Bybit Review 2024

Bybit

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

Bybit

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

Summary

Pros

  • High liquidity and trading volume, ensuring ease of entry and exit positions
  • Advanced trading features including up to 100x leverage on derivatives
  • Extensive educational resources and tutorials, particularly beneficial for beginners
  • User-friendly and customizable interface with support for TradingView charts
  • Robust security measures including cold storage, multi-signature wallets, and DDoS protection
  • Supports a wide range of cryptocurrencies and trading pairs
  • Comprehensive customer support including 24/7 live chat, email, and support tickets
  • Innovative features like copy trading and trading bots for passive income opportunities
  • Regular promotions and bonuses for new and existing users
  • Availability of a mobile app with full functionality

Cons

  • Not available to users in certain countries, including the United States, due to regulatory restrictions
  • Non-regulated status may offer less protection for users in disputes
  • Complex fee structure with additional charges for various services
  • High risk associated with leverage trading, which can lead to substantial losses
  • Reports of delayed customer support responses
  • Limited number of supported cryptocurrencies compared to some competitors
  • Initial verification process can be time-consuming
  • Lack of fiat withdrawal options
  • Potential issues with market manipulation concerns
  • Low Trustpilot rating indicating mixed customer satisfaction

Features

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.

Money

Fees

Like all 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.

Payment Methods

Bybit supports 2 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 6 fiat currencies.

Security

Keeping your funds safe

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

  • 2FA
  • SMS

KYC

Bybit requires KYC to use their services. KYC usually involves sharing your personal details, some form of ID, a mobile phone number, and in some cases, proof of address.