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ByBit Comprehensive Review 2022 – Features, Fees, Benefits & Cons

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ByBit is one of the emerging players in the crypto trading industry. The platform is comparatively new and is backed by the expertise of investment bankers and prominent players in the Forex industry. 

Headquartered in Singapore and registered in the British Virgin Islands, the platform is home to over 1.6 million users globally. It envisions the future of crypto trading by providing its users with professional features and functionalities backed by a secure, fast, and competitive trading system. However, while that platform has a commendable market presence with millions of users, it falls short of its limited trading pairs. 

If you’ve been thinking of starting your crypto journey with ByBit, you might want to continue reading this review!

At the end of this comprehensive ByBit review, you’ll have a complete idea of the platform’s pros, cons, features, and functionalities. This way, you’ll be better able to judge whether ByBit suits your requirements. Let’s get started!  

Pros And Cons of ByBit

Pros
  • Extensive Leverage
  • Mobile Application
  • Numerous Order Types
  • Affordable Trading Fees
  • Seamless trading without any KYC complications
  • Insure Fund Guarantee to make up for deficits among traders
  • Attractive bonuses
Cons
  • Not Available For US Citizens
  • Limited Trading Pairs

ByBit At A Glance

ByBit At A Glance

Official Website  https://www.bybit.com/en-US/
Headquarters  Singapore
Founded in  2017
Number of listed cryptocurrencies  120+
Supported fiat currencies  ETH, BTC, USDT, XRP, EOS, and many more
Allowed in the US No
Trading fees Max Maker - 0.1.%Min Maker - 0.1%Max Taker - 0.1%Min Taker - 0.1%
Withdrawal fees Variable

ByBit: Company Overview

ByBit is one of the best-known crypto derivatives trading platforms, with its headquarters based in Singapore. The primary mechanism behind ByBit is to allow users to trade with contracts that enable them to trade crypto assets at a given price in the future. Additionally, ByBit has offices in different locations, including Hong Kong and Taiwan. 

ByBit is best known for its machine handling 100000 TPS with a low latency of just 1ms. This ensures that traders never encounter any overloading issues that might hamper the efficiency or efficacy of their trading. Recently ByBit also started offering spot trading services that seem quite a hit among users. 

Furthermore, over 100000 from different countries are benefiting from the advanced capabilities of ByBit. But the most important thing here is the platform offers unmatched customer support with multi-lingual support. This means you can get customer support in traditional Chinese, Japanese, English, Chinese, and Korean.   

Currently, ByBit provides its users with two contracts: the USDT perpetual contract and the perpetual inverse contract. The USDT perpetual contract is a linear contract that uses USDT as the margin. In the case of the perpetual inverse contract, users can trade ETH/EOS/BTC/ XRP contracts. Besides, it would help if you used the underlying crypto as the margin to trade respective contracts. 

[maxbutton id=”3″ url=”https://www.bybit.com/en-US/” text=”Start trading with ByBit” ]

Cryptocurrencies Supported By ByBit

ByBit provides its traders with an extensive range of cryptos to choose from. This allows traders to make the most of every investment opportunity that comes their way. Additionally, you can find numerous popular cryptos with significant market capital on ByBit. 

Here’s an overview of the different crypto projects to give you a better idea: 

1inch Token (1INCH)  1Sol Token (1SOL) Boba Network Coin (BOBA)  Dogecoin (DOGE)
0x Protocol (ZRX) Biconomy Token (BICO) Cosmos Coin (ATOM) EOS Token (EOS) 
Aave (AAVE) Bitcoin Gold (BTG) Dai (DAI) GMX Token (GMX)
Acala Token (ACA) BigONE Token (ONE) Compound Coin (COMP) Hedra Hashgraph Coin (HBAR)
Algorand (ALGO) ChainLink Coin (LINK)  Curve DAO Token (CRV)  Internet Computer Coin (ICP)

Those mentioned above are just a few of the many cryptocurrencies you can find in ByBit. Besides these, there are over 100 more cryptos that you can use to trade derivatives and amplify your returns like never before. In addition, the platform also lists projects with budding potential on their exchange.

Key Features of ByBit 

There are many factors currently fueling the growing popularity of ByBit. First, however, one must acknowledge this platform’s distinct offerings that allow traders to reap the benefits of an unmatched crypto derivatives trading experience. 

These features set ByBit apart from most other crypto trading platforms currently available in the market. So continue reading as we explore the unique features of ByBit individually.  

No KYC 

Getting started with a crypto trading platform can often be a hassle. So many formalities make it challenging to get started, further fueling people’s reluctance towards cryptos. Keeping that in mind, ByBit has successfully eliminated one time-consuming and complex aspect of the registration process. 

ByBit does not require users to fill up a KYC form to get started on the platform. This means unless you live in the US or other sanctioned countries, you can sign up with ByBit in no time. However, people living in the US can leverage VPN services to trade crypto derivatives on ByBit. In addition, users can withdraw two BTC daily without KYC. 

Exceptional Leverage

Not everyone gets into the crypto market with extensive capital. As a result, it becomes very challenging for many beginners to get started with crypto trading. However, this should not be an issue with ByBit, as the platform offers 100x leverage. As you know, leverage is the amount of money you can borrow from ByBit to trade derivatives. 

Let’s understand this with an example. For instance, suppose you opened a position of 100 USD and used the leverage of 50X. This means that you can have an overall contract value of 5000 USD. In this case, 100 USD is the initial margin to help you start trading in crypto derivatives without complications. 

ByBit Mobile App

Gone are the days when people sat on their desks for an entire day to trade cryptos and crypto derivatives. Instead, these days people are more inclined to use mobile solutions to access crypto trading platforms and trade while on the move. This is why ByBit provides its traders with an exceptional mobile application.

The ByBit mobile app has a user-friendly interface that eliminates all the hassle of trading. Besides that, the mobile app is available for Android and iOS devices, so you needn’t worry about your phone supporting the platform. The mobile application is designed to give you seamless access to all features that can help you make the most of every opportunity that comes your way. 

Sub-Accounts

Wouldn’t it be great if you could leverage different ways to trade your cryptos on any given exchange? Of course, it would. This is what ByBit does, allowing users to trade their cryptocurrencies differently. For instance, one can leverage the grid bot trading or manual trading while using different services the platform offers. But how do you know if the strategy works best for you? You test different strategies

ByBit is one of those very few platforms that provide users with an option to test different strategies using the sub-accounts features. This feature will calculate the profit and loss individually, allowing traders to deploy the strategy that works the best for them. But unfortunately, this feature is not available in the mobile app version of ByBit, but you will need to use the desktop version to reap the benefits of this feature. 

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Additional Features of ByBit

Extensive offerings from ByBit do not just end with three or four features and functionalities. The platform has a lot more in store for its crypto traders that help one enhance their overall trading experience with minimal effort. Additionally, these features are designed to serve users’ unique requirements best. So continue reading to learn about some of the additional features of ByBit.       

  1. Perpetual Futures: ByBit provides traders with a unique derivative called a perpetual futures contract. Unlike most future or spot trader contracts, perpetual futures contracts do not expire. As a result, traders can maximize their returns and make the most of every opportunity. Thus, traders from different countries and regions can use the ByBit platform to benefit from the mechanism of perpetual futures. 
  2. Dual Price Mechanism: Crypto traders are no stranger to price manipulations that can cost them very dearly. Fortunately, ByBit has found the ideal fix for this issue with its unique dual price mechanism. This mechanism helps prevent price and trade manipulation and ensures better safety for traders. 
  3. Contract Loss Mechanism: The other amazing offering from ByBit is the contract loss mechanism. It is no secret that both short and long-term leveraged positions can be highly volatile. This increases the chances of liquidation. In case the prices dip lower than the price of bankruptcy. Fortunately, ByBit offers Insurance Fund to help liquidated traders cover their deficits due to the losses. 
  4. Usability: Another great thing about trading crypto derivatives is the platform’s unmatched usability. Both the desktop version and mobile application of ByBit offer unmatched usability without any hassle. As a result, you can easily trade your crypto derivatives while enjoying seamless navigation through the platform. 
  5. Educational Resources: Getting started with crypto trading can be an overwhelming experience for anyone. However, that will not be the case if you start your crypto journey with ByBit. The platform offers a wide range of educational resources that will easily cover almost everything you need to know about trading crypto derivatives. 

Fee Structure

Like most other crypto exchanges, ByBit charges three types of fees: trading, withdrawal, and deposit. So let’s look at them individually and get a better understanding. 

Trading Fees

ByBit charges its trading fees on a maker and taker basis. This means your fees will be determined based on the fact that you are adding or taking liquidity from the crypto market. Thus, here are a couple of leverage and fees for inverse contracts. Remember, these fees will be determined based on the crypto you use as a base. 

Inverse or Perpetual Contracts  Highest Leverage  Taker’s Rebate Maker’s Rebate 
ETH/USD  50x 0.075% -0.025%
EOS/USD 50x 0.075% -0.025%
BTC/USD 100x 0.075% -0.025%
XRP/USD 50x 0.075% -0.025%

Withdrawal Fees 

ByBit also charges a withdrawal fee based on the currency you are withdrawing. So refer to the table below to get a better understanding. 

Cryptocurrency Minimum Withdrawal  Withdrawal Fee
ETH  0.02 ETH 0.1 ETH
XRP  20 XRP 0.25 XRP
BTC 0.001 BTC 0.0005 BTC
EOS 0.2 EOS 0.1 EOS
USDT (TRC-20) 10 USDT 1 USDT
USDT (ERC-20) 20 USDT 10 USDT

Deposit Fees

ByBit does not charge any deposit fees from its traders, and neither does the platform have any limits on the deposits. Therefore, if you are already holding cryptocurrencies supported by the platform, you can easily make a wallet-to-wallet transfer without any hassle whatsoever. All you need to do is go to the Asset section of the ByBit homepage, select the crypto you wish to deposit, and make the deposit with no hassle whatsoever.

[maxbutton id=”3″ url=”https://www.bybit.com/en-US/” text=”Start trading with ByBit” ]

How Secure is ByBit?

When it comes to the security and safety of crypto traders, there is barely any match for what ByBit has to offer. The platform takes several measures to ensure your safety and security. This is a significant consideration you need to be mindful of with the increasing cyberattacks around the globe. Nonetheless, let’s check out some of the security measures that ByBit takes to ensure your and your asset’s safety. 

  1. Cold Storage: ByBit is one of those few crypto trading platforms that stores cent percent of its crypto assets in cold storage. This ensures that your assets remain protected from hackers and fraudsters. Therefore, crypto traders on the ByBit platform need not worry about their cryptos being stolen by hackers.
  2. Multi-Signature Withdrawals: The other security measure you get with ByBit is the multi-signature withdrawal. This means every withdrawal request on the ByBit platform must undergo a manual review thrice a day. Of course, this slows down the overall withdrawal process, but at least it keeps your crypto assets safe and away from the reach of hackers. 
  3. Two Factors Authentication: ByBit is a full-time supporter of the two-factors authentication mechanism. This means two-factor authentication is necessary every time you need to withdraw funds, reset your password or change your security setting. This authentication is carried out with the help of email or SMS and Google Authentication. 
  4. Zero-Trust Architecture: One of the most specific security measures you can enjoy with ByBit is the zero-trust architecture of the platform. The company has deployed many software solutions to monitor its internal systems without any hassle whatsoever. As a result, it becomes almost impossible to penetrate through the platform’s security architecture.

How To Open An Account On ByBit?

ByBit provides users with a hassle-free sign-up process that barely takes a couple of minutes. Just a couple of steps, and you are all set to trade crypto derivatives on the platform. However, this process can vary based on the platform you are using. 

So let’s check them out both to have a better understanding. 

Signing Up Through The Website

The sign-up process for ByBit’s website application is effortless. Here are the steps that you can follow to open a crypto trading account with them: 

Step 1: Open the official website of ByBit

Step 2: Go to the Sign-Up page.

Step 3: Fill in your credentials and other necessary details. 

Step 4: Read all the terms and conditions 

Once done, click on the “Sign Up” tab, and you are done in no time!

Signing Up Through The Mobile App

Step 1: Download the ByBit mobile application on your device

Step 2: Select the “Assets” located at the bottom of the right corner

Step 3; Click on the “Login Tab”

Step 4: Click on the “Register” tab

Step 5: Register either through your mobile number or email

Step 6: Click on the “Sign Up” tab.

Step 7: Verify the code sent to your email or mobile number.

Upon completing the above steps, you can start your crypto journey on ByBit in no time.

Customer Satisfaction With ByBit

Customer satisfaction has been one of the top priorities for ByBit since its inception. Thus, the platform takes numerous measures to ensure unmatched customer satisfaction without compromising its integrity. As a result, the user interface in ByBit platforms has garnered extensive appreciation from all types of crypto traders across the globe. 

Besides that, ByBit provides significant leverage of 100x, and barely any other crypto exchange can match this. ByBit also provides its users with a wide range of trading alternatives allowing one to make the most of every opportunity. The trading fees that ByBit charges from its traders are among the most competitive in the market.  

But above all, ByBit gives you seamless access to a wide range of educational resources and practical customer support. This makes it easier for beginners to get started with their crypto trading journey with a better understanding of the crypto market. Combine all these offerings, and it becomes clear that ByBit does not leave any stone unturned when it comes to ensuring unmatched customer satisfaction.

[maxbutton id=”3″ url=”https://www.bybit.com/en-US/” text=”Start trading with ByBit” ]

ByBit Vs. Competition

There is no denying that ByBit has some of the most amazing offerings compared to most other crypto trading platforms available in the market. However, the other fact is that it is not the only crypto trading platform available in the market. Many platforms in the market strive to enhance their offerings and stand out in the competition. 

As a crypto trader, it is always better when you are aware of the offerings of all these platforms. This helps one make a better and informed decision with minimal hassle. So let’s see how ByBit compares to one of its leading competitors Binance.

ByBit Vs. Binance

Both ByBit and Binance are leading crypto trading platforms regarding their trading volumes and security. In addition, the platform also offers a host of features and functionalities for professional and beginner traders. 

In the section below, we have listed a detailed overview of the same:

Criteria ByBit Binance 
Number of Cryptos Supported  120+ 150+
Support For NFT, Futures, Derivatives  Yes  Yes
Trading Fees  Max Maker - 0.1.%Min Maker - 0.1%Max Taker - 0.1%Min Taker - 0.1% Max Maker - 0.1.%Min Maker - 0.12%Max Taker - 0.1%Min Taker - 0.24%
Withdrawal Fee Variable  1.5 USD 
Deposit Fee Not needed Not needed
KYC  Not needed  Needed
Two-Factors Authentication   Yes  Yes
Headquarters Singapore Malta
Launch Year 2018 2017

Looking at this insightful review, it’s evident that ByBit takes the lead over Binance in more than one spot. The platform has a competitive fee structure, stringent security measures, and low deposit fees. Besides, Binance retains its spot with more crypto tokens, making it a reliable option for users who like exploring different crypto projects. Read the full Binance review.

Final Verdict

ByBit is currently one of the best platforms for trading crypto derivatives. Many reasons enable the platform to garner such an outstanding reputation among crypto traders from all over the globe. 

However, that does not mean the platform is free from every shortcoming. Just as there are advantages of trading crypto derivatives on ByBit, there are also some shortcomings you ought to know about. So continue reading better to understand the strong points and shortcomings of ByBit and make an informed decision. 

Should You Consider Using Binance?

  1. Extensive Leverage: Of course, you can find many crypto trading platforms that offer leverage to their traders. But you can barely find a platform that offers high leverage as ByBit does. ByBit offers its traders the highest leverage of 100x, which is not something you can find with any other platform. 
  2. Mobile Application: ByBit has a fantastic web platform where you can seamlessly trade crypto derivatives. Besides that, ByBit also provides its users with a user-friendly mobile application that makes it easier to trade cryptos on the go.
  3. Numerous Order Types: One of the best things about trading your crypto derivatives on ByBit is you get access to a wide range of order types. This includes market, limit, conditional, and even partial orders. Thus, you will never fall short of order types when trading crypto derivatives with ByBit. 
  4. Affordable Trading Fees: The trading fees that ByBit charges from its traders are among the lowest and most competitive in the market. As a result, traders on ByBit never need to worry about high trading fees eating into their profits. 

Shortcomings Of Binance

  1. Not Available For US Citizens: While there are many advantages of using ByBit, it is still worth noting the platform is not accessible to US residents. However, people from the US can still VPN services to access different offerings of the ByBit crypto trading platform. 
  2. Limited Trading Pairs: Another shortcoming of ByBit that bugs many traders is the limited number of trading pairs. This takes away many investment opportunities from traders making it rather challenging to generate better returns through their trades. 

FAQs

ByBit is one of the leading platforms that allow traders from all across the globe to trade in crypto derivatives. The platform has a lot to offer, including many security features that ensure safe and secure trading. You can even check out the customer reviews of ByBit for a better understanding of the platform's legitimacy.
When it comes to the safety and security of its traders and their assets, ByBit takes many measures to ensure unmatched security. As a result, the platform stored 100% of its digital assets in cold or offline storage. This keeps your assets out of the reach of hackers and fraudsters.
Surprisingly, ByBit is not regulated by any specific authority. But this is also one of the reasons that the platform caters to an international base of traders. The company is registered in the British Virgin Islands, with its headquarters in Singapore. Thus, most traders on the platform hail from the Asian region of the world.
When it comes to the safety and security of its traders and their assets, ByBit takes many measures to ensure unmatched security. As a result, the platform stored 100% of its digital assets in cold or offline storage. This keeps your assets out of the reach of hackers and fraudsters.
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