Bybit Review: The Best Trading Platform? [2021]

In this 2021 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!
 


ByBit Review: ByBit Home Page

  • Key Takeaways

    I understand you may not have enough time to read my full ByBit review, so here is an actionable summary to help you.
     

    Pros of ByBit: 

    • Anonymous trading. No KYC requires
    • Excellent customer service. Available 24/7, several contact methods
    • Low withdrawal fees. Varies based on currency 
    • Demo accounts. Learn the platform without losing assets
       

    Cons of ByBit: 

    • Limited cryptocurrencies
       
  • 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.
     

    • 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 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 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 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:

    • BTC/USD
    • BTC/USDT
    • ETH/USD
    • XRP/USD
    • ETH/USDT
    • EOS/USD
    • LTC/USDT
    • LINK/USDT
    • 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 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 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 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!
     

Posted by Kathleen M.
Kathleen is a relative newcomer to the world of crypto, but her fascination with the subject led her to become certified in cryptocurrency. She continues to study all things crypto including blockchain, Bitcoin, and Ethereum. In her free time, Kathleen enjoys reading, gardening, and spending time outdoors.
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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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