Bybit Review 2022 – Is The Bybit Exchange Safe To Trade On?

Bybit has risen to become one of the most popular leverage trading platforms.

Bybit offers a crypto derivatives trading platform that is perfect for experienced traders looking to make use of leveraged trading.

With an easy to use user interface and up to 100x leverage, you can make huge amounts of profit on the Bybit exchange.

In our full Bybit review we will breakdown the cryptocurrency derivatives exchange. We’ll share what we like and don’t like in a fully unbiased way.

Bybit Exchange Review

PROS

  • Offers up to 100x leverage
  • Good security with no previous hacks or breaches
  • Intuitive and easy to use user interface
  • Good referral program
  • 100K TPS matching engine to handle high amounts of orders
  • Fantastic customer support
  • Futures contracts on many altcoin pairs
  • API integration for trading bots

CONS

  • Does not require KYC
  • Not FCA approved
  • Does not allow US citizens
  • Relatively new platform

Compare Bybit

Exchange

Available Countries

Rating

Sign Up

✔️USA

✔️UK

✔️Canada

✔️EU

5/5

❌USA

✔️UK

✔️Canada

✔️EU

4/5

❌USA

✔️UK

✔️Canada

✔️EU

3.5/5

What is Bybit?

Bybit is a crypto exchange and trading platform founded in 2018.

The exchange offers futures contracts, perpetual contracts and a leveraged trading platform.

Originally founded by Ben Zhou, the exchange has grown to have over 10 million users.

The Bybit team consists of investment banking and fintech professionals. Many of the Bybit team had previous employment in Alibaba, Morgan Stanley, Tencent and more.

The exchange offers 104 perpetual contracts to trade.

It also offers 179 spot trading pairs.

Users can trade these by opening a basic trading account. Bybit also offers a testnet to trade on before you use real money on the Bybit platform.

Sign Up For Bybit

To sign up for a Bybit account click here.

Use the referral code: 23607 for a huge deposit bonus.

To create an account all you need to do is enter your desired email and password into the account creation box.

Bybit KYC

Bybit offers 2 levels of verification.

Basic verification: This requires Face Verification alongside your nationality, name and ID number. This increases your withdrawal limit to 50BTC.

Residency verification: This requires verification of your residential address. This increases your limit to 100BTC.

Bybit Fintech Limited is not available to use in the geographical location of the USA.

Users can use Bybit while located in other countries.

Some users utilize a VPN to access Bybit, which does work, although it’s not recommended.

Bybit Features

Bybit offers a variety of different features on their platform.

They offer spot trading, leverage trading, Bybit earn and even NFTs.

Spot Trading

Bybit offers spot trading to users. This allows you to convert USD or more commonly the USDT token into various altcoins.

With spot crypto trading, you are buying the underlying asset.

The crypto assets that you buy will be located in your wallet after purchase and can be withdrawn to your own wallet, other exchanges or even cold storage.

Currently Bybit offers 179 spot trading pairs.

You can use several order types to trade these crypto assets:

  • Limit order
  • Market order
  • Conditional order

bybit spot trading

Bybit Leverage Trading

Bybit offers up to 100x leverage trading on some perpetual contracts.

This means if you started your account with $10 of initial margin, you would be able to trade positions at a $10000 size.

Bybit offers three types of contracts you can trade:

  • USDT Perpetual Contracts with USDT margin
  • Inverse Perpetual Contracts with BTC/ETH or other altcoin as margin
  • Inverse Futures Contracts with BTC as margin

Margin trading with these contracts has no effect on the underlying asset.

You are essentially betting whether the future price goes up or down.

By using well studied trading strategies, it is possible to profit from this.

Futures markets are however extremely risky and very volatile, so before trading on the live markets, it might be smart to use the Bybit Testnet.

bybit margin trading

Bybit Earn

Bybit has followed in Binance’s footsteps and offered a variety of ways to earn on your crypto.

By doing things such as staking, liquidity providing or DeFi mining, you can receive interest on your crypto assets.

Flexible Staking allows Bybit users to lock their assets for no set period of time and earn guaranteed yields on those assets. Your assets can be unstaked at anytime.

bybit flexible staking

Dual asset mining or liquidity providing as its more commonly known, allows you to stake a pair of assets for a fixed period of time. This provides high yields, but your assets will be locked up for the duration stated. Your principal can also lose value if there are large market movements.

bybit dual asset mining

DeFi mining which is very similar to dual asset mining, allows you to lock up pairs and earn on your locked coins. You cannot lose your principal here, although third party platforms are commonly used and smart contracts are vulnerable to exploits.

NFTs

Bybit now offers a marketplace for NFTs.

You can buy and sell listed NFT collections on the Bybit marketplace from other users.

If you are interested in the metaverse this could be the place for you.

Compared to OpenSea the collections are still small, but overtime Bybit has been growing their list of projects that are being traded on the Bybit NFT marketplace.

bybit nft

Bybit Fees

As with any other trading platform, Bybit charges a trading fee to trade on their exchange.

Compared with other cryptocurrency exchanges, the trading fee charged on the Bybit platform are competitive.

Some of the Bybit fees such as withdrawals can be seen as a little higher than the standard.

Spot Trading Fees

Bybit charges the following trading fees for spot trading:

Taker Fee

Maker Fee

Non-VIP

0.10%

0.10%

VIP 1

0.06%

0.04%

VIP 2

0.05%

0.02%

VIP 3

0.04%

0.01%

Pro 1

0.03%

0%

Pro 2

0.025%

0%

Pro 3

0.02%

0%

Leveraged Trading Fees

Bybit charges the following trading fees for leveraged trading:

Taker Fee

Maker Fee

Non-VIP

0.06%

0.01%

VIP 1

0.05%

0.006%

VIP 2

0.045%

0.004%

VIP 3

0.0425%

0.002%

Pro 1

0.04%

0%

Pro 2

0.035%

0%

Pro 3

0.03%

0%

Funding fee

Funding fees are used to maintain a peg between the perpetual contract price and the spot price.

To do this Bybit utilizes a funding fee which uses an 8 hour interval.

When the funding fee is positive, long positions will pay short positions. Similarly when the funding rate is negative, short position holders pay long positions.

Withdrawal fees

The Bybit withdrawal fee is a flat fee that you pay for when you withdraw from the platform.

Currently the withdrawal fee for:

  • Bitcoin is 0.0005 BTC
  • USDT is 10 USDT
  • ETH is 0.005 ETH

Deposit fees

As Bybit does not have a way to fiat onboard directly, they use several third party merchants to deposit.

The fees vary depending on the deposit method used.

Here are some of the most popular deposit methods Bybit uses:

  • Cabital
  • LegendTrading
  • MoonPay
  • Simplex
  • Banxa
  • Mercuryo

Each one charges different deposit fees. It’s recommended to convert fiat currency to crypto on another exchange and then transfer to deposit.

There are no deposit fees for crypto deposits from other exchanges.

Bybit Insurance Fund

The Bybit insurance fund is a way to protect crypto traders on the platform.

The insurance fund covers any excesssive losses caused by positions closing at lower than the bankruptcy price.

This protects against auto-deleveraging and clawbacks caused from large positions being liquidated.

The insurance fund is built over time by collecting from residual margin of positions that are closed at better than the exact bankruptcy prices.

Bybit exchange currently holds close to $150M in their insurance fund.

bybit insurance fund

Bybit Security

Bybit utilizes excellent security standards across their website and the mobile app.

Two factor authentication (2FA) is encouraged for active Bybit trading users.

Two factor authentication should be enabled through Google Authenticator which will help protect your account from malicious actors.

Bybit uses a multi-siganature cold wallet to store traders deposited funds.

You can use the trading platform and Bybit app with upmost confidence, because security is taken extremely seriously.

Bybit Support

Customer support on the Bybit cryptocurrency exchange is excellent.

The customer support operates with a ticket system. You can submit a request easily from the help center.

Customer support replies promptly and resolves most issues very quickly.

Support on the crypto derivatives exchange has been one of the main good points with most traders extremely happy.

bybit support

Bybit Mobile App

For those looking for a cryptocurrency exchange that has a great mobile app to use, Bybit is your place to be.

The Bybit App is an excellent way to trade, manage positions and make use of the variety of trading features offered by Bybit.

The Bybit exchange app has an excellent review on both the Google Play and Apple store.

bybit mobile app

Bybit’s Referral Program

The affiliate program offered by Bybit allows users to earn a percentage of fees from people they refer to Bybit.

Any user can access the referral program in their account.

By using the affiliate program as an influencer, you can help your viewers with their crypto trading and earn on the fees paid.

bybit referral program

Conclusion

That sums up our Bybit review. The crypto exchange is one of the best on the market.

From the 100x leverage offered, to the hundreds of trading pairs, the exchange has anything that experienced traders would want.

The security is fantastic and makes you feel very safe using the platform.

Overall I’d have to say it’s my second favorite leveraged trading platform.

FAQ

Where is Bybit located?

Bybit is located in the British Virgin Islands. Originally it was founded in Singapore and operations still run from there.

The registration location is the British Virgin Islands.

Has Bybit ever been Hacked?

No Bybit has never been hacked. Bybit uses top of the line security practices and is audited often.

Security is a top priority for the crypto trading exchange.

Looking at past data, you should assume your funds are safe at Bybit.

Are Bybit Fees High?

Bybit fees are competitive in the industry.

The VIP program offered by Bybit, allows you to lower your fees depending on the trading volume that you have.

The higher your trading volume, the lower your trading fee.

Where is Bybit legal?

You cannot use Bybit in the following countries: USA, Quebec (Canada), Singapore, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan, and Mainland China.

Who owns Bybit?

Bybit is owned by Ben Zhou.

Why is Bybit banned in the US?

Bybit is banned in the US due to a lack of clarity regarding crypto regulations.

Rather than taking the risk that other exchanges have taken and allow US people to trade, they have banned anyone from the geographical location of the USA.

Is Bybit available in UK?

Bybit is available in the UK.

It is currently not FCA regulated and therefore you are responsible for the loss of your funds, using the platform.

As you can see from my Bybit review, this is one the top trading platforms, so I would say it’s perfect for UK traders.

Leave a Comment