If you’re thinking of new ways to earn money and want to start trading, then it’s crucial to choose a high-rated cryptocurrency exchange platform.
However, it’s not that easy to do as there are multiple features to take into account in order to find a suitable platform for your personal needs. These aspects include trading fees, supported cryptocurrencies, security, and many others. Needless to say, we’ll be focusing on all of these factors in this Bybit review.
In this review, you’ll find out more about this cryptocurrency derivatives trading platform, its pros and cons, information about the company, the main goals, features, and even more.
Even though Bybit is still relatively new, it’s already one of the most popular leveraged trading-providing exchanges in the market. If you'd like to use a more-established crypto exchange platform, though, you should take a look at either Binance, or Coinbase.
Let’s jump right into Bybit review and find out why it’s so successful.
- Low trading fees
- Exceptional functionality
- Mobile trading app
- Helpful customer support
- Some negative reviews online
- Limited number of supported coins
- Not recommended for beginners
Table of Contents
- 1. Bybit Review: Introduction to the Company
- 2. How Does Bybit Work?
- 3. Bybit Review: PROS
- 3.1. Exceptional Functionality
- 3.2. Low Trading Fees
- 3.3. Huge Number of Supported Countries
- 3.4. Mobile Trading App
- 3.5. Helpful Customer Service
- 4. Bybit Review: CONS
- 4.1. Negative Reviews Online
- 4.2. Limited Number of Supported Cryptocurrencies
- 4.3. Not Recommended for Beginners
- 5. Conclusions
Bybit Review: Introduction to the Company
Bybit was established only a few years ago, in 2018, and is based in the British Virgin Islands. The platform is growing rapidly and already has more than 1 million registered users. Considering the fact that Bybit has been in the market for such a short time, the number is really impressive.
What’s important to understand about Bybit is that it’s not a regular crypto trading platform, meaning that you won’t be able to exchange crypto coins, only trade derivatives.
Bybit’s goal is to provide users with an intuitive and smart trading experience. We’ll find out whether the company manages to achieve that in this Bybit review. That said, let’s move further and find out more about this crypto derivatives platform.
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How Does Bybit Work?
Bybit works the same as Bitmex - cryptocurrency exchange and derivative trading platform. So if you’ve tried it before, you’ll figure out how Bybit works in no time. However, if you’re not familiar with that platform, I’ll explain everything to you in no time.
First of all, what’s crucial to understand is that when using Bybit, you won’t be trading cryptocurrencies directly. Instead, you’ll be buying and selling contracts that refer to those cryptocurrencies. This is the main difference between Bybit and any other, regular crypto exchange platform.
Now, let’s define the meaning of “derivatives” and “trading futures”.
Derivatives can be defined as a financial product that gains its value from an underlying asset, such as Ethereum, Bitcoin, or any other cryptocurrency. Trading futures can be explained in a very simple way. When you’re making an agreement to buy or sell a specific asset at a specific time in the future, it’s called a “futures contract”.
While these two aspects should be completely clear, Bybit also offers perpetual futures trading that’s a bit more complicated. Perpetual futures are contracts that do not have a settlement date. This means that if you buy such a contract, you can hold it as long as you want, no one’s pushing you to sell it.
However, what’s important to mention is that when it comes to perpetual futures trading, there are usually certain conditions that should be fulfilled if you want to maintain the contract.
Perpetual futures contracts with leverage are even more difficult to grasp, and, are, definitely, even riskier. It means that you can open a position that’s worth more than your actual account balance. Since Bybit offers up to x100 leverage, it means that you can leverage your initial margin up to 100 times - $5000 instead of $50.
Since perpetual futures contracts with leverage can be risky, it’s recommended for more advanced users. Beginners should avoid these features.
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Bybit Review: PROS
As always, I would like to begin this Bybit review from the positive aspects and include all the reasons why people choose Bybit.
Since the company aims to offer its users innovative and smart trading, aside from perpetual futures contracts, it comes with multiple other features that must be discussed in this Bybit review. Let me include the most unique ones and briefly explain each of them:
- Smart Trading System. This trading system that Bybit provides will send you strategy alerts as well as will allow you to set up “take profit/stop loss” at entry.
- HD Cold Wallet. It’s crucial to keep your cryptocurrencies in a secure wallet at all times. In most cases, I would recommend cold wallets, such as Ledger and Trezor, however, it seems that Bybit offers all in one - an exchange and a cold wallet where you can keep your coins securely.
- 100K TPS Matching Engine. Ultra-fast machine engine will make sure that you never need to worry about overloads.
- Significant Market Depth. When making every trade on Bybit, it will ensure that you have an almost unnoticeable price impact.
- 99.99% System Functionality. Bybit provides you with 99.99% uptime, meaning that the platform will be available at (almost) all times.
- State-Of-The-Art Pricing System. The dual-price mechanism will ensure that you won’t experience any wrongful liquidations.
Just like I said, one of the reasons for choosing Bybit is its functionality. If you want to take advantage of smart and innovative trading this is one of the platforms that you should take into consideration.
Low Trading Fees
When it comes to trading, functionality is not the only thing that matters. It’s also crucial to consider Bybit fees. This is especially important to daily traders who buy and sell cryptocurrencies multiple times throughout the day.
Bybit is based on the “maker-taker” fee model. Market takers are the ones who seek and take liquidity off the book. They are charged a trading fee. Market makers are the ones who provide liquidity, increase market depth and receive a negative trading fee that’s also called a rebate.
Now, as you can see in the table below, Bybit fees are very low - the maker fee is -0.025% and the taker fee is 0.075%. This means that this platform is suitable not only for those who are interested in long-term contracts but also for those who want to maximize short-term profit.
Huge Number of Supported Countries
Not all crypto exchanges are as widely accessible as you might think. Some of them can be accessed in only a few countries. That said, before deciding which platform to choose, make sure that it’s accessible in your country.
Now, Bybit exchange supports a huge number of countries, however, there are a few exceptions, including:
- United States of America
- Québec (Canada)
- Mainland China
- North Korea
Compared to multiple other crypto exchanges, Bybit supports a huge number of countries.
Mobile Trading App
Every trading enthusiast knows how important it is to have the ability to trade and keep track of cryptocurrencies on the go. To do that, you will need a mobile app. While not every platform has a mobile app, let’s focus on Bybit exchange and see what the situation is with this platform.
Bybit has an app that’s available on Google Play and the App Store. The app is evaluated surprisingly well on Google Play - 4.3 stars. Customers claim that the app has a very clear design, beautiful UI, all the necessary features, and that there are completely no crashes. Needless to say, customers recommend this platform to beginners.
Now, the Bybit app comes with multiple features. Since the prices of cryptocurrencies change every second, the platform allows you to make light-quick trades. What is more, it includes the “Stop Loss and Take Profit” feature, pricing notifications, flexibility when converting between different cryptocurrencies, and so much more.
Thus, if you want to trade cryptocurrencies on the go, you should definitely take Bybit mobile app into consideration.
Helpful Customer Service
If you’re a pro trader and have it all figured out, you may not appreciate customer support as much as beginners. However, helpful customer support is something that you should always expect from a reliable crypto platform, such as the Bybit exchange.
Bybit customer support will be there for you 24/7. It means that if you have any issues using the platform, want to find out more about specific features or simply ask for some tips, you can always contact them.
Now, while that’s something that many providers claim to offer, not all of them stick to their word. For this reason, to find out whether the company’s customer support is actually that helpful, I analyzed multiple reviews online.
The majority of customers claim that Bybit customer service is truly helpful and manages to respond to their questions instantly by providing valuable information and clear answers. Therefore, just as promised, you will get all the help you need in case any issues appear.
Bybit Review: CONS
Now that we’re done with all the positives of this Bybit review, it’s time to move further and focus on the issues that are associated with this leveraged trading-providing exchange. Remember, though - if you'd like to use a less-controversial exchange, both Binance and Coinbase are going to be top-tier options!
Negative Reviews Online
If you want to make the right choice when choosing a product or a service, you should always research what customers have to say about it. Even if you can try the service out first, you can never know what issues you might encounter in the long run.
When it comes to Bybit customer reviews, I’m a bit concerned. On Trustpilot, it has only 3.2 stars. Customers claim that the platform has hidden fees, some people had their accounts frozen and lost quite huge amounts of cryptocurrencies.
While these complaints sound really concerning, you shouldn’t forget that some of them might be written by competitors. What is more, the majority of people tend to leave reviews only when they encounter certain issues, and not when they’re happy with the service.
That said, make sure to take a look at Bybit reviews, however, keep in mind, that not all of them are 100% honest.
Limited Number of Supported Cryptocurrencies
One of the factors that the majority of people who are interested in trading pay attention to is the number of supported coins. Now, you might come across crypto exchanges that provide you hundreds of options to pick from, however, what about Bybit?
At the moment, Bybit supports these cryptocurrencies:
Looking at this list it’s obvious that some of you might lack less popular altcoins to pick from. However, that completely depends on individual preferences.
It allows you to purchase BTC, ETH and USDT using fiat currencies.
Not Recommended for Beginners
Even though futures trading is one of the major reasons why people choose Bybit, there are also certain risks associated with this feature, especially if you’re still a newbie in the crypto world.
As mentioned previously in this Bybit review, when making a futures contract, you have to determine the future price of a specific asset. Such investment is quite a risky one for a good reason.
Let me give you an example of how you could lose a huge amount of cryptocurrencies.
Let’s say you make a contract with another person to purchase 1 BTC for $12,000 on the 29th of December. Imagine that by then Bitcoin price drops to $8,000. This means that you lose $4,000, whereas another person gains the same amount. While such a scenario is not very likely, you can never predict the future when it comes to cryptocurrencies.
Thus, make sure to perform a thorough analysis before making a futures contract.
- Fiat currencies - accepted
- Simple to use
- Accepts only the most trustworthy cryptocurrencies
- A leading cryptocurrency exchange platform
- Best for beginner investors
- Accepts fiat currencies
- Highly-regulated and secure
Bybit is one of the more recommended cryptocurrency derivatives exchanges that come with multiple features, such as perpetual futures trading, margin trading, smart trading system, state-of-the-art pricing system, and others.
It’s different from a regular crypto exchange platform because instead of trading cryptocurrencies, you’ll be buying and selling contracts that refer to those cryptocurrencies.
Bybit fees are very low, it supports a huge number of countries, has a mobile trading app, clear design and helpful customer service. While it seems that this platform has it all, it comes with a few flaws.
Numerous Bybit reviews online do not recommend this platform due to hidden fees, frozen accounts and other issues that they’ve encountered. Also, the platform supports a limited number of cryptocurrencies and is not recommended for beginners.
You should make sure to take every aspect into account before deciding if Bybit is suitable for your needs! If it isn't, though, do not fret - there are great exchange platforms out there, nonetheless! For example, check out Binance and Coinbase - perhaps one of them will suit your wishes best?
The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.