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Bybit Review

Last Updated: Aug 10, 2022  |  Published: Apr 13, 2022


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ByBit

Overview

Coins Offered

140+

Spot Trading Fee

0.10% Maker

0.10% Taker

Derivatives Trading Fee

0.01% Maker

0.06% Taker

Fiat Wallets

0 (Not Supported)

BTC Withdrawal Fee

0.0005 BTC

Notable Features

- Advanced trading

- Simple interface

- Low trading fees

- 100,000 transactions per second

Restricted Countries

- USA

- Singapore

- Quebec, Ontario (Canada)

- Cuba and more

Official Link

Our Review 

Bybit is an advanced trading platform with 140+ cryptocurrencies, spot trading, derivatives, other advanced features and a great user interface. They have low 0.10% trading fees and over 5 million users. Overall, it's a great platform for advanced trading.

Where It Shines:

  • Partial KYC Only: Users can sign up and withdraw up to 2 BTC per day without providing ID. All you need is an email to get started
  • Advanced Trading & Features: 4 contract types, advanced order types and more
  • Simple User-Interface: For an advanced platform, the UI is very clear and not as cluttered as other large crypto echanges
  • 99.9% Uptime: Bybit claims they can handle 100,000 transactions per second so your orders always get filled, even in a surging crypto market

Where It Falls Short:

  • Number of Altcoins: Bybit has 140+ coins while competitors offer more such as Binance (600+), Bitmart (750+), OKX (350+) etc
  • Not Beginner Friendly: Better platforms are available for beginners
  • No Fiat Wallets: You can't hold fiat currencies in your account but you can buy crypto with fiat or use the P2P Trading Desk

What Is Bybit?

Bybit is a professional cryptocurrency exchange founded in 2018. They have over 5 million users and offer an advanced trading experience.

On the platform, you will find 100+ trading pairs, 4 contract types and a clear user interface. Bybit says the platform has 99.9% uptime and they can handle up to 100,000 transactions per second, making sure your trades are always filled.

Some Stats:

  • Founded in 2018
  • Over 5 million registered users
  • Headquarters in Dubai

Deposit & Withdrawals

Bybit does not support fiat trading pairs or fiat wallets. You can only hold crypto balances in your account.

The best way to fund your account is probably to deposit crypto from a local exchange or use the P2P Trading Desk if your local currency is available. The third option is to use the Fiat Gateway to make fiat to crypto purchases however the fees are high since it's done through third-payment providers.

Fiat Currencies

Fiat Wallets

(Deposit/Withdrawals supported)

 0 (Not supported)

Credit/Debit Card

Yes (via third-parties Simplex, MoonPay, Banxa)

P2P Exchange

Yes

Crypto Withdrawal Fees

Type

Fee

Minimum Withdrawal

Bitcoin

0.0005 BTC

0.001 BTC

Ethereum

0.005 ETH

0.02 ETH

USDT

10 USDT

20 USDT

XLM

0.02 XLM

8 XLM

What Can You Do On Bybit?

1. iOS, Android and Web App

2. Express Buy

3. Spot Trading

4. Derivatives

Bybit offers 4 different contract types:

  • USDT Perpetual
  • Inverse Perpetual
  • Inverse Futures
  • USDC Perpetual

5. Copy Trading

6. P2P Trading

7. Bybit Earn

8. Rewards Hub

9. Launchpad

10. NFT Marketplace

11. Other Bybit Features

  • VIP Program
  • Referral & Affiliate Program
  • API Keys Management
  • Institutional Services
  • Bybit Learn

Security

Bybit does not share a lot of their security info online but here is what we were able to find:

Company Security Features

  • Stores crypto offline on cold storage
  • "All withdrawals undergo a strict confirmation procedure"
  • 99.9% availability. Bybit says the platform handles 100k transactions per second
  • Never had any hacks or incidents (founded in 2018)
  • Insurance Fund

User Security Features

  • 2FA (SMS, email or authenticator app)
  • Setup trusted devices
  • Anti-phishing codes for emails
  • View login history for suspicious activity (IP address, date, time, etc)

Can You Trust Them?

Yes, Bybit is considered a safe cryptocurrency exchange. They offer 2FA, hold crypto in cold storage, and have never had any hacks or incidents (founded in 2018). They also have over 5 million registered users who trust the platform.

⚠️ Although Bybit is considered safe, over 50% of platforms we tested have had hacks or incidents in the past. We strongly recommend storing and protecting your crypto on a non-custodial wallet where you own the private keys. Preferably, a reputable hardware wallet like the Ledger Nano X.

Fees & Spread

Trading Fee Discounts

Bybit Dynamic Trading Fees

Price Test & Spread

Price Test (Coming Soon)

Prices

Total BTC Purchase Fee

-

Total BTC Selling Fee

-

Spot Trading Fee

0.10% Maker

0.10% Taker

Derivatives Trading Fee

0.01% Maker

0.06% Taker

BTC Spread

-

BTC Buy Price

-

BTC Sell Price

-

Ref. Price Difference

-

Reference Price (Google)

-

More Information

We tested 20 cryptocurrency exchanges at the same time to compare the true fees. This data was collected on Mar 2, 2022 at 4:41pm and is subject to change since spreads and prices change daily.

  • *Total BTC Purchase Fee = Trading Fee + Buy Reference Price Difference
  • *Total BTC Selling Fee = Trading Fee + Sell Reference Price Difference

Keep in mind, there could be additional fees for depositing/withdrawing fiat. Check fees for your local fiat currency if it is supported on this exchange.

You can compare all platforms tested on this page

Customer Support

Bybit says they have 24/7 customer support which can be accessed via live chat. You can also submit a request via email or access their help center which offers a variety of articles and FAQs. 

Bybit Customer Support

Compared

Compare the world's most popular cryptocurrency exchanges:

Name

Coins

# of Features

Standard Trading Fee

Supported Countries

Fiat Wallets?

BTC Withdrawal Fee

Website

240+

15+

0.10%

190+

No

0.0005 BTC

Binance

Binance 🏆(#1 overall)

600+

30+

0.10%

100+

Yes

0.0005 BTC

150+

15+

0.20%

?

Yes

0.0004 BTC

750+

10+

0.25%

180+

No

0.0005 BTC

50+

5+

0.50%

?

Yes

0.0005 BTC

300+

5+

0.75%

100+

Yes

0.0003 BTC

140+

15+

0.10%

180+

No

0.0005 BTC

170+

10+

3.99%

100+

Yes

Dynamic

110+

5+

0.60%

100+

Yes

Dynamic

30+

10+

0.10%

150+

Yes

0.15%

250+

20+

0.40%

90+

Yes

0.0006 BTC

40+

10+

0%

50+

Yes

0.50%

190+

20+

0.07%

180+

Yes

Free/Dynamic

1000+

30+

0.195%

190+

No

0.001 BTC

60+

15+

1.49%+

60+

Yes

0.001 BTC

60+

10+

0%

100+

Yes

0.0005 BTC

500+

20+

0.20%

130+

Yes

0.0005 BTC

190+

10+

0.26%

190+

Yes

0.00002 BTC

500+

20+

0.10%

190+

No

0.0005 BTC

350+

25+

0.10%

100+

No

0.0002 BTC*

300+

10+

0.155%

100+

No

0.0005 BTC

130+

10+

0%

180+

Yes

0.0003 BTC + $2.99

Best Alternatives

Here are the best crypto exchanges around the world that are supported in many countries. We assessed 21 platforms across 40+ variables and 950+ data points.  

Binance
  • 600+ cryptocurrencies
  • Lowest spreads and fees in the industry
  • Most features in the industry
  • Not beginner friendly
Kucoin
  • Low spreads and fees if you fund your account with crypto
  • 700+ cryptocurrencies
  • Trade anonymously (all you need is an email right now)
  • Not beginner friendly
Crypto.com
  • Best crypto credit cards
  • Earn interest on 40+ coins
  • Lots of fiat currencies supported
  • High spreads
  • User interface
Coinbase
  • Best reputation, publicly traded company
  • Best for beginners
  • Beginner + Advanced trading
  • Very high fees overall
FTX
  • Low trading fees and low overall fees
  • Lots of advanced features
  • Hard for beginners
RankFinance

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