Bybit Exchange Review: Is It Legit or Scam?
It’s no secret that crypto trading can be a risky business. The unregulated and volatile nature of the markets means that you need to take precautions and invest wisely. However, this doesn’t mean that you need to miss out on all the opportunities for profit! For those who don’t want to deal with the hassle of day trading, there are many reputable exchanges like Binance, KuCoin, Coinbase. But what about those who want more options? Are there other trustworthy exchanges like Binance?
What is Bybit?
Bybit Exchange is a digital cryptocurrency trading platform that offers low fees and withdrawal limits. The exchange was founded in 2018 by Ben Zhou, he’s co-founder and CEO of Bybit. Bybit is headquartered in Singapore and offers over 50 cryptocurrencies to trade on its platform.
What Makes it Different from Other Exchanges?
Bybit Exchange offers a wide variety of coins and has an easy-to-navigate interface. It also offers low fees and generous withdrawal limits as compared to other cryptocurrency exchanges.
ByBit doesn’t require KYC For Lv. 0 accounts, the maximum withdrawal limit for non-verified accounts is 2 BTC, to increase your withdrawal limit you’ll have to verify your identity.
One of the biggest advantages of Bybit Exchange is its advanced security features. They also offer an insurance fund. Bybit’s insurance fund is, quite simply, a reserve pool that the system can dip into in order to protect traders from negative equity and being held accountable for the excessive loss.
ByBit also offers a unique service ByFi which allows you features like Flexible Staking (Low Risk & Flexible), Dual Asset Mining (High Yield & Short Term), DeFi Mining (Hassle-Free & Low Fee).
Dual Asset Mining services allow the users to stake their preferred asset and lock in an attractive yield via liquidity provision and very lucrative APY.
Bybit‘s TPS (Transactions Per Second) is 100,000, which is far more than the competition. Bybit has never experienced a system overload.
Transactions Speed of 3 Popular Exchanges:
- ByBit: 100,000 TPS
- Deribit: 10,000 TPS
- BitMEX: 500 TPS
ByBit Fees:
One of the most important reasons why most seasoned crypto traders are using ByBit is because of their low fees.
ByBit offers both maker and taker fees, which are 0.025% and 0.075% and 0.10% taker fees for spot trading respectively. The fee is calculated based on the type of order you place but only for the trades that are settled within 24 hours.
Spot Trading Fees Cross-Platform Comparison
*Entry Level Accounts
| Exchange | Maker Fee Rate | Taker Fee Rate | Net Fee Accrued to Platform |
| Bybit | 0.10% | 0.10% | 0.10% |
| OKX | 0.08% | 0.10% | 0.18% |
| Binance | 0.10% | 0.10% | 0.20% |
| Huobi | 0.20% | 0.20% | 0.40% |
| Kraken | 0.16% | 0.26% | 0.42% |
| Gemini | 0.25% | 0.35% | 0.60% |
| Coinbase | 0.50% | 0.50% | 1.00% |
| Bitstamp | 0.50% | 0.50% | 1.00% |
ByBit Withdrawal And Deposit Fee For Different Cryptocurrencies
Bybit vs BitMEX
- In terms of trading volume, BitMEX is still a bigger platform. However, the trading fees as well as maker rebates, are identical on both BitMEX and ByBit.
- Both BitMEX and ByBit use multi-signature cold wallets and 2-Factor Authentication for maximum protection from hackers.
Bybit vs Binance
- Binance is currently the leading cryptocurrency exchange and they allow users to buy, store, use, and trade crypto assets.
- Unlike Binance Coin (BNB), ByBit doesn’t have a native token/coin. And the trading fees on Binance are higher than ByBit.
- On ByBit users can also trade leveraged tokens and futures contracts, buy and sell assets directly to other users, and invest in a liquid swap on this platform.
Conclusion
The Bybit exchange offers a user-friendly and intuitive interface that is easy to use even if you’re a newbie. The platform also provides detailed information about all the crypto assets including their charts, graphs, and prices so it’s easier for traders to make decisions on which coin they want to trade with. They offer 24/7 customer support via live chat and email in more than 7 different languages as well as educational videos through their mobile app or website in order to help users understand how trading works before making any trades themselves.
Still Not Sure? Feel free to get in touch with the ByBit Support if you have any questions or queries, click here for more details
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Frequently Asked Questions:
Here are some of the most commonly asked questions regarding the ByBit exchange.
Does ByBit offer a demo account?
ByBit does not offer a demo account but they do offer a very user-friendly test net where the user can try the exchange without depositing real funds. Bybit does have a learning platform that has all the necessary information a beginner trader needs.
Does ByBit work in the United States?
No, ByBit is not a US-based exchange and they do not accept US traders.
(Note: ByBit is also not yet approved by the FCA)
What payment methods are accepted on ByBit exchange?
ByBit only accepts cryptocurrencies and does not directly accept fiat currency deposits. They process the fiat deposit using their 3rd party partners Banxa, XanPool, MoonPay, Mercuryo, E-check, Legend Trading, Simplex, and Capitual. You can add funds to your accounts using Electronic fund transfers, Visa/Mastercard credit, debit cards, and cash deposits (limited to certain areas).
How To Download ByBit App?
How To Deposit Funds?
How To Protect Your ByBit Account?
