Bybit Review: Is it a legit & safe Exchange to trade?

Ranked fourth by the trading volumes in the derivatives segment and with over 1.2 million userbases, Bybit has come a long way in its short time of operation. And has even surpassed some of the market leaders, surprising everyone in the market. 

However, with the market growing so rapidly, Bybit can provide a safe trading experience to its growing list of users in this highly unpredictable market. 

Let’s have a detailed Bybit exchange review

Bybit Exchange Review

Bybit is a cryptocurrency derivatives exchange platform established in March 2018 and is based in Singapore and registered in the British Virgin Islands. 

The exchange’s core team consists of early blockchain adopters, pioneering professionals from the foreign exchange and investment banking industries. 

Compared to other established crypto futures exchanges, Bybit offers trading in only perpetual contracts with up to 100X leverage on certain contract types. 

Its advanced trading platform, fast order matching engine, and superior risk management processes have helped it become the favorite exchange platform among the experienced class of traders, despite the limited number of contracts that can be traded on the platform.  

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Leverage Offerings, Supported Coins & Contracts

Bybit offers trading in Inverse Perpetual and USDT Perpetual and offers leverage of up to 100X. 

Inverse Perpetual contracts include BTC/USD, ETH/USD, XRP/USD, and EOS/USD.

And USDT Perpetual contract lists include BTC/USDT, ETH/USDT, LTC/USDT, XTZ/USDT, and LINK/USDT.

The contract size of inverse perpetual is $1 (the lowest contract value among all the exchanges), and the maintenance margin base rate for the BTC contract is 0.5%, and the initial margin requirement is 1% for smaller trades. 

You should also note, Bybit reduces the leverage for large positions to protect the exchange from the risks involved in large positions. 

 

bybit Order Types

Bybit offers three order types to its users, which includes:

  • Limit Order: The order is placed at a specific price. In a limit order, the buy order can only be executed at the limit price or lower and vice versa with the sell order.
  • Market Order: The order that is executed at the prevailing rate of the contract or instrument
  • Conditional Order: Conditional order means the trade order will be executed only when certain conditions are fulfilled. You need to set the trigger price, order quantity, leverage, and direction of the trade. 

Along with limit order and conditional order, you’ll also have to provide order life. There are three types of order life:

  • Good-till-cancelled: The order is valid until you’ve cancelled the order yourself.
  • Immediate or Cancel: The order is designed to be filled immediately at the best price. This may also result in partial execution of an order. 
  • Fill or Kill: This order type should execute the order fully or not at all. No partial order execution is allowed. 

Bybit Platform Trading Fees

Bybit doesn’t have a flat fee structure. The market makers are offered Maker’s Rebate, and takers are charged a Taker Fee. 

The Maker’s Rebate is 0.025% on all types of perpetual contracts, and Taker’s Fee is 0.075%.

The trading fee is adjusted with the account balance accordingly, which doesn’t affect the initial margin.

There is no minimum deposit amount limit but has a minimum withdrawal limit. The following table shows the minimum deposit, withdrawal, and withdrawal fee.

Bybit Trading Platform

Bybit is a web-based smart trading platform that can process 100,000 transactions per second, which helps it easily manage the volume surge effectively during heightened volatility in the market. Also, with high market liquidity depth, orders are executed instantly and with minimal price impact. 

The trading platform is well built, and it is easy to spot the platform functions. It includes a charting system from tradingview.com, which offers access to all major TA tools, indicators, and price action within multiple time-frames.

The order book is designed to provide a view of the latest five buy and sell orders. You can also find the recent trades, trade positions, P&L summary, and contract detail windows within the platform.

  • Other features of the platform are:
  • The dual price mechanism allows to prevents unfair liquidation of positions.
  • The platform’s powerful APIs that refreshes market data every 20ms
  • The platform’s advanced order system allows to directly set profit/stop loss at entry, adjust orders placed and receive strategy alerts with one click.

How to Start Trading on Bybit Exchange

Bybit allows you to set up your trading account in just three steps, which can be completed within a couple of minutes. 

  • Step One: Sign-up 

Bybit is a NO-KYC platform, and you don’t have to go through the lengthy process of verifying and activating your account. By using your email-id and password, you can open the trading account.

  • Step Two: Deposit Funds

Once you’ve successfully opened the account, you need to add funds to start trading. Go to the “Deposit” section, where you can directly deposit funds by transferring BTC from your wallet or buying BTC using fiat currency. 

  • Step Three: Trade

Following the successful transfer of funds, you can now move to the website’s trading section and start your trading journey. `

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Customer Support & Asset Security

Bybit is built on customer-centric values and has a great customer support team. They have a 24/7 multi-lingual customer support team. 

For instant support, you can reach them through the live chat function available on the platform. 

You also can reach them by writing directly at support@bybit.com, and for technical issues, you can write at it@bybit.com. They also run a Telegram channel, where they post all the announcements to keep the users updated with the changes and addition. 

Now, coming to asset security, Bybit uses an HD cold wallet system to secure the users’ funds. Only a small portion of funds are kept in a hot wallet to meet the trading requirement.

The cold wallets are kept in an air-gapped environment ( not connected to any live systems). To eliminate the chances of a hack, Bybit uses a multi-signature cold wallet system. 

When it comes to users’ asset withdrawal, the user needs to authenticate the transaction through Google Authenticator 2FA security code.

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Conclusion: Is Bybit Safe & Legit

Bybit has every reason to justify itself as a top crypto derivatives exchange in the market. It provides a technologically strong, transparent, and trustworthy platform for smooth crypto derivatives trading experience.

One of the key points of any good crypto derivates trading platform is its risk management processes. By reducing the leverage for large positions to create insurance funds for managing the risks posed by losses in the futures contract settlement, Bybit has created a strong and reliable platform for crypto derivatives trading.

Highlights

  • Advanced trading platform with 100K TPS order matching engine
  • Can integrate bot trading services like 3Commas using API keys
  • Attractive trading fee
  • User-friendly and intuitive platform interface
  • Smaller size contracts compared to other exchanges.
  • One of the few exchanges to offer futures contract on EOS and XRP
  • The easy account set-up process
  • Good customer support team

With a customer-centric approach, continuous improvements within the platform, and robust risk management, Bybit simplified the crypto derivatives trading. And, in the future, we may also see the introduction of new contracts and derivatives instruments.

So, from our side, it’s a big thumbs up for Bybit. 

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Jack Bailey

I am John, a veteran trader turned into a trading coach. Especially in the realm of cryptocurrency derivatives which is now booming and expected to grow big.