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Bybit Review 2024: Pros, Cons, Fees & More
Swen Keller
- https://bybit.com
- Headquarter: Dubai
- Year Founded: 2018
- Platform App: Web, Mobile
- No. of Cryptos: 100+
- Fiats Available: RUB, USD, TRY, EUR, GBP, ARS, BRL
- Withdraw Method: Crypto
- Payment Method: P2P trading, crypto assets, third-party processors
Bybit Review: Our Opinion
The Bybit exchange is a derivatives exchange that offers advanced trading tools, leveraged trading (up to 100×), and a no-downtime security commitment.
However, the Bybit exchange isn’t available in the United States and it offers a limited number of cryptocurrencies when compared to other cryptocurrency exchanges.
The Bybit platform is also not suited to spot trading and is best for experienced traders.
An Overview of Bybit
Bybit exchange, founded in 2018 by Ben Zhou, unlike other crypto platforms, is a derivatives exchange. The exchange currently hosts more than 10 million registered traders worldwide and is headquartered in Dubai, United Arab Emirates.
Bybit exchange operates globally in over 160+ nations and 16 languages except in Singapore, mainland China, Quebec Canada, and the United States.
Ben Zhou before founding Bybit exchange was a forex broker who became fascinated by tokenomics and the crypto world in 2016. And seeing that it had enormous potential but had so many gaps to fill, he decided to build Bybit as a combination of TradFi and DeFi.
Opening an account with the platform gives users access to crypto trading via derivatives trading (leveraged trading, margin trading, futures trading, etc.) and spot trading (supports 15 spot trading pairs).
Bybit exchange also offers an NFT marketplace, institutional services, a Web3 wallet, copy crypto trading, a token launchpad, and several passive income products via staking and other mechanisms.
Pros
- It is suitable for experienced traders
- It has an NFT marketplace
- It has a mobile app
- Bybit accepts crypto deposits
Cons
- Not available in the US
- Lower selection of altcoins
- Inconsistent quality in customer support experiences
- Complex fee structure
Bybit Review: Unique Features
Smart Copy Mode
The Bybit Smart Copy mode is an easy-to-use copy trading feature that allows users to make profitable trades without prior trading experience.
This feature is an upgrade of the old Copy mode. With the Smart Copy Mode, users can follow a Master Trader with 3 simple steps.
All that is needed is to enter an investment amount, select a Bybit account to transfer funds from, and click on the “Copy Now” button.
The minimum amount for investment in Bybit Smart Copy is 50 USDT.
With the Smart Copy Mode, users can Copy positions based on a fixed ratio of position. This allows users to determine the confidence of the Master Trader when opening a trade position and managing their portfolio risk.
The Bybit Smart Copy Mode has a feature known as the Bybit CopyGuard which adds an extra layer of protection for followers and limits losses.
This feature is necessary because even though the Master Trader is experienced, he may still incur losses when implementing some trading strategies.
The CopyGuard feature ensures that the followers’ trades are optimized in a way that the entry is at an optimal price that is not worse than that of the Master Trader.
If the optimal price is not attained, CopyGuard will prevent the trade from being copied.
While CopyGuard is designed to limit loss, slippage may still occur at the point of the trade execution. This can result in the final execution price being worse than that of the Master Trader.
That said, you can begin Copy Trading by creating a copy account in your regular Bybit account. To start Copy Trading on Bybit, do the following:
First, create a copy trade account in your existing Bybit account. Scroll to the “Derivatives” tab and click on “Copy Trading”
Next fund your copy trade account. The copy trade account can be funded directly from your Derivatives account.
Once the copy trade account has been funded, browse through the principal trader card to select the trader you wish to follow.
Once you choose a trader, Bybit will prompt you to select your trading parameters. This includes choosing your desired leverage, inputting your order amount, and designating a derivatives trading pair.
Finally, confirm your order and click on “Copy”. Once this is done, all the principal trader’s moves will be replicated in your copy trading account.
You can monitor your copied trades from the “My Copy Trades” tab.
This tab is located on the right-hand side of the page. You can also close all copied trades manually whenever you wish from the “User Center” tab.
Bybit Savings
Bybit Savings allows users to earn passive income by staking their assets.
Supported assets include Bitcoin, Ethereum, Tether, USD Coin, etc.
Unlike the regular staking program, Bybit Savings is flexible, users can choose to stake their assets under fixed and flexible terms.
With the flexible term, you can unstake your crypto assets whenever you wish, but with the fixed term, your assets will be locked for a specified period. The APY for the fixed term is higher than that of the flexible term.
Bybit Savings is similar to the regular savings account in a traditional bank, where the fiat currency in your savings accounts earns you interest.
The only difference is that with Bybit Savings, cryptocurrency is used instead of fiat currency.
To stake your assets via Bybit Savings, do the following:
First, choose a coin to stake. Bybit is constantly updating its list of supported cryptocurrencies. You can go through the list of supported Coins and select which one you wish to stake.
If a coin is labeled “Exclusive Offers” it means staking for them is seasonal and the staking opportunity will not be extended once the coin hits its cap.
After selecting the coin, you will be redirected to the confirmation page. The page will display the following information: yield distribution start time, yield calculation start time, maximum staking amount, estimated APY, and the total amount staked by all users.
Note that the APY displayed may vary based on the token type and market conditions. Also, the estimated daily yield is calculated based on the APY.
To proceed, click on “Stake Now”.
Finally, confirm your order details. Once that is done, your assets will be staked.
Asides from the flexibility of the staking term, other benefits of Bybit Savings include a low entry point, low risk, and stable APY.
Bybit Grid Trading Bot
The Bybit trading bot is an automated computer program that helps Bybit users to place buy and sell orders within a predefined price range at predetermined intervals.
The bot capitalizes on price fluctuations to automatically make trades.
Bybit has a special copy trading bot known as the Bybit Grid Bot. Bybit Grid Bots are suitable for volatile and sideways markets. They enable users to create a trading grid of orders with multiple buy and sell orders in either price direction.
When the market price gets to the preset target, a buy order will be executed and a sell order will be placed above on the next grid. Once the price rises to the next grid, the sell order will be executed.
This way the trader can make a profit from the price movements.
The Bybit Grid bot can be used for spot trading, futures trading, and derivatives trading.
Bybit Grid trading is channeled directly through the user’s Bybit trading bot account and Bybit Spot account. All entry orders are bought at the market price.
This is to ensure the successful execution of the grid strategy.
Bybit users can create their Grid trading bot on both the desktop platform and mobile app versions. To create your Spot Grid bot on Bybit, do the following:
Login to your Bybit account, scroll to the navigation bar, and click on “Trade” then “Trading bot” and “Create” to begin the process.
Next use the following parameters to create your grid bot:
- Price Range: Set the upper and lower price bounds
- Pair: Select the Spot pair
- Total investment: Input the total amount to invest
- Number of Grids: Input your preferred number of grids. The higher the number of grids, the smaller the price intervals. This will result in orders being filled more frequently in a volatile market.
You can fill in the details manually or you can click on “Auto-Fill”, this will automatically enter intelligent parameter suggestions based on the historical data of the coin.
Finally, cross-check the details and click “Create”.
Bybit also provides the copy trade feature for grid trading. Inexperienced traders can copy the grid bots of experienced traders using this feature.
Bybit Mobile App
The Bybit Mobile app gives users access to their assets on the Bybit exchange on the go. It is available on the Google Play store and Apple app store.
The mobile app provides users with access to all of Bybit’s features including spot trading pairs, crypto derivatives, perpetual and futures contracts, Bybit DeFi mining, etc.
The mobile app also allows users to create price alerts and stay updated on price movements. Users can also customize various settings in the mobile app such as currency displays, languages, and routing.
The mobile app has a QR code scanner that allows users to scan QR code wallet addresses.
Cryptocurrencies Available on Bybit
Bybit supports over 100 cryptocurrencies.
Available cryptocurrencies include Bitcoin, Ethereum, USD Coin, Dogecoin, Polkadot, XRP, Tether, Polygon, Avalanche, Litecoin, DyDx, Solana, Chainlink, Shiba Inu, Gala, etc.
Bybit Review: Can You Buy and Sell NFTs on Bybit?
Bybit offers an NFT trading platform that allows users to buy, sell, and trade several types of NFTs including digital art, collectibles, GameFi, and Metaverse.
The NFT Bybit trading platform also supports NFT games, allowing users to earn rewards at various stages.
Concerning services offered, the Bybit NFT marketplace allows creators to list their NFTs and buyers to place bids on listed artworks. Currently, the platform only supports images and videos for NFT files.
The checkout process is straightforward: to buy an NFT you can use your Bybit spot trading account with USDT, XTZ, ETH, or BIT. This means you don’t need to connect an external wallet to the platform.
Also, each NFT is priced with a single token, so if an NFT uses ETH as its pricing unit, you can use other tokens like BIT or USDT for trade.
For minting, you can only mint NFTs on the Ethereum blockchain though NFTs on the Solana blockchain can be sold and bought on the marketplace after being minted on another platform. They don’t support self-minting.
There are premium offers on the Bybit NFT marketplace including Realy Metaverse fashion pieces, Monster Galaxy mystery boxes, and an ONDB artwork with over 7 artists.
Some popular artists who have contributed to the marketplace via the ONDB artwork include Oscar Oiwa, Nicole Atkins (NATKINS), Shinji Murakami, Yasuo Nomura, Alejandro Magallanes, Kevin Heisner, and Ellwood Chen.
For fees on the platform, NFT creators are required to pay a dynamic minting fee. Sellers are charged 1% in Bybit trading fees and 1% in Bybit fees for secondary sales. Buyers don’t have to pay trading fees on the platform.
Bybit Review: Fees
Bybit offers different fees for VIP and non-VIP users. Bybit exchange offers users competitive VIP levels lower fees.
Your VIP level is determined by your current crypto asset balance, last 30-day trading volume, or your BIT holdings.
Users only have to meet one discount criterion to unlock the various VIP levels.
For instance, if Trader B has $50,000 as their asset balance, which is the first criterion to unlock VIP 1, and their last 30-day spot trading volume amounts to $6 million then they’ll be boosted to VIP 3 and will be eligible for the trading fee discounts offered at VIP 3.
In addition, all VIP levels are updated daily and subaccounts hold the same fee rates as the main account.
That said, let’s have a look at the various trading fee rates:
VIP Level (Spot Trading Fees)
Taker Fees
- Non-VIP: 0.1000%
- VIP 1: 0.0600%
- VIP 2: 0.0500%
- VIP 3: 0.0450%
- VIP 4: 0.0400%
- VIP 5: 0.0350%
- Supreme VIP: 0.0200%
- Pro 1: 0.0300%
- Pro 2: 0.0250%
- Pro 3: 0.0200%
- Pro 4: 0.0200%
- Pro 5: 0.0200%
Maker Fees
- Non-VIP: 0.1000%
- VIP 1: 0.0400%
- VIP 2: 0.0250%
- VIP 3: 0.0200%
- VIP 4: 0.0150%
- VIP 5: 0.0125%
- Supreme VIP: 0.0050%
- Pro 1: 0.0100%
- Pro 2: 0.0075%
- Pro 3: 0.0050%
- Pro 4: 0.0000%
- Pro 5: 0.0000%
Perpetual & Futures Contracts Trading
Taker Fees
- Non-VIP: 0.0550%
- VIP 1: 0.0400%
- VIP 2: 0.0375%
- VIP 3: 0.0350%
- VIP 4: 0.0320%
- VIP 5: 0.0320%
- Supreme VIP: 0.0300%
- Pro 1: 0.0320%
- Pro 2: 0.0320%
- Pro 3: 0.0300%
- Pro 4: 0.0275%
- Pro 5: 0.0250%
Maker Fees
- Non-VIP: 0.0200%
- VIP 1: 0.0180%
- VIP 2: 0.0160%
- VIP 3: 0.0140%
- VIP 4: 0.0120%
- VIP 5: 0.0100%
- Supreme VIP: 0.0000%
- Pro 1: 0.0100%
- Pro 2: 0.0050%
- Pro 3: 0.0000%
- Pro 4: 0.0000%
- Pro 5: 0.0000%
USDC Options Trading
Taker Fees
- Non-VIP: 0.0300%
- VIP 1: 0.0270%
- VIP 2: 0.0250%
- VIP 3: 0.0240%
- VIP 4: 0.0230%
- VIP 5: 0.0200%
- Supreme VIP: 0.0150%
- Pro 1: 0.0230%
- Pro 2: 0.0200%
- Pro 3: 0.0150%
- Pro 4: 0.0100%
- Pro 5: 0.0100%
Maker Fees
- Non-VIP: 0.0300%
- VIP 1: 0.0270%
- VIP 2: 0.0250%
- VIP 3: 0.0240%
- VIP 4: 0.0230%
- VIP 5: 0.0200%
- Supreme VIP: 0.0150%
- Pro 1: 0.0230%
- Pro 2: 0.0200%
- Pro 3: 0.0150%
- Pro 4: 0.0100%
- Pro 5: 0.0000%
Deposit and Withdrawal
There are no deposit fees for depositing crypto assets on the Bybit exchange. But if you’re depositing fiat currencies via their third-party payment providers, there are different deposit fees depending on the processor used.
For cryptocurrency withdrawals, Bybit charges the following on supported assets.
The fees are different for each digital asset:
- BTC Withdrawal Fee: 0.0005
- ETH Withdrawal Fee: 0.00015
- XRP Withdrawal Fee: 0.25
- EOS Withdrawal Fee: 0.1
- DOGE Withdrawal Fee: 5
- DOT Withdrawal Fee: 0.1
- LTC Withdrawal Fee: 0.001
- XLM Withdrawal Fee: 0.02
Leverage Trading Fees
Bybit offers users up to 100× leverage and requires an initial margin and maintainable margin.
So if a trader places a 100 USDT value order they’ll need to pay a trading fee of 100×0.06%. But this depends on the leverage used.
If you place an order of 200 USDT at 2× leverage, you would have to pay 0.06% on 200 USDT instead of 100 USDT.
Bybit Review: Payment Methods
Bybit crypto derivatives exchange supports 3 payment methods for crypto trading including P2P trading, third-party payment services, and crypto deposits.
Using these payment methods users have access to credit and debit card deposits, bank transfers, Zelle, AirTM, and much more (over 300+ options depending on your country).
There’s also a one-click buy option that allows users to buy certain cryptocurrencies instantly using a preferred method. This method is a lot faster than the other 3 options.
Bybit Review: Security
Bybit exchange is registered as a legal entity under the name Bybit Fintech Limited in the British Virgin Islands.
It stores users’ funds in secure cold wallets offline.
It protects users’ funds using a combination of advanced multi-signature, Threshold Signature Schemes (TSS), and
Trusted Execution Environment security features.
Bybit has a reserve pool known as the Bybit Insurance Fund which it uses to protect traders from negative equity and being held accountable for any excessive loss.
The exchange monitors and analyzes users’ behavior in real-time to ensure that suspicious activities on any account are easily detected.
Once a suspicion is detected, all withdrawals from the account will be subject to strengthened authentication measures.
It also encrypts all data in transit and storage using desensitized query interfaces.
Users’ accounts are protected with security features such as human-computer authentication, encrypted data transmission, hardware authentication, and two-factor authentication.
Users are given real-time updates on important account activities such as API addition, login, and trading.
Bybit Review: Staking Rewards
The Bybit derivatives exchange offers 3 programs via Bybit Earn to grow your crypto assets: Bybit Savings, Liquidity Mining, and Dual Assets.
Bybit offers up to 14% APY in staking rewards for liquidity mining and Bybit Savings on over 20 crypto assets including DOGE, SHIB, AVAX, SOL, AXS, and FTM.
For the Dual Assets program, Bybit offers up to 500% APY.
Bybit Review: Supported Countries
Bybit is available in over 160 countries and 16+ languages.
Supported countries include Australia, Argentina, Bermuda, Brazil, Canada, Bulgaria, Greece, Estonia, Gabon, France, Greenland, Kenya, Denmark, South Korea, Monaco, Netherlands, New Zealand, Ukraine, Sweden, Switzerland, Turkey, British Virgin Islands, US Virgin Islands, Iceland, India, Madagascar, Israel, Japan, etc.
Bybit is not available in Mainland China, the United States, Singapore, and Quebec Canada.
Opening a Bybit Account
There are 2 ways to open a Bybit account: by email or via mobile device.
That said, first go to Bybit’s homepage. Next, click the Sign Up box at the upper right corner of the page.
To sign up by email, click email on the Create Account page and choose a password then click Create Account.
On the verification code that pops up fresh the slider to complete the puzzle.
Next, enter the verification code Bybit sent to your email inbox. Check your spam folder if you haven’t received it yet.
That’s it, you’ve successfully opened your Bybit account.
Bybit Review: Trading Experience
Bybit offers its trading platform on both the Bybit mobile app and website.
For crypto trading, you’ll be able to perform leveraged trading, derivatives trading including futures trading, and margin trading.
All of these trading services are offered in the Bybit mobile app. In general, Bybit offers tons of advanced trading features.
Bybit Review: Customer Service
The Bybit customer support team offers 24/7 multilingual customer support via Live Chat and email at support@bybit.com.
Customer support is available in English, Mandarin, Spanish, Vietnamese, Cantonese, Turkish, etc.
The customer support team can also be contacted by filling out a support ticket on the support page.
The exchange also has a well-equipped Help Center featuring lots of helpful guides as well as a FAQ page where customers can find answers to all questions concerning trading on the platform.
Bybit Review: Customer Satisfaction
Customer reviews about the Bybit exchange on third-party review platforms show that the service from the customer support team needs to be improved.
Certain reviews have indicated that the Bybit mobile application boasts a user-friendly interface superior to that of the web platform.
Does Bybit Offer Education?
Yes, Bybit offers education via its Learn platform that hosts several resources explaining crypto fundamentals like:
- What is Maker and Taker Fee?
- Understanding Blockchain
- All You Need to Know About DeFi
It also caters to advanced crypto traders by offering expert guides.
Is Bybit Right for You?
The Bybit exchange is right for expert crypto traders. Beginners will find the platform too complex. It is also best for users who don’t mind a limited number of cryptocurrencies.
Final Thoughts
The Bybit cryptocurrency derivatives exchange is a trading platform built to offer advanced markets like futures contracts, margin trading, leveraged trading, etc.
It is the best fit for advanced users looking for low fees and trading tools to support complex trading strategies as beginners are better off using other trading platforms like Coinbase.
Our extensive analysis of the Crypto Exchanges doesn’t stop here. You can also read about our Bitfinex review as an alternative to Bybit.
FAQ
Most frequent questions and answers
Yes, Bybit P2P is considered a safe platform, however, as with every P2P service you should go for exchange-approved traders.
Bybit copy trading is only as profitable as the expert trader’s strategies. If you copy a trader with the wrong strategy you could lose your investments.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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