ByBit Review

Introduction

• Web address: ByBit
• Support contact: Link
• Main location: Singapore
• Daily volume: ? BTC
• Mobile app available: Yes
• Is decentralized: No

• Parent Company: Bybit Fintech Limited
• Transfer types: Crypto Transfer
• Supported fiat: -
• Supported pairs: 4
• Has token: -
• Fees: Very Low

Deposit and Withdrawals

Bybit supports five cryptocurrencies: BTC, ETH, EOS, XRP, and USDT. By default, you’ll have a wallet for each asset, but Bybit calculates your overall equity in BTC.

If you have any of said coins store elsewhere, you can move them to your Bybit wallets and start trading. If you would rather use Bybit to buy crypto, you can use the Fiat Gateway.

The Fiat Gateway supports BTC, ETH, and USDT and 45 fiat currencies, including the US dollar, the Australian dollar, the Euro, and the British pound. Since Bybit doesn’t provide a USD wallet yet, the above are the only deposit options.

Based on your chosen fiat currency, the platform can give you multiple payment options facilitated by different third-party service providers. This way, you can pick the vendor that can top up your wallets with the most crypto for the lowest fees within the shortest period.

You can also use the Assets Exchange (formerly Coin Swap), a tool for converting a Bybit-supported crypto coin into another.

While there’s no minimum Bybit deposit requirement, there’s a purchase limit per order to consider. For US dollars, it’s $20–$15,000.

For withdrawals, you need to enable two-factor authentication. Plus, there’s a Bybit withdrawal fee.

ByBit fees

ByBit is a generous exchange in terms of trading fees. The exchange charges 0.075% for the market takers and pays 0.025% for the market makers, which is a relatively fair price in the industry.

Other than trading fees, BitBuy users also incur a funding fee, which indicates funding exchanged between buyers and sellers. A positive funding rate means that you paid to fund someone, while a negative funding rate indicates that you are receiving it. However, ByBit does not pay nor receive any of the funding fees.

ByBit does not charge any deposit and withdrawal fees. The platform only asks you to cover the network fees during withdrawals, which are fixed and amount to:

As you can see, the services provided by ByBit are not expensive. Here is how they fare with other popular margin trading exchanges:

In terms of fees, ByBit competes with other low fees and high leverage tier platforms, namely BitMEX, PrimeXBT, and PrimeBit. However, ByBit stands out from the group by being the only multi-currency margin trading exchange in this cluster, while others are so-called Bitcoin-only platforms.

Last but not least, ByBit has an integrated Asset Exchange, which lets you switch between different cryptocurrencies within the platform. Each swap comes with a different rate, but if the difference between the quotation rate can never be more than 0.5% per swap.

In sum, ByBit is a very competitive exchange in terms of fees and unique features.

Mobile App

Every trading enthusiast knows how important it is to have the ability to trade and keep track of cryptocurrencies on the go. To do that, you will need a mobile app. While not every platform has a mobile app, let’s focus on Bybit exchange and see what the situation is with this platform.

Bybit has an app that’s available on Google Play and the App Store. The app is evaluated surprisingly well on Google Play - 4.3 stars. Customers claim that the app has a very clear design, beautiful UI, all the necessary features, and that there are no crashes. Needless to say, customers recommend this platform to beginners.

Customer Support

Bybit can have a steep learning curve, but you can get help in various ways.

Email and Chat Support

The company offers email and 24/7 live chat support. We found both channels convenient since we occasionally encountered some challenges during the test for this Bybit review. As we weren’t previously familiar with the platform, this came as no surprise. 

There’s a chatroom on Bybit’s trading page. Here, fellow users are ready to answer your questions. But if you’d like to have a one-on-one conversation, you can chat with a customer care agent through the Bybit iOS app or its Android counterpart.

The company’s support team will get back to you ASAP. You may not get a reply right away when there’s a high volume of support requests. But we can attest that you won’t have to wait too long.

You have to stay on the chat screen until an agent becomes available. Otherwise, you’ll have to go to the back of the line. But if you don’t have the time your concern isn’t urgent, you can submit a support ticket instead.

Social Media

Bybit has at least eight social media accounts. You can engage with the company on Facebook, Twitter, Instagram, YouTube, Reddit, LinkedIn, Telegram, and Medium. You can also tweet Ben Zhou directly and get a response.

Conclusion

Bybit is one of the more recommended cryptocurrency derivatives exchanges that come with multiple features, such as perpetual futures trading, margin trading, smart trading system, state-of-the-art pricing system, and others.

Bybit fees are very low; the platform also supports a huge number of countries, has a mobile trading app, clear design and helpful customer service

ByBit has managed to establish itself as a respectable platform for crypto-based derivatives trading. Its strong points include a robust trading platform, excellent leverage trading support and associated advanced mechanism to make it run smoother, great interface and quality security options.