Bybit Review for 2024

Bybit is a cryptocurrency derivatives exchange and trading platform that allows margin trading. It was founded in March 2018 in Singapore and is one of the most popular cryptocurrency trading platforms, with over $1 billion daily trading volume.

Bybit boasts a variety of features that make it popular, and the earning potential tends to be high for cautious traders. If you wish to learn how to trade on this platform and what to pay attention to, read on!

Bybit General Overview

Bybit is a derivatives cryptocurrency exchange with multiple products, including perpetual contracts and margin trading. Moreover, trading options are many, and a few of the more popular ones are:

• Spot trading 
• Peer-to-peer
• Launchpool staking
• DeFi mining

If you consider yourself an expert trader, Bybit also has the option of leveraged trading (more on that a bit later).  

Furthermore, Bybit has a simple but powerful interface suitable for beginners and experienced traders alike. However, we should note that Bybit isn’t FCA-approved in the UK and is not accessible in Quebec, which may negatively reflect on its overall reputation. Also, the platform can share your data with its partners for promotional purposes.

Finally, the Bybit mobile app comes with plenty of valuable features and is highly rated among its users.

Bybit Features

Now, let's review the features this platform offers. 

Order Types

There are three main types of orders:

• Limit orders give you more control by allowing you to set the price at which you want to buy or sell. But if the market price doesn’t reach your limit, the order may remain unfilled. 
• Market orders will execute your trade at the current market price. These are more likely to be filled quickly, but you may not get the best price.
• Conditional orders allow you to set your conditions for buying or selling, such as only executing the trade if the price reaches a certain level. They can be beneficial in protecting your profits or minimizing your losses, but they can also be complex to set up.

Available Cryptocurrencies

You can trade 15 cryptocurrencies on Bybit: Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Tezos, Chainlink, Cardano, Polkadot, Uniswap, Ripple, NEM, SushiSwap, Aave, Dogecoin, and Tether.

In addition to allowing you to buy and trade Bitcoin and other cryptocurrencies, Bybit has a launchpad that gives users early access to upcoming cryptocurrency tokens. Committing your money this way may bear some risk, but cryptocurrencies generally gain value upon release. 

Leveraged Trading 

Bybit offers leveraged trading up to 100x. The leverage allows traders to take on positions they would otherwise be unable to afford, increasing their potential profits (and losses). 

In practice, it looks like this: You have $100 and bet that Bitcoin’s value will rise. If it rises by 10%, you gain $10. But if you leveraged your trade 100x, the $100 becomes worth $10,000. So, you earn 10% of the leveraged amount, which is $1,000. 

However, it would be best if you used this option with caution because the more you leverage, the smaller the opposite price movement needs to be to liquidate your investment.

Opening an Account

You can sign up for a Bybit account using your email or phone. For withdrawals of less than 2 BTC per day, you don’t need KYC (Know Your Customer) verification. But, if you intend to withdraw up to 100 BTC per day, you’ll have to complete the KYC verification process.

Test Trading Without Investing

Before investing any real money, you can try out the platform and get used to its advanced tools. And you can do so with a risk-free testnet - a replica of the exchange.

The testnet is available to all Bybit users who can access the tool by logging in and selecting the Testnet option. Once you access the testnet, you'll be able to: 

• Try out all features 
• Place orders and trade 
• Test Bybit’s trading interface 

Just note that obtaining Bitcoin testnet coins can be a little complicated.

Advanced Technology

Bybit boasts state-of-the-art technology that enables the platform to function seamlessly, which is one of the top benefits its users enjoy.

For example, various customers stated that this derivatives exchange is faster than many of its competitors. This prevents server downtime when many people engage in trade due to a market push.

According to Bybit, the platform can handle around 100,000 transactions per second.

Moreover, Bybit charts add extra functionality, such as time-zone adjustment and interchange between candlesticks chart and chart line graph. Lastly, data in various formats is available for download. 

Bybit Fees

The main fees that users have to keep an eye on are:

• Trading fees
• Withdrawal fees

When it comes to spot trading, both the taker and maker fee rate is 0.10%. For perpetual and futures trading, the taker fee is 0.06%, and the maker fee is 0.01%. 

These trading fees become lower based on your membership level, which is determined by your assets, your 30-day trading volume, and trade type. The following memberships are available:

• Non-VIP
• VIP 1x
• VIP 2
• VIP 3
• Pro 1
• Pro 2
• Pro 3 

Note that withdrawal times are typically from 30 to 60 minutes. 

Besides related fees, you might wish to learn more about crypto taxes in Canada, as well. 

Bybit Security

If you’re wondering how safe your deposits are with Bybit, the company takes its security very seriously. As a Bybit user, you can rest assured that your funds are safe behind several several layers of security, including:

• Two-factor authentication
• Multisignature cold wallet storage
• Partnership with white hat hackers 
• Zero-trust architecture - validating each step of digital interaction

Bybit Customer Support

The company offers customer service via:

• Social media
• Knowledge bases
• Email and chat support

You can find this derivatives exchange platform on Facebook, Twitter, LinkedIn, and other social media platforms. There, you can attend online classes twice a week. 

Email and chat support is efficient and available 24/7. Occasionally, you may experience response delays due to high support demand, but waiting times aren’t long overall. 

Knowledge bases and educational resources contain helpful information for new and experienced traders alike. For example, Bybit Learn provides insights into tools and chart patterns. 

Bybit Pros and Cons

The most significant advantages the platform has are:

• Leveraged trading
• Advanced technology and tools
• Risk-free strategies and tools testing
• Launchpool staking, allowing users to stake tokens and generate interest
• The platform doesn’t have unstaking periods, which most other exchanges have

A few potential cons are:

• Restricted access to traders in Quebec
• Disclosure of your personal information to partners for marketing purposes

Who Is Bybit For?

Bybit caters to various trader categories, including:

• Traders confident in using cutting-edge tools and instruments 
• Fans of staking since Bybit launchpool lacks unstaking periods 
• New traders who could benefit from learning materials and free online lessons

If you find that trading through Bybit doesn’t meet your needs, there are excellent US platforms you could trade cryptocurrencies through.

Conclusion

Bybit is a cryptocurrency derivatives exchange platform that allows users to trade and leverage cryptocurrencies. The platform has unstaking periods, unlike many of its competitors, and has a simple interface that both beginners and experienced traders will find easy to use. 

Bybit also offers a highly rated mobile app for trading on the go, it has several customer service channels, and useful educational resources. However, it is unavailable for traders in Quebec, and the company discloses its users’ information to its partners.