Bybit review 2023: How to use Bybit, Is it Safe? & More!

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Bybit is an exchange that provides users with beginner-friendly and professional trading products. This Bybit review is an up-to-date, detailed analysis of Bybit exchange, containing everything you need to know about Bybit and whether It’s the right exchange for you.

Let’s Dive in!

Bybit review

Bybit was founded in 2018 as an innovative and rapidly growing cryptocurrency derivatives exchange. A team of professionals with experience in investment banking and the forex industry founded the company. Bybit’s headquarters are in Singapore, and the company is registered in the British Virgin Islands. It envisions a global economy and offers a trading system that appears to be fast, secure, and transparent.

It has set out on a journey to create the next-generation financial ecosystem, which will be powered by innovative and advanced blockchain technology. With over 1.6 million Bybit users worldwide, as well as retail and professional clients, Bybit remains customer-focused and strives to provide the best user experience.

Bybit review: What is Bybit?

Bybit is a cryptocurrency derivatives exchange that provides a robust set of advanced trading tools. It provides excellent security and guarantees no downtime. Despite being founded in March 2018, Bybit is quickly becoming popular among cryptocurrency traders and is rapidly onboarding new customers.

The exchange allows traders from all over the world to engage in leveraged margin trading in a select range of crypto products, including BTC, ETH, EOS, and XRP, which can be traded with up to 100x leverage. Bybit, based in Singapore, is a strictly crypto-to-crypto exchange that does not require users to go through stringent KYC verification and currently generates close to $1 billion in daily trading.

What is Bybit

Pros and Cons of Bybit

Pros 

  • Strong Community: Behind every great and successful project is the backing of a strong community. Bybit has a strong, outstanding community with over 10 million users. This is good for new users, as the community can help educate them about Bybit and also get answers to questions quickly.
  • Ability to earn: With the Bybit Earn asset management platform, users can grow their crypto holdings quickly. Bybit offers competitive APYs to ensure higher yields and best-in-class security to safeguard your funds.
  • Educational Resources: Bybit offers a wealth of resources, news, and insights to traders of all skill levels. “Bybit Learn,” for example, explains how to use technical tools and recognize chart patterns. It educates users on decentralized finance (DeFi) and provides an in-depth analysis of individual coins.
  • Scalability: The exchange claims that it can process 100,000 transactions per second, which is significantly faster than its competitors. It takes every precaution to avoid server downtime, a problem that many exchanges face whenever a market change causes a large number of people to trade at the same time.
  • A wide array of cryptocurrencies: Bybit has a wide array of cryptocurrencies at its disposal. The exchange has over 310 cryptocurrencies. So if there’s a crypto you’re looking to invest in, there’s a chance you can find it on Bybit.

Cons

  • Not available in the U.S.: Customers in the United States and some other countries, such as the United Kingdom, are unable to use Bybit. To use its website, you must actively confirm that you are not from the United States.

Bybit review: Why use Bybit?

This Bybit review displays a suite of products on its platform that users stand to gain. Some of it’s enthralling suits of products include:

Bybit Earn

With Bybit Earn, you can grow your crypto holdings easily. Bybit Earn contains competitive APYs to ensure higher yields. Bybit Savings, a new investment product on Bybit Earn, offers both flexible and fixed product terms. Bybit Savings supports BTC, ETH, USDT, and other popular coins while providing competitive and guaranteed APYs.

Bybit Earn

Launched Pad

The Bybit launch pad is dedicated to releasing new projects giving users the ability to gain early access to tokens from promising projects directly on its platform. So far it has launched over 20 projects with a total committed amount of $3,629,754,904 and 1,296,907 participants.

Bybit launch pad

NFT Marketplace

The Bybit NFT Marketplace is your one-stop destination for listing and trading NFTs. The NFTs provided cover digital art, collectibles, GameFi, the metaverse, and more. You can use your existing Bybit Spot Account with ETH, BIT, XTZ, or USDT to access the Bybit NFT Marketplace. 

Bybit NFT Marketplace

Cryptocurrencies Available on Bybit

Bybit has an array of cryptocurrencies amounting to over 310 to buy, sell, and trade. Below are some of the popular cryptocurrencies available:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • Tezos (XTZ)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Polkadot (DOT)
  • Uniswap (UNI)
  • Ripple (XRP)
  • NEM (XEM)
  • SushiSwap (SUSHI)
  • Aave (AAVE)
  • Dogecoin (DOGE)
  • Tether (USDT)

How to use Bybit

This demonstrates how Bybit works. To unlock account limitations, you must first sign up and then complete the KYC process. After that, you can start depositing cryptocurrencies or using a third-party app to purchase cryptocurrencies with fiat currency.

It provides up to 100x leverage on margin and futures trading. Users of Bybit can obtain 100x leverage on Bitcoin and 50x leverage on other currencies. Customers can also purchase short-term loss insurance. Both the website and the mobile cryptocurrency app are packed with useful features for advanced traders.

How to use Bybit

Borrowing money to increase your potential returns is what leverage is all about. Buying on margin is another term for it. Retail investors are not permitted to buy on the margin by regulators because doing so may amplify their losses and leave them with nothing.

You can go long (bet on the currency increasing in value) or short (bet on the currency decreasing in value). The three main types of orders are as follows:

  • Limit: An order to buy or sell at a price you set.
  • Market: An order that’s filled straight away from the order book. You’ll pay a taker fee and have less control over your price.
  • Conditional: This order is activated when your trigger price is reached. For example, you might set a “take profit order” to take profits once you’ve made a 50% profit on your investment.

With Bybit, you also have the ability to copy trades from professional traders in the market. After you decide the amount you’d like to invest, the platform automatically opens and closes positions for you in real-time by imitating the trades of professional traders.

Bybit review: Bybit Sign up

Signing up on Bybit gives you access to earning the Bybit bonus. The Bybit Sign Up Bonus grants you up to $20 on Sign up. This Bybit review displays how to sign up on Bybit.

Step 1

Visit ByBit. On their landing page, at the top right corner, click on “Sign up.”

Bybit review: Bybit Sign up

Step 2

To commence signing up, select your country of residence and click “Confirm.”

Bybit Sign up

Step 3

You can sign up with an email or phone number. Enter your email and create a password, then, if you have a referral code, input it in the field and check the box to agree to ByBit’s terms of service and privacy policy, then click on “Create Account.”

Bybit review

Step 4

In the pop-up displaying a list of restricted countries, click on “No” if you’re not in a restricted country to proceed with the registration.

Step 5

Now you’ll need to verify your email account. Go to your email address and copy the 6-digit code sent to you by ByBit and input it in the required field. Then you’ll be redirected to ByBit.

Note: Now that you have successfully signed up on ByBit, your account creation is not complete until you have verified your identity.

Bybit review: Bybit KYC Level 1

Bybit without KYC sets your account on a limited path, as KYC is now essential to accessing certain services like Bybit Launchpad and using Earn products. Passing individual KYC will be compulsory for acquiring crypto through fiat deposits, peer-to-peer (P2P) trading, and the One-Click Buy option.

Step 1

Go to the person icon located at the top right section of the page, click on it, and select “Account and Security.”

Step 2

Now scroll down to “Identity Verification” and click on “Verify Now.”

Bybit KYC Level 1

Step 3

On the identity verification page, head to the Lv.1 section and click on “Verify Now.”

Bybit review: Bybit KYC Level 1

Step 4

Select your country and click on “Next.”

Step 5

Now choose your document type and click on “Front” to upload a clear photo of the front of your document, and then click on “Next.”

Step 6

Following that, you must complete a selfie verification by clicking “I’M READY.” 

Note: Make sure you follow the on-screen instructions to successfully complete your selfie verification.

Step 7

On the next page, click on “Next.” 

Note: Now you’re done with the Lv.1 verification process and will have to wait a few minutes for the ByBit team to review your submissions. After it has been approved, voila, you’re good to go.

ByBit KYC Level 2

Step 8

Now click on “Return.” Now to unlock more opportunities, let’s head over to Level 2 verification.

ByBit KYC Level 2

Step 1

Click “Account Security” in the upper right-hand corner of the page.

Step 2

Head to the LV.2 section of the page and click on “Verify Now” under Lv.2 Residency Verification, and on the prompt, click on “Confirm.”

Step 3

On the next page, check the box and click “Next.”

bybit level 2 kyc

Step 4

On the Lv.2 Residency Verification page, you’ll see a list of documents accepted by ByBit, all of which include:

  • Bank statements
  • Utility bills (the documents that you provide shouldn’t be older than 3 months)
  • Internet/cable TV/house phone line bills
  • Tax returns
  • Council tax bills
  • Government-issued certificates of residence, etc.

Note: ByBit doesn’t accept:  

  • Screenshots
  • Mobile phone bills
  • Medical bills
  • Receipts for purchases
  • Insurance statements

Step 5

Now click on the arrow to upload your POA document and click “Next” when done. On the next page, click on “Next.”

Note: Once the documents are verified by Bybit, you will receive an email of approval and can then withdraw up to 100 BTC a day.

Bybit review: How to Deposit on Bybit

For Desktop

Step 1

Click on “Deposit”, then you’ll be directed to your Bybit deposit address. 

How to Deposit on Bybit 

Step 2

From there, you can either scan the QR code or copy the deposit address and use it as the destination address to which you can send the funds. 

Note: Before proceeding, make sure you have selected the network type, like: ERC20, TRC20, or OMNI.

For Mobile

Step 1
Install the Bybit app and log in. On the home page, click on “Deposit.”

How to Deposit on Bybit

Step 2
Select the pair you’ll like to deposit, either crypto or fiat.

Step 3
Now a wallet will be generated for you to deposit your selected pair (crypto or fiat).

Step 4
Navigate to your wallet (trust, Metamask, etc) and select the crypto you want to deposit from.

Step 5
Now click on “Send” input the generated address with the amount you’d like to send and click on “Continue.”

Step 6
Review the transaction and “Send.”

How to Buy Crypto on Bybit

Step 1
Visit your Bybit app, on the home page, click on “Buy Crypto.” Then select the crypto you’d like to buy and proceed.

How to Buy Crypto on Bybit

Step 2
Select a payment method. P2P trading method was used in this guide.

Step 3
On the P2P trading page, from the list of orders and select an order within the displayed transaction limit and click on “Buy.”

Step 4
Select your payment method and click on “Buy.”

Note: Now you’ll have 15 minutes to complete your payment.

Step 5
Click on “Pay Now” to proceed to make payment to the provided account details.

Note: Make sure you use your full registered Bybit account name while making payment.

Step 6
When done click on “Payment Completed.”

Step 7
Select “Confirm.”

Note: The coins will be released when the receiver confirms your payment.

Bybit Fees

Among the largest crypto exchanges, Bybit offers one of the lowest crypto trading fees. The platform is mainly known for its variety of futures and derivatives instruments. When trading futures, the taker fee, and maker fee are only 0.06% and 0.01%, respectively.

Bybit Fees

Bybit review: Bybit Copy Trading

Bybit Copy Trading allows you to copy a professional trader’s trades. You decide the amount you’d like to invest, and the platform automatically opens and closes positions for you in real time by imitating trades made by professionals. It gives you an opportunity to turn a profit without having expert trading skills or extensive knowledge of financial markets.

How Bybit Copy Trading Works

To get started, simply visit Bybit’s Copy Trading page and choose your ideal Master Trader. You’ll be able to view their commonly traded pairs, 7-day return-on-investment (ROI), drawdown statistics, and other performance metrics to help you make an informed decision. There’s also a search function if you already have a Master Trader in mind.

Once you’ve selected your Master Trader, transfer funds to your Copy Trading account and select a comfortable leverage and order size for your desired trading pairs. Advanced traders can even customize their leverage for different trading pairs, maximum position margins, maximum daily order sizes, maximum slippage, and their take-profit and stop-loss levels. Confirm your choices and you’re good to go.😃

Bybit API

You can use the Bybit API to access market data, trading, and account management endpoints for Perpetual Swap. The market data API is publicly accessible and provides market data such as “The Latest Trade of a Trading Pair.” 

The account and trading APIs require authentication with an API key, which allows you to place and cancel orders and inquire about order status and account information. Its powerful APIs give you the ability to copy trades from professionals. 

Bybit API

Bybit APP

With the Bybit mobile app, users can unlock a pool of features like buying crypto, placing trades, signing up for copy trades, and withdrawing funds—all within the mobile app. 

The Bybit exchange app has over 1,000,000 downloads on the Play Store and is also built with support for Android and iOS devices. Like on a desktop, one can buy cryptocurrencies like Bitcoin, Ethereum, and other coins through the app, either using a credit card, debit card, or bank transfer. 

Though it can be difficult to study TradingView charts and monitor multiple markets on the app, it is a useful tool for monitoring open positions. A multi-signature cold storage wallet solution secures the cryptocurrency account completely.

Trading pairs such as BTC/USD, ETH/USD, XRP/USD, EOS/USD, BTC/USDT, and other perpetual trade contracts are available. It processes 100,000 transactions per second, ensuring that every trade order is filled.

Bybit Coin

Bybit Coin (BitDAO) is a decentralized autonomous organization that aims to create a level playing field for everyone on the planet by establishing a decentralized token economy. This protocol is managed by holders of BIT tokens and is one of the world’s newest and largest decentralized autonomous organizations focused on DeFi.

One of the primary goals of the initiative is to attract developer talent through token swaps and co-development efforts. The token swaps will allow the BitDAO Treasury to amass a collection of the most valuable crypto project tokens.

The vision of BitDAO is open finance and a decentralized tokenized economy. BitDAO intends to support a wide variety of projects, including DeFi, DAOs, NFTs, and gaming. Research and development, liquidity bootstrapping, and funding will all be provided.

The live BitDAO price today is $0.415305 USD with a 24-hour trading volume of $18,781,166 USD. The current CoinMarketCap ranking is number 42, with a live market cap of $868,379,660 million. It has a circulating supply of 2,090,946,169 BIT coins and a maximum supply of 10,000,000,000 BIT coins.

Is Bybit safe?

Given its youth, the exchange has proven to be resilient in the face of potential hacks. The Bybit team employs a variety of security protocols, including full SSL encryption on the website, to protect all of your personal information.

Is Bybit safe

All client funds are kept offline in cold storage. In addition, each withdrawal request is manually reviewed to prevent unauthorized withdrawals. Bybit participates in a bug bounty program that rewards ethical hackers for reporting flaws in its system.

Bybit has enabled two-factor authentication for withdrawals and made user-level changes to account security settings. It also employs an insurance fund, which safeguards users’ funds even if a series of negative events occur.

Bybit review: Conclusion

According to this Bybit review, Bybit is a dynamic and efficient derivatives trading platform for cryptocurrency with unique features, as well as one of the world’s top cryptocurrency exchanges. Bybit is secure, safe, and transparent.

Its multiple trading options, leveraged trading, loss protection, payment options, fee structure, promotions, and round-the-clock solid customer support truly provide the complete package that cryptocurrency traders seek. It is, without a doubt, one of the best cryptocurrency companies.


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