Bybit Review: The Best Trading Platform? [2020]

In this 2020 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. And a recent entrant into this rapidly growing market is ByBit.

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

Should you create an account today?

Let’s dive in!

  • Background And Company History

    Bybit is a Singapore-based crypto derivatives exchange, promising to offer lots of crypto derivatives contracts in only a few clicks. 

    Started back in December 2018, ByBit is one of the leading cryptocurrency derivatives exchanges today. 

    Within a short time, the company has grown into a fully functioning website with millions of visits each month (data from SimilarWeb).
     

    Liquidity Concerns

    The liquidity of the platform was one of the main traders’ concerns after the launch of the platform.

    Read this Bybit review from a user: “The only issue we have with the site is that it’s still incredibly young. Expect it to come with an overly illiquid order book.

    However, the ByBit team did a great job tackling this issue and has brought the platform to the 2nd place in terms of liquidity for a cryptocurrency derivatives platform, within less than a year in the industry.

    Source: coinmarketcap.com
     

    Over the months, their liquidity continues to improve, and now it fits the standards of the best cryptocurrency derivatives, like Deribit and Bitmex.

  • Review of ByBit Features and Benefits

    This wouldn’t be much of a Bybit review if we didn’t mention its features. 

    It’s essential to have a clear picture of what is in store for you before subscribing to any trading derivative company.
     

    Assets security.

    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.
     

    24/7 customer service.

    You’ll have convenient access to the live chat feature, where you can talk to the website’s intelligent customer help and support team.
     

    Bybit’s Legal Structure.

    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 set up in place to avoid unwarranted seizures or surprise interruptions from government officials.

    Since 1 Broker trading company was shut down, almost every trader is cautious when picking his or her trading platform.

    Source: medium.com/@brettkotas
     

    After all, almost every trader was affected by the collapse of 1 broker. They went through huge losses; their accounts were frozen and had to close their active trading positions. 
     

    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 out versus Bitmex and Deribit. 

    Links:

    Awesome Competitions.

    Bybit also runs competitions regularly, and they aren’t just for fun. You can win prizes, bonuses and many more. 
     

    Familiar User Interface

    Bybit’s GUI is somehow similar to Bitmex’s. This means the transition from Bitmex to Bybit shouldn’t be a big deal.

    Source: bybit.com
     

    I cannot say the same about Deribit. While I love its amazing and outstanding design, it took me a lot of time to learn how the platform works.

    Even though I enjoyed using the platform once I got the hang of things, choosing Bybit over Deribit is still an easy path.
     

    The Margin Function

    ByBit offers leverage trading. That’s an obvious one. 

    However, the amount of leverage available depends on your contract trade derivative.

    Say you’re trading BTC/USD or ETH/USD: Bybit will allow you to make a trade with a leverage of 100x. 

    For less liquid pairs, you’ll “only” be allowed to trade with a leverage of x10, x20, etc.
     

    The Trailing Stop Function

    Like major crypto derivatives exchanges, ByBit offers a trailing stop functionality to allow traders who don’t have the time to keep track of their trades. 
     

    Modern matching engine.

    On Bybit, you shouldn’t have to trouble yourself with overloads. After all, it offers 100,000 TPS for each contract. There are no server mishaps or downtime issues. All the hot patches and release features are issued immediately.

  • Restricted Countries

    No need to read further if you're a resident of one of the following countries, and if you’re not ready to use a VPN and take risks.

    • United States of America
    • Québec (Canada)
    • Singapore
    • Cuba
    • Crimea
    • Sevastopol
    • Iran
    • Syria
    • North Korea
    • Sudan

    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.

  • The Bybit Fees

    For a successful trade to occur, there need to be two active parties: the taker and the maker. 

    The maker has his order already in the order book before making any trade. The taker places that order which matches or claims the maker’s order.

    The ByBit fees for takers currently stand at 0.075% for each order. But a rebate of 0.025% is offered to makers.

    Source: bybit.com
     

    This is pretty fair compared to the average costs for takers in regular crypto derivatives exchanges.

    More information on fees here.

  • A ByBit Tutorial

    In this part of our ByBit review, I will carefully look at what to expect when you start trading on Bybit.
     

    1. Registering with Bybit

    Signing up will be your first step.

    Do not worry about your privacy, as Bybit is sensitive to customer data

    You will be free to register using your phone number or email address.

    Source: bybit.com
     

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

    2. Withdrawals and Deposits

    First thing, Bybit has no connection to fiat currency. Which means that you will need to fund your account using any of the following cryptocurrencies:

    • BTC
    • EOS
    • XRP
    • ETH

    Bybit will not charge you for withdrawals or deposits. You’ll only have to pay the mining fees for the transfer.

    Source: bybit.com
     

    While I didn’t find any deposit minimums, when it comes to withdrawal, the site has set up different amounts for each currency:

    • Ethereum- 0.01ETH
    • Ripple- 0.25XRP
    • Bitcoin- 0.0005BTC
    • EOS- 0.1EOS

    Another essential point to take away from this Bybit review is that the site does not conduct any kind of KYC verification.

    You don’t have to provide them with your personal documents. Once you open your account and deposit cryptocurrency, you can start trading immediately.

  • Conclusion: My Opinion On ByBit

    Bybit offers a crisp and transparent place for traders to engage in legal but smooth crypto-trading. 

    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. For people focused on privacy, this is a solid benefit. 

    So, with all this information in mind, are you willing to start trading on ByBit? Let me know in the comments!

    More Great Resources:

Posted by Thomas Glare

Thomas Glare is a freelance writer from Kansas, with a massive interest in cryptocurrency trading. When he’s not attending to the affairs of his ranch, you’ll find him grabbing a beer by the pier. He also runs a successful blog, where he educates young traders to survive the financial markets.

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About CryptoManiaks

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.

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