Crypto

Bybit Review 2022: All you need to know

Written by CHANEL G.

Bybit is a cryptocurrency that is taking the world by storm. We decided to give it a review. Although it may be similar to other trading platforms that offer crypto trading, Bybit is different. It boasts more than 1,600,000. This is quite a staggering number. Participating in regular promotions can help you earn cash and receive your transactions for free.

The FCA, the previous regulator of Bybit, delisted it for offering services that weren’t authorized. We asked Bybit’s customer support if they had security measures. They were unable to answer our questions. The terms and conditions of the site and accounts are not guaranteed to be secure.

Let’s dive into the review and learn more about Bybit to determine if it is worth doing business.

Not: FCA delisted Bybit to stop it from providing services for which it was not authorized.

What is Bybit?

Bybit, a Singapore-based cryptocurrency trading platform, was founded in 2018. Bybit’s founder and CEO is Ben Zhou. He was the former general manager at XM, the largest forex brokerage and CFD broker. A team of industry experts has been assembled, including former employees from Morgan Stanley and Tencent. Bybit is currently interested only in perpetual contracts on cryptocurrency. You can trade stocks by reading our article on the best online stock brokers.

How to Use Bybit

Do not be intimidated if you have never traded on cryptocurrency trading platforms like this. This review will cover the Bybit exchange and explain its operation in an easy-to understand manner. Let’s begin by reviewing Bybit region restrictions.

This states that you cannot open an account if you’re not from the USA or UK. This is because both of these countries have been identified as restricted. The complete list of restricted areas can be found in Bybit’s terms. Bybit is not allowed to trade cryptocurrency in the USA. You can however, check out our list for other cryptocurrency exchange options.

Bybit does not require you to have an account. Bybit allows you to open an account and instantly trade BTC without the need for documentation. You can trade BTC anonymously, without having to share any personal information. You have two options for creating an account: one with a email address and one with a number.

How do I deposit money?

We discovered many discrepancies regarding the depositing process during our Bybit review.

Bybit claims there is no initial deposit required. You can find contradictory information within its FAQ. Bybit does not accept fiat deposits. This can be done via the Fiat Gateway service. This service has minimum deposit requirements that vary depending on the currency. All account requirements are the exact same. While the main site says there aren’t, the FAQ states that Fiat Gateway requires that you undergo a KYC with a third-party service provider. This is not an option for those who want to share their personal data with as few people possible.

Fiat deposits cannot be made through Bybit’s fiat gateway partners, Banxa or XanPool. Only MoonPay and Mercuryo can process them. Fees for fiat deposits will vary depending on the provider. Fiat Bybit deposits may take up to 2 hours. You have several options to make a deposit: electronic fund transfers, Visa/Mastercard debit or credit cards, cash deposits and cash deposits.

What can you trade?

Only a handful of trading options are available at the moment. There are three types available for trading: inverse futures and linear perpetual contracts. Let’s take a closer look at each type and show you the available cryptos.

  • Inverse perpetual arrangements — BTC, ETH and XRP.
  • Permanent agreements — BTCUSDT, ETHUSDT, BCHLINK and LINKUSDT; LTCUSDT, BCHLINK and LINKUSDT; and XTZUSDT.
  • Inverse futures contracts — BTCUSD, quarterly

Trading ETH, BTC, or any other cryptocurrency is possible without the need for additional deposits. The pattern day trader rule does not apply to crypto trades. This rule is typically applicable to stocks. Check out our list the top day trading platforms .

Bybit Promotions

One of its most distinctive features is the Bybit welcome bonus. You can receive a variety of welcome bonuses, each offering bonus cash up to $70. These bonuses can be obtained by depositing your first Bitcoin and then following the social media channels.

Bybit offers weekly promotions that can be used by anyone and do not require additional requirements. One week of freebies. Cash giveaways, seven-day challenges, and physical rewards such as phones are all available. Referring Bybit customers can help you get as high as $500

How to trade with Bybit

The Bybit desktop platform functions in the same way as other cryptocurrency trading platforms. You can customize your Bybit client portal. After you make a deposit, you must choose which type of crypto-exchange you wish to use.

Next, create an order form. You can choose from limited, market, conditional, or both. Each has its own strengths, so it’s up to you which one you choose. To protect your investments, you can also use stop-loss or take-profit options. An cross and an individual margin are options. Crossing is more risky than individual margins because it drains your funds. The leverage ratio should be considered. Bitcoin has a leverage factor of x100, while other currencies have a leverage factor of x50.

You can then start trading Bybit by buying or selling long. Many cryptocurrencies including Bitcoin are gaining popularity. Investors today are more inclined to invest in long-term investing than short selling.

Bybit Fees

Trades can be made between two parties. Both parties pay Bybit trading fees. A maker, as the name suggests, is someone who places an item in the book. The maker’s order is placed by the taker. The makers provide liquidity, and the takers match their order with the maker’s. Market orders are executed only by takers. Limit orders can either be executed in one direction or the other.

This table includes all Bybit fees

Deposit feesNone
Inverse perpetual contracts
(For all currency conversions)
Taker’s Fee0.075%Maker’s Rebate-0.025%
BTC/USDT ContractsTaker’s Fee0.075%Maker’s Rebate-0.025%
Assets exchange fee0.1%
Withdrawal feesBTC — 0.0005
ETH — 0.01
XRP — 0.25
EOS — 0.1
USDT — 10

After approval of your request, the Bybit withdrawal process can take up to 2 hours. Every crypto has a Bybit withdrawal limit. This limit resets each day.

Individual account limit:

  • BTC — 500 BTC
  • ETH — 10,000 Ethereum
  • EOS — 1,000,000 EOS
  • XRP — 2,000,000XRP
  • USDT — 1,000,000 USDT

You can also withdraw minimal funds

  • BTC — 0.001 BTC
  • ETH — 0.02ETH
  • EOS — 0.2 EOS
  • XRP — 20XRP
  • USDT — 10 USDT

Bybit Mobile app

The mobile app bybit offers futures trading, and it is a great option if you’re looking for a Bitcoin app. The mobile app has the same Bybit exchange fees as the web version. These fees can be found in the App Store or Google Play.

You will be prompted to install it. You can view alerts, make a deposit and invite friends. You can also manage your rewards center. It is located next to the chart button. It functions in the same manner as the web version, but offers the exact same features. The next feature is the Bybit trading buttons. The app also offers future, inverse, and USDT perpetual options. You can also view all available cryptos using the strategy alert and wallet button.

You can also modify the theme and language or chat with Bybit customer support.

Customer Service at Bybit

Bybit offers a range of support services for its clients. The Bybit glossary is an excellent resource for investors new to the market or people who aren’t sure what certain terms actually mean. The FAQ is extensive and can be confusing. You will however find a search box that will assist you. We don’t recommend Bybit support offering a livechat 24/7. We tried several times to contact them, but they were slow and couldn’t answer many of our questions. It is currently not possible to contact Bybit customer service by phone.

Alternatives to Bybit

How does Bybit compare to industry leaders? Continue reading to find out if Bybit is better compared to competitors like Coinbase or Binance.

Bybit vs Coinbase

Both Coinbase as well as Bybit are great platforms. Let’s see who wins. Both can be used for Bitcoin exchange, but Coinbase lets you trade with more cryptos than Bybit.

Coinbase is able to open accounts in the US or UK. Bybit is not available. Coinbase recommends you make a first deposit of $50. There are no minimum requirements for Bybit. Bybit offers many promotions, including a Bybit deposit bonus. Coinbase also offers Coinbase earn which rewards users who view guides.

Bybit charges flat -0.025% maker’s rebate and 0.075% for taker fees. You will be charged a flat 0.025% maker’s rebate and 0.50% to take a taker’s fee if you are under 10,000. These values decrease as the price tier increases to 0.00% maker rebate and 0.04 fee.

Bybit vs Binance

Binance and Bybit offer another example. Binance allows you to trade a variety of cryptos, while Bybit only offers the most popular ones. Bybit is not available in the UK and the US, as we have already mentioned. Binance is however available in many countries that have a dedicated US website. There is no minimum deposit for either platform.

Binance and Bybit both have similar reward programs and offer giveaways as well as tournaments. Coinbase charges 0.075% for both makers and takers. The percentage drops with more BTC. However, Bybit charges a set fee of 0.075% taker fees and a -0.025% maker rebate.

Take a bow

This Bybit review will conclude with some caveats. It charges a fair fee for both makers and takers, but it’s still less than other market players. Although the reward program is great for investors, it is not as good as customer service. Although it’s an impressive cryptocurrency trading platform, it’s not as well-known than others.

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