Bybit is a popular cryptocurrency exchange. It focuses on advanced products such as derivatives but also offers basic coin swaps and other crypto services.
This article will explore what Bybit has to offer. We’ll go over fees, customer service, security, the Bybit mobile app, and more. We’ll tell you everything you need to know to decide whether Bybit is the right cryptocurrency exchange for you.
Bybit has a high reputation in the crypto community. It has over 300,000 users in more than 117 countries. More than $1 billion worth of Bitcoin is traded at Bybit per day.
The headquarters for Bybit is located in Singapore.
Bybit charges a flat 0.075% fee for all spot market orders. This fee applies to all traders, regardless of monthly trading volume.
If a trader adds liquidity to the exchange by placing limit orders, he pays no fee. Instead, Bybit pays the trader 0.025% per order.
Bybit has some of the lowest fees of any crypto exchange, especially for low volume traders and market makers.
Users who do more than $1 million in market orders per month may be able to find a better deal on other exchanges. But for traders who do less than this volume, Bybit has an excellent fee structure.
Bybit carries over 60 coins, including USDT (both Bitcoin Omni Layer and ERC-20 versions), BTC, ETH, EOS, XRP, $GODS, SPELL, MANA, SOL, and many others.
Although Bybit's selection is smaller than a few other exchanges., it should still be adequate for most users.
Bybit is available in most countries and regions, including Australia, New Zealand, the Ontario province of Canada, and all EU countries.
It is not available in the United States, China, Quebec region of Canada, or countries that are under international sanctions.
Users visiting from a UK IP address will be confronted with a warning that "Bybit is not currently subject to the regulation of the Financial Conduct Authority (FCA), and does not encourage citizens of the U.K. to use Bybit services." So even though Bybit will allow UK residents to sign up, they should be aware of the ambiguous legal status of the service within the UK.
Bybit does not require KYC for crypto deposits and trades. So even if you live in an unsupported country, you can still access the exchange by depositing only crypto and using a VPN to hide your location. However, this is a risky strategy as it prevents you from getting verified on the platform. And this lack of verification could potentially lead to blocked withdrawals and/or deposits at some point.
Bybit partners with third party brokers to provide fiat to crypto conversion. Banxa, XanPool, MoonPay, Mercuryo, E-check, and Simplex are the partners used.
For users that want to deposit crypto, this is accepted as well. Any crypto that is carried by the exchange can be deposited onto it. There is no minimum amount for cryptocurrency deposits and no crypto deposit fees.
To get a feel for how much these services charge, we attempted to buy $100 worth of Bitcoin. We were given two options: one from Banxa and the other from Moonpay.
Both services offered VISA and Mastercard as methods of payment and required approximately 2% in fees.
The fees and payment methods vary from country to country. So our experience may not be typical.
Bybit has stated that in most circumstances, these services require identity verification for crypto sales.
Depending on the country and currency, a variety of payment methods can be used with Bybit's third-party providers. These methods include debit card, Apple Pay, PayID, PayNow, Google Pay, and others. SEPA, SOFORT, and international bank transfer do not appear to be available options with any of Bybit's partners.
A Bybit user can withdraw his cryptocurrency from the exchange at any time. Bybit does not offer a method to sell cryptocurrency for fiat or to withdraw fiat.
Crypto withdrawals incur a “miner’s fee” or withdrawal fee, and the user must have a minimum amount of cryptocurrency in his account before a withdrawal can be made.
Here are the minimums for each particular coin.
| Coin | Minimum withdrawal |
|---|---|
| BTC | 0.002 BTC |
| ETH | 0.02 ETH |
| EOS | 0.2 EOS | >
| XRP | 20 XRP |
| USDT | 50 USDT |
There is also a maximum withdrawal amount of 10 BTC worth of cryptocurrency per day.
Bybit has one of the most lenient policies for ID verification of any cryptocurrency exchange. Under normal circumstances, it simply does not require ID verification at all. There is not even a function for ID verification within the website’s user interface.
Still, Bybit may require ID verification for transactions that appear to have been used or are expected to be used in money laundering.
Since there is no verification function on the site, there are no “levels” of limits. Instead, all users have the same limits.
Each account is limited to 10 BTC worth of cryptocurrency withdrawals per day.
There is also a limit to the amount that can be traded in one transaction and a total limit that can be swapped each day. These amounts vary depending on the particular coin.
Here are the swap limits for each cryptocurrency.
| Coin | 24 hour swap amount limit | Maximum amount per transaction |
|---|---|---|
| BTC | 200 BTC | 200 BTC |
| ETH | 1,000 ETH | 500 ETH |
| EOS | 50,000 EOS | 20,000 EOS |
| XRP | 500,000 XRP | 200,000 XRP |
| USDT | 2 million USDT | 2 million USDT |
Bybit appears to be an extremely secure cryptocurrency exchange. It follows standard practices such as using cold wallets to physically secure most of the crypto it controls. It has also never been hacked.
Here is a description of Bybit’s security practices. We’ll also discuss our opinion of Bybit’s security at the end of this section.
Bybit offers two factor authentication (2FA) as an additional security measure to protect users from having their accounts accessed by unauthorised users.
If you want to enable 2FA, you can do so by taking the following steps:
You can have Bybit require Google Authenticator for login, password change, security settings changes, withdrawals, and API management verification. You can have it require SMS for all of these except withdrawals and API management.
Once you’ve set up 2FA, this should help to prevent a hacker from gaining access to your account unless he has access to both your phone and your email address.
Enabling 2FA is only a partial solution to the problem of security. Ultimately, you have to rely on the exchange itself to protect your funds. So here are some of the policies Bybit employs to protect your funds.
Bybit holds the vast majority of its cryptocurrency in “cold wallets,” on devices that are not connected to the Internet. A small amount is kept in hot wallets so that users are able to withdraw cryptocurrency.
The cold wallets themselves require more than one signature to operate. So no one employee can withdraw funds from these wallets.
In addition, Bybit employs security experts to do penetration tests on its system in an effort to find vulnerabilities. And it uses bounty programs to reward members of the white hat hacker community who find vulnerabilities and report them.
We have searched for information about a Bybit hack. We have found no credible evidence that the exchange has ever suffered a major security breach.
Bybit has an excellent user interface. All of the basic functions of the exchange are simple to execute.
Here is how a few basic functions can be performed with the interface, including registering, depositing, trading, and withdrawing.
To register, the user first clicks Register in the upper-right corner of the homepage. He then enters an email address and password and clicks register again.
This causes an email with a code to be sent from Bybit to the user’s email address. Entering this code into the field provided finalizes registration.
Once registration is finished, the user is sent straight to the trading page. There is no identity verification process to go through.
To make a crypto deposit, the user first mouses over his email address and selects My Assets. This opens a page with a list of assets.
Clicking Deposit to the right of any coin listing brings up an exchange address that can be used to make the deposit.
If a user needs to buy crypto with fiat, he first clicks Fiat deposit or Buy crypto from the menu at the top of the page.
Some pages do not have either of these phrases in the menu at the top. In case these options are not available, the user can click Trade or any other menu option to go to another page on the site that does have one of these options.
Clicking either of these phrases brings up the buy cryptocurrency interface.
From here, the user can select a cryptocurrency to pay for and fiat currency to pay with, then enter either a fiat or crypto amount into the field provided.
After entering this information, the user can click Buy now to bring up a list of offers from Bybit’s partners. Clicking the Buy button on any offer will redirect the user to the partner website to finish the transaction.
To swap one cryptocurrency for another, the user hovers his mouse over his username and clicks My Assets → Assets Exchange. This opens a page where coins can be selected and amounts entered.
Pressing Convert (cryptocurrency) finalizes the transaction.
It is important to note that the trade menu option cannot be used to swap one crypto for another. This is because the trade option is reserved for derivatives contracts.
Withdrawing cryptocurrency is handled in a similar way to depositing. The user first clicks his username in the upper-right, then My Assets.
The next step is to click withdraw to the right of the coin that is being withdrawn. This brings up a withdrawal interface where a wallet address and amount can be entered.
Clicking submit takes the user to 2 other screens that ask for email and Google Authenticator codes. After this security check, the transaction is broadcast to the network.
Bybit offers customer support through email and chat. By email, staff can be reached at support@bybit.com.
Chat support can be reached from the homepage by clicking the yellow chat button. The green Enter Chat room button is not the correct button to reach staff as it goes to a chat room for users.
Bybit chat support is available 24/7. We tested out this feature to see if there are real human beings answering chat questions. We got a response from a human within less than 30 seconds.
Bybit has a 3 out of 5 rating on Trustpilot for customer service. Most positive reviews state that the exchange works smoothly and that the user has never had any problems. Most negative reviews discuss derivatives trades that went poorly, which the reviewers say was the fault of the exchange.
Here is an example of a positive review:
“Im testing this with small account, had 5 profitable trades, seems to just work fine. What is the problem? Because I dont see any. GUI is good looking too and its speed is good.”
And here is an example of a negative one:
“Just a scam . I had a position that go close to my stop yesterday night , and didn’t touch it , and this morning my trade was in positive +246% with the last bitcoin dump , everything was all right .... and suddenly my trade have been closed at my stop price !!!! They just steal my money .... never trade on this platform!”
Bybit staff responded to the above negative review by stating that the exchange uses a Dual Price Mechanism to ensure that prices on the exchange accurately reflect actual market conditions.
The Inverse Perpetual contract is a derivatives product offered at Bybit. It allows users to make leveraged bets on the price of BTC, ETH, EOS, or XRP.
Users can enter long or short positions on the contract, and the term of the contract is perpetual.
When a user enters an Inverse Perpetual position, he confirms the amount entered in USD terms. However, all profit or loss is calculated in the base currency (BTC, ETH, etc.). Users can enter positions with up to 100x leverage.
The USDT Perpetual contract is another derivatives instrument that Bybit offers. Like Inverse Perpetual, USDT Perpetual allows users to make leveraged long or short trades on the four cryptocurrencies carried at Bybit.
However, USDT Perpetual differs from Inverse Perpetual in that all profits and losses are calculated in USDT stablecoin. This should allow for simpler profit and loss calculations. It should also lower risk, since it does not require users to hold volatile cryptocurrencies to fulfill margin requirements.
Users can get up to 100x leverage on USDT Perpetual contracts.
Traders sometimes need to access their accounts when they are away from home, so having an easy to use mobile app is important for any exchange. We installed the Bybit mobile app and tested it out to see how it works. This is what we found out.
The Bybit mobile app opens to a homepage that shows prices for each coin. Along the bottom of the page are four tabs: Home, Chart, Alerts, and Assets.
There is also a button in the middle that shows a left and right arrow. This button is used to place derivatives trades.
Chart opens a chart of the currently selected derivatives contract. Alerts allows the user to set up alerts to tell him when particular contracts reach certain prices. Assets allows the user to deposit, withdraw, and swap cryptocurrencies.
To register using the mobile app, the user first clicks Assets → Log in → Register. He then fills out the fields provided and clicks Register again. This sends a confirmation email to his email address.
Confirming this email address completes registration.
When the user gets ready to make a crypto deposit, he first selects Assets → Deposit, then selects a coin. This brings up an address where the coin can be deposited.
There is no way to convert fiat to crypto with the Bybit mobile app. This can only be done from the website.
If a user wants to swap one crypto for another, he can do so by clicking Assets → Exchange. This brings up a page where he can select coins and enter an amount.
Once this information is entered, clicking Get Quotation brings up a confirmation window.
Withdrawals can be made by clicking Assets → Withdraw, selecting a coin, entering the amount, and clicking Next.
This produces a screen where the user’s crypto address can be entered and the transaction can be finalized.
To trade derivatives, the user first clicks chart. By default, this shows the current chart for the BTC/USD Inverse Perpetual contract. Other currency pairs can be selected from a button in the upper-left.
Once the correct pair is selected, the center button (the one that shows a left and right arrow) can be pressed to bring up an order placement interface.
From there, the user can select long or short, enter an amount, and click Buy/Long or Sell/Short to finalize the trade.
The Bybit mobile app has a 4.6 rating on Google Play and a 4.0 rating on the Apple App Store. Positive reviews praise the app’s simple and elegant UI. Negative reviews generally complain about the lack of stop-loss functionality or problems with the alerts function.
Bybit is an excellent exchange for most crypto users. It offers low fees, a convenient and simple interface for swapping between major cryptocurrencies, and derivatives contracts with high leverage for those who are interested.
Bybit doesn’t carry a variety of coins, so users who are interested in small-cap coins may want to use a different exchange. Traders with high volume may also find that the fees at Bybit aren’t as low as they would like.
Yes. Bybit is safe. It has over 300,000 users in more than 17 countries and does over $1 billion worth of Bitcoin trading each day. Its headquarters is located in Singapore. It also has an office in Canada, where it holds a money transmitter license.
No...and yes. Officially, Bybit is not available in the US. And any IP address from the US is blocked by the exchange. However, Bybit does not require ID verification for most transactions. So US residents can get access to the exchange by using a VPN to hide their IP addresses.
It depends on the block confirmation time for the blockchain network you are using. For Bitcoin, transactions take 5 - 15 minutes. For Ethereum, they take 10-15 seconds. For EOS, transactions require around 3 minutes to confirm.
To withdraw cryptocurrency from Bybit, click your username or email address in the upper-right, then select My Assets. Next, click withdraw to the right of the coin you want to withdraw. Enter your cryptocurrency address into the field provided, and click submit. You’ll be asked for a code from your email and Google Authenticator. After entering this code, you’ll be able to click submit again to finish the withdrawal.
Yes. Bybit specializes in cryptocurrency derivatives contracts. So you can definitely sell contracts (go short) at Bybit.
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