Are you considering becoming a trader on Bybit? Perhaps you're wondering if it's worth the effort or if you meet the eligibility criteria to use the platform. In this comprehensive Bybit review, we present an all-encompassing review of Bybit, delving into its advantages, drawbacks, noteworthy features, and fee structure. Keep reading to discover whether Bybit is the right choice for you!
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What Is Bybit?
Bybit, a burgeoning cryptocurrency derivatives exchange, came into existence in 2018.
The organization was conceived by a cohort of seasoned professionals proficient in the domains of investment banking and the forex industry. Bybit's operational hub is stationed in the vibrant city-state of Singapore, while its legal registration resides in the captivating confines of the British Virgin Islands.
The company espouses a grand vision of fostering a global economy, driven by an expeditious, impregnable, and transparent trading infrastructure.
Bybit endeavors to construct a financial ecosystem of the future, fortified by cutting-edge and revolutionary blockchain technology.
Boasting a colossal user base of over 14 million traffic/month worldwide, encompassing both retail and professional patrons, Bybit steadfastly maintains its unwavering commitment to delivering an unparalleled user experience.
Bybit Exchange, an establishment focused on cryptocurrency derivatives, offers traders a conducive environment for engaging in futures trading with considerable leverage on BTC/USD, ETH/USD, XRP/USD, EOS/USD, and BTC/USDT perpetual contracts.
it highlights that this particular cryptocurrency exchange operates with a strong emphasis on safety, security, fairness, transparency, and efficiency, ensuring a reliable and effective platform for futures trading.
Bybit Review: How Bybit Works?
Bybit has no KYC requirements, only a phone number or email address is needed to open an account. It supports deposits of cryptocurrencies and allows the use of third-party apps to purchase Bitcoin with traditional money.
The platform offers margin and futures trading with leverage of up to 100x for Bitcoin and 50x for other currencies. Short-term insurance against losses is also available. Both the website and mobile app provide a range of features for advanced traders.
Bybit is not recommended for spot trading if you solely wish to exchange one cryptocurrency for another.
Leverage allows you to borrow money to potentially increase your returns, but it also amplifies the risk of losses. Retail investors are generally not permitted to buy on margin due to the potential for substantial losses.
You can take long positions or short positions. The three main order types available are:
- Limit: Set a specific price for buying or selling.
- Market: Immediate execution from the order book, with less control over the price and incurring a taker fee.
- Conditional: Activated when the trigger price is reached, such as a “take profit order” to secure profits after a 50% gain on your investment.
Bybit Review: Pros and Cons
Pros
- No KYC requirement for easy registration
- Mobile app available for trading on the go
- Offers perpetual swap futures for coins like XRP and EOS
- Supports multiple order types (limit, partial, conditional, market)
- High leverage, attractive trading fees, and market maker rebate
- Competitive fees compared to other exchanges
- Bybit's insurance fund prevents the socialization of losses within the ecosystem.
- Up to 100x leverage available for cryptocurrency trading
- Advanced tools supported by cutting-edge technology
Cons
- Limited number of trading pairs available on Bybit.
- Bybit does not support fiat purchases of cryptocurrency.
- Trading is not permitted for US citizens.
- Trading volume statistics on Bybit cannot be verified for authenticity.
- Limited selection of cryptocurrencies available on the platform.
https://www.youtube.com/watch?v=J52UIJWhQ2s
Bybit Referral Code 2023
Yes, the Bybit referral code is 41248. You can use this code to get a $3230 reward +$500 bonus in USDT and 15% off fees when you sign up for Bybit. You can also earn up to 30% trading commissions on each successful referral.
To use the referral code, simply follow these steps:
- Go to the Bybit website or app.
- Click on the “Sign Up” button.
- Enter your email address and create a password.
- In the “Referral Code” field, enter code 41248.
- Click on the “Create Account” button.
Once you have created your account, you will receive the $3230 reward +$500 bonus in USDT and 15% off fees. You can also start inviting your friends to sign up with your referral code to earn more rewards.
Here are the steps on how to get your Bybit referral bonus:
- Your friend must sign up for Bybit using your referral code.
- Your friend must make a minimum deposit of $3,000 and trade a minimum of $6,000.
- You will receive a $100 bonus in USDT.
You can continue to earn referral bonuses for each of your friends who sign up and trades on Bybit. The maximum referral bonus you can earn is 30% of your friend's trading fees.
| ⏩ Bybit Exchange | Sign Up / Register! |
| ⏩ Sign Up for Bonus | $3,230 Reward +$500 Bonus + 15% off fees |
| ✅ Valid | NOW |
| ⏩ Referral Code | 41248 |
| ⏩ Refer and Earn | Up to 40% of Trading Commissions |
Bybit Review: Features of Bybit
Perpetual Futures and The Dual Price Mechanism
Bybit offers perpetual contracts that allow traders to hold positions indefinitely. It employs a dual price mechanism, consisting of the Mark Price and the Last Traded Price, to ensure fair liquidation calculations.
Bybit’s Mark to Market Price
Bybit uses the Mark Price, based on the global average spot price, to avoid unnecessary liquidations caused by short-term price fluctuations. This mechanism ensures that traders' positions are fairly valued.
100X Leveraged Trading
Bybit enables traders to access leverage of up to 100 times their trading capital. Leverage amplifies potential profits, but it also increases the risk of losses. Traders should exercise caution and implement risk management strategies when using leverage.
The Contract Loss Mechanism
Bybit employs a Contract Loss Mechanism to prevent unrealized losses from exceeding a trader's available margin. This mechanism helps protect traders from significant losses and ensures the integrity of the trading system.
Socialized Loss System Vs. Auto-Deleveraging System (ADL)
Bybit uses a Socialized Loss System, which spreads the losses among profitable traders, ensuring that all traders contribute to the system's overall stability. In rare cases, the Auto-Deleveraging System (ADL) may be activated to liquidate positions according to predetermined rules.
How to Create a Bybit Account (Step-By-Step)?
There are two methods to create a Bybit account: using an email address or a mobile phone number. You can choose the option that is more convenient for you. Registration can be done on either a desktop or a mobile device.
Please note that if your country is on Bybit's restricted countries list, you will not be able to sign up. You can refer to the list of crypto-friendly countries for more information.
Sign Up Using Website
Step 1: Click on the “Sign Up” button located in the top right corner of the Bybit homepage.
Step 2: Choose your preferred sign-up method: email or mobile. Enter the required details accordingly. Enter Bybit referral code is 41248 to get a bonus.
Step 3: After reading and agreeing to Bybit's Terms of Service and Privacy Policy, click on “Create Account.” A window displaying restricted countries will appear. If your country is not on the list, click “No” to continue.
Step 4: Complete the reCAPTCHA verification and enter the verification code you received based on your chosen registration method.
- If you selected Email, check your email inbox or spam/junk folder for the code.
- If you selected Mobile, you will receive an SMS code on your mobile device.
Sign Up Using Mobile App
To register on the Bybit mobile app, follow these steps:
Step 1: Download the official Bybit App from the Apple App Store or Google Play Store. Launch the app and tap on “Assets” at the bottom right corner.
Step 2: From the upper right corner, select the “Sign Up” button.
Step 3: Choose your preferred sign-up method: Email or Mobile. Fill in your details and tap on “Sign Up.” Enter the Bybit referral code is 41248 to get a bonus.
Step 4: A window will appear showing a list of restricted countries and regions. If your country is not on the list, select “No.”
Step 5: Complete the reCAPTCHA verification and enter the verification code you received based on your chosen registration method.
- If you selected Email, check your email inbox or spam/junk folder for the code.
- If you selected Mobile, you will receive an SMS code on your mobile device.
Does Bybit Require KYC?
Bybit prioritizes security and encourages customers to undergo the KYC verification process. While trading Bitcoin, Ethereum, or other altcoins on Bybit without KYC is possible, there is a daily withdrawal limit of 2 BTC.
To increase the withdrawal limit to 50 BTC or 100 BTC, users need to provide personal information and complete the KYC verification process.
Bybit offers two levels for KYC verification:
- Level 1: Basic Verification – This level requires providing personal information such as name, date of birth, and address.
- Level 2: Advanced Verification – In addition to the information provided in Level 1, Level 2 verification involves submitting supporting documents, such as a government-issued ID, to further authenticate the user's identity.
Completing the KYC verification process allows users to enjoy higher withdrawal limits and provides an added layer of security to their trading activities on Bybit.
How to Complete KYC Verification on Bybit?
After creating a new account on Bybit, you can easily verify your account by following these steps:
- Click on “Account & Security” in the upper right-hand corner of the screen.
- Under the “Account Information” section, locate the “Identity Verification” column and click on “Verify Now.”
- Choose the appropriate level of verification (Lv.1 or Lv.2) and click on “Verify Now.”
- Provide the required information as instructed, based on the selected verification level.
By following these steps, you can successfully complete the verification process for your Bybit account.
What Services Does Bybit Offer?
Bybit stands out from other cryptocurrency exchanges as its primary product is perpetual swap futures. Unlike traditional futures contracts that have an expiration date, perpetual swap futures have no set expiration, allowing traders to hold them for as long as desired.
Bybit currently offers perpetual swap futures for four coins: Bitcoin, EOS, Ether, and Ripple XRP. While the range of trading options is limited, these unique trading products are not widely available on other platforms, making Bybit a notable choice for traders seeking these specific instruments.
Margin Trading
One of Bybit's notable features is its leveraged trading capability. Bybit offers high-leverage trades, allowing users to access up to 100x leverage on Bitcoin perpetual swap futures.
With such high leverage, a trader can have exposure to $100 in Bitcoin volatility with just $1 as collateral. This presents an opportunity to potentially make profits rapidly, but it also carries a significant risk of losing funds quickly. Even a small price movement can result in the complete loss of a trader's position when utilizing 100x leverage.
However, for experienced traders who understand the risks involved, such high leverage can be appealing and align with their trading strategies and objectives.
Margin Trading Limits
While Bybit provides high-leverage trading options, there are certain limitations in place. For example, the maximum leverage of 100x is exclusively available for the Bitcoin perpetual swap futures, with a trade limit of 150 BTC.
For Ethereum, the maximum leverage is capped at 50x, and the trade limit is set at 3,000 ETH. Similar restrictions apply to Ripple XRP and EOS trades, where the maximum leverage is also 50x.
These limits likely reflect Bybit's assessment that altcoins such as Ethereum, Ripple XRP, and EOS are generally more volatile than Bitcoin. By imposing lower leverage on these assets, Bybit aims to mitigate the potential risks associated with higher leverage, acknowledging the increased volatility of these altcoins.
Buying With Fiat on Bybit
At present, Bybit does not facilitate any form of fiat deposits. This means that debit cards, wire transfers, and bank transfers are not accepted on the platform. Consequently, purchasing cryptocurrencies directly on Bybit is not possible. The only way to engage in trading on Bybit is by transferring cryptocurrencies to the platform.
To trade on Bybit, it is recommended to obtain cryptocurrencies from other exchanges such as Coinbase or Kraken, and then transfer them to the Bybit exchange.
One advantage of Bybit is that it accepts deposits in all of the cryptocurrencies it supports, namely BTC, ETH, XRP, and EOS. This sets Bybit apart from platforms like BitMEX, which solely accepts BTC deposits despite offering trading options for various other currencies.
Bybit Payment Methods
Bybit offers multiple payment options for depositing funds into your account, including Visa, Mastercard, Electronic Fund Transfer (EFT) or Wire Transfer, and Bill Payment options. These payment methods allow users to deposit funds using fiat currency. Bybit collaborates with Banxa, Xanpool, MoonPay, and Mercury to facilitate fiat currency payments.
To make a deposit using the Bybit mobile app, you can follow these steps:
- Open the Bybit mobile app.
- Locate the “Assets” tab, typically located at the bottom right-hand corner of the app interface.
- Tap on the “Deposit” option to initiate the deposit process.
- When making a deposit, you will need to select the cryptocurrency you wish to receive in your Bybit wallet address. Bybit currently supports BTC, ETH, and USDT as deposit options.
- Enter the deposit amount in either a fiat currency or cryptocurrency amount, based on your preference.
Please note that the specific payment options and availability may vary based on your region and the partnership agreements with payment providers. It's recommended to refer to the Bybit website or contact their customer support for the most up-to-date information regarding deposit methods and availability.
Bybit Review: Bybit Fees
Bybit trading fees vary for Non-VIP and VIP users. VIP users can enjoy higher fee discounts based on their VIP levels, which are determined by factors such as asset balance, BIT holdings, or last 30-day trading volume. Meeting any one of the criteria will unlock the fee discount corresponding to the respective VIP level.
For example, let's consider Trader A. If Trader A has a $50,000 asset balance (VIP 1 criteria) or their last 30-day Spot trading volume reaches $6 million (VIP 3 criteria), they will be promoted to VIP Level 3. As a result, Trader A will be entitled to the discounted fee rates associated with VIP Level 3.
The VIP level is updated daily at 7 AM UTC, and subaccounts will have the same fee rate as the main account. Please refer to the tables below for the trading fees applicable to different products and the criteria required for each VIP level.
Your VIP level on Bybit is determined by your asset balance, BIT holdings, net borrowings, and recent trading volume.
Bybit Insurance Fund
The Bybit insurance fund is designed to protect against significant losses (negative equity) resulting from positions that are closed at prices worse than bankruptcy prices. It serves as a safeguard to mitigate the risk of auto-deleveraging.
Funds for the insurance fund are collected from the remaining margin of liquidated positions that are closed at prices better than bankruptcy prices. This means that when positions are liquidated, any excess margin left after covering losses is allocated to the insurance fund.
Bybit maintains the latest and historical balances of the insurance fund. These balances reflect the accumulated funds over time, which are utilized to cover potential losses and maintain the stability of the platform.
Ease of Use and Interface Bybit
Bybit's trading page may appear overwhelming to casual visitors, but for experienced users, it is arguably one of the most user-friendly cryptocurrency derivatives trading platforms available.
Even if you are new to the platform, you can easily grasp its fundamentals and understand how everything works with a little time and effort.
Once you are ready to start trading, you will find Bybit's customizable modules to be highly beneficial. The dashboard layout is well-organized, and you have the freedom to move, resize, or maximize the modules according to your preferences.
The functionality of Bybit's mobile application matches that of its web-based counterpart. The user interface is highly responsive and easy to navigate. One standout feature is the leverage slider, which simplifies the adjustment of leverage. While you can manually enter a specific number, this tool makes leverage adjustment effortless.
Bybit also offers multi-language support for non-native English speakers. You can translate the platform's content into seven other languages, including Japanese, Korean, Vietnamese, Spanish, and Russian. This language support extends beyond the trading platform dashboard and includes Bybit Learn, the Bybit Blog, and the Help Center, ensuring that language barriers are minimized.
Bybit Bonus Referral Program
Bybit owes much of its rapid growth to its referral program, also known as the affiliate program. This program offers substantial rewards, allowing you to earn up to 1025 USDT and receive a 30% commission from the trading fees of users who sign up using your referral link. Additionally, you'll enjoy a 10% discount on the trading fees of sub-affiliates who register under your direct affiliates.
If you have a friend who is interested in signing up on Bybit, ensure that they use your referral link. This way, both you and your friend can benefit from the kickbacks on their fees.
Take advantage of the referral program to maximize your rewards and enjoy the benefits of introducing others to Bybit.
- Invite Friends to Deposit: Invite friends to sign up and deposit 100 USDT (To receive 10 USDT bonus each)
- Referee Trade: Get the referee to trade $500 (To receive 15 USDT bonus each)
- Trade More, Earn More: Get a referee to trade $10,000 (To receive a Mystery Box worth up to 1000 USDT each)
Bybit Copy Trading
Copy trading is a valuable feature that simplifies cryptocurrency trading, especially for new traders who lack prior trading knowledge and experience. This functionality enables traders to select and automatically copy an expert trader registered on the Bybit exchange.
Through copy trading, individuals who choose this option will achieve the same profits or losses as the expert trader they emulate. As a copy trader on Bybit, you will also be required to share 10% of your net profit with the trader you are copying. This approach offers new traders an excellent and straightforward method to engage in crypto trading, even without comprehensive information about the market.
While Bybit is one of several platforms in the industry that supports copy trading, it is widely regarded as one of the best options available.
Bybit Mobile App
The mobile app provided by Bybit is fully compatible with the latest Android and iOS systems, and it can be easily downloaded from the Google Play Store. Similar to the desktop version, users can buy cryptocurrencies such as Bitcoin, Ethereum, and other coins through the app using credit cards, debit cards, or bank transfers.
Within the app, you have the option to trade various trading pairs, including BTC/USD, ETH/USD, XRP/USD, EOS/USD, BTC/USDT, and other perpetual trade contracts. Bybit's infrastructure processes an impressive 100,000 transactions per second, ensuring the swift execution of every trade order.
Overall, the Bybit mobile app provides a convenient way to access the platform, make cryptocurrency purchases, and monitor open positions while maintaining robust security measures.
Bybit Security
Bybit is dedicated to prioritizing security, allocating 20% of its annual budget towards ensuring the platform's safety, surpassing the industry average of 15%. Unlike many other exchanges that rely on “hot wallets,” Bybit has implemented “cold wallets” that possess robust security management features and measures. All deposit addresses on the platform are cold wallet addresses. Asset transfers and withdrawals are conducted through offline signatures, further enhancing security. Withdrawal requests undergo three levels of verification and manual reviews daily to effectively manage risk. Traders are permitted to make withdrawals once every eight hours.
Bybit maintains a rigorous policy regarding crypto-asset consolidation, which encompasses system security, physical environment security, operation authentication, encryption techniques, monitoring, and auditing. The platform prioritizes the protection of user data and personal information, aligning with its privacy policy. Each employee undergoes thorough training, scrutiny, and assessment to ensure internal security control.
To enhance account security, Bybit insists that users enable two-factor authentication (2FA). Users are required to scan a QR code, generating a randomly generated six-digit 2FA code within the Google Authenticator App. Additionally, users are advised to write down their Recovery Key Phrase (RKP) and securely store it in a cloud server with full SSL encryption.
By implementing stringent security measures, Bybit strives to provide users with a secure trading environment and safeguard their personal information.
Bybit vs Binance
 |  | |
$3,230 Reward +$500 Bonus + 15% off fees | $100 + 20% Discount Fee | |
Supported Cryptos | ||
Exchange Fees | ||
Taker Fee | 0.06% | 0.10% |
Maker Fee | 0.01% | 0.10% |
Withdrawal Fee | ||
Deposit Methods | ||
Wire | ||
Credit | ||
More | ||
US Allowed | ||
Offers Derivatives | ||
Active Since | ||
Bybit vs BingX
 |  | |
$5125 + 25% Discount Fee | $3,230 Reward +$500 Bonus + 15% off Fees | |
Supported Cryptos | ||
Exchange Fees | ||
Taker Fee | 0.05% | 0.06% |
Maker Fee | 0.02% | 0.01% |
Withdrawal Fee | ||
Deposit Methods | ||
Wire | ||
Credit | ||
More | ||
US Allowed | ||
Offers Derivatives | ||
Active Since | ||
Bybit Customer Support
Bybit provides a global 24/7 customer support team to assist users with their queries and issues. Users can reach out to the support team through phone or live chat functions. The customer support team is proficient in several languages, including English, Chinese, Japanese, Korean, Russian, Spanish, and Vietnamese.
For specific types of queries, users can also reach out via email to the following addresses:
- Customer Support: [email protected]
- IT Support: [email protected]
- Affiliates: [email protected]
- Media: [email protected]
- Partnerships: [email protected]
Bybit offers customer support primarily through email communication. Users can reach out to the support team for assistance with account-related issues, technical inquiries, and other concerns. Bybit strives to provide timely and helpful responses to ensure a positive user experience.
Bybit Review: Conclusion
In conclusion, Bybit is a prominent cryptocurrency derivatives exchange platform that offers advanced trading features, competitive fees, and a user-friendly interface. It provides traders with leveraged trading options, perpetual contracts, and a range of trading tools. While it has certain limitations such as restricted access in some countries and a limited selection of cryptocurrencies, Bybit continues to gain popularity among cryptocurrency traders. As with any trading platform, users should conduct their own research, understand the risks involved, and make informed trading decisions.
Frequently Asked Questions About Bybit
1. How long does it take to withdraw funds from Bybit?
The withdrawal time on Bybit may vary depending on various factors, including network congestion and security checks. Typically, withdrawals are processed promptly, but it is advisable to check Bybit's withdrawal policy and account for potential delays.
2. Is Bybit regulated and compliant with industry standards?
Bybit operates as a self-regulated cryptocurrency exchange and implements various security and compliance measures. While it is not regulated in the same manner as traditional financial institutions, it adheres to industry best practices to ensure user fund security and platform integrity.
3. Can I use Bybit on my mobile device?
Yes, Bybit offers a mobile app for both iOS and Android devices, allowing users to trade conveniently on their smartphones or tablets.
4. Are there any deposit limits on Bybit?
Bybit has deposit limits in place to ensure security and compliance. The specific limits may vary based on factors such as account verification level and the user's location.
5. What are the advantages of perpetual contracts on Bybit?
Perpetual contracts on Bybit offer several advantages, including the absence of expiration dates, enabling traders to hold positions for as long as they choose. Additionally, perpetual contracts provide opportunities for hedging and trading strategies based on price movements, even during periods of high volatility.
6. Is Bybit regulated and compliant with industry standards?
Bybit operates as a self-regulated cryptocurrency exchange and implements various security and compliance measures. While it is not regulated in the same manner as traditional financial institutions, it adheres to industry best practices to ensure user fund security and platform integrity.
7. Can I use Bybit on my mobile device?
Yes, Bybit offers a mobile app for both iOS and Android devices, allowing users to trade conveniently on their smartphones or tablets.
8. Are there any deposit limits on Bybit?
Bybit has deposit limits in place to ensure security and compliance. The specific limits may vary based on factors such as account verification level and the user's location.
9. What are the advantages of perpetual contracts on Bybit?
Perpetual contracts on Bybit offer several advantages, including the absence of expiration dates, enabling traders to hold positions for as long as they choose. Additionally, perpetual contracts provide opportunities for hedging and trading strategies based on price movements, even during periods of high volatility.
10. What is Bybit's customer support like?
Bybit offers customer support primarily through email communication. The support team strives to provide timely and helpful responses to assist users with their inquiries and concerns.
