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Bybit Review & Rating 2022

Bybit Review & Rating 2022

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Overview

User Interface (UI)
8/10
Trust/Reputation
7/10
Fees
8/10
Liquidity
8/10
Regulation and Fund Security
7/10
Deposits and Withdrawals
8/10
Customer Support
7/10

ByBit is a relatively new crypto brokerage founded in 2018. But since then it's growing very fast. Within 3 years, they have 3 million users. In the following ByBit Review, we will try to explore every pros and cons of the broker. Stay with us to know details about ByBit broker.

Bybit review

Bybit is a cryptocurrency exchange that mainly deals with cryptocurrency derivatives. The Singapore-based exchange was established in 2018. But they are registered in the British Virgin Islands. They are growing their business very fast. Within 3 years of its establishment, it has been able to gain more than 3 million registered users. You are going to read a neutral ByBit review. This is not going to be a sponsored review by Bybit or any other third party. The writer is responsible for all the information and opinions. AtoZMarkets is no way accountable for any information or facts presented here.

Summary Of Bybit

Found In 2018
Headquarter Singapore
Registered In British Virgin Island
Trading Pairs BTC/USD, ETH/USD, XRP/USD, EOS/USD, BTC/USDT
Supported Fiat Currencies 59
Regulation N/A
Deposit Fee N/A
Transaction Fees Maker Fee: -0.025%Taker Fee: 0.075%
Withdrawal Fees Standard Crypto Network Fee
Apps Android and iOS
Native Token N/A
Mother Company Bybit Fintech Limited

Pros and Cons of ByBit Exchange

Pros

They provide up to 100x leverage on crypto

ByBit has modern advanced tools.

They provide 24/7 support.

They have a Risk-free test facility to learn and experiment.

Good Educational resources.

They are among the top 3 highest derivatives trading exchange in volume 

Good Internal Securities

Cons

× They don't allow the U.S. customers

× To get live agents you need an account with them.

× ByBit is an unregulated broker

× They deal with very few trading pairs.

User Interface (UI)

8/10

Bybit Mobile App

Bybit mobile app

image credit: Bybit

 

You can download the Bybit mobile app to iOS as well as Android. The latter application has been downloaded by more than 100,000 users through Google Play. It has received 2,450 Bybit reviews and the average score of 4.3 stars from its release date on October 31, 2019.

Once we had downloaded the Android application and playing around with it for a few hours, it quickly became apparent to us why the majority of traders are happy with it.

The application can perform all the things that its browser-based counterparts can do.. It comes with distinct screens to:

  • Contracts
  • The price graph
  • Order book
  • Information on recent trades
  • The zone of order
  • Notifications
  • wallets.

Similar to that, Bybit mobile app provides numerous options for alerts to strategy. You can enable its custom widget and receive notifications whenever the Last traded Price is more or less than your preferred alert rate.

Additionally you can make alerts for spikes or drops in the event that you see the price of one or more of your selected trading pairs fluctuate in excess of a certain percentage in less than five minutes. It is possible to do the same for changes in open interest.

The Bybit application lets you set an automatic reminder of the predetermined funding rate 30 minutes prior to the closing of the funding for the trading pairs.

The Bybit platform is a crypto derivatives exchange. According to Investopedia, "The term derivative refers to a type of financial contract whose value is dependent on an underlying asset, group of assets, or benchmark. A derivative is set between two or more parties that can trade on an exchange or over-the-counter (OTC). These contracts can be used to trade any number of assets and carry their own risks. Prices for derivatives derive from fluctuations in the underlying asset. These financial securities are commonly used to access certain markets and may be traded to hedge against risk." 

In Bybit, all the derivatives are cryptocurrency based. They provide up to 100x leverage on some selected assets. In ByBit, you do not have to pay any funding fees.

What You Can On ByBit 

  • You can open buy/long positions.
  • You can open sell/short positions.
  • You can take leverage to increase your trading balance.
  • You can trade crypto derivatives with less risk and more convenience.

The types of contracts you can buy on the platform are: 

◆ Inverse Perpetual Contracts 

◆ USDT perpetual contracts 

◆ Inverse Futures Contracts 

Inverse Perpetual Contracts

In Inverse Perpetual treading, you can enter a position and you can hold the position as long as you wish. If your margin becomes insufficient, you no longer can hold the position.

Inverse Future Contracts

Future trading actually happens on a future specified date that you agree upon to buy or sell a contract. Future trading predefined your price for a future rate. 

Settlement time and expiration date are the two key differences between perpetual and future contracts.

USDT Perpetual Contracts 

These contracts are settled in USDT. In ByaBit, USDT contracts allow hedging. You can get different leverage on your short or long positions. ByBit allows you to deposit USDT in your account.

The unique feature about USDT perpetual contracts is that you can use USDT for trading any of the following cryptocurrencies:

BTC

ETH

BCH (Bitcoin Cash)

DOT (Polkadot)

UNI (Uniswap)

LINK (Chainlink)

LTC (Litecoin)

XTZ (Tezos)

ADA (Cardano)

Bybit Review: Spot Trading

ByBit allows its customers to do spot trading. Spot trading is where buyers and sellers meet to execute any transaction on the spot. If you want to spot trading on Bybit, you have to buy BTC or USDT with your preferred fiat currency. ByBit supports 59 fiat currencies. 

On Bybit only market order, limit orders and conditional orders are fulfilled on the spot. 

In Bybit, you will get 15 spot trading pairs, including BTC/USDT, LINK/USDT, DOGE/USDT, BIT/USDT, EOS/USDT, XRP/USDT, ETH/USDT and more. The transaction fee for both Taker and Maker is 0.1% on the ByBit spot market.

There is a benefit of crypto spot trading. In spot trading, you will get a completely transparent price as it happens based on supply and demand. On the other hand, you get a lot of reference prices in the futures market.

Trust/Reputation

7/10

Who is the Owner of Bybit?

The co-founder and CEO of Bybit is Ben Zhou.

Is Bybit Legit?

Bybit Fintech Limited is the operator of Bybit, a legitimate cryptocurrency-only exchange, which also includes a trading platform that is equipped with the latest trading technologies. Bybit is an anonymous exchange. Thus it is not required to undergo a KYC method and is not required for Bybit. Bybit trading system. The platform offers traders the option of inverse perpetual, inverse forward as well as perpetual linear contracts. It also includes an insurance fund for security for users. You can read Bybit Reviews online in order to gain an honest assessment of the crypto exchange.

How to Start Using Bybit?

The new user must first sign up with Bybit and then deposit funds or cryptos before trading. Bybit has mobile and desktop versions that are built with the best technology. It also has a testnet that helps learn the ins and outs of trading.

Can I Use a Credit Card on Bybit?

Yes, you can make use of credit cards on Bybit. There is no restrictions on it.

How to Take Profit on Bybit?

The user is able to set the price at which they want to exit short and long positions. You can also choose partial execution of orders. This allows you to earn profit when the trader is on moving.

Are US Citizens allowed to use  Bybit?

US citizens aren't able to trade through the Bybit platform because of a lack of compliance, regulations, as well as the constant anxiety about being threatened with legal action from The SEC within the US.

Can I Deposit USD or fiat currency to Bybit?

According to our investigation, we have concluded that Bybit accepts only crypto deposits.

How Much Leverage Bybit Offers?

Maximum leverage Bybit provides is 100x, however, you can easily alter it using a slider to allow for margin trading that is not isolated.

Fees

8/10

ByBit follows the Taker Maker model in their exchange. If you are a maker, the exchange will charge you 0.025%. And if you are a market taker, you have to pay 0.075%. In terms of industry standard, these fees are fair.

ByBit also takes funding fees. It happens between buyers and sellers. If you pay someone to fund, it's called a positive funding rate. On the other hand, a negative funding rate means you are receiving the fees.

Liquidity

8/10

Like other brokers, ByBit also allows leverage for their customers. Leverage lets you use the extra borrowed money to trade bigger size trade than your actual money would allow you. 

Trade using leverage can be good or bad depending on whether the trade is going in your favour or against your favour. So profit can be higher and at the time, loss would also be higher.

Margins

If you use higher leverage, less margin will be used in your open positions. In the same way, if you use lower leverage, more margin will be used.

ByBit has two types of margin. i) Isolated Margin Mode ii) Cross Margin Mode

  • Isolated Margin Mode

When you use an isolated margin, your taken collateral in a position is not linked to the rest of your account balance. Due to this reason, only your open position is at the risk of liquidation.

  • Cross Margin Mode

Cross Margin Mode is the default margin on ByBit. It uses all your balance in corresponding trading pairs to tackle you from liquidation. If your trading pair equity is lower than maintenance margin, your position (buy/sell) will be liquidated. For this liquidation, you will lose all of your equity for that pair.

Note for margin: 

You can interchange between isolated margin and cross margin. You can do it from the order zone. Once you change the margin mode, it will also be applicable to your open positions.

Deposits and Withdrawals

8/10

ByBit Exchange has only five supported cryptocurrencies namely BTC, USDT, ETH, XRP, and EOS. There will be a wallet for each asset, though ByBit shows your overall equity in BTC. 

If you hold any of the above mentioned coins, you can transfer them to your ByBit Exchange wallets. But if you want to buy crypto on ByBit, you can use their supported Fiat Currencies. ByBit Exchange currently supports 59 Fiat Currencies.

There is no minimum deposit limit on ByBit, you can deposit any amount. But they have a purchase limit for every order. For US dollars the limit is $20 to $15,000.

Two Factor authentication is a must for withdrawal plus a withdrawal fee.

  • Deposit and Withdrawal Fees

In ByBit there are no deposit fees when you are trading crypto from September, 2021. But as we earlier said, they have different withdrawal fees depending on the currencies you want to withdraw. But it's actually miner or network fees. Here is the table:

Currency Withdrawal Fees
BTC 0.0005
ETH 0.005
XRP 0.25
EOS 0.1
USDT (ERC20) 10
USDT (TRC20) 1
DOGE 5
DOT 0.1
LTC 0.001
XLM 0.02

 

Though ByBit doesn't have any minimum deposit amount, they have set a minimum withdrawal amount. Check the table below:

Currency Withdrawal Fees
BTC 0.001
ETH 0.02
XRP 20
EOS 0.20
USDT (ERC20) 20
USDT (TRC20) 10
DOGE 25
DOT 1.5
LTC 0.10
XLM 8

Source: ByBit Website

Customer Support

7/10

Customer support is very important when it comes to online trading. It's because for any problems or query you have to depend on broker customer support. ByBit claims they provide 24/7 customer support, though you can't contact them over the phone.

Customer support

And I didn't find any email on their website. They have a chatbox to answer your query. But to get the human assistant in the chat box, you have to provide your ByBit account email. It means unless you open an account with them, you will not get human assistance.

Conclusions

Let's conclude our ByBit review, ByBit is comparatively a new derivatives exchange in the market. They just came in 2018. But within this short period of time, they have bagged over 3 millions users. (They claim it, no way we can verify it).

You don't need to do your KYC to open an account with them. That's why anyone can open an account with them very easily. Their TrustPilot rating is 3.3 out 5, though only 143 rating is there. That's why we can't judge with that.

They can still improve their service and trust by going under regulatory authority. If you are a non-US trader and comfortable with an advanced trading system, you can go with ByBit Exchange. Is ByBit a scam? Our conclusion is No.

Reviewed By

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