Is Bybit a safe and legit crypto platform? From sign-up through security, leverage, charting tools and support, our extensive Bybit review leaves no stone unturned in analyzing their platform and services for crypto derivatives traders.
See our unbiased perspective on whether this fast-growing exchange offers a secure foundation and reliable service or precarious footing in the volatile crypto space.
Bybit Review 2024
What is Bybit?
Bybit is a cryptocurrency derivatives exchange founded in 2018 that allows traders to speculate on the price movements of major cryptocurrencies. Bybit differentiates itself by focusing exclusively on crypto rather than also offering forex or stock trading.
It has quickly become one of the most popular exchanges for leveraged crypto trading, amassing over 25 million users worldwide and reaching over $35 billion in daily average trading volume (USD).
Bybit was founded by experienced professionals from the fintech and blockchain industries. They launched with the goal of providing a reliable yet innovative platform for sophisticated cryptocurrency traders. The exchange is registered in the British Virgin Islands and operates globally to serve an international customer base.
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Signing Up & Account Creation
Signing up for a Bybit account is very straightforward and can be completed in under a minute. You simply need to provide an email and password to register. No personal details are required initially.
Once registered, you have the option to enable two-factor authentication for additional account security. This requires providing your mobile number so Bybit can send a code via SMS or phone call when you log in. Enabling 2FA is highly recommended to protect your funds.
To start trading, you’ll need to make a deposit. Bybit allows crypto deposits via Bitcoin, Ethereum, USDT, or USD Coin. Fiat currency deposits are not supported at the time of writing.
The minimum crypto deposit is 0.0005 BTC or equivalent in other currencies. There are no deposit fees charged by Bybit. Just make sure to send funds from a wallet address belonging to you.
Bybit officially supports traders in over 160+ countries with a few exceptions. Users from the United States, Canada, Eritrea, Iran, North Korea, Sudan, Syria, and a few other countries with sanctions cannot access Bybit. The team is continually updating availability as regulations evolve across jurisdictions.
Trading Platform & Features
The Bybit trading platform has an elegant, easy-to-use interface. The design is modern with charts and order entry screens nicely laid out. Traders can easily access market data, account information, and customization settings.
Bybit offers all the major order types including market, limit, take profit, and stop loss orders. These allow you to buy/sell at the current market price instantly or automatically trigger orders based on price movement.
Additionally, Bybit has a copy trading feature that allows you to automatically replicate the trades of top-performing traders on the platform. This can be a good strategy for beginners to mirror profitable positions from more experienced traders. A leaderboard shows trader performance statistics to identify candidates for copy trading.
The charting package includes all the typical indicators and drawing tools needed for technical analysis. Traders can add common indicators like moving averages or customize their own based on parameters like price and volume. Multiple chart types such as candlestick and line charts are available.
One of the most popular features of Bybit is the high leverage available for trading. Leverage amplifies your trading power by allowing you to open much larger positions with less capital. Bybit offers up to 100x leverage on BTC and ETH perpetual contracts. Use leverage wisely as greater leverage also increases the risk of liquidations.
For practice, Bybit has a Testnet environment mirrored on real-time market data. Here you can trial your trading strategies risk-free before putting real capital at stake. The experience mimics the live platform in terms of functionality and order execution.
Bybit also offers iOS and Android mobile apps so traders can monitor and access their accounts on the go from their mobile devices.
Fees & Commissions
Bybit employs a maker-taker fee schedule with rebates available for market makers providing liquidity. Taker fees for BTC and ETH perpetual contracts are 0.075% of the traded amount. Maker fees receive a -0.025% rebate.
There are no deposit fees for any supported cryptocurrencies. Withdrawal fees vary by coin, usually ranging from free (USDT on ERC20) up to 0.0005 BTC for BTC withdrawals.
Bybit does not charge any monthly account fees or require minimum trading activity. Additional fees may include auto-deleveraging slippage if liquidated. You can prevent liquidations with proper risk management.
Security: Is Bybit Safe?
Bybit implements robust security measures to protect trader funds and privacy. The exchange enforces mandatory 2-factor authentication for all accounts to prevent unauthorized access. Users must verify via email and mobile authentication app when logging in.
The insurance fund also adds an additional layer of protection on the platform. The fund covers any shortfall from forced liquidations in extremely volatile market conditions. It is continually topped up using a portion of trading fees to maintain adequate reserves.
Importantly, Bybit maintains proper registrations and oversight from top regulatory bodies including:
- Virtual Assets Regulatory Authority, Dubai – Ensures sound governance over crypto trading in the region
- The Cyprus Securities and Exchange Commission – Rigorous European regulators monitoring operations
- Astana Financial Services Authority, Kazakhstan – Assesses compliance with international best practices
Bybit has not suffered any major security breaches resulting in loss of client assets since its founding. It continues to invest heavily in security infrastructure like multi-signature cold wallets and distributed servers across different regions to reduce single points of failure.
Customer Support
Bybit provides customer support through multiple channels including email, phone support, social media, and an extensive help center with FAQs and educational articles.
Submitting support tickets via email generally resulted in a first response within 8-12 hours during testing. Inquiries received detailed and helpful answers from knowledgeable agents most of the time. Phone support also proved responsive though English proficiency could vary.
Support is best for general account and platform questions. Agents tend not to provide trading advice or coin recommendations. For discussions with seasoned crypto traders, Bybit’s various social channels like Telegram, Twitter, and Reddit are recommended.
Educational Resources
Bybit offers a suite of educational materials to help traders learn. This includes:
Blog Posts – The Bybit blog publishes frequent articles on topics like trading strategies, platform updates, coin/market analysis, and industry insights from guest contributors.
Video Tutorials – There is a dedicated Bybit YouTube channel with helpful tutorial videos that walk through functions like order settings, technical/chart analysis, delegated trading, and more.
Simulated Trading – The Bybit Testnet environment allows anyone to simulate live trades without putting capital at risk. Test different strategies in a real market environment.
Pros & Cons
Pros:
- High crypto leverage available up to 100x
- User-friendly trading interface
- Low fees compared to major competitors
- Secure platform with insurance fund protection
- Educational resources & simulated trading for practice
Cons:
- Limited payment methods
- Less assets compared to largest exchanges
- Potential language barrier with support
- Platform can lag during high volatility
- Need extensive risk management with leverage
Bybit Alternatives
While Bybit leads in crypto derivatives trading, some competitors offer similar or overlapping services:
Binance – The largest crypto exchange that also offers futures, options, margin trading with high leverage. Lower fees than Bybit but more complexity.
FTX – Popular for crypto derivatives trading with up to 50x leverage. Wide variety of markets beyond just perpetual futures.
Deribit – Specializes in crypto options and futures trading. Slightly higher fees but deep liquidity and customization.
Kraken – Well regulated exchange with futures and margin trading up to 5x leverage. Easier to fund via fiat currency.
Traders should evaluate exchanges across factors like fees, available assets, security, regulations, and platform experience based on their preferences.
Conclusion
Overall, Bybit stands out as one of the top platforms specifically for crypto derivatives and margin trading. For traders seeking high leverage and advanced trading tools, Bybit has significant advantages over competitors. It continues to actively develop new products and features.
Importantly, Bybit implements robust security practices and maintains oversight from leading regulatory bodies like the Virtual Assets Regulatory Authority (Dubai), Cyprus Securities and Exchange Commission, and Astana Financial Services Authority (Kazakhstan). These measures provide assurance that Bybit safely manages trader funds according to compliance standards.
With competitive pricing, excellent trading infrastructure, demonstrable security, and responsive customer support, Bybit checks all the right boxes for sophisticated crypto margin trading. Just be sure to use their paper trading and educational resources to develop expertise first.