The first section of this Bybit exchange review considers the cryptocurrencies that can be traded on the platform. Bybit offers perpetual contracts for four cryptocurrency assets: Bitcoin, Ethereum, Ripple, and EOS. Naturally, this means the platform isn’t ideal if you are someone looking to explore the lesser-known altcoins but it should be noted that Bybit will review its offering in the near future and already has plans to support tokens like LTC, TRX.
Whilst the support for funding Bybit accounts left something to be desired, we found that the platform makes up for this to some extent with its sophisticated leverage/margin trading platform. Traders looking for a higher risk/higher reward trading experience can invest in perpetual crypto derivative contracts against each other or against the dollar. This means Bybit users are not buying an underlying asset, but entering into an agreement with the seller for the future price of said asset. Traders can enter a short or long position on every currency pair available: BTC/USD, ETH/USD, EOS/USD, and XRP/USD with a maximum leverage of x100.
It should be noted that there are risks involved in Bybit futures trading and it is advisable to thoroughly research margin trading and CFDs before making any transactions.
Another important category in this Bybit exchange review is the platform’s fee structure. Bybit trading fees follow a similar maker/taker pricing structure to many of its competitors – “makers” being those whose orders make the liquidity in Bybit markets and “takers” being those who take this liquidity by matching makers’ orders with their own. What this means is that the fees you pay will depend on whether or not you provide the exchange with liquidity.
The fee for takers is charged at 0.075% per order, which is a relatively standard fee for the industry. Makers, on the other hand, receive a 0.025% commission – so if you are the maker in a trade worth, say $1000, then you would only pay $997.50, which we found to be a favourable rate. The fees are the same whichever currencies the deal is made on.
There is also a small fee of 0.0005 Bitcoin for BTC transactions – lower than the global industry standard.
Bybit is used by traders around the world. The exchange is supported in hundreds of different countries worldwide, including the UK, Australia and New Zealand. As such, it is a good option for traders who either travel often or have business interests in various countries.
There are, however, a few jurisdictions in which the platform is unavailable. Most notably, the USA, due to compatibility issues with American trading rules, however there are plenty of other apps available for US users. Bybit is also banned in Singapore, China (mainland and Hong Kong) and Cuba, as well as North Korea. The website stated that Quebec also restricts trading, however, there is no mention of the rest of Canada, so Canadian users are advised to check with the platform directly. Bybit is continually looking to expand globally and it is possible that the jurisdictions in which it operates may change, so if you are looking to operate in one of the affected areas, it’s worth checking back occasionally to see if things have changed.
If by this stage you are considering giving Bybit a try, you might now be interested to know exactly how to use the platform and start making trades.
1. Registering your account
First thing’s first, you’ll need to register for an account. This is very straightforward and our Bybit review found it takes no longer than fifteen minutes. Clicking on the “Register” tab leads to a form requiring a few details. You’ll need to enter your email address and come up with a password. Bybit then sends out a confirmation email. It’s important at this stage to go into your account settings and set up two-factor authentication to ensure your account is as secure as can be.
Now you are ready to deposit funds. Once again this is simple to action: the ‘Assets’ screen will show you options for both depositing and withdrawing. As Bybit is a crypto-based platform, you’ll be presented with a crypto deposit address as well as its corresponding QR code. Once the transaction is complete, the coins will be credited to your wallet.
Making a Bybit withdrawal is easy. Whilst there is no stringent verification involved for Bybit, you will need to ensure 2FA has been activated first. Bybit processes all withdrawals offline and does so in 3 batches per day. These are carried out at 0800, 1600 and 2400 hrs UTC Time. The cut-off time for requests is 30 minutes prior to the processing time, to allow enough time for Bybit to review the transactions, and funds should reach your account within a couple of hours. Our Bybit exchange review notes that there is a 10BTC Bybit withdrawal limit.
4. Trading options
When it comes to using Bybit and how to trade, users have a few options. It should be remembered, however, that Bybit allows users to trade in perpetual crypto derivative contracts. This subject is far beyond the scope of this Bybit exchange review, so it’s important to read up on what this involves before getting started with the platform.
Bybit offers several order types. The simplest option is to carry out a market order, which allows you to start trading as the touch of a button, with options to buy/long or sell/short. The Bybit price index will tell you the current rate. You can also set conditional limits and select the price at which you want an order carried out.
You’ll see these options clearly marked out under the “Trade” tab at the top of the user interface. All you then do is enter the required metrics, before hitting the “Buy/Long” or “Sell/Short” button, depending on how you think the crypto price will move.