Of all the crypto margin trading platforms in the market, Bybit has created a separate identity and fanbase for itself. In a very short duration, it has not only proved its efficiency and prowess but also emerged as one of the preferred platforms for crypto margin trading.
However, being a new exchange platform with no proven track record, many users still doubt its safety, legitimacy, and trading interface. And, this is very natural for people dealing in cryptocurrencies to doubt the efficacy of new platforms.
If you also have similar concerns, then this review article will help you to know inside out of Bybit and assist you in making a better decision.
So, let’s get in.
What is Bybit? [Bybit Welcome Bonus]
Bybit is a P2P crypto derivatives platform established in March 2018, registered in British Virgin Island and headquartered in Singapore.
The platform only offers to trade in crypto perpetual swaps and focuses on serving retail clients of all types from beginners to professionals. It has over 400,000 users from 117 countries and generates close to $1 billion in daily trading volume, of which 85% of the trading volume comes from BTC/USD pair.
Apart from this, its state-of-the-art trade matching engine and advanced features and functionalities provide a superior trading experience.
Leverage offerings, Supported Coins, & Contracts
Bybit offers trading in four different perpetual swaps BTC/USD, ETH/USD, XRP/USD, and EOS/USD. It also offers a BTCUSDT futures contract for hedging purposes only.
Regarding leverage, it offers maximum leverage of up to 100X on BTC/USD and BTC/USDT futures contracts and up to 50X on the other three trading pairs.
Bybit offers only three different order types to its users viz market order, limit order, and conditional orders. Speaking about conditional orders, these are advanced orders which get executed once the specified criteria are met. Conditional orders include stop-entry order, stop-loss order, and take-profit order.
Apart from this, it has three order life options viz good-till-canceled, immediate-or-canceled, and fill-or-kill.
Platform Trading Fees
Bybit follows a maker fee and taker fee pricing model. Depending on the type of trade (long/ short), for every executed trade, it offers a maker rebate of 0.025% and charges a taker fee of 0.075%.
A position funding fee is also applied on the platform to ensure Bybit’s last traded price is anchored with the global spot price. It is exchanged between buyers and sellers every 8 hours at 16:00, 0:00, and 8:00 UTC. When the funding rate is positive, a long position holder pays a short position holder and vice versa. The funding fee is calculated upon position value multiplied by the funding rate.
Now, regarding funding options, Bybit accepts deposits in BTC, ETH, XRP, EOS, and USDT and has not set a minimum deposit limit.
However, withdrawal limits apply and vary from coin to coin.
For a crypto margin trader, having a smooth trading interface is the primary requirement due to the high decibel trading environment. A small lag in performance can result in severe losses.
Bybit has a well laid-out and intuitive trading platform suitable for all types of traders from beginners to professionals. Having a standard interface, you can easily toggle between multiple widgets in the platform.
With its advanced and powerful trade matching engine, the exchange can handle up to 100,000 transactions per second. And, since its launch, the exchange has not faced any overload issue and has maintained near 100% up-time. Now, let’s have a look at other features of the platform:
TA Tools and Charts
Bybit has integrated a third-party charting software from Tradingview.com, a leading web-based charting solution provider. It offers all the indicators, technical tools, and drawing tools required for advanced technical analysis. You can use multiple indicators ( no maximum limit) at once on the chart to get a better understanding of the price movement.
In terms of charting, you can fully customize your charting screen and can adjust in multiple time frames from 1 minute to 1 month.
Bybit has a vertically arranged order book that is clean, crisp, and easy to read. One of the unique features is, you can maximize the order book widget to full screen, where you can analyze the buy and sell data in a better way. Also, it offers price depth up to 50 cents.
The platform has an ultra-fast and responsive trading interface, designed to provide high-frequency trading experience. It uses an Advanced Mark & Index Pricing system to provide reliable pricing and all the platform data are shown in real-time to maintain transparency.
Bybit follows a dual-price mechanism (spot price and last traded price) for the liquidation process. Therefore, liquidation is triggered when the spot price, also known as mark price hits the liquidation price. The last traded price is anchored to mark prices through the funding mechanism.
The main advantage of the dual price mechanism is it helps to prevent liquidation from market manipulations.
Also, it uses the insurance fund to decrease the possibility of auto-deleveraging. In the event of liquidation, if the liquidated price is worse than the bankrupt price, the insurance fund will cover the gap.
You can get familiarised with all the features and functionalities of the platform through its demo trading account and check whether the platform matches your needs or not.
How To Start Trading On Bybit
Bybit doesn’t require KYC verification of its users and fully supports anonymity.
The registration process on Bybit is very easy and can be completed in just a few steps. As you enter the website, click on the “Register” button present at the top right corner of the page.
Enter your email id and password and then click on register. You will be asked to enter the confirmation code sent to you email-id for account verification.
Secure your account
But, before that, go to “Account & Security” to set up your account username and 2FA.
Now, you can deposit one of the supported cryptocurrency by clicking on the “Assets/My Assets” section.
Once you have successfully deposited the funds, go to the “Trade” section to start your trading journey.
Customer Support & Assets Security
Bybit operates a multi-lingual 24/7 online customer support desk for its users. It has a live chat window for instant query resolution, email support (email@example.com), and social media handles.
You can reach Bybit through different social media channels including Twitter, Reddit, Telegram, Facebook, LinkedIn, etc.
Apart from this, it has a dedicated FAQ page, under which all the common issues are listed, usually faced by a user during account opening to trading. Also, it has its official blog, where it posts important announcements regarding the platform.
Now, speaking of asset security, it has the following security protocols in place to ensure complete platform security:
Cold wallet storage: 100% of the user’s funds are kept in a multi-signature cold storage wallet. And, collections and withdrawals are done through offline signatures.
Two-factor authentication: All account logins require two-factor authentication through the Google Authenticator app to prevent unauthorized account access.
SSL protection: The website data is secured through full SSL encryption to protect all user’s data.
It has a host of other security features integrated into the platform to provide a secure trading experience.
Apart from this, Bybit is a fully transparent trading platform and strives for improving its data transparency. Through the “Exchange Transparent Assets” program by BitUniverse, you can review the Bybit’s platform assets.
Bybit also timely reconciles and monitors user’s assets and any on-chain and off-chain fund movements are monitored by an independent internal control team. It has a strong risk-management framework in place for internal and external anti-fraud and money laundering practice.
Also, Bybit has the highest security Investment/IT Investment ratio in the industry at 20% and plans to increase it to 30% in the near future.
The Bybit team constantly updates its system and has an internal system for software lifecycle management.
Going through all the features and functionalities of the platform, it can be said that Bybit has built one of the most robust and reliable crypto margin trading platforms.
If we compare Bybit with other established exchanges, its order book liquidity has gone past Deribit, PrimeXBT, Bitfinex. All these factors are making Bybit a suitable alternative to established players in the crypto margin space.
Let’s have a look at some of the pros and cons of Bybit:
- A technologically strong and robust platform
- Have a simple and intuitive trading interface
- No KYC/ supports anonymous trading
- High leverage offered on all trading pairs
- Deep liquidity levels
- Strong risk-management framework
- Competitive trading fee
- No deposit limit
- Good customer support
- Fully transparent and secured trading platform
- Offers few trading pairs
- Limited order types
- No fiat support
In short, a superior trading platform designed to handle the evolving dynamics of crypto margin trading and provide a seamless trading experience to all types of traders.
So, what’s holding you back? Register and start benefiting from this crypto revolution.