Bybit Review 2024

Autor

Revisor

Last update: 6 months ago

Our veredict

Bybit stands out in the competitive cryptocurrency exchange landscape primarily due to its user-focused trading environment and robust security measures. It is highly regarded for offering a variety of trading options, including spot and derivatives trading, which caters well to both new entrants and experienced traders. Bybit’s platform is designed to provide a smooth trading experience with a user-friendly interface and an effective mobile app that ensures traders can manage their transactions and monitor the market on the go.

However, Bybit is not without its drawbacks. The platform operates in a largely unregulated manner, which might pose a risk to users due to the potential for sudden regulatory changes affecting their trading capabilities. Additionally, Bybit does not support fiat deposits, which means new users must first acquire cryptocurrency elsewhere before they can start trading on Bybit. This could be a barrier for those new to cryptocurrencies. Overall, Bybit offers a powerful and intuitive trading experience but users should be aware of its limitations concerning regulatory status and fiat integration.

Pros

Cons

4,8

Threenvest Score

Fees

≤0,10%

U.S Legal

With the confidence of Threenvest

Security Methods: Bybit employs robust security practices, including cold storage for digital assets, real-time risk audits, and two-factor authentication (2FA) to protect user accounts and funds. This comprehensive approach ensures a secure trading environment.

Reputation and Reviews: Since its inception, Bybit has maintained a strong reputation within the crypto community for its reliability, advanced trading features, and user-friendly interface. Positive reviews across various forums and its low incident of security breaches contribute to its credibility.

Trading Volume and Liquidity: Bybit is known for its deep liquidity and high trading volume, facilitating seamless execution of trades without significant slippage, even during volatile market conditions. This is crucial for traders looking to execute large orders.

Transparency: Bybit provides clear and detailed information on trading fees, funding rates, and insurance funds. It regularly publishes updates about system upgrades and security enhancements, demonstrating transparency in operations and communications with its users.

Customer Service: Bybit offers 24/7 customer support with a multilingual team accessible via live chat, email, and social media. This constant availability ensures that user queries and issues are resolved promptly, enhancing user trust and satisfaction.

Best Crypto Exchanges

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About Bybit

Introduction

Bybit, founded in 2018, has swiftly ascended as a prominent player in the cryptocurrency derivatives market. Specializing in leveraged trading, it offers a platform where traders around the world can engage in perpetual contracts and futures with high leverage options.

What is Bybit?

Bybit is a cryptocurrency derivatives exchange that provides trading services for digital assets such as Bitcoin, Ethereum, and more. It focuses on providing a trading environment with minimal latency and deep liquidity, supporting high-frequency trading activities.

Background and History

Launched in March 2018 and headquartered in Singapore, Bybit was established with the vision to revolutionize the cryptocurrency trading landscape by offering a more transparent, fair, and efficient trading environment. It quickly grew in popularity due to its user-centric approach and innovative features like mutual insurance and smart trading system.

Founders

Bybit was co-founded by Ben Zhou, a former forex broker executive who saw the potential for a more robust and efficient crypto trading platform. Zhou’s leadership has propelled Bybit to be one of the fastest-growing crypto exchanges, focusing on customer service and continuous technological improvement.

Interesting Facts:

Bybit hosts major trading competitions, which are among the largest in the cryptocurrency world, with multi-million dollar prize pools.
It is one of the few platforms that offer 24/7 multilingual customer support, reflecting its global user base.
Despite its relatively recent founding, Bybit serves over a million users and continues to expand its services in response to trader demands.

Fun Fact

Bybit’s commitment to the community includes environmental initiatives; it has pledged to become a carbon-neutral firm by conducting regular environmental impact assessments and investing in sustainable projects.

Why Choose Bybit?

Advanced Trading Tools and Platform: Bybit offers a range of advanced trading tools that are ideal for experienced traders looking to leverage sophisticated strategies. The platform supports high-frequency trading, a robust trading engine capable of handling 100,000 transactions per second, ensuring no delays or system overloads even during peak trading times. This performance is crucial for traders who rely on speed and efficiency to capitalize on market movements. Moreover, features like mutual insurance, advanced order types, and significant leverage options provide a competitive edge.

Security and Stability: Security is paramount in the volatile world of cryptocurrency, and Bybit has established a solid reputation for providing a secure trading environment. It uses industry-leading security features such as SSL encryption, cold storage for the majority of its funds, and two-factor authentication (2FA) for additional user protection. Bybit’s commitment to security extends to regular third-party audits and real-time risk assessments to ensure the integrity and stability of its platform.

Customer Support and Community Engagement: Bybit excels in customer service, offering 24/7 support through multiple channels, including live chat, email, and social media, ensuring that users’ concerns are addressed promptly and efficiently. Additionally, Bybit engages with its community through various initiatives such as trading competitions, educational content, and regular updates on platform enhancements. This level of support and engagement fosters a loyal user base and attracts new users looking for a reliable and supportive trading environment.

Where it falls short

1. Limited Support for Fiat Currency: Currently, Bybit does not support direct fiat currency transactions, which can be a barrier for new traders who are looking to enter the cryptocurrency market directly with traditional money. This limitation requires users to initially use other platforms for purchasing cryptocurrencies before they can trade on Bybit.

Suggested Improvement: To make the platform more accessible and enhance user convenience, Bybit could introduce support for direct fiat-to-crypto transactions. Implementing various payment methods such as credit/debit cards, bank transfers, and possibly even digital wallets would streamline the process for new users and expand Bybit’s market reach. This addition would not only simplify the trading process but also attract a broader audience, including those less familiar with cryptocurrency mechanisms.

2. Complexity of the Platform: While Bybit’s advanced features are a boon for experienced traders, they can be overwhelming for beginners. The platform’s focus on derivatives and leveraged trading, coupled with a sophisticated interface, might deter newcomers who are still learning the basics of cryptocurrency trading.

Suggested Improvement: Bybit could develop a more beginner-friendly interface or a separate section geared towards novices, featuring simplified trading options and educational resources. An introductory mode with guided tutorials, risk management tools tailored for beginners, and a more intuitive user interface would make Bybit more accessible to new traders. Enhancing educational resources, including step-by-step guides on how to navigate the platform and make trades, would also help in demystifying the process for less experienced users.

Features	Explanation
Minimum Trade	Bybit allows for a relatively low minimum trade size, making it accessible for traders starting with smaller amounts.
Trading and Transaction Fees	Bybit is known for its competitive fee structure, which is lower than many other exchanges, benefiting frequent traders.
Number of Cryptocurrencies	Offers a diverse range of over 100 cryptocurrencies, providing good options for traders looking to diversify their portfolios.
Crypto-to-Crypto Trading Pairs	Provides a wide array of trading pairs, allowing users to trade various combinations of cryptocurrencies efficiently.
Website Transparency	The website provides clear and detailed information about trading conditions, fees, and security measures.
Credit/Debit Card	Bybit does not offer a branded exchange card for in-store purchases or benefits, limiting its functionality in terms of everyday financial transactions.
Storage Offering	Offers secure storage solutions with a majority of funds kept in cold storage, though it lacks some advanced features found in specialized wallets.
Staking and Rewards	Offers basic staking features but is not as competitive as other platforms that provide higher yields and more variety in staking options.
Mobile App and Desktop	Both the mobile app and desktop platform are highly rated for user interface design and functionality, catering well to both beginner and advanced traders.
Customer Service	Provides 24/7 customer support with multiple channels, though response times can vary depending on the channel and query complexity.
Deposit and Withdraw	Offers efficient deposit and withdrawal processes, though limited by the lack of direct fiat currency transaction support.

Xavier Tarrasó

EIP and Cryptocurrency Investor

As one of the experts here at Threenvest, I’d like to share a brief recommendation about using Bybit. Bybit offers a robust platform that caters well to experienced traders looking for advanced trading options in the crypto derivatives market. Its high-performance trading engine ensures rapid execution of trades, which is crucial during volatile market conditions. If you’re comfortable with high leverage and complex trading instruments, Bybit can be a powerful tool in your trading arsenal. However, beginners should tread carefully, given the platform’s complexity and the inherent risks of leveraged trading.

Fees

Bybit’s commission structure is designed to be competitive and appealing to both high-volume traders and occasional participants. The platform primarily charges two types of fees: maker fees and taker fees. The maker fee can reward users for adding liquidity to the market, typically set below the industry average, while the taker fee is slightly higher due to the nature of removing liquidity. For trading derivatives such as perpetual contracts, Bybit charges a taker fee of 0.075% and provides a maker rebate of 0.025%, which means makers actually earn a credit for executing trades. This fee structure is particularly attractive to those who trade frequently or utilize trading bots to maintain liquidity on the exchange. Overall, Bybit’s fee strategy supports a dynamic trading environment, encouraging both the provision and taking of liquidity while keeping costs transparent and manageable for traders of all levels.

Pros

Competitive Rates: Bybit's trading fees are highly competitive, particularly attractive for active traders who benefit from lower taker fees compared to many other platforms.
No Deposit Fees: There are no fees for depositing cryptocurrencies into a Bybit account, making it cost-effective for users to transfer funds into the platform.
Maker Rebate: Bybit offers a rebate for makers, which not only encourages liquidity on the platform but also allows traders to earn from their trading activities, enhancing overall trading economics.

Cons

Withdrawal Fees: While Bybit charges no deposit fees, the withdrawal fees can vary and might be considered high for certain cryptocurrencies, which could be a deterrent for small volume traders.
Complexity for Beginners: The fee structure, while advantageous for seasoned traders, can be somewhat complex for beginners to understand, especially when dealing with rebates and understanding the impact on their trading costs.

Trading Commissions

Bybit primarily operates with a dual fee structure: a maker fee and a taker fee. The maker fee, often a rebate, is -0.025%, meaning makers actually receive a rebate for adding liquidity to the market. The taker fee, on the other hand, is 0.075%. This approach incentivizes market-making activities, which helps maintain high liquidity on the platform, crucial for executing large volume trades efficiently and without significant price slippage.

Hidden Fees

Unlike many other platforms, Bybit is transparent about its fee structure. There are no hidden fees for trading. However, it’s important for traders to be aware of funding rates for perpetual contracts, which are exchanged between longs and shorts and can vary depending on market conditions. These are not fees paid to Bybit but rather to other traders. While not hidden, they can influence trading costs and should be considered by anyone holding positions over the funding interval.

Fee Comparisons

When compared to other major exchanges, Bybit’s fees are competitive, particularly for those who can capitalize on the maker rebate. This can significantly reduce the cost of trading for users who add liquidity to the market. For active and high-volume traders, this is a substantial advantage.

Contextual Analysis

In the broader context of cryptocurrency trading platforms, Bybit’s fee structure is designed to enhance liquidity and trading volume. This is particularly appealing in the volatile crypto market, where execution speed and price stability can markedly impact trading outcomes. Bybit’s model is thus particularly advantageous for traders engaged in scalping and day trading, where profit margins can be thin, and fees play a significant role.

Conclusion

In conclusion, Bybit’s trading commissions and the overall fee structure are thoughtfully designed to promote liquidity and active trading, with clear incentives for both makers and takers. The transparency of their fee system stands out in an industry where hidden fees can often erode profits. Thus, for traders looking for a reliable platform that offers competitive fees and rewards market-making, Bybit presents a compelling choice. Traders should, however, remain cognizant of the impact of funding rates on their trading costs, especially in volatile market conditions.

Product selection

Bybit offers a diverse array of services and products that cater to the needs of modern cryptocurrency traders. The platform is renowned for its advanced trading options, including perpetual contracts and futures that feature high leverage options. Bybit’s real-time risk management system, mutual insurance, and advanced order types such as limit, market, stop, and conditional orders provide traders with powerful tools to execute complex strategies effectively. Additionally, the exchange supports API trading, which is ideal for algorithmic traders looking for high-frequency trading capabilities. With its user-friendly interface and commitment to providing a seamless trading experience, Bybit continuously adapts to the evolving market demands, making it an attractive platform for both seasoned traders and those looking to leverage advanced trading functionalities in the crypto space.

Pros

Advanced Trading Features: Bybit's platform includes a range of sophisticated trading tools such as advanced order types, high leverage options, and real-time risk management, which cater well to experienced traders looking to execute complex strategies.
API Support: Bybit offers comprehensive API support, which is ideal for algorithmic traders and those employing automated trading systems, enhancing flexibility and trading efficiency.
High-Performance Engine: The exchange boasts a robust trading engine capable of handling up to 100,000 transactions per second, ensuring minimal latency and the prevention of system overloads during peak trading times.

Cons

Complexity for Beginners: The array of advanced features and the emphasis on derivative trading can be overwhelming for beginners, making the platform less accessible to those new to cryptocurrency trading.
Limited Educational Resources: While Bybit offers cutting-edge tools for trading, it falls short in providing extensive educational content to help new users understand complex trading concepts and the nuances of crypto derivatives.

Read more about product selection in Bybit

Bybit’s platform offers an extensive array of services and products that cater to a diverse group of traders, from novices to seasoned professionals. This section will detail each of these offerings to help users understand and make the most of Bybit’s capabilities.

Leveraged Tokens: Bybit provides leveraged tokens, allowing traders to gain increased exposure to cryptocurrency markets without the complexities of managing a margin account. These tokens are ideal for those looking to speculate on price movements with a predefined amount of leverage.
Debit Card: Bybit does not currently offer a branded debit card for its users, which limits the ease with which profits can be spent or withdrawn in the form of fiat currency.
APP: Bybit’s mobile application is robust, offering all the functionalities of the desktop platform, including real-time trading, account management, and access to charting tools, ensuring traders can manage their activities on the go.
Your own cryptocurrencies: Bybit has introduced its native token, providing users with various benefits such as trading fee discounts, participation in token sales, and more.
Financial products: Bybit extends beyond typical exchange services by offering a range of financial products including futures contracts and options, allowing for strategic trading and hedging opportunities in the crypto markets.
Launchpad: The Bybit Launchpad is a platform for launching new tokens and provides users with early access to token sales, fostering participation in potential high-growth opportunities.
EARN: Bybit’s EARN feature allows users to stake their crypto assets and earn interest, maximizing the potential yield from their holdings through various savings products.
Staking: This service enables users to lock up certain cryptocurrencies to receive staking rewards, contributing to the network’s security and operations while earning passive income.
Loans: Bybit offers crypto-backed loans, providing users with liquidity without the need to sell their holdings, which is particularly useful in managing short-term liquidity needs without foregoing potential price appreciation.
Liquid Swap: Bybit facilitates the exchange of one cryptocurrency for another instantly at low fees, using liquidity pools rather than traditional order books.
Promotions: Regular promotions and tournaments are hosted, offering users opportunities to earn additional rewards through trading competitions and other events.
Referral codes: Bybit’s referral program rewards users for inviting friends, offering a percentage of the trading fees generated by the referred users.
Leverage, demo account, futures, wallet, derivatives, research and education, API, Trading View, earn opportunities, Yielding Pools, Bonus Deals: Each of these features is designed to enhance the trading experience on Bybit, offering tools and resources that cater to a variety of trading strategies and preferences. From high leverage options for aggressive traders to demo accounts for practice and educational purposes, Bybit ensures that all users have the tools they need to succeed.

Conclusion

Bybit’s extensive range of services and products make it a highly versatile platform suitable for different types of cryptocurrency enthusiasts and traders, from those looking to simply buy and hold crypto to those engaging in complex trading strategies with derivatives.

Account opening

Bybit requires new users to register using an email or mobile number, which is a standard practice among crypto exchanges. After providing this information, the user must set a strong password to help secure their account. The process continues with email or SMS verification to confirm the user’s identity and enhance account security. Once verified, traders can immediately begin depositing cryptocurrencies and trading on the platform. Notably, Bybit does not mandate extensive KYC (Know Your Customer) procedures for basic account functionality, which speeds up the registration process and allows users to start trading quickly. However, completing KYC can increase withdrawal limits and unlock additional trading benefits, appealing to traders who wish to utilize the platform’s full capabilities.

Pros

Speed and Simplicity: Bybit's account registration process is exceptionally fast and straightforward, requiring only an email or mobile number. This simplicity allows traders to set up and start trading almost immediately.
Flexible Verification Options: Bybit provides options for both email and SMS verification, offering flexibility and convenience for users in different regions to secure their accounts effectively.
Minimal KYC Requirements for Basic Trading: The platform allows traders to engage in transactions without completing extensive KYC procedures for basic account functionality, which is ideal for those looking for quick access and privacy.

Cons

Limited Fiat Accessibility for Newcomers: The lack of direct fiat currency support can be a barrier for newcomers who do not possess cryptocurrencies yet, as they must use other services to convert fiat to crypto before trading.
Advanced Features Can Be Overwhelming: While the basic account setup is user-friendly, the platform's advanced features and trading options can be overwhelming for beginners who might struggle to navigate the trading interface initially.

Read more about account opening in Bybit

Bybit’s account opening process is designed to be straightforward, ensuring users can quickly and securely start trading. Here’s a detailed guide on the various steps involved:

How to Sign Up on Bybit:

Visit the Bybit website: Start by navigating to the official Bybit website.
Create an Account: Click on the ‘Sign Up’ button, typically found at the top right corner of the homepage.
Enter Your Details: Provide your email address or mobile number, then set a strong password.
Verification: Verify your account through a confirmation link sent via email or an SMS sent to your mobile number. This step enhances the security of your account.

Opening An Account:

Deposit Cryptocurrency: Once your account is verified, proceed to deposit cryptocurrency. Bybit doesn’t support fiat deposits directly, so you’ll need to have crypto ready in a wallet or another exchange.
Complete KYC (optional): For higher withdrawal limits and full functionality, complete the Know Your Customer (KYC) verification by providing additional identification details.

How to Buy Your First Cryptocurrency:

Navigate to the Trading Interface: Access the trading section from your dashboard.
Select the Market: Choose the cryptocurrency pair you wish to trade.
Place an Order: Decide on a market or limit order and enter the amount of cryptocurrency you want to buy.
Execute the Trade: Confirm the details and execute your trade.

Account Types:

Bybit offers different account types, including:

Standard Account: Suitable for most traders with all the basic trading features.
VIP Account: For high-volume traders, offering lower trading fees and other perks.

How to Use Bybit:

Trading Tools: Familiarize yourself with various trading tools and charts available on Bybit.
Risk Management: Set up stop-loss and take-profit orders to manage risks effectively.
Explore Features: Utilize features like margin trading and derivatives to maximize your trading strategies.

Registration and KYC:

Completing the KYC process is crucial for unlocking higher withdrawal limits and accessing a broader range of services. This process involves providing proof of identity and residence. This comprehensive guide should help new users understand how to start trading on Bybit, from signing up and buying their first cryptocurrency to utilizing advanced features and completing necessary security steps.

Security

Bybit prioritizes the security of its platform and users’ assets through a multi-layered approach designed to mitigate risks and protect against potential threats. At its core, Bybit employs advanced encryption techniques and secure storage practices, including the use of cold wallets to store the majority of user funds. This significantly reduces the risk of hacks, as cold wallets are not connected to the internet. Additionally, Bybit implements multi-signature technology, requiring multiple approvals for transactions, which further enhances security against unauthorized access.

A key component of Bybit’s security strategy is its rigorous two-factor authentication (2FA) requirement for all user accounts. This adds an extra layer of protection by ensuring that only the account owner can access their account and authorize withdrawals. Bybit also conducts regular security audits and has a dedicated team of security experts who continuously monitor the platform for any suspicious activities or potential vulnerabilities. These proactive measures help maintain a secure trading environment.

Despite not being heavily regulated, Bybit operates with a high level of transparency and integrity. The platform provides detailed information about its security protocols and maintains an open line of communication with its users. Bybit’s clean track record of avoiding significant security breaches speaks to the effectiveness of its security measures. However, users should remain aware of the inherent risks associated with cryptocurrency trading and take personal precautions, such as using strong passwords and enabling 2FA, to further safeguard their accounts. Overall, Bybit’s commitment to security makes it a trustworthy choice for cryptocurrency traders looking for a reliable and secure trading platform.

Pros

Robust Cold Storage Solutions: Bybit ensures that the vast majority of its user funds are kept in cold storage, which significantly reduces the risk of hacking incidents and unauthorized access to assets.
Two-Factor Authentication (2FA): Bybit mandates the use of 2FA for all its users, adding an extra layer of security that helps prevent unauthorized access to accounts. This feature is crucial for protecting sensitive personal and financial information.
Advanced Encryption and Security Protocols: The platform utilizes state-of-the-art SSL encryption to secure user data during transmission. Additionally, Bybit employs sophisticated security protocols and systems that monitor and safeguard the platform against potential cyber threats.

Cons

Lack of Regulatory Oversight: Bybit operates in a relatively unregulated environment compared to exchanges that are registered with financial authorities. This could pose concerns for users about the long-term viability and compliance of the platform.
Complex Security Features for Novices: While Bybit’s security measures are comprehensive, the array of features and the technical nature of the security settings can be overwhelming for new or less tech-savvy users. This complexity might deter those unfamiliar with such advanced security practices.

Conclusion

Overall, Bybit is considered a secure platform for cryptocurrency trading, despite its lack of regulatory oversight. Its proactive approach to security, comprehensive measures to protect user assets, and a strong operational track record make it a reliable choice for traders prioritizing safety in their trading environment.

Customer service

Bybit offers robust customer support with multiple channels available for assistance, including a 24/7 live chat service, email support, and a comprehensive FAQ section on its website. The platform also engages with users through social media platforms, ensuring widespread accessibility and timely responses. User reviews often highlight the effectiveness of Bybit’s customer support team, noting their responsiveness and ability to resolve issues promptly. However, some users have noted occasional delays during peak trading times, which Bybit could potentially improve by scaling up its support resources or optimizing response strategies during high-demand periods. This commitment to maintaining a high level of customer service is part of why Bybit continues to grow in popularity among both novice and experienced traders.

Pros

24/7 Availability: Bybit’s customer support is available around the clock, ensuring that traders can get help whenever needed, regardless of time zones. This is especially valuable in the 24/7 cryptocurrency market where issues can arise at any time.
Multiple Channels for Support: Bybit offers several avenues for customer support, including live chat, email, and social media platforms. This variety allows users to choose the most convenient way to get assistance based on their specific needs.
Multilingual Support: Bybit provides customer service in multiple languages, catering to a global user base. This inclusivity helps reduce barriers for non-English speaking users and enhances the overall user experience.

Cons

Response Times Can Vary: While Bybit generally provides timely support, there are reports of varying response times, particularly during periods of high demand or market volatility. This inconsistency can be frustrating for users needing immediate help.
Complexity of Information: Some users have reported that while support is readily available, the complexity of information provided can sometimes be overwhelming, especially for less experienced traders. Simplifying the guidance and troubleshooting steps could improve user satisfaction.

Read more about customer service in Bybit

Customer Support:

Bybit’s customer support is geared towards providing quick and efficient service, with multiple channels available for traders to seek help or clarify doubts. The platform offers 24/7 live chat support, which is a standout feature allowing users to get instant responses to their inquiries at any time. This round-the-clock availability is crucial for a trading platform where markets operate 24/7, ensuring that traders can resolve issues without delay.

Reputation and Customer Feedback:

Bybit enjoys a strong reputation among its users, primarily for its reliable trading engine and effective customer service. Traders frequently praise the platform for its user-friendly interface and the responsive support team. However, some users have expressed concerns over the platform’s complexity, especially those new to trading derivatives. Overall, feedback tends to be positive, with particular emphasis on the platform’s performance during high volatility, a critical factor for derivatives traders.

Methods of Contact:

Bybit offers several methods for customers to reach out for support:

Live Chat: Available directly on their platform, offering the quickest response.
Email Support: For less urgent or more detailed inquiries, users can contact Bybit via email.
Social Media: Bybit maintains a presence on platforms like Twitter and Facebook, where users can also send messages for support.
Help Center: A comprehensive FAQ and guide section is available for self-service support.

Response Time:

The response times for Bybit’s support vary depending on the method used. Live chat typically provides immediate responses, while emails may take a few hours to a day depending on the complexity of the issue and current query volumes. Social media responses can also be swift, often within a few hours.

Additional Considerations for Readers:

When engaging with customer support, users should be prepared with all relevant information about their issue, such as transaction IDs, timestamps, and screenshots if applicable. This preparation can help expedite the resolution process. Additionally, for security reasons, it’s important to never share your password or secret keys with anyone, including customer service personnel. Traders should also be aware of peak times, such as during significant market movements, when response times might be slower due to higher volumes of inquiries. Planning for potential delays during these times can help manage expectations and reduce stress.

Conclusion

Bybit’s customer service is well-regarded for its accessibility and effectiveness, crucial attributes for a platform catering to the fast-paced world of cryptocurrency trading.

Is bybit Right for You?

Advanced Trading Needs: Bybit is best suited for traders who have a strong understanding of cryptocurrency derivatives such as futures and perpetual contracts. If you’re interested in leveraging advanced trading tools, high leverage options, and have a good grasp of risk management practices, Bybit could be an excellent fit for your trading strategy.
High-Performance Expectations: If you require a trading platform that can handle high volumes and rapid trading without succumbing to downtime during crucial market movements, Bybit’s robust trading engine, capable of processing 100,000 transactions per second, makes it a reliable choice. This is particularly valuable during periods of high volatility in the crypto market.
No Need for Fiat Transactions: Bybit operates primarily as a crypto-to-crypto exchange. If you are comfortable using cryptocurrencies to fund your trading account and do not require direct fiat currency transactions or conversions to start trading, Bybit will meet your needs well. This setup is ideal for users who already have some cryptocurrencies and are looking to trade intensively in the derivatives market.

These points should help clarify whether Bybit aligns with your trading requirements and preferences.

Bybit compared to other crypto exchanges

Threenvest score

4,8

Fees

US Legal

Security

High 4,9/5

On the exhange website

Threenvest score

4,9

Fees

US Legal

Yes

Security

High 4,9/5

bingx

Threenvest score

4,7

Fees

US Legal

Yes

Security

High 4,9/5

Available cryptocurrencies and countries available

Bybit supports a diverse range of cryptocurrencies, offering trading options for over 100 different digital assets. Some of the primary cryptocurrencies available for trading include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and EOS, among others. This variety allows traders to engage in a wide spectrum of crypto-to-crypto trading pairs and derivatives.
However, it’s important to note that there are significant cryptocurrencies that are not available on Bybit. For instance, some smaller altcoins and certain emerging DeFi tokens may not be listed, which could be a limitation for traders looking to diversify into newer or less mainstream cryptocurrencies.
Regarding geographic availability, Bybit serves a global market but does not allow traders from the United States due to regulatory constraints. Other restricted countries typically include those under international sanctions or where cryptocurrency trading is banned or heavily regulated by local laws, such as mainland China.

This setup means that while Bybit offers broad access to its platform for most international traders, those residing in the US and other restricted countries will need to look elsewhere for their cryptocurrency trading needs.

Main cryptocurrencies available

Bitcoin (BTC)
Ethereum (ETH)
Ripple (XRP)
Litecoin (LTC)
Cardano (ADA)
Solana (SOL)
Polkadot (DOT)
Avalanche (AVAX)
Chainlink (LINK)
Binance Coin (BNB)
Dogecoin (DOGE)
Uniswap (UNI)
ApeCoin (APE)
Cosmos (ATOM)
Algorand (ALGO)
Tezos (XTZ)
Shiba Inu (SHIB)
Tron (TRX)
Stellar (XLM)
Monero (XMR)

Main countries where you can open an account

United Kingdom
Canada (except Ontario)
Australia
Germany
France
Netherlands
Italy
Spain
Brazil
Mexico
South Africa
Singapore
Japan
South Korea
India
New Zealand
Russia
United Arab Emirates
Turkey
Thailand

FAQs

What types of trading does Bybit offer?

Bybit primarily offers cryptocurrency derivatives trading, including perpetual contracts and futures that allow for high leverage. These instruments enable trading on the price movements of cryptocurrencies without the need to own the actual digital assets.

How do I deposit funds into my Bybit account?

To deposit funds, log into your Bybit account, navigate to the ‘Assets’ section, and select ‘Deposit’. You can choose the cryptocurrency you wish to deposit and receive a wallet address to which you will send your funds from another wallet or exchange.

Does Bybit provide any security features to protect user accounts?

Bybit takes security seriously, offering features like two-factor authentication (2FA), multiple signature wallets, and cold storage for digital assets to enhance the safety of user accounts and funds.

Can I trade using fiat currencies on Bybit?

Bybit does not support direct fiat currency deposits or trading pairs. Users need to deposit cryptocurrencies to trade. For converting fiat to crypto, users might need to use another service and then transfer their crypto to Bybit.

What are the trading fees on Bybit?

Bybit’s trading fees are competitive within the industry. The platform charges a maker fee and a taker fee, which are typically around 0.025% for makers and 0.075% for takers, but it’s advisable to check the latest fee structure directly on their website.

How can I withdraw my profits from Bybit?

Withdrawals can be made by navigating to the ‘Assets’ section of your account, selecting ‘Withdraw’, choosing the type of cryptocurrency to withdraw, and entering the wallet address to which you want to transfer your funds. There are security checks and a withdrawal time frame that needs to be considered, which can vary depending on network conditions.

Is Bybit available on mobile devices?

Yes, Bybit offers a mobile app that is available for both Android and iOS devices. The app provides full trading functionality, including all the charting and order management features found on the desktop platform, allowing users to trade and monitor their positions on the go.

Final opinion on Bybit

Threenvest recognizes Bybit as a formidable player in the cryptocurrency derivatives market, particularly known for its high-performance trading engine and robust security measures. These features make it an attractive choice for experienced traders looking for a reliable platform that can efficiently handle high volumes of transactions without lag, even during peak trading periods. Bybit’s commitment to security, with features like two-factor authentication and cold storage, ensures that traders can operate with confidence, knowing their assets are safeguarded against potential threats.

However, Bybit’s focus on derivatives and lack of support for fiat currencies may pose a limitation for some traders, especially those new to the cryptocurrency markets or those looking to use traditional money to enter the market. Unlike some competitors that offer a broader range of services including spot trading and direct fiat transactions, Bybit focuses on a niche that requires a certain level of crypto literacy and comfort with digital asset management. Overall, while Bybit offers competitive fees and a user-friendly interface, its suitability largely depends on the trader’s experience and their specific needs in the dynamic and evolving landscape of cryptocurrency trading. Threenvest recommends Bybit for seasoned traders seeking a powerful trading platform with advanced derivative options.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.