Bybit Review – Is This Crypto Exchange Legit?

Bybit review

Bybit takes one of the top spots when it comes to low trading fees among exchanges. As one of the popular crypto trading platforms globally, Bybit offers leverage up to 100x to enable you to trade at higher volumes.

Are you having a second thought about trading using the Bybit exchange? Here is a comprehensive review of everything you need to know about the platform, including its products, pros, and cons.

At a Quick Glance 

Pug Score4.0/5
Spot Trading Fees (Maker | Taker)0% | 0.1%
Derivative Trading Fees (Maker | Taker)-0.025% | 0.075%
Best Suited forBeginners and Advanced Traders

Key Findings

Among exchanges, Bybit fees are minimal when compared to other exchanges. There is a taker fee of 0.1% and no maker fee. It offers a 100x leverage and a high liquidity order book with low spreads.

Security on Bybit is excellent due to the solid security protocols used to secure investors’ funds and create a convenient trading environment for users.

Bybit is available globally with over 2 million registered accounts. However, Bybit USA doesn’t exist, which means US citizens are not allowed to use the platform. 

Advanced order typesA small range of assets
Robust API that pushes its market data within every 20 minsNot supported in the US
The trading fee is lowUnavailable buillt-in digital wallet
Great customer support
Responsive and interactive charts
Up to 100x leverage on crypto
Offers insurance for investor funds
Multi-signature and secure storage cold wallet

What is Bybit?

Bybit is a cryptocurrency trading platform based in Singapore. It was launched in March 2018 by Ben Zhou, an expert in forex trading, for eight years. Bybit exchange is also a registered trading platform in the British Virgin Islands. 

In just a few years, Bybit has sealed its place as one of the fastest-growing exchanges in the crypto exchange sphere. The platform boasts over $10B in daily trade volume. 

Range of Offering

Bybit offers the following products and features:

Buy Crypto

On Bybit Fiat Gateway, you can buy cryptocurrencies using your credit cards. Bybit supports Visa and Mastercards, including Fiat-to-crypto transfers solutions like Simplex, Mecuryo, Banxa, etc.

In 2-30 minutes, your just purchased crypto-asset reflects on your account. The exciting thing about buying cryptocurrencies using this medium is you can customize your crypto and fiat preferences. 

Fees apply when you use the Fiat-to-crypto medium to buy cryptocurrencies. The fees are not charged by Bybit but by the service providers. So it is paramount you check the respective platforms for their price quotes.

Inverse Futures, Derivatives (Perpetual Contracts), and Spot Trading

On Bybit, there are varieties of trading options; you can trade futures, derivatives, and crypto pairs. The platform has tools in place to enhance your trading journey. Plus, you trade at higher leverages (up to 100x) when you trade perpetual and inverse contracts.

Invariably, you’re trading contracts. Perpetual Contracts pair with cryptocurrencies such as BTC or ETH as base currencies. However, it’s different for inverse futures where the contract is the base currency.

ByFi Center 

The ByFi Center is an incentivized offering by Bybit in which you earn rewards from staking protocols. You qualify to participate when you sign up on the platform. There are two major offerings on ByFi Center; Cloud and DeFi Mining.

On DeFi mining, you stake a minimum of 100 USDT for a period, usually 7-21 days. In return, you earn the Curve token, which is a stable coin.

The DeFi mining protocol allows you to earn hassle-free, and gas fees are limited, increasing its profitability on your ROI.

Cloud Mining is an alternative to the DeFi mining in which you buy Hashrates (MH/s) using USDT and hold for about seven days. You earn ETH in return, depending on the fixed annualized percentage yield. 

By providing liquidity for the mining protocol, you participate in Bitcoin mining and earn rewards in return. However, this option is costlier than DeFi Mining. But you can participate in both simultaneously.

Image Source: Bybit

Bybit WSOT

Bybit World Series of Trading (WSOT) is an incentivized offering by Bybit that uses a gaming model to provide liquidity to the protocol. The program has different competition options, which include:

  • Troop Throwdown: You choose a troop by zone or register as a troop leader in this option. You must have net equity of at least 0.03 BTC or 0.45 ETH in your derivatives account balance to get started. You earn 15% profits plus another 15% if you register as a troop leader.
  • Solo Showdown: You must have net equity of at least 300 USDT, 80 EOS, or 500 XRP to qualify for this option. Unlike the troop option, there are no troop leaders, just individual prize pools, and the reward rate is more significant than in the former option.
  • WSOT NFTs: By participating in this option, you stand a chance to win limited NFT editions. The top 10 collectors selected based on the amount of NFTs collected during the competition will have 40,000 USDT shared amongst them.

To participate, you must first sign up to the exchange and locate “WSoT” at the top of Bybit exchange’s website. Ensure always to check the website for the event times and dates to avoid missing out as the competition occurs at intervals. You can find the rewards and points you earn on your dashboard.

Image Source: Bybit

Commission and Fee Structure

Bybit fees structure is straightforward. Being an exchange that trades at very low fee rates, you can leverage this to get the most out of your trading experience. Withdrawal fees are regular network fees for the crypto asset. 

Usually, when you’re a market maker, you’re charged a rebate fee denoted with a negative sign. However, the taker trading fees are generally higher than the maker. 

Bybit exchange fee structure may vary from one trading option to another, and here’s a comprehensive breakdown.

Spot Trading Fees

Bybit exchange does not charge a maker fee for spot trading, but a taker fee of 0.1% applies to every trade. 

You can calculate taker fees for spot trading using this formula:

Trading fee = Quantity of crypto order you fill X Trading fee rate of 0.1%

Derivatives Trading Fees

Derivatives trading include Perpetual contracts and USDT contracts. You trade with leverage of 50-100x your initial deposit or order. 

Bybit fees here include a maker (rebate) fee of 0.025% and taker fees of 0.75% for both trading options. It is easier to know how much you’re paying for fees using these rates.

Commissions on Bybit are minimal. Asides from withdrawal fees, they come through participation in Bybit’s protocols such as staking and WSOT. 

However, the exchange does not charge you when you use fiat to crypto providers to deposit or withdraw to your wallet. These fees go to the respective fund transfer platforms you use.

Image Source: Bybit

Ease of Account Opening

Opening an account on Bybit is easy, and even a beginner can get started in a few minutes, all thanks to the exchange’s user experience module. To get started on Bybit, visit the exchange’s website, enter a valid email, create a password, and agree to the terms of service. 

Depending on the speed of your internet connection, it should take you about two minutes to complete the registration. You can select which category you fall into—beginner or expert trader—when you sign up. Plus, Bybit directs you on how to use the platform the first time you use it. 

Image Source: Bybit

KYC Verification

Unless you’re properly verified, you cannot deposit, trade, or withdraw at high volumes. As a KYC and AML compliant exchange, Bybit encourages its users to go through KYC verification. 

However, you can get started without KYC. Unless you’re verified, your activities would be limited. For instance, users without KYC can only withdraw 2 BTC daily. All you need are the following credentials to complete both the level one and two KYC verification processes.

  • A government-issued ID card or passport that shows your residential proof or country of origin.
  • A recently taken photo of you
  • Utility bill within the last six months
  • Bank statement within the last six months.

On completing your verification from level 1 to level 2, your daily deposit and withdrawal limits increase. As opposed to the initial limit of 2 BTC, you can now withdraw up to 100 BTC daily.

It is easy to navigate to the KYC verification section. Locate the “Account and Security” from the dropdown menu by toggling over the human-like icon at the upper right corner of the landing page upon signup.

Next, you tap “Verify Now” and provide the necessary information and documents.

Deposit and withdrawal

Bybit has no minimum deposit requirement. Meanwhile, withdrawals are processed three times a day at 1600, 0800, 2400 (UTC). 

The cut-off time for withdrawals is 30 minutes before the scheduled withdrawal processing. You can rest assured that Bybit exchange will send all your withdrawals to your wallet about 1-2 hours after review. 

Image Source: Bybit

Referral Bonus and Affiliate Program

Bybit exchange offers incentives such as referral bonuses of up to 20% when you invite your friends to join the platform.

There is also an affiliate program you can earn from when you promote the exchange on the internet. You can join the affiliate program as a trader or as a promoter. 

To get started with the affiliate program, you’ll first fill an application and wait for Bybit to review. If successful, you can customize your link and share it across your internet channels and social media handles.

Also, ensure to read the affiliate agreement and terms surrounding the program to understand its nook and crannies.

Platform User Interface and Trading Experience

Bybit exchange’s user interface and trading experience are great. One of the first things you’ll notice on the platform is its user-friendliness, a necessary trait of outstanding exchanges. 

Bybit’s interface seems like an inspiration from Binance, which is good because a part of the success that Binance has today also comes from its user-friendliness.

As part of Bybit’s intuitive trading experience, we’ll analyze interesting platform features such as its charts system, web app, etc.

Web App

Bybit exchange’s web app is the first thing you’re most likely to use. It is interactive software with a host of exciting features. You may never use the mobile app if you’re an active desktop user on the Bybit web app. 

The web app is mobile compatible, and you can sign up simultaneously on both devices and access all the features on a desktop.

Trading Charts

Bybit’s charting system follows a responsive TradingView charting model. You can create order books and fill orders with a single click. It is interactive because it communicates what you’re doing at every point, which is good, especially for beginner traders.

You can personalize your charts and include indicators if you wish. For a clearer view, you can open a full-screen chart and make decisions from a clearer perspective.

Also, the trading comes in three different dimensions:

  • The single chart mode: It gives you a single chart with trading tools, and you can monitor or track only one trade at a time.
  • The multi-chart mode (3-chart view): You can customize, monitor, and track charts from three different trades at a time.
  • The multi-chart mode (4-chart view): Like the preceding charts, you can monitor and track four different trades simultaneously.

You can locate the chart swap setting by the left-hand side of the web app. Click on the arrow pointing right to display the dropdown menu; the first three icons are the charting modes. 

Switching between these charting modes is easy, and you can customize and save your settings in-between. 

Image Source: Bybit

Mobile Application

The Bybit mobile app gives you an excellent mobile trading experience that is easy to use, responsive and has good functionality on Android and iOS devices. As a trader and a digital person who is always on the go, you will want to keep track of your open positions. 

You can download Bybit exchange mobile app from Google Playstore and Apple Store. 

Although the Bybit mobile app is outstanding, the desktop-web trading app is preferable to seasoned traders. You may want to use the mobile app to monitor your trade when you’re away from home or office.

Supported Cryptocurrency

Bybit has a limited number of cryptocurrencies it supports. The most popular among them include BTC, ETH, EOS, XRP, and USDT. You can deposit and withdraw these and many more assets with ease. However, Bybit does not support any fiat currency at this time.

Educational Tools

Bybit comes with an impressive selection of resources, news, and insights for traders of all levels. Take, for example, the “Bybit Learn,” which explains the use of technical tools and chart patterns. It enlightens users about decentralized finance (DeFi) and has a detailed analysis of individual coins. 

Bybit also organizes classes on social media twice a week, which is absolutely a good thing since you need to have a sound understanding of futures and margin (advanced financial tools) to use them. 

Customer Support

Bybit offers 24/7 multilingual customer support. You can reach out to the support team at [email protected]. If you have a technical issue, you can drop a query at [email protected]. If it is a media-related query, then it should be at [email protected].

You can also get feedback from Bybit’s customer support team on social media channels like Twitter and Telegram. You can check the FAQ section to answer your queries or directly contact customer support on the 24/7 live chat.

Regulation and Security

Bybit is not regulated. However, the exchange adopts several security measures to protect its user funds. Here’s a breakdown of its security protocols. 

Image Source: Bybit

Multi-Signature and Cold -Storage Wallets

Bybit exchange currently uses both multi-signature and cold storage wallets. It is rare for a cold-storage wallet to be attacked or hacked because private keys linked to it are stored offline.

Although the cold-storage wallet allows investors and traders to hold their digital assets without being connected to the internet, the exchange holds a small portion of funds in a hot wallet to enable disbursement of funds when needed.

The multi-signature means the Bybit exchange will only sign a transaction if several parties are involved in its approval.

Insurance Fund and Encrypted Data

For traders to have more security, the Bybit exchange offers insurance to investor’s funds. The insurance is there to protect users from trading futures contracts in a case where a trader gets liquidated at a level below the bankruptcy price. 

The insurance fund will start working if the exchange cannot liquidate a trader’s position at a bankruptcy price. By this, the trader gets to give back its borrowed fund to the lender. For data encryption, the company works with full SSL encryption for its website. 

2FA Authentication

Another thing about the Bybit exchange is the possibility of adding a 2-factor authentication. It is an additional security feature that users need to follow to protect their accounts. 

Aside from using your email account and password, you must use the Google Authenticator app, which allows you to protect your account using your phone. To qualify to withdraw funds or confirm transactions on the Bybit exchange, you must activate the 2FA.

Is Bybit Safe?

Yes, the Bybit exchange is safe to buy and trade cryptocurrencies. The safety measures like the multi-signature withdrawal process, cold storage wallet, and the two-factor authentication they’ve put together go a long way to reduce the chances of security breaches.


From this Bybit exchange review, we can affirm the platform’s worthiness and excellent offerings. There is an insurance policy that shields high-volume traders and investors in cases of massive losses from trading. 

The trading experience on the platform is top-notch. What’s more? With its excellent customer support and responsive 24/7 live chat, you can quickly get feedback on your queries.

Frequently Asked Questions (FAQs)

Where is Bybit Located?

Bybit exchange has its headquarters in Singapore and offices in several other countries, including Virgin Island. Now they’ve extended to places like Hong Kong and Taiwan.

Is Bybit Legit?

Bybit is a legitimate cryptocurrency and derivatives trading exchange. However, it still faces regulatory problems with most local jurisdictions like the US. Bybit’s insurance policy also sees that investors regain their funds if vulnerabilities leading to losses emerge.

Does Bybit Have an In-Built Wallet System?

No. Bybit, unlike most exchanges, does not have a native digital wallet. You may have to import or add an external wallet – digital or physical – using just your wallet address.
So before hopping onto the platform, ensure you have a valid/verified digital or hard wallet to enable deposits and withdrawals at intervals. However, it is essential to note that Bybit does not support BEP20 tokens, so ensure to use a cross-chain wallet.

How many Times Can One Withdraw on Bybit?

You can withdraw three times a day in Bybit at 0800, 1600, and 2400 UTC.

Is Bybit Legal in the US?

No. There is no Bybit USA available, and therefore, US citizens cannot use Bybit exchange.

Bybit Review 2021 - Is This Crypto Exchange Legit?

Bybit Review 2021 - Is This Crypto Exchange Legit?
4 5 0 1
4.0 rating
Total Score
  • Pug Score
    4.0 rating
    4/5 Good
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