This review of cryptocurrency exchange ByBit was created for informational purposes. Going through this review will help you decide if ByBit is an exchange that fits your needs.
Table of Contents
What is the history of ByBit?
The cryptocurrency exchange ByBit was founded in 2018 by CEO Ben Zhou.
Bybit Fintech Limited, the company behind ByBit is located on the British Virgin Islands and headquartered in Singapore.
The exchange wanted to avoid the problems large derivatives platforms had, such as downtimes in times of high market volatility.
Meanwhile the exchange has grown into one of the biggest cryptocurrency derivatives platforms worldwide and counts more than 2 million registered users.
What services does ByBit offer?
Leverage Trading – Derivatives
Leverage trading is possible on ByBit using futures. Meaning, a user agrees to buy a certain cryptocurrency in the future at a certain price.
You will therefore not trade with the actual cryptocurrency, but a contract that refers to the underlying cryptocurrency.
By trading contracts instead of the underlying cryptocurrency, you can work with leverage.
This allows you to have a greater exposure to a price increase or decrease in the underlying cryptocurrency.
ByBit offers leverage up to 100x.
Leverage trading is not without risk, the larger the leverage, the smaller the opposite price movement in order to lose your investment. Leverage trading is definitely not for beginners.
Which trading pairs does ByBit offer?
As mentioned above, ByBit works with perpetual futures as well as quarterly futures, where the user does not have to consider daily financing costs.
There are several trading pairs available on the exchange ByBit. There is a distinction between the following categories: Fiat Futures, Tether – USDT, USD Circle USDC futures and Coin futures.
The difference is in the collateral that can be used to keep positions open on ByBit.
Where ByBit only offered derivative products, the crypto exchange introduced a spot market for a large number of altcoins.
ByBit has added a significant amount of trading pairs throughout 2022. There are 176 markets active for spot trading. More info can be found here.
What is ByBit Earn?
Through ByBit Earn, the exchange offers their users the opportunity to earn by staking or locking their cryptocurrency.
By depositing Tether – USDT you can participate in ‘liquidity mining’ through the Curve Finance protocol.
Whereby resulting earnings are automatically sold and deposited into your Earn account.
In addition, Bybit also offers cloud flexible savings, DeFi mining and cloud mining. Where you can co-invest in hashing power to mine crypto.
This can be done from investments of $100 and not have to worry about hardware, electricity or maintenance costs.
You are able to choose different periods and different ways to lock in your crypto and start earning.
What are the fees on ByBit?
ByBit’s transaction fees are about as low as those of their competitors.
The exchange assigns a transaction fee of 0.075% for takers, which is about equal to fees that other derivatives platforms offer.
The fee for makers is -0.025%. This means that each maker will be paid to trade, as reward for providing liquidity to the orderbook.
For example; if you place an order to buy $1,000 you will only pay $997.50 when it is executed.
What are the Deposits & withdrawal fees ByBit?
The standard network mining fee will be charged when you want to withdraw funds of ByBit.
This will depend on the cryptocurrency you want to send or withdraw.
For deposits, there is no fee required. However, you will likely pay a mining fee from the platform or network you send the crypto from.
Is ByBit exchange blocked in the US?
The ByBit exchange blocks users who have United States – US IP addresses. If you get caught using a VPN your trades will be closed and your account will be suspended within a few days.
Note that you still have the ability to withdraw your funds from the platform before your account will be suspended indefinitely.
ByBit rewards hub & promo’s
Like other popular exchanges, ByBit has several promo’s available for rewarding its users.
For example, there are several small tasks you can perform to earn USDT.
Some of these are as easy as following ByBit on social media, using a stop-loss or making a trade for $100.
In addition, ByBit regularly organizes competitions to encourage trading for certain trading pairs.
What are pros and cons of ByBit?
Like any other exchange, ByBit has advantages and disadvantages. We list their strengths and weaknesses below;
- Perpetual futures up to 100x leverage.
- Accessible via mobile application (iOS/Android).
- Buy crypto with Visa, MasterCard or Google Pay
- Bybit has an insurance fund that can compensate losses in exceptional cases
- User friendly trading platform
- Customizable interface is to the user’s preference
- Demo trade on Bybit’s test network
- Complex for beginners
- Customer support only through chat or email
Bybit exchange is a reliable and safe exchange, suitable for experienced crypto traders.
For individuals who trade leverage, this is definitely a platform to try out.
If you are a beginner we recommend starting with small amounts or using the ByBit testnet.
For a step-by-step guide through the basics of ByBit, take a look at our ByBit Manual.
💸 Bybit New Deposit Rewards 💸
🚀 Bybit is supercharging your trading experience with a exclusive depositors campaign! 💸
🔹 Deposit $100, trade $500, and Bybit will reward you with a $10 bonus! 🎁
🔹 Deposit $500, trade $800, and Bybit will boost your account with a $20 bonus! 🎉
🔹 Deposit $1000, trade $2000, and Bybit will gift you a $50 bonus! 💰
🔹 Deposit $3000, trade $6000, and receive a whopping $100 bonus from Bybit! 🏆
🔹 And for our high rollers: Deposit $10,000, trade $40,000, and Bybit will top you off with a massive $350 bonus! 🚀
If you were planning to check Bybit out! You get a nice first deposit reward! But remember, trading comes with a risk and responsible trading is always your top priority.