This ByBit review goes beyond mere facts and figures. We explore the platform’s user-friendly interface, multilingual support, and global accessibility, making it an ideal choice for traders worldwide. Whether you are an experienced trader or just starting out, ByBit’s adjustable leverage, competitive fees, USDT derivitaves/futures volume and additional services like the Earn and VIP Programs offer a complete trading experience.
Join us in our ByBit review and trading guide. Find out why ByBit could be your go-to crypto exchange for trading in 2023. Let’s dive into the world of ByBit, where trading meets security and innovation.
Table of Contents
Brief Overview of ByBit Exchange
| Headquarters: | Dubai |
| Year Established: | 2018 |
| Regulation: | Received an in-principle license as a Virtual Asset Service Provider in Dubai and is regulated by Cypriot authorities. |
| Crypto Listings – Spot: | 400+ |
| Native Token: | Bybit lacks a native token but has introduced the BIT token for BitDAO. |
| Maker/Taker Fees: | Spot Trading – Starting at 0.1% for both maker and taker. Perpetual and Futures Contracts – 0.02% maker and 0.055% taker fees. Options – 0.03% for both maker and taker. Fee discounts available for VIP users. |
Security: | Two-Factor Authentication (2FA), Cold Asset Storage, Multi-Signature Wallets, Insurance Fund |
| Beginner-Friendly: | Yes |
| KYC/AML Verification: | Mandatory |
| Fiat Currency Support: | Supports over 20 fiat currencies through P2P exchange. Allows deposit of 16 and withdrawal of 11 fiat currencies, including USD, EUR, GBP, among others. |
| VIP Program: | Yes |
| Deposit/Withdrawal Methods: | Bank transfer, credit/debit card, cryptocurrency transfer, third-party fiat on and off-ramps. |
ByBit’s Background and Origin
ByBit Exchange was established in 2018 with its first headquarters in Singapore. ByBit has its main headquarters in Dubai. The platform was designed with the vision to provide a professional, reliable, and innovative trading environment for crypto derivatives trading. With its advanced features and security measures, ByBit quickly drew attention in the crypto trading community.
Location of ByBit’s headquarters in Dubai:
From its inception, ByBit has shown remarkable growth in a short span. The platform now boasts a substantial user base of over 20 million traders worldwide with only 900 employees, reflective of its commitment to user experience and security. ByBit’s growth can also be attributed to its diverse trading options, with more than 230 perpetual and futures contracts spanning across more than 428 spot trading pairs with USDT.
Newly released video about ByBit’s headquarters in Singapore with 400 employees:
ByBit’s commitment to maintaining stringent regulatory compliance is also worth noting. The platform is regulated in both Dubai and Cyprus, ensuring it upholds the highest standards of compliance and security. This regulatory oversight has played a significant role in establishing ByBit as a trusted platform in the crypto trading community.
Bybit Review: An Overview of Trading Features
- Spot Trading: This mode, launched in 2021, enables straightforward buying and selling of cryptocurrencies, facilitating rapid transactions in response to market demand.
- Derivative Trading: Refers to a range of financial instruments for speculating on cryptocurrency prices, such as futures and options, without actual ownership of the digital assets.
- MetaTrader 4 (MT4) Platform: Tailored for sophisticated traders, MT4, introduced by MetaQuotes in 2005, is highly customizable for trading in forex, indices, and commodities via Contracts for Difference (CFDs). Bybit’s offering includes automated trading capabilities with a minimal fee structure of 0.003% and zero pip spreads, enhancing the trading experience.
- Copy Trading: A derivative-like strategy where one can emulate the trades of proficient Bybit traders. This method involves selecting traders based on their performance data and allocating funds to mimic their trading activities.
- Trading Bots: Bybit allows the creation of personalized trading bots, encompassing both spot and futures grid strategies, as well as Dollar-Cost Averaging (DCA) bots.
- Leveraged Tokens: Bybit provides these specialized derivatives, enabling traders to engage in leveraged positions on certain cryptocurrencies without the complexities of margin management.
- One Click Buy & Convert: These are straightforward mechanisms for acquiring cryptocurrencies on Bybit. The One Click Buy process simplifies the purchase into three steps, including the use of the Bybit card. The Convert feature facilitates immediate, feeless exchange between different cryptocurrencies.
- Recurring Buys: Bybit enables scheduled purchases of cryptocurrencies at predetermined intervals, complemented by the convenient convert tool for straightforward cryptocurrency exchange, like converting Bitcoin to Ethereum or USDT.
Bybit Finance
- ByBit Earn Program: This program encompasses a variety of products, including staking and lending. Staking entails participating in the consensus mechanism of a Proof of Stake blockchain, aiding in network security and transaction validation, with rewards in the form of weekly or monthly incentives. Additionally, ByBit Earn presents opportunities in savings, liquidity mining, dual asset investments, and ETH 2.0 staking.
- Loans & Lending Services: Differing from staking, lending involves allocating one’s crypto assets to other exchange users for a return. Bybit features a range of staking pools and diverse lending options across various cryptocurrencies.
- Bybit Card: A collaboration with Mastercard, the Bybit Debit Card facilitates payments at more than 90 million merchants globally. Available in both physical and digital formats, the card is functional upon funding your Bybit account and incurs no fixed or hidden charges.
Bybit Review: Market Presence and Trading Volumes
- As per Bybit’s 2023 semi-annual report, it ranks as the third-largest global derivatives exchange and fourth in spot trading.
- The platform handled over $982 billion in futures and $48 billion in spot trades in the first quarter of 2023, followed by $680 billion in futures and $48 billion in spot trades in the second quarter.
- The predominant trading currency on Bybit, particularly in both derivatives and spot markets, was Bitcoin, with the BTC-USDT pair being the most popular.
- For a more detailed ByBit overview about volumes, visit CoinGecko
ByBit Review – Fees & VIP Program
Now we will cover the ByBit trading fees in our ByBit Review. The base spot trading fees on ByBit start with a 0.2% Taker Fee and a 0.15% Maker fee. However these can be lowered with the ByBit VIP program.
ByBit’s VIP Program is an initiative designed to reward the platform’s most active and high-volume traders. The program provides a variety of benefits and exclusive features to its VIP members, making trading on ByBit a more rewarding experience. Members of the VIP Program enjoy lower trading fees, providing them with a more cost-effective trading environment. This benefit can significantly enhance their profitability, especially for those who are involved in high-volume trading.
ByBit Fee Structure:
| VIP Level | 30–Day Spot Trading Volume (USD) | Taker Fee Rate | Maker Fee Rate |
|---|---|---|---|
| Non-VIP | <100,000 | 0.2000% | 0.1500% |
| <275,000 | 0.2000% | 0.1000% | |
| <550,000 | 0.1500% | 0.0800% | |
| <1,000,000 | 0.1200% | 0.0600% | |
| VIP 1 | <1,100,000 | 0.1200% | 0.0600% |
| <2,000,000 | 0.0800% | 0.0500% | |
| VIP 2 | <4,000,000 | 0.0800% | 0.0400% |
| VIP 3 | <6,000,000 | 0.0600% | 0.0360% |
| VIP 4 | <8,000,000 | 0.0575% | 0.0340% |
| VIP 5 | <10,000,000 | 0.0550% | 0.0320% |
| Supreme VIP | ≥10,000,000 | 0.0400% | 0.0300% |
| Pro 1 | <8,000,000 | 0.0550% | 0.0330% |
| Pro 2 | <10,000,000 | 0.0500% | 0.0320% |
| Pro 3 | <30,000,000 | 0.0450% | 0.0300% |
| Pro 4 | <60,000,000 | 0.0400% | 0.0275% |
| Pro 5 | ≥60,000,000 | 0.0350% | 0.0250% |
| VIP Level | Asset Balance (USD) | 30-Day Average Net Borrowing (USD) | 30–Day Trading Volume (USD) |
|---|---|---|---|
| Spot | Derivatives | ||
| VIP 0 | ≤ 50K | ≤ 50K | 0 – 1M |
| VIP 1 | 50K | 50K | 1M – 2M |
| VIP 2 | 250K | 500K | 2M – 4M |
| VIP 3 | 500K | 1M | 4M – 6M |
| VIP 4 | 1M | 1.5M | 6M – 8M (API Trading Volume ≤ 20%) |
| VIP 5 | 2M | 2M | 8M – 10M (API Trading Volume ≤ 20%) |
Besides lower fees, VIP members also get access to priority customer service and lowered withdrawal fees. This feature ensures they receive prompt and personalized assistance whenever needed, enhancing their overall trading experience. Another noteworthy benefit is the access to exclusive events and services. VIP members often receive invitations to exclusive ByBit events and webinars, providing them with opportunities to learn and connect with other VIP traders.
VIP members also get a dedicated account manager to assist them with their trading needs. This personalized service can be particularly beneficial for those who engage in complex trading strategies.
ByBit Review – Security
Regulatory Compliance Measures
ByBit’s commitment to security is evident in its rigorous regulatory compliance measures. The platform operates under the regulatory oversight of Dubai and Cyprus authorities, ensuring stringent adherence to compliance requirements and security standards.
One of the key aspects of regulatory compliance is the implementation of anti-money laundering (AML) and know-your-customer (KYC) procedures. ByBit has robust AML and KYC measures in place, ensuring that all transactions on the platform are legitimate and that all users are thoroughly verified. These measures help prevent financial fraud and illicit activities, thereby safeguarding the interests of all ByBit users.
In addition to AML and KYC procedures, ByBit also complies with data protection regulations. The platform employs advanced encryption technologies to ensure that users’ personal and financial information is securely stored and protected from unauthorized access.
Furthermore, ByBit conducts regular audits and reviews of its compliance measures. This practice ensures that the platform consistently meets or exceeds regulatory standards, providing a safe and secure trading environment for its users. These stringent regulatory compliance measures contribute significantly to ByBit’s reputation as a reliable and trustworthy crypto trading platform.
Security Protocol and Best Practices
ByBit has implemented a comprehensive security protocol to protect its platform and users from potential threats. This includes a multi-signature wallet system that requires multiple approvals before funds can be moved, significantly reducing the risk of unauthorized access or manipulation.
In addition to this, ByBit stores user assets in cold storage. This means that the vast majority of funds are kept offline, away from potential online threats. Only a small portion of funds, necessary for day-to-day withdrawals, is kept in online wallets.
ByBit also uses two-factor authentication (2FA), which provides an extra layer of security for user accounts. 2FA requires users to provide two types of identification before they can access their account, making it much harder for unauthorized users to gain access.
Moreover, ByBit maintains an insurance fund to protect its users from unforeseen market risks. This fund acts as a buffer in case of significant market swings, ensuring that users do not bear the brunt of extreme losses.
Lastly, ByBit educates its users on best security practices, such as regularly changing passwords and being wary of phishing attempts. These best practices, when followed, can greatly reduce the risk of security breaches. ByBit’s robust security protocol and practices underline its commitment to providing a secure trading environment.
ByBit Review – Licenses & International Presence
Geographical Reach and Accessibility
ByBit’s international presence is a testament to its commitment to making cryptocurrency trading accessible to users around the world. Headquartered in Dubai, ByBit has extended its services to a global user base, having traders from different parts of the world.
The platform is regulated in Dubai and Cyprus, providing a secure and regulated trading environment for its users. This regulatory oversight, combined with ByBit’s robust security measures, ensures that traders can transact with confidence on the platform, irrespective of their geographical location.
ByBit’s platform is designed to be accessible and user-friendly. It supports multiple languages, including English, Chinese, Korean, Japanese, and more. This multilingual support enables users from different regions to navigate the platform in their native language, enhancing their trading experience.
In terms of geographical restrictions, while ByBit is accessible to users worldwide, it does adhere to local laws and regulations. Therefore, it might be restricted in certain jurisdictions due to local regulations. Overall, ByBit’s wide geographical reach and commitment to accessibility make it a popular choice among crypto traders globally.
ByBit supported languages
To cater to its diverse user base spread across the globe, ByBit supports multiple languages on its platform. This feature underscores ByBit’s commitment to providing a seamless and user-friendly trading experience to users, regardless of their geographical location or language preference.
ByBit’s platform currently supports English, which is widely used by traders around the world. Apart from English, the platform also supports Chinese, both Simplified and Traditional, catering to a significant number of users from Chinese-speaking regions.
In addition to English and Chinese, ByBit supports Korean and Japanese. This multilingual support further extends ByBit’s reach in Asia, where cryptocurrency trading continues to witness substantial growth.
By offering support for multiple languages, ByBit ensures that users can navigate the platform and manage their trading activities in their preferred language. This multilingual support, coupled with ByBit’s user-friendly interface and robust security measures, significantly enhances the overall trading experience for users on the platform.
By continuously expanding its language support, ByBit aims to make crypto trading more accessible and inclusive for traders worldwide.
ByBit Licenses
Regulation and licensing are crucial aspects of any cryptocurrency exchange, and ByBit is no exception. ByBit operates under strict regulatory oversight, ensuring compliance with the highest security and operational standards.
ByBit is regulated in Dubai and Cyprus, two jurisdictions known for their robust regulatory frameworks for cryptocurrency businesses. These regulatory bodies oversee all operations of ByBit, ensuring that the platform adheres to compliance and security standards.
Being licensed in these jurisdictions means that ByBit is subject to periodic audits and reviews. These audits ensure that ByBit maintains the highest standards of security, operational transparency, and fairness. As a result, traders can have confidence in the integrity of the platform and its operations.
Furthermore, these licenses enable ByBit to operate in a wide range of jurisdictions globally, making the platform accessible to users worldwide.
In addition to regulatory licenses, ByBit also complies with international anti-money laundering laws and know-your-customer regulations. This commitment to regulatory compliance further reinforces ByBit’s status as a reliable and trustworthy platform for cryptocurrency trading.
Trading Restrictions and Prohibitions
While ByBit aims to provide its services to users worldwide, it is important to note that the platform adheres to local laws and regulations in each jurisdiction it operates in. As a result, there may be certain trading restrictions and prohibitions in place for users based on their geographical location.
For instance, due to regulatory constraints, ByBit does not offer its services to users in the United States. Similarly, users from other jurisdictions where cryptocurrency trading is prohibited or restricted by local laws may not be able to access ByBit’s services.
ByBit requires all users to comply with these restrictions and prohibits any attempts to bypass them using technologies like VPNs. Users are also expected to disclose their accurate location during the registration process and update it if they relocate to a different jurisdiction.
This adherence to local laws and regulations ensures that ByBit operates in a legal and compliant manner in all jurisdictions. It also helps maintain ByBit’s reputation as a trusted and reliable platform for cryptocurrency trading.
In this ByBit review, ease of use is a critical aspect of any trading platform.
ByBit has taken significant steps to ensure a user-friendly interface and smooth navigation:
- ByBit’s interface is intuitively designed, making it easy for both beginners and experienced traders to navigate. The platform provides easy access to key features such as spot and futures trading, account management, and support services.
- ByBit also provides a trading dashboard that displays real-time price charts, order book, recent trades, and market information. This dashboard allows traders to monitor market movements, manage their trades, and make informed decisions based on real-time data.
- Another noteworthy feature of ByBit’s interface is its customizable layout. Traders can customize the trading dashboard according to their preferences, enabling them to focus on the information that is most relevant to their trading strategy.
- In terms of navigation, ByBit offers a seamless and intuitive browsing experience. The platform’s features and sections are well-organized and easily accessible, making it easy for users to navigate the platform and manage their trading activities.
- ByBit’s user-friendly interface and easy navigation significantly enhance the overall trading experience, making it a preferred choice for many crypto traders.
Leverage Options and Risk Management
One of the key features of ByBit’s trading platform is the leverage options it provides. Leverage allows traders to open positions larger than their initial investment, potentially increasing their profits. However, it’s important to note that while leverage can amplify profits, it can also magnify losses.
Risk management is a critical aspect of trading with leverage. To help traders manage risks, ByBit offers a range of risk management tools. These include stop-loss orders, which allow traders to set a predetermined level at which a trade will be closed automatically to limit potential losses.
In addition to stop-loss orders, ByBit also provides a take-profit feature. This feature allows traders to set a predefined level at which a trade will be closed automatically to secure profits.
By offering these leverage options and risk management tools, ByBit provides traders with the flexibility and control necessary to navigate the volatile cryptocurrency markets.
ByBit Review: Customer Support Services
ByBit offers a wide range of support services to ensure that users can trade with confidence:
- For immediate assistance, ByBit offers a live chat feature, which is available 24/7. This feature allows users to connect with a member of the ByBit support team in real-time to resolve any issues or queries they may have.
- In addition to that, ByBit also provides email support. Users can send their queries to the ByBit support team via email, and they typically receive a response within 24 hours.
- ByBit’s VIP members also get a dedicated account manager for personalized assistance.
- Furthermore, ByBit has a comprehensive Help Center that includes a wide range of educational resources. These resources cover various topics, from getting started with ByBit and trading basics to in-depth guides on advanced trading features.
Supported languages on ByBit Help Center:
By offering these customer assistance and support services, ByBit ensures that users have all the help they need to navigate the platform and trade successfully, which we value greatly in our ByBit review.
For more information: ByBit Help Centre
ByBit Review – The Mobile App
- ByBit offers the flexibility to trade on the go is. Recognizing this, ByBit offers a fully functional mobile application that allows users to access their trading accounts anytime, anywhere.
- The ByBit app has a user-friendly interface, ensuring that users can navigate the platform easily, even on a smaller screen.
- It provides real-time price alerts/notifications, helping users stay updated on market movements.
- The ByBit mobile app, available for both Android and iOS devices.
- It mirrors the functionality of the web platform, allowing users to execute trades, monitor market movements, manage their accounts, and access customer support.
- In terms of security, the ByBit mobile app is equipped with the same high-level security measures as the web platform. This includes two-factor authentication, encryption of user data and Face ID etc.
ByBit Review – Conclusion & FAQ
To conclude everything that has been stated in this ByBit review, we can safely say that ByBit a perfect option when it comes to derivatives futures trading, especially in USDT trading pairs. As an exchange oriented for all kinds of traders ByBit offers something for everyone!
Who Owns Bybit?
Ben Zhou is the co-founder and CEO of Bybit. He is well-known and well-respected in the cryptocurrency world. Before founding Bybit, he spent over ten years managing a retail FX brokerage.
What is ByBit?
Bybit is a 2018-established crypto and derivatives trading platform. With over 2 million users, it’s a popular trading platform that features a , high-performance matching engine. In the crypto community, the exchange is well-known and well-respected for its innovative trading choices, first-rate client service, and commitment to crypto learning.
In what countries are ByBit restricted?
the US, the UK, mainland China, Singapore, Canada, North Korea, Cuba, Iran, Uzbekistan, and the areas of Ukraine under Russian control (now encompassing the regions of Crimea, Donetsk, and Luhansk).
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