2022/02/03
BYBIT Review 2022
About Bybit
Bybit is a Singapore based derivatives and spot exchange for cryptocurrencies, suited for advanced traders. It offers Spot trading, USDT perpetual and futures contracts, including inverse perpetual and futures contracts.
Bybit is an evolving exchange which started out being only a derivatives exchange and recently added a spot market trading section. The platform offers attractive interest on your cryptocurrencies through its staking, Defi mining and dual asset mining sections.
Trading on Bybit is significantly faster than most of its competitors as they claim the platform can handle 100000 transactions per second, creating a smooth user experience. Market, Limit and Conditional orders are the options available for placing orders and can be used to create multiple orders on a trade, which is an essential tool for traders to be able to position size and set take profits orders at different price levels.
Bybit has a great resource section for beginners and advanced traders looking at extending their knowledge in the cryptocurrency space, called Bybit Learn. It provides in-depth guides materials, information and popular trading indicators and tools, used in the crypto space.
Bybit is not FCA approved, they may share your data with third parties for marketing purposes and there are no requirements for KYC (Know Your Customer checks).
Bybit Website
Bybit can be accessed through a web browser. Mobile apps are available for Bybit on IOS, Google Play and Android devices.
Bybit desktop and mobile have 150+ cryptocurrencies to trade and also has the option to trade BTC pairs.
The mobile app has a high user rating on both IOS and Android app stores and includes all the markets and features you will find on the desktop site.
In the assets section of the app you will be able to keep track of your individual holdings as well as your total portfolio balance in USD as well as BTC value. Included in the wallet section is where you will be able to stake, dual asset mine, convert, deposit funds and withdraw cryptos to an external wallet.
Bybit Support
Live support:
Bybit provides 24/7 live chat support, once you click on the live bot support follow the prompts till you get to the option where you can choose to speak to their human dedicated live agents. “Click on Live Chat” button.
Live chat Bot Support:
The live bot support will navigate you through the most common topics, here you can also type in your query and get all the relevant answers popping up.
Bybit Help center:
For any enquiries or FAQ similar to the live bot support, visit the bybit help center where you will be able to browse their most common archived answers and any additional information you are looking for. In this section you will also find articles on recent activities.
Bybit Fees
Spot trading: 0.10% (Maker or Taker fees)
USDT Contract: -0.25% Makers rebate and 0.075% Taker’s Fee
Inverse Contract: 0.25% Makers rebate and 0.075% Taker’s Fee
Funding Fees on leverage: Every 8 hours @ 0.01% or -0.01% (When the funding rate is positive, long position holders pay the short position holders and vise versa when the funding fee is negative)
Crypto Withdrawals: Bybit charges various withdrawal fees for different crypto assets. eg: BTC = 0.0005BTC and GRT = 39GRT
Crypto deposit: Free
Other Deposit & Withdraw subject to quote: Bybit uses third party service providers to buy either BTC, USDT or ETH. Purchases can be made with +-150 different fiat currencies.
Available Service providers: Somplex, Cabital, Moonpay, Banxa and Mercoryo. Visa, Mastercard, Sepa and Apple Pay are accepted through the above service providers.
Bybit Security
Bybit uses cold wallets for deposit addresses, unlike most the other exchanges that use hot wallets. Bybit has never been hacked as they take a number of precautions to ensure high levels of security on their platform.
With only three withdrawal requests allowed per day, which are subject to manual reviews and different levels of verification, only allowing withdrawals once every eight hours.
It is recommended that you activate 2FA to protect your funds as an added level of securtity.