Bybit
Bybit Review: What is Bybit?
Conclusions
When creating this guide, our team has done everything possible to cover all the important aspects and make it as simple as possible. Overall, Bybit is one of the most popular cryptocurrency derivatives exchanges, which offers a number of features like margin trading, perpetual futures trading, smart trading system, state-of-the-art pricing system and more.
Considering the mentioned above, we can come to a conclusion that Bybit is definitely among the top cryptocurrency exchanges available on the market right now. It surely is a worthy option for those who are seeking for cutting-edge features and a platform that you might utilize for all of your cryptocurrency trading endeavors!
If you are looking for more reviews like that check reviews of Binance, Kraken and many other platforms in a Deals section. On our website you can also find tons of airdrop opportunities, crypto communities and tools so feel free to check them all on cryptoset.gg!
For everyone thinking of joining crypto, it all starts with picking a reputable exchange platform. It is crucial for it to be fast, user-friendly and secure, as you are going to spend most time there during your crypto journey. The exchange is where you are going to deposit, store and trade your funds so it is better to be a place you can really trust. Thus, it is important to choose wisely, carrying out a deep investigation beforehand.
Finding a proper platform for your requirements requires considering a number of factors, therefore it's not actually a simple process. These factors include security, supported cryptocurrencies, trading fees and so on.
One of the biggest players on this loan is a Bybit - world’s recognized and one of the most well-liked exchanges offering leveraged trading on the market, despite being relatively new. As any exchange it has its benefits and drawbacks, primary objectives and features, which are crucial to understand before jumping in. On Cryptoset, we are doing our best to help you investigate different platforms, so we have prepared this in-depth guide to provide you with all the needed information in one place. We tried to create the best one among numerous Bybit reviews available online, so keep on reading!
Bybit is a British Virgin Islands-based company that was founded in 2018. Being such a new platform, Bybit has over 10 million users today and is expanding quickly. Taking into account the duration of Bybit's market presence, the figure is very remarkable and in this Bybit review we will try to explain why.
The killer feature of Bybit is that it is not a typical cryptocurrency trading platform it allows you to trade derivatives in addition to actual crypto assets.
Meanwhile, Bybit wants to give users a simple and intelligent trading experience. In this Bybit app review we will determine whether the company is able to accomplish it. Having stated that, let's continue and learn more about this cryptocurrency derivatives platform.
How does bybit work?
There are lots of derivative trading platforms available on the market, and generally Bybit operates in the same way. Thus, if you've already used Kucoin, Binance or OKX, you'll quickly understand the concept of Bybit. For those who are new to crypto, or unfamillair with the above-listed platforms, in this section we are going to explain how Bybit works.
The main idea of Bybit and derivative trading platforms in general is that you won't always be exchanging cryptocurrencies directly. Rather, you will be purchasing and selling contracts that make reference to those digital currencies - this is basically what different between traditional and derivative platforms.
Bybit also offers users futures trading - it simple words it is an agreement to purchase or sell a particular asset at a predetermined future date.
Finally, Bybit also offers perpetual futures trading which is slightly more complex option compared to the previous ones. Contracts with perpetual futures lack a settlement date, which implies that you are free to keep the contract you purchase for as long as you like and that no one will pressure you to sell it. It's crucial to remember, though, that in perpetual futures trading, there are typically requirements that must be met in order to keep the contract in effect.
To make it even more complicated, on Bybit you can also find perpetual futures contracts with leverage. It implies that you have the option to open a trade with a value bigger than your current account balance. Bybit allows you to leverage your initial margin up to 100 times. Leveraged perpetual futures contracts are best suited for more experienced users due to potential risks study how does Bybit leverage works in details before jumping in.
Needless to say that for each type of trading available you can use different techniques and lifehacks. There are lots of strategies available on the internet which you can play around with. For example, there is a copy trading strategy, which involves duplicating trades of other people (in most cases influencers or expert traders) and basically receiving the same profits. You can find out how does Bybit copy trading work from various resources available on Google. There also are examples of external software as trading bots, analytics bots and other, but remember that you always use these strategies and software at your own risk. Do a research before using any of them.
Bybit pros and cons
Before making a final decision on joining or not joining it is important to understand Bybit exchange pros and cons. In this section you will find a deep analysis of both aspects formed into separate lists. Let’s begin with advantages first:
Wide functionality
In addition to all the mentioned points in the previous section, Bybit offers a number of other possibilities to enhance user’s trading experience. Here are some of them listed below:
Smart Trading;
Bybit's trading system enables you to set up a "take profit / stop loss" at entrance and will also send you strategy notifications.100K TPS Engine;
The blazingly quick machine engine will ensure that overloads are never a concern.System uptime is 99.99%.
State-Of-The-Art Pricing;
No erroneous liquidations will occur thanks to the dual-price method.
There is only a short list of functionality offered by Bybit. Trying the exchange by yourself you definitely will find many more of them. The listed ones are the most notable as per our team’s opinion.
Minimal Transaction Fees
Functionality is not the only factor to consider when trading. When analyzing Bybit pros and cons it's also very important to take a deeper look at Bybit fees. For everyday traders who purchase and sell cryptocurrency several times a day, this is quite crucial. Bybit operates on a "maker-taker" fee structure. Those who are charged a fee are called market takers - those who search for and remove liquidity from the book. On the other hand,market makers are those who supply liquidity and increase market depth earning a rebate - negative trading fee. This system allows Bybit to offer fees as low as 0.1%, which seems extremely attractive for traders making hundreds of transactions daily.
Mobile Application available on AppStore and Google Play
Any enthusiast for trading understands the significance of being able to trade and monitor cryptocurrencies while on the go having a smartphone only. Well, good news is that Bybit offers a user-friendly and easy to use application, which is available for downloading directly from AppStore and GooglePlay. Easily install and update your app and be protected from scam and phishing applications pretending to be real. On Cryptoset.gg we see it as a soliad advantage.
24/7 Customer Service
Bybit customer service is available to you around-the-clock. If you need help using the platform, have questions about any particular feature, or just want some advice, you can get in touch with staff at any time. Most users agree that Bybit customer support is genuinely helpful and quickly responds to incoming requests. According to reviews from the internet, you indeed receive all the assistance you require should any problems arise in an easy-to understand form. Good job Bybit organizing the service!
In this Bybit crypto pros and cons investigation we have already gone through all the main advantages of the exchange. Now, it is time to move on to disadvantages of the platform. There are a few things to take into consideration, so keep on reading:
Negative Reviews
Previous users reviews is a nice way to get more information of the platform before jumping in, it is a good idea to look through them. It may often reveal hidden drawbacks which may be crucial for you. When it comes to Bybit it is not all positive. Trustpilot customer ratings for Bybit is 1.7 stars on average only. Users report that there definitely is a room for improvement on the site. Writing this review, we can not know exactly when are you going to read this, so we can not highlight any particular examples of common issues (as they may be simply fixed a few days after this article is posted on Cryptoset). To get actual reviews simply find Bybit on Trustpilot and check by yourself. Keep in mind that some reviews may be posted by competitors, so remain skeptical when considering them.
US users are not allowed
Even though Bybit is available worldwide, there are certain countries which citizens can not access the exchange. One of such countries is United States, so if you are currently in US sadly you are not going to be able to use Bybit. The restriction is the most likely caused by strict US crypto law;
So, we have now investigated the pros and cons of Bybit so now you can make up your own opinion of the platform. However, the platform is being constantly updated adding new features, so there may be more of them at the moment when you are reading this guide. Feel free to check Bybit to discover the current situation!
Bybit how to withdraw
Before making a deposit and using the exchange, it is important to understand how to withdraw from Bybit to bank account. The process is not too complex, but sometimes it may be hard for a newbie to find everything needed quickly. That is why on Cryptoset we have decided to create a short guide explaining how to do that and mentioning Bybit withdrawal limits for you to understand. So follow these steps to make a withdrawal request:
On the home page, click “Assets” in the upper right corner, then select “Withdraw”.
Depending on where the withdrawable funds are held in your account, select one of the available “Withdraw” buttons. In the Withdrawal window, you will be able to choose which account to make the withdrawal from.
Select the coin to withdraw as well as the withdrawal wallet address. If you are looking for Bybit fiat withdrawal choose "Fiat Withdrawal"
Enter the amount you want to withdraw and click "Submit". You will be redirected to a verification page
Pass all the required verification including 2FA and email verification and your withdrawal request is submitted. Funds are going to arrive during the next 30 min.
The next important thing which should be taken into consideration when placing a withdrawal request is Bybit daily withdrawal limit. The limits depend on type of your account and are mentioned on the right half of your screen when placing a withdrawal request. Always pay attention to the value in order not to exceed it. You can also easily find information on how to increase the level of your account and increase withdrawal limit on the Internet.
