Overall, Bybit is a self-regulated broker holding an overall trust score of 5/10 and offers trading on the infamous MetaTrader 4 platform, with competitively low fees and commissions. Bybit requires no minimum deposit.
Bybit at a glance
| 🔍 Broker's Name | Bybit |
| 📍 Headquartered | Singapore |
| 📅 Year Founded | 2018 |
| ⚖️ Regulating Authorities | Self-regulated |
| 🌐 Countries not accepted for trade | Québec (canada), cuba, crimea, sevastopol, iran, syria, north korea, sudan, singapore, and the united states |
| ☪️ Islamic account (swap-free) | Yes |
| 📒 Demo Account | Yes |
| 🏛 Institutional Accounts | Yes |
| 💼 Managed Accounts | No |
| 📊 Maximum Leverage | 1:100 |
| 💰 Minimum Deposit | No minimum deposit |
| 💳 Deposit Options | Deposits can only be done on the app and only btc, eth, xrp, eos and usdt are accepted. |
| 💳 Withdrawal Options | Deposits can only be done on the app and only btc, eth, xrp, eos and usdt are accepted. |
| 📱 OS Compatibility | Desktop, android, and ios |
| 📉 Platform Types | Bybit Trading Platform |
| 📈 Tradable assets offered | Cryptocurrencies |
| 👨💼 Languages supported on Website | English, spanish, french, indonesian, chinese, russian, turkish, japanese, korean, vietnamese, portuguese and more. |
| 👥 Customer Support Languages | English, spanish, french, indonesian, chinese, russian, turkish, japanese, korean, vietnamese, portuguese and more. |
| 📆 Customer Service | 24 hours a day/ 7 days a week |
| ⭐ Open an account | 👉 Click Here 👈 |
|---|
Min Deposit
USD 0
Regulators
Self-regulated
Trading Platform
Bybit Trading Platform
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
A Quick Overview of our Bybit Review – 23 Key Points
- ☑Bybit at a glance
- ☑Who is Bybit?
- ☑Bybit Safe or scam
- Bybit Pros and cons
- Bybit Leverage
- Bybit Welcome Bonus
- Bybit Accounts
- Bybit Market instruments
- Bybit Fees, Spreads, and Commissions
- Bybit Deposit and withdrawal
- Bybit Trading Platforms
- How to open a Bybit account
- Bybit Customer Support
- Bybit Education
- Bybit Research
- Bybit Awards
- Bybit vs Questrade vs Olymp Trade – A Comparison
- Bybit Top Countries by Similar Web
- Bybit Current Popularity Trends
- Bybit Customer Reviews
- Conclusion
- Disclaimer
- Frequently Asked Questions
Who is Bybit?
According to research in South Africa, Bybit is a p2p cryptocurrency futures exchange that is based in Singapore with additional offices in hong kong and Taiwan. The company has been in operation since 2018. Even though Bybit is based in Singapore it is a registered trading exchange in the British virgin islands where it operates under Bybit fintech limited.
The founder of the company is ben zhou who has established himself in the world of fintech by working as xm’s china district general manager for seven years. Bybit has over 2 million registered users and provides a professional, smart, intuitive, and innovative online trading and cloud mining experience for retail and institutional clients.
The company offers leverage of 1: 100 on a cryptocurrency trading platform BTC/USD and ETH/USD trading pairs. The derivatives exchange offers perpetual contracts that follow the cryptocurrency spot price, not the actual cryptocurrency assets.
The company is committed to creating a fair, transparent, and efficient exchange environment, and offers 24/7 customer support in multilingual languages. Clients from Québec (Canada), Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan, Singapore, and the united states are not accepted with Bybit.
Bybit Safe or scam
When traders evaluate brokers, regulation is one of the most crucial components that must be considered. Regulated brokers are required to comply with stringent rules and regulations set by regulatory entities and through this, client fund security can be ensured.
The activities of regulated brokers are also overseen by such entities to ensure that there is no fraud or foul play, and to ensure that traders are always protected against such activities. Bybit is not regulated by any authoritative body but is a legitimate crypto trading exchange operated by Bybit fintech limited.
Although it is not regulated it does have some insurance in place and to mitigate the inherent risk posed by shortfalls in the Bybit futures contract settlement, Bybit maintains a contingency fund which decreases the possibility of auto-deleveraging in the event of a liquidation.
The company also provides mutual insurance which is a risk management tool available to its users to hedge against unfavorable market movements. If a user experiences a loss on their insured position, the user will receive a payoff from the mutual insurance account.
Min Deposit
USD 0
Regulators
Self-regulated
Trading Platform
Bybit Trading Platform
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Bybit Pros and cons
| ✔️ Pros | ❌ Cons |
| Charges no commission | The focus is more on the advanced trader |
| Low minimum deposit requirement | No base currencies are accepted, only BTC |
| No deposit fees charged | Self-regulated |
| Offers a demo account | Only cryptocurrency methods to choose from |
| Transparent trading conditions |
Bybit Leverage
When traders apply leverage, the margin requirement is reduced, and the trader can open larger positions. Bybit provides traders with leverage of up to 1:100. Leverage is a tool that is offered by numerous brokers to traders. With leverage, traders can open larger positions, allowing traders more exposure to the market in which they are trading despite their initial deposit.
However, as beneficial as leverage may be, it can also be detrimental when used incorrectly or abused. Leverage increases a trader’s chance of gains and thus, it also increases the risk of losses. Traders are at risk of incurring losses that may exceed their initial deposit, leading to a negative balance on their trading account if the trader does not have the benefit of negative balance protection.
Leverage is expressed as a ratio, for instance, 1:1, 1:50, 1:100, 1:500, and even up to 1:3000. Leverage and margin go together, with the margin being the amount required from the trader at the start of the trade. This amount serves as collateral for any credit risks which may arise.
Bybit Welcome Bonus
Bybit Accounts
A cryptocurrency account is a trading account that traders hold with a specific broker for the purpose of trading financial instruments. Brokers may offer traders either a variety of accounts, with each catering to varying levels of skill, knowledge, and experience, or a single account that can be used. The number of accounts along with the features offered will vary from one broker to the next. For this reason, it is imperative that traders evaluate brokers and make use of the demo accounts offered to explore the broker’s offering.
Bybit offers one trading account to its clients in cryptocurrencies. In addition, it also features a testnet for users that would like to demo trade without making a deposit. The testnet account is like a virtual account on the platform which allows you to practice crypto trading with fake money.
Interested users can access the Bybit demo account at testnet.bybit.com and click on ‘register’ at the top right of the page. No KYC verification is necessary since Bybit is registered in Singapore it operates as a strictly crypto to crypto exchange.
Bybit Market instruments
Bybit offers trading in cryptocurrencies.
Bybit Fees, Spreads and Commissions
Another crucial factor that traders must consider when evaluating a broker is the fees that they will incur. These fees relate to both trading and non-trading activities and actions.
Trading fees with Bybit are competitive when compared to other exchanges in the cryptocurrency trading industry. Fees are based on a market maker and taker fee structure. Depending on the type of order placed, fees are -0.025% or 0.075%.
Bybit charges traders a fee that is referred to as a “maker-taker” fee. This incurs that they will charge traders a fee if they take liquidity off their books and they will give them a rebate if they provide liquidity to the exchange. They also charge overnight fees which are determined by market conditions and interest rates. It is not fixed and varies daily.
Bybit Trading fees
One of the first fees that traders will encounter concerns a minimum deposit fee which is paid after the trader has completed account registration. Bybit charges no minimum deposit.
| 💳 Bybit Minimum Deposit | No Minimum Deposit |
| 📌 Open an account | 👉 Click Here 👈 |
|---|
Bybit Non-trading fees
Where non-trading fees are considered, traders must consider fees relating to account inactivity, deposit and withdrawal fees, account management and maintenance fees, currency conversion fees, and others. Bybit does not charge deposit fees but when you withdraw BTC, you will have to pay 0.0005 BTC per BTC withdrawal. There are no commission charges.
| Inactivity Fees | ❌ |
| Deposit Fees | ❌ |
| Commission Fees | ❌ |
| Withdrawal Fees | 0.0005 BTC per BTC withdrawal. |
| 📌 Open an account | 👉 Click Here |
|---|
Bybit Deposit and withdrawals
When evaluating brokers, the ease with which deposits and withdrawals can be made is another imperative factor to consider. With Bybit no deposits of fiat currency are accepted. New investors that do not have any previous crypto holdings cannot trade with Bybit as it only accepts bitcoin (BTC) deposits.
New traders need an entry-level exchange, which is an exchange accepting deposits of fiat currency to purchase your first cryptos. Bybit does not charge a fee to deposit cryptocurrency to the exchange, but there is a minimum bitcoin network fee charged for withdrawing funds which are determined by the blockchain network load which is typically around 0.0005 BTC.
Withdrawals are done from the applicable asset and only require your wallet address. Withdrawals are processed at 08:00, 16:00, and 24:00 (all in UTC time). All withdrawals are usually reflected in your wallet 1 to 2 hours after a review. Bybit only accepts the following digital currencies BTC, ETH, EOS, XRP, and USDT. Funds are, however, able to be displayed in the GBP, Euro, USD, AUD, CAD, CNY, CHF, HKD, JPY, ZAR, and KRW currencies.
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Official Site
Bybit Trading Platforms
The Bybit trading platform is a mobile trading app for desktop, as well as android and ios smartphones. It can be downloaded from the apple store or play store depending on the smartphone you use.
A trading platform is a software that traders use to execute their trades. Each broker reserves the right to offer their own preferred trading platform. Where some brokers offer a variety of third-party platforms, others prefer offering their own proprietary platforms, if they have one. Bybit offers a wide range of offerings and order types for traders to choose from.
How to open a Bybit account
To open an account with Bybit is easy and hassle-free and can be done by navigating to the homepage of the company. All you need to provide is an email or phone number, and a password. If you have been given a referral code then when registering, the code can be used.
Step 1 – Traders can navigate to the Bybit website and select the option to register and fill in personal details such as their email and password of choice.
Traders must tick the box in the agreement of Bybit’s terms of service and privacy policy.
Step 2 – Bybit will send you a confirmation code via email once you have registered an account with it. You will need this to confirm your email/phone number. This is only valid for 5 minutes so make sure that you do it right after creating the account.
Bybit Customer Support
Bybit can only be contacted through live chat which provides the zendesk live chatbot or completes an online request form. It does not offer the option of contacting customer care through telephone. Feedback can also be received on various social media platforms, such as Twitter and telegram.
In addition, Bybit offers an expansive suite of guides and articles in the faq section that covers a broad range of topics such as beginners q&a, getting started on bybit, deposit & withdrawal, margin & leverage, profit & loss, and liquidation. Customer services are available 24/7 in multilingual languages.
Bybit Education
Bybit offers traders any educational tools, resources, or materials on the website. Such tools, resources, and materials prove helpful especially for beginner traders who do not yet know how to navigate trading or the markets.
Bybit Research
Research tools help traders in their activities in addition to helping them hone their skills in making informed trading decisions.
Bybit Awards
Awards serve to instill confidence in a broker as it reflects the level of service the broker offers. As a new broker, Bybit has not yet obtained any rewards which are displayed on the website.
Bybit vs Questrade vs Olymp Trade - A Comparison
| 🥇 Bybit | 🥇 Questrade | 🥇 Olymp Trade | |
| 💳 Minimum Deposit | No Minimum Deposit | $1000 | $10 |
| 🎉 Rewards Programs | ☑ | ☑ | ❌ |
| 💻 MetaTrader 4 | ☑ | ❌ | ❌ |
| ☪️️ Islamic Account | ☑ | ❌ | ❌ |
| 📌 Open an account | 👉 Click Here | 👉 Click Here | 👉 Click Here |
|---|
Bybit Top Countries by Similar Web
| 🌍 Russia | 13.60% |
| 🌍 Korea, Republic of | 13.08% |
| 🌍 Japan | 8.28% |
| 🌍 Ukraine | 4.65% |
| 🌍 United Kingdom | 4.15% |
| 🌍 Others | 56.23% |
| 📌 Open an account | 👉 Click Here |
|---|
Bybit Current Popularity Trends
According to Google Trends, here is an overview of how frequently the search term – “Bybit” is entered into Google’s search engine over a given period of time.
Bybit Customer Reviews
One of the best crypto exchange company
One of the best crypto exchange companies I’ve ever seen. Trading fees are lower than any other exchange. you can trade here easy & comfort way – Tom
secure & easy to use
secure & easy to use, ( support 100x leverage, stop loss, take profit, Strategy alert, mutual insurance) deposit bonuses, big competitions, social bonuses, they have a daily trade volume of billions of dollars, they have 24/h active Live chat – Brav
Bybit Affiliate Program
I enjoy the opportunities to earn an income through Partnership programs offered by forex brokers – Benny
Conclusion
Overall, Bybit only started trading in 2018 and is still a relatively new operator in terms of cryptocurrency derivatives trading. The trading conditions offered are competitive when compared with other brokers and the trading platform is powerful and offers a vast number of features that can be used to the advantage of the trader.
The platform is reliable and safe and Bybit has successfully combined the best of cryptocurrencies and traditional financial markets with a user-friendly exchange.
While it is suitable for a wide range of traders and provides valuable resources such as the testnet which allows extensive demo trading to take place which is essential to beginner traders, it focus more in the more experienced high-volume traders.
Since it does not have KYC requirements and no real trading or deposit/withdrawal limits, bybit will suit anyone looking to trade in substantial amounts. The consistently high liquidity levels also suit anyone looking to take advantage of sudden market swings by making swift deposits onto the platform.
Min Deposit
USD 0
Regulators
Self-regulated
Trading Platform
Bybit Trading Platform
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Disclaimer
Bybit warns potential customers that cryptocurrency trading carries a substantial risk and may not be suitable for all investors. The practice of leveraged trading can result in higher losses than first expected, and the volatile nature of futures markets makes them a part of the crypto sector best left to more experienced traders to navigate.
Before deciding to trade with bybit, potential traders are advised to carefully consider their investment objectives, financial situation, needs, and level of experience before investing money they cannot afford to lose, according to research in South Africa.
Frequently Asked Questions
Is Bybit Safe or a Scam?
Bybit is not a scam. Although self-regulated, Bybit does have insurance that mitigates the risks posed by any shortfalls in a Bybit futures contract settlement.
How many instruments can I trade with Bybit?
Bybit offers trading in cryptocurrencies.
Which platforms are supported by Bybit?
Bybit trading platform is supported as well as the MetaTrader4 Platform
For which type of trader is Bybit best suited?
Bybit focuses on the more advanced trader.
What is the overall rating out of 10 for Bybit?
Bybit holds an overall score of 5/10.
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