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ByBit Exchange: User Review Guide

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bybit-crypto-exchange

How to Use, Trade and Sign Up to ByBit Exchange

Bybit is a cryptocurrency derivatives exchange headquartered in Singapore. The exchange aims to give users a fast, secure, and easy-to-use platform where they can trade crypto derivatives and perpetual futures contracts.

Features

  • Crypto derivatives exchange with up to 100x leverage
  • No verification or KYC required
  • Make multiple trades across multiple major cryptocurrencies

Deposit Methods

Pros

  • Trade cryptocurrencies anonymously with no verification required
  • Easy to use
  • Huge leverage opportunities
  • Surprisingly good customer service (24/7 live chat with 1 minute response time)

Cons

  • Limited transparency from Bybit
  • Limited deposit options
  • Limited currency pairs

Introduction

Bybit was founded in 2018 with the goal of providing cryptocurrency derivatives trading, including perpetual contracts. The platform caters to both individual retail clients and professional derivatives traders. As of 2019, Bybit claims to have 24-hour trading volume exceeding $500 million USD and over 100,000 registered users.

Bybit also emphasizes speed. The platform dedicates over 100,000 transactions per second (TPS) to every trading pair listed on its platform, which means users should have no issue making trades across any pair. Bybit has also suffered no reported hacks or security breaches across its young history.

Perpetual futures were a new concept two years ago, but they have since become more mainstream. While BitMEX’s perpetual futures are the best-known, competitors like Bybit have been making perpetual futures increasingly mainstream. Perpetual futures contracts are contracts with no set expiry date. They “rollover” perpetually. Bybit offers perpetual futures contracts with up to 100:1 leverage.

Another unique thing about Bybit is that the exchange allows users to trade in total anonymity. As long as you have a verified email address or phone number, you’ll have no issue making trades on Bybit. No KYC verification is required or even available. As far as we can tell, there are no limits on the value of trades you can make with an unverified account.

For all of these reasons, Bybit claims to be the crypto exchange of the future. But is that really true? Keep reading to discover everything you need to know about Bybit. ByBit Exchange: User Review Guide 1

Key Features

Key features of Bybit include:

Insurance Fund: Bybit has an insurance fund for futures contract settlement deficits. In situations where a trader is liquidated at a price below the bankruptcy price, the insurance fund will cover the difference. This prevents the entire exchange from being penalized.

Leveraged Trading: Bybit offers leverage up to 100x on every trade. If accessing leverage of up to 100X, the trader will need to set up a margin of 1% of the notional amount of the trade. Leverage is available on XRP and EOS trades up to 25X.

Dollar Contracts: Each Bybit contract is only worth $1.

Margin Bonuses: Bybit is currently offering margin bonuses up to $200 to convince people to sign up for the exchange.

Affiliate Bonuses: Get $10 when someone you refer deposits at least 0.02 BTC into Bybit.

Multiple Trading Pairs: Bybit offers BTC/USD, ETH/USD, EOS/USD, and XRP/USD trading pairs.

Matching Engine: Bybit’s matching engine claims to work 10x faster than other industry matching engines, delivering 100,000 TPS per pair.

24/7 Live Chat Customer Support: Bybit offers 24/7 customer support via a convenient live chat system, and the response times are as low as 1 minute. Bybit also offers Telegram and email support chat.

100,000+ Users: Bybit claims to have more than 100,000 registered users.

Multi-Language Support: Bybit supports English, Chinese, Traditional Chinese, Korean, and Japanese.

Bybit Currencies and Pairs

Bybit offers the following currencies and pairs:

  • BTC/USD
  • ETH/USD
  • EOS/USD
  • XRP/USD

Bybit Supported Deposit and Withdrawal Methods

Bybit only accepts deposits and withdrawals in BTC, ETH, EOS, or XRP. You cannot deposit or withdraw fiat currency from the platform.

Bybit Registration and Login Process

Bybit has a fast and easy registration and verification process with no KYC verification required. Just sign up at Bybit.com, enter your number or email address, then verify your number or email address.

That’s it. Once you’ve completed this basic verification, your account is available for trading on Bybit

Bybit Trading

Bybit lets you take a long or short position on four different crypto/fiat pairs, including BTC/USD, ETH/USD, EOS/USD, and XRP/USD.

ByBit Exchange: User Review Guide 2

Bybit Fees

Bybit charges the following fees:

Position Funding Fee

Bybit’s position funding fee is exchanged between buyers and sellers and calculated every 8 hours (at 00:00 UTC, 08:00 UTC, and 16:00 UTC). The position funding fee indicates the amount of margin held by the system to pay for the next funding. Here’s how the position funding fee is calculated:

  • For Long Positions: (Quantity/Bankruptcy Price) x Funding Rate
  • For Short Positions: (Quantity/Entry Price) x Funding Rate

Trading Fees

Bybit rewards makers with money and charges takers a fee:

  • Maker Fee: -0.025% (a rebate of 0.025% of the trade will be charged for placing a trade on the order book)
  • Taker Fee: 0.075%

Withdrawal Fees

Bybit charges a withdrawal fee of 0.0005 BTC, which is slightly lower than the average withdrawal fee charged by competing exchanges.

Bybit Security Issues and Downtime

Bybit has had no known major security breaches, hacks, or user data leaks since launching in 2018. The company emphasizes low-level and high-level security. The exchange is fully SSL encrypted to reduce the risk of phishing attacks. Bybit has also implemented a hierarchical deterministic (HD) cold wallet storage system for all its assets.

Another nifty security feature we appreciate with Bybit is the risk management system for futures contract settlement. Similar to certain other futures contract trading platforms, Bybit operates an insurance-like fund to deal with deficits in contract settlements. In situations where a trader gets liquidated at a level below the bankruptcy price, the funds are replaced with the initial margin that the liquidated trader had at the outside of the trade. The difference between the price at which the trader is liquidated and the bankruptcy price will be deducted from the insurance fund. Other platforms will “give users a haircut” and deduct funds from every user’s account in this situation.

Bybit also offers complete two-factor authentication (2FA) functionality.

Ease of Use

Bybit offers a standard trading interface that will be familiar to those who have used BitMEX and similar trading platforms. As with other leveraged trading platforms, this isn’t really designed for beginner crypto users. However, the interface is still easy enough for anyone to use.

Trust and Privacy

As with other exchanges with minimal regulations, Bybit discloses little information about its team. We know the exchange is headquartered in Singapore and registered in the British Virgin Islands, for example. We also know the names of certain employees and the CEO, which is more information than we get from other exchanges. Bybit certainly isn’t the most transparent exchange out there, but it’s more transparent than many of its shady alternatives. Bybit is led by CEO Ben Zhou, and you can view additional employee info at Bybit’s LinkedIn page.

Customer Service

Bybit offers 24/7 chat support with response times of 1 minute, which is something that typically only the largest exchanges offer. It’s nice to see that Bybit has invested in creating a dedicated customer service department. Most other new or smaller exchanges only offer email forms or similar options. You can even contact Bybit by Telegram or through email at support@bybit.com.

Bybit User Guide: How to Setup and Use Bybit

1. Sign Up

bybit-signup-process

The registration process starts on the Bybit homepage. Click Register, then enter your name and password to get started.

ByBit Exchange: User Review Guide 3

From the next page, you can choose to register with either your email address or phone number (just toggle the navigation bar to select your option).

At this point, you can also paste a referral code to reward the person who referred you to the platform. If you want to refer others to the platform in the future, then you will receive a reward of $10 USD when someone you refer deposits at least 0.02 BTC into the platform.

A registration code will be sent to your email inbox.

2. Verification

Bybit does not appear to be regulated in any country. As far as we can tell, the exchange requires no user verification or KYC whatsoever.

Once you have confirmed your phone number or email address, you’ll have full access to Bybit.

ByBit Exchange: User Review Guide 4

Just enter your code into this page, then wait to be automatically logged-into the platform.

3. Upload Documentation

Bybit doesn’t even give you the option to upload documents. There are no further verification requirements on Bybit, and you do not have to complete KYC verification or upload any type of ID.

4. Two Factor Authentication

Bybit encourages users to set up two-factor authentication (2FA). To do this, click on your username in the top right corner of the page, then click “Account & Security”, then Two Factor Authentication. You can set up 2FA with SMS, email, or Google Authenticator.

ByBit Exchange: User Review Guide 5

5. Deposit Method

Before you start trading, you’ll need to deposit money into Bybit. Bybit only accepts four cryptocurrencies, including BTC, ETH, EOS, and XRP.

To make a deposit in your chosen cryptocurrency, click Assets at the top of the page. You can see all the assets in your account.

ByBit Exchange: User Review Guide 6

Click Deposit, then follow the instructions to transfer money into that cryptocurrency wallet.

ByBit Exchange: User Review Guide 7

6. Trading Cryptocurrency

To make a trade on Bybit, you’ll need to take either a long (buy) or short (sell) position. If you expect prices to increase, then you would play a long or buy order. If you expect prices to decrease, then you would place a short or sell order.

bybit-trading-exhange-platform

The three order options on Bybit include:

  • Limit Order
  • Market Order
  • Conditional Order

You can also set up stop loss and/or take profit limits. As with any leveraged trading platform, stop loss limits can be particularly important to avoid liquidation.

ByBit Exchange: User Review Guide 8

Bybit makes it easy to set up a stop loss. The page displays a predetermined percentage of the total amount of your trading asset at which you want to either stop a loss or take a profit. Bybit even automatically generates an “Estimated Liquidation Price” that shows you the possible amount of liquidation based on the leverage value.

bybit-exchange-stop-loss-investing-options

In the screenshot above, we’ve set the percentage at which we’re willing to take profit as 50% of the trading value. Bybit automatically shows you the expected profit in BTC. Bybit also shows the expected loss on the screen on the stop loss you have set (in this case, $8800).

You can also make market orders to get an asset at the best available price, or set up conditional orders to set an advanced stop loss for either a limit or market order. With a conditional order, you can post only for a long position or close on the trigger for a short position. Closing the trigger means you have to enter a price at which your order will enter the order book. When the trigger price is reached, the order will be delivered to the order book.

7. Withdrawal

To withdraw money on Bybit, go to your Assets tab at the top of the page and view the cryptocurrencies in your account.

You will need to complete 2FA verification before the money can be withdrawn from your account.

Final Word

Bybit is a cryptocurrency exchange that has rapidly grown since launching in 2018. The Singapore-headquartered exchange offers four basic trading pairs, including BTC/USD, ETH/USD, EOS/USD, and XRP/USD. You can take a long or short position on any pair, enjoying leverage from 25x to 100x.

Bybit requires no user verification whatsoever: you can trade anonymously without completing KYC verification. As long as you have an email address or phone number, you can trade on Bybit without issue.

Compare ByBit to Kraken, Gemini, Binance and Bittrex too.





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