For some time, Bybit has been known as one of the world’s premium crypto exchanges. But has Bybit evolved with the ever-changing crypto market? Does it still provide innovative products and services?
Quick Verdict
Primarily a crypto-to-crypto trading platform, Bybit has built high-quality products and services catering to the general community. These include outstanding yield-generating products, copy-trading facilities, a mock trading account, and support for hundreds of cryptocurrencies and trading pairs across spot and derivatives markets - all on a modern and intuitive interface.
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Pros
- Comparable maker and taker fees to other global exchanges.
- Powerful trading engine, interface, and analysis tools and indicators.
- An all-in-one crypto platform with a diverse set of features and markets.
Cons
- Unable to deposit or withdraw all fiat currencies (region specific).
The Bybit Features We Liked
Derivatives and margin trading
Bybit is one of the world's top derivatives and margin trading cryptocurrency exchanges by reported trading volumes. One of the main factors behind this is its support for high liquidity on its perpetual, Futures, and Options contracts.
Stablecoins pegged to the US dollar are typically used as collateral for derivatives trading, particularly USD Coin (USDC) and Tether (USDT). There are over 220+ contracts to choose from.
- Future contracts. Perpetual futures contracts with up to 125x leverage are offered. More than 100 trade pairs are accessible.
- Leveraged tokens. At the time of writing, only BTC and ETH could be long or short at 3x leverage.
- Inverse contracts. Settled quarterly, perpetual and Futures contracts employ the coin as collateral. Only a few assets are supported, including Bitcoin and Ethereum.
- Crypto options trading. USDC-settled option contracts are available daily, weekly, monthly, and quarterly.
Copy trading
Bybit users can copy the trading moves made by its top traders. Compared to other exchanges like Phemex and MEXC which we’ve reviewed, the copy-trading feature on Bybit appears more popular and robust.
There are hundreds of Master Traders to browse. Inspecting a Master Trader will reveal additional statistics that other copy-trading platforms don’t typically present. The main metrics for customers to consider include ROI, win rate, maximum drawdown, and the Master’s profit and loss. However, users might also be interested in viewing the profit and loss of their followers.
Trading bots
In some regards, Bybit’s crypto trading bot feature shares similarities with those offered by Binance. Both exchanges allow customers to browse many trading bots used by others on the platform and copy them for themselves. These bots are categorized into futures, martingale, and spot grids.
However, one of Bybits' distinguishing features is the ability for users to create their own bots. This makes it more accessible to the broader crypto community due to its simplicity and speed of implementation.
Aurora AI is another feature that helps set Bybit apart from its competition. Aurora AI creates and proposes 18 sets of trading bot tactics. These AI-generated intelligent parameter techniques allow individuals to participate in complex bot trading by entering their investment amount, lowering the entrance barriers for bot trading.
Many ways to earn crypto yields
Bybit customers have plenty of options if they want their crypto to work for them and generate passive yield payouts. These options include:
- Bybit Savings accounts - Guaranteed yields based on the amount of crypto deposited over a certain time frame. Coins and tokens can be withdrawn at any time.
- ETH 2.0 staking.
- Wealth management - Crypto is managed and invested by third parties using various portfolios and investment strategies. Coins are apparantly held by Bybit at all times.
- Liquidity mining - Coins are deposited into a pool where they provide liquidity and generate yields for the user.
The facility's ease of use is astounding. Users only need to find the crypto asset they want to deposit, and Bybit will present all the yield-generating options available for that asset.
Create an account claim up to a $30,000 USDT deposit bonus.
Derivatives demo trading
Although demo trading on Bybit doesn’t facilitate the spot market, users can virtually trade in the futures, perpetuals, options and leveraged token markets. Real-world market depth is simulated, as well as all the trading charts and tools for users to practice or test their strategies.
Demo accounts come equipped with 166k USDT, generally more virtual funds than other platforms. Lastly, the mock account can be toggled within the main Bybit platform, which is far more convenient than alternatives where a separate testnet login is required. Here’s a list of our picks for the best crypto demo accounts.
Zero fee P2P trading
The Bybit P2P site has no fees and accepts direct fiat purchases through bank transfers, credit cards, and Wise. Currently, the P2P exchange supports USDT, BTC, and ETH. Unfortunately, there is no way to filter merchants other than by payment type and fiat currencies.
Tradeable Crypto
Bybit is one of the largest crypto exchanges, offering a very good range of 645 coins and tokens across 917 markets. In terms of trading pairs, Bybit is a leader. At the time of writing, users have access to three options contracts, over 30 perpetual (with USDT as the base asset), and 20 futures contracts.
Users should note that the crypto offerings on its ‘one-click buy’ feature are limited to over 100 assets. However, these can be bought using 65+ fiat currencies like EUR, AUD, USD, CAD, and SGD.
Deposit Methods
Bybit is a crypto-to-crypto exchange, but it still allows customers to buy over 100 digital assets directly using 65+ fiat currencies. This is facilitated through third-party payment providers such as Banxa and Moonpay. Credit and debit cards, as well as Apple Pay and Google Pay, are also supported. The only place where bank transfers are allowed is on the P2P marketplace.
Bybit Fees and Charges
Deposit fees
Bybit users who wish to buy digital currencies through one of its third-party payment providers will incur a fee paid to those providers. Fiat payment methods that do not incur any fees comprise Apple Pay, Google Pay, bank cards, and P2P, which have zero fees across the board.
Transfers of cryptocurrency from another exchange or external hardware wallet are free, which is standard for most global exchanges.
Withdrawal fees
Due to being unregulated across many jurisdictions, fiat currencies are unable to be withdrawn from Bybit to a bank account. For crypto withdrawals, no Bybit fees apply, but a standard network fee will be incurred.
Trading fees
Bybit offers some of the best trading costs on the market. Their spot trading fees follow a maker-and-taker structure, starting at 0.1%. This is the same as Binance’s spot trading fees. These fees can be reduced depending on the user's VIP level, which is governed by their 30-day trading volume. However, these only apply to crypto-to-crypto trading pairs and fiat-to-crypto transactions are excluded.
Different maker and taker fees apply to perpetual and futures contract trading. Here, fees start at 0.055% and 0.02% for maker and taker orders, respectively. Like its spot trading fees, they can be reduced depending on the user's trading volume.
Create an account claim up to a $30,000 USDT deposit bonus.
Using Bybit
The Bybit user experience is clean, well-organized, and easy to use.
As expected, traders will take advantage of the integrated TradingView, often regarded as the best charting analysis software available. There are numerous technical indicators and drawing tools that allow users to analyze the price action of trading pairs. Entry and exit positions can be clearly identified using the tools on hand, with easy access to long and short orders.
The spot trading interface follows the same structure, where up to 5x leverage can be applied to positions. Of course, greater risk control can be applied using a variety of limit and market order types.
In conclusion, Bybit is a fantastic spot, leverage, and margin trading platform due to its powerful trading engine, sophisticated tools, and deep liquidity. It’s not overly complicated, either, and Bybit has retained a degree of simplicity despite the abundance of available tools.
Final Verdict
Bybit is one of the world's leading spot and derivatives exchanges for good reason. The platform provides lightning-fast transaction times, fees comparable to other global exchanges, and a variety of complex trading instruments.
However, it also has other innovative features executed extremely well, including its Earn hub, copy trading, and other financial products, distinguishing it in the market. Most of its features are delivered on par or better than other exchanges.
Create an account claim up to a $30,000 USDT deposit bonus.
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We aim to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for education purposes only. We do not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.
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