Bybit review: a promising new crypto exchange
Bybit is a relatively young and trending crypto exchange offering the ability to trade cryptocurrencies on 100+ spot markets and 100+ futures markets with relatively low trading fees of about 0.1%. In this article, we will provide a comprehensive review of Bybit, a new crypto exchange, and explore its features, security, fees, and other important aspects.
Short Bybit review
- Bybit is a cryptocurrency exchange platform that supports trading in BTC, ETH, XRP, EOS, and USDT perpetual contracts.
- Bybit offers several features, including a web-based trading platform, mobile app, and API trading.
- Bybit has a user-friendly interface that is easy to navigate.
- Bybit offers competitive trading fees and leverages of up to 100x.
- Bybit has robust security measures, including two-factor authentication, cold storage, and an insurance fund.
- Bybit has excellent customer support that is available 24/7.
| Number of cryptocurrencies | 100+ |
| Types of crypto-assets | Cryptocurrencies, tokens and NFTs. |
| Transaction fee | 0,1% |
| Minimum deposit | $50 |
| Deposit fee | Up to 4.5% by credit card - From 0 to 1.5% by online payment partners |
| Maximum leverage | Up to 100x |
Join Bybit with the referral code 38506 and get up to $30,030 in rewards plus 15% off your trading fees.
Background information on Bybit
Bybit is a relatively new crypto exchange that is growing at a rather fast pace. It was founded in 2018, and its headquarters are in the British Virgin Islands. It is currently unregulated and offers one of the fastest and easiest registrations of the market.
A picture of Bybit's home page.
Bybit allows its 5+ millions users worldwide to trade and exchange more than 100 cryptocurrencies and a good amount of NFTs. It has an appealing offer, with up to $3000 in joining bonus rewards, and its trading fees are comparable to Binance's, with 0.1% maximum commissions. Its positioning aims towards new traders, with many educational content put at their disposal and a simple and easy-to-use user interface. Bybit will also satisfy its more experienced users, offering elaborated risk management and trading tools. The platform has an aggressive growth strategy with a consequent joining bonus - up to 3030 USDT at this time - and rewarding referral program.
Pros and cons of Bybit
+ Ease of use + Good joining bonus + Low trading fees + Contracts are executed rapidly + Elaborated risk management & trading tools | - Unregulated exchange (yet) - Few Fiat currencies available - Only 100+ cryptocurrencies |
Trading on Bybit
Bybit offers its users the following trading services : Spot Trading, Margin Trading and Perpetuals. Bybit also allows its users to create a simple trading bot, and offers a community trading service named Copy Trading.
- Spot Trading: Bybit makes it possible to trade more than 100 of the most popular cryptocurrencies and tokens on its Spot Trading platform against BTC, USDT, USDC and DAI. We can appreciate the fact that Bybit also lists leveraged tokens to allow users to leverage funds without the risk of liquidation.
- Margin Trading: Bybit only offers 2 margin trading pairs, BTC/USDT and ETH/USDT. Users can leverage up to 3x.
- Derivative trading: Bybit offers 100+ derivative trading pairs. Users can leverage up to 100x their invested amount depending on the selected pair. The pairs are made with USDT and USDC, and Bybit also offers inverse contracts, using the stable coin as collateral.
- Trading bot: Bybit has a very simple trading bot functionality that allows users to automate their trading. The user can profit from high market volatility and place automatic buy low/sell high orders on Bybit's spot trading platform.
- Copy Trading: Bybit allows for community trading. Users can copy each other's move on the derivative market. You may browse and sort traders' profiles based on their profits and their winning rate.
What are the trading fees on Bybit?
Bybit's trading fees are relatively low comparing to the market. As it is the case with other leading exchanges, they vary according to your trading volume and to the size of your portfolio. The base level fees on Spot markets are 0.1% per transaction - a fee identical to Binance. Perpetual trading have lower fees depending on the stable coin and start from as low as 0.01% down to 0% depending on your experience on the platform.
Using our registration link and registration code - 38506 - will get you a discount of 15% on your trading fees:
Other crypto-investing functionalities on Bybit
Other than traditional trading, Bybit offers a wide array of crypto investing functionalities. The interface is made simple and makes the different investment opportunities easy to understand for beginners.
On Bybit's liquidity mining platform, users can easily get an idea of the returns they can expect.
- Launchpad: Just like all the other leading crypto exchanges, Bybit has a launchpad in which users can have early access to token launches, invest and obtain high returns.
- ByVotes: This functionality allows users to cast votes on Bybit's next listings. The vote power of each user depends on its positions and trading volume on the platform. Users voting for winning projects can get rewarded by airdrops.
- Bybit Savings: Bybit's saving program guarantees its users yearly returns. The percentage varies depending on the cryptocurrency or the token saved.
- Liquidity mining: Users can lend their cryptocurrencies or crypto assets to Bybit to add liquidity to the markets.
- DeFi mining: Bybit allows to mine for defined short periods of time on DeFi products.
- Bybit's referral program: Bybit also offers a strong referral program with which users can earn up to 420 USDT for each invitee. The reward is calculated based on the deposits and the trading volume of each invitee.
Bybit's referral program
Bybit's referral program is an incentive-based program that rewards users for inviting their friends to join the platform. The referral program allows users to earn portions of referee's commissions fees, cashback, and bonuses for every successful referral. Here's how the Bybit referral program works:
- Make sure you're logged in to your Bybit account.
- Access the Bybit Referral Program page.
- Share your unique referral code/link with a friend or scan the QR code.
- Your friend needs to register, deposit funds, and make at least one trade with USDT Perpetual to qualify.
- You'll earn a commission of up to 30% of your friend's trading fees.
In addition to the referral bonuses, Bybit also hosts periodic events where users can earn even more rewards for successful referrals. For example, during a recent event, users could earn a 25 USDT cashback per referral and share a 200,000 USDT prize pool.
It's worth noting that the referral program is not available in all countries, and users should check their eligibility before participating. Bybit also has withdrawal limits in place to prevent large amounts of funds from being transferred out of the exchange at once.
Overall, Bybit's referral program is an excellent way for users to earn rewards while also introducing their friends to a reliable and secure cryptocurrency exchange.
Bybit's NFT marketplace
Bybit is also home to a small NFT marketplace - Bybit NFT - on which users can buy Non-Fungible Tokens and mystery boxes from the from the art world, the gaming world and from the metaverse. Users can buy and sell their NFTs using ETH, BIT, XTZ or USDT. The platform is rather new and at this time, not a lot of NFTs are available. We can however expect that it will rapidly grow in a near future considering Bybit's aggressive growth strategy.
Bybit's user experience
Bybit's BTC/USDT trading page on desktop.
On desktop, Bybit's trading platform is rather simple and easy to use. We can appreciate the dark interface and the to-the-point presentation. By default, on the candlestick chart, you may find 3 Simple Moving Averages (10, 30 and 60 periods). Luckily, more indicators and drawing options are available on the TradingView chart for more technical analysis depth. The trading menu is simple and easily understandable for beginners, and directly pushes towards leverage trading.
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Bybit's iOS and Android apps are well-thought and eye-appealing. The trading is also made simple and allows the user to display several of the most popular technical analysis indicators. We only regret that there is no TradingView option and that the "Buy" and "Sell" buttons open a window that covers the whole screen, making it impossible to place order while keeping an eye on the market.
How to register on Bybit?
The registration process on Bybit is among the easiest of all crypto exchanges. The platform allows you to register by email, by phone number or via your Google account. Selecting the two first options will require you to confirm your email or phone number with a confirmation code that will be sent to you. Registering on Bybit via your Google account is the fastes option, since Google handles the email verification for you. Note that your email will be the one associated to your Google account.
You may register on Bybit using your email address, your phone number or your Google account.
You may then make your first deposit and start trading on Bybit. The exchange will automatically redirect you to a page on which you can buy USDT against FIAT currencies.
How to verify your account on Bybit?
If you followed the process described above, you're successfully registered on Bybit, but cannot enjoy the full experience yet. Although Bybit isn't a regulated exchange yet, the platform requires user-verification to remove limitations on trading.
As you may find on the picture above, there are 3 levels of user-verification on Bybit. You'll need to provide a proof of ID and a selfie to reach Level 1 - with a Fiat Top Up limit of $100k/day, way enough for most users - and a Proof of Address to reach Level 2. To verify your account on Bybit, go on the profile menu and click on "Account & Security". Then, click on "Identity verification".
How to secure your account on Bybit?
Bybit enables its users to secure their account with Two-Factor Authentication. To configure Two-Factor Authentication on your Bybit account, go on the profile menu, and click on "Account and Security". You will find the following options:
As you can see, the registration for this review was completed via Google. Hence, the Email Authentication is already set, and "Managed by Google". You may opt for SMS Authentication by verifying your phone number or through Google Two Factor, a dedicated app provided by Google.
How to deposit funds and buy cryptocurrencies on Bybit?
To deposit funds on Bybit, click on "Assets" on the menu bar. You will see at the top of the page a "Deposit" button. If you already own cryptocurrencies, you may directly send your assets from your previous portfolio to your new Bybit portfolio. You mays also deposit FIAT currencies - only Brazilian Reals and Argentine Pesos are currently supported.
More conveniently, the platform allows you to directly buy cryptocurrencies from the "Buy Crypto" tab on the menu. You have the choice to directly let Bybit find the best offer for you - Express service - of to choose your offer - P2P service.
What Fiat currencies does Bybit support?
Bybit's Express service allows you to buy USDT, BTC, ETH, XRP and EOS with the following Fiat currencies: EUR, USD, GBP, JPY, KRW, PLN, RON, SEK, DKK, IIS, HUF, CZK, MDL, CHF, KZT, NZD, AUD, CAD, BGN, TWD and HKD.
Bybit's P2P service allows you to buy USDT, BTC and ETH directly from other users via the following Fiat currencies: EUR, USD, GBP, JPY, KRW, PLN, RON, SEK, DKK, IIS, HUF, CZK, MDL, CHF, KZT, NZD, AUD, CAD, BGN, TWD and HKD.
What are the deposit fees on Bybit?
Bybit's deposit fees are on the low/medium average. Although only a couple of Fiat currencies are available, users enjoy a 0% fee policy via bank transfer. Buying cryptocurrencies with Fiat have varying fees depending on your card issuing region and card manufacturer.
| Card Issuing Region | Card Scheme | Fee per Transaction |
| EU | Visa/Mastercard | 1.1% |
| Non-EU | Visa | 3.05% |
| Non-EU | Mastercard | 2.7% |
| Japan | JCB | 4.5% |
Conclusion on Bybit
Bybit is a promising relatively new crypto exchange. It makes crypto trading and crypto-investing rather easy for beginners. We particularly appreciate the Trading Bot functionality and the many options it offers to generate passive income as well as its didactic platform. Although it does not offer as many cryptocurrencies as Binance or KuCoin for instance, its ease-of-use and competitive trading fees coupled with its appreciable user experience make it one of the best crypto exchanges.
Frequently asked questions on Bybit
Q. What is Bybit?
A. Bybit is a cryptocurrency exchange platform that allows users to trade in BTC, ETH, XRP, EOS, and USDT perpetual contracts.
Q. Is Bybit Safe to Use?
A. Yes, Bybit is safe to use. It has several security measures in place, including two-factor authentication, cold storage, and an insurance fund.
Q. What are the Trading Fees on Bybit?
A. Bybit charges a 0.1% taker and maker fee for spot trading. For derivatives, the fees are 0.01% maker and 0.06% taker.
Q. How to Deposit Funds on Bybit?
A. To deposit funds on Bybit, you need to sign up for an account and complete the verification process. Once you have logged in to your account, click on the "Assets" tab and select "Deposit." Bybit accepts deposits in cryptocurrencies and fiat currencies, including USD, EUR, JPY, and KRW. Follow the prompts to complete the deposit process.
Q. How to Withdraw Funds from Bybit?
A. To withdraw funds from Bybit, click on the "Assets" tab and select "Withdrawal." Select the cryptocurrency or fiat currency you wish to withdraw and enter the withdrawal amount. Follow the prompts to complete the withdrawal process.
Q. What is the Bybit Referral Program?
A. The Bybit Referral Program is a program that allows users to earn rewards by referring their friends to the platform. Users can earn up to 30% of their referrals' trading fees. They also might earn a small percentage of their sub-affiliates' fees.