Bybit is a crypto exchange platform that came into existence in 2018 and features a wide variety of advanced trading tools. This exchange platform is registered in the British Virgin Islands and headquartered in Singapore, with supplementary offices in Hong Kong and Taiwan. What makes this platform different from others is that it is a derivatives exchange. Apart from offering standard trading features, it allows traders to buy derivatives. This crypto derivative exchange platform is best for traders with some experience.
The only product of this platform is perpetual swap futures. It allows traders to trade crypto perpetual contracts with up to 100:1 leverage. It seems like Bybit is trying to compete with some established derivative platforms, including BitMEX and Deribit, which also offer similar non-expiry futures products.
Read our detailed Bybit review to learn more about its key features, pros and cons, and other relevant and crucial information. You will also get to know its legitimacy and whether you can really trust this exchange. Based on all this information, you will be able to determine whether Bybit is right for you or not.
Let’s get started!
Key Attributes of the Bybit Exchange
Let’s have a glimpse at the key attributes of this crypto derivatives exchange platform:
- User-friendly and intuitive trading platform.
- A wide range of trading tools supported by advanced technology.
- Up to 100x leverage on crypto.
- Multi-signature cold wallet that ensures the safety of clients’ fund
- 99.99% functionality, zero server downtime
- 10 million registered users worldwide
- Ranked top 4 for 24-hour volumes of crypto futures contracts with an average daily volume of more than US$10 billion.
- One of the major liquid exchanges in the market.
- 24/7 customer support.
- BTC, USDT, ETH, EOS, and XRP are some of the major listed cryptocurrencies
- No deposit fees on any spot pairs
- Available in over 160 countries and 16+ languages
- Buy cryptos with credit or debit cards and much more.
Bybit Products and Services
Bybit is one of the top 3 most visited crypto exchanges in the world, offering traders an ultra-fast matching engine with high-quality trading products. The products and services offered by Bybit include:
- Spot and Derivatives Trading Services: Bybit lets traders buy and sell popular cryptos and derivatives on the spot with lower fees. Users can enjoy zero fees on spot trading including both Spot Maker and Taker and Grid Bot trading as well.
- NFT Marketplace: Users can list and trade NFT on the Bybit NFT marketplace. The NFT covers digital art, GameFi, collectibles, the metaverse, and more.
- Bybit Earn: Users can easily elevate their crypto investments with Bybit. This platform lets you earn guaranteed yields from launchpool staking, defi mining, dual-asset investment, and flexible savings.
- Flexible Savings: Bybit Savings allows traders to stake under both flexible and fixed terms during the staking period. Just like when you open a savings account at a traditional bank, it helps you earn interest. Similarly, the staked asset also helps users earn an annualized percentage yield (APY). The only difference is that Bybit Savings uses cryptocurrency rather than fiat currency.
- Dual Asset: Dual Asset is a short-term speculative instrument that enables you to profit from minute price changes in the market. Users simply need to forecast the movement of a specific crypto asset, such as BTC, ETH, or BIT, within a predetermined period. Depending on how your deal turned out, your returns will either come in the form of USDT or the crypto asset of your choice at maturity.
- Launchpool and Launchpad: Bybit Launchpool enables users to stake and earn tokens without even paying a penny. The staked token can be unstaked at any time. The number of tokens staked in the pool determines the number of tokens users earn.
The token launch platform, Bybit Launchpad, provides early access to new and pre-listed tokens from promising projects right on Bybit. Each new project allows users to invest a specific amount of BIT and receive new tokens in return.
- Copy Trading: Bybit offers crypto copy trading, which uses automation to buy and sell cryptocurrencies. It allows you to copy the strategies of other traders, negating the need for extensive training or prior experience.
- Grid Trading Bot: Traders can buy “low” and sell “high” with the help of computer automation called the “Grid Trading Bot”. With Bybit Trading Bot, traders can set a sequence of “buy” and “sell” orders. This trading grid of orders will be executed depending on the preset target. When the price reaches your preset target, the Trading Bot automatically places a “buy” order, and it automatically executes a “sell” order on the next grid when the price rises.
The Pros and Cons of Bybit
Bybit is the world’s largest USDC options marketplace that is geared toward spot and derivatives trading. This feature-rich platform is centered around advanced charting and trading terminals. Beginners who are looking to buy crypto only may find this platform complicated. However, this exchange platform is the best for users who have extensive knowledge of crypto trading.
Before you start using Bybit, have a look at its pros and cons:
- High level of security and reliability: Bybit offers world-class security with multiple authentication layers and cold wallet storage. This exchange platform has allocated 25% of its budget for security. Bybit is also well known for executing trades and treating all traders fairly.
- Easy registration process: The registration and verification process is simple and takes only a few minutes. It does not require KYC to start training.
- 24/7 Customer Support: Bybit offers exceptional customer support services. It resolves issues and doubts of traders from 10+ local communities in 16 languages. Its dedicated live agents are always there to help users. You can contact customer support through live chat or by raising a support ticket.
- Leverage: Users can trade cryptocurrencies on Bybit at up to 100x with Bitcoin and up to 50x with other cryptos.
- Low Fees: Bybit has attractive trading fees. It does not charge any deposit fees, and withdrawal fees are comparatively low.
- Multiple products and order types: This derivative exchange platform allows users to buy or sell spots, or trade long or short with margin. Traders can place multiple types of orders, including limit, market, and conditional orders.
- Demo account available: Bybit is the best platform for experienced traders. However, users with less experience may familiarize themselves with this exchange platform by using the ‘Testnet’ demo account first.
- Referral program and welcome gift: Bybit pays $20 to the user who refers it to someone. The referees also receive the same amount when certain requirements are met. Also, new users can get up to 5030 USDT in rewards just by signing up.
- Bybit application: Bybit, in contrast to several other crypto exchanges, has a mobile app, making it simple to trade while users are away from the computer.
- Bybit does not offer Fiat payment methods. However, users can purchase any cryptocurrency via credit or debit card.
- Bybit is not available in some countries, including the US.
Features of Bybit
Bybit is a crypto derivative exchange platform designed especially for advanced crypto traders. Before we get into its features, we need to understand exactly what derivatives are. Also referred to as “contracts,” derivatives are financial instruments whose value is based on an underlying asset. You do not own the asset directly; instead, you possess a contract that entitles you to trade that asset at a given price in the future. In this case, cryptocurrency is that asset. Bybit is a crypto-derivative exchange, which means it’s a medium for buying and selling those contracts.
Bybit has several amazing features that set it apart from other exchange platforms. Let’s have a look at some of these amazing features and top perks of using this exchange platform:
- Up to 100x leverage on crypto: Bybit offers up to 100x leverage for cryptocurrency trading. It means that with an initial investment of $100, you may trade a position worth $10,000. Leveraged trading can produce higher returns for seasoned traders because it increases the possible trading gains. However, it also increases the risk.
The 15 different currencies are accessible for users to go long or short (bet on the price rising or falling, respectively). Bybit offers a variety of sophisticated trading options.
- Advanced technology and tools: Bybit claims that it can process 100,000 transactions per second, which is significantly faster when compared to its competitors. Almost all exchanges face server downtime when a market shift causes a large number of people to trade at the same time. However, Bybit makes every effort to prevent any server downtime and ensures 99.99% functionality.
Due to its extensive functionality and added features, traders like its charting tools the most. Various forms of data are also available for download.
- Demo testnet environment: Bybit offers a testnet site to new users where they can practice crypto trading and learn how to use the Bybit platform without risking their real money. It’s a good way to get used to these sophisticated—and occasionally challenging—tools if you’re new to derivatives.
Given how risky leveraged trading may be, it makes sense to build confidence in a test environment before putting your hard-earned money at risk. If you decide to engage in real crypto and derivative trading, start out slowly and make sure you know the strategies to minimize the risk.
- Educational resources: Bybit offers a wide range of information resources, news, and insights for beginner or experienced traders. For instance, “Bybit Learn” educates how to apply technical analysis tools and comprehend chart patterns. It offers in-depth analyses of each coin and educates users on decentralized finance (DeFi). Additionally, Bybit conducts classes on social media twice a week.
That’s a useful resource because futures and margins are great financial instruments that require thorough comprehension before use.
- The Bybit Matching Engine: The matching engine is one of those aspects that most traders overlook until something goes wrong. Fortunately, there is an extremely little chance that Bybit’s engine will ever break down. This trading platform can process up to 100,000 transactions per second, which is sufficient to handle even the busiest traffic. Additionally, Bybit asserts that the execution of trades takes less than 10 microseconds to avoid slippage.
Bybit claims that its advanced technology results in great uptime with 99.99% functionality. This derivative exchange guarantees to cover any costs incurred as a result of mistakes or inappropriate trade execution by the matching engine.
- Affiliate Program: Bybit offers an affiliate program that encourages traders to bring in more users from their social networks to that platform. So, when a user brings someone onto this exchange platform, they will receive up to 30% of the profit of the new user.
There is even a sub-affiliate program whereby the initial trader receives 10% of the trading fees from the friend’s referral when they sign up a friend, who then signs up another friend.
Bybit aims to make it simple to bring in new users by offering new users a $60 incentive if they comply with certain requirements. In this instance, a new user must fund their account with at least 6 ETH or 0.2 BTC to qualify for the bonus.
Bybit provides a wide variety of smaller bonuses too. So far, this platform has paid out over 200 BTC in bonuses and rewards. This data illustrates that this affiliate program is not just for show. This is a very crucial part of Bybit’s recruitment strategy.
- Trading Competitions: The contests that Bybit holds are another intriguing characteristic that sets it apart from other platforms. It frequently organizes trading competitions. Users who have a minimum account balance, say 0.05 BTC, are eligible to participate in these contests.
The contest is like a group competition with a designated leader. Upon winning the contest, the team leader gets 30% of the winning reward, and the remaining amount is divided equally among all members of the team. The reward pool for a contest could reach 100 bitcoins, depending on the number of participants and the contest’s terms and conditions.
Is Bybit Safe and Legit?
People always raise questions about Bybit’s legitimacy, including whether it is safe and legitimate. The answer is yes! Bybit is a very legit exchange platform. It uses multiple levels of security to protect the user’s assets. It offers a cold wallet storage method where deposited funds are totally safe. In order to prevent fraudulent withdrawals, it also carefully evaluates each withdrawal request in detail.
Bybit participates in a bug bounty program that invites ethical hackers to alert the company to any security flaws. Additionally, it conducts a background check on all its employees. For withdrawals and modifications to account security settings, Bybit has implemented two-factor authentication at the user level.
Furthermore, Bybit takes a number of security measures to safeguard the user’s account. For instance, their regulation limits the number of times a user may withdraw cryptocurrency to three per day. Subsequently, this prevents hackers from accessing accounts and immediately draining them.
Bybit is right for you if:
- You are a non-U.S. resident who wishes to trade using margin.
- You are an experienced trader who knows how to handle advanced trading tools.
- You have an interest in trading crypto derivatives and are risk-averse.
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