Top 10 Reviews: Bybit Exchange

Bybit Review: The cryptocurrency derivatives exchange

Bybit Review: Bybit is an online crypto trading platform supporting cryptos’ buying, selling, and trading. The platform supports the trading of cryptos by way of derivatives and spot. The platform has superior speed and reliability, along with the tools needed to perform sophisticated technical analysis using a variety of indicators.

bybit Table logo

3.9/5


Disclaimer
The top 10 Crypto team is dedicated to ranking and comparing top exchanges in the market. To review references used in this review, please revert to the reference table at the end of this review. This review is not sponsored.  

Pros

⦿  Allows up to 100x leverage

⦿ Demo account available

⦿ Instant verification

⦿ Cold Wallet Storage/Manual Withdrawals

Cons

⦿ Not available in the U.S.

⦿ Crypto derivatives are extremely risky

⦿ Not suited to spot trading

⦿ May share your data with third parties for marketing

  • Bybit is different from a lot of cryptocurrency exchanges as it is a derivatives exchange.

  • Over 20 tokens are available to trade.

  • Offers a leverage of up to 100x with Bitcoin and 50x with other coins.

  • User-friendly and intuitive platform.

Year Founded: 2018

Official Website: https://www.bybit.com

Cryptocurrencies Available: 20+

Customer Support: Email, Live chat, Twitter, LinkedIn, Instagram, and Facebook.

Pros Explained

  1. 1. Bybit at up to 100x leverage. This means you could trade a position of $10,000 from a $100 investment.
  2. 2. Bybit has a Demo account available where new traders can test strategies and learn how to use the site without using real money.
  3.  3. The registration and verification process takes a matter of minutes.
  4.  4.  Bybit employs cold storage and conducts three daily manual withdrawals to strengthen security

Cons Explained

  1. 1. The United States has strict regulations to control both derivatives trading and cryptocurrency exchanges.
  2. 2. Using leverage in a volatile market like cryptocurrency enables people to bet borrowed money on a particular outcome. The problem is that if the bet goes wrong, they could completely wipe out their money.
  3. 3. Limited spot trading pairs, though the pairs will likely increase near-term as this is a new Bybit product offering.
  4. 4. Bybit is not FCA-approved. It is shutting down operations on UK territory. As it does share data with third parties inside and outside EEA. It’s not only for legal reasons – it will be shared with their partners for promotions and services.

Introduction to Bybit

Bybit is a powerful cryptocurrency exchange that offers a wide range of digital asset investment choices. The platform provides increased speed and reliability, as well as the tools needed to do advanced technical analysis using a variety of indicators.

Clients of Bybit can trade cryptocurrencies in three ways: perpetual contracts, futures, and spots.

Company Overview

Bybit is a cryptocurrency exchange that launched in March 2018 with the goal of providing a professional platform with an ultra-fast matching engine, outstanding customer service, and multilingual community support for crypto traders. Retail and institutional clients across the world use the company’s revolutionary online spot and derivatives trading services, mining and staking products, and API support, and it aspires to be the most dependable exchange for the new digital asset class. Ben Zhou, the founder, and CEO of Bybit, formerly worked for XM, one of the leading FX and CFD trading brokerage businesses in the world. Professionals from investment banks, technology businesses, the forex sector, and early blockchain users make up the company. Morgan Stanley, Baidu, Alibaba, and Tencent have all contributed to the development team.

Cryptocurrencies Available on Bybit

At the moment, the Bybit exchange offers 20 different cryptos, including

Uniswap (UNI), Aave (AAVE), Bitcoin (BTC), Bitcoin Cash (BCH), Cardano’s ADA (ADA), Chainlink (LINK), Dogecoin (DOGE), EOS (EOS), Ethereum (ETH), Ethereum Classic (ETC), Filecoin (FIL), Litecoin (LTC), NEM (XEM), Polkadot (DOT), Polygon (MATIC’)

How to buy Crypto on Bybit?

1- Download the Bybit App via App Store or Google Play Store.

2- Register and verify your account, or log in to your Bybit account.

3- Please click “Buy Crypto” on the left side of the navigation bar and select Express to enter the Buy Crypto Express deposit page.

4- Select the fiat currency you want to pay.

NOTE: In the input box, you may check the maximum purchase limit for each currency. The lowest purchase amount in AUD is $30, while the highest buy amount is $27,911.

5- Select the cryptocurrency you would like to receive in your Bybit wallet address. Currently, only BTC, ETH, and USDT are supported.

6- Fill in the amount. You can enter a deposit amount in fiat money (eg, $1,000). You may also look at the reference pricing at the bottom right.

7- Select from the list of service providers.

According to the fiat currency and cryptocurrency selected by the user, the supplier that provides the corresponding service is displayed in the list.

We can obtain the following information from the service providers list:

  • Name of the service provider
  • Reference quotation and estimated transfer time
  • Estimated amount of convertible cryptocurrency

Note:

The real-time quote is provided solely for informational purposes. The precise exchange rate may be found on the service provider’s website. Every 30 seconds, the real-time quotation in the top right corner will be refreshed. You may use “Refresh” to receive the most recent quote.

8- Select “Continue” from the drop-down menu. A window with information will appear. Please read the terms and conditions carefully to ensure that you understand and agree with them. Click the “OK” button to continue. You will be sent to the official website of the third-party payment provider..

After successfully depositing fiat currency into Bybit, you can click “History” to view historical transaction records.

Congratulations, you’ve made it! You’ve started to invest in cryptocurrencies.

How to trade crypto on Bybit ? 

Bybit offers you three types of trading products: Spot Trading, Derivatives Trading, and Decentralized Finance (Defi).

Spot Trading

How to Trade on Spot

  • For traders using Bybit’s app, select “Spot” at the bottom right to enter the trading page that defaults to BTC/USDT.

  • All trading pairs, as well as the Last Traded Price (USDT) and 24-hour change percentage of the associated trading pairs, are displayed on the left side of the page. Please directly input the trading pair you wish to view in the search box to easily discover the trading pair you want.

Tip: Toggle to the star icon. Then you may add frequently viewed trading pairs to the “Favorites” column, making it easier to choose trading pairings.

Do you want to see more trade pairs? You may get a full list of trading pairings by clicking on the trading pair in the top left corner. Simply choose the one you’d want to swap..

Note:

  • Currently, BTC/USDT, ETH/USDT, XRP/USDT, and EOS/USDT are supported.
  • Move to the order zone and follow the steps below to start placing your order
  • Please make sure that there are sufficient funds in your Spot account.

The following example uses a BTC/USDT Market Order.

1. Select “Market”.

2. (a) Buy: Enter the amount of USDT paid to buy BTC.
Sell: Enter the amount of BTC to sell to buy USDT, or
(b) Use the percentage bar.

If you want to purchase BTC, for example, the available balance in your Spot account is 10,000 USDT, and you pick 50% — buying 5,000 USDT equivalents of BTC.

3. Click “Buy BTC” or ”Sell BTC”.

After confirming that the entered information is correct, click “Buy BTC” or ”Sell BTC”.

Congratulations! Your order has been filled.

For traders using the app, click “All Orders” and then select “Order History” to view order details

ByBit Review: Fees

Trading fees, withdrawal fees, and deposit fees are the three sorts of fees to be aware of. Bybit charges a maker/taker fee for trading. Whether you’re adding or withdrawing liquidity from the market will determine this.

Fees and leverage for inverse contracts based on cryptocurrency are listed below.

You’ll also pay standard withdrawal fees, depending on the currency you withdraw.

Opening a Bybit Account

To open an account, go to the Bybit homepage and click on the “Sign Up” icon as shown below:

Click “Sign Up” after entering your email address and choosing a password, agreeing to Bybit’s terms and conditions and privacy policies. Users may also join up using their phone number as an alternative to email.

Then you’ll be asked if you’re a resident or citizen of one of Bybit’s banned countries or areas. Click “No” if you aren’t sure.

You will get a verification code through email or phone once you click “No.” To finish the email/phone verification, enter the verification code.

You will be directed to the Bybit trading page after validating your email/phone address, as seen below:

How Bybit Compares to Other Cryptocurrency Companies

Bybit is a popular cryptocurrency derivatives exchange. You may have heard a lot of talk about it because of its rich affiliate scheme, which attracts a lot of content providers. Don’t worry, though; it’s not all hype.

Bybit has a number of flaws, one of which being its restricted fiat-to-crypto conversion capabilities. However, it has a lot going for it, such as multi-signature cold wallet storage. With its user-friendly interface, you’ll be able to trade with leverage and manage your holdings.

It does, however, have a lot of room to expand. And it may begin by enforcing a strict KYC requirement for Bybit USA merchants. More significantly, having a strong ID verification mechanism in place may increase the credibility of the company in the eyes of authorities.

However, if the entire FCA problem and the fact that it shares your data bother you, you might want to look at other comparable sites.

Top 10 Approach Bybit Review:

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  1. Bybit “Fee Structure.” https://help.bybit.com/hc/en-us/ Accessed May 31, 2022.
  2. Bybit “FAQ” https://help.bybit.com/hc/en-us/ Accessed May 31, 2022.
  3. CoinMarketCap. “Top Cryptocurrency Spot Exchanges.” https://coinmarketcap.com/rankings/exchanges/  Accessed May 31, 2022.
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Bybit is an online crypto trading platform supporting cryptos’ buying, selling, and trading. The platform supports the trading of cryptos by way of derivatives and spot. The platform has superior speed and reliability, along with the tools needed to perform sophisticated technical analysis using a variety of indicators.
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