Bybit Exchange // Condensed Review – Pros and Cons

Bybit Exchange // Condensed Review – Pros & Cons

Bybit (bybit.com) is a cryptocurrency exchange and derivatives trading platform that was launched in March 2018. By bit Exchange operates under Bybit Fintech Ltd., a company registered in the British Virgin Islands, and the management team boasts ex-Morgan Stanley and ex-Tencent top executives.

Bybit Exchange has more than 1.5 million registered users while providing an extremely user-friendly interface. By having the highest security standards and most attractive assets available, this platform can handle 100,000 transactions per second.

This Bybit review will show you all the details you should know about this growing platform.

Register a free account at Bybit

Bybit Restricted Countries/Regions

Bybit is accessible to most traders around the world and the website has been translated into English, Chinese, Korean, Japanese, and recently Russian, Spanish, Vietnamese, and even more languages. However, traders located in the USA, Syria, and the Canadian province of Quebec are restricted from using By bit.

Is Bybit a safe cryptocurrency exchange?

Bybit is a secure trading platform that features bank-like security measures and operational procedures to ensure client funds are kept safe. The exchange has also never been hacked or compromised before. Offline β€œcold wallet” storage, multi-signature withdrawal processes, and two factor authentication (2FA) are examples of the safety measures in place.

Is Bybit a safe cryptocurrency exchange?

There is only a small portion of their own coins that are kept in a β€œhot wallet” in order to service the needs of traders for withdrawal purposes. Regarding multi-signature, this means that the Bybit will need more than one key in order to sign a transaction from one wallet to another wallet. This prevents the risk posed by having a single individual manage all the funds on the exchange. Overall, Bybit Exchange is one of the most secure crypto exchanges in the industry.

Available Cryptocurrencies at Bybit

At Bybit, you have the freedom to purchase Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). After buying your crypto, you can store it in your Bybit Wallet or use it to trade derivatives. Available derivative products are available in BTC, ETH, LTC, XRP, BCH, LINK, XTZ, DOT, and UNI.

Available Cryptocurrencies at Bybit

Bybit Services

Bybit Exchange has a wide range of features that make it one of the most advanced crypto platforms. Let’s go through the main products offered by this platform and how you can take advantage of such services.

Bybit Cryptocurrency Exchange

At Bybit, you can easily purchase Bitcoin, Ethereum, and Tether via their β€œFiat Gateway” page. Easily use Apple Pay, Visa, Mastercard, or many other payment methods to buy and hold your crypto, or begin exchanging one crypto for another.

Bybit Cryptocurrency Exchange

Bybit Cryptocurrency Margin Trading

The Bybit platform allows traders to increase their profits in the market by trading with leverage (borrowed money). Let’s say that you open a 20x leverage position and the trade moves in the right direction, then you would be able to increase the leverage even more and take more risk as the trade continues on. Of course, the risk exists, but in the world of trading, high risk is also high reward.

Bybit Cryptocurrency Margin Trading

Bybit Cryptocurrency Futures Trading

Bybit offers futures trading opportunities with up to 100x leverage! This is actually one of the highest in the industry, and Bybit users can trade BTCUSD and BTCUSD contracts at their convenience.

Bybit Cryptocurrency Futures Trading

 

Bybit Cryptocurrency Perpetual Contracts

By bit Exchange offers two main types of perpetual contracts: USDT and Inverse.

For USDT contracts, Tether replaces USD as the base currency (1 USDT = $1 USD in value). Bybit offers BTCUSDT, ETHUSDT, BCHUSDT, LINKUSDT, XTZUSDT, LTCUSDT, ADAUSDT, DOTUSDT, and UNIUSDT contracts.

Bybit Cryptocurrency Perpetual Contracts USDT

For Inverse contracts, the situation is reversed. USD is now the base currency ($1 USD in value). Bybit offers BTCUSD, ETHUSD, EOSUSD, and XRPUSD inverse contracts.

Bybit Cryptocurrency Perpetual Contracts USD

Maximum leverage for both USDT perpetuals and Inverse perpetuals is 50x.

Bybit Wallet

Bybit has a world-class and user-friendly wallet that allows you to store BTC, ETH, USDT, EOS, and XRP.

Bybit is built on the industry’s leading hierarchical β€œcold wallet” system to store all digital assets in a secure location. What this means is that vast amounts of the client’s funds are stored in an offline hardware wallet. Because of this setup, an attacker will not have full access to all the required crypto keys to steal meaningful funds. Since the funds are stored in a physical location, no private key is kept on any cloud server which greatly reduces cyber risks, and therefore Bybit’s wallet is considered extremely safe for crypto investors and traders.

Bybit Wallet

Bybit Mobile App – iOS & Android

Bybit provides an excellent mobile trading app that is highly-intuitive, easy to use, and fully responsive on Android and iOS devices. This smartphone app includes all of the trading features, indicators, and tools as the desktop version. Traders can quickly and easily place trades, monitor positions, and check balances.

Bybit Mobile App - iOS & Android

Bybit KYC Verification Requirements

Bybit.com crypto exchange is currently not regulated in any country and therefore users do not need to complete KYC (know your customer) verification to begin trading. Registering an account takes 30 seconds and the only thing you need to do is provide an email address and create a password.

Register a free account at Bybit

Bybit Trading Fees and Limits

Bybit trading fees are competitive compared to other exchanges in the cryptocurrency industry, and these fees are based on a market β€œmaker” and “taker” fee structure. Depending on the type of order placed, Bybit fees are generally between -0.025% and 0.075%, which is quite excellent in the industry.

Bybit Payment Methods and Fees

Deposit and withdrawal fees are different at Bybit, so it is important to know how much you will be charged. See below for details.

Depositing at Bybit and Fees

As mentioned earlier, you can easily purchase BTC, ETH, and USDT via debit cards, credit cards, and countless other eWallets.

Based on your location, the fiat-to-crypto payment methods may vary, but these are the possible payment options available to Bybit users around the world: Apple Pay, Visa, Mastercard, Interac, POLi, iDEAL, Sofort, SEPA, and more. The payment systems in use are Banxa, MoonPay, XanPool, and Mercuryo. The fee is automatically included within the price shown to you during checkout, but the average payment fee is about 1% to 3%.

Bybit.com can also act as a crypto-to-crypto exchange, which means that you can deposit your BTC, ETH, USDT, XRP, and EOS into Bybit from another crypto platform. No fees are charged for any crypto deposits.

Withdrawing from Bybit and Fees

Bybit does not charge any fees for withdrawing your funds or profits to another wallet outside of Bybit. The only cost is the standard network fee of 0.0005 BTC that is common among all crypto exchanges.

Regarding withdrawal limits, the maximum is 100 BTC (or 10,000 ETH) per day.

Bybit Customer Service

Regarding customer support, the platform provides traders a Zendesk live chat function that is available 24/7 and in all the languages of the website. Bybit’s customer service rating ranks as one of the best in the industry. You may also use the email method to contact their support team.

Email (support): support@bybit.com
Email (technical): it@bybit.com
Live Chat: available 24/7

Conclusion – Should I use Bybit?

Bybit is still growing and growing, and so the only negative right now is that users can only purchase BTC, ETH, and USDT from the Bybit Exchange. However, this platform is very much suited for beginners and users who are interested in trading derivative products such as perpetuals and futures. Let’s summarize the reasons why you should use Bybit:

  • 1) In addition to BTC and ETH futures, there are rare XRP and EOS futures!
  • 2) Extremely low trading fees, perfect for newbies and experts!
  • 3) No KYC required to begin buying and trading crypto!
  • 4) Highly secure wallet and platform, with crypto storage in cold wallets!

And not to mention that while being a user at Bybit, you are entitled to high-tech trading tools and functions, as well as being insured under the Insurance Fund. Be sure to create a free test account to explore the whole Bybit platform!

Register a free account at Bybit

Up to $1,000 Deposit Bonus

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