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Bybit review

Bybit offers an impressive array of crypto derivatives products best suited to experienced traders.

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Bybit

Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.

Our take on Bybit

Bybit is globally recognized as one of the most popular derivatives exchanges. It has over 5 million registered users and consistently ranks in the top 10 for derivatives trading volume.

The exchange is secure and has never been hacked. Private keys are held in cold storage wallets and 2FA is supported – KYC is recommended for additional security.

Bybit offers low trading fees for both spot and derivatives trading.

Some downsides to the exchange are that it isn't available to US residents, derivative products are difficult and risky to use and the number of trading pairs is less extensive than some competitor exchanges.

Bybit could be right for you if:

  • You are a seasoned trader who understands the risks of trading with leverage
  • You want to take advantage of low trading fees
  • You want to use the exchange's risk-free testnet service to practice trading crypto derivatives before using real funds

4

Finder Score

★★★★★

Bybit pros and cons

Pros
  • Up to 100x leverage
  • Low trading fees
  • Testnet platform offers environment to practice risk-free leveraged trades
  • Extensive educational materials
  • Private keys are kept in multi-signature cold storage wallets
Cons
  • Not available in the US
  • Offers derivative products that are difficult for beginners to use
  • Fewer spot trading pairs than some competitor exchanges
  • Not completing KYC requirements can put your account and funds at risk
  • Leveraged trading is highly risky

How Bybit works

Bybit offers traders many features, including NFT trading, an earn platform and hundreds of spot market pairs. Due to its vast range of several hundred perpetual and quarterly futures trading contracts, it is best recognized as a crypto derivatives exchange.

Futures contracts are financial derivatives that allow traders to speculate on an underlying asset’s price movement without holding the asset itself – this opens up the possibility to trade using leverage.

Leverage or “margin trading” allows you to borrow from a broker and open a position larger than your account balance – Bybit supports up to 100x leverage.

Key points of leverage trading:

  • Leveraged buy trades are known as long positions
  • Sell trades are referred to as short positions
  • The broker holds your assets as collateral
  • Liquidation (broker seizing assets) occurs if the price goes against you and hits a maintenance margin
  • Perpetual futures never expire – trades can be held indefinitely
  • Quarterly futures contracts can be held up to 3 months
Leverage trade example:You open a long position on BTC/USDT. You use $100 USDT and leverage it 10x, purchasing $1,000 worth of BTC – remember, you are not holding BTC, merely a contract speculating on its future price.

If BTC rises 10%, you stand to make $100 (10% of your initial investment * 10x leverage). However, if BTC falls drastically and your maintenance margin is hit, the position will be liquidated and you will be left with nothing.

Leverage trading is considered high-risk and not recommended for beginners.

Listed Bybit crypto exchange assets

Bybit supports over 278 cryptocurrencies. In total, Bybit carries 18 of the top 20 cryptos by market cap.

Popular assets on Bybit
Bybit supports
Avalanche (AVAX)
Bybit supports
Binance USD (BUSD)
Bybit supports
Bitcoin (BTC)
Bybit supports
BNB (BNB)
Bybit supports
Cardano (ADA)
Bybit supports
Cosmos Hub (ATOM)
Bybit supports
Dai (DAI)
Bybit supports
Dogecoin (DOGE)
Bybit supports
Ethereum (ETH)
Bybit does not support
LEO Token (LEO)
Bybit does not support
Lido Staked Ether (stETH)
Bybit supports
Polkadot (DOT)
Bybit supports
Polygon (MATIC)
Bybit supports
Ripple (XRP)
Bybit supports
Shiba Inu (SHIB)
Bybit supports
Solana (SOL)
Bybit supports
Tether (USDT)
Bybit supports
TRON (TRX)
Bybit supports
USD Coin (USDC)
Bybit supports
Wrapped Bitcoin (WBTC)

Depositing funds to Bybit

You can deposit funds into Bybit in two different ways:

  • You can transfer crypto assets into your Bybit account from another crypto wallet.
  • You can deposit funds through a bank, wire transfer or third-party payment provider. Please note that you must complete the KYC process to deposit most fiat currencies.

Bybit fees overview

Maker feeTaker fee
Spot trading pairs0.10%0.10%
Derivatives contracts0.01%0.06%

These fees are reduced if you become a VIP member of the platform.

Bybit exchange features

Express buys – The interface for express buys is simple. You choose your payment method, choose the digital asset you’d like to buy and then in one click you can confirm your digital asset purchase.

Spot market trading – This feature allows you to create bids and asks for digital assets you’d like to purchase. This type of trading is done in a peer-to-peer manner.

Derivatives trading – Derivative contracts allow traders to speculate on an underlying asset’s price movement without holding the asset itself. Both profits and losses are amplified when trading with leverage.

Earning features – Bybit offers a number of earn products, some more complex than others. For example, there is the “USDC Bybit Savings” product, which allows you to earn yield on the USDC that you stake with the platform.

Bybit Fig 1

There are also “Dual Asset Short Term High Yield” products that come and go quickly on the site. Dual asset products may involve DeFi operations to generate yield, and as such should be considered high risk.

Bybit fig 2

Please keep in mind that when you lend or stake assets on a centralized platform, you are adding counterparty risk. This means you are trusting the platform to manage your assets responsibly.

NFTs

Bybit’s NFT marketplace supports the minting, listing and trading of NFTs on the Ethereum blockchain and the listing and trading of NFTs on the Solana blockchain.

Is Bybit easy to use?

Certain features of Bybit are easier to use than others. For example, the express buy feature is quite easy to use while the derivatives trading platform is a bit more complicated.

Express buys

Bybit fig 3

Derivatives trading

Bybit fig 4

Customer support

Bybit has an extensive help section that provides guides on how to use a number of features on the platform.

It gives you instructions on how to submit a query around an issue you’re having and how to reset your two-factor authentication (2FA).

The platform also has a frequently asked questions section and a customer support email. You should receive a response within one business day.

Bybit does not offer phone or live chat support.

Is it safe to use Bybit?

Bybit could be safe to use for the following reasons:

  • Private keys are kept in cold storage
  • The exchange has never been hacked
  • The exchange offers two-factor authentication

It’s safer to use Bybit once you complete the KYC process.

Bybit KYC requirements

While KYC isn’t required to use Bybit, you are opening yourself up to risks by not going through the KYC process. Risks include:

  • Potentially having your account flagged and frozen by authorities
  • Potentially violating anti-money laundering (AML) laws or other laws like it
  • Not being able to withdraw large sums of crypto
  • Non-KYC platforms are typically not registered with local regulators

Financially, Bybit can be dangerous to use, as trading crypto derivative products is risky and the chance of losses is higher than spot trading.

Past hacks – Bybit has never been hacked.

Security audits – Bybit has disclosed which security audits it has undergone, and the exchange’s CEO, Ben Zhou, has gone on the record saying that cryptocurrency exchanges should work with “reputable security firms to carry out security audits” according to CoinTelegraph.

Insurance fund – Bybit’s insurance fund is a reserve pool that the exchange can use to help protect traders from entering negative equity territory – or going below the bankruptcy price – on a trade.

Cold storage – 100% of the private keys to assets on the Bybit platform are held in multi-signature cold storage wallets.

Alternatives to Bybit

If you are looking for margin trading in the US on a trusty exchange and already have a high net worth: Kraken began to allow customers who can certify that they have $10 million in assets to use 5x leverage on the exchange. These customers have to complete the required paperwork to become an Eligible Contract Participant.

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Frequently asked questions

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.

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Bybit Cryptocurrency Exchange

Bybit Cryptocurrency Exchange logo
  • Offers leverage and derivative trading
  • Supports EUR, GBP and CHF
  • Licensed to operate in all European countries
Go to site
Disclaimer: Highly volatile investment product. Your capital is at risk.

KuCoin Cryptocurrency Exchange

KuCoin Cryptocurrency Exchange logo
  • Buy, sell and trade over 700 crypto assets
  • Supports 10 Asian fiat currencies
  • Offers crypto futures trading
Go to site

Kraken Cryptocurrency Exchange

Kraken Cryptocurrency Exchange logo
  • Buy, sell and trade over 200 crypto assets
  • Licensed to operate in 17 jurisdictions in Oceania
  • Supports AUD
Go to site

Binance Cryptocurrency Exchange (Not available to US users)

Binance Cryptocurrency Exchange (Not available to US users) logo
  • Supports over 300 crypto assets
  • Binance Pay enables users spend their crypto
  • Binance P2P supports multiple African fiat currencies
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Binance Cryptocurrency Exchange (Not available to US users)

Binance Cryptocurrency Exchange (Not available to US users) logo
  • Supports over 300 crypto assets
  • Binance Pay works with Credencial Payments to support crypto payments
  • Binance P2P supports five Latin American fiat currencies
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Bybit Cryptocurrency Exchange

Bybit Cryptocurrency Exchange logo
  • Supports leverage and derivative trading
  • Supports 300 spot trading pairs
  • Low-to-non-existent trading fees
Go to site
Disclaimer: Highly volatile investment product. Your capital is at risk.
Frank Corva's headshot
Written by

Writer

Frank Corva is business-to-business (B2B) correspondent for Bitcoin Magazine and formerly the cryptocurrency writer and analyst for digital assets at Finder. Frank has turned his hobby of studying and writing about crypto into a career with a mission of educating the world about this burgeoning sector of finance. He worked in Ghana and Venezuela before earning a degree in applied linguistics at Teachers College, Columbia University. He also taught writing and entertainment business courses in Japan and worked with UNICEF in Namibia before returning to the US to teach at universities in New York City. Earlier in his career, he spent years working as a publicist and graphic designer for record labels like Warner Music Group and Triple Crown Records. During that time, he was also a music journalist whose writing and photography was in published in Alternative Press, Spin and other outlets. See full bio

Billy Endres's headshot
Co-written by

Cryptocurrency writer

Billy Endres was a cryptocurrency writer for Finder. His background in software development helped open the door to the world of decentralised technologies, financial markets and technical writing. See full bio

Billy's expertise
Billy has written 11 Finder guides across topics including:
  • Web3 and decentralised technologies
  • Front-end development
  • Cryptocurrency futures trading and technical analysis
  • DeFi and on-chain analysis

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