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Bybit crypto exchange review and features

Bybit crypto exchange review and features

  • 27 February 2022
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Bybit crypto exchange is a crypto exchange based in the British Virgin Islands. On the date this review was last updated (January 13, 2021), Bybit said on their website that they had more than 1.2 million users, which is very impressive.

The platform is a crypto derivatives exchange where you can trade up to 100x leverage on a specified number of assets (see above which cryptos you can trade here). But that’s not all cryptocurrencies you can trade. It is even possible to trade quarterly futures contracts on this platform. These contracts expire based on their calendar cycle and converge at the spot price. A key advantage is that users no longer have to pay financing fees.

The main features of the Bybit crypto exchange

As a P2P crypto-to-crypto derivatives trading platform, the Bybit crypto exchange allows traders from different countries to participate in trading with up to 100x leverage.

Traders from a variety of countries (excluding the US) are served, and Bybit includes several key features to provide its users with an efficient and responsive cryptocurrency trading experience.

These include a customer service that includes a live chat feature and a gray release feature that ensures platform maintenance is done “on the go” resulting in minimal downtime and 24/7 access to the live -Trade offers.

The P2P service also utilizes a pricing mechanism aimed at ensuring a fair and transparent trading environment, and Bybit also integrates with TradingView, offers comprehensive API tools, and can be accessed via fully-functional IOS and Android mobile apps.

Other important functions are:

  • 1 Click Coin Swaps – Users can easily switch between supported cryptocurrencies within their accounts
  • 100,000 TPS per contract – That’s 10x the industry average and doesn’t lead to overcharging
  • Up to 100x Leverage – Bybit’s generous leverage system makes it possible to increase its profit potential
  • Cold wallet storage/manual withdrawals – Bybit uses cold storage and performs three daily manual withdrawals for added security
  • Unlimited Withdrawals – Traders can make virtually unlimited trades and withdrawals

No KYC accounts can be opened and maintained with just an email address and username.

Currently specializing in leveraged trading and perpetual contracts, ByBit allows traders to take both long and short positions in a select number of cryptocurrencies.

Contracts do not have a set expiration date on which they will be automatically settled, and most importantly, it is important to remember that as a derivatives trading platform, there are no physical transfers of Bitcoin between buyers and sellers on the ByBit crypto exchange.

Contracts are settled in each underlying asset, with prices/volumes quoted in a range of leading fiat currencies.

Bybit crypto exchange account types and limits

Bybit crypto exchange users all get access to the same set of features after account opening and can trade perpetual crypto derivative contracts in Bitcoin, Ethereum, EOS, and Ripple concerning USD.

All users trade by making an agreement with the seller about the future price of a certain asset in a P2P way.

Bybit supports the following leveraged trading pairs:

  • BTC/USD: 1:100
  • ETH/USD: 1:50
  • EOS/USD: 1:50
  • XRP/USD: 1:50

As a pure crypto-to-crypto exchange, the Bybit crypto exchange is one of the easier platforms to get started with, and you can create an account with just an email address.

There is an option to register using a mobile number, and for this, you need to enter your country and phone number, as well as your password.

Bybit crypto exchange Supported Currencies

Bybit crypto exchange now accepts a limited number of digital currencies, including BTC, ETH, EOS, XRP, and USDT. Any currency can be both deposited and withdrawn, but Bybit currently does not support fiat currencies.

However, funds can be displayed in the currencies below:

  • British pound
  • EUR
  • USD
  • EUR
  • CAD
  • CNY
  • CHF
  • HKD
  • JPY
  • KRW

Bybit crypto exchange Leverage

If you have a slightly higher risk tolerance, you will be happy to know that the Bybit platform supports leveraged trading. The level of leverage offered depends on the derivative contract you wish to trade.

For example, if you are trading BTC/USD or ETH/USD, you are allowed to trade up to 100x. On the other hand, EOS/USD and XRP/USD are capped at 25x, although this is still considerable leverage to trade with. Therefore, make sure you understand exactly how leverage works before using it, as the reality is – you could lose your entire balance.

In addition, Bybit has also installed risk cap levels for each of its four derivative contracts. However, this should not affect you unless you are an institutional investor as you can trade up to 100 BTC or 300 ETH at 100x levels before your limits are reduced.

In terms of funding costs, this is calculated on two main fronts. This includes in particular the interest rate and corresponding premium/discount factors. Funding happens every eight hours.

Bybit crypto exchange Supported Countries

Bybit crypto exchange now accepts users from the following countries:

  • United Kingdom
  • Germany
  • France
  • Australia
  • Canada
  • Italy
  • Spain
  • Brazil
  • China
  • Japan
  • India
  • Portugal
  • Norway
  • Sweden
  • Netherlands
  • Austria
  • Switzerland
  • Peru
  • Argentina
  • Ukraine
  • Ireland
  • Romania
  • Poland
  • Belgium

Currently, the platform is not available to residents of the following locations:

  • United States of America
  • Quebec
  • Singapore
  • Cuba
  • Crimea
  • Sevastopol
  • Iran
  • Syria
  • North Korea
  • Sudan

Bybit crypto exchange trading view

Different exchanges have some trading views. You should determine for yourself which trading view is better for you. The common denominator is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency, and the order history. They also usually have to buy and sell boxes. Before you decide on an exchange, try looking at the trade view so you can make sure it feels right to you. The following is an image of the trading view at Bybit crypto exchange:

Bybit crypto exchange trading view

Bybit Mobile support

This platform is available not only for desktop but also for Android and Apple mobile phones. Most traders in the crypto world today execute their trades on desktop (around 70% or so). Of course, there are people out there who want to do it from their smartphone too. If you are one of those people then this platform can still be something for you as it has a native mobile application (unlike BitMEX for example).

Bybit Mobile support

Bybit crypto exchange Fees

Bybit trading fees

Every trade takes place between two parties: the maker, whose order exists in the order book before the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. We call makers “makers” because their orders create liquidity in a financial market. Takers are the ones who “take” that liquidity by matching the maker’s orders to their own.

Bybit crypto exchange offers two types of trading: contract trading and spot trading. The focus is undoubtedly on the functionality of contract trading. Spot trading was introduced on July 15, 2021.

At Bybit, takers are charged 0.075% per order when trading contracts. When it comes to the manufacturers, their fee is -0.025%. This essentially means that each manufacturer gets paid to trade. To clarify, let’s assume that you are the maker of an order where you buy a cryptocurrency for $1,000. That means you only have to pay $997.50 instead of $1,000. This is a very competitive property indeed.

According to the most comprehensive industry report ever on average contract trading fees, the global average taker and maker fee for contract trading was 0.063% for takers and 0.018% for makers. Accordingly, Bybit is slightly above average when it comes to taker fees, but well below average when it comes to maker fees. All in all, the fees here are attractive.

Spot trading fees are fixed at 0.10% for takers and 0.00% (free!) for makers. This is well below the global industry average (0.215% and 0.162% according to the same report).

Bybit crypto exchange Withdrawal Fees

When you withdraw BTC from the Bybit trading platform, you have to pay 0.0005 BTC per BTC withdrawal. This is slightly lower than the current global industry average of 0.00059 BTC per BTC withdrawal.

Bybit crypto exchange Deposit Methods

Bybit crypto exchange does not accept fiat currency deposits. This means that new investors (i.e. investors with no previous crypto holdings) cannot trade here. To buy your first cryptos, you need what is known as a starter exchange, which is an exchange that accepts fiat currency deposits.

How suitable is Bybit crypto exchange for beginners?

Right at the start, it is important to note that Bybit is not suitable for beginners. The practice of leveraged trading can result in higher losses than initially anticipated, and the volatility of the futures markets makes it a part of the crypto sector that is best left to experienced traders.

However, Bybit offers several resources that allow experienced traders to further brush up on their skills and improve their trading knowledge. These include the Bybit testnet and demo trading feature, as well as a support center that includes an extensive FAQ section that addresses common user questions.

Most importantly, the Bybit crypto exchange also offers live chat capabilities and dedicated emails for customer/IT support. The team also makes sure to maintain a wide range of social media channels, including a Telegram group and a Facebook page, helping to keep them easily accessible.

Other handy features include comprehensive trading charts via integration with TradingView, the mobile app available for both IOS and Android devices, and the API tools that allow you to connect trading bots or other apps that collect data by Bybit need.

Additionally, the lack of crypto trading limits, high liquidity, and inclusion of a wide range of order types lend themselves to more experienced practitioners, and the platform has been designed to meet the needs of high-frequency traders.

More active traders might also be interested in the Bybit referral program, where anyone who refers a friend to the platform and subsequently deposits at least 0.02 BTC is awarded a $10 bonus payment.

How secure is Bybit?

The exchange has managed to remain resilient to potential hacks, but that’s to be expected given its relative youth. The team behind the Bybit crypto exchange uses a range of security protocols that include full SSL encryption on the website to protect all your personal information.

User accounts are also protected by two-factor authentication (2FA), which can take the form of email, SMS, or external app verification.

Bybit also claims that 100% of customer funds are stored using a deterministic cold wallet system and only small amounts of funds are held in hot wallets to allow for instant withdrawals.

The use of a multi-signature cold wallet system increases the security of the platform, and the team also manually processes withdrawals three times a day to limit the possibility of hackers gaining access to funds.

The team also developed their gray release update system, where platform maintenance performed ‘on the go’, resulting in minimal downtime, and gives traders continuous access to live to trade, limiting the possibility of ‘lost’ trades. To ensure smooth and efficient trading, the Bybit crypto exchange derives its index prices by taking data from three exchanges namely Coinbase Pro, Bitstamp, and Kraken (33.3% each), and also uses an insurance fund to protect users’ funds, even if several unfavorable situations should arise.

Conclusion

Founded in March 2018, the Bybit crypto exchange is still a relatively new operator when it comes to cryptocurrency derivatives trading, but has emerged as a serious alternative to more established platforms like BitMEX.

While it suits a wide range of traders and offers valuable resources like the testnet that allows for extensive demo trading, Bybit shines in terms of catering to more experienced traders with high volume/frequency.

The lack of KYC requirements, as well as no real trading or deposit/withdrawal limits implemented on the platform, suits anyone who wants to trade large amounts anonymously, and the consistently high levels of liquidity also suit those who are looking for sudden want to take advantage of market fluctuations fast deposits to the platform.

While the Bybit crypto exchange is still developing as a platform, it has a solid suite of technical, security, and trading features that will allow it to establish itself amid growing competition as more crypto exchanges shift their hats to the futures trading throw ring.

All in all, Bybit suits anyone involved in crypto margin trading and offers a viable alternative to the services already offered by exchanges like BitMEX, PrimeXBT, Huobi, and Deribit.

Once again, since margin trading is not suitable for less experienced traders or people who are at the beginning of their trading journey, it is probably a good idea to create a testnet account and spend a significant amount of time doing demo trades with testnet -Transfer funds to do this Determine if margin trading and/or Bybit is the solution you are looking for.


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One response to “Bybit crypto exchange review and features”

  1. Yanga Jili says:

    Great article and useful too

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