In this review, we will take a closer look at what the platform has to offer and determine whether it is a reliable service for traders or a scam.

Why ByBit?

The ByBit exchange has been operating on the Internet for a long time.  The company serves professional traders as well as individuals with one-time orders. The bybit.com website has a multi-lingual interface,

indicating the company’s focus on the international market. It is headquartered in Singapore and is regulated from there. 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. Now there are four specific derivatives markets available on the site: BTC/USD, ETH/USD, EOS/USD, and XRP/USD (How to Make Money on Cryptocurrency?).

The exchange is similar to its competitors in many aspects 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 is especially useful, as it provides a manual with detailed instructions and a demo account for those who want to try trading cryptocurrencies (Cryptocurrency Trading Strategies). A separate section also provides the latest news and informative articles for users.

The platform recently updated its interface to make it even more user-friendly and faster. The new user interface contains many speed improvements:

• 50% acceleration in order placement.
• 50% reduction in CPU and memory usage.
• Hybrid trading terminal load time was reduced by 400%.
• Faster connection for EMEA and Latin America, 500%.

The trading terminal has several blocks:

• The book shows all currently active orders available for purchase and sale.
• The exchange rate chart 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 chart window. Four new pairs are included in USDT. Users can now trade ETH, LINK, LTC, and XTZ on our exchange. Also, 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.
• Clear 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.

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 balances, permissions, and account statements.

How to Exchange Cryptocurrency on the ByBit Platform?

Since the exchange can not make an exchange for fiat money, the client can use one of the following ways:

• money transfer from cryptocurrency wallet to a bank card using third-party resources;
• output via exchanger.

Verification on bybit.com Platform

Another feature of the exchange is complete anonymity for users. This means that traders do not need to undergo verification in order to trade. This aspect is especially important for privacy advocates who are concerned about the risks associated with the disclosure of personal information.

Deposit and Withdrawal

ByBit is a cryptocurrency exchange, so it is impossible to deposit your account using 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. Second, 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.

Crypto Exchange Commission

The company operates on a “maker-taker” commission model, which means that it charges traders a fee if liquidity decreases, and refunds a portion of the funds if it increases. The commission rate is 0.025% per bet, and it is paid out every time. For regular traders who are not market takers, there is an additional fee of 0.075% per transaction. As a result, the total commission paid for each trade is 0.05%.

Funding Commission

Another type of fee is 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”.

Withdrawal Fee

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.

ByBit Bonuses

The company has prepared bonuses and contests for its customers.

Bybit VIP program

Regular interesting events and discounts are available on the platform for customers with a VIP account.

Bonus Center

The company has launched a new bonus center where users can learn about the latest promotions.

Welcome Gifts

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 on social networks.

Active Trader

Get $5 to your account for trading.

WSOT 2022 Crypto Competition

Bybit announces the largest crypto contest with a total prize fund of 8,000,000 USDT.

Referral Program

A referral 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 230 USDT (remuneration depends on the amount traded by the referral).

Complaints About ByBit

Since the exchange has been operating since 2018, you can already find reviews of users on the Internet. So the negatives most often point to the problems with input/output of funds, as well as with the implementation of the referral program.

Other users are happy with the opportunities provided by the trading platform. For example, constant contests and numerous promotions and bonuses.

If there are any new reviews about ByBit exchange, we will publish the information on social networks. Sign up so you won’t miss anything!

Please keep yourself informed about news and complaints. We copy the most valuable information to social networks, so please sign up!

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 documentation on the company’s website. Let’s consider in more detail how the organization is regulated.

Regulator

According to the official website, the company is regulated by several authorities, including the Virtual Assets Regulatory Authority in Dubai (where the licensing process is still ongoing – Check regulator), the Cyprus Securities and Exchange Commission (Check regulator), and  the Astana Financial Services Authority in Kazakhstan (Check regulator).

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).
• Read the “Privacy Policy” on the Exchange 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

Customer Service

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 popular exchange, in a short period the company has 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, from 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: BTC/USD, ETH/USD, EOS/USD, and XRP/USD. 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. 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. 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 swindler? No, because the company successfully provides its services to traders around the world and is a conscientious organization.

Conclusion

ByBit is a cryptocurrency exchange founded in 2018. In a fairly short period, 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 seems to be doing well among its competitors, although there are some areas for improvement. If you are or have been a customer of ByBit, please leave your independent opinion on our website to help form an unbiased rating of cryptocurrency exchanges.