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What is Bybit Exchange?
What is ByBit? Let us guide you through some history and company information in this intro section for our review 2022.
ByBit was launched in March 2018, making it one of the older great derivative sites in the cryptocurrency market.
Bybit is a 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.
Where is Bybit located?
Bybit is based in Singapore but registered in the British Virgin Islands.
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 welcome bonus up to $3000 until the 17th of July 2022. Read more about crypto signup bonuses.
Why should I trade on Bybit?
Bybit has the best signup bonus, very low trading fees, great derivative trading volume, and many good derivative trading instruments and 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.
Here you find
- Perpetual Futures
- Inverse Futures
- Bybit Options
- Margin Trading
- Leveraged Tokens
- Spot Trading
- Copy Trading
- And much more: Fiat deposits, Earn products, launchpads, NFT marketplace, crypto competitions, and much more
What are Bybit Perpetual Futures?
Bybit perpetuals futures are open-ended futures with no expiration date. Bybit lists 185 perpetual contracts for trading but has no standard futures with an expiration date. In our article about the best Bitcoin BTC perpetual contract with the highest leverage, read more about perpetual futures.
What are Bybit Inverse Perpetual Futures?
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 Bitcoin long-term instead of collecting USDT/USDC. Read more about the best bitcoin BTC inverse futures trading site.
What are Bybit Options?
Bybit offers European-style cash-settled options that can only be exercised when the contract expires. Read more about the best crypto options trading sites for BTC and ETH.
What is Bybit 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. Read more about the best crypto margin exchanges and platforms.
What is Bybit 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. Read more about the best crypto leveraged tokens trading sites.
What is Bybit Spot Trading?
Even though Bybit supports spot trading, they have few markets and a low trading volume. Still, they have low spot trading fees. Read more about the crypto exchanges with the lowest fees for spot market trading.
ByBit KYC Requirements
Bybit doesn’t require you to complete KYC to be able to trade on their platform.
However, you’ll need to complete your KYC verification if you want to withdraw more than 2 BTC a day.
You may also receive a KYC verification request from Bybit.
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. Read more about Bybit’s restricted countries.
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 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 means 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.
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 up to 100x and an isolated margin for long and short contracts. Read more about how to short Bitcoin on Bybit.
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 payment channel (Simplex, Moonpay, Banxa)
ByBit Derivative and Spot Trading Fees
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?
The funding rate on Bybit is 0.01%.
What is the Bybit Token BIT?
Actually, 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.
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.
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 instead 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 up to 2 BTC per day, while Binance has restricted trading features for non-KYC customers.
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.
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 in our article about the best crypto trading tournaments and the highest prize pools.
Can You Trade Crypto Options on Bybit?
Yes, you can trade crypto options on Bybit.
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 there are many blog posts about great topics here.
The covered topics are
ByBit Guide and Review 2022 Pros and Cons
In this article, we presented a guide and review for ByBit 2022. Here is a summary of pros and cons of Bybit
- High welcome bonus
- Inverse perpetuals
- Low fees
- High trading volumes
- Up to 100x leverage
- Bybit Learn
- Bybit is unregulated
- Not as many listed pairs and trading instruments as Binance
Track ByBit Trading with Coin Market Manager
There are numerous software compatible with ByBit trading platform.
We have chose to mention Coin Market Manager in this article since they have some unique features including automated journaling and risk exposure analysis.
Coin Market Manager is offering a three different plans including one FREE.
Below you can see the different subscription plans for Coin Market Manager.
Read more about Coin Market Manager and other crypto trading tools to take your crypto trading to the next level.