Bybit Review – Is It Safe To Trade On Bybit?

★★★★★
★★★★★

Rating: 94%

Claim up to $90 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 94%

Claim up to $90 in Bonus

100x Leverage

Fees:
Taker:
0.075%
Maker:
-0.025%
Deposit Methods:
Wire:
Credit:
Crypto:
Is It safe?

Exchange Pros

  1. Excellent customer service.
  2. High liquidity.
  3. Easy to use.
  4. Great mobile app
  5. No KYC.
  6. Big sign up bonus.
  7. Low Fees.

Exchange Cons

  1. Does not accept US traders.
  2. Only accepts BTC, ETH, EOS & XRP.

It is important that you choose an exchange that you can trust. This is why we bring you this complete Bybit review, so you can decide if this is the exchange for you.

Bybit is a Bitcoin/crypto derivatives exchange with up to 100x leverage available for traders. The company is based in Singapore and is registered in the British Virgin island as Bybit Fintech Limited. This is an unbiased review of Bybit.

Why Choose Bybit?

One of the most popular exchanges, BitMEX, has a history of server overloads. This means that in highly volatile moments, sometimes you can’t submit your orders into the order book of BitMEX. People are leaving BitMEX because of this critical flaw.

In recent times, new exchanges have emerged as alternatives, doing a much better job. Out of all of the new exchanges, Bybit might be the best one. The reasons will be made clear in this complete Bybit review.

Trading engine capacity of these top 3 exchanges:
1. Bybit: 100,000 transactions per second.
2. Deribit: 10,000 transactions per second.
3. Bitmex: 500 transactions per second.

Bybit has the capacity to handle 100,000 TPS (transactions per second), which is far better than the competitors. Bybit has so far never experienced a system overload, which is very promising. This is one of the main reasons why traders are currently choosing Bybit over BitMEX and other exchanges.

Claim up to $90 in Bonus

100x Leverage

Bybit Interface & User Experience

The first impression when looking at the Bybit interface is that it looks much more user-friendly than most other exchanges in crypto.

If a comparison was to be made, it seems like Bybit has been inspired by the interface of Binance. This is a good thing because a big part of the success of Binance arguably comes from their user-friendliness.

The image below is of the Bybit interface on dark mode, you can switch between dark and normal mode easily if you want to.

bybit interface bitcoin trading leverage crypto bybit review
The Bybit interface in dark mode.

Costumer Support – 24/7

One of the biggest selling points of Bybit is their 24/7 support. Actually, maybe the best thing about Bybit is their amazing support. They respond very quickly and they seem to always do everything they can to help you as the customer. Users on social media and YouTube-influencers all seem to agree that the customer support of Bybit is maybe the best among its competitors.

If we compare with the customer support of BitMEX, it’s easy to see that Bybit is the winner. BitMEX does not seem to care about its costumers. BitMEX will give you slow responses and they are not always giving the customer a satisfactory solution to a given problem.

For quick communication with the Bybit team, just click the chat box in the bottom right corner of the interface.

Claim up to $90 in Bonus

100x Leverage

Bybit customer support chat 24/7
A 24/7 chat box for customer support

Contracts Available On Bybit

The most successful contract BY FAR in crypto for the past years has been the Bitcoin perpetual futures contract on BitMEX. Why? Well, with the perpetual swap model you can trade Bitcoin with up to 100x leverage without having a settlement date where the position is closed.

Up to 100x leverage available

The perpetual swap model is genius, and Bybit has actually copied the exact same model as BitMEX. This means that you can long and short Bitcoin with up to 100x leverage on Bybit, and you can keep your position open until YOU decide to close it. If you want to learn more about how to trade Bitcoin on Bybit, you can read our Bybit tutorial.

Very easy to use, long or short Bitcoin on Bybit

Your Position Shown In BTC & USD

Something that Bybit has that the others don’t is the very basic detail of always showing the value of your position in USD. Traders who trade on BitMEX or other exchanges know that it’s inconvenient to have to calculate the conversion yourself. As you can see in the image down below, the Bybit interface will show your position profits both in terms of BTC and in terms of USD.

Your position is shown as BTC and the as the USD equivalent

Funding Methods

Bybit is a crypto-to-crypto exchange, which means that you can only deposit cryptocurrencies, not USD or EUR to the exchange. On Bybit you can deposit Bitcoin, Ethereum, XRP & EOS.

Does Bybit Require KYC? (Know Your Customer)

No, there is no KYC required to start trading on Bybit. This means that you can sign up to Bybit and start trading immediately. Registering an account takes 30 seconds and the only thing you need to provide is an email and create a password.

Claim up to $90 in Bonus

100x Leverage

Who Owns Bybit?

Bybit was founded in 2018 by the owner and CEO of Bybit, Ben Zhou. Ben has experience from the forex market as he ran a forex exchange successfully for 8 years. Other members of the Bybit team have experience from places like Morgan Stanley, Tencent and other very reputable companies.

Bybit has a very impressive list of co-founders and other team members. This is probably one of the main reasons behind the explosive success of the exchange.

Ben Zhou, owner & CEO of Bybit

Where Is Bybit Based?

Bybit has its headquarters based in Singapore, and they also have operational offices in Hong-Kong. The exchange operates under the name Bybit Fintech Limited registered in the British Virgin Islands.

Bybit Vs. BitMEX – System Overloads

Anyone who has traded on BitMEX or any other big Bitcoin exchange knows that sometimes there are system overloads. These overloads occur when the market moves very quickly and too many people are trying to submit their orders at the same time.

Now, if the exchange does not have the ability to handle that volume then there might be an overload. During an overload, it’s impossible to submit an order. In other words, during these moments you can’t trade at all.

The fantastic thing about Bybit is that they have been active since 2018 and they have still not had a single system overload. Even during times where the Bitcoin price jumped over 20% in a day, Bybit has always been functional while the competitors were down. This is a really big advantage when trading on Bybit.

Trading engine capacity of these top 3 exchanges:
1. Bybit: 100,000 transactions per second.
2. Deribit: 10,000 transactions per second.
3. Bitmex: 500 transactions per second.

Are Your Funds Safe On Bybit?

Bybit has never been hacked, just like BitMEX, Kraken, Coinbase and a few other players in the space. That said, there is no such thing as a risk-free exchange. When you deposit Bitcoin to Bybit you need to understand that you are trusting the exchange with your funds.

All customer funds on Bybit are safely stored in cold storage. On Bybits website they claim that if they were to be hacked, then Bybit will give full compensation to the customer for the loss.

bybit is safe bitcoin funds

Bybit Withdrawal Time

Something that differentiates Bybit from other leverage exchanges is that you can withdraw 3 times per day, at specific times. While on BitMEX and the other competitors, you can actually only withdraw once per day at a specific given time.

The 3 times per day for withdrawals happen at 0800, 1600, 2400 UTC. Your withdrawal will be pending until it is confirmed by Bybit. In other words, your withdrawal time could be several hours if the next withdrawal time is several hours in the future. However, the maximum time is 8 hours, as the withdrawal confirmation times happen every 8 hours.

Noteworthy is that there is a 30-minute rule, which means that withdrawals submitted after 0730 will not be confirmed at 0800, but will be confirmed at 1600 instead.

Claim up to $90 in Bonus

100x Leverage

Can You Use Bybit In The United States?

Just like all the other leverage exchanges, the United States is geo-blocked, which means that if you are in the US, you’re prohibited from logging in to Bybit. If you are in the US and need to access your Bybit account you’ll need a VPN (Virtual Private Network). A VPN will allow you to hide your IP so you can successfully log in to Bybit and access your funds. Most traders in crypto use NordVPN when trading Bitcoin.

Bybit Trading Fees & Rebates

Bybit has the same fee structure as BitMEX. However, Bybit has a very low withdrawal fee of 0.0005 BTC, compared to the average on other exchanges which is roughly 0.0008 – 0.0009 BTC. This means that the Bybit withdrawal fee is 41% lower than the Bitcoin exchange average. You can compare the fees between the exchanges in our Bitcoin trading exchange list.

The most interesting part about the fees is that if you use a limit order, you’ll actually get a rebate instead of paying a fee. In other words, you can get payed by Bybit for submitting limit orders into the order book. If you want to learn more about this, visit our Bybit tutorial.

  • Market order fee (taker fee): 0.075%
  • Limit order fee (maker fee): -0.025%
  • Withdrawal fee: 0.0005 BTC
  • Bybit funding rate: 0.02%/ -0.02%

The Bybit Funding Rate

The contracts traded on Bybit are futures contracts, and to make sure that the futures price is the same as the spot price there is a funding rate. This fee is paid directly between the buyers and sellers and NOT to Bybit.

If there are more sellers than buyers, then the sellers will pay the funding rate of 0.02% to the buyers and vice versa. If the funding rate is positive (0.02%) then the buyers (longs) will pay the sellers (shorts). However, if the funding rate is negative (-0.02%) then the sellers (shorts) will pay the buyers (longs).

The funding rate will be charged every 8 hours at 16:00 UTC, 00:00 UTC and 08:00 UTC. You will only be affected by this funding rate if you are currently in an open position at the time of the funding rate.

This means that if you trade against the majority, you will get paid for holding your position. Logically, when trading Bitcoin on Bybit you should try to always use limit orders and trade against the majority. This way you’ll not only have low fees, but you’ll actually get payed by Bybit for trading through rebates.

Bybit Testnet

Bybit offers a very user-friendly test net where the user can try the exchange without using real funds. This is important for new users if they want to play around with the exchange before deciding if they want to commit. Also, if you’re a beginner to trading Bitcoin it is highly recommended that you first use the test net. When you’re comfortable with trading on the test net you can deposit real Bitcoin and apply your strategy thereafter.

Claim up to $90 in Bonus

100x Leverage

Bybit Referral Program

A big reason for the explosive growth of Bybit is their referral program or affiliate program. Basically, you will get a 30% commission from all the trading fees from the users that sign up under you. Also, you’ll get 10% off of the sub-affiliates that sign up under your direct affiliates. If you have a friend who wants to sign up, make sure he uses your referral link to get some kickback off of his fees.

Now, if you have a website, YouTube channel or other traffic, then you can easily make $10,000 per month from promoting your referral link. As stated above, this is one of the reasons why Bybit is growing so fast. BitMEX and Deribit for example, only offer 20% commission to their affiliates.

Our Favourite Trading Platforms

Best Trading Platform
★★★★★
★★★★★

Rating: 94%

Easy to Use
★★★★★
★★★★★

Rating: 91%

User Friendly
★★★★★
★★★★★

Rating: 89%