Bybit 2024 Review: Uncover the Truth About Bybit Exchange (2024)

Bybit Review in 2024: A Derivative Powerhouse in the Crypto Arena

So what is Bybit? Founded in 2018 by ex-currency broker Ben Zhou, this exchange has carved its niche as a leading crypto exchange specializing in derivatives. Think high-octane trading fueled by leverage andperpetual contracts, a playground for seasoned investors seeking amplified returns.But Bybit isn't just about perpetual contracts and margin trading. It's a one-stop shop for your crypto journey, with:

• Spot Trading: Engage in direct transactions to trade a wide array of cryptocurrencies.
• Derivatives Trading: Access diverse products includingUSDT perpetuals,USDC perps, inverse perps,futures, USDC options, and leveraged tokens.
• NFT Marketplace: Buy and sell unique non-fungible tokens.
• Bybit Earn: A suite of financial tools such as Bybit Savings, Dual Assets, Liquidity Mining, offering opportunities for passive income.
• Buy Crypto: Directly purchase cryptocurrencies on the Bybit platform.
• Options Trading: Explore options trading as a versatile part of Bybit’s offerings.

With offices in Hong Kong and Taiwan, Bybit has its sights firmly set on the Asian market, though its global ambitions are evident in its recent forays into Europe. With its intuitive platform, robust security, and diverse product offerings, Bybit is a force to be reckoned with in the ever-evolving crypto landscape. Let's delve deeper into the exchange’s strengths, explore its potential pitfalls, and see if it fits the bill for your crypto trading journey in this Bybit review!

Bybit’s Pros and Cons

Pros

• Comprehensive Derivatives Platform:Offers a wide range of derivative products, including futures, options, and perpetual contracts, catering to traders looking for diverse trading strategies.
• Strong Focus on Security:Implements robust security measures including Proof of Reserves, two-factor authentication, crypto insurance, and regular security audits.
• High Leverage Options: Provides up to 10x leverage for almost every asset, making it appealing for traders seeking amplified returns.
• User-Friendly Platform: Features an intuitive and customizable interface, with a powerful mobile app and a range of educational resources for both beginners and experienced traders.
• Generous Rewarding Opportunities: New users can earn up to $30,000 in deposit rewards, enjoy high-yield savings options, and participate in airdrop activities with lucrative incentives.

Cons

• Limited Spot Trading Selection:Compared to competitors like Binance, Bybit's range of assets for spot trading might not impress every user.
• Geographical Restrictions: Operates under regional regulations, leading to restrictions for users from certain jurisdictions and occasional IP blocks
• High Withdrawal Fees:Charges significant withdrawal fees for certain cryptocurrencies, like Bitcoin, compared to other exchanges.

Special Offer: Unlock Exclusive Bybit Rewards and Promotions

BesidesBybit's comprehensive derivatives platform, which will be analyzed below, it's worth noting the exchange's commitment to rewarding its users.

New User Exclusive Rewards (Up to $30,000)

New users can unlock rewards by depositing and trading, with the possibility of elevating their VIP status for higher-tier rewards. The rewards structure is as follows:

• Deposit $100 & Trade $500 for a $10 reward.
• Deposit $3,000 & Trade $6,000 to win $100, with 80% of users winning this amount or more.
• Deposit $20,000 & trade $200,000 for an $800 reward.
• Deposit $125,000 & trade $50 million to upgrade to VIP 1 and get an $8,800 reward.
• Deposit $250,000 & trade $150 million to upgrade to VIP 2 and receive $30,000.

Bybit Savings

Bybit Savings has been updated with more flexible investment options with guaranteed yields, allowing users to enjoy greater flexibility and higher returns. Exclusive offers include:

• Stake ZK for a 999% APR
• StakeUSDT,ARB,OP for 100% APR
• StakeTON for 60% APR
• StakeFET,AGIX,GRT for 50% APR

Bybit also offers savings in various cryptocurrencies, includingBTC,ETH,USDC, andDAI, among others, with APRs ranging from 1% to over 100% for flexible and fixed terms.

Airdrop Activities

Bybit is celebrating the launch of a new Perpetual Contract with a free airdrop position. Eligible users can claim a long or short position with certain conditions, such as holding a minimum of $100 in their account, completing Identity Verification Lv. 1, and not holding any active orders or positions for BTCUSDT.

The airdrop aims to offer users $10 in USDT bonuses, used to execute a market order with 50x leverage for a position valued at approximately 500 USDT.

After claiming, you can set TP/SL, add more positions, or close as needed. Profits from the airdrop, along with realized profits, are credited to yourDerivatives Account as cash and bonus. If there's a loss, it's capped at the airdrop reward, with any remaining margin credited as a bonus.

1. Asset Variety and Liquidity

Bybit exchange boasts a diverse crypto marketplace with over 1,100 coins and tokens listed, offering access to a wide range of established and emerging projects for its 25+ million users across 160+ countries. Compared to giants likeBinance orCoinbase, Bybit's sheer number of assets has outperformed.

Did you know Bybit lists assets not available on larger exchanges like Binance or OKX? For instance, ONDO surged to an all-time high on March 21, and Bybit had it listed while the two above didn't. So, if you're interested in exploring a list of small potential assets, Bybit could be worth considering.

And while Bybit might lack in quantity, it compensates for in quality and liquidity. Liquidity on Bybit is generally good for popular trading pairs, particularly within the derivatives market. Bybit's unique dual-price mechanism for asset liquidations creates a more stable and predictable environment compared to some competitors, attracting traders seeking higher leverage options. This is reflected in Bybit's market share growth throughout 2023, rising from 2% to9% as Binance's dominance waned, as per Kaiko.

While the spot trading selection might not be as vast as some rivals, Bybit shines in the derivatives arena. Its volume and liquidity for derivative contracts arecomparable to heavyweights likeOKX and Deribit, making it a compelling choice for experienced traders seeking leverage and advanced instruments.

It's important to note that Bybit's spot trading asset selection might not impress everyone, especially when stacked against competitors like Binance. My personal experience echoes this sentiment. But if you're a leverage enthusiast, Bybit has you covered. It offers high leverage options of approximately 10x for almost every asset, making it a compelling choice for traders seeking amplified returns (and, of course, amplified risks).

2. Security and Reliability

Bybit prioritizes user security and platform reliability with a robust multi-layered approach. Let's dive into the key features that safeguard your crypto journey:

• Proof of Reserves (PoR):Merkle tree PoR will prove your crypto is real and ready to withdraw. Sleep soundly knowing your funds aren't phantom coins.
  
• Account Fortress: Strong passwords and rock-solid 2FA with Google Authenticator stand guard. Think of it as a double-locked vault for your precious assets.
  
• Crypto Insurance: Bybit's got your back with an insurance fund that acts like a safety net against auto-deleveraging (ADL). Even if the worst happens, your funds won't vanish into thin air.
  
• Wallet Choices Galore: Choose your own adventure with custodial or noncustodial wallets. Bybit Wallet keeps your keys secure, while noncustodial wallets give you total control. They even have hot and cold storage options, like a digital bank with a secure vault in the back.
  
• Multisig Mania: Want extra security? Bybit lets you set up multisig wallets, requiring multiple signatures to access your crypto. Think of it as a room needing two keys to unlock – double the protection.
  
• DDoS Defense: Bybit's got a multi-layered security system with advanced encryption and DDoS protection. Imagine a force field against malicious attacks, keeping your crypto safe from harm.
  
• Cold Comfort:A significant portion of user funds are kept in cold storage, offline and untouched by the internet. Like a secret mountain bunker for your crypto riches.
  
• IP Whitelisting: Worried about unauthorized access? Bybit lets you whitelist specific IP addresses, so even if someone steals your login, they'll be locked out unless they're on the approved list.
  
• Security Audits: Bybit regularly undergoes security audits, like a doctor giving your crypto a checkup. They're constantly working to keep your assets safe and sound.

Bonus point: No reported hacks since 2018! That's a pretty stellar track record, wouldn't you say? Butremember - no platform is foolproof, and individual vigilance remains crucial. Always practice good password hygiene, enable all available security features, and stay informed about best practices for crypto security.

3. Ease of Use and Interface

Bybit shines with its user-friendly and customizable platform, built for both newbies and seasoned traders. Switch between the standard interface and TradingView charts for in-depth analysis, all powered by a blazing-fast matching engine that executes 100,000 transactions per second per contract. This minimizes slippage and trading errors, crucial for precise execution.

But this Bybit review reveals more: they understand the complexity of derivatives trading, especially for beginners. That's why they offer a dedicated testnet site where you can practice and learn without risking real funds. This is a huge plus, especially considering the inherent risks of derivatives.

On top of the platform itself, Bybit boasts an impressive educational arsenal. Their "Bybit Learn" section features detailed tutorials, guides, technical tool explanations, and chart pattern analysis. They even delve into decentralized finance (DeFi) and offer individual coin breakdowns. This extensive resource library empowers users of all levels to trade with confidence.

Bybit’s tutorials and guides empower beginner traders. But let's be honest, derivatives trading inherently carries more risk than spot trading, so Bybit's educational efforts are somewhat obligatory for user protection, at least in my opinion.

One final caveat: Bybit operates under regional regulations, meaning restrictions apply to users from certain jurisdictions. Even if you're not in a banned area, occasional IP blocks might occur and I consider it an annoying bug. While solvable with VPNs, this can be a hurdle for tech-unsavvy users.

4. Deposit and Withdrawal Options

Bybit caters to a global audience with a diverse selection of deposit and withdrawal options. You can fund your account usinga rich palette of options like bank transfer, credit card, and crypto transfer.

With the One-Click Buy feature, accessing crypto is a breeze, supporting a whopping 66 fiat currencies. Yet, mindful of extra charges and a $15,000 cap per buy, I lean away from using bank cards or third-party platforms.

P2P exchange shines here, accommodating over 20 fiat currencies, enabling deposits in 18, and withdrawals in 11, including big players like USD, EUR, and GBP. Speed? Fiat comes via platforms like Advcash, not lightning-fast but brisk. Crypto deposits race ahead, though.

A pivotal point: no KYC, no deposit, be it crypto or fiat. KYC-unverified folks have a 20,000 USDT daily withdrawal limit. Post-verification, there's no ceiling on deposits, and withdrawals can skyrocket to 2 million USDT. The platform's embrace of diverse blockchains, notablyzkSync Lite for USDT & USDC, scores big, especially for those of us deep in the DeFi scene.

5. Fees and Charges

When diving into Bybit's fee structure, it's clear they've tailored their charges to cater to a wide range of traders. For those engaged in standard spot trading, the fees are quite reasonable, starting at 0.1% for both maker and taker transactions. If you're a frequent trader or hold a VIP status, you might even snag some additional rebates, linked to your 30-day trading volume or activity.

Now, for those leaning towards more dynamic trades like derivatives and futures, Bybit sets its maker fees starting at a low 0.02%, and taker fees beginning at 0.055%. Options traders aren't left out, with both maker and taker fees kicking off at 0.03%.

Depositing crypto on Bybit exchange won't dent yourwallet with extra fees. However,brace yourself as Bybit's withdrawal fees can bite.Bitcoin withdrawals, for instance, cost a hefty 0.00068BTC (~$27 at the time of writing), compared to Binance's 0.00025 BTC and KuCoin's 0.0005 BTC.

USDT withdrawals also follow this trend, generally costing $1-8 depending on the blockchain (except for a few like zkSync andBNB Smart Chain). Free withdrawals?Mantle Network is your only salvation.

Keep an eye on third-party payment processor fees when depositing or withdrawing fiat. Bybit itself doesn't charge for deposits, but your bank or payment provider might.

What really stands out is Bybit's competitive trading fee structure. Compared to giants like Coinbase,Kraken, orHuobi, Bybit holds its ground, especially with its 0 trading fees policy on USDC pairs and stablecoin pairs. This policy, uncommon in other exchanges except during fleeting promotions, adds a significant edge for stablecoin traders.

6. Trading Tools and Features

Notable Features and Tools

Bybit stands out with an array of tools and features that cater to various trading strategies and preferences:

• Market Insights:

  • Bybit Markets: Offers market sentiment indicators, trending sectors, and insightful market data.
  • Spot Trading: Up to 10x leverage for selected cryptocurrencies.
  • Derivatives Support: Access to over 180 contracts including USDT and USDC perpetuals, inverse perpetuals, futures, and USDC options.

• Advanced Trading Features:

  • Crypto Convert: Streamlines cryptocurrency exchanges.
  • Leveraged Tokens: Built-in leverage for simpler long or short trading.
  • Quick Buy/Sell:Fast transaction options for cryptocurrencies.

• Fiat Integration:

  • Peer-to-Peer Trades:Encourages direct trading among users.
  • Fiat Deposits: Supports incremental purchases and auto-invest options.

• Copy Trading:

  • Allows following the strategies of successful traders, ranked byROI and time-specific performance.

• Bybit Card:

  • Functions like a MasterCard debit card, using crypto for transactions.
  • Offers 5-10% cashback and additional perks.

Passive Earning and Additional Offerings

Bybit not only focuses on active trading but also offers various passive income strategies:

• Passive Earning Plan: Includes fixed term, dual asset, flexible savings, and liquidity mining.
  
• Trading Bots:Automated bots for futures trading and dollar-cost averaging.
  
• Wallet Features:Staking, token swaps, NFT transactions, with robust security.
  
• Lending Services:Crypto-based loans and borrowing against crypto assets.
  
• GPT-Powered Support:Enhanced trading assistance.
  
• Launchpad Access: Early access to new products and features.

Leverage and Derivatives Trading

Bybit is renowned for its leverage options and derivatives offerings:

• Spot TradingLeverage: Up to 10x on certain cryptocurrencies.
  
• Perpetual Futures:Offers up to 100x leverage.
  
• Risk Management:Auto Margin Replenishment, Stop Loss, and advanced order functionalities.
  
• Derivatives Types: Futures, perpetual, inverse perpetual contracts, and USDC options.

Account Types and Flexibility

As an experienced trader, I find Bybit's account options particularly beneficial:

• Subaccount Types:
  • Custodial Trading Subaccount: Managed by professionals.
    
  • Standard and Custom Subaccounts: Self-managed, with varying access requirements.
• Account Options:
  • Unified Trading Account: Consolidates spot and derivatives (excluding Inverse Derivatives), using all assets as collateral.
    
  • Standard Account: Segregates trading activities, requiring specific assets for each product type.

7. Customer Support and Service

Bybit understands that quick and efficient support is crucial in the fast-paced crypto world. Their customer service offers 24/7 live chat in multiple languages, ensuring someone is always there to answer your questions. This is particularly helpful for navigating complex issues or getting real-time market insights.

For more detailed inquiries, Bybit provides a ticketing system where you can submit a case and expect a response within 24-48 hours on average. Don't let the lack of phone support deter you; Bybit's comprehensive knowledge base and educational resources on Bybit Learn often hold the answers you seek.

In our Bybit review, we noted that despite some users experiencing longer response times and occasional chatbot issues, prompt and helpful assistance was consistently available through the live chat.Bybit's multi-lingual support and active community engagement further solidify their commitment to user satisfaction.

8. Mobile App and Accessibility

Bybit's mobile app is a powerhouse, offering a seamless trading experience right in your pocket. Whether you're an Android or iOS user, you can access real-time market data, intuitive charts, and potent technical indicators to analyze the crypto landscape on the fly.

The interface is designed for intuitiveness, making it easy for both seasoned traders and curious newcomers to navigate. Security is paramount, with two-factor authentication safeguarding your account and transactions.

But Bybit's mobile app isn't just about looking good. It's packed with functionality too. You get access to both spot and derivatives markets, allowing you to capitalize on diverse trading opportunities. Plus, you can set up customizable notifications and alerts to stay ahead of the curve, even when you're away from your computer.

And speaking of performance, the Bybit app is built for speed and reliability. High-frequency traders will appreciate the lightning-fast transaction processing, ensuring your orders are executed without a hitch.

9. Compliance and Regulation

Bybit prioritizes trust and transparency through robust compliance measures. Holding an in-principal license as a Virtual Asset Service Provider in Dubai and regulated by the authorities in Cyprus, Bybit aligns its operations with international standards. This commitment is reflected in their comprehensive Know Your Customer (KYC) and Anti-Money Laundering (AML) policies.

Bybit adopts a zero-tolerance approach towards illegal activities. Their robust compliance framework tackles suspicious transactions head-on, exceeding global anti-money laundering standards. This dedication extends beyond KYC and AML, encompassing enhanced security measures and stringent adherence to sanctions regulations. These proactive steps demonstrate Bybit's commitment to operating within a secure and compliant environment, fostering trust among users and regulators alike.

Our Verdict

Bybit packs a punch with its feature-rich platform, competitive fees, and robust derivatives offerings. It shines for experienced traders seeking leverage and sophisticated tools, but its intuitiveness caters to beginners too. Remember, though, high leverage is a double-edged sword.

Ultimately, this Bybit review shows it thrives as a diverse crypto playground, but weigh its strengths against your own needs and risk tolerance before diving in. Do your research, explore alternatives, and trade responsibly. Happy crypto adventuring!