Bybit Review 2024

Bybit is a leading provider of crypto financial services. The platform offers spot and derivative trading, crypto lending and saving services, and NFTs. Bybit is renowned for its speed, reliability, and attractive interest rates. It's a great platform for users who want a balance of comprehensive service offerings and reliability.

In this guide, we will look at everything about Bybit - the number of services it offers, how to use these services, and the interest rates offered. We will also examine how Bybit compares to other crypto exchanges that provide similar services. This review will also cover how to get started on Bybit, common problems users will face, and the best tips to make the most of Bybit.

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	Bybit	8.5	Visitbybit.com

Bybit Overview

Pros and Cons of Bybit

Bybit Features

The first aspect of Bybit this review will look at is its features. Like most crypto exchanges, Bybit offers robust services alongside variety to give users an optimal experience. Some of these robust features include the following.

Trading Tools

Trading is one of the most important services on Bybit, so the platform offers many tools to optimize the trading experience. These tools reduce trading time, allowing users to enter and exit trading positions easily.

One-Click Buy and Convert

This feature optimizes the trading experience by allowing users to buy and sell crypto through the platform's supported payment methods with just one click. The supported methods include credit card payment, P2P trading, and third-party payment services.

It is perfectly designed for users to want to buy or sell assets at market price, hoping they will appreciate it soon. There is also a recurring buy tool to automate regular purchases. Meanwhile, the Convert feature allows users to easily swap assets without any complexity.

Spot Trading

This refers to interacting directly with the order book with access to more advanced tools. Bybit spot trading offers market orders, limit orders, stop losses, take profits, and conditional orders. The platform also offers standard leverage of up to 10x for spot traders.

The price charts are customizable, with time periods ranging from one minute to one month. What’s more, Bybit’s integration with TradingView gives users access to drawing tools and over 100 technical indicators, providing everything the advanced trader needs.

Bybit MetaTrader 4

Traders can opt for Bybit's MetaTrader 4 platform for its upgraded tools and services. Bybit's MT4 offers an easy transition to crypto for forex traders, with 0 Pip spreads and top-tier liquidity. It also offers a robust suite of technical analysis tools, indicators, and customizable charts. Users can easily import over 6,000 Expert Advisors and integrate automated trading scripts. Bybit's MT4 allows users to backtest their trading strategies using past data to improve their trading performance. MT4 users will pay a fixed trading fee of 0.03%. They also receive exclusive bonuses and real data Demo Trading. Finally, MT4 users get 24/7 dedicated customer support.

MT4 support really sets Bybit apart from the competition. Although you’ll find it on some multi-asset trading platforms like Pepperstone, Bybit is the only crypto-specific platform to offer MT4.

Bybit Trading Bot

Traders can automatically execute specified trades using programmable bots designed to carry out trade instructions. Bybit's trading bots can execute spot and futures grid trading strategies. It can also be instructed to do Dollar Cost Averaging (DCA). Investors looking for a simple trading strategy can opt for DCA, which involves consistently buying a small amount of an asset without minding short-term price movements. You can create your own trading bot or choose someone else’s to copy based on available information such as asset pair, running time, and P&L.

Copy Trading

Bybit allows users to copy trades from other accounts with ease. The platform also allows users to easily select followers who will be allowed to copy trades. Users can also adjust profit sharing with their followers. The profit-sharing ratio for copy trading on Bybit can reach up to 99%. Bybit also incorporates AI technology in copy trading, which further optimizes the experience. You’ll find more comprehensive copy trading services on eToro. However, Bybit's services will cater to most beginners and regular traders.

Demo Trading

Many exchanges allow traders to test techniques and strategies in a virtual market in a process known as demo trading. Bybit's demo trading is unique because it acts as a Unified Trading Account (UTA). It allows users to practice trading spot, spot margin, USDT, USDC Perpetuals, and USDC Options. Using Bybit's demo trading might be a bit complex for beginner investors. However, Bybit compensates for the relative difficulty with a comprehensive demo trading guide

Bybit Earn

Bybit Earn allows users to generate non-trading income. It covers various services, including savings, lending, liquidity mining, dual asset mining, custom wealth management, and a launch pool. It also offers ETH 2.0 liquid staking. The platform supports 44 cryptocurrencies in its interest-earning services. Bybit offers a wider range of interest-earning services than popular platforms like Coinbase or Kraken, but still far fewer than Binance.

Users also commend it for having an easily navigable earn page. However, its interest rates are decent but not the most attractive in the crypto market. One area Bybit stands out is the "Wealth management" service that provides custom strategies for earning consistent returns. This feature is only available on a few platforms. Bybit also has a clearer fee structure for its interest-earning services than many other platforms.

Crypto Loans

Bybit Lending allows users to take out crypto loans using other cryptocurrencies as collateral. It allows users to take loans in up to 42 different cryptocurrencies. Its loan terms range from 7 days to 180 days. Bybit offers an initial loan-to-value ratio of 75%. The loan-to-value ratio shows the total percentage of a person's collateral that they can borrow, so Bybit allows users to borrow up to 75% of their collateral’s value. Users are allowed to repay anytime without any penalties. Bybit stands out for having a high LTV ratio as well as giving users flexibility with loan repayment. While it doesn't offer the best interest rates, its crypto loan service is relatively easy to access. Bybit's crypto loans can be used for arbitrage and other advanced trading strategies.

Bybit Wallet

Bybit offers a custodial wallet that allows users to directly access DeFi networks, Gamefi, and NFTs. Bybit manages private keys on behalf of wallet users, which makes the wallet more accessible than non-custodial wallets like MetaMask but less private.

Bybit Wallet currently supports Ethereum, BNB Chain, and Arbitrum, meaning it supports many more tokens than the Bybit exchange. However, Coinbase Wallet is known to support more cryptocurrencies. Bybit Wallet is also used for its coin staking program, which offers single and double-asset staking. Bybit's staking program offers access to 3 staking pools - GLP, ETH-CRV, and ETH-stETH.

Bybit NFT

Bybit makes NFT trading easy thanks to its high-quality NFT marketplace. It offers access to different NFTs from various NFT marketplaces. The platform offers zero fees. Users are also allowed to mint custom NFTs. The kind of NFTs that are available on Bybit's marketplace are image and video NFTs.

Furthermore, Bybit allows users to place specialized bids on NFT offers. NFTs minted on Bybit's marketplace use Ethereum. Bybit doesn't have any self-minting. However, it can list Solana NFTs. Payment for NFTs can be made using ETH, USDT, and BIT DAO (BIT) tokens.

One of the standout features of Bybit's marketplace is its mystery boxes. The platform offers randomly selected NFTs of varying rarities in its mystery boxes. NFT creators pay the minting fee, while sellers pay 1% of the trading fee and a 1% royalty fee. Bybit's NFT marketplace is one of the cheapest platforms for NFT users.

Bybit Card

Bybit offers a crypto debit card, allowing users to pay directly for goods and services using crypto. Bybit debit card supports BTC, ETH, XRP, USDT, and USDC. It also supports EUR and GBP. It is powered by Mastercard, one of the leading credit and debit card service providers. Users earn rewards for purchases made with their Bybit cards.

The platform gives out loyalty reward points, which can be redeemed for extra prizes. Bybit cards come with a 0.50% foreign exchange fee and a 0.90% crypto conversion fee applicable to a minimum of 10 EUR/GBP conversions. One of the perks of Bybit debit cards is the lack of activity, card cancellation, or annual fees.

The issuance fee for a physical card is 5 EUR/USDT/GBP. However, this fee doesn't apply to users who order virtual cards. Users are charged a 2.00% transaction fee after the first 100 EUR/GBP per month for ATM withdrawals.

How Does Bybit Compare on Features?

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	Bybit	8.5	Visitbybit.com

Bybit Fees

Not every service on Bybit costs a fee. Some services, like NFT purchases, are free. However, most crypto trades cost a transaction fee. Bybit aims to be one of the most affordable crypto exchanges, meaning it offers very low fees. However, it's important to note that its fee structure is not entirely clear. Sometimes, the total fees a user will pay will be determined by several factors, including the type and size of the transaction. Below is a basic breakdown of Bybit's fees.

Trading Fees

One-Click Buy and Convert

When you use Bybit’s One-Click Buy feature, the price given already comprises an exchange rate set by Bybit and its commission fee. If you pay with a card, there will also be a transaction fee of 1.1% for users in the EU, while non-EU users will pay 2.7% on Mastercard purchases or 3.05% on Visa purchases. Bybit doesn’t charge any fees for using the Convert feature.

Spot Trading Fees

Maker and taker fees for Spot trading vary depending on a user's VIP level, which is determined by asset balance or 30-day trading volume. Those with less than $50,000 in assets and a 30-day spot trading volume below $1 million are classed as VIP level 0. Pro levels, meanwhile, are also determined by a higher percentage of API trading volume. You can see the maker and taker fees in the table below.

In some cases, market makers may receive rebates. For instance, the Market Maker Incentive Program allows traders to get up to 0.015% in maker fee rebates.

These trading fees are highly competitive—they’re significantly lower than Coinbase and Gemini, and on par with Binance. Crypto.com is the only major exchange where you’ll find lower fees (up to 0.075%).

Other Bybit Trading Fees

The fees for perpetual and futures contracts are up to 0.055% for takers and up to 0.02% for makers, while the USDC options trading fees are up to 0.03% for both makers and takers. Bybit also charges a standard 0.03% fee for traders using MetaTrader 4.

Deposits and Withdrawals

Bybit users can deposit and withdraw fiat currencies to their account, with the fee incurred depending on the currency and payment method used. You can see a summary of the accepted payment methods and associated fees for USD, GBP, and EUR in the table below.

USD payment methods:

GBP payment methods:

EUR payment methods:

There are no fees for depositing crypto to Bybit, but withdrawing crypto will incur a network fee, which can vary depending on the network used and when the coins are withdrawn.

Overall, Bybit’s deposit and withdrawal fees are pretty competitive, making it easy to move funds around without breaking the bank.

How Does Bybit Compare on Fees?

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	Bybit	8.5	Visitbybit.com

Available Assets and Trading Options

Cryptocurrencies

Before using Bybit, people must ensure it supports enough cryptocurrencies to meet their needs. Bybit supports a little over 100 cryptocurrencies. Some investors might prefer to just trade the top cryptocurrencies. Such investors will be satisfied with Bybit's offerings. However, investors looking for exposure to lesser-known cryptocurrencies might prefer a platform with a less limited selection, such as Binance, which offers over 350 coins, or KuCoin, which offers over 700.

Types of Trading

Users who want to make simple crypto transactions can take advantage of the One-Click Buy and Convert features, as well as Bybit's peer-to-peer (P2P) trading service. Those who want to do more advanced trading can access spot and derivatives trading.

Spot Trading

Bybit’s spot trading platform provides access to over 300 trading pairs. All cryptocurrencies are tradable against USDT, with a number of them also tradable against USDC and BTC. The only other trading pairs are BTC/DAI, ETH/DAI, and USDT/EUR. This may feel somewhat limiting for those who prefer to trade against fiat or trade altcoins. Binance, for example, offers hundreds of fiat trading pairs, as well as many ETH and BNB pairs. Bybit users can access up to 10x leverage when spot trading.

Derivatives Trading

Bybit provides access to a range of crypto derivatives, including perpetuals and futures, inverse perpetuals and futures, and USDC options for BTC and ETH. There is up to 125x leverage available on USDC contracts for BTC perpetuals. Bybit is a leader when it comes to crypto derivatives trading, offering more variety and tools than other major crypto platforms.

Unified Trading Account

Bybit allows users to enjoy spot and derivative trading services and products from an all-in-one account in a service known as the Unified Trading Account. This service allows users to trade spot, and leverage USDC/USDT perpetuals and USDC options from the same account. Some of the benefits of a Unified Trading account include better risk management since the margin is calculated at the account level, which balances out profits and losses. UTA users can also execute differing trading strategies, allowing them to capitalize on market conditions. Finally, UTA allows traders to pool margin across various trading positions, thus increasing buying power and potentially maximizing returns.

How Does Bybit Compare on Assets?

User Experience

Ease of Use

The ease of trading or using other crypto financial services is crucial when choosing which platform to use. Bybit is reasonably easy to navigate, with the different services grouped by type and accessible through the tabs at the top, which are laid out similarly to many other crypto exchanges, like Binance and OKX.

Beginners will have no trouble using the One-Click Buy and Convert features, which are very simple and intuitive. However, most of Bybit’s other features are designed for advanced users, and novices may find themselves overloaded with complex tools and technical terminology if they venture to other sections of the platform.

Device Compatibility

Bybit has both a web app and a mobile app that can be downloaded on laptops, phones, and tablets. It is compatible with iOS, Android, and Windows operating systems. As expected, service quality is better on Bybit's mobile app than on its desktop version.

Customer Satisfaction

Bybit's useful tools and wide range of trading options are some of the highly rated features among its customers. Users have praised the exchange for having various options that optimize the overall trading experience. It has also been praised for its high-quality copy trading feature, which allows it to execute trades automatically. Some of the major complaints have been its fees. Some users have complained of losing money through slippage, while others have reported difficulties with navigating the more complex features and making withdrawals.

How Does Bybit Compare on User Experience?

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	Bybit	8.5	Visitbybit.com

Safety and Regulations

When choosing a crypto exchange, users should ensure they properly check the security features of their desired platform. Below are some of the tools Bybit uses to keep users safe.

Encryption: Bybit promises to encrypt user data in both storage and transit. Users will be kept safe from data theft, especially when interacting with other networks. Only users will have access to their personal and private data. They will also have full power over who can access their data.

Whitelisting: Bybit uses whitelisting to ensure that withdrawals from your account only go to addresses already approved by you. Whitelisting withdrawal addresses means that 2FA authentication will be unnecessary when withdrawing funds. Bybit also uses whitelisting in copy trading to help users designate special followers who can copy their trades. It also allows them to adjust the profit-sharing ratio up to 99%.

Other measures: Bybit also employs a cold storage system, which keeps users' funds safe. Furthermore, it has strict Know-your-customer policies to keep fraudulent actors off the platform. Bybit also monitors transactions, which is very helpful in recovering stolen or lost funds.

Regulation

Bybit has among the fewest regulatory licenses compared to most crypto exchanges. It is actively licensed in Dubai and Cyprus. However, its Cyprus license will soon be sufficient once the Markets in Crypto Asset Regulation (MiCA) Act goes into effect.

Reputation

Bybit is one of the largest crypto exchanges in operation. It has a daily trade volume range from $600 million to over $1 billion. Bybit has been in operation for some years after launching in March 2018. However, it has had its fair share of controversies in that time. Bybit is currently banned in the U.S. It stopped serving users in the U.K. as part of a ban on crypto derivatives. In June 2022, Bybit got into trouble with Canadian authorities for violating Federal securities laws. Bybit then agreed to a $2.5 million settlement. Interestingly, Bybit hasn't been hacked - which is a testimony of its security architecture.

How Does Bybit Compete on Security?

Customer Support

Before choosing a crypto exchange, users need to assess its level of customer support availability. Some crypto exchanges are notorious for slow response times and poor customer support.

Bybit offers various customer support options, including live chat, email support, and a comprehensive FAQ guide. While many crypto exchanges aim for 24-hour response times, Bybit is notorious for slow email responses. Its saving grace is its comprehensive FAQ guide that answers most beginner questions.

Resources

Bybit has a comprehensive learning resource center that teaches investors about most concepts in the blockchain industry. The learning resources effectively cover everything from how to use the platform to the changing trends in the crypto industry. It also helps users stay abreast of the latest developments and upgrades. Bybit's learning resources are almost as comprehensive as those of Binance and Crypto.com.

How Does Bybit Compare on Customer Support?

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	Bybit	8.5	Visitbybit.com

Is there an Alternative to Bybit?

There are plenty of alternatives to Bybit, and their suitability depends on the services a user is interested in.

Coinbase - Easier to Use

If you’re just starting your crypto journey, you may find all of Bybit’s advanced features a bit confusing. Coinbase would therefore be a better choice for a simplified and highly intuitive crypto experience.

Binance - Offers More Cryptocurrencies.

Traders who are particularly interested in lesser-known tokens will do well with Binance. While Bybit supports over 100 cryptocurrencies, Binance supports more than 350. It also supports over 1300 trading pairs compared to over 300 trading pairs supported by Bybit.

eToro - Better For Diversification

If you’re interested in traditional financial instruments as well as crypto, using Bybit would mean having to manage accounts on more than one trading platform, while eToro lets you do it all in the same place. eToro offers stocks and ETFs in the US, in addition to commodities, currencies, and indices in other countries.

Should I Use Bybit?

Before settling for Bybit, users need to consider different factors. Firstly, users must consider if Bybit's range of services and supported cryptocurrencies will suit their needs. Bybit has over 100 supported cryptocurrencies and over 300 trading pairs. It also offers savings, lending, NFT minting and trading, and spot and derivative trading services.

Bybit offers exceptional security, speed of transactions, and various tools to optimize a user's trading experience. However, many users have complained about its slippage and relative complexity. Furthermore, its customer support is somewhat notorious for delayed responses.

Finally, Bybit has a reputation for keeping customers safe. It uses strict KYC policies and transaction monitoring to ensure that stolen or lost funds can be recovered. Furthermore, it has an insurance fund that covers traders from negative equity.

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	Bybit	8.5	Visitbybit.com

FAQs

Methodology

At BanklessTimes, our dedication lies in furnishing impartial and enlightening content that empowers our readers to arrive at well-considered choices regarding their investments. Our objective evaluations delve into both the merits and demerits of various platforms, incorporating insights from their clientele, while also drawing comparisons with alternate options.

Our meticulous reviewing procedure entails in-depth scrutiny of the platform, gauging it across a spectrum of pivotal criteria crucial for potential users. These encompass the platform's array of features, fee structures, tradable assets, security measures, and more. Furthermore, we gauge the platform's user-friendliness and address vital queries, such as its licensing validity, in our pursuit of delivering an all-encompassing assessment.