ByBit Review 2021

ByBit Review 2021
Davis J.
Robertson A.
January 2021

1

Position
in rating

Trading terminals:

Proprietary platform powered by TradingView
1

Position in rating

9.6/10
Overall rating

Trading terminals:

Proprietary platform powered by TradingView

Summary of ByBit Trading Company Crypto Exchange

The Bybit cryptocurrency exchange first appeared in 2018. It is a standalone derivatives trading platform with inverse and perpetual futures contracts with up to 1:200 leverage. Quarterly USD futures are available at Bybit in combination with BTC, ETH, XRP, EOS, LTC, and multiple tokens. There is a linear futures contract on BTC/USDT. The exchange has several technological advantages: it provides for mutual insurance of market participants against possible sharp price movements. There are offsets for long and short positions, and there is market depth.

💰 Account currency: Cryptocurrencies
🚀 Minimum deposit: From USD 1
⚖️ Leverage: Up to 1:100
💱 Spread: From USD 1
🔧 Instruments: BTC/USD, ETH/USD, XRP/USD, EOS/USD and BTC/USDT, USDT pairs — ETH/USDT, LINK/USDT, LTC/USDT, XTZ/USDT
💹 Margin Call / Stop Out: No
Attention!

You can receive partial compensation of the trading commission only if you work with the exchange through Traders Union.

👍 Advantages of trading with ByBit:

  • It has a convenient, intuitive proprietary trading platform that is presented in the browser version, which eliminates conflicts with the operating system and braking when sending orders;
  • Combination of futures and perpetual contracts trading;
  • There is an order book that allows you to assess the depth of the market and current trading volumes;
  • It has a minimum entry threshold. The cost of a BTC/USD futures contract is USD 1;
  • It is possible to open long and short positions with subsequent mutual recalculation.

👎 Disadvantages of ByBit:

  • It has conditions for trading futures that are difficult for beginners, such as the formula for calculating the leverage, the terminology of the funding size and the premium index, funding rates, etc.;
  • Lacks a mechanism to protect the interests of traders in the event of controversial issues;
  • The mechanism of classic cryptocurrency trading is almost undeveloped. Only USDT, ВТС, and ЕТН are available for purchase.

Overall

Bybit is an exchange for those who have mastered classic cryptocurrency platforms and are ready to move on to more complex derivatives. The arsenal of exchange tools is still limited but the developers plan to expand it by adding BCH, ADA, DOT, and other altcoins.

Visit ByBit

Geographic Distribution of ByBit Traders

Video Review of ByBit

ByBit Latest Comments for 2021

14
0
1

Positive reviews increase standing and, of course, any negative reviews decrease its position in the ratings.

Just register and get authorized to submit a review of the broker’s activities and conditions on its platform. Everyone can and is invited to submit a review. All reviews of ByBit published on the website in 2021 are verified and confirmed by Traders Union as reliable comments by real traders.

I didn’t work with large amounts on Bybit, because I’m just honing my skills in cryptocurrency derivatives trading. I’m not a real ace at this, so I don't want to risk very much money yet.
I traded on the demo account from the beginning, but you know that it is better to switch to real trading in a heartbeat. Unfortunately, there’s the impossibility of withdrawing funds to fiat. That is this broker’s only flaw.
In general, I’m over the moon from the quality of service. The exchange strives to operate in the international arena and is constantly improving the level of service to please crypto traders.

I was looking for an alternative to Bitmex for trading cryptocurrency derivatives and accidentally ended up on Bybit. I talked on a thematic forum with traders who trade on this platform and also decided to test the waters here. This does not oblige me to anything, especially since the company has a demo account for beginners. I liked the fact that they don't bother with verification, and the registration procedure itself is a cakewalk. In general, my impressions of Bybit are very positive. The platform is user-friendly with a clear commission policy.

Bybit is a great workplace for frequenters and those who are as green as grass in trading. There are not many contracts, as the exchange is relatively young and is gradually expanding the selection of assets. If we weigh all the pros and cons of cooperation with this company, then there are more advantages. First, there are really low commissions on the platform, and secondly, the developers try to ensure the maximum security of the exchange against hacking and loss of privacy data.Do not let the mystery of trading with cryptocurrency derivatives scare you. You can figure it out. By the way, Bybit allows you to earn extra money by attracting referrals and get bonuses.

The Bybit cryptocurrency exchange looked promising, IMO. I have not figured out all the bells and whistles of trading complex derivatives, but they allow you to practice without investment on the site. Plus, there are detailed instructions to understand both the features of mutual insurance and the specifications of derivatives. I did not notice any downtime and overloads on the platform, it works smoothly. There is no need to complain about technical support either because the support team is very good.

I started trading on the Bybit exchange six months ago. Before that, I tried to work on EXMO and Poloniex exchanges. After a thorough comparison, Bybit is the most adequate exchange, especially in terms of payment discipline. For example, once I waited 4 days to make a withdrawal at Poloniex (this was explained by a technical failure). In the case of Bybit, you just need to understand the peculiarities of trading cryptocurrency derivatives. From my first-hand experience, I can say that the terminology gives you creeps only at the beginning, but in general, there are many interesting and useful tricks, which greatly simplify the trading process.

Bybit is a work of art for margin trading in cryptocurrency derivatives. I used to try to work on Bitmex exchange, but it was a mammoth task to adapt to it. I started looking for a more comprehensible platforms with an intuitive interface. It turned out that this site is a piece of cake for a beginner to get used to. I liked the presence of a demo account, the ability to set simultaneously editable stop loss and take profit at the same time. Plus, there is a “close” and “reversal” function, which allows you to swap short and long positions, as well as use different strategies.

Bybit hasn’t been a long time in the market, but it is one of the most advanced ones among the platforms that allow working with cryptocurrency derivatives. Take a gander at Coinmarketcap to see what it brings to the table in terms of trading volumes. I’m amazed. I have been trading on Bybit since December 2020 and have already made over $20,000. I have tons of respect for its support team. They resolve controversial issues fair and square. I would like to point out the lack of the possibility of fiat withdrawal. It’s their only flaw. The platform is 100% cryptocurrency only.

2 3 >

Expert Review of ByBit

Bybit is a relatively young and small cryptocurrency exchange that has relied on a little-known and comprehensible product—cryptocurrency derivatives. And it does a great job of competing with larger sites.

The secret of Bybit's success is simplicity and technology. At first glance, the trading rules seem confusing, but in fact, it is enough to understand the terminology here and everything will immediately fall into place.

The Bybit trading platform is proprietary with elements of technical and graphical TradingView analysis. There are too few trading assets, only four main ones. But they are presented in several variations—inverse, perpetual, and inverse perpetual. The difference between them is in the expiration date and the model of pegging to the spot price of the asset. Its mutual insurance is formed from the profits of the participants in the model, which is based on the principle of the "American option". In the event of a sharp drop in quotations, the loss or part of the loss is reimbursed.

Bybit is gradually expanding the arsenal of tools and technological capabilities of the platform. Since its inception, the exchange has responsibly fulfilled its obligations. And here it is worth noting that the support service resolves most issues quickly and correctly as possible. This is confirmed by customer reviews. Bybit has been a partner of Traders Union for more than a year and is included in the TU’s rating of the best cryptocurrency platforms.

Antony Robertson

Traders Union
Financial Analyst

Analysis of the Main Features of this Crypto Exchange

9.6

Overall rating

9.3

/10

Execution of orders

9.9

/10

Investment instruments

9.7

/10

Withdrawal speed

9.5

/10

Customer Support work

9.2

/10

Variety of instruments

10

/10

Trading platform

Dynamics of the Popularity of ByBit
in 2020 among the Users of the Traders Union

Logo TU
20,0%
Top 3
10,0%
Top 5
7,0%
Top 10
5,0%
Top 20
1,0%
Top 40
0,5%
Top 100
0,2%
Top 100+
0,05%
Jan.
Feb.
Mär.
Apr.
Mai.
Jun.
Jul.
Aug.
Sep.
Okt.
Nov.
Dez.

Investment Programs, Available Markets, and Products of the Crypto Exchange

Bybit's trading conditions are not designed for investment programs. The exchange policy provides for the expansion of the product line for active trading and investment programs but they are not yet included in its present inventory. To some extent, the division of traders into Makers and Takers can be called investment.

Maker and Taker is a motivation program for liquidity providers. 

The Maker/Taker motivation program assumes that traders are assigned a class depending on the ordering policy. A Taker placing market orders pays a higher commission for each trade. A Maker works with pending orders and its trading commission is lower. 

The Maker's Reduced Commission Reward is a kind of payment for providing liquidity. The pending order remains in the market providing Taker orders, which, on the contrary, absorbs free liquidity. This differentiation encourages traders to make less rapid speculative transactions and invest more for a long time using pending orders.

Important!

If you are a large investor and plan on investments over $10,000, contact us at [email protected] or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.

Bybit affiliate program:

  • Bybit’s affiliate program comprises a monthly commission from Bybit to each partner up to 30% of the exchange's profit from the referral. After registering as a partner, you will receive a referral link that you can promote on your resources and social networks. You can build a multi-level referral network and receive up to 10% of sub-affiliates’ earnings.

Rebate and Discount Programs of the Traders Union for ByBit

Each Maker/Taker can receive compensation for a part of the trading commission for active trading. To do this, register on the Traders Union website. It's free. Then find the referral link in the Bybit review and open an account on the cryptocurrency platform using it. After verification, you will be able to open any orders on Bybit. Part of the exchange commission will be credited to the balance of your personal account on Traders Union. 

Information

Bybit pays the Traders Union 45% of the commission received from the trader. Then, Traders Union compensates the trader 80% of this amount.

Example. You are a Taker. The trading commission is 0.075%. If the amount of trade is $1000, the commission will be $75. Bybit compensates Traders Union 45% of this commission. This means that the amount of compensation will be 75 x 0.45 x 0.8 = $27. The real cost of the commission will be 75 - 27 = $48.

Try it!  Try it!

Trading Conditions for ByBit Users

Bybit's trading conditions are transparent, understandable, and do not have multilevel differentiation depending on the trading volume.

1$

Minimum
deposit

1:100

Leverage

24/7

Support

Proprietary platform powered by TradingView
💻 Trading platform: Proprietary platform powered by TradingView
📊 Accounts: Demo, common account for all types of futures
💰 Account currency: Cryptocurrencies
💵 Replenishment/Withdrawal: Replenishment: Visa / Mastercard through a fiat gateway. Conclusion - cryptocurrencies
🚀 Minimum deposit: From USD 1
⚖️ Leverage: Up to 1:100
💼 PAMM-accounts: No
📈️ Min Order: No
💱 Spread: From USD 1
🔧 Instruments: BTC/USD, ETH/USD, XRP/USD, EOS/USD and BTC/USDT, USDT pairs — ETH/USDT, LINK/USDT, LTC/USDT, XTZ/USDT
💹 Margin Call / Stop Out: No
🏛 Liquidity provider: No
📱 Mobile trading: Yes
➕ Affiliate program: Yes
📋 Orders execution: Market, limit, conditional
⭐ Trading features: Derivatives trading
🎁 Contests and bonuses: Yes

ByBit Commissions & Fees

Information

The Traders Union experts analyzed the Bybit platform documents regulating the trading conditions for differentiation of commissions. The commission depends on which category is assigned to the trader: Maker or Taker. The Taker commission is 0.075%; whereas the Maker commission is 0.025%.

Account type Spread (minimum value) Withdrawal commission
Standard From $ 20 No

We also compared Bybit's fees with similar types of fees on other exchanges. Following the results of the analysis, each exchange is assigned a corresponding level.

Broker Average commission Level
ByBit $20 High
Binance $6 Medium
Bitfinex $0.1 Low
ByBit
$20
Binance
$6
Bitfinex
$0.1
Conclusion

The Bybit exchange has a relatively high commission and does not have a multilevel ranking to reduce it as trading volumes increase. The only option to reduce trading costs is the possibility of using rebates, a free service from Traders Union.

Contacts

Official site

Tags:

Bybit Bybit By bit www bybit.com bybit com bybit.com

The Oldest Reviews of this Crypto Exchange

Positive reviews increase standing and, of course, any negative reviews decrease its position in the ratings.

Just register and get authorized to submit a review of the broker’s activities and conditions on its platform. Everyone can and is invited to submit a review. All reviews of ByBit published on the website in 2021 are verified and confirmed by Traders Union as reliable comments by real traders.

Based on my first-hand experience, Bybit cryptocurrency exchange is similar to others, although it focuses on derivatives trading. Some traders are on the tenterhooks considering that it will be challenging to get used to it, as there are in-house bells and whistles. I won’t complain, but you need to adapt to it. However, the company made sure that this process was as comfortable as possible. First of all, there are detailed instructions here. I found answers here to all my sensitive questions. Secondly, Bybit has excellent support. The guys try to help newbies and suggest answers to all questions.

I have wanted to switch to derivatives trading since the dawn of time but still could not find a suitable platform where I could polish my skills without risks. It's a blessing from above that a friend of mine suggested Bybit. He has been working with this cryptocurrency exchange since its inception in 2018. According to his observations, the platform is a real catch and has many advantages over others. For instance, complete anonymity is a matter of common practice here and even verification is not necessary. In general, I am a supporter of privacy, so this became an important argument for me. There is a demo account on Bybit exchange, so I will continue to trade here.

Bybit offers cryptocurrency derivatives. I am sure that this exchange has every chance of success. I have been working with it for only a few months, but I can already admit that the company fulfills its obligations fair and square. There were controversial issues from the outset, but the support resolved everything in no time. The main advantage of this crypto exchange is its manufacturability, which facilitates the trading process itself. In general, I’m walking on air.

From my standpoint, Bybit is a cryptocurrency exchange that is not a cup of tea for newcomers. Despite the intuitive interface, the conditions for trading in futures seemed challenging to me. I made up my mind that I will remain conservative and will continue the classic crypto trading. There are not very many options on the Bybit site. The exchange allows you to make deals only in USDT, ВТС, and ЕТН. In principle, I’m in my element. This exchange stands out for its lightning-fast money withdrawal.

I was recommended by my close associate to register on the Bybit site. I like the fact that you don't even need to install the dubious software on your PC or mobile phone for crypto trading. Bybit works like clockwork in the browser version. You just need to have a good internet connection. So far, the arsenal of tools on this exchange is not a big deal, but I heard on the grapevine that the developers are planning to expand the line of altcoins. Let's see what changes are coming down the road. I think Bybit has good potential. It is comfortable to trade here. You just need to be aware of conditions, the calculation of the margin, the mechanism of insurance compensation for volatility, and other tools. It’s not as difficult as it may seem.

I won’t say much about Bybit. On the one hand, the platform is nimble and user-friendly, but on the other hand, I am completely confused with the principles of settlement and liquidation, as well as other nuances of working with complex derivatives. Trading futures is not my cup of tea. Although it is safe to say that the commission here is one of the best in the market.
Thanks a ton to Bybit support for trying to help and explain all the intricacies, but I won’t stay on this exchange. Perhaps, I will change my heart later.

Unlike many other cryptocurrency exchanges, Bybit allows trading on a demo account. It’s a go for me. Considering that this site focuses not on classic crypto trading, but on futures, it was a real blast for me to test the waters here. Generally, I figured out all the ins and outs promptly. I liked the fact that there is a reversal function, the ability to open short and long contracts with different leverage on one contract. Commission policy is crystal clear with no mind-breaking schemes.

Author of this Review

ByBit broker’s review prepared by

John Davis

Traders Union Author and Analyst

John Davis is a Financial and Economic Analyst working with the Traders Union since 2016. During this time, he has written more than 100 analytical articles on technical and fundamental analysis, reviews of financial companies and has developed more than 10 proprietary trading systems. John's motto is to help everyone go from a novice to a professional trader.

All information posted on the Traders Union website is based on reliable and objective data. We have combined our 10 years’ experience in the financial sector and the feedback of our customers to provide you with a true picture of the best forex companies in the market. Detailed information about our methodology.

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FAQs

Do reviews by traders influence the ByBit rating?

Any review can raise or lower the rating of any broker in the general list of brokers. To read reviews about ByBit you need to go to the broker's profile.

How to leave a review about ByBit on the Traders Union website?

To leave a review about ByBit, register on the Traders Union website or you can also leave a review through Facebook.

Is it possible to leave a comment about ByBit on a non-Traders Union client?

Anyone can leave feedback about ByBit on multiple participating clients; however, Traders Union clients also receive additional payments later for working with any broker listed at the Forex market.

Why is it more profitable to work with ByBit through Traders Union?

Because you will receive additional payments from Traders Union every month while all other functions on your chosen trading platform remain the same.

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