|Date of foundation|
|Types of support|
Email: [email protected]
Russian, English, Korean, Chinese, Vietnamese, Japanese, Spanish
|The owner of the company|
|Minimum entry amount|
|Maximum input amount|
|Minimum withdrawal amount|
|Maximum withdrawal amount|
Withdrawal fee: Yes
Trade Commission: 0.025 % for maker / 0.075 % for taker
Spot trade: 0 % for maker / 0.1 % for taker
TradingView (many indicators and oscillators, shapes, easily customizable market depth chart)
From 18 yearsBy opening an account, you represent and warrant that you are at least 18 years old
|Trading volume per day|
|Number of users|
1200000+The number of users is constantly growing
|Number of cryptocurrencies|
|Number of trading instruments|
10+The exchange launched 3 new pairs on USDT (ADA/USDT, DOT/USDT, UNI/USDT), Quarterly Futures (BTC/USD), and more USDT pairs will be added in late April (SUSHI/USDT, XEM/USDT, AAVE/USDT, XRP/USDT).
To 1:50for ETH/USD, XRP/USD, EOS/USD
To 1:100for BTC/USD
|Free Demo Account|
Helps a newcomer easily get accustomed to the trading floor Open Demo Account
|Types of accounts|
|Execution of orders|
Market order, Limit Order, Conditional Market order, Take Profit Orders, Stop-Loss, Trailing Stop
|Methods of replenishment|
Bank card (Visa/MC), Cryptocurrencies
|Types of cryptocurrencies|
Bitcoin, Ethereum, EOS, Ripple, USDT
Academy, reference center, blog, trading guide
|A way to store cryptocurrencies|
Cold: yesThe exchange uses an industry-leading cold wallet with multiple signatures to store 100% of traders' deposited assets
Trade from 1 min. to 30 min.
|Stop Loss and Take Profit Function|
|Exchangeability for fiat currencies|
All strategies for trading in the cryptocurrency markets are allowed
|System maintenance and updates|
In real time
|The speed of the order collation kernel|
100,000 transactions per second, no congestion and no downtime
|High platform safety|
System of hierarchically determined offline wallets; input and output with offline signatures; double-price mechanism gives protection against manipulation
Player protection during market fluctuations, which provides profits when the trend is rising and guarantees compensation when the trend is falling
Customizable alert and reminder tool that simplifies navigation for speed and convenience
|Extended AML verification|
KYC (passport, passport or driver's license). Photo with the document (selfies). Proof of address (bank statement, utility bill, etc.)
Law of the Russian Federation "On digital financial assets" from January 1, 2021
Law of the Russian Federation of 07.08.2001 № 115-FZ "On counteracting the legalization (laundering) of proceeds of crime and the financing of terrorism
Read moreHigh-frequency trading with incoming market data and transparent API reporting
RegistrationUp to 30% from commission
Advantageous promotions and bonuses
Effective teaching methods
Top up your account with a bank card
Security leader in the crypto industry
Reliable and convenient platform with a large number of orders
Over 300 positive reviews in global media since the end of 2018
Transparent user relations and 24/7 feedback
A small number of trading instruments
No fiat accounts
Legal name: Bybit
|Date of update|
ByBit is it a scam? Reviews and description
- 1. Why ByBit?
- 2. How to exchange cryptocurrency on the BayBit platform?
- 3. Verification on bybit.com platform
- 4. Deposit and withdrawal
- 5. ByBit Bonuses
- 6. Complaints about ByBit
- 7. Regulation of ByBit crypto exchange
- 8. Is ByBit a scam?
- 9. Conclusion
- 10. Reviews
ByBit - it's a young exchangewhich appeared in March 2018. The platform allows clients to trade perpetual derivative contracts on cryptocurrencies.
In our review we will take a closer look at the opportunities the platform provides and find out whether ByBit is a scam or a reliable service for traders.
The ByBit exchange appeared on the Internet more than a year ago. The company serves professional traders as well as individuals with one-time orders. Website bybit.com has a multilingual interface, which indicates the orientation of the organization to the international market. The company is headquartered in Singapore, from where the project is regulated. The service is registered in the British Virgin Islands.
The platform provides clients with favorable and, most importantly, comfortable conditions for trading. The main product offered by the exchange is open-ended futures. For futures trading, leverage up to 1:100 is provided. Currently, the site offers four specific derivatives markets: BTCUSD, ETHUSD, EOSUSD and XRPUSD (How to make money on cryptocurrency?).
The exchange is similar to its competitors in many respects, but there are a few standout features. For example, the company offers one of the fastest order clearing kernels, capable of processing up to 100,000 transactions in one second per contract, ensuring no congestion and instantaneous processing. One of the organization's top priorities is the security of user funds, which is why it uses a system of hierarchical, deterministic offline wallets to store assets.
For beginners the platform will be especially useful, because there is a manual with detailed instructions for beginners, as well as a demo account, where clients can try their hand at trading cryptocurrency (cryptocurrency trading strategies). A separate section with the latest news and informative articles is also provided for users. The advantage is that the information is presented in Russian.
The platform recently updated its interface to be even more user-friendly and faster. The new user interface contains many speed improvements:
- 50% order placement acceleration;
- The 50% has less CPU and memory load;
- The Bybit trading terminal loads faster on the 400%;
- The 500% has a faster connection for EMEA and Latin America.
The trading terminal has several blocks:
- The book, which shows all currently active orders available for purchase and sale.
- The exchange rate chart, which is updated in real time.
- Information about active and completed transactions.
- A list of the most recently completed transactions.
- Asset Overview.
- Creating orders to buy and sell cryptocurrencies.
- Information about the current contract.
- Market activity on available assets.
The broker also allows customers to set take profit and stop loss for orders. Users can set partial TP/SL with different quantities and entry prices for their trades. This allows users to apply advanced trading strategies to protect and make more profitable trades. Once a position is opened, the trader can monitor and manage it in the corresponding window with charts. Four new USDT pairs have been included. Users can now trade ETH, LINK, LTC and XTZ on our exchange. Also note that Bybit has increased asset exchange limits for the five cryptocurrencies currently available for trading: BTC, ETH, EOS, XRP and USDT. The mutual insurance feature now includes a visual yield curve and instruction to help better understand how the tool works.
To allow users to trade 24/7, a mobile application was created. Both Android and iOS versions are available. The app is great for traders who travel or do not have constant access to a computer or laptop. The app has recently received an update and now users can get push notifications when an order is executed + a home screen widget. The main advantages of ByBit include:
- Several supported cryptocurrency perpetual contracts.
- Intuitive trading platform.
- Russian-speaking interface.
- Low commission.
- High liquidity.
- Ability to set take profit and stop loss.
- Double the price for protection against manipulation.
- Cold storage of cryptocurrency.
- Round the clock feedback.
- Availability of an insurance fund.
It is worth noting that the platform is regularly updated. Now Bybit representatives announce the soon introduction of quarterly futures, sub-accounts and integration with MetaTrader4, as well as new trading pairs (ADA/DOT/UNI/XRP for USDT). Bybit's quarterly futures contract will allow speculation on the futures price of the underlying asset. The sub-accounts will come with their individual balances, permissions and account statements.
How to exchange cryptocurrency on the BayBit platform?
Since the exchange can not make an exchange for fiat money, the client can use one of the following ways:
- transferring money from a cryptocurrency wallet to bank card with the help of third-party resources;
- output via exchanger.
Verification on bybit.com platform
Another feature of the exchange is the complete anonymity of users. That's why traders are not required to undergo verification to trade. For privacy advocates, who are worried about the risks of disclosure of personal information, this aspect is especially important.
Deposit and withdrawal
ByBit is exclusively a cryptocurrency exchange, so it is impossible to deposit your account in fiat currency. To deposit with cryptocurrency, a client needs to create a wallet address and make a transfer. To do this, go to the "Assets" section, which is located in the header of the profile. This section reflects wallet balances. To open wallet addresses for BTC, ETH, EOS or XRP, you need to click on the "Deposit" button. After receiving the address, the user is free to proceed with the transaction. It's worth keeping in mind that funds are not transferred instantly, because the transaction has to go through the network first.
Withdrawal of funds
To order a payout, you need to perform a few simple actions. First, in the selected asset you need to click on the "Withdrawal of funds" button, after which the system will require you to enter the wallet address and confirm the action with two-factor authentication. Next, the client receives information about the miner's commission, which is charged on the operation. The company manually processes withdrawal requests three times a day - at 8:00, 16:00 and 00:00 UTC. There is no minimum deposit amount, but the service has set a minimum withdrawal amount for each of the coins:
- Bitcoin - 0.0005 BTC;
- Ethereum - 0.005 ETH;
- EOS - 0.1 EOS;
- Ripple - 0.25 XRP.
The company works on the basis of the "maker-staker" commission model. This means that the exchange charges traders a commission if liquidity decreases and refunds part of the funds if liquidity increases on the contrary. There is a commission of 0.025% on each bet, which is paid every time. If the client is a regular trader and has no relation to market takers, the service charges a commission of 0.075% for each transaction. As a result, 0.05% commission is paid for each transaction.
Another type of fee, information about which can be found in the financing transaction. The essence is similar to the overnight rate and is a financing fee. Based on the fact that margin trading is based on "lending" positions, the user pays either for financing or receives a fee for it. However, unlike transaction fees, financing fees are paid by traders directly, without ByBit involvement. The rate depends on market conditions as well as interest rates, so it is not fixed and may change daily. You can find out the financing rate when you open a position. The value is indicated in the column "Position Information".
The advantage is that the exchange does not charge any fee for deposits and withdrawals. However, when withdrawing earnings, the user may be charged a fee by the miner or network for mining the blockchain.
The company has prepared bonuses and contests for its customers.
Market Maker Incentive Program
The campaign runs from May 1 until good liquidity. The program is available to users with a 30-day trading volume greater than 1,000 BTC.
The company has opened a new bonus center, where you can learn about the best promos for users.
Bonus for subscribing to social networks
A bonus of 5$ is provided for customers who register on the exchange and subscribe to the platform page in social networks.
First deposit bonus
Bonus from 5 to 50$ is available for those customers who made their first deposit of more than 0.05 BTC and 0.5 BTC respectively. Detailed rules of getting the bonus can be seen on the website.
Bonus for total deposit
Bonus of 20$ is available to exchange customers who have made a total deposit of more than 1 BTC.
Trade on the platform every day for 7 days and get $5 to your personal account.
Drawing of 5000 USDT
Bybit announces "Catch Luck" lottery in addition to the Referral program, where you can win up to 5000 USDT. The action is valid till 12.03.21. Read more details on the exchange website.
An affiliate program has been developed for active participants who want to earn passive income. Clients can invite new users to the project and receive up to 30% from commissions and 10% from sub-affiliates.
Complaints about ByBit
Since the exchange is quite young, you can find a small number of reviews from customers on the Internet. In general, users are satisfied with the opportunities provided by the trading platform. However, the company also has disadvantages. Users point out the insufficient number of assets.
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Regulation of ByBit crypto exchange
Among cryptocurrency exchanges, there are a large number of conscientious projects, as well as many scammers who deceive customers. To avoid falling for a scam, it is necessary to check the availability of a license, as well as the necessary documentation on the company's website. Let's consider in more detail how the organization is regulated.
Although the company is quite large, it is not regulated by any known authority and does not have an appropriate license. Documentation, as well as contact information, is publicly available to users. Documents from bybit.com:
- Read the "Terms of Service" on the ByBit website (See).
Bybit.com User Agreement
The "User Agreement" is the main document of the project, which must be read by every user before starting cooperation. The agreement contains information about the main nuances of providing services, as well as the responsibilities of clients and organizers. Let us consider some points in more detail. The document states that trading goods and products, real or virtual, as well as currencies, involves significant risk. Prices can and do fluctuate on any given day. Because of these price fluctuations, the client can increase or lose the value of their assets at any time. Any currency, virtual or otherwise, may be subject to significant fluctuations in value and may even become worthless. There is an inherent risk that losses will result from buying or selling in the market.
Since the platform trades derivative instruments, there are additional risks. In extreme market conditions, when necessary, Bybit may decide to close partial or entire winning positions in order to be able to close unprofitable ones. Derivatives are settled every day at an agreed upon time set by the company. If bankruptcy in a session depletes the insurance fund, any further losses will be covered by profits earned by other traders on the platform, based on the Auto-Deleveraging ranking system. In such circumstances, profitable traders with a higher ranking will receive their winning positions partially or fully based on the size of the losses to cover the bankruptcies of other traders.
The organization will provide market data to facilitate the use of the site by users. Bybit makes no warranty as to the timing, consistency, accuracy or completeness of market data. The user accepts and agrees to the fact that the organizer is not responsible for any inaccuracies, errors, delays or omissions resulting from users' use of such market data. Bybit makes no warranty that the site bybit.com will run smoothly or without errors. Among other things, the operation and availability of the platform may be unpredictable and may be unavailable from time to time. The Company shall not be liable in any way for any such interference that prevents users from accessing or using the website.
Except to the maximum extent permitted by applicable law, in no event shall the organizer, its directors, employees, agents, suppliers, intermediaries, service providers or other users be liable for any direct, special, indirect, incidental, exemplary or consequential damages, including but not limited to loss of use, loss of profit, loss of information, interruption of business, income, whether in contract, tort (including but not limited to negligence) or per se
To contact a support specialist, you can use one of the provided options:
- email: [email protected];
- online chat.
Is ByBit a scam?
ByBit - is a relatively young exchange, which appeared in March last year. In a short period the company managed to gain popularity among users around the world, as evidenced by the multilingual interface of the project. The main office of the organization is located in Singapore, where the platform is regulated. The service provides users with comfortable and favorable conditions for trading cryptocurrency. Perpetual futures are the main product offered by the exchange. Also, for futures trading, leverage up to 1:100 is provided. Currently, four derivatives markets are available to clients: BTCUSD, ETHUSD, EOSUSD and XRPUSD. Trading is done through a simple and intuitive platform. A large number of tools, charts and signals for trading are available to users.
The company provides clients with various bonuses and contests with valuable prizes. An affiliate program is provided for traders who want to earn extra income. In order for traders to have round-the-clock access to trading from any location, the developers have made a mobile application, as well as software. Versions for iOS and Android systems are available. Since the platform appeared on the market a little more than one year ago, there are not many reviews from Russian-speaking clients on the Internet yet. In general, users have a positive attitude towards the company. However, there are also negative reviews that point out the shortcomings of the platform. Having thoroughly studied the opportunities that the project provides, can it be argued that ByBit is a scam and swindlers? No, because the company successfully provides its services to traders around the world and is a conscientious organization.
ByBit - is a young exchange for cryptocurrency trading, which appeared on the market a year and a half ago. In a fairly short period of time, the project has gained popularity among users around the world and continues to develop. The company provides favorable conditions for cooperation and has a wide range of tools and analytical information for comfortable trading. However, the process of cryptocurrency trading itself is risky, so you should familiarize yourself with the rules before starting cooperation. Now the exchange looks good among the competitors, although it has some shortcomings. If you were or are a customer of ByBit, leave your independent opinion on our website to form an independent rating of cryptocurrency exchanges.
- Verification 16 March 2022 at 10:05
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