Bybit Review

Bottom Line: Bybit is one of the world's largest and most widely adopted cryptocurrency exchanges, as it is available in almost every region globally, with over 180 countries supported. As a global platform, Bybit can be used in over 20 languages, including English, Spanish, Mandarin, and Portuguese, and provides support for over 70 fiat currencies.

What is Bybit?

Bybit is a leading global cryptocurrency exchange based in Singapore and servicing over 180 countries. Launched in 2018, Bybit has attracted a global user base of 18 million users, making it the fourth-largest trading platform per user base. It offers a diverse range of order types, such as perpetual contracts, spot, options, and futures trading, with up to 100x leverage. Below is a quick overview of the key features and services offered on Bybit:

  1. Multiple Order Types: Trade over 770 assets and pairs on spot, futures, margin, and options markets with up to 100x leverage on select cryptocurrencies.
  2. Crypto Staking: Access seven different staking options on over 400+ cryptocurrencies, including single and double-sided staking options with both fixed and flexible terms.
  3. Lending and Borrowing: Use crypto or cash as your collateral to borrow up to $400,000 USD from Bybit, with a selection of 40 tokens to choose from. Loan terms vary between 7 days and 180 days.
  4. Bybit Crypto Card: Use Bybit’s Mastercard to spend any of the 770+ supported tokens on real-life purchases like groceries, bills or general expenses. Earn loyalty rewards and redeem unique offers as thanks for using the card.
  5. Copy Trading: Begin copying the trades of successful Bybit users and compare the top traders by their ROI, drawdown, AUM, and how many followers they have.
  6. Rewards Hub: Complete simple tasks on Bybit, such as making a deposit or opening a trade to earn bonuses and claim vouchers for Tether (USDT) and other tokens.
  7. NFT Marketplace: Buy and sell the top NFTs available through Bybit’s native NFT marketplace.
  8. Mobile Application: Bybits mobile app allows users to access their wallet, open positions, stake tokens, buy NFTs, and more on the go. The mobile app offers the same functionality as the web version of the exchange.
  9. Multilingual Customer Service: Contact support in over 50 languages through live chat, email, and social media platforms like Telegram, Discord, Reddit, Twitter, and more.
  10. 21 Language Options: The Bybit platform can be used entirely in 21 languages, including English, French, Portuguese, Turkish, Mandarin, Cantonese, Japanese, Spanish, Vietnamese and many more.
  11. Decentralized Exchange (DEX): Besides being a centralized exchange, Bybit also offers a DEX that can be accessed directly through the platform.
Bybit Exchange.

Is Bybit Trustworthy?

Yes, Bybit is considered a safe and reliable digital asset exchange and is one of the only trading platforms globally to never have its security breached or had any data leaks since its inception in 2018. This highlights Bybit’s strong emphasis on user and platform security. It has employed a multi-layered approach to safeguard users' assets and data by utilizing a combination of cold wallets and multi-signature technology to store users' assets securely, significantly reducing the risk of theft or hacking. Users can enable 2FA to add an extra layer of security to their accounts, ensuring that only authorized individuals can access the platform. 

The only downside to Bybit is that it’s unregulated and is not currently overseen by any country’s regulatory body. However, it has recently relocated to Dubai and began requiring KYC as it is undergoing the process of applying for licensing in the UAE. To give users further peace of mind, Bybit regularly publishes their proof-of-reserves, proving that it always holds its user's funds 1:1 on the exchange. 

Available Markets

As a cryptocurrency exchange, Bybit only provides users access to digital assets and not other financial instruments, such as stocks. It supports multiple order types to trade cryptocurrency, including perpetual contracts, options trading, spot trading, and more. Below is a quick summary of the supported trading types that Bybit offers:

  1. Spot trading on Bybit refers to the direct exchange of one cryptocurrency for another at the current market price. This type of trading is suitable for beginners and experienced traders alike who want to buy or sell digital assets instantly.
  2. Futures trading on Bybit are contracts with a predetermined expiration date. These contracts enable traders to buy or sell a specific cryptocurrency at a set price on the agreed-upon expiration date, regardless of the market price.
  3. Bybit's perpetual contracts function similarly to futures but without an expiration date. They allow traders to hold positions indefinitely, providing greater flexibility to capitalize on market movements.
  4. Options trading on Bybit enables traders to buy or sell the right, but not the obligation, to purchase or sell an underlying cryptocurrency at a predetermined price (the "strike price") before or on a specific expiration date. Options can be used for hedging, speculation, or generating additional income. Bybit offers both call options (the right to buy) and put options (the right to sell), allowing traders to take advantage of various market conditions.
  5. Bybit's margin trading allows users to trade with leverage, borrowing funds from the platform to increase their buying power. Leverage enables traders to open larger positions than their account balance would otherwise permit, magnifying potential profits and increasing potential losses. Bybit provides various levels of leverage, depending on the user's experience and the specific trading product.
Bybit Derivatives Portal.

Supported Countries

Bybit is not regulated or licensed in any country and is available in most jurisdictions. The exchange can be accessed in over 180 countries, excluding the following restricted locations; the United States, mainland China, Singapore, Quebec (Canada), Ontario (Canada), North Korea, Cuba, Iran, Russian-controlled regions of Ukraine (currently including the Crimea, Donetsk, and Luhansk regions), and Syria.

UI & Functionality

The platform's user interface offers an intuitive, sleek, and simple design tailored for efficient and seamless cryptocurrency trading experiences. Bybit is supported on mobile and desktop devices, with both versions offering the same functionality and UI. The Bybit mobile app is compatible with both iOS and Android. On the Apple App Store, it is rated 4 stars from 1K reviews, and on the Google Play Store, it is rated 4.2 stars from 61K reviews.

Bybit Mobile App.

Commissions and Fees

One of the many reasons for Bybit’s global popularity is its competitively low fee schedule. It does not charge any fees to withdraw or deposit funds from its platform. There is only a small fee for crypto withdrawals, which is used to cover the cost of gas. The only costs applied on the exchange are the trading fees. For spot markets, the fee is set at 0.1%, and for derivatives trading, the maker/taker rebate is 0.01%/0.06%.

Contact Bybit Customer Support

Bybit is known for its exceptional customer support through various channels, including 24/7 multilingual assistance via live chat, a help center, email support, and social media platforms. The exchange only offers live chat assistance in 10 languages, but there are 40 additional languages supported on Discord and Telegram

The Bottom Line

To summarize, Bybit has established itself as one of the world's largest and best cryptocurrency exchanges, offering a diverse range of trading options and features for its 18 million strong global user base. Key features include multiple order types, crypto staking, loans, a crypto card, copy trading, a rewards hub, an NFT marketplace, a mobile application, and multilingual customer service.

FAQs

Does Bybit require KYC?
Who founded Bybit?
Are there any geographical restrictions on accessing Bybit?

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