Bybit South Africa Review 2022: Fees, Pros & Cons
Bybit South Africa Review: Our Opinion
Bybit is a user-friendly crypto exchange that caters more to experienced traders than beginners. Restrictions in some territories, along with the absence of withdrawal options for some desired fiat currencies, might discourage many users. However, for any serious cryptocurrency trader in South Africa, it works just fine as long as you can link your accounts to another exchange, while also using the Bybit trading platform for day trading.
An Overview of Bybit
With over 5 million registered users at the time of writing this article, Bybit is one of the fastest-growing crypto trading platforms in the region. Bybit was established by Ben Zhou in Singapore, in 2018. It is incorporated in the British Virgin Islands. It boasts a portfolio of over 100 contracts, more than 200 crypto assets and 24/7 multilingual support.
Bybit is a cryptocurrency exchange aimed at bringing together the advantages of the traditional financial markets and cryptocurrencies. Moreover, it offers innovative features as a leading derivatives trading platform. Moreover, it offers 100x leverage for trading in Bitcoin and other cryptocurrencies. Bybit also provides high uptime, making it a better choice than competitors.
Bybit has now become one of the industry-leading cryptocurrency exchanges today. With a CEO who has served as the general manager at XM (one of the biggest forexes and CFD brokerages in the world) and a team of talented individuals with similar credibility in the financial industry (from Morgan Stanley, Baidu, Alibaba, and Tencent), they have the experience and expertise expected from the core team behind a cryptocurrency platform.
Aiming to help crypto believers achieve their dream, Bybit’s team has worked on an innovative, highly advanced, user-friendly exchange model. While the company claims its access is global, it has restricted trade in many countries it noted as excluded jurisdictions. These jurisdictions include the United States, mainland China, Singapore, Quebec (Canada), Ontario (Canada), North Korea, Cuba, Iran, Crimea, Sevastopol, Sudan, Syria, Donetsk, and Luhansk. Users in these territories cannot access the Bybit trading platform.
As a result, some notable fiat currencies are not tradable through Bybit. The restriction on the USA is particularly surprising, and many crypto enthusiasts question whether it is a legitimate cryptocurrency exchange. Given our experience with crypto trading in South Africa, however, locals are good to go with Bybit.
Bybit prides itself on having a high uptime for its trading platform, with robust APIs, real-time matching, and many smart trading options, and interfaces that facilitate seasoned investors who are familiar with trading instruments. To mitigate trading risk, the company offers stablecoin trading options with a heavy focus on Tether (USDT), a stablecoin pegged to the USD. Additional perks like cold wallets are also available. Check out the key features of this platform in our review below.
All of these combined provide a safe, fast, fair, and most importantly, transparent trading experience. The trading platform enables you to set up ‘take profit & stop loss’ at entry, receive strategy alerts, and adjust your orders with one click. The HD Cold Wallet guarantees the safety of your funds, and its powerful API pushes market data every 20 milliseconds, ensuring lightning-fast market updates. The 100K TPS Matching Engine eliminates all concerns about overloads, and with their dual-price mechanism, you don’t have to worry about unfair liquidations either.
The cherry on top? You can trade cryptocurrencies on Bybit at up to 100x leverage with the lowest trading fee percentage. Leveraged trading provides a great way for users to maximize their potential profit, although it also comes with a significant amount of risk.
However, good value for money is one of the most important metrics to consider while comparing cryptocurrency exchanges, as it shows whether the platform offers acceptable quality compared to the price charged. In this case, other platforms offer a higher value-for-money score than Bybit. It’s also imperative to look at the number of active users. Although Bybit has a significant number of users, other platforms are doing much better. If we look at acceptable cryptocurrencies, Bybit has a relatively small number being traded as compared to other exchanges in the cryptocurrency trading industry.
Bybit has a variety of order types including market orders, limit orders, conditional limit orders, stop-loss orders, and advanced order types. Bybit supports the following order types: Good Till Cancelled (GTC), Immediate or Cancel (IOC), and Kill (K). GTC orders remain open until cancelled or filled manually. Immediate or Cancel orders must be filled immediately. If you need to cancel a position quickly, you should use a Market Maker order.
Read our full review below to learn more about Bybit.
Key Features of Bybit
99.99% System Functionality
Bybit has invested heavily in reliability systems and boasts a high uptime for its servers. Active DevOps engineers have deployed a grey release feature and released hotfix patches on-the-fly to make sure there are no server downtimes.
Bybit’s web API allows users to track market data every 20 milliseconds. For high-frequency traders who love day trading, this is an ideal case scenario. It is synchronized with the Bybit app.
State-of-the-Art Pricing System
Bybit uses a dual-pricing system in which both cryptocurrency trades have a dynamically adjusted price based on current market value. It offers low trading fees for transactions, and transactions that provide liquidity to the company include a rebate. Therefore, customers get the best deal for their liquidation exchanges.
100K TPS Matching Engine
The Bybit system is designed for extremely fast users and price matching. The cryptocurrency exchange has a fast blockchain network that can handle high volumes of transactions – up to 100K per second – meaning that anyone can get the desired information for spot trades and cryptocurrency rates in no time. It’s one of the fastest platforms for South African cryptocurrency traders today.
HD Cold Wallet
There are several cryptocurrency exchanges available in South Africa that have cold storage (offline, hardware-enabled) wallet options, including Bybit. However, the company offers hierarchical deterministic (HD) cold wallets that allow users an additional layer of interactivity and security.
With these HD wallets, Bybit account holders have access to industry-leading standards, and they can use their wallets to make public addresses in receive-only mode. The HD wallet option makes this cryptocurrency exchange one of the most secure wallet options available to users.
Smart Trading System Set up
Bybit accounts come with many tools for making informed trading decisions. These tools include a variety of informative charts for cryptocurrency rates, alerts that suggest good trading strategies and single-click order adjustments. This is a plus for the Bybit trading platform as you do not always have to look for another resource for trading information. It rivals any other mobile trading app available on the market.
If you want to take safe bets and follow the lead of successful traders, the exchange has started a new feature for copy trading. Copy trading allows users to replicate the bidding and asking strategies of other members. This gives inexperienced traders a shot at getting similar returns as successful traders.
Cryptocurrency Derivatives and Options
Bybit relies on the Tether (USDT) stablecoin for exchanging assets. This is a safe option for anyone as USDT is pegged to a 1:1 ratio to the USD. All base crypto trading pairs are linked to USDT. On top of this, you can make margin calls of up to 1:100 on your Bitcoin holdings. Your calls on USDT assets act as a risk management tool when using option instruments, and this makes Bybit a safer alternative for most crypto traders.
In addition, customers can utilize portfolio margin calls to efficiently manage their crypto capital to realize gains from the market. The Bybit futures contract settlement is an attractive option for investment gurus, who can leverage their experience of traditional financial markets into the digital currency marketplace. The company also offers perpetual contracts across multiple crypto trading pairs.
There are many derivative financial instruments on offer, you can either use the USDT as collateral or your cryptocurrency of choice for this purpose (inverse contracts). Buy/long and short/sell positions are available for all the major pairings. The range of pairings and financial options to choose from makes Bybit a surprisingly flexible platform for trading digital currencies.
Spot Trading and Pairing for NFTs
A recent addition to Bybit’s arsenal of trading products is an NFT marketplace that allows spot trading for different assets. The company also offers some pairings for metaverse projects in the NFT space (Sandbox and Decentraland are the major ones here), which makes it a good deal for players who are involved in such trades.
Like many other cryptocurrency exchanges, Bybit has a range of DeFi products including smart contracts and annual percentage yield (APY) packages that give investors a safe option to invest. These APY DeFi instruments are also a good way to control liquidity in your cryptocurrency portfolio.
Cryptocurrencies Available on Bybit
Bybit lists over 200 cryptocurrency options on its website that are paired with its stablecoin of choice (USDT). These are transparently visible through the main menu, although you can access a list of trade pairs on the market data page which has some filters, but does not display all of the information on a single page.
There is a surprising variety of cryptocurrencies on offer here and most of the major ones are covered. However, some new or niche cryptocurrencies and stablecoins may not be available.
Bybit trading fees are on the lower side for most crypto exchanges. The company incentivizes high-volume trades while favouring users who inject liquidity into the cryptocurrency market.
The trading fees vary for the type of product, and a percentage of the amount traded. The spot trading fee is no more than 0.1%. A trading account that has premium access to the platform has successively lower fees, depending on their privilege level. Trading fees are listed on the website in a transparent manner. This ensures a fair trading environment.
For perpetual contracts, market takers (those who liquidate their assets and reduce liquidity in the market) are charged 0.075% of the transaction amount. In contrast, market makers (users who add liquidity to the market by buying cryptocurrency) are charged 0.01% of the transaction amount. The maker fee is reduced to 0 for premium users.
Similarly, option trading fees start from 0.03% for both takers and makers and are reduced for a premium trading account. For a detailed list of fees, check out the transaction fee page here.
Bybit is a very economical option for South African users. The various fees charged by the platform are a lot lower than those charged by Crypto.com, which takes a commission of 0.4% on regular trades alone. The fees are also lower than VALR, a local crypto exchange that charges a high admin fee of 3% on card transactions.
Bybit Payment Methods
Bybit has support for the following payment methods on its trading platform:
- Bank transfer
- Cash deposit to Bank
- MTN Mobile Money
- Chipper Cash
- Perfect Money
- Skrill (Moneybookers),
- Western Union
- Credit Cards
- Debit Cards
Bybit South Africa Security
Bybit offers some high-class security features for account holders. These include both hard and soft options.
- Hierarchical Deterministic cold wallets (the hard security option)
- Two-factor authentication
- Email verification
- Detailed account activity logs
The HD cold wallets available for Bybit account holders require multi-signature authentication (at least 2 out of 3 authentication processes) to release any funds. As an additional security measure, Bybit has a strict withdrawal request processing time, meaning users can only withdraw funds 3 times in a day (02:00, 10:00, and 18:00 SAST).
However, no KYC regulation is required to register an account. Therefore, you are reliant on trusting the platform and using its tools to make informed trades. The platform is also not recognized as a regulated broker in South Africa. All transactions on its trading platforms are, therefore, Bybit regulated.
Opening a Bybit Account
To get started on Bybit, you must first sign up for an account. Opening a Bybit account is a simple and free process. You can register by email or by mobile phone. Start by signing up on their website here, or go to the website and click on the Sign-up button at the top of the website page. Registration is also possible through their mobile trading app. The form will ask you to choose between Email registration or mobile phone registration. Click on the tab of your choice to proceed.
1- You can start by signing up on their website here, or go to the website and click on the Sign-up button on the top left.
2- You will be asked for the following details:
- Your Email address or mobile phone number
- A strong password
- A Referral code (optional)
4- A verification page will appear asking you to complete some bot checks. Once you clear this step, you will receive an email notification to verify your account.
5- Enter the verification code in the space provided to complete the verification process. Your account will now be ready to use.
Once you receive a confirmation code, click the “Buy/Long” button to open a position. Then, you can monitor how your position performs over time. Bybit also offers a mobile app that makes it easy to track your position and manage your investment.
Trading Experience on Bybit
Bybit’s trading experience is convenient, with a range of charts and interface features for checking out rates or choosing trading options. We think it is a bit overwhelming for new users. But that’s ok, as this exchange is geared toward advanced traders. The selection of trading pairs is not the best in the market, but good enough to deal with major cryptos.
Bybit Customer Support
Bybit’s customer service is available 24/7 and offers multilingual support for international users. Users can approach the Bybit team by submitting a request in the application or through live chat. The exchange does not entertain phone support requests.
Customer support is available in up to 20 languages. The multilingual options help to support members from different communities around the world.
Bybit has a global presence on social media. You can get help from their customer support team by email, telephone, or live chat. You can also reach out to the Bybit team on Twitter and Facebook. The company is also present on major social media platforms, including YouTube, LinkedIn, and Discord.
Bybit also offers a wide variety of official API resources. The exchange also hosts multiple social groups, including Telegram API chat groups. And if you need assistance, Bybit has an IT support email address.
Bybit has received mixed reviews from customers. The site has a low Trustpilot score with the majority of customers giving it a low rating, citing the poor customer support experience and account blockings as the problems.
However, customers who rated Bybit highly praised its stability, user interface, and functionality for traders when compared to other trading platforms. This is consistent with their claims and our observations.
Education on Bybit
Bybit has an expansive library of learning resources (branded as Bybit Learn) for both beginners and expert users. Guides on the site cover the full gamut of Bybit products and services through blogs and videos, as well as basic and advanced topics related to blockchain and cryptocurrencies. The library is used to educate all customers as well as provide information in response to customer support requests.
Bybit provides a wide range of educational resources, including a free course on technical analysis. Traders can also learn about decentralized finance, social media, and chart patterns. It even hosts classes on social media twice a week. Advanced tools, such as futures and margins, can also be learned here.
Is Bybit Right For You?
Bybit is a useful exchange for the active cryptocurrency trader who understands how DeFIs and stablecoins work. Experts in daily trading will especially enjoy what it has to offer. Those who want an exchange to maintain their savings in cryptocurrency and digital assets and make cash withdrawals, either in ZAR or USD, should look elsewhere.
Bybit is a registered trading exchange in Singapore that offers high uptime and a wealth of trading options for advanced traders. Its trade pairings are impressive, but are certainly not the best in the market. And it’s not meant for quick cash withdrawals from your crypto wallet. It’s marketed as a user-friendly exchange but requires some experience to get used to.
Despite the high number of customers and high trade volumes, Bybit has a questionable reputation in the market owing to its self-regulated nature. With that being said, it is one of the most economical exchange platforms for high-frequency traders, making a good case for South Africans to use it over some of the most trusted exchanges in the market. If you’re unsure of what to do, you can always use a demo account to practice crypto trading.
We hope you find our Bybit crypto review useful. We have also included a handy list of FAQs for your information.
Our extensive analysis of the South African Crypto Exchanges doesn’t stop here. You can also check out our list of what we think are the best crypto exchanges available in South Africa so that you can make a more informed decision on which exchange to use.
Most frequent questions and answers
Yes, Bybit is a legitimate crypto trading exchange that is regulated in Singapore. You can trade cryptocurrencies in South Africa on Bybit.
Yes, Bybit is a good exchange for trading. Its trading platform provides a variety of tools and digital assets to trade with others at a good cost.
Bybit takes as much as 0.1% for spot trades. Rates vary for other transactions but are lower than spot transaction rates.
Bybit is banned in the United States, mainland China, Singapore, Quebec (Canada), North Korea, Cuba, Iran, Crimea, Sevastopol, Sudan, Syria, Donetsk, and Luhansk.
You cannot withdraw money directly from Bybit. Instead, you can withdraw 5 cryptocurrencies into your wallet, including BTC, USDT, ETH, EOS, and XRP.
Yes, Bybit offers some of the lowest trading fees in the cryptocurrency exchange market. Its trading fees are lower than other well-known exchanges like Crypto.com or Gemini.
Bybit is located in Singapore, with offices in Hong Kong, Taiwan, and Dubai.
Bybit is an ideal platform for day trading. With its high server uptime, high transaction rate (100K TPS), diverse portfolio of trading assets and options, robust API, and smart trading system, experienced traders can make significant gains with quick spot trades and leveraged trading.
Instant withdrawals on Bybit take 30 minutes. However, withdrawals can take up to 1 hour due to network congestion.
Bybit trading fee is calculated on a percentage basis on the amount traded. There are different rates for takers and makers. Learn more about the fee calculations here.
Yes, Bybit offers leveraged trading options on cryptocurrencies. Users can leverage their Bitcoin holdings up to a 1:100 margin. Bybit offers leverage on stablecoins and standard cryptos.
Bybit has recently started an onramp exchange to buy cryptos with fiat currencies using credit cards. The supported fiat currencies include USD, AUD, CAD, EUR, SGD, and GBP.
There is no specific spread value suggested by Bybit for spreads. You will be able to view accurate crypto market data through the Bybit trading platform.
Yes, Bybit charges a commission. However, market makers can reduce their commission to zero depending on their account type. There are no deposit fees on crypto.
Yes, Bybit offers a demo account to understand the platform and practice crypto trading. You can register a Bybit demo account by accessing the testnet page here. A demo account allows you to trade on their MT4 platform.
Bybit offers trading accounts for spot trading, derivate trading, and margin trades. Bybit also offers VIP accounts, affiliate accounts, and special broker accounts for different users.
Bybit customers can deposit cryptocurrencies in their accounts. Bybit accepts crypto deposits in BTC, ETH, XRP, EOS, USDT, BIT, DOGE, DOT, LTC, XLM, AAVE, COMP, LINK, MKR, SUSHI, UNI and YFI.
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
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.