Overview

8.2/10
OVERALL SCORE

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Review Exchange Review Bybit Exchange Review – Crypto Derivatives Trading

Bybit Exchange Review – Crypto Derivatives Trading

Bybit is a derivatives trading platform that enables you to go long or short on popular cryptocurrencies — the exchange is mainly used by professional traders.

Breakdown

US Residents AllowedNo
Exchange TypeCentralized
Exchange TokenNo
Two-Factor AuthenticationYes
Foundation Date2018
HeadquartersSingapore
Withdrawal Limit Without KYC DocumentsUnlimited
Fiat-to-CryptoNo
Crypto-to-FiatNo
Bank DepositsNo
Bank WithdrawalsNo
Credit/Debit Card PurchasesNo
Trading FeesNot Fixed | See Fees
Margin TradingYes

ByBit is a go-to place for many professional traders, can they beat BitMEX at their own game?

Start and Founder

Bybit started in 2018 by Ben Zhou, who is still the CEO of the company.

The technological team has been working for companies as such Morgan Stanley, Tencent, and Nuoya Fortune in the past.

Their headquarter is located in Singapore.

Security

You can add two-factor authentication to protect your account — which we highly suggest.

They store 100% of the funds on a multi-signature cold wallet, and withdrawals only happen three times a day, using offline signatures.

The exchange has an insurance fund to cover losses in case there is a malfunction — please note that this is not used to bail out your losing trades.

The combined total loss could be bigger than the insurance fund can cover, so please do not store your cryptocurrencies on an exchange.

We strongly recommend everyone to use a hardware wallet.

Main Focus

Bybit doesn’t try to do many things, as they only have five assets that are available for trading, you can’t buy cryptocurrencies, and you can’t spot trade. They don’t have an exchange token either.

However, that also means that you do not need to submit your documents to use their platform.

Most exchanges fail because they try to do everything, while not having the capacity, or know how to do so.

Thanks to their approach, they have managed to challenge BitMEX and had a sharp rise in the past years.

Bybit offers a mobile app to control your positions on the go.

Frequently Asked Questions

No, they can not. You can use a VPN, but we don’t recommend this route. Thanks to US regulations, if you get caught, you could get your account banned, and even lose all your funds.

No, because Bybit doesn’t try to be more than a professional trading platform, and only allows trading using the tokenized dollar.

Bybit does not have insurance against possible hacks, but they have an insurance fund that could be used to cover losses. However, its primary goal is to stop auto-deleveraging positions.

Bybit hasn’t been hacked before, they run bounty programs in the white hat community to engage security experts for vulnerability testing, plus they have manual withdrawals only three times a day, to ensure that random hacking attempts can’t just drain their wallets. However, with all that, we still recommend you to store your cryptocurrencies in an offline wallet for the long term.

Pros and Cons

Pros

  • Gives you the ability to margin trade
  • Not only you can trade with no fees, but you can earn money thanks to maker rebates.
  • Designed for professional traders
  • Has a sign-up bonus

Cons

  • Not available to US residents
  • Not insured

Fees

ContractHighest Leverage Maker RebateTaker Fee
BTC/USD100x-0.025%0.075%
ETH/USD50x-0.025%0.075%
XRP/USD50x-0.025%0.075%
EOS/USD 50x-0.025%0.075%

Thanks to their insanely good fee structure, you can get paid to trade on their website, as long as you only make maker trades.

A maker trade is when you post a bid/ask in the order book, without instantly taking any trades, which creates liquidity — that’s why the exchange is rewarding you for it.

A taker trade is when you take an order out of the order book; this costs a fee, but you don’t have to wait for your order to get filled.

Use one of the links in this review to receive an up to $90 sign up bonus.

Review Summary

Ease of Use
8.6
Reputation
9.1
Security
8.4
Fees
10
Payment Methods
5

8.2/10

Overall Score

Disclosure: The links in this review are referral links. Using them costs you nothing, but allows us to pay for hosting, and work on quality, fact-based reporting, which we are really thankful for.

We did not contact anyone before writing this review, and we rated them to our best knowledge.

8.2/10
OVERALL SCORE

Disclosure: The links in this review are referral links. Using them costs you nothing, but allows us to pay for hosting, and work on quality, fact-based reporting, which we are really thankful for.

We did not contact anyone before writing this review, and we rated them to our best knowledge.