Bybit Review 2023: With Pros, Cons, Features, Fees and Customer Reviews

Cryptocurrency trading can seem to be an intimidating endeavor. After all, there are thousands of cryptocurrency tokens and new ones pop up nearly every other day. Just sifting between genuine tokens and scam coins can be a herculean task. Add to that the multiple cryptocurrency exchanges that you need to review to choose one that you would trade on.

Which cryptocurrency exchange is the best? Should I go for Bybit or Binance or Coinbase? There are multiple questions that rear their head when you start researching cryptocurrency and cryptocurrency exchanges. Let us try to make that process easier for you by discussing Bybit, one of the largest and fastest-growing cryptocurrency exchanges out there.

Bybit Overview

Founded in March 2018, Bybit is one of the fastest-growing centralized cryptocurrency exchanges(CEXs). Its founder and CEO Ben Zhou is a former forex broker who used to work in one of the largest forex brokerage companies in China. He was intrigued by the crypto world in 2016 and founded Bybit two years later.

Zhou stated that he saw that the crypto world was full of potential yet still had some gaps. He, therefore, combined Decentralized Finance(DeFi) with Traditional Finance(TradFi) to build a next-level cryptocurrency exchange. This is reflected in Bybit’s tagline “Next Level Reliability, Products, and Opportunities.”

Bybit declares its mission to be to empower crypto believers with tools, support, and opportunities to level up and unleash their full potential on Web3. It is among the Top 10 cryptocurrency spot exchanges as per CoinMarketCap data.

Bybit offers its services in 160 countries to more than 10 million users in 16+ languages. It has over 270 spot assets and is the world’s largest USDC Options Marketplace. Bybit aims to be its users’ crypto ark and their gateway to Web3.

Bybit Products and Services

Spot Trading

Bybit offers over 280 spot trading pairs that have zero maker and taker fees. It has also introduced spot grid bots that can automatically execute trades on the trader’s behalf. Users can maximize their gains and grow a diverse portfolio on Bybit.

Derivatives Trading

Not just spot trading, Bybit also has the option of derivatives trading. Users can have perpetual contracts using USDT as collateral. They can also use USDC as collateral for perpetual contracts as well as options contracts. Inverse contracts involve perpetual and futures contracts using the coin itself as collateral.

Bybit Earn

Bybit Earn can help customers grow their crypto holdings. Bybit Savings gives users a customized saving experience and they can choose between flexible and fixed-term products with competitive and guaranteed APYs.

With liquidity mining, users can add liquidity to the pool in an Automated Market Maker(AMM) model and earn yield derived from the trading fees.

Bybit VIP Program

VIPs on Bybit get the lowest trading fees and the VIP tiers are shared across Derivatives, Spot, USDC Perpetual, and USDC Options Trading. Users have to fulfill any one of the many conditions set by the exchange to be eligible for VIP perks.

Bybit NFT Marketplace

Users can explore and buy NFTs from creators worldwide at zero commission fees. As a bonus, Bybit NFT supports multiple chains including Ethereum, Solana, Polygon, and BSC.

Supported Cryptocurrencies

Bybit has around 280 spot trading pairs. Spot pairs are traded in USDT, BTC, USDC, DAI, and to a limited extent EUR. Some of the currencies available on Bybit are:

  • Bitcoin(BTC)
  • Ethereum(ETH)
  • Solana(SOL)
  • Litecoin(LTC)
  • Cardano(ADA)
  • Dogecoin(DOGE)
  • Polygon(MATIC)
  • Polkadot(DOT)
  • Tron(TRX)
  • Binance Coin(BNB)
  • ApeCoin(APE)
  • Avalanche(AVAX)
  • SushiSwap(SUSHI)
  • Uniswap(UNI)
  • Shiba Inu(SHIB)

Opening an Account

Opening an account on Bybit is a very simple process. You have to follow only a few steps to register on the exchange.

Step 1

Go to Bybit’s website and click on the orange Sign Up button in the top-right corner. You can register either by using your phone number or your email.

Make sure your country is not on Bybit’s list of restricted countries before trying to sign up.

Step 2

Enter your phone number or email, a strong password and the referral code(if any). Check the information entered for any mistakes and read through the Terms and Privacy Policy.

If you are satisfied with the terms, agree to them and then click on Create Account.

Step 3

A verification page will come up where you have to slide the slider to complete the puzzle. Next, enter the verification code sent to your email or the SMS verification code if you registered with your mobile number.

Step 4

Now, you have to fund your account before you can start trading. You can deposit your existing crypto into your Bybit account or buy crypto on the exchange itself.

You can buy crypto using your credit card, or third-party payment apps like Google Pay, P2P or through fiat deposits. 

Remember that derivative pairs on Bybit are traded with USDT or USDC while spot pairs are traded with DAI, USDC, USDT, or BTC.

Bybit Fees

Bybit Fees

Bybit charges different fees for VIP and non-VIP users. While users with higher VIP levels enjoy more discounts on trading fees, the fee charged for non-VIP users is not very high either.

Spot Trading Fees

For non-VIP accounts, the taker/maker fee charged is 0.1%/0.1% while for VIP Level 3 accounts, it is 0.04%/0.01%. This further comes down to a 0% maker fee and 0.02% taker fee for Pro Level 3 accounts.

USDT and Inverse Contracts Trading Fees

Non-VIP accounts pay a taker/maker fee of 0.06%/0.01%. VIP level 3 accounts are meanwhile, charged 0.0425%/0.002% as the taker/maker fee. Pro Level 3 accounts enjoy zero maker fees and a taker fee of only 0.03%.

USDC Perpetual Trading Fees

For USDC Perpetual Trading, non-VIP accounts are charged a taker/maker fee of 0.06%/0.01%. On the other hand, VIP Level 3 accounts and Pro Level 3 accounts are charged a taker/maker fee of 0.0425%/0.002% and 0.04%/0% respectively.

USDC Options Trading Fees

Non-VIP accounts pay a taker/maker fee of 0.03%/0.03% for USDC Options Trading. For VIP Level 3 accounts, the taker/maker fee charged is 0.022%/0.022% while it is 0.010%/0.010% for Pro Level 3 accounts.

Bybit Security Review

Bybit security review

Bybit has declared its commitment to the protection of user funds and information while complying with all the required rules and regulations. It keeps the majority of the user funds in offline cold storage. This ensures that even if the exchange is hacked, the funds of the customers remain safe. 

Accounts are protected from unauthorized access by employing advanced multi-signature, Trusted Execution Environment(TEE), and Threshold Signature Schemes(TSS).

Bybit’s system has been designed after rigorous testing in line with its security-first mentality. Data is encrypted while in storage as well as in transit. Data access is strictly controlled so that only the users have access to their private information.

Bybit has also implemented industry-standard security protocols for account security. It has enabled two-factor authentication, human-computer authentication and hardware authentication. 

There is real-time monitoring and analysis of user behavior. If suspicious activity is detected, withdrawals are subjected to greater authentication measures. Institutional investors, in fact, have an independent security team on Bybit that provides 24/7 real-time security alerts.

Is Bybit Safe? 

Yes, Bybit is a legit and safe cryptocurrency exchange. It has invested heavily in security and is one of the few leading exchanges that have never been hacked since its launch. Bybit also runs a bug bounty program with the white hat hacker community to address potential system vulnerabilities.

Bybit Pros- What Works for It

Bybit Pros

Low Fees

Bybit has some of the lowest transaction fees among different cryptocurrency exchanges. While VIP users pay extremely low taker fees and no maker fees on certain trades, even the fee for non-VIP users is not very high at 0.1% for spot trading.

Easy to Use

Both the website and mobile app are slick and easy to use. This makes it perfect for traders who want to avoid the hassle of navigating exchanges with cluttered 

and confusing interfaces.

Multiple Order Types

Bybit supports multiple types of orders including limit orders, partial orders, conditional orders, and market orders. This is perfect for traders who want something more from their exchange than simply buying and selling cryptocurrency.

Fast Transactions

Bybit claims to have 99.99% functionality with a 100k TPS matching engine. This means that it can process 100,000 transactions at a time which is much higher than other exchanges. Bybit makes all efforts to ensure that the exchange has zero server downtime.

Insurance Fund

Bybit maintains an insurance fund to protect traders from negative equity. This is beneficial for leverage trading as any loss will be limited to the initial margin. Plus, the upside will also not be capped.

Testnet Site

Users can test out strategies in a risk-free environment on Bybit’s testnet site. Since leverage trading is risky, users can first check things on the testnet before putting in their money.

Educational Resources

Bybit Learn has some impressive resources to educate users about cryptocurrencies in general and instruments like derivatives in particular. It also features an analysis of individual currencies and tips on how to maintain account security.

Bybit Cons- What Does Not Work for It

Bybit Cons

Not Available in the US

Bybit is not licensed to operate in the USA. Hence, American residents cannot take advantage of the features offered by Bybit.

Unverified Trading Volume Statistics

It is difficult to get the trading volume statistics reported by Bybit independently verified. Hence, it is not easy to tell exactly how much trading actually is taking place on the exchange.

Customer Support

Like most cryptocurrency exchanges, Bybit has a Help Center with FAQs on every topic imaginable to help customers find a solution to the problem they are facing. There is also a Chatbot to assist users. Users can also submit a ticket and a support team will contact them for further assistance.

Unfortunately, there is no phone number listed or a Livechat option for users to directly connect to a human customer service representative. This is standard for cryptocurrency exchanges and Bybit is, therefore, not unique in this aspect.

Interestingly, Bybit has a feedback section where users can rate their experience and submit detailed feedback to the platform.

Bybit Customer Reviews

Bybit has scored 3.1 out of 5 on Trustpilot. This rating is a lot higher than many other cryptocurrency exchanges but it is worth noting that this is based on 398 reviews.

Positive reviews praise the Bybit website and app design, fast transactions on the network, and its active social communities. Users also like the events hosted by the exchange where they can win prizes.

The transaction process is fast on Bybit and it also offers many secondary benefits

Bybit has an active social community particularly on Telegram

Some customers while liking the easy financing and withdrawals on Bybit also express concerns about the platform promoting risky trading with extremely high leverages by novice traders.

Bybit has a sleek platform and app but it heavily promotes risky trades undertaken by customers

Negative reviews complain about the buggy system and the constantly freezing platform. Others have accused Bybit of facilitating scams and price manipulation on its platform. Some customers also have had trouble getting their accounts verified.

Some reviewers have accused Bybit of price manipulation on the exchange

Customers have had problems with the platform freezing

Bybit Frequently Asked Questions

Is Bybit a Chinese Company?

No, Bybit is not a Chinese company. It is a company registered in the British Virgin Islands and its global headquarters would be in Dubai as per reports in 2022.

Which Countries Cannot Use Bybit?

Bybit offers its services in over 160 countries. However, residents of the United States, mainland China, Singapore, Quebec and Ontario in Canada, North Korea, Cuba, Iran, Sudan, Syria, Uzbekistan, Crimea, Sevastopol, Donetsk, and Luhansk cannot use Bybit.

Is Bybit Insured?

Bybit has an Insurance Fund to protect traders from negative equity. It is a reserve pool that the system can dip into when in case a highly leveraged position closes at a worse-than-bankruptcy price. The insurance fund helps protect traders from being held accountable for excessive loss.

Bybit Review- The Final Verdict

Bybit is a cryptocurrency exchange with diverse features and advanced trading tools. It is an exchange that has something for everyone. Its commitment to security, history of no hacks or outages, low fees and active global community has made it an attractive option for crypto traders worldwide.

It has also received good reviews on Trustpilot and other websites which is honestly, rare for cryptocurrency exchanges. Further, it has demonstrated its commitment to compliance by implementing various levels of KYC verification. This makes Bybit an exchange worth checking out.

However, since it is not available in the US, American residents are better off trading on other exchanges that are actually allowed to operate in the country. Also, remember that cryptocurrencies are risky investments and any money invested in them should be money you can afford to lose.

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