Bybit Review (Is It Safe To Trade on Bybit)?

June 30, 2022

Disclosure: We are reader-supported. If you buy through links on our site, we may earn a small commission. Learn more.

This ByBit review will help you decide if the popular crypto exchange, Bybit.com, is right for you.

Founded in 2018, the Singapore-based cryptocurrency derivatives exchange offers advanced trading tools, low fees and a proactive commitment to security.

But it doesn’t support fiat deposits and is restricted in the US.

Is Bybit the right choice for you? Let’s find out. 

Bybit Review - Overview

bybit logo

Product Rating Summary

Bybit is a Singapore-based cryptocurrency derivatives exchange that provides crypto trading tools, low fees and a commitment to top security. They received 3.4/5 stars in our review. You can trade on spot, margin, futures and derivatives using the Bybit mobile app and website. But the platform doesn’t support deposits with fiat currency and is not available to some regions (including the United States).

Overall Rating: 
3.4/5 stars

Quality

Pricing

SUPPORT

Selection

Security

Key takeaways from our review: 

  1. Margin trading with up to 100x leverage
  2. Intuitive trading interface that beginners can navigate
  3. Top security mechanisms to ensure traders’ funds are well protected 

What is Bybit?

bybit.com

ByBit is a reliable crypto trading platform built with a mission to empower “crypto believers” and help them achieve their dreams. The company was established by Ben Zhou in March 2018, registered in the British Virgin Islands and has its headquarters in Singapore.

Bybit was designed for retail traders, crypto professionals and investment institutions. It provides a user-friendly platform to support various crypto products: markets, futures, DeFi (decentralized finance), mining, perpetual contract, NFT and more.

With 5M+ registered Bybit users in 2022, the platform is fast growing and committed to providing an intuitive trading experience for crypto enthusiasts worldwide.

How is ByBit different from other Crypto exchanges?

Even as a relatively new player in the crypto exchange industry, ByBit.com has developed products that position it as a worthy rival to other established players.

The platform boasts of interesting crypto features which sets it apart from its competitors:

  • Spot trading
  • Margin trading
  • USDT & Inverse Perpetual contracts
  • Trading Bot
  • NFT platform

And more.

Bybit also shines on the security side. The platform has never been compromised and uses a mix of best security practices to protect traders’ funds. Bybit trading fees are also affordable and they have incentives for loyal traders.

If you're an experienced trader ready to dive into the waters of crypto derivatives, I totally recommend Bybit.  

More About ByBit

ByBit Exchange Company Information

ByBit average 24 hour trading volume: 

$300M - $500M

Supported fiats: 

USD, EUR, GBP, AUD, CAD and AED

ByBit active wallets: 

Unknown

CoinMarketCap.com global ranking: 

Changes daily (check here)

Number of markets to trade: 

346

Pros & Cons of Bybit

Pros

  • Multiple crypto trading products for spot, margin, and derivatives.
  • Affordable trading and withdrawal fees with zero charge on deposits.
  • Air-tight security to ensure your funds are safe and secure.

Cons

  • Restrictions in some regions including the US due to regulation issues.
  • No support for direct fiat deposits or withdrawals.
  • They are not yet regulated.

Bybit Fees and Pricing

To determine trading fees, ByBit classes users as either market Makers or Takers. Makers provide liquidity and market depth to the order book while Takers remove liquidity from the order book.

For Makers, Bybit charges 0.10% for spot trading and 0.01% for derivatives trading. Takers get to pay 0.10% for spot trading and 0.06% for derivative trading.

Market

Maker Fee

Taker Fee

Spot Trading

0.10%

0.10%

Inverse Perpetual Contract

0.01%

0.06%

Inverse Futures Contract

0.01%

0.06%

Also, Bybit has a new VIP fee structure that will reduce fees for both spot and derivatives markets, while making the platform more friendly to loyal traders.

Your VIP is determined by your asset balance or last 30-day trading volume. The higher your VIP tier is, the lower the fee you incur.

Tier

Spot (Maker/Taker)

Perpetual & Futures (Maker/Taker)

VIP 1

0.04% / 0.06%

0.006% / 0.05%

VIP 2

0.02% / 0.05%

0.004% / 0.045%

VIP 3

0.01% / 0.04%

0.002% / 0.0425%

Pro 1

0% / 0.03%

0% / 0.04%

Pro 2

0% / 0.025%

0% / 0.035%

Pro 3

0% / 0.02%

0% / 0.03%

The unit of the fee is based on the crypto asset you purchase and you won’t be charged for unfilled and canceled orders.

Bybit Deposit and withdrawal options

Bybit accepts crypto deposits with zero fee and there’s no minimum requirement.

To deposit into Bybit, simply select the desired crypto on the “My Assets” page, copy the wallet address and paste it in your external wallet to finish the process.

Bybit does not support direct fiat deposits but you can use integrated third-party payment services to buy crypto and pay with fiat currency (BRL & ARS). A downside is that this route comes with crazy fees, depending on the payment service.

Another fiat deposit option is express and peer-to-peer (P2P) trading. Here, you’ll be paired with a merchant who will accept your fiat money and send you crypto.

For withdrawals, Bybit charges a dynamic network fee for moving assets away from your spot wallet.

Withdrawing your crypto funds is straightforward: enter a wallet address, select a network type and submit a withdrawal request.

Bybit has withdrawal limits depending on your Know Your Customer (KYC) verification level:

  • KYC Level 0: 2 BTC
  • KYC Level 1: 50 BTC
  • KYC Level 2: 100 BTC

And there’s a minimum withdrawal amount, which varies depending on the particular crypto asset. Stop by the Bybit help section to learn more about their deposit and withdrawal options.

Bybit Products & Features - What Can You Expect from Bybit App?

Buy Crypto

On the Buy Crypto tab, you’ll be able to buy crypto instantly and deposit it into your account in various ways:

Express/P2P Trading

The Express and peer-to-peer (P2P) trading platform lets you buy crypto when matched with other Bybit merchants with zero fees.

bybit p2p trading

Simply select an ad from the marketplace, enter your purchase quantity, complete bank payment and get coins.

Fiat Deposit

This route lets you purchase crypto using fiat deposit into Bybit exchange through any of the integrated third-party payment services.

Crypto deposit

You can transfer crypto from another exchange to your Bybit exchange wallet.

bybit crypto deposit

Simply select a crypto to deposit, pick the chain type, copy the wallet address and move your crypto into Bybit.

Trading

This is where your main trading activity happens. For starters, you can choose from various options including:

Spot Trading

This Bybit trading platform lets you buy and sell crypto on the spot. It features a trading chart that shows the: order book, price movement, 24H price changes, volume and other metrics for all trading pairs.

bybit spot trading

To initiate a trade on ByBit, enter your order value, confirm the quantity of coins and trade.

Margin Trading

Margin trading is a derivative product based on Spot that involves investing by using your Spot crypto assets to borrow more trading funds from Bybit.

The borrowed funds can be used for leverage trading to buy or sell assets. Margin trading brings high returns with less owned capital but also comes with risks.

Leveraged Tokens

Leverage tokens is a Bybit derivatives trading product that lets you leverage coins without margin or the risk of liquidation.

Launchpad

Launchpad offers early access to newly listed tokens and projects on Bybit. 

Inside the dashboard, you’ll be able to view all projects along with their yield, amount committed (USD), average returns and number of participants.

ByVotes

ByVotes lets you vote for your favorite tokens to be listed.

The voting period happens frequently and you can participate when your trading volume or position meet certain requirements. You earn airdrop rewards for participating.

Trading Bots

Bybit supports automated trading and lets you create your own Grid Bot to maximize market fluctuations.

Grid bots are automated bots designed to help you buy and sell assets at intervals depending on your predefined price range.

Markets

This is where you can view the coins and trading pairs such as BTC/USDT, ETH/USDT and SOL/USDT available for trade on Bybit.

bybit crypto market

You can view them and sort them according to various categories like Trending, Metaverse, DeFi, or Web3.

For all trading pairs, you’ll see its relevant trade data such as its last traded price, 24H change (%), 24H high, and 24H low.

Also, there’s a New Listings section that showcases l coins that have just been listed.

Derivatives

Bybit offers a top-notch crypto derivatives trading platform and is its main proposition.

bybit derivatives exchange

This platform allows you to speculate on future price action of a crypto asset by buying or selling a derivative contract.

Bybit supports various crypto derivatives types including:

  • USDT Perpetual contracts
  • Inverse Perpetual contracts
  • Inverse Futures contracts
  • USDC Perpetual
  • Copy Trading

To start trading derivatives, simply select a trading pair (from a range of USDT perpetual & inverse contracts), set up order conditions (leverage, order type and more), and place order.

Earn

bybit earning feature

Bybit Earn offers asset investment products to grow your crypto holdings. They include:

Bybit Savings

This low-risk investment product provides guaranteed yields on your deposited tokens. You can withdraw your earnings anytime.

Dual Asset

Whether or not there’s price volatility, this short-term investment product offers you high yield and floating returns.

Liquidity Mining

This product lets you enjoy high yield with leverage from added liquidity. You can reinvest your returns in one-click.

DeFi Mining

This product supports frictionless on-ramp to DeFi so you can stake assets for a period and earn an annualized percentage yield.

Launchpool

Launchpool offers you the opportunity to stake and harvest new crypto tokens for free. You can unstake tokens you’ve staked anytime.

Whether you’re a regular crypto Jack or a professional trader, you can invest your assets in any of these investment products and start earning.

NFT Platform

Bybit’s NFTverse offers you a one-stop destination for cutting-edge digital art from creators worldwide.

bybit nft platform

In the marketplace, you get to explore, list and trade NFTs with zero transaction fees.

Available Cryptocurrencies on ByBit.com

Bybit exchange supports 170+ available-to-trade crypto currencies including the popular ones you know:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Ripple (XRP)
  • Dogecoin (DOGE)
  • Tether (USDT)

Plus, you also get to buy low cap assets including:

  • Kava Network (KAVA)
  • Compound (COMP)
  • Helium (HNT)

And much more.

 

ByBit Restricted Countries

Bybit doesn’t offer its products and services to users in some regions including:

  • United States
  • Mainland China
  • Singapore
  • Quebec (Canada)
  • North Korea
  • Cuba
  • Iran
  • Crimea
  • Sevastopol
  • Sudan
  • Syria
  • Donetsk
  • Luhansk 

If you’re based in any of the countries above, you’re prohibited from using the platform. Details about the restrictions are contained in Section 12.3 of the Bybit terms and conditions.

Getting Started on Bybit.com

To trade and get started on the Bybit exchange, you need to create and fund your account

You can open an account as long as you’re NOT from any of the restricted regions listed above.

The process is pretty straightforward and I’ll show you how below.

How to create an account at Bybit.com (step by step)

Setting up a trading account can be done on the website or Bybit app with your email address or mobile number.

Here’s how to open a ByBit account in 5 easy steps:

1. Go to the Bybit homepage, click on the Sign Up Now button located on the menu bar, and you’ll be taken to the main registration page.

2. Sign up by entering an email address, a strong password and a referral code (optional). Next, check the terms of services box and click on Continue.

bybit creating an account

3. A pop-up box will appear asking you if you’re a resident of any of the restricted regions. Simply click No and you’ll be directed to verify your account.

bybit account creation

4. Next, you’ll be required to verify your Bybit account by entering the verification code sent instantly to your email inbox (or spam).

bybit email verification page

5. After verifying your account, that’s it! You’ve successfully created an account on the Bybit platform and can proceed to fund your account to start trading. You’ll receive welcome messages to guide you on screen and even via email.

bybit homepage

To fund your Bybit account, you can send crypto from other wallets, use the P2P platform or use any of the fiat deposit partners to buy crypto with your credit/debit card.

Top of the list is the use of multi-signature cold wallet storage to protect all of its users’ funds from malicious actors. So when you deposit crypto into , your assets are sent to a cold wallet which is exponentially harder to hack (than hot wallets). 

Bybit Security, Privacy, and Safety (Is Bybit safe and secure?)

Security is top-of-mind for users looking for a safe haven for their crypto assets.

So is Bybit a safe and secure crypto exchange? Let’s find out!

Bybit employs various measures to keep your assets safe on their platform.

For withdrawals, your request will be subject to manual review and offline signatures before you can receive your funds.

Bybit lets you operate a two-factor authentication system for account security by using a mix of Google Authentication and SMS or email.

It’s also interesting to note that the Bybit platform has NEVER been hacked. And they have a policy of restricting daily withdrawals to thrice only so as to prevent hackers from draining the account if they somehow gain access.

The Bybit mobile app is well-secured with pattern lock and fingerprint recognition features. Also, the company carries out background checks and security training on employees to avoid inside jobs.

To cap it off, Bybit runs bug bounty programs that allow white-hat hackers to identify security vulnerabilities in the platform. Of course, the hackers will be rewarded for discovering any security flaw in the system.

This interesting mix of security measures clearly shows Bybit’s proactive commitment to keeping your assets safe.

Bybit reviews from around the web

bybit trustpilot reviews
Now, what do real Bybit users say about the platform on the web?
  • On TrustPilot, Bybit currently has over 190 reviews and a poor rating of 2.4. This rating is proof that customers are largely dissatisfied with the platform. There is also a warning listed on the TrustPilot-ByBit page which links to this UK regulatory warning about ByBit. 

Scrolling through reviews, I observed users mostly complaining about unjustly banned accounts, leverage trading scams and erroneous loss of funds.

This shows that the platform has to further improve for customer trust and satisfaction.

Bybit Alternatives - Which is best?

Bybit vs Gate.io

While Bybit is a crypto derivative platform, gate.io is a cryptocurrency exchange built to buy, sell and trade. Judging from ease of use, Bybit is far superior to Gate.io. Its user-friendly interface offers a smooth trading experience for beginners. Bybit also takes the top spot for security, cheap trading fee and functionality. Gate.io shines over Bybit in the area of available-to-trade cryptocurrency. With over 1800 coins listed, it’s the #1 place to go when on the hunt for less popular altcoins.

Read our Gate.io review.

ByBit Vs Coinbase

Bybit is relatively new while Coinbase is an old registered trading exchange, accessible to the US. Both platforms are user-friendly for trading. While Bybit is a crypto derivatives platform allowing users to trade futures, Coinbase mostly allows users to buy, sell and trade crypto on Spot. Bybit maintains low trading charges with no direct support for fiat deposits or withdrawals. Coinbase supports fiat deposits and withdrawals but its trading fees are ridiculously high among cryptocurrency exchanges. On the security end, they both haven’t been previously compromised and maintain adequate security measures to keep your funds safe.

ByBit Vs Binance

Bybit and Binance are two leading platforms when it comes to futures and derivatives trading. Binance is more popular, has a wider market reach, has a wider range of listed cryptocurrency and offers a smooth trading experience. On the other hand, the Bybit exchange is new, prohibited in the US, has less available-to-trade and has affordable trading fees. Overall, both platforms have NFT marketplaces, support crypto staking options and optimal security of traders funds.

Check out our Binance review.

Bybit FAQs

Is Bybit trustworthy?

Bybit is a crypto derivatives platform that uses a mix of security mechanisms including cold wallet storage, two-factor authentication, restricted withdrawals and bug bounty programs to protect your funds. They haven’t been compromised before which is a great sign of trustworthiness.

Is ByBit Better than Binance?

Bybit and Binance are equally reputable crypto platforms. Bybit is a new face in crypto for derivatives trading with low fees and security as its strength. Binance is more popular and serves traders globally with excellent trading features like Spot, crypto staking, fiat deposits/withdrawals, available altcoins and affordable fees. Overall, Binance provides a superior trading experience.

Is Bybit better than Coinbase?

When it comes to trading fees, derivative products and available cryptocurrency, Bybit edges Coinbase out. Coinbase is a user-friendly platform to buy and trade crypto on the Spot market. It supports direct fiat deposits but its trading fee is expensive and customer service options are lacking. Overall, Bybit offers much more for experienced traders in need of a secured platform for crypto derivatives.

Can US citizens use bybit?

You are not allowed to use Bybit’s products and services as a citizen of the United States (US) due to an absence of crypto regulation clarity. This can be found in Section 12.3 of the Bybit Service Agreement.

Are ByBit fees high?

Bybit maintains relatively low trading fees compared to most crypto exchanges. They charge 0.10% for Spot and 0.01% (makers) and 0.06% (takers) for Derivatives. Plus, they have a new VIP fee structure that lets you pay lesser fees as a loyal trader.

Can you trade Solana on ByBit.com?

Solana (SOL) is on the list of supported coins on Bybit. You can deposit and trade Solana (SOL) on Bybit via the spot or margin market.

Final Thoughts - Should You Trade At Bybit.com?

bybit review

In short, Bybit offers a reliable platform for next level crypto trading.

With over 5 Million users and counting, the platform offers the best of crypto and traditional finance so you can achieve freedom.

One thing that stands out strongly about Bybit is its security. Also, its fees are affordable compared to others.

It’s a great choice if you’re searching for a best-in-class crypto derivative platform.

You can sign up to the platform below using our ByBit referral code:

About the author 

Sam Rexford