Bybit : Full Review, Testing, and Presentation (2024)

What is Bybit?

About: Bybit is a leading trusted company with high reliability for every cryptocurrency broker and trading platform founded in 2018 by Ben Zhou, a long-time expert in the field of financial services.

Its head office is located in Singapore, a global hub for technology and financial innovation.

The mission is to provide a fair, safe and effective trading environment:

• Trading products : allows you to trade futures contracts with significant leverage. The perpetual contracts (derivatives) available on the platform include a list of BTC/USD (bitcoin blockchain), ETH/USD, XRP/USD, EOS/USD, and BTC/USDT (bitcoins).
• Trading environment :is recognized for offering a safe, secure, fair, fair, transparent, and efficient crypto trading environment.
• Commitment to safety : Safety is a top priority. The platform makes a point of providing a safe and secure futures trading platform.
• Foundation and Leadership : was founded by Ben Zhou, a financial industry veteran with a passion for technology and innovation. Under his leadership, Bybit quickly established itself as a major player in the world of cryptoderivatives.

In conclusion, it is one of the leading crypto derivatives exchange platforms that is committed to providing a safe, fair, and transparent trading environment.

(subject updated in 2023)

Features

It is a crypto exchange platform that offers a variety of advanced features to help people navigate the crypto market effectively.

Trading Products and Features

This platform is distinguished by the variety of trading products and functions it offers:

• Offers derivatives including a Bitcoin exchange and others for traders
• Offers full access to a range of trading functions including cross margin trading and isolated margin trading.

These diverse trading options make it a platform for your trade that's appealing to growing people of all levels.

Leverage and Order Types

This platform offers significant flexibility in Terms of Leverage and Order Types :

• Offers 100X leverage, which is not adjustable if used in the cross margin option.
• Allows multiple order types including limit orders, conditional orders, stop-loss orders, and advanced orders such as Good till Cancelled, Immediate or Cancel (IOC order), Fill or Kill.

These options allow them to customize their trading strategy according to their needs and risk tolerance.

Data Analysis Tools

It provides a variety of data analysis tools to help people make informed decisions:

• Moving Price Averages
• Moving Average Indicators
• Monthly price range
• Funding data
• Price list of specific indices
• Continued Volatility Chart
• Realized daily volatility of BTC (bitcoin)
• Market analyses
• Latest news

These data analysis tools can help people identify market trends and make more informed trading decisions.

User Interface and Perpetual Futures

This platform offers an optimal trading experience thanks to Its intuitive user interface and its perpetual futures contracts :

• Offers a great trading user experience with an intuitive user interface for the crypto community.
• Offers perpetual futures contracts, which are derivatives that do not expire, unlike commercial spot and forward contracts.

These features make trading both easy and flexible.

Price and Loss Mechanisms

The platform has put in place mechanisms for Price and Loss to Protect :

• “Funding” provides a healthy gap between the spot price and the exchange price derived from cryptos.
• A long or short leveraged position in a highly volatile market can be liquidated if the price falls below the bankruptcy price.
• The Bybit Insurance Fund helps liquidated people to cover deficits caused by losses.

These mechanisms help maintain fairness and security against theft on the platform.

Self-Degradation System (ADL)

The platform uses the Auto-Degradation System (ADL) and notifications To protect traders against abnormal losses:

• ADL can protect against abnormal losses by potentially deleveraging the most profitable and leveraged positions in that order.

This system helps to minimize risks especially in volatile markets.

Trading bot

A trading bot is an automated tool that makes trades based on predefined conditions.

Here are some compatible crypto trading bots:

• TradingView
• 3Commas
• Alertaton
• Autoview
• Cornix
• FMZ
• GoodCrypto
• Haasonline
• Hydor
• Mudrex
• Profit Trading
• ProfitTrailer
• Profitview
• Sirius Trader
• Stacked
• TokenBot
• Tycoon
• Wunderbit
• WBCCLUB

These trading bots can help automate the trading process, making it possible to take advantage of market opportunities 24/7.

Bybit Earn

Bybit Earn is an online management platform that helps any profile and Cryptocurrency investors to control and develop their assets.

Some of the main features include:

• Guaranteed returns : offers low-risk products with guaranteed annual returns and a minimum entry barrier. You can earn returns on your crypto assets without having to actively participate in market trading.
• Flexible staking and unstaking : you can stake and unstake cryptocurrencies like BTC (bitcoin), ETH (ether), USDT and more anytime. This gives you maximum flexibility in managing your investments.
• Product diversity : offers a range of products that generate passive income, including Bybit Savings, Liquidity Mining, Dual Asset, ETH 2.0 Liquid Staking, and Launchpool. These products allow you to diversify your investments and maximize your returns.

Bybit Earn is an innovative online platform that offers cryptocurrency investors a multitude of ways to grow their assets.

Testnet

The Testnet is a simulation platform that allows you to become familiar with the functionalities without risking real funds.

It is a virtual account that uses counterfeit money to practice cryptocurrency trading.

It's a great tool for those who want to get familiar with the platform before they start trading with real money.

Mobile app

Go to the cellular application that offers a complete trading user experience and is compatible with Android and iOS systems. It can be downloaded from the Google Play Store. Here are some of its characteristics:

• Allows you to buy cryptos like Bitcoin, Ethereum, and other coins using a credit card, debit card, or bank transfer.
• Offers the ability to monitor open positions, although analyzing TradingView charts and monitoring numerous markets may be more difficult on the app.
• Provides an account secured by a multi-signature cold storage wallet solution.
• Allows trading various trading pairs like BTC/USD, ETH/USD, ETH/USD, ETH/USD, XRP/USD, EOS/USDT, BTC/USDT, and other perpetual trade contracts.
• Processes 100,000 transactions per second, ensuring that every order is executed.

In conclusion, it offers a complete and secure trading experience, allowing traders to manage their trades on the go.

Account opening process

To use the platform, a new user must first create a trading account.

Here are the steps to register on various platforms:

Website

To register on the platform the platform via the website, follow these steps:

1. Visit the official site and go to the registration page.
2. Complete the required details.
3. Read all the terms and conditions and click “Register.”

These simple steps allow you to create an account on via their website.

Mobile

To register on the platform, follow these steps:

1. Download the app.
2. Select “Assets” in the bottom right corner.
3. Click on the “Login” tab.
4. Click on the “Save” tab in the top right corner.
5. Sign up using the email or mobile option.
6. Click on the “Registration” tab.
7. Verify a code sent to the mobile number registered in the email/account.

These steps will guide you through the sign-up process on the cellular app.

It's important to note that users from countries that are restricted under the Foreign Account Tax Compliance Act (FATCA) cannot sign up for the Bybit app.

In conclusion, the platform offers a simple and straightforward registration process, whether via their website or mobile application, making it quick and easy to start trading.

Payment Methods and Fees

It offers a variety of payment methods and aClear fee structure to facilitate trading.

Additionally, it offers promotions and affiliate programs to reward active people and affiliates.

• Accepts payment fees by Visa, Mastercard, electronic funds transfer or bank transfer, and bill payments.
• It uses Banxa, Xanpool, MoonPay, and Mercury to support free payments in fiat currency.

Cellular app users can click on the “Assets” tab in the lower right corner and click on “Deposit.”

Trading Fees

It classifies people into”Makers“gold”Takers”.

Makers provide liquidity and market depth, while takers extract liquidity from the order book.

Bybit offers a fee commission (discount) of 0.025% to Makers and charges a fee commission of 0.075% to Takers.

Withdrawals can be made three times per day for a withdrawal fee.

Withdrawal limits are 10BTC.

Bybit promotions

Bybit offers several promotions, including:

• Rewards Center : For new signups, a $50 coupon for a first deposit within 48 hours and $10 after 48 hours, a $5 bonus for a BTC deposit, and a $5 coupon to follow Bybit on social media.
• Affiliate program : earn a passive income of up to 30% commission on Bybit fees.
• Special offers : Vouchers for active people and for using certain features.
• Referral program : Traders can earn an instant bonus of $10 equivalent in BTC for each referred user.

In conclusion, Bybit offers a variety of payment methods, a clear fee structure, and attractive promotions, making it an attractive crypto trading platform.

Referral Program

The Bybit referral program is designed to Reward Active People Who recommends the platform to their friends and family. It offers an attractive financial incentive for those who contribute to expanding the community.

As an active user, you can invite friends to join the platform by sharing your unique referral link.

When your friends sign up using your referral link and start trading, you get an instant $10 bonus in BTC.

Referral bonus

The amount of the referral bonus you Can win depends on trading volume Of the user you referred. Here's how it works:

• 50K: $5
• 100K: $5
• 200K: $10
• +100K: $10
• 5M: $500

Bonus Use and Payment

The bonus can be used as an initial margin or initial maintenance margin to cover losses or offset trading fees.

While the bonus itself cannot be withdrawn, profits made by trading with the bonus can be withdrawn.

As soon as the person you referred meets the requirements, the bonus is immediately deposited into your derivatives account.

In conclusion, the Referral Program Provides a Great Opportunity to Earn Passive Income While sharing a crypto trading platform you love with others.

Security and Confidentiality

It is distinguished by its commitment to security and confidentiality, offering a Variety of Measures to Protect People and Their Assets.

It demonstrates its commitment to security at a glance by allocating a significant portion of its budget to this aspect: Bybit devotes 20% of its annual budget to securing its services, which is higher than the industry average of 15%.

Use of “Cold Wallets”

Bybit uses “cold wallets” to:

• Unlike many other exchange platforms that use “hot wallets”, Bybit has opted for the use of “cold wallets.”
• These are known for their robustness in terms of management, characteristics and measures beyond a simple password.
• All deposit addresses are “cold wallet” addresses.

The use of “cold wallets” is used to increase asset security.

Transfers and Withdrawals

It puts in place measures for transfers and withdrawals:

• It implements offline signatures for asset transfers and withdrawals.
• Withdrawal requests are subject to three levels of manual checks and reviews every day to effectively manage risks.

These measures ensure that transactions are carried out securely.

Cryptocurrency Consolidation and Data Protection

It applies a Strict Cryptocurrency Consolidation Policys and data protection:

• It applies a strict policy when it comes to consolidating cryptocurrencies. This includes system security, physical environment security, transaction authentication, transaction authentication, encryption techniques, monitoring, and auditing.
• The platform ensures the protection of data and personal information, in accordance with its privacy policy.

These policies ensure that assets and information are continuously protected.

Two Factor Authentication

Bybit focuses on staff training and two-factor authentication to:

• Each staff member is rigorously trained, screened, and evaluated for internal control.
• She highlights the importance of two-factor authentication. To do this, the user must scan a QR code, and a six-digit 2FA code is generated randomly in the Google Authenticator application. It is recommended that you write down the recovery key expression and store it securely on a cloud server with full SSL encryption.

These internal measures protect accounts from unauthorized access.

In conclusion, Bybit is implementing a series of measures and confidentiality to ensure the protection of users and their assets, thus maintaining its commitment to security.

How to Buy Cryptos

It offers several methods to buy on its platform. Whether you are a beginner or an experienced trader, you will find an option that fits your needs.

One-Click Buy

This option allows you to buy cryptocurrencies in seconds. Simply select the one you want to buy, enter the amount you want to spend, and click “Buy.” Your purchase will be processed instantly.

P2P Trading

The P2P (peer-to-peer) trading is another option for making transactions.

This method allows you to trade cryptocurrencies directly to other people on the platform.

It supports over 50 fiat currencies and various popular local payment methods. Additionally, P2P trading on Bybit is free of charge, allowing you to get the best possible prices.

Fiat Depot

You can also fund your account using a Bank Transfer or Bank Card. This method is convenient if you want to use fiat money to buy cryptocurrencies.

Crypto deposit

Finally, you can deposit cryptocurrencies directly into your account. This method is instant and allows you to start trading immediately after depositing.

In conclusion, it offers a variety of methods for buying cryptocurrencies, making the platform accessible to all types of traders.

USD deposits

Bybit is a cryptocurrency exchange platform that focuses primarily on cryptocurrency deposits. However, it is important to note that while Bybit does not directly accept deposits in USD (US dollars), there is a workaround for users who want to deposit funds in USD.

Users can deposit USD to Bybit using the deposit option in USDT (Tether), a stable cryptocurrency that is pegged to the US dollar.

USDT serves as a bridge between fiat currencies and cryptocurrencies, providing stability compared to the volatility of other cryptocurrencies.

Here's how you can deposit USD to Bybit using “USDT”:

1. Buy “USDT” On another cryptocurrency exchange using your USD. Many platforms accept USDT purchases through traditional payment methods like credit or debit cards.
2. Once you have purchased “USDT”, you can transfer these funds to your Bybit account. To do this, go to the “Deposit” section of your Bybit account and select “USDT” as the cryptocurrency to be deposited.
3. Copy the USDT deposit address provided by Bybit and use it to transfer your USDT from the exchange where you purchased it to your Bybit account.
4. Once USDT has arrived in your Bybit account, you can use it to trade on the platform.

In conclusion, although Bybit does not accept USD deposits directly, the use of USDT Allows users to Depositing Funds Effectively in USD on the platform.

Customer Support

Bybit transparently makes it a point of honor to offer quality customer service:

• Availability: has a global customer support team that is available 24 hours a day, 7 days a week.
• Communication channels: Customers can contact the support team by phone or via the live chat function to resolve any questions or issues.
• Available languages: Customer service is available in multiple languages including English, Chinese (Cantonese and Mandarin), Japanese, Korean, Russian, Spanish, Russian, Russian, Spanish, Spanish, Spanish, and Vietnamese.

Email contacts: People can send emails for assistance to the following addresses depending on the type of request, here is each category:

• Customer Support Access: Support@bybit.com
• IT support: IT@bybit.com
• Affiliates: IB@bybit.com
• Media: Media@bybit.com
• Partnerships: Partnerships@bybit.com

FAQs

What is the leverage offered by Bybit?

The maximum leverage offered by Bybit is 100x, but you can easily customize it from a leverage slider for isolated margin trading.

Does Bybit offer perpetual contracts?

Yes, Bybit offers perpetual contracts (derivatives).

Perpetual contracts are a type of cryptoasset trading contract that does not have an expiration date, which means you can hold them for as long as you want.

These perpetual contracts are particularly popular among crypto asset traders because they offer more flexibility than traditional futures contracts. Here you can trade perpetual contracts for several popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and EOS.

It is important to note that trading perpetual contracts (derivatives) involves risks, just like any other type of cryptoasset trading. It is therefore essential to understand how perpetual contracts work before you start trading them.

In conclusion, it offers perpetual contracts (derivatives) for cryptocurrency, thus offering traders a flexible option to participate in the cryptoasset market.

Final Verdict

According to our review of Bybit, it is a dynamic and efficient trusted derivatives trading platform with unique characteristics and also it comes under one of the top cryptocurrency exchanges in the world.

It is safe, secure and transparent and liquidity is growing rapidly.

Its multiple trading options, its leveraged trading, its loss protection, its protection against losses, its protection against losses, its payment options, its pricing structure, its promotions, and its strong customer support that is available 24 hours a day, are in fact a comprehensive package that traders are looking for.

However, Bybit does not constitute investment advice or any other independent financial advice.

The summary of the Bybit review on the net confirms the above facts.

It is undoubtedly the best cryptocurrency company with low fees and high reliability: so go to the site to test all these points.