Bybit Review 2023 – Is It A Legit Platform & How to Use It?

With a variety of cutting-edge trading tools, Bybit is a cryptocurrency derivatives exchange. Even for novices, ByBit is legitimate and secure to use. Bybit has a number of security measures in place to protect your assets. Cold storage is used to hold all of the client’s funds.

See if Bybit is a good fit for you by reading our complete review.

What is Bybit?

Bybit is a Singapore-based trading platform for cryptocurrency derivatives – the contracts that give you the right to buy or sell crypto assets at certain prices in the future.

Before we continue though, there’s some things we need to explain.

Bybit is not It is ceasing operations on UK soil with FCA approval. Also, it does share your data with third parties inside and outside Not only is it necessary legally, but it will also be shared with partners for promotions and services. EEA.

So, how does it work?

You can:

• open long positions (bet that the price of a coin goes up)
• open short positions (bet that the price goes down)
• leverage up (use borrowed funds to trade assets more than your wallet balances) without owning the underlying asset.

With less risk and more convenience, trading derivatives can assist you in profiting from the erratic nature of cryptocurrency prices.

Ben Zhou co-founded Bybit in 2018 after realizing the bright potential of crypto trading two years earlier. Zhou was the general manager for Greater China at the forex brokerage firm XM prior to becoming the exchange’s CEO.

To develop the platform, he formed his A-team of investment banking and fintech professionals who used to work for There are many well-known companies like Alibaba, Tencent, Morgan Staley, etc. These days, the Bybit exchange also employs blockchain specialists and seasoned forex professionals.

If you want to secure a foothold in the crypto market and own your first coin, however, Bybit is not the right platform for you. Use a centralized exchange like Coinbase to buy and sell your crypto assets instead. Make no mistake; you could grow your wealth by buying BTC or other coins over time. But trading is where you can make big money.

The Bybit platform is used by more than 1.2 million traders There are many people because it is very easy to understand. You can quickly pick up the nuances and start turning a profit with a little practice.

Pros & Cons of Bybit

Pros

• Up to 100x leverage on crypto
• Advanced tools supported by great technology
• Risk-free test environment to learn and experiment
• Educational resources

Cons

• Not available in the U.S.
• Crypto derivatives are extremely risky
• Not suited to spot trading
• May share your data with third parties for marketing

Is Your Cryptocurrency Safe With Bybit?

Bybit has a number of security measures in place to protect your assets. All client funds are kept in cold storage offline. To prevent unauthorized withdrawals, it also manually reviews each withdrawal request in detail.

Bybit takes part in a bug bounty scheme that entices ethical hackers to disclose any security holes in its software. All of its employees have their backgrounds checked as well.

For withdrawals and modifications to account security settings, Bybit has enabled two-factor authentication at the user level.

Bybit Deposit and Withdrawals

Bybit supports five cryptocurrencies: USDT, EOS, XRP, EOS, BTC, and ETH. By default, you’ll have a wallet for each asset, but Bybit calculates your overall equity in BTC.

You can start trading after transferring any of the aforementioned coins you may have stored elsewhere to your Bybit wallets. If you would rather use Bybit to buy crypto, you can use the Fiat Gateway.

The US dollar, the Australian dollar, the Euro, and the British pound are just a few of the 45 fiat currencies that are supported by the Fiat Gateway along with BTC, ETH, and USDT. These are the only deposit options because Bybit does not yet offer a USD wallet.

Based on your chosen fiat currency, the platform can give you multiple payment options facilitated by different third-party service providers. This way, you can pick the vendor that can top up your wallets with the most crypto for the lowest fees within the shortest period.

You can also use the Assets Exchange (formerly Coin Swap), a tool for converting a Bybit-supported crypto coin into another.

While there’s no minimum Bybit deposit requirement, there’s a purchase limit per order to consider. There are $20 and $15,000 in US dollars.

For withdrawals, you need to enable two-factor authentication. There is also a Bybit withdrawal fee.

Bybit Fees

You might be charged the following fees if you use Bybit.

Funding Fee

Bybit uses its funding mechanism to keep the perpetual contract trading price as close to the spot price as possible. According to how the two prices interact, the funding fee is determined.

Long position holders are required to pay the funding fee to short position holders if the trading price is higher than the spot price. This could entice more traders to open short positions, which would drive down the trading price. The holders of short positions, however, are responsible for paying the fee if it falls below the spot price.

The funding fee is paid every eight hours on the platform. 0:00 (UTC), 08:00 (UTC), and 16:00 (UTC) are the settlement times. The funding rate for an impending settlement time is determined by the spread between intervals.

Trading Fees

Bybit uses a maker-taker model. Maker rebates are instead given out by the business as opposed to Bybit trading fees.

If you’re a market maker, you’ll provide liquidity by increasing the market depth with your order Bybit will reward you with a rebate. If you are a market maker, you will remove some liquidity from the books. For that, you’ll be responsible for a Bybit trading fee.

Both BTCUSDT USDT perpetual contracts and inverse perpetual contracts for bitcoin, ethereum, eos, and xrp have the same actual trading fees and maker rebates. The taker fee is 0.075%, and the maker rebate is -0.25%.

All of the rebates and taker fees will affect your account balance but not your initial margin.

Asset Exchange Fee

Irrespective of the amount of crypto coin, the Bybit exchange fees remain constant at a flat rate of 0.1%.

Asset Recovery Handling Fee

Bybit can help you retrieve a wrongly deposited unsupported cryptocurrency.

If possible, the company might be able to convert your coin into USDT and credit your account, or it might be able to return your coin to its original cryptocurrency wallet. Either way, you’ll incur a one-time handling fee of 20 USDT for every successful case of asset recovery.

Like other Bybit fees, the handling one is fixed. However, if your coin is worth at least 20 USDT, the company won’t assist you in recovering it.

Withdrawal Fee

The company pays a standard miner fee, so its withdrawal fee is fixed no matter how much funds you take out of your cryptocurrency wallet.

Bybit Referral / Affiliate Program

When writing this Bybit review, there were a few rewards available for first-time depositors of any of the assets the platform supports.

One of them is the “A Big Deal” coupon, which is worth $50. You can claim this Bybit welcome bonus after depositing more than or equal to 0.1 BTC, 3 ETH, 1,390 EOS, 11800 XRP, or 5000 USDT within 48 hours upon sign-up.

If you fail to deposit within that window, you can still get a $10 Bybit welcome bonus afterward as long as you meet any of the minimum deposit requirements. You’ll receive it in the corresponding deposit coin.

Also, you can claim an extra $5 Bybit bonus when you make a BTC deposit and another $5 voucher if you follow the company on social media.

Rewards aren’t just for newcomers. Existing users can take advantage of many flash sales, giveaways, and raffles. So, be sure to check out the Rewards Hub and the Latest Promotions page to know which On any given day, a Bybit bonus is available.

With Bybit’s referral program, you can receive $10 for every new user you invite to sign up to the platform. Also receiving a $10 welcome bonus are your qualified referees.

To consider a referral successful, the new user you invited should:

• Create an account on Bybit with your referral code or link.
• Make a deposit.
• Execute at least one BTCUSD inverse perpetual trade or futures contract.

To start inviting your prospective referees, simply ask them to register on the platform using your referral code or link. To send your invitations, use a QR code.

What are the possible uses for your bonuses? They work well for trading losses, fees, and margin. However, you are allowed to withdraw the profits made from trading with them.

If you want greater and more sustainable rewards for bringing new traders to the Bybit exchange, participate in its affiliate program. It lets you enjoy lifetime commissions on every new active user that signs up thanks to you.

Bybit employs a two-pronged commission structure. You can rake in 30% of the platform’s profits from your referral’s trades and 10% of what your sub-affiliates make. A referral that develops into a Bybit Affiliate is referred to as a sub-affiliate.

More than 11,000 content producers and influencers from 160 countries are now part of the network and receive a monthly recurring revenue share for every new client. Bybit claims that its rate is over 100% higher than industry standards and that it has already paid at least BTC 5,600 in commissions.

You only need to complete Bybit’s straightforward application process in order to become an affiliate. Once you get the green light, the company will give you a unique referral link to share with your audience through social media, ads, articles, blogs, etc.

Is ByBit Good for Beginners?

Due to ByBit’s high level of security, beginners will find it to be quite useful. Additionally, because it supports low trading fees, those with limited resources or experience can give it a shot.

Additionally, the user interface or app for this platform is quite straightforward. Therefore, even if you lack technical knowledge, ByBit will ensure that you comprehend all of its minute details within a few applications.

Why Choose Bybit Exchange?

• One of the fastest transaction times with over 135,000 tps
• Accepts up to 55 fiat currencies and 547 payment methods on its platform
• Accepts credit cards to complete any kind of transaction on its platform
• Supports spot trading with over 371 trading pairs, 60 tokens listed, and a $3.4b daily trading volume
• Supports Futures trading for Inverse Perpetual, USDT Perpetual, and Inverse Futures
• Most effective cryptocurrency options trading platform with up to five experienced options market makers as exchange partners.
• Bybit crypto loans allow you to use funds across the bybit ecosystem (spot/margin/futures trading) with low-interest rates of 0.0002%
• You also get one of the industry’s biggest zero-trading fee campaign

Some of the features offered by Bybit, along with others, are the main factors luring traders to this renowned platform for exchanging cryptocurrency. And we can only anticipate continued innovation and expansion from this market leader in 2023.

Bybit Vs BitMEX

Of course, there are competitors in this space. One of them, BitMEX, shares many characteristics with the other platforms.

Bybit and BitMEX support margin trading with up to 100x leverage and offer perpetual and futures contracts. The BitMEX and Bybit trading fees, as well as maker rebates, are identical. Both crypto derivatives trading platforms also use multi-signature cold wallets for maximum protection from hackers.

BitMEX’s decision to settle all profits and losses in BTC even when buying non-It differs slightly from Bybit in this regard due to BTC contracts and the absence of withdrawal fees. For this reason, Bybit offers more flexibility, especially if you intend to trade with ETH, EOS, XRP, or USDT.

Despite the fact that Bybit transfer fees are predetermined, paying 0.0005 BTC to transfer money out of your BTC wallet can add up. Ultimately, it will hurt your pocket if you like to keep your assets safe in self-custody.

This is where the two fundamentally diverge: user identification verification. BitMEX strictly implements a KYC procedure (Know Your Customer (KYC) and takes pride in being one of the first crypto platforms to ever implement it. However, Bybit is more concerned with the IP address than the actual identity of its users.

When looking at user restrictions, both companies blacklist users according to where they’re physically located. Both Bybit and BitMEX forbid users from the USA, Quebec, Cuba, the Crimea, Sevastopol, Iran, Syria, North Korea, and Sudan. Bybit also doesn’t entertain people based in Singapore, the UK, and mainland China. In Bermuda, Seychelles, and Hong Kong, BitMEX accords traders the same treatment.

Bybit Vs Binance

Binance has a much bigger and more complex ecosystem than Bybit’s.

On Binance, you can buy, store, use, and trade crypto assets. It helps you shop crypto at spot prices and brokers margin trading. Additionally, this platform allows you to invest in a liquid swap, trade leveraged tokens and futures contracts, as well as buy and sell directly to other users.

Also, Binance has an infrastructure impact fund to finance blockchain projects and serves as an initial exchange offering springboard.

On Bybit, you can only do margin trading. But since it’s still a young platform, it might follow the footsteps of Binance in terms of functionality.

The two platforms are somewhat similar in how deposits and withdrawals work. Neither of them imposes any deposit limit but expects a purchase order minimum when buying crypto assets.

Binance matches the Bybit withdrawal fee for BTC at 0.0005%, but the latter charges twice as much on ETH withdrawals (0.005% vs. 0.01%). The Bybit trading fee is 0.075% across the board. You can only use BNB on Binance to get this rate. Otherwise, expect to part ways with 0.1% per trade.

Moreover, Binance can facilitate the purchase of 23 cryptocurrencies, including its native asset Binance Coin. In comparison, Bybit provides you wallets for five assets, and you can only buy three of them with fiat money. It lacks a proprietary cryptocurrency coin as well.

Binance restricts traders from up to 48 jurisdictions, whereas Bybit bans users from 12 places. So choosing between the platforms may depend on where you are based.

If you have the green light to use Binance or Bybit, expect solid security features, multiple deposit sources, reliable customer support, and self-help options from either platform.

Summary-Is ByBit Safe to Use?

ByBit is a trustworthy and secure platform that has been designed with a variety of special security features. Although it does have some restrictions, ByBit makes sure that all necessary security is provided to users of its services in order to protect their funds.

Additionally, the platform is accessible to users from various locations around the world. ByBit can enhance a number of areas, such as its KYC policy, which should be strict, and its ID verification process, which should be reliable.

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