Search for:
Exchanges

Bybit Review: A complete exchange guide

Pinterest LinkedIn Tumblr

Trading cryptocurrencies involves a high degree of risk. The content on this page is meant for informational purposes only and can, in no way be solicited as advice to buy/sell a certain cryptocurrency or trade on a particular exchange. By viewing this page, you are agreeing that we cannot be held liable for any losses you may incur as the result of taking actions after reading this post. We may receive a commission if you use some of the links on this page.

The cryptocurrency landscape is vast, with exchanges popping up everywhere offering a better service, more security among other fancy claims. This comes as no surprise. Everyone wants a slice of the pie in the emerging and profitable market of cryptocurrency.

Today, I’ll be taking a look at one of the hottest cryptocurrency derivatives exchanges; Bybit.com.

Facts about Bybit

NameBybit
WebsiteBybit.com
Founded2018
CryptocurrenciesBTC, ETH, EOS, XRP
Maximum Leverage100x
Minimum DepositN/A
Deposit MethodsBTC, ETH, EOS, XRP
Instant WithdrawalYes
HQSingapore
CEOBen Zhou
Referral ProgramYes
Bonus$60 BTC (Claim here)

What is Bybit?

Bybit is a global Cryptocurrency Derivatives Exchange which offers up to 100x leverage trading on Bitcoin, Ethereum, EOS & XRP contracts.

Bybit.com

The exchange was founded in 2018 by Ben Zhou and is legally registered in the BVI, yet the headquarters lie in one of the main major tech hubs of the world; Singapore.

Company Information

Now we all know how important the legitimacy of a crypto exchange is. At the end of the day, you want to be 100% sure that your funds will be safe on the exchange.

In order to determine legitimacy, it’s vital that we understand the company behind Bybit.

The official company name of Bybit is ‘Bybit Fintech Limited‘ and according to LinkedIn, there are currently 51-200 employees at Bybit.

Bybit Fintech Limited LinkedIn Listing

Unfortunately, I wasn’t able to locate the registration number for Bybit Fintech Limited as it is not public information at this time.

The company also owns and operates offices in Hong Kong and Taiwan.

It’s also interesting to note that in my research for this review, I found that the CEO of Bybit; Ben Zhou was XM’s China district General Manager for 7 years before founding Bybit. XM is one of the world’s leading brokers and this gives me faith that Ben has the experience and knowledge to succeed in creating one of the world’s most popular margin crypto exchanges. It also makes me feel more safe trading on the exchange as Ben was employed by a highly reputable company.

Ben Zhou’s XM Experience (Source)

I’m nice and comfortable with the amount of info available about the company, it seems pretty transparent and legitimate to me.

Creating a Bybit Account

Getting setup with a Bybit account is really easy and takes less than 5 minutes in my experience.

This is largely due to the fact that Bybit doesn’t require KYC (Identity Verification) whatsoever.

Bybit Sign Up

To register for a Bybit account, head over to the registration page using this link.

Bybit provides two ways in which you can register for an account; email address & phone number – this is a nice touch which gives traders another method of signing up to the exchange.

Select which one you want to use to sign up, enter your details and click the ‘Register‘ button.

Bybit Registration

The final step of the signup process is to verify either your email address or phone number depending on which one you used to sign up by copying the code and entering it when prompted on Bybit.com.

Bybit Email Verification

Does Bybit require KYC?

Bybit doesn’t require any form of KYC to trade on the exchange. You can even withdraw an unlimited amount without exposing your identity.

Bybit Login

You can log in to your Bybit account 24/7 by going to bybit.com/app/login, entering your details and pressing ‘Login’.

Bybit Login

If you’ve set up 2FA (which you have to withdraw) – you’ll have to enter this code upon login too.

Another nice feature is that by default you will receive notifications when a login is made on your account – this is handy for identifying if your account becomes compromised.

How to set up 2FA on Bybit

Possibly the most important and first things you should do with your new account is set up 2-factor authentication.

This protects your account from potential hackers who may try to get access to your hard-earned money.

To set up 2FA on Bybit, follow these steps:

  1. Login to Bybit.com
  2. Go to ‘Account & Security
  3. Scroll down and enable SMS and/or Google Authenticator
  4. Follow the steps as prompted by Bybit to set up 2FA on your account

Now your account is much safer.

Account Features

Bybit is pretty easy to navigate in terms of your account. By going to the main menu and clicking ‘Account & Security’, you can access your important account information and change the settings.

UID & Username

Your UID (User ID) and Username are used to identify your account. It is handy to know what these are if you have to speak to a support member as it helps them rectify your issue.

Additionally, they can be used to assign bonuses if you win a competition for example.

You can find these details in the main ‘Account Information’ tab.

Your not actually given a username when you sign up for an account, but you can set one if you want to by clicking the ‘Settings’ button next to it.

Bybit Account Information

I assume they give you this option in case you can’t remember your UID easily – it’s preference whether or not you have a username.

Security Settings

This section of your account lets you set and update your 2FA and email authentication.

For maximum security, it is recommended that you enable all three of these options (even though I haven’t yet).

I don’t think that it is really necessary to use SMS if you use Google Authenticator though, I don’t really like giving my phone number away to many people.

Account Activities

Knowing what’s happened on your account is a really handy and imperative feature in my opinion. It lets you know if anyone has managed to gain access to your account.

Bybit shows you which device was used, what the action was and at which time the action was completed.

Bybit Account Activities

Other Account Settings

There are a few more account settings on Bybit which you should know about.

You can find these under the ‘Settings’ tab of your main account page.

Here, you can select your currency to display, this will convert your main balance to the equivalent in the currency you choose.

The display currencies available on Bybit are:

  • GBP
  • EUR
  • USD
  • AUD
  • CAD
  • CNY
  • CHF
  • HKD
  • JPY
  • KRW
Bybit Account Settings

You can also change the notification language as well as enabling/disabling certain notifications.

Can you have multiple accounts on Bybit?

Yes, you can have more than one account on Bybit, just sign up with a different email address to create another account.

They don’t currently offer sub-accounts, which would be a nice feature to see in the future in my opinion.

Deposit & Withdrawal

Getting money in and out of any cryptocurrency exchange is a priority. The main things I look for are speed, fees and limits.

Making a deposit

There are 4 main deposit methods available on Bybit. This is better than most other cryptocurrency derivatives exchanges which only let you deposit Bitcoin.

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • EOS (EOS)
  • XRP (XRP)

There isn’t a minimum deposit for any of the assets on Bybit and there are no fees associated with any deposit method – I really like this aspect of the exchange, it makes it easy to get started trading on the exchange.

For this review, I did a small test deposit of $15 BTC and it arrived in around 10 minutes which I found pretty impressive.

To make a deposit on Bybit:

  1. Go to ‘My Assets‘ using the dropdown menu
  2. Click ‘Deposit‘ on the asset you want to deposit onto Bybit
  3. Copy your deposit address
  4. Send crypto to the address
  5. Wait a few moments
  6. Your deposit should now show in your account
Bybit Bitcoin Deposit

It’s nice to see that you get an email from Bybit you when a successful deposit is made to your account. This means that you can walk away from your device and still know when your deposit arrives.

Bybit Deposit Confirmation Email

I have to say – Bybit seem to have covered everything!

Withdrawing from Bybit

Making a withdrawal from Bybit isn’t as easy as depositing, but it’s not too bad.

You can withdraw from Bybit with the 4 main supported assets:

  1. Bitcoin
  2. Ethereum
  3. EOS
  4. XRP

One of the only things which annoyed me was the minimum withdrawal amounts and the fees associated with making a withdrawal. This shouldn’t be a big problem for most traders, but it’s something worthy of note in this review.

I’ve put together a simple table which displays the minimum withdrawals and the fees for each asset on Bybit for your reference below.

AssetMinimum WithdrawalFee
Bitcoin (BTC)0.002 BTC0.0005 BTC
Ethereum (ETH)0.02 ETH0.01 ETH
EOS (EOS)0.2 EOS0.1 EOS
XRP (XRP)20 XRP0.25 XRP

From the table above, I can conclude that the best way of withdrawing from Bybit in terms of fees and the minimum amount is by using XRP.

Important: Before you can make a withdrawal from Bybit, you need to complete a couple of setup tasks.

  • Set 2-factor authentication (2FA) in your main account settings
  • Add your withdrawal addresses here
Address Management Section

There are three main steps to making a withdrawal from Bybit once you’ve decided which asset you will be withdrawing and completing the one-time setup tasks.

Firstly, select the address you are withdrawing to (which you added earlier) along with the amount you’d like to withdraw.

If you’d like to withdraw your full balance, just click the highlighted amount next to the ‘Withdrawable Amount‘ label.

Withdraw Amount Selection

The withdrawal fee is automatically deducted from the amount you withdraw.

Now that you’ve entered the info, it’s time to get submit the withdrawal – just click the ‘Submit’ button at the bottom of the box.

Withdrawal Submission on Bybit

It’s good to see Bybit thinking about security with every aspect of the exchange. You’re required to complete verification steps before the withdrawal goes through.

This verification involves entering a code sent to the email address you registered on Bybit with as well as entering your 2FA code.

The final step before the withdrawal goes through successfully is to confirm it by email – this is just a simple link you have to click.

Once you’ve completed those three steps, your withdrawal should be on its way!

How long does a withdrawal take on Bybit?

Withdrawals on Bybit are made three times per day, 7 days per week.

Your withdrawal will be put into whichever time slot is next, and you should receive the withdrawal around 1-2 hours after completion.

The cut-off time is 30 minutes before the slot, so make sure you get it in over 30 minutes before the times listed below if you want it to be included in that batch.

Here are the times for Bybit withdrawals:

  • 08:00 UTC
  • 16:00 UTC
  • 24:00 UTC

Compared to other exchanges like BitMEX who only process withdrawals once per day, Bybit is in the lead here.

Is there a withdrawal limit on Bybit?

I couldn’t find any information from Bybit regarding a maximum withdrawal amount, so I went onto the Bybit Telegram to find out more.

Here was the response I received:

No, there is no maximum withdrawal per day

@Cryptob4c

So, to summarise, there is no withdrawal limit on Bybit.

How to trade on Bybit

Trading on Bybit is simple if you are used to trading on other cryptocurrency exchanges, they even provide a beginners guide to help you get started.

If you’d like to learn a bit more about how to trade on Bybit and what it’s like, keep reading.

Bybit is slightly different to a regular cryptocurrency exchange in the fact that you can trade with something called leverage which lets you trade with more than you own – don’t worry, I’ll go into this in a bit more detail later on the review.

To trade on Bybit, you first have to make a deposit onto the exchange, you can do this by sending one of the accepted cryptocurrencies to your unique Bybit deposit address.

For the purpose of this guide, I used Bitcoin to deposit onto Bybit.

I was pleased to see that the deposit was made quickly and I even got an email notification of the successful deposit.

After you’ve made a successful deposit, you can now get started making a trade on the platform.

To do this, go to the main Bybit trading page by clicking in the ‘Trade‘ button in the top left.

Bybit Trading Screen

Now that you’re on the main trading page, you need to select the asset you want to trade on Bybit, there are currently 4 assets available to trade on Bybit (BTC, ETH, EOS & XRP) but I’m sure they’ll be adding more at a later date, after all, the exchange is only almost 2 years old!

For this review, I decided to make a trade on BTC/USD.

You’ll see a box on the right-hand side of the chart which is where you make the trade from (you can move these later if you want).

First up, you have to select your order type, leverage, position size and price (not for market order).

Making a trade on Bybit (GIF)

Once you’ve done that, press the Buy or Sell button depending on which direction you want the trade to be.

After you’ve done that, you’ll see a popup asking you to confirm the trade – I personally check this each time I make a trade on Bybit – you don’t want to mess it up – it could be costly!

Confirmed? Great. Now the order will be moved down to the ‘Active‘ box below the main chart where it will wait to get filled unless you did a market order which would mean the order would go to the ‘Positions’ box instantly instead.

Active Positions Tab on Bybit

From here, if the order doesn’t fill, you can decide to cancel it by using the button on the far right-hand side of the tab.

You can log out at this point if you want, the order will fill automatically if your price is hit.

Once the order completes, it will move over to the ‘Positions’ tab – the main purpose of this tab is to monitor your positions such as view the current profit/loss as well as exit the position and various other actions.

Open Position on Bybit.com

You’ll probably see a lot of screenshots of this page if you’re on social media at all and follow crypto traders, they love to boost about large amounts of profit, but be aware, a lot of these are fake!

So now that you’ve opened a trade on Bybit, it’s time to close it.

Now you can close the open position in 2 main ways.

  • Limit close
  • Market close

A limit close has lower fees but can take time to close, whereas a market close will close your position at market price and take liquidity from the books; this means that it will cost you more to close the position but it will get done quickly.

Whenever possible, you should try to use a limit order to save money, but it’s perfectly normal to need to use a market order, for example when the price is rising/falling quickly and you need to exit the position.

Once you’ve decided which order to make, click the corresponding button.

Closing a trade on Bybit

A pop-up will show asking you to confirm the order.

I’d like to note here that I like the clean notifications you get in the bottom right-hand corner of the screen whenever an order is fulfilled.

Now that you’ve successfully closed the position, any profit/loss you made on the position will be automatically credited/debited on your account and the trade will move over to the ‘Closed P&L’ tab – from here, you can see the historic trade details.

Closed P&L Data

That’s it; the full process of making a trade on Bybit.

Viewing order history

It’s pretty common to want to view your order history for various reasons. Nevertheless, if you need to do it on Bybit, you can do so by using the ‘Order History’ tab in the main positions box on the trading home screen.

Order History Tab

Each order is given a unique ID so that you can reference the order with support for example.

Fees

One of the most important things about selecting the right cryptocurrency exchange is fees.

High fees can reduce your profits as well as eat away at your trading balance – no one wants that.

There’s a bit of confusion regarding fees on cryptocurrency derivatives exchanges.

Unlike regular spot (no leverage) exchanges like Binance, derivatives exchanges can incur higher fees because of leverage.

To put it simply, you pay the fee rate on the total value of the trade, not your margin – this means that if you have a $1000 position with 100x leverage you will be paying the fees on $100,000, not $1000.

For this reason, it’s important that we find a derivatives exchange with low fees, to ensure that the total amount you pay stays low – this is where Bybit comes in.

Bybit has some of the lowest derivatives exchange fees on the market.

Bybit Fees Explained

There are two main types of fees on the Bybit exchange, the first being trading fees and the second, funding fees.

Overall, the fees on Bybit are very fair in my opinion.

Trading Fees

Trading fees are split into two categories, maker and taker.

A maker order is when you set a limit order (adding an order to the books).

A taker order is when you make a market order (taking an order from the books).

In general, the maker fee is almost always lower than the taker fee, and sometimes it is even a positive fee, meaning that you can make money when you make a trade.

This is the case on Bybit, by making a limit order you will earn a 0.025% rebate.

Bybit Maker Fee+0.025%
Bybit Taker Fee-0.075%

Funding Fees

Funding fees on Bybit are made every 8 hours – this is the fee you earn/make by borrowing money (using leverage) on the exchange.

The funding fee on Bybit is dynamic, this means that it changes depending on market conditions.

The fee on Bybit is calculated as follows: funding fee = position value*funding rate. Position value = quantity of contract/mark price. For example, at 8:00 UTC you still hold a long position of 10,000 BTCUSD contracts, the mark price now is 4,000 USD. Suppose that the funding rate now is 0.02%.  the position value will be 10,000/4,000=2.5 BTC. Then the funding fee is 2.5 BTC *0.02%=0.0005BTC.

Bybit.com

To see the current funding fee on your contract, head to the Bybit trading screen and you’ll find it in the ‘Contract Details‘ box along with when the next time for fees is due.

Bybit Funding Rate

You can read more about the fees on Bybit directly on their website.

Leverage on Bybit

Leverage allows you to trade with more than your account balance.

This can increase profits, but also increase losses and therefore should only be used as those who know what they are doing.

It is a high-risk way of trading cryptocurrencies, if you’re looking for an exchange without leverage, check out Binance.com.

Maximum Leverage

Bybit offers up to a maximum of 100x leverage, meaning that you can trade with 100 times more than your account balance.

The leverage you can use depends on your position size and the asset you are trading.

Here’s a table which shows you the different maximum leverage levels on Bybit’s tradable assets.

AssetMax Leverage
BTC100x
ETH50x
EOS50x
XRP50x

To put this in perspective; if you have 1 BTC on Bybit and open a 100x trade (I don’t recommend ever doing this), you will have a trade size of 100 BTC.

This means that if Bitcoin were to go up by $100, you would make $10,000 ($100 x 100) before fees.

But if Bitcoin were to go down by only 1% in value, you would lose your entire 1 BTC (this is called liquidation).

It’s an extremely powerful tool but should be used with extreme caution.

Can you change leverage on an open position on Bybit?

Yes, you are able to change the leverage of your position on Bybit once you’ve opened a position.

If you reduce leverage, you will have more available margin which you can use to open another trade.

If you increase leverage, you will have less available margin.

Cross Margin

Cross Margin is essentially another method of protecting yourself against liquidation when using leverage.

So, does Bybit have Cross Margin?

The answer is yes – Bybit does have Cross Margin, but it’s called something different: ‘Auto Margin Replenishment‘.

I think they have called it this rather than the technical name to make it easier to understand for new traders.

To turn on Cross Margin on Bybit, press the toggle button on the ‘Positions’ tab.

Bybit Auto Margin Replenishment

Once enabled, Bybit will add to your margin automatically if your liquidation price is met.

What is ADL on Bybit?

Bybit has a built-in safety mechanism called ADL (Auto Deleveraging).

The ADL ranks traders based on profit and leverage and decides who should be de-leveraged to prevent liquidation when possible.

This is a pretty unique feature which is revolutionary in my opinion and is just another reason many people prefer to trade on Bybit rather than other cryptocurrency derivatives exchanges.

Learn more about Bybit’s Auto Deleveraging system with this Medium article by Bybit.

Safety & Security

As I’ve mentioned in this review already, it’s important that we are able to trust a cryptocurrency exchange before depositing and trading on it.

There are a few main things I look for when assessing if an exchange is safe to trade on.

SSL

As expected, Bybit has a full SSL certificate which prevents hackers from being able to access your information.

Bybit.com SSL Certificate Information

This means that the Bybit website is encrypted and safe to use from a technical standpoint.

The certificate was issued by DigiCert – a leading global SSL provider.

Server Location

The Bybit servers are located in Singapore, where the HQ is located. This helps me trust the exchange since they are being honest about their location.

It’s also interesting to note that they use a reliable web host; Amazon.

Bybit.com Server Information (Source)

Transparency

This is the thing which sets the successful crypto exchanges apart from the unsuccessful.

Being transparent ensures better user trust which in turn translates into more traders which means more volume, liquidity and success. It really is the key to being successful.

For this reason, I’ve checked out to see how transparent Bybit are for the purpose of this review.

I’ve known about Bybit for a while, so I have a basic knowledge surrounding this topic, but it is interesting to dig a bit deeper.

Firstly, it’s great to see that the CEO; Ben Zhou is frequently active on social media, especially Twitter.

A Tweet from ‘Ben Bybit’

He goes under the pseudonym ‘Ben Bybit‘ but is transparent about his real name elsewhere including LinkedIn.

Ben Zhou’s LinkedIn Profile

This is nice to see, as it lets us know that he is heavily involved with his exchange and cares about the exchange’s success both financially and within the community.

He also attends several conferences and other networking events – so people know his face.

Let’s put it this way, it would be hard for someone this exposed to scam thousands of people – someone would most likely be after him.

To conclude, I think that Bybit is a transparent exchange and therefore, can deduce that I feel safe trading on Bybit.com.

Hack-Prevention

As many of you may already know, many cryptocurrency exchanges have been hacked in the past due to lacking security measures and untrustworthy teams.

There are many things that exchanges can do in order to make sure that customer’s funds are kept safe.

What measures does Bybit take to prevent hacks?

On inspection, Bybit goes a long way to ensure funds are kept safe from those out there looking to steal your money.

2FAYes
Email VerificationYes
Manual WithdrawalsYes

These measures taken by Bybit add to my confidence with trading on the exchange.

Reputation

The final aspect of Safety & Security I would like to address in this review is the reputation that the exchange carries with its customers.

I’ve heard a lot of good things about Bybit from Social Media including a large number of positive tweets surrounding the exchange.

Here’s an example that I thought sums up how Bybit is changing the exchange industry.

Bybit Recommendation on Twitter

Another thing I noticed is that a lot of friends of mine who have previously only ever traded on BitMEX (a competitor of Bybit) have moved over to Bybit, as they feel that it is one of the only ones to meet the high standards offered by other professional exchange.

Overall, it seems to offer one of the best exchange options on the market at the moment especially since it hardly ever has downtime when others do.

Nevertheless, it’s important that we look at some issues that people have had in order to see how it was dealt with.

This user, in particular, had some issues regarding connection – what’s great to note here is that surprisingly, the CEO reached out to help this user, an extremely rare occurrence in the space which again makes me feel confident about using Bybit.

Issue on Bybit

Countries

Bybit is a global cryptocurrency derivatives exchange, although, there are some restricted countries which are prohibited from trading on the exchange.

This is largely down to differences in regulation and laws surrounding the digital asset trading industry.

Bybit is accepted by all countries except the following.

Restricted Locations

  • United States of America
  • Québec
  • Singapore
  • Cuba
  • Crimea
  • Sevastopol
  • Iran
  • Syria
  • North Korea
  • Sudan

They also mention that: “any other jurisdiction where the Services offered by Bybit are restricted, you also understand and acknowledge that you are prohibited from holding positions or entering into contracts at Bybit.

Liquidity

One of the things most traders look for with a crypto exchange (especially the ones with big balances) is what the liquidity is like.

This is important as it allows traders to have less slippage which means more profits – and that’s why people trade right?

According to many traders, liquidity is one of Bybit’s fortés.

Bybit is suitable for beginner traders right through to the advanced with $1M order values.

Order Types

There are many different order types on cryptocurrency exchanges aimed at making a traders life easier and ideally, increasing profits.

The order types available on Bybit are as follows:

Limit

A limit order on Bybit is where you select a price at which you want your order to be at. This is useful for when you think the price may reach a level before moving in the opposite direction – therefore providing you with a (potentially) better entry-level.

Market

A market order is effectively an instant order, as soon as you hit the button, your order will go through. As I’ve mentioned earlier in this review, it is ideal for when you need to exit a position quickly but shouldn’t be used frequently since you have to pay higher fees.

Conditional

A conditional order does what it says on the tin. It fulfils an order when an event which you specify occurs, for example, you can tell Bybit to close one of your positions if the price reaches a certain level.

You may be more familiar with the ‘Stop Loss’ order type – they are fairly similar.

Under each of the order types listed above, there are other customisable order options which let you refine the order to suit your trade most effectively.

Post-Only

This means that even if your limit price is going to take liquidity from the books, it will still process as a maker order – thus ensuring that you will only pay a maker fee.

To enable this, just check the box at the bottom before submitting your order.

Post-Only Order

Reduce-Only

The Reduce-Only order type makes sure that the order will only reduce your position, not increase it. It’s another safety feature for the order types.

Reduce-Only Order

Close On Trigger

This sub-order option is only available on the ‘Conditional’ order tab.

Close On Trigger Order

What does it do? It ensures that your stop-loss reduces your position regardless of any other open orders.

GoodTillCancelled

GoodTillCancelled‘ is an order option which means that your order will remain open unless you cancel it or it gets filled.

You can select this option under the order submission buttons.

GoodTillCancelled

ImmediateOrCancel

This one does exactly what you think it does – if the order doesn’t go through immediately, Bybit will cancel it.

You can change this using the same drop-down selection box shown above for GoodTillCancelled.

FillOrKill

This order will cancel it if your order is not filled with one trade, essentially it means that your order will be completed quickly, or not at all. This is useful for traders with large positions.

You can learn more about this and the other order options on this Bybit help page.

Bybit Charts

All charts on Bybit are provided by TradingView – one of the world’s leading trading chart software companies.

I was pleased to see that Bybit has gone with a quality chart supplier like TradingView since most traders are extremely familiar with the way they work.

The charts are also super intuitive in terms of design, it makes it just that bit easier to draw trend lines and use indicators on the Bybit exchange.

I also have to note, I really like the colour scheme they’ve gone for – not only does it look edgy, it’s nice and easy to interpret the price action.

Moreover, you can directly access Bybit charts from TradingView.com thanks to the Bybit & TradingView integration.

Testnet (demo account)

The Bybit testnet allows you to use all the features of Bybit without having to risk your real crypto.

In simple terms, the Testnet is a demo account.

To try out the Bybit testnet, visit testnet.bybit.com/app/exchange/BTCUSD.

It’s not necessary to use the testnet before opening a live account, but it is there for those who need it.

Referral Program

Similarly to many other cryptocurrency exchanges, Bybit has a unique referral program which allows you to earn money by inviting your friends to trade on Bybit with you.

Here’s the main information you need to know about the Bybit Referral Program.

Bonus$10
WithdrawableNo
LimitNo
RequirementsReferred user deposits at least 0.02 BTC

Bybit also offers an affiliate program whereby you can earn 30% of referred users fees – this is different from the referral program.

To signup for a Bybit Affiliate Account, click here.

Bybit App

Trading crypto on the go has become extremely popular recently with the launch of the Binance & Coinbase crypto trading apps.

It allows traders to make the most of opportunities since they have constant access to a global market.

Bybit hasn’t quite launched the full app, but there is a public beta which you can download here: https://static.bybit.com/download/en.html.

I expect that a full Bybit app will be available in early 2020 and when it does, there will most likely be one for Android & IOS.

There is also a mobile browser version of Bybit. To get access to it, visit m.bybit.com rather than the regular bybit.com site.

Bybit App

Bybit Tools

A lot of traders find it useful to use tools when trading on an exchange and for this reason, I’ve compiled some of the best tools that might be useful for you when trading on the Bybit exchange.

Bybit Calculator (yes – we created it)

The Bybit Calculator helps you work out your profit/loss on the Bybit exchange as well as the fees you’ll pay on a trade. It’s a handy tool and 100% free.

Datamish

Datamish.com is a handy tool for seeing how many longs vs. shorts there are on the BTC/USD market during any time of the day. This can help you work out how other traders are trading the market.

Design

Bybit’s design is slick, to say the least. I’m a big fan of the colour palette they’ve chosen to work with as well as the logo and general branding.

Bybit trading on Macbook & iPhone

I’ve got to admit – it’s incredible in comparison to a lot of other exchanges like FTX for example (FTX is a great exchange, don’t get me wrong, but it’s not a looker).

Here’s the main colour palette for the Bybit website:

Data from palette.site

On the other hand, I couldn’t seem to find a light mode, it seems that as default, the theme is a dark mode which is fine for most people (crypto traders like trading at night!) but I would like to see this added if it isn’t already.

Bybit API

The API on Bybit is useful for anyone that wants to build apps which require data from Bybit or bots to trade automatically on Bybit for you.

If you need to create an API key to connect to a bot or something similar, all you have to do is go to your account settings and from there select the ‘API Management’ tab.

Bybit API Key Management

If you want to create something which requires the Bybit API, you’ll need to access the Bybit API Docs at this page on GitHub.

Bybit API

Bonuses & Promotions

Bybit is renowned for offering decent bonuses and promotions.

The main one is a $60 BTC trading bonus you can get by signing up, making a deposit and following their social media accounts.

Customer Support

Now we’re all aware of how important customer support is with any online service, but this premise is far more relevant when it comes to cryptocurrency exchanges.

Due to the nature of the platform, it’s inevitable that people will need help.

The thing which separates the good from the bad when it comes to crypto exchanges is how these issues are dealt with.

With that in mind, let’s take a look at Bybit’s support system.

If you don’t want to read about the support and are just looking for the info, use the table below.

Live Chatbybit.com/live-chat
Emailsupport@bybit.com
PhoneN/A
Help Centerhelp.bybit.com

Help Center

Like a lot of other exchanges, Bybit has the main help center which comprises of detailed articles & guides about everything to do with the exchange.

If you have an issue on Bybit, this is where you go first – your answer may well be easy to find there.

Bybit Help Center

From the Help Center, you can also submit a support request as well as opening a live chat.

The Help Center was easy enough to locate, it’s at the bottom of every page on Bybit.com.

Live Chat

As I mentioned above, Bybit does indeed have a live chat option. This is by far my favourite way of getting support with any service as it’s quick and easy.

You can start a live chat on Bybit from any page on the website.

Bybit Live Chat

Bybit uses Zendesk software for their Live Chat, it’s functional and simple to use.

Overall, the Bybit customer support system is comprehensive, fast and easy. It gets an A+ from me.

Conclusion

To summarise, Bybit is brilliant cryptocurrency derivatives exchange in my opinion. It’s suitable for a wide range of traders and caters for even the most in-experienced.

The highlights for me would have to be the liquidity, design & security.

Like anything, I do however think there is room for improvement with some aspects of the exchange. Mainly, regarding the minimum withdrawal limits, I think there shouldn’t be any, some traders like to remove small amounts from the exchange. There is a workaround to this whereby you could just deposit more and then withdraw the whole amount but that’s an extra hassle.

Overall, I would recommend the exchange to anyone who is interested in trading cryptocurrencies with leverage – I personally use the exchange and it is quickly becoming my favourite.

If you liked this review and found it helpful, feel free to share it with others and if you have any comments or questions at all, feel free to leave them below – I’d love to help out where possible.

Bybit Review
Pros
Easy-to-use
Low fees
Good customer support
Cons
Nothing to report as of yet!
4.5
Final Score

Alex is the founder of Blockduo. He is a keen cryptocurrency enthusiast located in the UK. Get in touch directly with Alex by sending an email to hello@blockduo.com.

Write A Comment