Bybit Review

Bybit is one of the most popular peer-to-peer cryptocurrency derivatives trading platforms offering a variety of innovative features for crypto traders around the world. The platform was launched in March 2018, and despite being a relatively new exchange, they have been able to make a mark in the crypto world. It is becoming a popular technology platform for cryptocurrency traders and is gaining customers at an impressive rate.

Bybit Website

Bybit offers a variety of features, including a 100x leverage to maximize profits for traders and supports a variety of digital assets, including Bitcoin, Ripple, and Ethereum. It even offers EOS trading against the US dollar. The platform offers its traders both short and long positions so that they have the option to make their trades according to the market. 

Bybit has also introduced state of the art features with rigid security protocols in place to ensure its user safety and prevent any fund losses. The exchange has a world-class customer support team to remain competitive amongst its rival exchange providers. The company has claimed that its matching engine can handle up to 100,000 transactions per second, which is one of the highest in the industry! 

This high-performance matching system also allows the platform to prevent any overload issues that can result in fund losses. 


Bybit was launched in March 2018 and is listed in the British Virgin Islands. The company is headquartered in Singapore with offices in Taiwan and Hong Kong. The founder of the platform is Ben Zhou, who is one of the prominent Fintech experts and previously worked as a district general manager in XM China

Their core team consists of expert traders in the Forex industry and investment banking. The team is also well versed in Blockchain technology. The team includes Latica Qiu and other technically proficient members who have previously worked in renowned companies worldwide. They have about 90 employees who have joined within the year. Bybit development team designed the entire platform in just six months and aimed to make it as perfect as possible. 

The company is supporting over 100,000 traders from countries like Russia, South Korea, Japan, India, and Europe. And their numbers are continuing to grow. Therefore, Bybit offers multilingual support and offers its platform in a variety of languages to continue its trajectory of global expansion. 

Bybit offers experienced cryptocurrency traders an efficient platform with many benefits and is focusing on expanding their user base to incorporate novice traders as well. Since its conception, Bybit has become a popular name in the crypto world. 


Bybit offers its users a broad range of services and key features to facilitate a responsive and efficient trading experience. The main features of the platform are the following:

  • 100x Leverage – Bybit has a very generous leverage system that allows trade contracts in a variety of digital assets with up to a 100x leverage so that traders can earn the maximum profit and find a delicate balance between profits and risks. 
  • Coin swaps – The platform provides the facility of swapping cryptocurrencies in just one click. 
  • 100,000 TPS – the platform can handle up to 100,000 trades per second, which is ten times the average industry rate.
  • Cold wallet storage – They keep all funds in cold wallet storage and ensure the security by conducting three manual withdrawals. 
  • No limit on withdrawals – Trader can make as many trades and withdrawals as they want.
  • KYC not required – No personal information or legal documents are required to create an account and use the platforms. 
  • Supports multiple currencies – The platform accepts deposits, open positions, and withdrawals in a variety of currencies like Bitcoin and Ethereum, etc. 
  • Security – The platform does not have any history of breaches or hacks. Bybit system has proven to be secure, and they maintain user privacy.
  • Customer support – The company has a very responsive customer support team, which is available to users 24/7.
  • Referral program – Users can earn bonuses worth $10 for every new member that they invite to the platform
  • Dual price mechanism – It protects the traders from being manipulated by the market. Traders are liquidated depending on the mark price, which is an average price of larger exchanges.
  • Mobile app – Bybit has its own phone application, which is supported by Android and iOS and is especially useful for trading on the go. 

The platform also offers a variety of order types for traders, which include limit, market, and conditional orders.

Limit Orders – These types of orders allow the user to set the price at which they want their order to be executed. For example, if you want to long Bitcoin but feel that its current price is too high, you can set a limit order to buy it at a lower price. This will ensure that when the price of bitcoin falls to the price you have set, your order will be completed. 

Market Orders – This is the simplest type of order. Users can select a cryptocurrency that they want to purchase or sell and hit the Long or Short option. The best available price will be offered, and the order will be completed. 

Conditional Orders – Professional traders use these kinds of orders. They require a trigger price and a limit price to be set by the traders. When the trigger price is reached, then the orders are executed and sent to the market. 

The platform also has an insurance fund to remove the risk of auto-deleveraging. This happens when there is not enough liquidity available in the market, and all liquidated positions are forced to close at a price that is lower than the bankruptcy price. In such situations, Bybit can use its insurance fund to cover the difference in the liquidation and bankruptcy price and prevent major losses for the traders. 


Trades occur between two parties called the maker and the taker. The maker is the person whose order is listed in the order book before the trade occurs. They make the liquidity in the market. The taker is the person who matches or takes the maker’s order. Takers take the liquidity available by matching their orders with the makers. 

A trading fee is charged on both parties by Bybit. The takers have to pay a fee of 0.075% on order. However, the fee for makers is -0.025%, which means that makers get paid to trade. It is one of the competitive features of the platform and makes it unique. 

Moreover, a withdrawal fee is also charged by the platform. The fee amounts to 0.0005 BTC, which is estimated to be forty percent lower than the industry average in all other crypto exchanges available globally. 

Bybit also charges another fee called the funding rate which is equivalent to the overnight rate. Since margin trading has borrowing positions, traders either have to pay a financing charge or they will receive it. However, this fee is not kept by Bybit and is exchanged between the two trading parties. The funding rate is determined by interest rates and the prevailing market conditions. Thus, it is flexible and varies on a day to day basis. The funding rate for each day is provided in the position details while making a trade. 

Moreover, Bybit also charges a network or miner fee as it trades on the blockchain network. This fee is usually very small. There is also a $5 fee applies to your asset exchange orders if you exchange cryptocurrencies at the spot. 

Verification: Is KYC required?

The user verification process on Bybit is straightforward – they don’t require KYC. They only require two-factor authentication when users are making their withdrawals. Their primary purpose is to make crypto trading as easy as possible for their customers. A significant benefit of using this platform is that no lengthy verification processes are required. Users can start using the platform by just entering their email addresses. The system takes care of everything else. No identification documents or pictures need to be provided to be able to trade. It makes the trading process quicker and more relaxing for newcomers.


Bybit has users from all around the world including Germany, Australia, United Kingdom, Brazil, Italy, Norway, India, Portugal, Netherlands, Austria, Sweden, Peru, Japan, Ukraine, Belgium, Ireland, Romania, Argentina, Poland, China, Belgium, Spain, Italy, Germany, and Switzerland.

However, the platform is restricted in some regions. The following countries do not have access to Bybit’s services:

  • USA
  • Quebec (Canada)
  • Cuba
  • Singapore
  • Crimea
  • Sevastopol
  • Syria
  • Iran
  • China
  • Sudan
  • North Korea

Deposits & Withdrawals

The first step to trading is depositing your funds on Bybit. To make deposits, you must go to the “Assets” tab located on the navigation bar. Since Bybit is a cryptocurrency-based platform, thus users can only make their deposits in the supported cryptocurrencies. Fiat deposits are not allowed. The assets tab will contain a deposit button as well. When you select that button, a box will be displayed which contains your Bitcoin deposit address and its QR code. 

This code is very important for any transaction. Once the address is displayed, you can now transfer your cryptocurrency to the platform and make a deposit to start trading. However, it is important to note that the transactions do not take place instantly and may require some time, as it must be processed by the network and be confirmed by miners

The withdrawal process is also very simple. To make a withdrawal, you must select the withdrawal button on the currency that you want to take out. It will prompt the platform to ask for the two-factor authentication by Google. It will also ask for the wallet address where the withdrawn assets are to be transferred. The miner fee will also be displayed. Once you complete the process, your withdrawal will be made.

Bybit has three withdrawal cycles daily at 08:00, 16:00, and 24:00 UTC. It also has some withdrawal limits, but they are not very restrictive. For Bitcoins, the minimum withdrawal limit is 0.002 BTC, while the maximum limit is 10 BTC. For Ethereum, the minimum and maximum limits are 0.02 ETH and 200 ETH, respectively. For Ripple, the limits are 20 XRP, and 100,000 XRP is the maximum withdrawal limit. Lastly, the EOS withdrawal limits are 0.2 EOS and 10,000 EOS, respectively. 

The platform ensures that they always have funds available in their hot wallet so that these withdrawals can be made daily. If you have met your daily withdrawal limit, then you will have to wait for Bybit to replenish their funds from their cold storage. 

Account: Register & Login

Getting started on Bybit is an effortless task. All you need to do is sign up and create your own account. The registration process is very simple and takes only a few minutes. The Bybit website has a Register button, which will take you to the registration process. It will require users to enter their email addresses and passwords. A confirmation code will also be provided via email, which you need to enter to verify your email id.

The security of your account is crucial at this stage. Thus, you should go to the Account and security tab and set up SMS and email authentication. You will also be required to use Googles two factor authentications. After doing all of the above, you are good to go and start trading. 

To navigate through your account, a simple user interface is provided by Bybit, which is a huge plus for first time users. The navigation bar on the top of the page also provides everything that a trader will require. It includes options for account monitoring and market price fluctuations for users to view.

Bybit also offers a $10 bonus for free when a user completes their registration process successfully. It is a good gesture for the users as they begin their trading journey. 

The login process is also very convenient. You just need to follow these steps:

  1. Log on to the website and click on “login.”
  2. Enter your email and password.
  3. Click on the Login button, and you will be redirected to your account.

Please note if you have used your phone number to log in, then you must click on the Mobile Log in tab and enter your phone number and password. 

Safety & Security

 Bybit has ensured the security of all traded funds as well as the users by incorporating some rigid security measures. The platform uses a combination of hot and cold wallets to store its funds. The majority of the funds are kept in multi-signature cold wallet storage, due to obvious security reasons. The rest of the funds are held by hot wallets. This is to facilitate withdrawal requests from their users and ensure quick withdrawals.

Any withdrawals from the cold wallet are performed by the security team of Bybit in three withdrawal cycles daily. Before the team can process a withdrawal request, some security checks are performed. The details of these security checks are not disclosed to the public so that the system cannot be breached. 

The platform uses encrypted communication. It has a full SSL encryption to prevent any phishing attacks or online scammers. All the passwords and user information is encrypted. This also helps to prevent phishing sites. Users should be aware that if they log on to a website that does not display a secure padlock in the address bar of the browser, then they should immediately leave the site and not enter any personal information.

The platform also uses two-factor authentication to add another layer of protection to all online exchanges. As a result, users will need their phone to authenticate their accounts and make transactions. A Google authenticator is a must before any trading can take place.

All security for funds is boosted by state-of-the-art risk-mitigating features like stop-losses, which ensures that users are never in a situation where all of their digital assets have to be liquidated due to sudden market fluctuations. However, Bybit does not use any KYC verification, which is why some traders are concerned about how good their security can be. The platform is still relatively new and hasn’t had the time to prove itself as a reliable exchange platform. 

Customer Support

Bybit has gained a large number of users in very little time. A big reason why they are becoming so popular is their customer support services. The platform provides 24/7 live support to all its users. Their website has an inbuilt chat function where users can type in their queries and receive a response from them in a matter of seconds. Another way that customers can reach out for support is through their email address. All queries are responded to by their executives timely.

Bybit has also established a strong social media presence on popular social networking sites, including Facebook, Twitter, Reddit, YouTube, and Instagram. These platforms enable to team to keep in touch with their customers directly and inform them of product developments and news regarding the company. You can directly reach out for their help through any of these platforms as well. However, there is no phone support offered to customers. 

The company has recently launched 12 Telegram groups that are focused on different communities that have the largest number of users. It is perhaps the most direct way of reaching their support team. Bybit has a broad community outreach and provides access to these telegram communities in multiple languages, including Spanish, Japanese, Arabic, Israeli, Argentinian, Russian, French, Korean, German, Turkish, and Italian languages. 

The company is continuously striving to broaden its operations and including more local communities. 


Crypto traders around the world have endorsed Bybit as a robust and reliable platform for cryptocurrency derivatives exchange. The platform is more suited to experienced traders but shows promise in welcoming new crypto enthusiasts into the trading world. The round the clock support provided by its exceptional customer service team, and the hot and cold wallet dual storage facility, all make Bybit stand out from its competitors. 

As with every exchange platform, there are some pros and cons of using Bybit, which are summarized below:


  • It offers traders up to 100x leverage so that they can make maximum profits
  • Their mechanism reduces and risk arising from price fluctuations and liquidation
  • It does not require any KYC verification
  • It allows users to do a demo trade before they sign up
  • It offers very low trading fees


  • It does not support fiat currency
  • Leverage on EOS & XRP could be higher

Another major benefit of the platform is that it provides users a way to get acquainted with their system by giving them a demo environment for trading. It builds up the confidence and trust of the traders on the platform before they can start trading with their funds. People who are skeptical about the platform can use this demo as a starting point, and it is sure to help them decide regarding the usability of the platform. 

Moreover, the no KYC rule is preferred by the majority, as it relieves traders the hassle of providing documents and private information to an online platform. It helps them maintain their privacy without having to compromise on how much they can trade and withdraw from the platform. There is no restriction for earning a profit for these traders. Bybit is a great place to do that. 

The CEO of the company is also a great asset to the company. He makes himself available to people through his Twitter account and engages with the community firsthand and directly. This shows the world that the company believes in transparency and accountability and will not scam you. 

Bybit is a relatively new company and has room for improvement in the coming years. The platform only supports limited cryptocurrencies. It needs to expand its operations and bring in more currencies in order to remain competitive. The platform offers a lot of great features for crypto traders that can make it one of the industry leaders in no time.