ByBit Review Summary
- Bybit has the best sign-up bonus for getting up to $ 30,000 free.
- ByBit is one of the best derivative crypto trading platforms offering futures and perpetual swaps for low trading fees. Spot trading is limited in the number of trading pairs and trading volume.
- Other popular features are crypto copy trading, Bybit crypto bot trading, NFT marketplace, and Bybit earn.
- Bybit has launched a decentralized crypto exchange called ApeX Pro.
Bybit Articles
ByBit $30.000 Signup Bonus
With ByBit, you can get up to $30.000 by completing simple tasks.
Step 1: Sign up as a new user
Step 2: Fulfill the deposit and trading criteria to unlock bonuses within 14 days
Step 3: Claim their bonuses in our Rewards Hub!
Criteria
- Deposit $100, Trade $500=10 USDT Bonus
- Deposit $500, Trade $800=20 USDT Bonus
- Deposit $1K, Trade $2K=50 USDT Bonus
- Deposit $3K, Trade $6K=100 USDT Bonus
- Deposit $10K, Trade $40K=350 USDT Bonus
- Deposit $20K, Trade $200K=800 USDT Bonus
- Deposit $100K, Trade $8M=5K USDT Bonus
- Deposit $125K, Trade $50M=8,8K USDT Bonus
- Deposit $150K, Trade $75M=15K USDT Bonus
- Deposit $250K, Trade $150M=30K USDT Bonus
What is Bybit Exchange?
➤Bybit was launched in 2018 and is primarily a Bitcoin and crypto derivative exchange.
➤However, they are expanding step-by-step to become an entire ecosystem including spot trading, copy trading, staking, earn section, NFT marketplace, Bybit card, and more!
➤In addition, Bybit arranges some of the most lucrative crypto trading competition events with rewards.
➤Bybit has the best crypto signup bonus among all the top crypto trading sites.
A selection of the Bybit features in the image above.
Where is Bybit located?
Bybit is based in Singapore but registered in the British Virgin Islands.
The trading site operates under Bybit Fintech Limited.
Can I trade on Bybit without KYC?
Bybit doesn’t require KYC but has withdrawal limits. Read more in the article.
Does Bybit allow US traders?
Bybit allows US citizens to register, but they don’t hold a US license. Read more in the article.
What is the Bybit Welcome Bonus?
Bybit has a great crypto welcome bonus of up to $30.000.
Does Bybit offer free automated bot trading strategies?
Yes, Bybit has a “Bybit Trading Bot” feature where users can create their free crypto trading bots.
Can I Short Bitcoin on ByBit?
Yes, you can short Bitcoin and many other cryptocurrencies on Bybit. Bybit offers perpetual contracts and futures contracts. In addition, ByBit has a cross margin of up to 100x and an isolated margin for long and short contracts. Read more about how to short Bitcoin on Bybit.
Why should I trade on Bybit?
Bybit has the best signup bonus, meager trading fees, significant derivative trading volume, a user-friendly trading interface, a popular platform among professional crypto traders and influencers, and good derivative trading instruments. You can withdraw up to 2BTC per day without any KYC requirements.
ByBit Exchange Features
Bybit exchange offers many different crypto trading instruments and more features.
The flagship products for Bybit are derivatives such as Perpetual futures, inverse futures, and USDC settled futures. Bybit ranks among the top 5 exchanges on Coingecko concerning derivative trading volume.
- Perpetuals – Bybit perpetuals futures are open-ended futures with no expiration date. Bybit has 196 perpetual markets and is the third largest derivative crypto exchange after Gate.io and Binance.
- Inverse Perpetuals – For the Bybit inverse perpetual futures, the contract value is calculated in USD equivalent but settled and collateralized in BTC. These contracts are good if you aim to collect long-term Bitcoin instead of USDT/USDC. Bybit is one of the best crypto exchanges for inverse perpetual trading contracts.
- USDC Perpetuals – Bybit is one of the few crypto trading platforms that offer perpetual contracts settled in USDC. Almost all derivative trading is settled in USDT, and on Binance, BUSD settlements are popular.
- Options Trading – Bybit offers European-style cash-settled options that can only be exercised when the contract expires. Bybit has a few crypto options listed. However, Deribit is the best crypto options trading exchange.
- Margin Trading – Bybit margin trading is limited to Bitcoin BTC, Ethereum ETH, and 3x. There are better crypto trading sites for margin trading than Bybit. Bybit offers crypto margin trading with low fees.
- Leveraged Tokens – Bybit Leveraged Tokens represent a basket of perpetual contract positions. When you trade Bybit leveraged tokens, you buy a basket of contracts for the underlying asset. Leveraged tokens have no liquidation risk and no collateral requirement. Bybit is one of the best crypto exchanges for trading leveraged tokens. The leveraged token is a simplified version of perpetual trading with less leverage and no liquidation risk.
- Spot Trading – Bybit offers some of the lowest trading fees for crypto spot trading. However, the markets and the liquidity is limited, especially compared to Binance.
- Copy Trading – Bybit has a crypto copy trading feature. Copy trading allows a trader to find successful traders and copy their strategy completely passively.
- Crypto Competitions and Events – Bybit arranges many crypto trading competitions with significant prize pools.
- Bybit Earn – Bybit has a limited supply of earned products.
- Bybit NFT – Bybit has an NFT marketplace with limited liquidity.
ByBit KYC Requirements
➤Bybit has certain non-KYC withdrawal limits you can use before completing the verification process.
However, you must complete your KYC verification to withdraw more than 2 BTC a day.
You may also receive a KYC verification request from Bybit.
Can you use Bybit in New York and the United States?
Bybit allows US citizens to register but doesn’t hold a US license.
Bybit restricted countries
Bybit does not offer services or products to Users in a few excluded jurisdictions, including the United States, mainland China, Singapore, Quebec (Canada), Ontario (Canada), North Korea, Cuba, Iran, Crimea, Sevastopol, Sudan, Syria, Donetsk, Luhansk.
What are the daily KYC withdrawal limits for Bybit?
Bybit has three KYC levels, and withdrawal limits are connected to your KYC level.
- Non KYC: 2BTC
- KYC 1: 50 BTC
- KYC 2: 100BTC
What are the KYC document requirements for each level on Bybit?
The documents for Bybit KYC levels requirements are similar to other crypto exchanges.
- Individual KYC Lv. 1: Identity Verification with proof of identity document(s).
- Individual KYC Lv. 2: Residency verification with Proof of address documents such as utility bills, bank statements, and residential proof issued by your government. The documents must be dated within the last three months, a standard requirement.
Guide: How to start trading derivatives on Bybit
This section will provide a step-by-step guide on how to start trading derivatives with ByBit. Bybit is one of the best crypto leverage trading platforms.
- Sign up with ByBit
- Once you are in, go for the “Derivatives” button in the header menu. Here, you will find
- USDT Perpetuals
- Inverse perpetuals
- Inverse futures
- USDC perpetual
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 have no expiry date since they are all perpetual contracts.
- Funding occurs every 8 hours.
4. Now, we have to go to the right column and select all trading criteria
a. The first choice is Limit order, Market order, or Conditional order
- Limit order – Set a limit price on your order (You pay the maker fee)
- Market order – You will buy at the best price on the market (You pay a taker fee)
- Conditional order – You set predetermined conditions
- Isolated margin – Margin only on this position
- Cross 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 Taking profit or Stop limit.
8. Buy / Long or Sell / Short – Buy long means you will be profitable if the price increases. Sell Short implies that you will be beneficial if 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 and Fees
➤There are both fiat and crypto deposit options on Bybit.
For fiat deposits, Bybit uses 3rd parties (Simplex, Moonpay, Banxa) to process these transactions. These offer different deposit alternatives, but Credit cards, SEPA, and Apple Pay are some accepted payment methods.
For cryptocurrency deposits (we use Bitcoin as an example)
- Go to “Assets” in the top menu and click “Spot Account.“
- Click on “Deposit“
- Select BTC
- Copy the BTC address (Don’t transfer any other cryptocurrency than BTC)
For Bybit fiat deposits
- Go to “Buy Crypto” in the left-top menu
- Click on “Express“
- Choose purchase amount
- Choose a payment channel (Simplex, Moonpay, Banxa)
What is the minimum deposit to Bybit?
There are no minimum deposit requirements on Bybit except for the Solana native currency, SOL.
SOL deposits of less than 0.01 SOL will not be credited to your account, and assets will not be recoverable.
ByBit Derivative and Spot Trading Fees
With significant derivative listings, low fees, high trading volumes, and liquidity Bybit is considered one of the best crypto derivative trading sites.
Like almost all other crypto trading platforms, ByBit charges maker and taker fees for crypto derivative and spot market crypto trading. According to the following fee table, the Bybit trading fees were updated on 2022-03-02.
What is the Bybit funding rate?
Funding rates are payments made periodically between participants in a perpetual futures market.
Since perpetual futures never expire, the spot price and the perpetual contract price can diverge. Funding rates help to keep these prices in sync. If the funding rate is positive, longs will pay short the funding amount and vice versa.
Bybit Trading Fees
Bybit charges low trading fees in general. For a complete comparison, see
What is the Bybit Token BIT?
There is no Bybit token. BIT is the native token of BitDAO. BitDAO is one of the world’s largest Decentralized Autonomous Organizations (DAOs).
BitDAO aims to support the growth of the Defi space by allocating financial capital and talent resources.
BitDAO is supported by Peter Thiel, Founders Fund, Pantera, Dragonfly, Spartan, Alan Howard, Kain Warwick, SushiSwap, Polygon, and more.
Bybit has pledged recurring contributions to the BitDAO treasury, which at 2021 rates exceeds $1B per year.
Bybit Security Review
➤Bybit can be considered a safe trading site.
➤Still, no financial institution with custody over other funds is 100% safe from hacks or other attacks. Also, they are not insured.
➤In addition, there are always risk of running bad business similar to FTX and Celsius
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 daily to ensure top crypto and asset security. Our Bybit traders are stored in our multi-signature cold wallet, and all withdrawals are manually processed three times a day to ensure maximum asset security.
Bybit Encrypted Communication
Bybit uses SSL protection on their website, meaning your password and addresses are protected.
ByBit Mutual Insurance Fund
ByBit mutual insurance is a risk management tool for a perpetual contract.
If you hold 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.
Does Bybit have Merkle tree proof of reserves?
Bybit is one of many crypto exchanges working towards more transparency regarding storing customers’ funds.
Bybit is currently working on a Merkle tree proof of reserves.
ByBit VS Binance Summary
Bybit and Binance are both popular and great crypto exchanges and derivatives trading platforms. Still, there are some differences.
- Bybit has USDC settled perpetual futures, while Binance has BUSD settled futures.
- Both Bybit and Binance have low trading fees
- Bybit has the best welcome and signup bonus
- Bybit has no KYC requirements for withdrawals of up to 2 BTC per day, while Binance has restricted trading features for non-KYC customers.
- Bybit is more transparent about what countries and citizens can sign up for and uses the platform.
Please read our complete comparison of Binance VS Bybit Trading Review.
ByBit Compatible Crypto Trading Bots
Below, we list some of the best free and premium crypto trading bots compatible with the Bybit trading platform.
A crypto trading bot is good if you trade according to a developed strategy with predetermined criteria. A crypto trading bot can monitor the market 24/7 and execute your trades while you sleep.
The crypto arbitrage trading bot is one of the most popular crypto trading bots by category. Here, you can gain profits with almost zero risk.
However, the gains are small and must be accumulated often over an extended period. This is why it’s perfect to program a crypto trading arbitrage bot to take a profit.
Please read our full article about free and premium crypto trading bots.
Is Bybit a good exchange for an automated crypto-scalping strategy?
A trader must look for at least two fundamentals for a successful automated crypto scalping strategy.
- Meager fees since a scalping strategy involve many trades with small margins.
- Compatibility for integration of bots or other automated strategies to exit and enter a market without necessarily observing it at all times.
Bybit is considered one of the best crypto exchanges for a scalping strategy.
Best Bybit compatible crypto trading bots
- Company
- Price/Month
- Buy
ByBit Crypto Trading Tournaments and Competitions
Bybit is one of the best crypto exchanges for arranging crypto trading tournaments and competitions. They almost always have something ongoing with great rewards and prize pools. Read more about the best crypto trading competitions and the highest prize pools in our article.
Can You Trade Crypto Options on Bybit?
Yes, you can trade crypto options on Bybit.
Bybit is ranked as the 3rd trading site on CoinMarketCap for crypto futures and derivatives trading volumes.
Bybit added crypto options to its trading platform in May 2022. However, for the moment, there are only BTC options listed on the markets.
Bybit offers European-style cash-settled options that can only be exercised when the contract expires.
There are two types of Options:
Call Options – gives the buyer the right, but not the obligation, to buy an asset at a set price on an expiration date.
Puts Options – allows you to sell the underlying asset at a predetermined price before/at the contract’s expiration, regardless of the market price at that time.
Read more about the best crypto option trading sites for BTC and ETH.
What is ByBit Learn?
With Bybit Learn, you can explore the fundamentals of crypto trading from beginners to advanced guides. This is not as good as Binance Academy, but many blog posts about great topics are here.
The covered topics are
- Blockchain
- Crypto
- Altcoins
- Defi
- Trading
- Investing
ByBit Guide and Review 2023 Pros and Cons
In this article, we presented a guide and review for ByBit 2023. Here is a summary of pros and cons of Bybit
Pros
- High welcome bonus
- Inverse perpetuals
- Low fees
- High trading volumes
- Up to 100x leverage
- Bybit Learn
Cons
- Bybit is unregulated
- Not as many listed pairs and trading instruments as Binance
