This Bybit review will go over all the important factors that cryptocurrency traders need to know before using the exchange. Bybit is different from other cryptocurrency exchanges, mainly because it is a derivatives exchange. In the case of Bybit, the derivates are cryptocurrencies.
The platform has more than 3 million users. It is popular with non-US traders, as Bybit isn’t available in the United States. The platform has some of the most innovative trading features, such as leverage trading, low fees, cold wallets, a referral and affiliate program, and more. With that said, the platform is delisted by the FCA and has fiat-to-crypto conversion limitations, among others.
Let’s go over and start with this Bybit review.
What Is Bybit?
Bybit is a derivatives cryptocurrency exchange with headquarters in Singapore. The exchange was set up in 2018 by a team of expert fintech and investment banking professionals. Bybit might not be the best platform for traditional crypto traders because it works on derivates. A derivative is a contract that gives traders the right to buy and sell assets – in this case, cryptocurrencies – at a certain price in the future.
Derivative trading is quite risky, as it is based on future price assumptions. But it works best in volatile markets. With Bybit leverage, traders can do the following:
- Bet on the price of a cryptocurrency asset – long position and short position
- Leverage trade – up to 100x
A user comparison from 2018 to 2022, shows a growth of 3.4 million users.
Bybit Review – Features and Benefits
This Bybit review will highlight the most important features and benefits when using the platform. The platform is different from traditional cryptocurrency exchanges due to several factors. Leverage trading and derivatives trading are one of the most important reasons. But there are others, such as the platform’s use of advanced trading tools and charts. Let’s see what these mean.
It’s not strange for cryptocurrency platforms to have mobile apps. Bybit provides non-US and UK traders with a highly intuitive and easy-to-use mobile app. The app is available for both Android and iOS users. The app has all the features available on the desktop version. As such, traders can use the platform on the go and perform all the tasks they would normally do while using the desktop version.
Set Profit/Loss Orders
One of the platform’s standout features is that it allows users to set and take profit/loss orders. The reason why this is important is that it helps decrease risk when trading. Traders can use this feature to adjust the risk of their position by simply dragging the order limit displayed on the chart.
Bybit leverage trading is a feature that not many cryptocurrency exchanges allow. In essence, leverage trading enables the trader to borrow capital to trade. The borrowed leverage on Bybit is nearly 100 times the value of the assets in your portfolio. Traders can use leverage to potentially make highly lucrative trades. But they can also lose money just as easily. Bybit leverage trading is traditionally seen as very risky. It works well in volatile markets, but that doesn’t mean every trade will be successful.
Only experienced traders should engage in leverage trading.
Bybit Review – Deposits and Withdrawals
Bybit supports five cryptocurrencies for most of the deposit and withdrawal functions. Those are Bitcoin, Ethereum, EOS, Ripple (XRP), and USDT. The platform gives separate wallets for each cryptocurrency. But by default, it measures your overall portfolio value in Bitcoin.
Traders can use each currency wallet to transfer assets from other wallets. For traders who want to fund their wallets, there is the Fiat Gateway. The Fiat Gateway is a convenient feature that allows traders to fund wallets using several currencies. This feature supports BTC, ETH, USDT, and more than 45 other currencies. The list includes the GBP, USD, AUD, EUR, and more.
So that’s the gist when it comes to deposits, but what about withdrawals?
Bybit withdrawals can be done only by enabling the 2-Factor authentication feature. Withdrawal can be made through the following pairs:
Each pair charges you a maker/taker fee of -0.025/0.075%.
Withdrawals can also be done without pairs. Below is a table that explains all the withdrawal options along with fees and limits.
|Cryptocurrency||Withdrawal Fee||Minimum Withdrawal|
|Bitcoin||0.0005 BTC||0.001 BTC|
|Ethereum||0.01 ETH||0.02 ETH|
|EOS||0.1 EOS||0.2 EOS|
|Ripple (XRP)||0.25 XRP||20 XRP|
|USDT (ERC-20 NETWORK)||10 USDT||20 USDT|
|USDT (TRC-20 NETWORK)||1 USDT||10 USDT|
Bybit Review – Supported Cryptocurrencies
Bybit supports a total of 15 cryptocurrencies. While we previously mentioned the five main currencies, the platform provides an additional list of 11 currencies available depending on the type of trade. Here is the complete list of cryptocurrencies available on Bybit.
- Bitcoin BTC
- Ethereum ETH
- Bitcoin Cash BCH
- Litecoin LTC
- Tezos XTZ
- Chainlink LINK
- Cardano ADA
- Polkadot DOT
- Uniswap UNI
- Ripple XRP
- NEM XEM
- SushiSwap SUSHI
- Aave AAVE
- Dogecoin DOGE
- Tether USDT
Is Bybit the Right For You?
This Bybit review highlights the most important factors traders need to be aware of before signing up with the platform. But is the platform right for you? As mentioned earlier, Bybit is unavailable in the US and UK. So naturally, it is a good option for non-US and UK traders.
The platform is also one of the best when it comes to leverage trading. So experienced leverage traders will have no issues using the leverage feature and advanced trading tools that come with it. Lastly, the cryptocurrency exchange specializes in the niche market of derivatives trading. So if you are comfortable with the risks that come with derivative trading, Bybit is the right fit for you.