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Bybit Review – Are They Safe or a Scam?

Our Bybit Review 2021

Launched in 2018, Bybit is a derivative exchange for cryptocurrency. Bybit gives its traders the option to trade cryptocurrency perpetual contracts, which can have up to 100:1 leverage. But the big question for this new exchange remains—is Bybit reliable?

What’s great to know is that even with its short operational history, Bybit has built up quite a sizable liquidity. With its non-expiry futures products, Bybit is directly competing with well-established exchanges like Deribit and BitMEX. In this Bybit guide, we will be considering various aspects of the cryptocurrency exchange to deduce whether Bybit is worth your time.

Bybit Highlights
  • Powerful 100K TPS Matching Engine
  • Futures contracts on Ripple and EOS
  • Robust API in place

Offers and New Customer Experience - Bybit Experience and Rating

The Bybit platform is full of coupons and bonuses, especially for new users. You can claim a $50 coupon after making your first-time deposit within 48 hours of signing up. If the said 48 hours expire, new users still get a $10 coupon for making their first deposit. Other than that, Bybit also offers a $5 coupon when you follow them on various social media platforms. Also, whenever you make your first Bitcoin deposit, you can claim another $5 bonus.

While researching for this Bybit review, we found out about their website’s “Flash Deals” section. This section has new deals coming in often, and users always have different bonuses to look forward to. Other than that, the platform also runs a solid referral program. There is a $10 bonus for both you and your referral, along with a chance to win additional rewards up to $500!

You can use these bonuses as a margin or to cover trading losses. You can also utilize them in offsetting trading fees. Note that while you cannot redeem these bonuses as cash, all the profits you make while trading with bonuses can. The rewards of these bonuses are usually credited within two working days of claiming them.

Usability - What Do the Bybit Reviews Say?

This Bybit review couldn’t be deemed complete without discussing how well the platform is built. It has an excellent user interface, and industry-renowned TradingView provides its charts. The charts are rather intuitive and laid out well. A lot of information is provided through their charts, and they are optimally designed to prevent appearing too cluttered. While aesthetics is a subjective matter and boils down to personal preference, our analysis concluded that their trading screen, along with the creative use of colour, was clean and accessible.

Talking about metrics, you can seamlessly track your asset overview and positions with Bybit’s comprehensive display. These windows can be moved around so that you can design the layout that suits your workflow the best. Scale design parameters are also adjustable, such as the position of its axis or the data that is shown. On top of that, you can add Relative Strength Index, Volume, Simple Moving Averages, and other such indicators.

Overall, Bybit does provide everything you need for professional-level crypto trading. You can easily adjust indicators, trend lines or monitor patterns to time your trading perfectly with the help of markets, limits, and stop orders.

Bybit Highlights
  • Powerful 100K TPS Matching Engine
  • Futures contracts on Ripple and EOS
  • Robust API in place

Accounts - Getting Started with Bybit Crypto

Simply visit the Bybit website to create an account. All you need is an email address or a phone number to sign up. Once you sign up, you will receive a verification code on your registered email address, which will be valid for 5 minutes. Your account creation is complete once you successfully confirm the verification code.

A significant benefit about Bybit is that the platform values privacy and is an entirely anonymous exchange. Because of this, KYC (Know Your Customer) is not required to trade with this platform.

While navigating the platform for this Bybit review, we found that users can create up to 20 sub-accounts on the platform. Different trading strategies can be deployed using different sub-accounts. This way, users can experiment with different trading strategies seamlessly.

These sub-accounts are nested under one main account you create, which has all the managerial control. This option to compartmentalize your accounts is made more feasible by Bybit assigning each sub-account its own trading account. Therefore, the P&L is calculated independently for each of them. This allows every user to be able to track their trade performances better.

One great feature here is that there is zero transfer fee when transferring funds from the main account into a sub-account. Additionally, any trading fee discounts applied to the main account will automatically be applied to all the sub-accounts. Users can deposit funds directly into sub-accounts too. Do note, however, that Bybit currently doesn’t support funds transfer between sub-accounts.

Trading Platforms - Is Bybit Reliable?

One of the most critical parts of this Bybit review is the trading platform. This is because having an effective trading platform with the latest technology can be the deciding factor for most traders. When trading with more significant degrees of leverage, a high-quality trading platform becomes essential.

We’re happy to report that the trading platform at Bybit is excellent and relatively intuitive. Right at the top, you have the option to toggle between wallets and account management. You also have the option to switch between Bitcoin and Ethereum futures markets.

Bybit has a neat interface with the market depth and chart at the left, which you can toggle between, and contract details and order forms at the right. In the middle, there is the order book and the last trades.

You can scroll down and look at your assets and the current market activity. However, the highlight of the Bybit interface is the amount of customizability it chooses to provide its users. Most of these modules can be detached, resized, or moved around in general.

At the bottom right of the exchange page, there is an option of “night mode,” making it easier for night owls to trade.

Bybit has gone the extra mile to make it possible for its users to optimize the interface to best suit their workflow.

Trading Payments - Is Bybit Safe?

One thing to note about Bybit is that it is a crypto-only exchange. Even though it offers higher flexibility and versatility than most of its competitors in deposits and withdrawals, it does not handle any transactions using fiat currency as such. At the time of writing this Bybit review, the fiat deposits are run 100% by Bybit’s Fiat Gateway partners. These include Banxa, Moonpay, Mercuryo, and XanPool. These fiat gateway providers are counted among some of the world’s most trusted fiat currency gateways.

Note that if you plan on doing fiat currency transactions with Bybit, it will require a KYC procedure with Bybit’s 3rd party service providers. After verification, these service providers will immediately transfer the crypto coins into Bybit’s traders’ accounts. Usually, such transactions will complete within 2 to 3 hours.

Additionally, you don’t have to pay any fee for depositing or withdrawing your crypto assets. However, users must note that all transfers are inclusive of a blockchain mining fee. While withdrawal limits might vary from currency to currency, there is no minimum deposit amount on this platform.

Bybit has exceptional staff in place to handle more manual processing than most of its competitors. For example, Bybit can handle up to 3 withdrawal requests a day, which is thrice the industry standard. With all these measures in place, we can rest assured that no Bybit scams will take place any time soon.

Customer Service - Highly Responsive and Informative

In this Bybit review, we made sure to put particular focus on a highly ignored aspect of a platform during reviews—the customer service. You would be happy to know that Bybit scores exceptionally well with its highly professional customer service staff.

Bybit’s customer service team is available at all hours of the day, seven days a week, by the touch of a button. The easiest and quickest way to get in touch with them is through the live chat function on their website. Zendesk powers this live chat. Our team tested this feature a couple of times, connecting with a customer service executive in a matter of minutes. However, you can also choose to email the customer support staff for issues that aren’t as pressing.

There isn’t any phone support on the website, though. This is a minor drawback since phone support is becoming a standard in the industry.

There is also an exhaustive FAQ section on the website, and it is always a great idea to skim through the FAQ page before contacting the customer service staff.

Customer support is multilingual and is provided in English, Korean, Russian, Japanese, Traditional Chinese, and Simplified Chinese.

Another thing we like about Bybit is that you also have the option to provide your feedback. What’s unique here is that you will earn Bybit exclusive merch on the implementation of any of your recommendations. These include t-shirts, hoodies, stickers, and more.

Regulation and Deposit Insurance - Instils a great deal of confidence

To manage the risk involved in a futures contract settlement, Bybit operates an insurance fund as traders can get liquidated below the bankruptcy price. This is when the trader’s initial margin is completely depleted. It also provides a safety net before the auto deleveraging mechanism takes over.

On top of that, there is also the existence of Bybit Mutual Insurance. Mutual insurances are a robust tool for risk management and protection against unforeseen fluctuations in the market. It is a safety net from declining profits or even increased losses. It helps you lock in profitable positions to help with your fear of fluctuations.

Users can receive the insurance compensation either when Bybit automatically credits you the losses after your mutual insurance has expired or whenever you choose to do manual settlement during your period of insurance. You can also choose to receive immediate payoff after liquidation.

Additional Features - Affiliate program offers chance to earn 30% commission

While scanning the platform for this Bybit review, we found numerous impressive features. In terms of security, we appreciate the fact that the Bybit website has full SSL encryption. This would prevent any risk of phishing attacks and reduce the risk of online snoops. The SSL encryption will encrypt all your passwords and contact information so that any data you provide to this website stays secure and hidden.

Moreover, the Bybit website has the Two-factor Authentication security feature enabled. This will prevent a hacker from entering your account even if they know your password. This is because, with two-factor authentication, you need both your password and a unique code sent to your mobile phone each time you try to log in to access your account.

Bybit runs a highly profitable affiliate program. Suppose you refer any of your connections to Bybit. In that case, you have the opportunity of earning up to 30% commission on the trading fee and 10% on the affiliate fee every day! However, note that you can either join the affiliate program or the referral program, so make sure you choose wisely.

Bybit Crypto

Trade Offer - What is Bybit?

Bybit is a Singapore-based P2P-type cryptocurrency futures exchange. It operates under Bybit Fintech Limited, which in turn is a company registered in the British Virgin Islands. Started in late 2018, Bybit’s technology team has people hailing from companies like Tencent, Morgan Stanley, et cetera. The platform is home to more than a million users and is perfect for experienced traders. Bybit has a user-friendly interface equipped to handle about 100,000 transactions per second. One of the major selling points of the platform is that it offers perpetual futures with up to 100x leverage.

Trading Costs - What is Involved?

The trading cost structure that Bybit follows is similar to what most of its competitors follow—the maker/taker pricing structure. The “makers” here are those in Bybit markets whose orders make the liquidity, while the ”takers” are those who, by matching makers’ orders with their own, take this liquidity. This essentially means that the fee you pay for trading depends upon whether or not you provide liquidity to the exchange.

The takers charge about 0.075% per order, which is the industry standard rate. On the other hand, the makers earn a 0.025% commission. There is also a fee of 0.0005 BTC for every Bitcoin transaction, which is lower than the industry standard.

Trading Conditions - Things to Keep in Mind

Bybit has users from across the globe, including members from New Zealand, Australia, and the United Kingdom. This also makes Bybit an excellent option for people who travel often. However, there are a few jurisdictions in the world where Bybit is unavailable.

The most notable out of them is the USA, due to issues with compatibility with the trading rules of America. Other than the US, the list of countries where Bybit isn’t available includes Singapore, China, North Korea, and Cuba. Quebec has also restricted trading, but the website doesn’t mention the rest of Canada. Hence, Canadian users must exercise caution and check accordingly.

Besides, Bybit is continuously expanding to more countries. The trading laws keep changing. Therefore, it is always worth checking time and again if things have changed for the better.

Product Summary - An intuitive crypto trading platform

After completing tests and compiling our analysis for this Bybit review, it is safe to say that Bybit is an excellent platform with an intuitive user interface, reasonable fees, and robust technology. The fact that they also have an insurance fund to manage the market risk instills a lot of confidence. While you must conduct your fact-check before finalizing a platform to trade on, Bybit appears to tick most of our boxes.

Bybit Highlights
  • Powerful 100K TPS Matching Engine
  • Futures contracts on Ripple and EOS
  • Robust API in place

Bybit Review FAQ

❔How secure is Bybit?

Bybit is a popular trading platform that deals with cryptocurrency derivatives. When compared to other major trading platforms, Bybit provides leverages to their traders. Bybit provides the most advanced SSL-level encryption to secure their funds. The security features match up to the level of the security provided by major banks. To learn more about the advanced security features provided by Bybit, read our complete Bybit review.

👑What makes Bybit different from other trading platforms?

The most distinguishing feature of Bybit is leverage trading. Bybit provides almost 100x leverage to their traders. This helps the traders to increase their profit even though the amount deposited is low. Bybit also allows the traders to keep a stop loss for their trade. This feature reduces the percentage of loss in unusual cases. To find more useful features of Bybit, read our most detailed Bybit review.

💲How can we deposit money in Bybit?

Bybit is an application that deals with the trading of cryptocurrency derivatives. Bybit does not allow traders to deposit fiat currency for trading directly. It only supports deposits in the form of cryptocurrencies like BTC, ETH, etc. The traders can use Bybit’s Fiat gateway for converting fiat currency to crypto. You can read our Bybit review to know more about depositing and trading using Bybit.

Overall Conclusion - A Positive Overall Bybit Review and Rating

Bybit has constructed an efficient, transparent, and trustworthy trading platform that makes use of robust technology. The trading process is seamless and secure. Bybit allows you to leverage 100x margin and, at the same time, provides security against losses through its insurance funds. Bybit doesn’t require any KYC for most of its functionality and supports fiat currency too. On top of that, there is a professional customer support staff you can count on 24/7. All in all, we would firmly recommend this platform.

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