ByBit Review: Key Features in 2024

9.80 / 10
Cryptocurrency exchange
9.8 / 10
Bybit is not available
Show more choices Visit Bybit
Unavailable in
Reviewed by
Mileva Stankovic
Cryptocurrency Writer

18+ Only - Gambling in your location may be forbidden – “you are responsible”.
This site contains affiliate links. If you click on one, we may earn a commission.

Bybit is not available

In this 2024 ByBit review, I will examine what ByBit is, its history, the team, the pros and cons of the platform, and more.

Whether you’re an institutional or retail investor, you don’t want to pay high fees or use the wrong trading platform. You must keep updated on the best trading platforms. 

Should you consider ByBit? Are the fees reasonable for both retail and professional investors? 

Should you create an account today?

Let’s dive in!

DisclaimerThe information provided on this website is for informational purposes only and should not be considered as financial, investment, or legal advice. Cryptocurrency investments are volatile and high-risk in nature. Consult with a qualified financial advisor and/or tax professional before making any investment decisions. We are not responsible for any loss incurred due to the use of information on this website. Do your own research and exercise caution. Don’t invest unless you’re prepared to lose all the money you invest.

bybit homepage
ByBit Review: ByBit Home Page

Why Trust Us

Rely on CryptoManiaks for an insightful and trustworthy Bybit review. Our recommendations stem from a thorough research, analyzing platform features, security measures, and user experiences to provide accurate and up-to-date insights.

Practical experience sets us apart – as active traders on Bybit, we offer firsthand insights, ensuring our review reflects the platform's day-to-day functionality. Transparency is paramount in our approach. We present unbiased assessments, highlighting both strengths and potential considerations.
 

 

Key Takeaways

 

  • Rated 9.80/10, ByBit is a crypto exchange founded in 2018, headquartered in Singapore, and licensed in the British Virgin Islands
  • ByBit prioritizes security with SSL, 2FA, a bug bounty program, and a legal setup in the British Virgin Islands
  • Users from countries like the US, UK, Canada, and Singapore are restricted
  • High liquidity, various order types, and competitive trading fees contribute to ByBit's appeal
  • With an intuitive interface, demo accounts, and 24/7 customer support, ByBit accommodates all
  • ByBit offers a mobile app, exclusive rewards, educational content, promotions, and cloud mining, enhancing its overall user experience.

 

Pros and Cons of ByBit

Before using this exchange, note the pros and cons:
 

Pros and Cons of ByBit
Pros Cons
ByBit features an intuitive platform suitable for traders of all levels As with many cryptocurrency platforms, regulatory uncertainties may impact ByBit's services
The platform offers much liquidity, reducing slippage risks during trading Users engaged in leverage trading face heightened risks due to market volatility
ByBit supports advanced features like leverage trading and perpetual contracts The platform's advanced features may have a learning curve for new traders
Robust security protocols are in place to protect users' assets on the platform Some users report varying response times from customer support
ByBit supports a variety of cryptocurrencies, providing diverse trading options ByBit's selection of supported cryptocurrencies may be more limited than some other platforms
ByBit provides a demo account for users to practice trading strategies without real funds  

  

 

Background

  • Year founded: 2018
  • Headquarters: Singapore
  • Licenses: British Virgin Islands
  • Fiat currencies: 59 fiat currencies via Fiat Gateway
  • Cryptocurrencies: Bitcoin (BTC), Eos (EOS), Ethereum (ETH), Tether (USDT)
  • Type of service: Derivatives exchange
     

Reputation and Security 9/10

ByBit is one of the fastest-growing crypto derivatives exchanges, with traders from all over the world.  
 

ByBit License and Insurance

Bybit’s legal entity is based in the Virgin Islands of Britain, like a few other successful exchange derivatives.

The exchange has a solid legal setup in place to avoid unwarranted seizures or surprise interruptions from government officials.
 

Security 

ByBit had the expected SSL certificate and 2-factor authentication. They do not require KYC; instead, you verify your email address. ByBit also offers additional security options including SMS and Google authentication.

To keep your funds secure, the site recommends that you use its cold wallet cash system (Hierarchical Deterministic). They also spend time processing withdrawals manually.

ByBit also has a bug bounty program, and multi-signature cold wallet to store 100% of traders' deposited assets. All withdrawal requests undergo a stringent procedure that carries out confirmation for withdrawals; and all requests are manually reviewed at fixed time intervals (0800, 1600, and 2400 UTC).
 

Complaints Received

While ByBit has numerous complaints, the majority of them are the “ByBit scam” variety. I never take those reviews seriously because everyone gets them and it’s usually due to the customer not understanding the terms or some other misunderstanding.

The few legitimate concerns are always addressed by ByBit, from what I have seen. When you disregard those, ByBit has an above-average reputation for being a secure, legitimate exchange.
 

Prohibited Countries

Before I move forward with the essence of my ByBit review, make sure you don’t use this platform if you reside in the following countries.
 
bybit prohibited countries globe

  • United States 
  • United Kingdom 
  • Canada 
  • Singapore 
  • Cuba 
  • Iran 
  • Syria 
  • North Korea 
  • Sudan 
  • Mainland China

ByBit is also restricted in Crimea and Sevastopol, Russia. 

The strict regulation policies coming from the SEC are too much for ByBit to withstand right now, as it imposes stringent obligations to trading exchanges receiving cash from United States investors. 

That said, with the site’s continued growth, you should expect ByBit to welcome US customers and more customers around the globe over the months or years to come.

Exchange Features

Liquidity

The liquidity of the platform was one of the main traders’ concerns after the launch of the platform. However, the ByBit team did a great job tackling this issue and has brought the platform to 2nd place in terms of liquidity for a cryptocurrency derivatives platform, within less than a year in the industry. 
 

Order Types Available

     Order types include:

  • Limit Orders 
  • Market Orders
  • Stop Limit 
  • Stop Market 
  • Post-Only 
  • Close on Trigger 
  • GoodTillCancelled 
  • ImmediateOrCancel 
  • FillOrKill

 

Trading Fees  

Trading fees are .025% added for Maker Orders and .075% subtracted from Taker Orders.
 

User Experience

ByBit offers many incentives such as multiple deposit bonuses, large referral rewards, and crypto bonuses for doing actions such as following ByBit on social media and being an active trader.  

While ByBit currently accepts only a few cryptocurrencies, the exchange will surely add more over the coming years. 

I really love that you can deposit and withdraw without the usual KYC hassle. You don’t have to provide them with your personal documents. Once you open your account and deposit cryptocurrency, you can start trading immediately. For people focused on privacy, this is a solid benefit. 
 

Platform Features and Functionality

ByBit offers a crisp, transparent place for traders to engage in legal and smooth crypto-trading. The platform is intuitive, but they also offer educational resources to help you learn to trade, making it great for those new to trading as well as those who have much experience.

One of the best features is the demo mode that allows you to practice and learn the platform without risking any of your assets. They also have a helpful blog that is updated regularly with news and updates.

bybit screenshot
ByBit Review: ByBit Platform

Design and Appearance

You will find ByBit’s platform attractive and simple. Everything is easy to navigate and the menus are simple to find at the top of the page. According to the website, they will also be implementing a dark mode to make the viewing screen easier on the eyes, which I think will be a wonderful addition.
 

Registration Process

bybit registration process
ByBit Review: ByBit Sign-up Page

Registration with ByBit is also simple since they don’t require KYC. You only need a phone number or email address.

For security purposes, your email or phone number will be verified. Further directions will be communicated through call, email, or even text. 
 

Payments

ByBit has no connection to fiat currency. This means that you will need to fund your account with cryptocurrencies.

However, ByBit does have a fiat gateway where you can buy crypto with fiat currencies such as USD, AUD, JPY, USDT & more. 
 

Deposit and Withdrawal Methods

ByBit will not charge you for deposits. You’ll only have to pay the mining fees for the transfer, which some feel are a bit high. 
 

Deposits

The deposit methods available on ByBit are:

  • BTC
  • ETH
  • EOS
  • XRP
  • USDT (ERC-20)
  • USDT (TRC-20)

 

Withdrawals

The withdrawal methods available on ByBit are:

  • BTC
  • ETH
  • EOS
  • XRP
  • USDT (ERC-20)
  • USDT (TRC-20)

bybit fee of deposit and withdrawal
ByBit Review: ByBit Fees

Deposit Minimums

There are no minimum deposits but there are minimum withdrawals depending on the type of crypto you are using. See the image above for details.
 

Pairs Available

The pair available on ByBit include:
 

Available Trading Pairs
BTC/USD ETH/USDT
BTC/USDT EOS/USD
ETH/USD LTC/USDT
ETH/USD LINK/USDT
XRP/USD BCH/USDT
XTZ/USDT  

 

Limits 

Futures contracts and perpetual contracts have price limits of 5% for all trading pairs, for both Highest Bid Price and Lowest Ask Price.

Customer Service

ByBit has several customer service options. You can start with the ByBit Help page that offers answers to the most commonly asked questions on the site. This page has a helpful search bar as well as an option to submit a ticket if you have a problem that you can’t find an answer to.

They can also be reached on Twitter and Telegram to answer your questions. If you don’t find what you need, there is also 24/7 chat support right in the bottom right corner of the page.

bybit customer service
ByBit Review: ByBit Feedback Page

Beyond these great features, ByBit also has a Feedback page where you can submit feedback on the design, features, problems, and more. 

Noteworthy Features

ByBit offers a helpful mobile app that is available on Google Play as well as the App Store. You can also install the mobile app by scanning the QRCode from the website. They have several other noteworthy features as well.
 

Rewards

bybit exclusive rewards
ByBit Review: ByBit Rewards

New sign-ups to ByBit can take advantage of the “A Big Deal” coupon which gives them a $50 coupon in the corresponding deposit cryptocurrency if they make the first time deposit within 48 hours of registration, or a $10 coupon after 48 hours.

 

Educational Content 

A simple look at ByBit’s social media accounts shows how dedicated they are to providing their customers with valuable trading tips. It is definitely something that makes ByBit stand apart from its competitors.

bybit cryptocurrency and trading
ByBit Review: ByBit Learn

They also offer a ByBit Learn page where you can learn everything you need to know about cryptocurrency and trading. This is an excellent way to help newbies get into trading without fear.

 

Promotions 

ByBit regularly offers exclusive vouchers, flash deals, new sign-up rewards, and a referral program. They also run competitions regularly, and they aren’t just for fun. You can win prizes, bonuses and many more.
 

Mining

ByBit also has cloud mining that allows you to get into ETH mining with a low entry price. Just purchase the amount of hashrate you want and harvest ETH from the cloud.
 

ByBit Review: Final Thoughts

I hope you enjoyed this review of ByBit

What is the best feature of ByBit, in your opinion? What does the platform need to improve?

Let me know your thoughts in the comments!

 

Frequently Asked Questions

What are the fees associated with Bybit?

Bybit operates on a maker-taker fee model, where makers receive a 0.025% rebate for adding liquidity, and takers pay a 0.075% fee for removing liquidity. Fees vary based on trading pairs and user volume, with a tiered structure offering reduced fees as trading volume increases.

How can I sign up for a Bybit account?

To sign up, visit Bybit's official website, click "Sign Up," provide your email, create a password, and agree to terms. Complete the form, click "Sign Up" again, verify your email, and, depending on your location and volume, undergo additional KYC verification steps.

Can I use leverage when trading on Bybit?

Yes, Bybit offers leverage options from 1x to 100x, allowing traders to amplify potential profits by borrowing funds. Traders should exercise caution and fully understand the risks associated with leveraged trading.

How safe is Bybit for trading?

Bybit prioritizes security with advanced encryption, multi-factor authentication, and cold storage for digital assets. Rigorous KYC procedures and a zero major security breach track record make Bybit a trusted and secure platform.

How to deposit funds on Bybit?

Log into your Bybit account, go to the "Deposit" section, select your preferred deposit method (cryptocurrencies or fiat), and follow the provided instructions. Bybit ensures a seamless and secure deposit process with 24/7 customer support available if needed.

What are the pros and cons of using ByBit?

User-friendly interface, advanced trading features, high liquidity, competitive fees, and leverage trading options for potential profits. Primarily focused on derivatives trading, risk of market volatility and losses, occasional technical glitches, and reported slow customer support response times.

About CryptoManiaks
Face 1
Face 2
Face 3
Face 4
Face 5
Face 6

We are CryptoManiaks.  Collectively, we have over 25 years of experience in the crypto world and are all passionate about guiding people through the complex world of crypto investing.

Written by

Mileva Stankovic

When Mileva invested in Bitcoin at the end of 2017, she never believed she’d end up becoming so focused on crypto. Today, she's investing in various coins and playing Texas Hold 'em with passion. 

They Already Trust Us
 
 
Have some crypto questions?
Find the answers