Bybit Review (2023) – ☑️ Pros and Cons Revealed. (2024)

Bybit can be summarized as a trustworthy broker with a trust score of 50 out of 100 and is self-regulated. Bybit offers one accredited retail trading account with a minimum deposit of $5 USD.

Bybit Review – 21 Key Point Quick Overview:

1. ☑Bybit Overview

2. ☑Bybit Safety and Security

3. ☑Bybit Sign-Up Bonus

4. ☑Bybit Minimum Deposit

5. ☑Bybit Account Types

6. ☑How to Open a Bybit Account – Step-by-Step Guide

7. ☑Bybit Islamic Account

8. Bybit Demo Account

9. Bybit Trading Platforms

10. Bybit Available Instruments

11. Bybit Fees, Spreads, and Commission

12. Bybit Deposit and Withdrawal

13. Bybit Partnership Options

14. Bybit Best Countries by Traders

15. Bybit vs XM vs OctaFX – A Comparison

16. Bybit Customer Reviews

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17. Bybit Current Popularity Trend

18. Bybit Pros and Cons

19. Bybit Conclusion

20. Bybit Disclaimer

21. Frequently Asked Questions

Bybit Overview

Bybit is a cryptocurrency exchange that has more than 2 million registered users.

The company provides a professional, smart, intuitive, and innovative online trading and cloud mining experience for retail and institutional clients.

Bybit is a derivatives cryptocurrency trading platform with an emphasis on leverage trading with up to 100x leverage on btc/usd and eth/usd trading pairs. The derivatives exchange offers perpetual contracts that follows the cryptocurrency spot price, not the actual cryptocurrency assets.

The company is committed to creating a fair, transparent, and efficient exchange environment, and offers 24/7 multi-lingual customer support.

Bybit allows traders to trade cryptocurrency perpetual contracts with up to 1: 100 leverage.

Concisely the company offers the following:

• Market depth
• Hd cold wallet
• 100k tps matching engine
• State-of-the-art pricing system
• Powerful api
• 99.99% system functionality
• 24/7 customer support

There are various countries that are not accepted as clients with Bybit due to regulatory reasons, namely québec (Canada), Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan, Singapore, and the united states.

Bybit is a p2p cryptocurrency futures exchange that has been in operation since 2018. The company is based and headquartered in Singapore, with offices in hong kong and Taiwan.

Although based in Singapore it is a registered trading exchange in the British virgin islands where it operates under Bybit fintech limited.

Ben zhou founded the company and he previously established himself in the world of fintech by working as XM’s china district general manager for seven years.

Bybit Safety and Security

Bybit is safe and is fully self-regulated allowing Bybit clients to trade with financial security.

Bybit Sign-Up Bonus

Bybit does not at this time (2023) offer a Sign-Up Bonus, Welcome bonus, or the advantage/profits of a no-deposit bonus with first-time sign-up or account registration. Bybit does offer periodic competitions and profitable events and rebates.

Bybit Minimum Deposit

The minimum deposit amount required to register a Bybit Professional live trading account is $5 USD. This minimum deposit amount required for Standard Account registration will depend on the payment system chosen.

Bybit Account Types

Bybit provides one retail account, a Standard account with the minimum deposit amount required to register a Bybit Professional live trading account being $5 USD.

How to Open a Bybit Account – Step-by-Step Guide

1. Step 1: Start Process

Navigate to the Bybit website home screen and select the option to “Sign Up”

2. Step 2: Complete the Registration

Complete all the personal information requested.

3. Step 3: Verify the account

Once the account is registered, a verification email will be sent to the registered address. Verify the account and login

Bybit Islamic Account

Bybit doesn’t offer Islamic swap-free trading on any trading account level.

Bybit Demo Account

Bybit does not offer a free demo trading account for beginners to practice forex trading in a 100% risk-free environment.

Bybit Trading Platforms

A trading platform is a type of software that is used through which trading can be executed. Each broker has its own preference in which platforms it supports and often brokers offer the use of their own proprietary trading platforms.

Bybit offers the use of MetaTrader 4 and its own proprietary trading platform, cloud trade, which can be used to execute trades, in addition to offering a variety of functions and features, that traders can use to add a competitive edge to their trading.

The Bybit trading platform is a mobile trading app for desktop, as well as android and ios smartphones that can be downloaded from play store or the apple store, respectively.

The platform allows two types of trading, namely contract trading and spot trading.

Bybit Available Instruments

Most brokers offer all or some of the following market instruments for trading:

Forex:

Forex trading, or currency or fx trading, involves the currency exchange market where individuals, companies and financial institutions exchange currencies for one another at floating rates.

Commodities:

As with currency exchange markets, commodity markets offer trading in contract-based tradable goods.

Indices:

Equity or stock indices can represent a specific set of the largest companies of a nation, or they can represent a specific stock market. It is actual stock market indexes that measures the value of a specific section of a stock market.

Precious metals:

This involves the trading of gold, silver and other precious metals as hard commodities that are contract-based tradable.

Energy:

The high volatility of energy prices due to political, environmental and several other factors, is a typical feature of this product, making it a popular trading choice.

Cryptocurrencies:

Tradable cryptocurrencies include the following:

• Bitcoin (btc) is the digital currency with the largest market capitalization and price levels and dominates 50% of the total crypto market cap.
• Litecoin (ltc) is like bitcoin but differs in terms of scalability.
• Ethereum (eth) is the second-largest cryptocurrency after bitcoin and allows developers to create smart contracts on a platform.
• Ripple (rpl) is popular among big banks with the ripple network a next-generation real-time gross settlement system.
• With Bybit, traders can only trade in cryptocurrencies.

Bybit Fees, Spreads, and Commission

Bybit trading fees are competitive compared to other exchanges in the cryptocurrency trading industry and are based on a market maker and taker fee structure. Depending on the type of order placed, fees are -0.025% or 0.075% and operate what is called a “maker-taker” fee model with other fees charged are funding rates which is an “overnight” rate.

Bybit Deposit and Withdrawal

When evaluating brokers, the ease with which deposits and withdrawals can be made is another imperative factor to consider.

Regulation plays a key part where client funds are concerned as funds that are kept in segregated accounts must be available for withdrawal at any given time when a request is made by the trader and subsequent owner of the trading account.

Bybit does not accept any deposits of fiat currency, which means that new investors that do not have any previous crypto holdings cannot trade with Bybit. It only accepts bitcoin (btc) deposits.

To purchase your first cryptos, you need an entry-level exchange, which is an exchange accepting deposits of fiat currency.

Bybit does not charge a fee to deposit cryptocurrency to the exchange, but there is a minimum bitcoin network fee charged for withdrawing funds which is determined by the blockchain network load which is typically around 0.0005 btc.

Withdrawals can be done directly on the applicable asset. It only requests your wallet address, and you need to confirm the transaction through 2fa. You will also be given information on the miner fee that will be applied to the transaction.

Withdrawals are processed 3 times a day at 08:00, 16:00 and 24:00 (all in utc time). All withdrawals are credited to your wallet 1 to 2 hours after a review.

Traders should note that there are withdrawal limits that are set on the accounts. They are:

• Bitcoin: 0.002btc / 10btc
• Etherem: 0.02eth / 200eth
• Ripple: 20xrp / 100,000xrp
• Eos: 0.2eos / 10,000eos

Currently, Bybit only accepts the following digital currencies btc, eth, eos, xrp, and usdt. However, funds can be displayed in the GBP, EUR, USD, AUD, cad, CNY, CHF, HKD, JPY, and KRW currencies.

Bybit Partnership Options

Bybit offers Partnership optionsin the form of the Introducing Broker Program and Rebate program. With the Rebate Options, participants can earn up to 45% of the brokers’ revenue for every active trader referred.

Bybit Best Countries by Traders

Bybit vs XM vs OctaFX – A Comparison

Bybit Customer Reviews

I had just recently started using Bybit…

I had just recently started using Bybit and I found out that I can earn money with the help of 24/7 support on all channels, and I found out it a 100% legit since I got my 3nfts for free and was able to trade, and yesterday I won another giveaway and soon I will be starting to do trades, I recommend everyone to join Bybit a TRUSTWORTHY ORGANIZATION

hey Bybit, please bring back the old website

Hope you guys are reading this. I love Bybit as broker. very user-friendly app en is use the app daily. But I am getting crazy about the website I can’t even get to my own settings. I just want to make a subaccount but you guys make it impossible to do that whit the website.

I lost a third of my capital, due to some technical error

I use this account as a secondary account. For fun. Thank God. I lost a third of my capital, due to some technical error in the chart. It started showing nonsensical numbers, so I canceled my limit position, but instead my trade was canceled at the market price. Support keeps writing the same thing over and over. That they do not register any error. I do not recommend this exchange.

Bybit Current Popularity Trend

According to Google Trends, here is an overview of how frequently the search term “Bybit” is entered into Google’s search engine over a given period of time.

Bybit Pros and Cons

Bybit Conclusion

Bybit is still a relatively new operator since it has only been in operation since 2018 in terms of cryptocurrency derivatives trading but has emerged as an alternative platform to the more established platforms.

While it is suitable for a wide range of traders and provides valuable resources such as the testnet which allows extensive demo trading to take place, it focuses more in the more experienced high-volume traders.

Since it does not have kyc requirements and no real trading or deposit/withdrawal limits, Bybit will suit anyone looking to trade in substantial amounts. The consistently high liquidity levels also suit anyone looking to take advantage of sudden market swings by making swift deposits onto the platform.

The exchange platform offered by Bybit is reliable and safe. Bybit has successfully combined the best of cryptocurrencies and traditional financial markets with a user-friendly exchange.

The trading conditions offered are favorable and competitive when compared with other brokers. The trading platforms are powerful and offer a vast number of features that can be used to the advantage of the trader.

Bybit Disclaimer

Bybit warns potential customers that cryptocurrency trading carries a substantial risk and may not be suitable for all investors.

The practice of leveraged trading can result in higher losses than first expected, and the volatile nature of futures markets makes them a part of the crypto sector best left to more experienced traders to navigate.

Before deciding to trade with Bybit, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.

BYBIT is an online broker that offers trading in a variety of financial instruments, including forex, cryptocurrencies, commodities, and indices. They also provide risk management tools and resources to help traders manage their risk. Some examples of BYBIT risk management features include:

Negative balance protection: This ensures that a trader’s account balance cannot fall below zero, even in the event of extreme market conditions.

Margin and leverage: BYBIT allows traders to use leverage, but also provides tools to manage margins and set stop-loss orders to limit potential losses.

Customizable risk management: BYBIT provides traders with the ability to set their own risk management strategies, including stop-loss and take-profit levels, as well as setting up trailing stops.

Traders can use these tools and resources to help manage their risk, and also get access to educational material and other resources. However, it’s important to note that trading always carries a risk and no strategy or tool can guarantee success. Traders should always understand the risks involved and invest only what they can afford to lose.

Frequently Asked Questions

Is Bybit safe or a scam?

Our research has revealed that Bybit cryptocurrency exchange is generally regarded as safe by the market; however, Traders should take note that Bybit is self-regulated.

Which instruments can be traded with Bybit?

Instruments that can be traded with Bybit include: BTC/USD, ETH/USD, XRP/USD, EOS/USD and BTC/USDT, USDT pairs — ETH/USDT, LINK/USDT, LTC/USDT, XTZ/USDT

Which live trading accounts does Bybit offer?

Bybit offers one live account type.

What is the minimum deposit for Bybit?

The minimum deposit amount for Bybit is $5 USD

How do you make a deposit and withdrawal with Bybit?

Deposits and withdrawals can only be made through the Bybit app.