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ByBit Review: The Best Crypto Exchange For Beginners and Pros
Rating: 98%
Claim up to $30,050 in Bonus
100x Leverage
Spot Fees:
Taker
0.015% - 0.1%
Maker
0.005% - 0.1%
Future Fees:
Taker
0.025%-0.055%
Maker
0%-0.02%
Deposit Methods:
Wire
Credit
Crypto
Is It Safe?
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Table of Contents
Bybit is one of the biggest, most innovative, and respected crypto exchanges in 2024. It offers Spot, Derivatives, and Options with leverage as high as 100:1. Bybit also offers Copy Trading, Bot Trading, Crypto Loans, and plenty of Web3 features and integrations.
We provide you with a comprehensive Bybit review to help you understand how to sign up, the fees involved, the kind of crypto assets you can trade, and other information that can help you decide how well it suits you. And even more, following this Bybit crypto exchange review, you also get mouth-watering bonuses when you sign up with our Bybit link.
About Bybit
Bybit was founded in 2018 by Ben Zhou, its owner and CEO. Ben has experience in the forex market, having run a forex exchange successfully for 8 years. Other members of the Bybit team have experience with Morgan Stanley, Tencent, and the head of XM in China.
The Bybit eco-system has grown a lot from where it used to be in 2018. Still, three things have continued to be the focus since the beginning: User-friendliness, Innovativeness, and Reliability.
Today, Bybit offers one of the most safe, advanced and user-friendly platforms in the crypto industry. It has around 10M users, operates ~$21.6B daily with spot ~$4.1B and futures $17.5B, and can handle 135,000 Transactions Per Second, which is far better than the competitors.
Its reputation increases with up-time, and it is positioned to take a much bigger market share as its innovation and growth continue to drive more users to the platform.
How ByBit Regulated?
Bybit Exchange operates under Bybit Fintech Limited, a company registered in the British Virgin Islands. Its headquarters are in Dubai, and it also has operational offices in Hong Kong and the Netherlands.
Bybit got the MVP license from the Virtual Assets Regulatory Authority (VARA). Also, it is licensed by the Cyprus Securities and Exchange Commission (CySEC), the Astana Financial Services Authority, and De Nederlandsche Bank (DNB).
Still, there are some heavenly regulated markets in which Bybit doesn’t fully operate now. These include the USA, mainland China, Singapore, and the Canadian provinces of Quebec and Ontario. And some politically unstable markets are entirely restricted, such as North Korea, Cuba, Iran, Uzbekistan, Crimea, Donetsk, Luhansk, and Syria.
Please keep updated with jurisdiction regulations in their Bybit Platform Terms and Conditions.
How to register on Bybit?
Signing up for Bybit is not much different from most other popular crypto exchanges. Go to the main page and click on Sign up.
Then, you need to fill out the form by entering your email/mobile number and creating a password (remember to always create complex and strong passwords, using capital and small letters, numbers, and symbols, keep passwords in a secure place, and do not share them with anyone).
Then you will receive a message to your email or phone with a unique code that you will need to enter to confirm them. After that, your Bybit account is created.
Does Bybit Require KYC? (Know Your Customer)
Bybit strives to be secure and legal across all jurisdictions, encouraging its customers to undergo the KYC verification process. You can trade Bitcoin, Ethereum, or any other Altcoin on Bybit without KYC, but your withdrawals will be limited to 20K USDT per day. Also, you cannot use some additional features, like participation in Bybit Earn projects such as Launchpad and Launchpool and get Bybit Debit Card.
If you are looking for more advanced trading and want to increase your withdrawal limit to 1M USDT and 2M USDT, you will have to provide your personal information to the exchange and verify your account with KYC L1 and L2, respectively.
Bybit KYC Level 1
After completing Level 1 verification, you can increase your daily withdrawal limit to 50 BTC. The information you are required to submit for this level’s verification includes:
- Document issued by the country of origin (ID card/Passport)
- Facial recognition screening)
Bybit KYC Level 2
The Level 2 verification allows you to expand your daily limit even further to 100 BTC. For this level, the additional information you are required to submit is the “Proof of residential address.” You can provide this proof by submitting any of the following documents.
- Bank Statement
- Utility Bill
- Any residential proof issued by the government
How to Complete KYC Verification on Bybit?
Once you have created a new account on Bybit, you can verify your Bybit account easily by following these steps:
- Click “Account & Security” in the upper right-hand corner of the screen
- Click “Verify Now” in the “Identity Verification” column under “Account Information"
- Click” Verify Now” under Lv.1/Lv.2 Verification
- Provide the information as mentioned above according to the level you have chosen
- Wait while your request will proceed. You will get a notification after it is completed
Bybit Affiliate Program Review
Bybit also offers an affiliate program with a lifetime commission for all trades of people who come from you. Please note that this option is only available after KYC and is available for Influencers, Content Critters, and Bloggers.
You can follow affiliates.bybit.com and click “Apply”, a questionnaire about yourself and your plans to promote Bybit.
If your application is approved, you will receive a dedicated account manager who will provide support with marketing and technical needs to help improve the conversion rates and boost commissions.
Bybit Interface & User Experience
The first impression when looking at the Bybit interface is that it looks much more user-friendly than most other crypto exchanges. If you compare the exchange with competitors, it seems like the interface of Binance has inspired Bybit. This is great because a big part of Binance’s success arguably comes from its user-friendliness, and its user interface has become a kind of a common standard for others.
In the upper right corner, familiar icons appear to change language, download the Bybit mobile app, sign up, and sign in.
Because Bybit functionality is very rich, you can see a switch between Exchange and Web3 in the upper left corner.
One leaves you on the main page with the crypto exchange and trading features.
The other one is to turn you to a page entirely dedicated to Web3 features.
Bybit Main Features
Among Bybit’s cryptocurrency trading features, you can find common ones like Spot Trading Features.
And more advanced Derivatives Features like Perpetuals, Inverse Perpetuals, Futures, and Options.
You’ll also find more common order types, such as Market Orders, Limit Orders, and Conditional Orders, and more advanced ones like Good-till-Canceled (GTC), Immediate-or-Canceled (IOC), and fill-or-kill (FOK).
Bybit Trading Bot Review
You will also enjoy the richest additional market tools like Bot trading, and AI trading assistant which you can also read more about in the article Best Bot Trading Platforms 2024.
Go to the Bot Trading menu and you will see Futures Grid, Martingale and Combo, Spot Grid, and DCA among the types of bot trading available.
Although third-party integration is available to you, below you are invited to familiarize yourself with Bybit’s AI trading bot Aurora and its performance.
Bybit Copy Trading Review
If you are a beginner, you may also be very interested in Bybit Copy Trading, which is perhaps one of the most extensive among all other platforms.
Go to Copy Trading and check out the ranking of different traders, which is broken down into many categories that you may want to prioritize. For example, Top Traders By ROI, Top Balanced Traders, Top New Talents, and others.
At the same time, you have access to the Copy Trading Pro tab, where you can choose not only the strategy of a particular trader but also the trading technique itself.
Other Features as Demo Trading, Launchpad, Airdrops, and Staking via Bybit Cloud Mining Review
You also can get many additional Bybit financial tools like Bybit Debit Cards, Crypto Loans, and Smart Leverage, filling the gap between Web2 and Web3.
If you are a beginner, you will especially enjoy Demo Trading, where you can train your skills without real money. There are many beneficial opportunities, such as Launchpad and Lounchpool investing in projects in the early stage, as well as referral programs, Rewards and Promotions, and plenty of news and educational materials.
But if it’s not enough, there is one more thing. Bybit can become your main crypto exchange, and additionally a major gateway to the whole Web3:
- Earn on Airdrops, IDO, and Staking via Bybit cloud mining
- Trade using DEX Pro, Swap, and ApeX
- Discover Bybit NFT marketplace
- And experience Bybit wallet integration
Bybit Mobile App
ByBit offers a very well-designed mobile app, unlimited in its functionality from the web version, but with an even more user-friendly design.
1. Here you can go to your profile, its information, and settings, including KYC verification, authorization methods, and so on.
2. Immediately you can find notifications that require your attention or contact the support team.
3. The Deposit/Withdrawal menu is also right here and you don’t need to waste time looking for it.
4. In the middle of the screen you can see advanced ByBit features like ByBit Earn, Rewards, Copy Trading, Bot Trading, and more.
5. At the bottom are up-to-date statistics on your assets, with real-time updates.
6. The navigation bar with the main functions that you used to see at the top in the web version – has moved down and Market, Derivatives, Spot, and the wallet with your Assets you will find there.
Bybit Deposit Methods
Bybit started as a crypto-to-crypto exchange, which meant you could only deposit cryptocurrencies, not USD or EUR to the exchange. However, Bybit developed a lot to be more accessible for regular users and beginners in crypto, and it is worth saying that they left competitors far behind.
Now, you can fund and carry out various transactions on the Bybit platform with more than 55 fiat currencies and 20 coins, including some of the top ones, such as Bitcoin, Ethereum, XRP, and EOS.
The platform also accepts more than 547 payment methods, including credit cards, to make your utilization of the crypto exchange as seamless as possible.
How to Deposit Crypto Funds in Bybit?
- Find Buy Crypto on the navigation bar and click on Crypto Deposit. Or find Assets at the top right-hand corner of the Bybit home page. Then click on Deposit to enter the deposit page
- Select the coin that you would like to deposit
- Select the network (ERC20, TRC20, etc.) you want to use, and you’ll see your Bybit deposit address
- You can use a QR code or copy the deposit address and use it as the destination address to which you can send the funds from your external wallet or other crypto service
- After you send crypto from there you will find it in your Funds Account
Always pay attention to details such as the coin, network, and address you use. If any of them do not match between Bybit and your wallet or other deposit service, your funds can be lost.
How to Deposit Fiat Funds in Bybit?
- First, you need to complete KYC Level 1 (Identity Proof) to deposit fiat funds
- After it's done, find Buy Crypto on the navigation bar and click on Fiat Deposit
- Then, select the fiat currency, enter the deposit amount, select your payment method, check the T&C box if you agree to the Terms of Service and Privacy Policy, and click Continue
- You can add your payment service account in Bybit or follow your bank or service provider’s instructions to transfer assets according to the account information provided by Bybit
Bybit Withdrawal
Bybit supports immediate withdrawal, but it will take up to 15 minutes because of security measures that the platform needs to perform to ensure that everything is safe. And consider the network load, as well as the way you are going to withdraw funds, which can make a difference here.
Among the withdrawal options you have is on-chain withdrawal, which means transferring coins from your Bybit spot or funding account to your external crypto wallet. Internal Transfer, which also means transferring coins from your Bybit spot or funding account to an already connected wallet or your Bybit Debit Card. Fiat withdrawal, which means converting your coins into fiat money and transferring it to your previously added bank account.
Also, consider the withdrawal daily limits. While the minimum withdrawal of 0.002 BTC is common, the maximum withdrawal is different depending on your KYC and VIP levels.
| Level | Limit (USDT) |
|---|---|
|
Without KYC |
20K |
|
KYC L1, L2 |
1M, 2M |
|
VIP 1-3 |
6M |
|
VIP 5, 6 |
8M, 10M |
|
Supreme VIP, PRO1 |
12M |
|
PRO 2, PRO 3, PRO 4, PRO 5 |
15M, 20M, 25M, 30M |
Bybit Bitcoin Trading Fees & Rebates
Bybit’s trading fees are different for non-VIP users, VIP users, and Pro ones.
VIP level is determined based on your asset balance or trading volume over the last 30 days.
The VIP tier will be updated daily at 7 AM GMT and sub-accounts will be subject to the main account’s commission rate.
Trading fee rates applied to your orders will be the rates in effect in your account at the time the order is placed. Also, actual rates may vary depending on your region.
However, the overall tax range clearly shows that this is a profitable platform compared to many others for both beginners and experienced traders.
| Spot Taker | Spot Maker | Perps & Futures Taker | Perps & Futures Maker | USDC Options Taker | USDC Options Maker | |
|---|---|---|---|---|---|---|
|
VIP 0 |
0.1% |
0.1% |
0.055% |
0.02% |
0.02% |
0.02% |
|
VIP 5 |
0.05% |
0.04% |
0.032% |
0.01% |
0.015% |
0.01% |
|
Supreme VIP |
0.045% |
0.03% |
0.03% |
0% |
0.015% |
0.002% |
|
Pro 1 |
0.06% |
0.04% |
0.032% |
0.01% |
0.018% |
0.015% |
|
Pro 5 |
0.015% |
0.005% |
0.025% |
0% |
0.01% |
0% |
Please keep an eye out for updates regarding your specific level and region, which you can find on the official Bybit Trading Fee Structure Page.
Are Your Funds Safe On Bybit?
After the FTX saga, a lot of traders are beginning to get worried about the kind of exchanges they trust to protect their funds. Well, 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 trust the exchange with your funds.
Bybit implemented many security measures like Trusted Execution Environment (TEE) and Threshold Signature Schemes (TSS) and got PCI-DSS Service Provider Level 1 Certification.
Also, with Bybit your funds are safely stored in cold storage. According to the website, if Bybit gets hacked, the platform will compensate the customer fully for the loss.
Bybit went a step further by providing Proof of Reserve for funds with an average 110% user-holding ratio with updating its monthly.
Namely, Bybit has PoR for such currencies as BTC, ETH, AGI, AGLA, APEX, APT, ATOM, AVAX, BEAM, BLUR, COMP, CRV, DOGE, DOT, DYDX, EOS, FET, FTM, GALA, IMX, LDO, LINK, LTC, MANA, MATIC, MNT, OP, PEPE, RENDER, SAND, SHIB, SHRAP, SOL, SUSHI, UNI, USDC, USDE, USDT, WLD, XRP and update its information once per month after audit from Hacken Audit Firm.
You can find out all about this Proof Of Reserve as well as how it helps strengthen Bybit reputation in the crypto industry in our exclusive interview with the Bybit CEO **Bybit CEO Exclusive: How is Bybit Doing and its Plans for the Future.**
Bybit Customer Support – 24/7
One of Bybit’s biggest selling points is its multilingual 24/7 support. Customer service agents respond very quickly and seem to always do everything they can to help you as the customer. Social media users and YouTube influencers all seem to agree that Bybit’s customer support may be the best among its competitors.
For quick communication with the Bybit team, just click the chat box in the bottom right corner of the interface.
Our Verdict on Bybit Review
To summarize our review, Bybit is one of the top cryptocurrency exchanges in the world, with over 10 million active users. It offers plenty of features to enhance the user experience from excellent customer support and education materials to combine rich crypto exchange features with the whole web3 capabilities. It also offers plenty of promotions and bonuses to make the experience even sweeter. And it cares a lot about licensing, certifications, and cutting-edge technologies to make its operations truly worldwide, transparent, and reliable.
Frequently Asked Questions
You do not need KYC for basic trading, but you will be limited in the amount of withdrawals, and you will not have access to some very profitable and innovative features.
They also implement multi-layered security, TEE, TSS, have PCI-DSS Service Provider L1 Certification, store your funds on a cold wallet, and provide Proof of Reserves.
Yes, it is available worldwide and licensed by VARA, CySEC, the Astana Financial Services Authority, and De Nederlandsche Bank. But there are restrictions for the US, some parts of Canada, and China.
Yes you can, Bybit currently accepts more than 55 fiat currencies and more than 547 payment methods, including credit cards and bank transfers.
Bybit is very innovative. There you will find Spot, Futures, but also Options and unique Web3 and AI integrations, unique Bybit Credit Card, Loans feature, and more.
5.0
- Accepts credit cards
- Plenty of educational materials
- Rich set of trading features
- Holds $8.3B in Reserves
- Capable of 135,000 TPS
- May be excessive for some users
- Not the lowest fees on the market
To keep our site running & free of charge, we may sometimes receive a small commission if a reader decides to purchase services via some links on site, at no extra cost.
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