Bybit Crypto Exchange Review

Bybit is a paid crypto-futures exchange based in Singapore that was co-founded by current CEO Ben Zhou in March 2018 and can now boast more than one million users. The business is registered in the British Virgin Islands and operates under the name Bybit Fintech Limited.

In this article, we will be assessing the positives and negatives of Bybit, as well as providing some information on their featured cryptocurrencies and platform fees.

The positives

  • Bybit offers perpetual futures products with 100x leverage, with even more competitive services than BitMEX. It’s worth noting that a 100x leverage is available only up to 150BTC, at which point, it scales down to protect the platform from liquidity issues.
  • Their tech team is built of actual blockchain and finance experts, with people coming from backgrounds such as Morgan Stanley and Tencent. These experts also developed a very robust API.
  • The entire platform is available in England, Korean, Japanese, Russian, and both simplified and traditional Chinese, on the web, iOS and Android.
  • The platform is secure, with most client funds and crypto reserves placed in multi-signature protected cold storage. Traders must use 2-factor authentication to access the platform.
  • Bybit does operate an insurance fund for cases when they are not able to liquidate trades below the bankruptcy price.
  • Bybit features a Market Analytics Data section with huge amounts of information that is downloadable for users, including price moving averages, monthly price range, rolling volatility, and BTC daily realised volatility.
  • To prevent users from suffering liquidation or being able to manipulate the market, they are applying dual price mechanisms, auto margin replacements, and stop-loss tools.
  • Bybit’s asset exchange allows for the instant conversions of crypto with other users in the spot market. This almost P2P method allows users to get very good prices for their crypto deals.
  • The trading platform is aesthetically pleasing and intuitive, it focuses on BTC and ETH, and there is a lot of information about market and trading information. The interface is data-heavy so it’s not recommended for new traders, but it is customizable and modular so there’s an element of personalisation in there.
  • The platform has one of the fastest order execution engines in the market in order to negate slippage issues.

The negatives

  • Not available to traders in certain jurisdictions, such as Syria, Quebec, and the USA
  • Bybit is a crypto-only exchange, so you cannot use fiat currency to buy crypto on the platform. This is frustrating to many users, as it means they have to register on additional exchanges and transfer crypto into Bybit to trade with it.
  • Not recommended for new traders or investors, as the interface is likely to be too complicated.
  • There’s no phone support for your issues, so you must go through live chat or approach Bybit via email with any issues.
  • There are very few assets on the exchange, as you will see in the next section. This lack of assets makes it hard to compete with other exchanges and attract new users.

Which cryptocurrencies are available on Bybit?

  • Bitcoin
  • Ripple
  • Ethereum
  • EOS
  • Reports suggest that USDT is next to be listed

Some information about fees

When it comes to withdrawals, you might need a small amount of BTC available to pay the mining fee, but this is quite standard amongst exchanges. For deposits, there is no charge, but you will likely pay a mining fee to whichever platform you’re sending the BTC from. Withdrawals are processed 3 times a day, at 8AM, 4PM, and midnight UTC. 

Minimum and maximum daily withdrawals:

  • Bitcoin: 0.002BTC / 10BTC
  • Etherem: 0.02ETH / 200ETH
  • Eos: 0.2EOS / 10,000EOS
  • Ripple: 20XRP / 100,000XRP

Bybit has a pretty solid system for their futures contracts, offering low taker fees and generous maker rebates. The fees are similar to BitMEX, but actually lower than Chinese crypto-platform Huobi.

Contract Maker Rebate Taker Fees
BTCUSD -0.0250% 0.0750%
ETHUSD -0.0250% 0.0750%
EOSUSD -0.0250% 0.0750%
XRPUSD -0.0250% 0.0750%
BTCUSDT -0.0250% 0.0750%

The final say

Wouldn’t go so far as to call Bybit the greatest exchange, but you may have noticed that the list of positives was far longer than the list of negatives. For this reason, it’s fair to say that the technology has good functionality, and the fees are fair, and data-heavy interface are attractive, under the provisions that you can accept a lack of available crypto-assets and that it doesn’t interact with fiat currencies.

Check out our other exchange platform reviews including Prime XBT, Luno, Binance, OKEx, and more.

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