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ByBit Guide and Review 2020 with Sign up Bonus

Welcome!

Here we will present our ByBit guide and review for 2020. There is a sign-up bonus with Bybit where you can get up to $90 free.

ByBit is a quite new derivative crypto trading platform offering futures and perpetual swaps.

We will go through trading features, deposit methods, and fees.

ByBit Guide and Review 2020 - Intro

What is ByBit? Let us guide you through some history and company information in this intro section for our review 2020.

ByBit was launched in March 2018 and this makes it you player, even on the cryptocurrency market.

Bybit is P2P cryptocurrency futures exchange that is based in Singapore. The trading site operates under Bybit Fintech Limited and this is a company that is registered in the British Virgin Islands.

ByBit Trading Guide 2020

In this section we will provide a step by step guide on how you start trading with ByBit.

  1. Sign up with ByBit
  2. Once you are in, go for the trade button in the header menu.
  • USDT Perpetuals are denominated in USDT.
  • The Inverse perpetual contracts use BTC, ETH, EOS, XRP as the base currency. You need to confirm traded quantity in terms of USD which is the quoted currency. Also, you need to use their base currency (such as BTC, ETH) to calculate margin, profit and loss. For example, if you want to trade BTCUSD contract, you must use BTC as your base currency. If you want to trade on ETHUSD contracts, you need to hold ETH.
 

Here, ByBit differentiates itself from BitMEX where all contracts are denominated in Bitcoin. So, on BitMEX you need to hold Bitcoin to be able to trade any contract. Read more about this in our BitMEX review.

3. Now when you are in, make sure you have selected the cryptocurrency pair you want to trade. Some additional information you should be aware of regarding the perpetual futures are:

  • The contracts has no expiry date since they are all perpetual contracts.
  • Funding occurs every 8 hours, similar to BitMEX. Read more about BItMEX fees in our BitMEX review.

4. Now we have to go to the left column and select all trading criteria

a. First choice is Limit order, Market order or Conditional order

  • Limit order – Set a limit price on your order (You pay maker fee)
  • Market order – You will buy to the best price on the market (You pay taker fee)
  • Conditional order – You set 
 
b. Second choice is margin type, cross margin or isolated margin
  • Cross margin – Margin only on this position
  • Isolated margin – Margin on all positions you have
 
5. Leverage – In the example below you can see the leverage slide. In this example it was set to 1.00x but you can change the bar up

6. Quantity – For how much USD do you want to buy?

7. TP/SL – If you want to set predetermined criteria for Take profit or Stop limit.

8. Buy / Long or Sell / Short – Buy long means that you will be profitable if the price increase. Sell Short means that you will be profitable id the price decrease. Make sure you understand what cryptocurrency pair you are trading. In the example below you are speculating on the cryptocurrency pair ETHUSD.

ByBit Deposit Methods

When you are about to deposit fiat or cryptocurrency into your Bybit account you go to your username in the upper right corner. After this, you click “My Assets” and here you will see what cryptocurrencies you can deposit.

When you are about to deposit fiat or cryptocurrency into your Bybit account you go to your username in the upper right corner. After this, you click “My Assets” and here you will see what cryptocurrencies you can deposit.

Also, if you go to the header menu you will find a button called Buy Crypto (If you are still in “My Assets”). Here you can select what cryptocurrency you want to buy. You can choose among BTC, ETH and USDT.

After this, you can enter what fiat currency you want to pay with and how much fiat currency you want to spend. 

Follow the instructions and you will end up on a page telling you what payment options you can choose among. For example, if you want to buy Bitcoin with EUR you can do that with VISA card, Mastercard and SEPA transfer.

ByBit Trading Fees 2020

ByBit uses maker and taker fees. The fees on Bybit are -0.025% for maker orders and 0.075% for the taker.

Bybit Security Review

Bybit can be considered a safe trading site.

Below we go through the exchange, communication, insurance fund, and two-factor authentication.

Bybit Exchange Security

Bybit stores the funds of their traders in cold wallets protected by multi-signatures. Withdrawals are processed 3 times a day to ensure maximum crypto and asset security. of our Bybit traders are stored in our multi-signature cold wallet and all withdrawals are manually processed 3 times a day to ensure maximum asset security.

Bybit Encrypted Communication

Bybit uses SSL protection on their website which means that your password and addresses are protected.

ByBit Insurance Fund

Read more about the Bybit mutual insurance fund in the next section.

 

ByBit Mutual Insurance

ByBit mutual insurance is a risk management tool for a perpetual contract.

If you are holding a contract on ByBit you can purchase mutual insurance to hedge your potential loss.

The premium you pay for the mutual insurance will be credited to Mutual Insurance Fund. If your insured perpetual contract position experiences a loss, you can receive compensation from the mutual insurance fund.

ByBit Guide and Review 2020 Summary

In this article we presented a guide and review for ByBit 2020. We explained how you make your first trade with ByBit. Further we explained some unique terms for ByBit like mutual insurance and inverse perpetual contracts.

We think you should trade with ByBit if you are looking for a user-friendly and intuitive crypto futures trading platform. The fees are low, the interface is great and the support is really fast and much better than BitMEX.

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