Bybit has succeeded in bringing to the fore a worldwide, faster, and secure trading system for cryptocurrency derivatives. As of today, over 1.6 million Bybit users all over the world are giving it a shot to improve their financial scenarios.
Bybit is a cryptocurrency derivatives exchange that offers leveraged trading in BTC/USD, ETH/USD, XRP/USD, EOS/USD, and BTC/USDT perpetual contracts. Our Bybit review will give you all the information you need to start trading on this site.
What is ByBit Crypto Exchange Review?
ByBit is a crypto derivatives exchange where you can trade with up to 100x leverage on a variety of assets. The platform also offers futures trading contracts that expire based on their calendar cycle and converge to spot prices.
Headquartered in Singapore, Bybit is a company registered and operating from the British Virgin Islands. It has managed to create an ecosystem in which both retail and professional traders can thrive.
What CryptoCurrencies Does ByBit Support?
You can trade the following 15 cryptocurrencies on Bybit:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Tezos (XTZ)
- Chainlink (LINK)
- Cardano (ADA)
- Polkadot (DOT)
- Uniswap (UNI)
- Ripple (XRP)
- NEM (XEM)
- SushiSwap (SUSHI)
- Aave (AAVE)
- Dogecoin (DOGE)
- Tether (USDT)
ByBit Payment Methods and Fees
You can deposit fiat currency into your Bybit account through a bank transfer. Once the funds have been received, you can convert the money into cryptocurrencies such as BTC, USDT, or ETH.
You can enter the amount of money you want to deposit, then choose your preferred payment provider. Once the transaction is finished, you will see your balance on Bybit’s website.
Trading Fees
If you make a trade on the spot market (the default trading method), you will pay fees of 0.075%. If you set up an account and start generating contracts, then you can earn rebates of 0.025%.
ByBit makes 0.05% of the transaction from maker and taker fees. Spot trading fees are above 0.2%. They are 3 to 15x higher than perpetual contract trading.
How to Sign Up and Trade on ByBit?
- You can Create an account by visiting the Bybit website and entering your email address and password.
- You will receive a verification code in your registered email. The verification code will be active for five minutes.
- Confirm it, and you’ll have made it through the registration process.
- Bybit is an anonymous exchange, therefore, Know Your Customer (KYC) rules are not mandatory.
- Start Trading Crypto on ByBit.
Is ByBit Safe?
Bybit protects your assets by storing them offline; it manually reviews all withdrawal requests to stop unauthorized withdrawals. It also carries out background checks on its employees and encourages all clients to use two-factor authentication.
Bybit encourages ethical hackers to help make its platform safer by reporting vulnerabilities through its bug bounty program.
ByBit Pros and Cons
Pros
- Our cryptocurrency exchange offers up to 100x leverage on crypto trading
- Advanced tools are supported by great technology.
- Risk-free test environment to help you learn
- Educational resources
Cons
- Not available in the U.S.
- Crypto derivatives are extremely risky
- Not suited to spot trading
- May share your data with third parties for marketing
Conclusion
Bybit gives you a secure, transparent, and efficient platform to make trades. Its strong technology makes trading safe and smooth. It offers 100 times leverage, so you can control a lot of money with a small amount of your own.
Bybit also has insurance funds to cover your losses if something goes wrong. In addition, it lets you deposit in fiat currency and doesn’t require you to give your ID. Bybit has friendly customer service that’s available 24/7 by live chat or email. You can use the built-in automation features for easy trading with Bybit.
