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Bybit review Bybit offers an impressive array of crypto derivatives products best suited to experienced traders.No reviews yet.Write a review Frank Corva &
Billy Endres Posted Oct 28, 2022
Fact checked Navigate Cryptocurrency In this guide Bybit pros and cons How Bybit works Depositing funds to Bybit Bybit fees overview Bybit exchange features Is Bybit easy to use? Is it safe to use Bybit? Alternatives to Bybit Frequently asked questions Start comparing Getting started What is cryptocurrency? Best crypto exchanges Best crypto wallets Best crypto apps Best crypto to buy now How to trade crypto What is DeFi? NFTs explained Coin profiles Bitcoin (BTC) Ethereum (ETH) Dogecoin (DOGE) Cardano (ADA) Binance Coin (BNB) View all (A-Z) Buying guides How to buy Bitcoin How to buy Ethereum How to buy Dogecoin How to buy Cardano How to buy BNB View all (A-Z) Price predictions Bitcoin price prediction Ethereum price prediction Dogecoin price prediction Cardano price prediction Solana price prediction View all (A-Z) Exchanges Binance US review 2022 Coinbase review 2022 Coinmama review Crypto.com review 2022 eToro USA review KuCoin review 2022 Kraken review View all (A-Z) Wallets Ledger Nano S Plus review Ledger Nano X review Trezor One review KeepKey review Exodus review View all (A-Z) Research & tools Cryptocurrency news Cryptocurrency Adoption Index Cryptocurrency Weather Report Cryptocurrency statistics Satoshi to BTC calculator {“menuItems”:[{“label”:”Bybit pros and cons”,”anchorName”:”#bybit-pros-and-cons”},{“label”:”How Bybit works”,”anchorName”:”#how-bybit-works”},{“label”:”Depositing funds to Bybit”,”anchorName”:”#depositing-funds-to-bybit”},{“label”:”Bybit fees overview”,”anchorName”:”#bybit-fees-overview”},{“label”:”Bybit exchange features”,”anchorName”:”#bybit-exchange-features”},{“label”:”Is Bybit easy to use?”,”anchorName”:”#is-bybit-easy-to-use”},{“label”:”Is it safe to use Bybit?”,”anchorName”:”#is-it-safe-to-use-bybit”},{“label”:”Alternatives to Bybit”,”anchorName”:”#alternatives-to-bybit”},{“label”:”Frequently asked questions”,”anchorName”:”#frequently-asked-questions”}]} Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services.Digital assets are volatile and risky, and past performance is no guarantee of future results.Potential regulations or policies can affect their availability and services provided.Talk with a financial professional before making a decision.
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Our take on Bybit Bybit is globally recognized as one of the most popular derivatives exchanges.
It has over 5 million registered users and consistently ranks in the top 10 for derivatives trading volume.
The exchange is secure and has never been hacked.Private keys are held in cold storage wallets and 2FA is supported – KYC is recommended for additional security.
Bybit offers low trading fees for both spot and derivatives trading.
Some downsides to the exchange are that it isn’t available to US residents, derivative products are difficult and risky to use and the number of trading pairs is less extensive than some competitor exchanges.
Bybit could be right for you if:
You are a seasoned trader who understands the risks of trading with leverage
You want to take advantage of low trading fees
You want to use the exchange’s risk-free testnet service to practice trading crypto derivatives before using real funds 4
Finder Rating
Ratings methodology – how we rate Bybit Supported cryptocurrencies Transferring money or assets Fees and costs Ease of use Customer service Features Staking/earn Trustworthiness/security How we rate our crypto exchanges and platforms Finder’s editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform’s strengths and weaknesses.You can read our full methodology here .
Our rating and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards , updated by our editorial team throughout the year to reflect changes in the market.
Bybit pros and cons Pros Up to 100x leverage Low trading fees Testnet platform offers environment to practice risk-free leveraged trades Extensive educational materials Private keys are kept in multi-signature cold storage wallets Cons Not available in the US Offers derivative products that are difficult for beginners to use Fewer spot trading pairs than some competitor exchanges Not completing KYC requirements can put your account and funds at risk Leveraged trading is highly risky How Bybit works Bybit offers traders many features, including NFT trading, an earn platform and hundreds of spot market pairs.Due to its vast range of several hundred perpetual and quarterly futures trading contracts, it is best recognized as a crypto derivatives exchange.
Futures contracts are financial derivatives that allow traders to speculate on an underlying asset’s price movement without holding the asset itself – this opens up the possibility to trade using leverage.
Leverage or “margin trading” allows you to borrow from a broker and open a position larger than your account balance – Bybit supports up to 100x leverage.
Key points of leverage trading:
Leveraged buy trades are known as long positions Sell trades are referred to as short positions The broker holds your assets as collateral Liquidation (broker seizing assets) occurs if the price goes against you and hits a maintenance margin Perpetual futures never expire – trades can be held indefinitely Quarterly futures contracts can be held up to 3 months Leverage trade example: You open a long position on BTC/USDT.
You use $100 USDT and leverage it 10x, purchasing $1,000 worth of BTC – remember, you are not holding BTC, merely a contract speculating on its future price.
If BTC rises 10%, you stand to make $100 (10% of your initial investment * 10x leverage).However, if BTC falls drastically and your maintenance margin is hit, the position will be liquidated and you will be left with nothing.
Leverage trading is considered high-risk and not recommended for beginners.
Listed Bybit crypto exchange assets Bybit supports over 244 cryptocurrencies.In total, Bybit carries 18 of the top 20 cryptos by market cap.
Popular assets on Bybit Bybit supports Avalanche (AVAX)
Bybit supports Binance USD (BUSD)
Bybit supports Bitcoin (BTC)
Bybit supports BNB (BNB)
Bybit supports Cardano (ADA)
Bybit supports Cosmos Hub (ATOM)
Bybit supports Dai (DAI)
Bybit supports Dogecoin (DOGE)
Bybit supports Ethereum (ETH)
Bybit does not support LEO Token (LEO)
Bybit supports Lido Staked Ether (stETH)
Bybit supports Polkadot (DOT)
Bybit supports Polygon (MATIC)
Bybit supports Ripple (XRP)
Bybit supports Shiba Inu (SHIB)
Bybit supports Solana (SOL)
Bybit does not support Tether (USDT)
Bybit supports TRON (TRX)
Bybit supports USD Coin (USDC)
Bybit supports Wrapped Bitcoin (WBTC)
See all Bybit crypto assets BTC ETH XRP BCH EOS LTC ADA XLM TRX XEM ETC ICX QTUM BNB OMG ZIL BTG ZRX SC DCR WAVES MKR DOGE DGB BAT LRC GAS BNT LINK HOT NEXO MANA THETA ZEN ENJ REN TEL RVN DAI STX DICE DOT GENE REAL RAIN ATOM IMX SLG LUNA GMT CBX UNI HERO SCRT DLC XTZ KRL FTT FTM GST USDC PLY ANKR BTT MATIC MIX ALGO ONE QNT CEL HBAR SNX WAXP WBTC PAXG BIT CAPS ZBC BUSD CHZ SOLO OP CRAFT TAP COMP MNZ BAR MBS XDC MX COT KLAY AVA KSM SOL KDA JST CTC AR INSUR PLT UMA YFI SRM CRV AVAX HNT SUN SUSHI SAND RUNE EGLD FIL AAVE BEL CAKE INJ NEAR WEMIX ROSE AXS SLP WOO ACH JUV PSG GRT 1INCH CELO FLOW ACM PERP XYM FIDA DFI ICP SHIB NFT XAVA KOK RNDR XEC MINA JASMY TRIBE DFL C98 GALA LDO RACA GAL SPELL ELT OBX CITY AGLD DYDX MOVR SFUND XWG THN SAITAMA POSI FLOKI ENS SHILL GODS SIS PSP BICO BOBA INTER PTU GMX IZI KMON GM CWAR LFW SOS VINU LOOKS SON GLMR KASTA ACA SIDUS ERTHA TRVL XNO1 T PSTAKE POKT CUSD KUNCI FAME DOME RSS3 APE MELOS SD SYNR MV STG VPAD IME DEVT LGX ZAM 1SOL GGM CULT FITFI APEX FCD STRM USDD LUNC FORT USTC WWY MOVEZ WLKN XETA FIU GALFT AZY AFC KON NXD ETHW CMP SWEAT SEOR OKG CHRP DRIV STAT LING OKSE MPLX MMC DEFY stETH GSTS Depositing funds to Bybit You can deposit funds into Bybit in two different ways:
You can transfer crypto assets into your Bybit account from another crypto wallet.You can deposit funds through a bank, wire transfer or third-party payment provider.
Please note that you must complete the KYC process to deposit most fiat currencies.Bybit fees overview Maker fee Taker fee Spot trading pairs 0.10% 0.10% Derivatives contracts 0.01% 0.06% These fees are reduced if you become a VIP member of the platform.
Bybit exchange features Express buys – The interface for express buys is simple.
You choose your payment method, choose the digital asset you’d like to buy and then in one click you can confirm your digital asset purchase.
Spot market trading – This feature allows you to create bids and asks for digital assets you’d like to purchase.This type of trading is done in a peer-to-peer manner.
Derivatives trading – Derivative contracts allow traders to speculate on an underlying asset’s price movement without holding the asset itself.
Both profits and losses are amplified when trading with leverage.
Earning features – Bybit offers a number of earn products, some more complex than others.
For example, there is the “USDC Bybit Savings” product, which allows you to earn yield on the USDC that you stake with the platform.
There are also “Dual Asset Short Term High Yield” products that come and go quickly on the site.Dual asset products may involve DeFi operations to generate yield, and as such should be considered high risk.
Please keep in mind that when you lend or stake assets on a centralized platform, you are adding counterparty risk.This means you are trusting the platform to manage your assets responsibly.
NFTs Bybit’s NFT marketplace supports the minting, listing and trading of NFTs on the Ethereum blockchain and the listing and trading of NFTs on the Solana blockchain.
Is Bybit easy to use? Certain features of Bybit are easier to use than others.
For example, the express buy feature is quite easy to use while the derivatives trading platform is a bit more complicated.
Express buys
Derivatives trading
Customer support
Bybit has an extensive help section that provides guides on how to use a number of features on the platform.
It gives you instructions on how to submit a query around an issue you’re having and how to reset your two-factor authentication (2FA).
The platform also has a frequently asked questions section and a customer support email.
You should receive a response within one business day.
Bybit does not offer phone or live chat support.
Is it safe to use Bybit? Bybit could be safe to use for the following reasons:
Private keys are kept in cold storage The exchange has never been hacked The exchange offers two-factor authentication It’s safer to use Bybit once you complete the KYC process.
Bybit KYC requirements While KYC isn’t required to use Bybit, you are opening yourself up to risks by not going through the KYC process.Risks include:
Potentially having your account flagged and frozen by authorities Potentially violating anti-money laundering (AML) laws or other laws like it Not being able to withdraw large sums of crypto Non-KYC platforms are typically not registered with local regulators Financially, Bybit can be dangerous to use, as trading crypto derivative products is risky and the chance of losses is higher than spot trading.
Past hacks – Bybit has never been hacked.
Security audits – Bybit has disclosed which security audits it has undergone, and the exchange’s CEO, Ben Zhou, has gone on the record saying that cryptocurrency exchanges should work with “reputable security firms to carry out security audits” according to CoinTelegraph.
Insurance fund – Bybit’s insurance fund is a reserve pool that the exchange can use to help protect traders from entering negative equity territory – or going below the bankruptcy price – on a trade.
Cold storage – 100% of the private keys to assets on the Bybit platform are held in multi-signature cold storage wallets.
Alternatives to Bybit If you want an exchange that takes regulation seriously and still offers crypto derivatives products: FTX offers an alternative to Bybit if you are looking to trade crypto options, swaps and futures with up to 20x leverage.FTX requires users to complete the KYC process and adheres to country-specific regulatory requirements.
If you are looking for margin trading in the US on a trusty exchange and already have a high net worth: Kraken began to allow customers who can certify that they have $10 million in assets to use 5x leverage on the exchange.These customers have to complete the required paperwork to become an Eligible Contract Participant.
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eToro USA LLC Cryptocurrency Trading Finder Award Wire transfer, Online banking USD 25
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FTX.US Cryptocurrency Exchange Bank transfer (ACH), Cryptocurrency, Wire transfer USD, AUD, EUR, CAD, GBP, SGD 32
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FTX exchange offers a range of cryptocurrencies, up to 10x leverage, access to global liquidity, no-fee debit cards for FTX users, fee-free first ACH deposit and benefits for FTT token holders.Go to site
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Disclaimer: Star ratings are only displayed for products with 10 or more reviews.loading Prev 1 2 3 4 5 6 7 8 9 Next Compare up to 4 providers Clear selection Compare Frequently asked questions Where is Bybit located? Bybit is currently headquartered in Dubai.
It was founded in Singapore in 2018 but moved its HQ to Dubai in 2022.It also has offices in Hong Kong and Taiwan.
Where is Bybit available? Bybit is available to customers globally, excluding a handful of countries such as the US, Singapore, mainland China, Iran, North Korea, Syria and Sudan.It is also banned in Quebec, Canada.
Is Bybit better than Coinbase? Bybit is best known for crypto derivatives trading, while Coinbase is best known as a crypto broker and exchange.It’s difficult to argue which one is better, as the two platforms specialize in different aspects of crypto trading.
Is Bybit better than Binance? It depends on what you are looking for.
Bybit and Binance offer a number of the same crypto derivatives products including futures contracts, options and leveraged tokens.
Binance caps the amount of leverage you can use depending on the specific coin chosen and which country you are located in.Bybit caps it at 100x for all users.
Sources “What is Bybit NFT marketplace?” Bybit Learn, Jan.20, 2022 “Bybit fees: Everything you need to know before trading crypto [updated],” Bybit Learn, Sept.17, 2021 “Hello, how can we help you?” Bybit “Most crypto exchanges are vulnerable by design, says Bybit CEO,” CoinTelegraph, Sept.
27, 2020 “What is the Bybit insurance fund?” Bybit Learn, Apr.14, 2021 Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity.Performance is unpredictable and past performance is no guarantee of future performance.Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators’ websites before making any decision.Finder, or the author, may have holdings in the cryptocurrencies discussed.Go to Bybit site Was this content helpful to you? Yes No Thank you for your feedback! Frank Corva twitter linkedin Frank Corva is the senior analyst for digital assets at Finder.Frank has turned his hobby of studying and writing about crypto into a career with a mission of educating the world about this burgeoning sector of finance.He worked in Ghana and Venezuela before earning a degree in applied linguistics at Teachers College, Columbia University.He taught writing and entertainment business courses in Japan and worked with UNICEF in Nambia before returning to the States to teach at universities in New York City.He spent years as a publicist and graphic designer in the music industry, working for record labels like Warner Music Group and Triple Crown Records, and he’s also a former music journalist whose writing and photography has been in published in Alternative Press, Spin and other outlets.
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