Thursday, November 26, 2020
Home XRP - Top 10 Bybit Exchange Review | Fees, Securities, Pros and Cons in 2020

Bybit Exchange Review | Fees, Securities, Pros and Cons in 2020

In our Bybit exchange review, we will analyze the main features, supported currencies, fees, and many more aspects that can be of help for those who are looking for a reliable cryptocurrency exchange.

Bybit Exchange Overview

bybit logo png

Run by Bybit Fintech Limited, Bybit is a peer-to-peer (P2P) Singapore-based crypto exchange with blockchain experts from across the industry.

The Bybit exchange provides leverage of 100:1, which is a very competitive mark that puts the company up against already established and reputable exchanges, like BitMEX. It is utilizing perpetual futures products, which are basically futures contracts but without expiration dates. This means that the trader can hold his position almost indefinitely.

Supported Currencies and Available Countries

According to the Bybit exchange website, they provide a wide variety of cryptocurrency perpetual futures contracts. These can be anything starting from XPR/USD, BTC/USDT, ETH/USD, EOS/USD, and BTC/USD.

The company also supports a global customer base, including people from North America, Europe, Southeast Asia, Japan, South Korea, and Russia.

Bybit Compatibilities

Bybit can be accessed from a multitude of different devices like PCs, laptops, iPhones, iPads, Android phones, Windows Phones, etc. All of the applications can be downloaded from their respective application stores, such as App Store for Apple and Google Play for Android.

How to Get a Bybit Account

registration bybit

registration bybit

Registration is quite easy and requires a couple of simple but logical steps to follow. Anyone can sign up via the main website of the Bybit exchange. There is a very visible “Register” button present on the navigation bar at the top of their homepage. Once clicked, the potential customer needs to provide his email address and password in order to receive the confirmation code.

How to Use Bybit Exchange

bybit trading interface

cryptonews.com

Bybit is a modern exchange platform. This means that the user interface is made as easy to navigate as possible. The top navigation bar on the websites gives the ability to trade and monitor assets, charts, market prices, unrealized P&L, available margin, position margin, as well as utilize other instruments available to you on the platform.

Bybit Exchange Fees

Fees depend on whether the user is a market maker or someone who puts orders on the order book before the trade or market taker or someone who places the order to match the maker’s proposal.

Perpetual Contracts
(Inverse)
Highest Leverage Maker Rebate Taker Fee
BTC/USD 100x -0.025% 0.075%
ETH/USD 50x -0.025% 0.075%
XRP/USD 50x -0.025% 0.075%
EOS/USD 50x -0.025% 0.075%

Market takers are charged 0.075% of the order as a fee. Comparing this to other exchanges is quite difficult since the instruments that are traded also differ from one to another. In any case, 0.075% does not seem like a high price and looks like a fair amount.

The market makers have a fee of -0.025%. Essentially this means that when the maker is making a trade, he has to pay 0.025% less than he would have otherwise. This is a very competitive price and encourages market makers to be active.

There are withdrawal fees associated with the platform. In this sense, Bybit proves to be very competitive with the pricing again. The fee is 0.0005 BTC, meaning almost half that of industry-standard, which is 0.0008 BTC on average.

Additionally, there is a funding rate to be paid once the trader opens its position. However, since margin trading is based on taking positions, the trader may have to pay this fee or receive it. This is done between the traders, and Bybit does not take part in it.

Deposit and Withdraw on Bybit

Depositing on this exchange does not require much effort. This can be achieved by pressing the “Assets” button on the navigation bar. On the right side, you will see “deposit” and the “withdraw funds” tabs.

After clicking “deposit,” you will see a box containing all the necessary information, such as Bitcoin (BTC) address and the QR code.

The withdrawal is also straightforward. Although this time, it requires two-factor authentication (2FA) method to be turned on and the account to be verified.

Payment Methods

Due to the fact that Bybit is a crypto-based exchange, it only accepts payments with cryptocurrencies. This means that every trader has to have crypto holdings in order to trade with them.

Security Features

security icon

security icon

Bybit exchange offers additional security options for their customers.

The “Accounts & Security” tab provides various 2FA methods to better protect your account. There are a number of options, like email authentication, SMS authentication, and Google authentication. The latter is considered to be the safest out of all.

Bybit secures the funds on wallets that are stored offline. This means that there is no way to hack into their funds without actually being on the spot. This is to avoid situations similar to what happened with Mt. Gox, a Tokyo based crypto exchange that was hacked and lost as much as $460 million worth of Bitcoin.

Customer Support

Customer support icon

Customer support icon

When it comes to customer support, Bybit only offers live chat through Zendesk and email communication on [email protected] and in case of IT-related issues on [email protected]. There is no phone support and no way to directly communicate with voice chat. The text chat operator response time is extremely quick, while the email takes a bit of time.

Apart from this, the exchange offers an FAQ section as well for routine questions.

Bybit Exchange Review: Verdict

Bybit is viewed by its users as a strong and secure platform. A good chunk of their user base is represented by ex-BitMex users who have dropped the other platform due to its autocratic nature, where the customer requests are rarely taken into account.

However, one thing to note is that Bybit is a platform for more experienced traders. There is a possibility of using a demo account prior to actually trading, which is heavily recommended for new traders. The exchange is not limited to only Bitcoin deposits and thus provides a more comfortable spot for experienced crypto traders.

Featured image: thebitcoinnews.com

The Review

Bybit Exchange Review

PROS

  • User-friendly interface
  • A strong and secure platform
  • Attractive fees
  • Easy registration
  • Responsive support team

CONS

  • A platform for more experienced traders
  • Limited number of trading pairs

Review Breakdown

  • Supported Currencies
  • Rates and Fees
  • Security
  • Transaction Speed
  • Ease of Use
  • Customer Support

Popular Articles

Nigeria Is Emerging as a True Bitcoin Nation

In brief Nigerians are turning to Bitcoin in the face of a struggling economy. Bitcoin is propping up businesses unable to obtain the US dollars needed...

Bitcoin Strikes $19K for First Time Since 2017

The price of bitcoin has shot up to the $19,000 range for the first time since the end of 2017. The currency is well...

‘Why do so many Bitcoin HODLers think I don’t get Bitcoin…because I’m too dumb to understand it?’

Gold advocate and American stockbroker Peter Schiff took to twitter today to clarify to the crypto community that he understands Bitcoin well enough to...

Mass Carnage: Bitcoin Bulls Face $750m in Liquidations During Latest Selloff

It has been a rough past 12 hours for Bitcoin, as the benchmark cryptocurrency is currently in the process of erasing weeks of gains...

Mike Novogratz: Everyone Should Put 2% to 3% of Their Net Worth in Bitcoin

Bitcoin bull and Galaxy Digital CEO, Mike Novogratz, says bitcoin is for everyone. He argues that those committing 2% to 3% of their net...

Bitcoin is disruptive, making its market cycles erratic, Horizen CEO says

Launched nearly 12 years ago, Bitcoin (BTC) is known for its often volatile market cycles. Though some feel that Bitcoin's position as a store...