ByBit.com Review

Rating: 4.8 / 5
10 Dec 2020

Established in March 2018, ByBit is a customer-centric and innovative cryptocurrency exchange platform that offers 24/7 multi-language support. Headquartered in Singapore, ByBit operates under Bybit Fintech Limited and is registered in the British Virgin Islands. It also has offices in Hong Kong and Taiwan.

RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Online Crypto, CFD and Forex trading platform

Reviews

Bybit - Online bitcoin and cryptocurrency exchange platform

ByBit.com is one of the fastest-growing cryptocurrency trading platforms out there. With a rapidly expanding user base of over a million registered users, ByBit is a transparent and professional trading platform. It uses an advanced trading system with no overloads and has had a 99.99% availability track record since the beginning.

Products offered on the ByBit system are Bitcoin, Ethereum, EOS, and Ripple.

Note, however, that ByBit does not allow investors based in the United States to trade on its platform. This is for regulatory reasons since laws in the United States impose various obligations on companies accepting funds from investors based in the States.

You will also not be able to access ByBit if you are a resident of the following locations: Quebec (Canada), Singapore, Cuba, Sevastopol, Crimea, Iran, Syria, North Korea, Sudan, or Mainland China. Suppose you use a VPN or another method to misrepresent your location or place of residence. In that case, ByBit has the right to take any appropriate actions in compliance with the local jurisdiction. They may, for instance, close your ByBit account immediately.

Online Crypto, CFD and Forex trading platform

However, if you are in any of these locations, don’t fret – check out this Cryptocurrency Exchange List to find the best cryptocurrency exchange for you.

Finally, ByBit does not accept any deposits of fiat currency. This means you will not be able to buy anything with debit cards, wire transfers, PayPal, or bank transfers. The only way you can trade on ByBit is to use cryptocurrency. As such, investors who lack previous cryptocurrency holdings will not be able to trade on this platform.

Let’s now take a look at the history of ByBit and what features it has to offer.

History of ByBit

Established in March 2018, ByBit is a customer-centric and innovative cryptocurrency exchange platform that offers 24/7 multi-language support. Headquartered in Singapore, ByBit operates under Bybit Fintech Limited and is registered in the British Virgin Islands. It also has offices in Hong Kong and Taiwan.

ByBit’s founding team consists of professionals with backgrounds in investment banking, blockchain technology, and foreign exchange.

The CEO and co-founder of ByBit is Ben Zhou. Zhou spent his teenage years in New Zealand. After attending university in the United States, he became the general manager for the Greater China region for XM, one of the world’s largest forex and CFD trading brokers. He was at XM for seven years before he left to co-found ByBit.

Online Crypto, CFD and Forex trading platform

You can contact Zhou on Twitter @benByBit. We like how transparent he is as the CEO of ByBit. He often engages with his followers on Twitter and is open to questions on Twitter and YouTube, where he has done multiple interviews about ByBit in both English and Chinese.

Zhou talks about ByBit in this interview on YouTube. Check out this video to learn more about his ambitious vision for ByBit.

Since November 5, 2020, ByBit has been the official International Champion Partner for the German football team, Borussia Dortmund.

Top Features of ByBit.com

Variety of Cryptocurrencies Available

ByBit allows you to deposit and withdraw not only Bitcoin, Ethereum, EOS, and Ripple. In comparison, BitMEX only allows you to deposit or withdraw Bitcoin.

Phone App Available

Unlike many other platforms, ByBit has a phone app, which makes it easy to trade when you’re on the move.

Bybit - Online bitcoin and cryptocurrency exchange platform

Demo Environment Available

Like many other cryptocurrency platforms, ByBit offers a demo environment so you can get accustomed to using the system before you really start.

Online Crypto, CFD and Forex trading platform

Smart and Safe Trading System

With just one click, you can set up a Profit or Stop Loss, receive trading tips, and adjust your order(s). This makes it easier to use than some other cryptocurrency platforms, such as BitMEX.

ByBit also works to continuously improve its safety and reliability. In September 2019, they introduced two new features: Spot Price Index and Mark Price System. These features reduced the risk of someone using the ByBit platform to engage in market manipulation.

Bybit - Online bitcoin and cryptocurrency exchange platform

ByBit has never been hacked and only enables users to withdraw cryptocurrency three times a day. This security measure allows users to lock their compromised accounts before the hacker continues making withdrawals.

HD Cold Wallet

ByBit’s industry-leading HD Cold Wallet is reliable and ensures that your funds are safeguarded. Like other cold wallets, it is entirely offline, so it is free from the prying eyes of third parties (and hackers).

Online Crypto, CFD and Forex trading platform

Affiliate Referral Program

Bybit, like other platforms, has a referral program. ByBit currently has over 500 influencer partners throughout 80 different countries and has paid out a total of more than 200 BTC since March 2018.

Bybit - Online bitcoin and cryptocurrency exchange platform

ByBit’s affiliate commission rate stands out as being more than two times higher than industry standards. When you recruit someone else to the platform, you will receive up to 30% of that person’s trading profits. They also have a sub-affiliate program where if you sign up a friend and that friend signs up another friend of theirs, you will get 10% of the trading fees from your friend’s referral.

If you think this sounds like a great opportunity, read more about their affiliate program.

100,000 Transactions Per Second (TPS) Matching Engine

ByBit’s matching engine is super fast, so you will never have to worry about overloads. According to its website, it is capable of having up to 100,000 TPS, which is impressive.

Online Crypto, CFD and Forex trading platform

ByBit also claims that trades are executed within 10 microseconds to prevent slippage.

ByBit Academy

Access the most up-to-date news and blogs about the cryptocurrency world at ByBit Academy. This is a great place to start for those new to cryptocurrency and is also a great place to brush up on cryptocurrency news.

Bybit - Online bitcoin and cryptocurrency exchange platform

State-of-the-Art Pricing System

With ByBit’s dual-price mechanism, you will never encounter unfair liquidations.

Powerful API – Market Data Pushed Every 20 milliseconds

What’s more, ByBit updates its market data every 20 milliseconds. You will be showered with tonnes of relevant market data every time you log on, so you can make the most informed investment choices possible.

Online Crypto, CFD and Forex trading platform

99.99% System Functionality

As a ByBit user, you will not experience server downtimes, due to ByBit’s constant patches.

Superior Customer Support

ByBit offers customer support in multiple languages 24/7. Furthermore, as previously mentioned, ByBit’s CEO, Ben Zhou, is open to questions on Twitter.

Bybit - Online bitcoin and cryptocurrency exchange platform

ByBit Fees

ByBit does have commission costs. The maker, whose order exists on the order book (which is a list containing all of the outstanding buy or sell orders for an asset, organized by price level) prior to trading, is called a maker because his or her orders inject liquidity into the market. The more makers there are, the higher the liquidity.

The taker is the party that places the order which matches or “takes” the maker’s order. Takers “take” out the liquidity from the market by aligning the makers’ orders with their own.

Bybit - Online bitcoin and cryptocurrency exchange platform

The fees are -0.025% for maker orders and 0.075% for taker orders. This means that makers are paid to trade. As an example, if you are the maker in an order where you have purchased Bitcoin for 10,000 USD, you will only have to pay 9750 USD. This is one of the most appealing features of ByBit.

Online Crypto, CFD and Forex trading platform

You will also have to pay mining fees to withdraw from the ByBit platform. These fees vary depending on the cryptocurrency you are withdrawing (0.0005 BTC, 0.01 ETH, 0.25 XRP, 0.1 EOS, 2 USDT).

Customer Support

ByBit offers 24/7 multilingual customer support in English, Chinese (Traditional and Simplified), Russian, Vietnamese, Korean, and Japanese.

Bybit - Online bitcoin and cryptocurrency exchange platform

Licenses or Regul. In that case,ation

ByBit is not currently regulated. This means there is no Know Your Customer (KYC) policy, making registration very simple. You can start trading right away on ByBit.

Online Crypto, CFD and Forex trading platform

Final Thoughts

Bybit - Online bitcoin and cryptocurrency exchange platform

All in all, ByBit is a great cryptocurrency trading platform. With a user-friendly user interface, multilingual customer support, lack of a KYC policy, phone app, and many other features, ByBit is a platform every cryptocurrency trader should check out – that is, if they can.

If you are located in any of the locations where ByBit does not operate, do not use a VPN or another method to misrepresent your real location. Otherwise, once ByBit finds out, they will terminate your account and you will lose all that you have gained.

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