well. Level 2 verification requires proof of your address.
Do you have to verify your account on Bybit?
No, you can trade, deposit, and withdraw money without KYC.
How to verify your Bybit account?
Bybit KYC verification process is similar to any other platform.In order to verify your account, you need to share your:
- Full name
- Proof of address
- Copy of ID card or Passport
Why and when should you verify your Bybit account?
We recommend you to verify your Bybit account the moment you start trading here for more money.
Verifying your identity can make it easier to restore access to your account, should something happen.
Bybit mobile app can be used on both Android and iOS devices and based on the reviews in Google Play, Bybit app is a very highly rated crypto app.
Bybit offers the following Earn products:
- Bybit Savings (staking)
- Liquidity mining
- Dual Asset
- Defi Mining
Bybit customer support
In case of issues or questions, Bybit support is available 24/7 and can be contacted through live chat, or email. But they also have a rather extensive FAQ section.
Additionally, it’s also possible to chat with other Bybit users and find help from there.
In addition to the on-site customer support, you an also get in touch with Bybit using their social media channels.
- Facebook: https://www.facebook.com/Bybit/
- Twitter: https://twitter.com/Bybit_Official
- Instagram: https://www.instagram.com/bybit_official
- YouTube: https://www.youtube.com/channel/UC4oGSk21Cgyuybxj_gVqNDQ
Pros and cons of using Bybit
No KYC is needed
Not too many trading pairs
Great mboile app
Not too many licenses
US citizens are not accepted
Has Insurance Fund
Not the best exchange for spot trading
Good selection of order types
Fiat withdrawals not supported
Fairly high trading volume
Risk-free test environment
Instant buy with fiat option
Instant buy with fiat option
Using Bybit platform - is Bybit simple to use?
Bybit may not be the most popular exchange we’ve reviewed, but it’s a good exchange registered in the British Virgin Islands.
With more than 2 million users, this Singapore based exchange has left us a fairly trustworthy impression.
While the exchange has had its share of negative reviews a well, this seems to be the case with each and every exchange out there, and the bad reviews need to be taken with a grain of salt.
If you’re interested in margin trading, then Bybit is one of the best cryptocurrency exchange to do that. Especially considering its low fees.
Bybit might not be the best choice to beginners, so while Bybit is very user friendly, we do recommend beginner traders to choose a difference exchange for starters.
Quick answers to frequently asked questions
But you can also use Direct Buy option to use fiat money to buy cryptocurrencies directly.