Bybit exchange review – Is Bybit exchange reputable?

If you are looking for a crypto derivatives exchange with many advanced trading tools, the Bybit exchange is one of the best choices. Not only does it have top-notch security, but it also guarantees no downtime. This article will give you some more detailed Bybit exchange reviews.

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1. Overview before evaluating Bybit exchange

Bybit was founded in Singapore in March 2018. It is composed of trading professionals from the forex industry, technology companies, investment banks, and blockchain early adopters.

Bybit is now available globally, with the exception of limited service countries including Singapore, United States, Quebec (Canada), Cuba, Sevastopol, Crimea, Iran, North Korea, Syria, Mainland China and Sudan.

Bybit is a cryptocurrency trading platform that offers spot trading and derivatives trading. They focus on margin trading and offer 100x leverage on ETH/USD and BTC/USD trading pairs. In addition, the advanced charting interface is very detailed and feature-rich. However, this deck is also quite easy to navigate. Stop loss or take profit orders are now also supported on Bybit. This is an invaluable feature that helps traders minimize significant losses and the most special thing is that this feature is only found on Bybit exchange.

Furthermore, it is also possible to trade quarterly futures contracts on the platform. These contracts will expire based on their calendar cycle and converge to the spot price. Users do not need to pay any sponsorship fees.

For experienced crypto traders looking for an exchange with more advanced features, Bybit is a great platform. Many user-friendly exchanges are available with a simple interface to make it easier for new investors to enter the cryptocurrency market.

2. Evaluation of Bybit

If you are a crypto trader and want to use margin or other derivatives, then this crypto derivatives exchange is right for you. However, like other exchanges, Bybit also offers traders both pros and cons.

2.1. Advantages

Bybit exchange has a lot of features that make it a useful platform. Here NinhTienIT will help you learn and evaluate Bybit floor in more detail.

2.1.1. Derivatives and Spot Trading

With over 2 million users, Bybit is one of the best crypto derivatives exchanges. And this leads to high liquidity

Some derivatives available at Bybit:

  • Inverse Perpetual contracts: ETH/USD, BTC/USD, XRP/USD and EOS/USD (coin used as collateral).
  • USDT Perpetual contracts: ETH/USDT, BTC/USDT, BNB/USDT, XRP/USDT ADA/USDT and 15 others (USDT is used as collateral).
  • Inverse Futures contracts: ETH/USD and BTC/USD, with contracts up to 6 months (coins used as collateral).

In July 2021, Bybit also added Spot trading to complement its core derivatives offering. Bybit starts with four trading pairs: ETH/USDT, BTC/USDT, EOS/USDT, and XRP/USDT. Now the exchange has more than 70 trading pairs available.

2.1.2. Margin trading with up to 100x leverage

Margin trading is now very sought after by many experienced traders and those who want to make more profit on successful trading. Traders can use their borrowed funds as trading leverage, resulting in a higher return on a small investment. Today, Bybit has been able to support up to 100x leverage, which is enough for most traders.

2.1.3. Bybit Insurance Fund

As just mentioned, Bybit offers 100x leverage on the exchange. Because of that, Bybit exchange has an insurance fund that can manage and collect excess losses. As a result, traders who suffer losses also do not lose more than their initial deposit.

Bybit's insurance fund is pretty straightforward. This is a reserve pool that the system can embed to protect traders from negative equity and liability for excessive losses.

2.1.4. Testnet platform to practice trading

Bybit provides the Testnet platform. It's a demo version of the main site. Testnet allows users to practice trading without depositing any cryptocurrencies or real money. Instead, users can use demo Bitcoin to execute their trades and get them a feel for the exchange before using their real money.

2.1.5. Fiat gateway for easy deposit

Bybit supports crypto deposits and it is a very easy deposit method. Furthermore, the exchange also has the option for fiat deposits that can use its fiat gateway. While users cannot deposit fiat currency directly into the exchange, they can access the fiat gateway easily by clicking on the “Buy Crypto” icon at the top left of the screen.

2.1.6. 24/7 live chat support team

support-bybit

There are two ways to get support. If users have any problems with the exchange, they can click the yellow “Support” button at the bottom right of the interface and enter a question. The system will then display “Top Result” to answer the query.

If this doesn't help, in an emergency the user can tap the “Live Chat” button. Having Live Chat 24/7 helps to support users better than other exchanges that only respond via email.

2.1.7. Mobile Apps for iOS and Android

Mobile apps in Bybit are available for both iOS and Android. This app is easy to use and very responsive. The app has all the conditional orders, charts and trading tools found on the desktop site.

In addition, on the Google Play store, the app also has over 1 million downloads and an average rating of 4.9 stars from more than 34,000 reviews.

2.1.8. Fast transaction speed and reliable platform

Traders now don't need to worry about overloading on the Bybit exchange as they have an extremely fast execution engine. It allows almost 100 000 transactions per second.

Bybit also allows users to do high frequency trading (HFT) as its platform features lightning-fast market updates and market data is pushed up every 20 milliseconds. Traders can also almost rely on Bybit for its 99.99% system functionality.

2.1.9. Support Take Profit / Stop Loss orders

  • A take profit order is a conditional order. It will notify the exchange to sell the trader's cryptocurrency when the price rises to a certain level (set by the trader). This means that traders can automatically take profits when the price suddenly rises and they don't need to worry that the price will fall back before there is a chance to sell. So far, this has been a very useful short-term trading strategy for day traders looking to take advantage of the rapidly rising cryptocurrency prices.
  • On the other hand, Stop Loss is an instruction that automatically tells the exchange to sell a coin when the price drops to an active level (set by the trader). Therefore, you do not need to constantly monitor the price of your digital assets when you are busy and you can still maintain certain control.

2.2. Defect

Besides the above benefits, Bybit also has some limitations:

  • Not available in the US: The US has strict regulations to control both cryptocurrency exchanges and derivatives trading. Bybit is currently not available to customers in both the US and the UK. In order to use Bybit's website, users must actively confirm that they are not from the United States.
  • Cryptocurrency derivatives are very risky.

3. Cryptocurrencies Supported – Bybit Exchange Review

Bybit offers the most popular cryptocurrencies by market cap and several smaller but popular cryptocurrencies, including: “AAVE” (Aave), “BTC” (Bitcoin), “BCH” (Bitcoin Cash), “ADA” (Cardano's ADA), “LINK ” (Chainlink), “DOGE” (Dogecoin), “EOS” (EOS), “ETH” (Ethereum), (“ETC”), “FIL” (Filecoin), “LTC” (Litecoin), “XEM” ( NEM), “DOT” (Polkadot), “MATIC” (Polygon), “XRP” (Ripple's XRP), “SOL” (Solana), “SUSHI” (SushiSwap), “XTZ” (Tezos) and “UNI” ( Uniswap).

Bybit users can purchase crypto on the Bybit platform or transfer Bybit-powered crypto to the Bybit wallet.

Once invested, they can trade Bybit-backed crypto derivatives contracts or buy or sell short by trading inverse/USDT perpetual or inverse futures contracts.

Furthermore, the supported cryptocurrencies are also very dependent on the derivative product and can be summarized as follows:

  • Inverse Futures: ETHUSD and BTCUSD.
  • USDT Perpetual: All USD/crypto currency pairs supported.
  • Inverse Perpetual: ETHUSD; BTCUSD; XRPUSD; and EOSUSD.
  • Traders can also trade points. The pairs currently available include ETHUSDT, EOSUSDT, BTCUSDT, and XRPUSDT.

4. Bybit Transaction Fee – Bybit Exchange Review

There are currently different fees associated with market participants and market makers depending on whether you are trading Spot or Derivatives.

  • Spot Trading: Both participants and market makers pay a 0.1% fee.
  • Derivatives Trading: Market participants pay a 0.06% fee; Market makers pay a fee of 0.01%.

5. Bybit Withdrawal Fee – Bybit Exchange Review

CURRENCY MIN WITHDRAWAL WITHDRAWAL FEES
BTC 0.001 BTC 0.0005 BTC
ETH 0.02 ETH 0.01 ETH
EOS 0.2 EOS 0.1 EOS
XRP 20 XRP 0.25 XRP
USDT (ERC-20) 20 USDT Billion 10 USDT Billion
USDT (TRC-20) 10 USDT Billion 1 USDT billion

 

Overall, Bybit exchange is suitable for anyone involved in cryptocurrency margin trading. It provides a viable alternative to the services already offered by exchanges such as PrimeXBT, BitMEX, Deribit, and Huobi.


Oct 07, 2022

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