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ByBit Review – Everything You Need to Know in 2023!

Bybit is a cryptocurrency exchange founded in 2018 by Ben Zhou, who formerly worked at XM (one of the world’s largest forex and CFD trading brokerage firms). It offers a wide variety of crypto trading options to its users. It has a customer-centric platform that focuses on providing all its users with readily available information regarding the current workings of the cryptocurrency market. 

Platform availability

Crypto traders who want to commence trading on Bybit can do it on their mobile application, available for both IOS and Android devices. Currently, Bybit has 5M+ downloads on Android devices alone. 

How to set up an account on Bybit?

Bybit has a straightforward method users can follow to sign up on the exchange.

For Mobile Devices 

For mobile devices, first, you must install the Bybit application from the google play store or apple store.

Step 1

After starting the application you will see the signup option on the first page.


Step 2

After pressing the signup button, you will be asked to enter either an email account or a mobile number, which you will use to access your account at any desired time, along with a password for the safety of your assets.


Step 3

Then Bybit app will ask you to perform a small verification check to determine that you are not a robot by prompting you to slide the puzzle piece into the given position. If you place it in the given position, you will be taken to the next page. Failure to do so will result in you trying again.


Step 4

Once you are directed to the next page, you will be asked to enter the verification code sent by Bybit on your given email id or mobile number. If the code you enter matches the code which Bybit sent you then you will be navigated to the home page of the exchange where you will all the trading options, buy and withdraw options, current cryptocurrency rates, etc.


How to deposit crypto or fiat on Bybit after signing up

Step 1

When you log in to your Bybit account on your mobile app, you can see the deposit button at the center of the screen. After pressing the Deposit button, the app will direct you to the next page, where you will select the currency type you want to use to deposit into your account.


Step 2

There are two options that users can select from, whether they want to deposit crypto or fiat currency into their accounts. Bybit has many cryptocurrency options in its exchange, but only five types of Fiat currencies they support on the exchange.



Step 3

If users select crypto, they will choose which cryptocurrency they want to deposit into their account. For example, if they decide on BTC, Bybit will direct them to a new page where they will enter their Bitcoin wallet address and the amount of BTC they want to deposit into their account. Once the amount is verified and transferred to their exchange wallets, users can start trading on the exchange.


Step 4

If they select Fiat, they must enter the amount they want to deposit into their exchange wallet. Once entering the amount and the account details, users will see that the amount is translated into their exchange wallets once they enter the amount and account details, and they can start trading.


How to buy crypto on Bybit after signing up

If users want to buy crypto on Bybit then there are multiple options from which they can choose to buy cryptocurrency.

Option 1: One-Click Buy (Via Credit card or third-party payment apps)

First-time users need to fill out their card information and billing address. Once the card information is added, users can enter the amount they want to spend when buying a cryptocurrency. After selecting the type of FIAT currency (for example, EUR, USD, RUP, PKR, JPY, AED, etc.), they enter the desired deposit amount. Once the transaction is successful, the amount will be shown in their crypto wallets. Users can buy any listed cryptocurrencies on the exchange, like BTC, ETH, SOL, XRP, ADA, DOGE, DOT, etc.

Option 2: P2P transfer

In this method, traders are available on the exchange, providing users with FIAT coins. There is a list of traders available online at any given time. These traders are called Advertisers. In the P2P portal, the advertisers’ names are shown along with their completion rate. The higher the completion rate of an advertiser is, the more reliable it is to purchase crypto from them. Each advertiser has its maximum and minimum transfer limit. Once the order is placed, the user will send FIAT on account of the selected advertiser, who will then send you crypto after receiving the funds. This process would have to be completed in 15 minutes before the session expires. In case of non-completion of payment, Bybit has set out a list of scenarios they ask the users to look at before making any transactions.

ByBit doesn’t charge any fee for the deposits made. The third-party payment channels may charge fees for facilitating a user’s buy request on the exchange.

How to Withdraw from Bybit

On Bybit, users must select the Assets tab on their mobile app. Once selected, they must choose the crypto they want to withdraw. Users can make withdrawals only from a Spot account. If any user has currency in their Derivative versions, they must transfer it into their spot account first. After selecting the desired currency, the exchange will ask users if they have linked their withdrawal wallet with their Bybit account. If not, they have to connect their withdrawal wallet first. If yes, they will then have to select from the list of addresses the user has submitted. In the case of just one address, they will see the option of that particular address. After selecting the address user will enter the amount and press Submit. The user is directed to a verification page where he will enter the verification code sent to him via email. When the code is verified, the transaction will be completed. The complete steps of the ByBit withdrawal process are mentioned on their website page.

Withdrawal Limits on Bybit

While Bybit is happy to allow you to trade with just your initial credentials of the Email ID, there is a limit on how much you can trade and withdraw with only these credentials. In the case of Bybit, a user can trade on their exchange but can only draw 2 BTC per day from the crypto exchange. If they want to extend their withdrawal limit, they must provide the exchange with a KYC verification. Binance, on the other hand, wouldn’t allow its users to trade or withdraw unless they gave their KYC verification.

KYC (know-your-customer) verification is the requirement of all regulators that act as a safeguard for platforms to protect users against hackers, money launderers, or market manipulators. Binance was lenient in its practice of not asking for KYC verification in its early days. But due to unfortunate incidents when the exchange got hacked, they have become stringent observers of this policy. Their website has even compiled a table comparing their KYC policies against their competitors. To trade in Binance, you would have to be a Tier 1 user, where you will need to provide your email ID, photo ID, and selfie check before you are allowed to trade.

Unverified TradeYes
 FeaturesWithdrawal Limit2 BTC per day
  ID info inputYes
 RequirementsPhoto IDYes
Tier 1 Selfie CheckYes
  Proof of AddressNo
 FeaturesWithdrawal Limit50 BTC/day
  ID info inputYes
 RequirementsPhoto IDYes
Tier 2 Selfie CheckYes
  Proof of AddressYes
 FeaturesWithdrawal Limit100 BTC/day

Trading Options on Bybit

While the types of trading options offered by many exchanges have a lot of similarities, some features provided by Bybit do differ from others. The options listed below are the trading options that Bybit provides to their crypto traders.

Spot Trading

Spot trading is the simplest trading option for crypto traders. In spot trading, a person buys, let’s say, $15000 worth of BTC when the BTC value is $15000. Essentially, the person has bought 1 BTC from the exchange. Now, if the value of BTC increases to $20000, the trader has made a profit of $5000 in the spot trade. He can then close some portion of the BTC spot trade or complete the transaction. The profit he could make was due to the rise of the value of the BTC. The more the value rises, the more profit a user can make from the spot trade. However, this works both ways. If the BTC value falls from $15000 to $10000, the user has accumulated a loss of $5000 to his $15000 purchase of BTC. The user can, at that point, either decide to close the trade to avoid gaining any further losses or wait for the market to move upwards so that he can make a profit from the transaction. There is no leverage or margin involved in spot trading.

Perpetual Contract                          

Perpetual contracts are very similar to futures contracts in profit and loss structures. The noticeable difference between a perpetual and a future contract is that in the perpetual contract, there is no fixed expiry and settlement time. A trader can open a position for as long as the margin is sufficient. Without an expiry date, predicting the settlement price and cost of funding a perpetual contract trading can become challenging. A funding mechanism is introduced in both LONG and SHORT trades which helps determine the cost of financing a perpetual trade.

Inverse Perpetual

Inverse perpetual contracts allow traders to use coins like BTC, ETH, etc., as a base currency. After selecting a base currency, the trader then needs to enter the transaction quantity with the value of the U.S. dollar. Once the transaction is made and the trade is open, the margin of profits and loss are calculated using the base currency selected.

For example: Suppose you want to open a perpetual inverse contract on Bybit using ETH as the base currency. You intend to spend $2000 as your transaction amount. The current market price of Ethereum is $1000. This means that the user has bought 2000/1000 = 2 ETH with this transaction. If the ETH market value increases to $1500 and the user closes all his positions, he is now buying back the $2000 he spent on the perpetual inverse contract and selling the ETH, whose value is now 2000/2000 = 1 ETH. The user’s profit is 1-2 = 1 ETH. The trading fee, transaction fee, funding fee, and other expenses still need to be included.

USDT Perpetual

A USDT Perpetual contract differs from the Inverse Perpetual contract in one manner. In the USDT contract, the digital currency used for quote and settlement currency is USDT. A trader doesn’t have to worry about the market risk of collaterals such as BTC. However, stablecoins may not be 100% stable, and USDT is not entirely risk-free.

Inverse Futures

As explained earlier, a future contract involves buying or selling an underlying asset at a predetermined price at a specified time, somewhere in the future. Inverse Futures like Inverse Perpetual involves using coins like BTC, ETH, etc., as a base currency. The contract value is calculated in USD equivalent and settled in the coin chosen, like BTC, ETH, etc.

Besides the trading as mentioned earlier options, Bybit also offers trading features like cross and isolated-margin trading. Bybit also provides data analysis tools to its users to access information like price moving averages, moving average indicators, monthly price ranges, funding data, rolling volatility charts, etc. These types of information are instrumental in making an informed decision in any trade for cryptocurrency users.

Copy trading on Bybit

In simpler terms, copy trading is a trading strategy provided by many cryptocurrency exchanges. A trader can use trading software to automate a trade’s buying/selling process by following another trader’s activities. This tool is helpful for novice traders who need to familiarize themselves with all the essential concepts of the crypto market’s mathematics, analytics, and market strategies at the beginning of their crypto trading journey. These traits are most helpful for any trader on which they base their buying and selling decisions. Bybit has a copy trading portal for its users to follow successful crypto traders’ trading activities to avoid going through the rigorous process of studying charts and calculating probabilities before entering into a trade.


Security features of Bybit

Bybit has several security measures in place to protect your assets. It stores 100% of client funds offline in cold storage. It also individually reviews each withdrawal request manually to avoid unauthorized withdrawals.

Bybit participates in a program that encourages ethical hackers to report any loopholes in its system. It also carries out background checks on all its employees. At the user level, Bybit has a two-factor authentication method for withdrawals and changes to account security settings.

Trading bots on Bybit exchange

A crypto trading bot is an automated tool that carries out trading activities on behalf of humans. Bots help make quick decisions in an ever-changing crypto market. Most investors need more time to devote to crypto trading to get the best trade. Automated tools are helpful for them in helping them reach their required targets. Bybit allows users to integrate their preferred trading bots with its exchange to spend time on some other activity rather than constantly glued to their exchange screens. Recently Bybit has introduced its trading bot service on its exchange, where users can select the bots that employ their preferred trading strategies.



Bybit Testnet

Bybit testnet is a feature available only on their testnet website for now. This feature enables users to carry out dummy trades on a virtual account where they can learn crypto trading without using actual currency. Users can have hands-on experience learning crypto trading with the additional advantage of not worrying about losing money on a dummy trade. This feature can be very beneficial for new crypto traders to know all the fundamentals of crypto trading to make informed decisions when entering a real-life trading scenario. For this feature, traders must create a separate account on the ByBit Testnet website.

Bybit Customer Service

Bybit offers 24-hour around-the-clock multilingual customer support. In addition, Bybit has a live chat feature where users can get in touch with support staff to resolve any of their queries. Their email id is support@bybit, where users can send their questions and complaints.


Most professional traders with more significant experience in the cryptocurrency market prefer using Bybit. There are a couple of reasons that experienced traders prefer using Bybit more often than any other exchange.

Bybit is more user-friendly compared to other known crypto exchanges. Early users also find the Bybit application easy to use.

Bybit offers a different set of rewards to traders. Recently they have offered a chance for traders to win up to $4200 worth of prize money in crypto. Bybit has desirable features like a start-of-the-art mark and index pricing mechanism that helps avoid unfair liquidation.

It has powerful system APIs that refresh market data at every 20ms frequency.

Bybit’s customer service centre is swift in providing solutions to problems faced by its users.

Bybit also has strict security protocols to safeguard assets. Most of the assets are stored offline, meaning there are next to zero chances of users’ funds being stolen by hackers in case of an attack. These security breach incidents don’t mean Binance is less safe for its users. The two major previous breaches have forced the exchange to take necessary steps to make its security system foolproof.