Bybit Review 2023

Bybit screenshot

Bybit is a leading cryptocurrency exchange and trading platform. They support 357 coins across 542 markets.

In this review, we'll cover everything you need to know before signing up. All the main features, pros and cons, included.

Bybit Overview

Bybit was built by Ben Zhou in 2018, and has been in operation since.

The exchange is based in Dubai, and serves many customers all over the world. Provided you're in one of the supported countries, you're free to trade.

Bybit Services

  • Spot Trading. Bybit allows you to trade, buy, and sell, crypto on spot markets. Meaning you're trading the real thing. You can deposit and withdraw this crypto.
  • Futures Trading. Bybit supports futures trading. Derivative contracts that you can trade on leverage without providing margin.
  • P2P Trading. Bybit support P2P trading. Where you trade directly with other people through specific payment methods or giftcards.
  • NFT Marketplace. Bybit has an NFT marketplace, where you can buy/sell NFTs and collectibles.
  • Trading Bots. Bybit has trading bots that you can use to automate your trading strategies.
  • Copy Trading. Bybit supports copy trading, an automated method of copying other people's trades; great if you're a newbie, or if you're not the best trader.
  • Launchpad. Bybit has a launchpad for new, exciting tokens. Often low marketcap tokens that are yet to blossom into maturity.

Bybit Payment Methods

Bybit supports 12 payment method(s). You can use the following the deposit/withdraw to/from the exchange.

  • Credit/Debit Card
  • Crypto

Be aware that they may be withdrawal/deposit limits imposed, and the payment methods may also vary based on your location.

Bybit supports over 6 fiat currencies: USD, EUR, GBP, AUD, CAD, AED.

Bybit Security

Bybit offers 2 layer(s) of security. Aside from the obvious, email and password.

    Bybit requires KYC to use their services. KYC usually involves sharing your full details, some form of ID, and a mobile phone number.

    Bybit Fees

    Like other centralized exchanges, Bybit charges fees. This is how they generate revenue, and keep their operation running.

    • Deposit fees. Fortunately, most centralized exchanges don't charge deposit fees when you deposit with crypto. Though, they charge for fiat deposits, which vary dependant on the payment processor and fiat option that you're using.
    • Withdrawal fees. Bybit charges withdrawal fees. They vary based on what you are withdrawing and the payment method that you're using. Crypto withdrawals will also incur network transaction fees, they are not paid for by Bybit.
    • Bybit's maker fees: 0.1%*
    • Bybit's Taker fees: 0.1%*

    Maker/taker fees are tiered. As you trade more and generate volume, they often fall.