Bybit Review

If you’re thinking of new ways to earn money and want to start trading, then it’s crucial to choose a high-rated cryptocurrency exchange platform. However, it’s not that easy to do as there are multiple features to take into account in order to find a suitable platform for your personal needs. In this Bybit review, I’ll cover all aspects to consider, such as trading fees, supported cryptocurrencies, security, and more.

You'll find out more about this cryptocurrency derivatives trading platform, its pros and cons, information about the company, main goals, and features to help you find the right fit for your needs.

Verdict at a Glance: Bybit is a rapidly growing cryptocurrency derivatives exchange, established in 2018 and now serving over 50 million users worldwide. Known for its low fees, extensive trading options and advanced features like a smart trading system. While it may have a steep learning curve for beginners, its global accessibility, mobile app, and robust functionality make it one of the top choices in the crypto trading market.

Stamatis Manos Papangelou

Blockchain and AI Researcher at the University of Nicosia

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Bybit Review: Introduction to the Company 

Bybit was established in 2018 and is based in the British Virgin Islands. The platform is still growing rapidly, and as of January 2025, it has more than 50 million users. Considering the amount of time that Bybit has been present on the market, the number is really impressive.

What’s important to understand about Bybit is that it’s not a regular crypto trading platform, meaning that, in addition to trading actual crypto assets, you will also be able to trade derivatives.

Bybit’s goal is to provide users with an intuitive and smart trading experience. We’ll find out whether the company manages to achieve that in this Bybit review.

Bybit works the same as many other cryptocurrency derivative trading platforms. So, if you’ve tried it before, you’ll figure out how Bybit works in no time. However, if you’re not familiar with that type of platform, I’ll explain everything to you in no time.

Bybit Review: PROS

As always, I would like to begin this Bybit review with the positive aspects and include all the reasons why people choose Bybit.

Extensive Trading Options

First of all, what’s crucial to understand is that when using Bybit, oftentimes, you won’t be trading cryptocurrencies directly. Instead, you’ll be buying and selling contracts that refer to those cryptocurrencies. This is the main difference between Bybit and any other regular crypto exchange platform.

Now, let’s define the meaning of “derivatives” and “trading futures”.

Derivatives can be defined as a financial product that gains their value from an underlying asset, such as Ethereum, Bitcoin, or any other cryptocurrency. Futures trading is when you agree to buy or sell a specific asset at a specific time in the future through what is known as a futures contract.

Bybit also offers perpetual futures trading, which is a bit more complicated than these two aspects. Perpetual contracts differ from traditional futures as they don't have an expiration date,^[1] enabling traders to hold positions without time limits. This means that if you buy such a contract, you can hold it as long as you want; no one’s pushing you to sell it.

However, what’s important to mention is that when it comes to perpetual futures trading, there are usually certain conditions that should be fulfilled if you want to maintain the contract.

Perpetual futures contracts with leverage are even more difficult to grasp and are highly risky. It means that you can open a position that’s worth more than your actual account balance. Bybit offers up to 100x leverage, which means that you can leverage your initial margin up to 100 times - $5000 instead of $50.

Table: Derivative types and their main aspects

Since perpetual futures contracts with leverage can be very risky, I wouldn't recommend using them unless you are an advanced user. Beginners should avoid these features.

Of course, trading options on Bybit are not limited to derivatives. Let me explain what it offers besides futures contracts briefly. 

• Spot Trading: Allows you to buy and sell cryptocurrencies at the current market price. These transactions do not involve any contracts or future commitments; the purchase or sale happens instantly.
• Margin Trading: Allows you to open larger positions by borrowing funds in addition to your available capital. Bybit offers up to 10x leverage for this trade.
• Copy Trading: Allows you to copy the trades of experienced traders. With this feature of Bybit, you can automatically benefit from the strategies of expert traders.
• Trading Bots: Automatically executes trades for you in line with the strategies you set. This helps you make planned trades without manual intervention.
• Pre-Market Trading: Bybit offers pre-market trading; buyers and sellers can trade new tokens at predetermined prices before they are officially listed.

Last but not least, you can explore all of these options through demo trading, which allows you to experiment with new strategies without risking your real money.

Low Trading Fees

When it comes to trading, it’s also crucial to consider costs that may affect your earnings. This is especially important to daily traders who buy and sell cryptocurrencies multiple times throughout the day. Luckily, Bybit fees are among the lowest in the market!

Its fee structure is based on the “maker-taker” model. Market takers are the ones who seek and take liquidity off the book, and they are charged a trading fee. Conversely, market makers provide liquidity,^[2] increase market depth, and oftentimes have to pay lower fees.

Table: Bybit trading fees for VIP 0-level traders

Now, as you can see in the table above, Bybit fees are very low - the maker fee in spot trading is 0.1%, and the taker fee is the same. This means that this platform is suitable not only for those who are interested in long-term contracts but also for those who want to maximize short-term profit.

Yet, these are only VIP 0 level fees -in other words, the fees you'll have to pay initially while your trading volume is 0. You can increase your level up to VIP 5 by increasing your 30-day trading volume or by increasing your asset balance.

Upgrading to levels after VIP 5 is only possible with your 30-day trading volume. After VIP 5, you can progress to the Supreme VIP level, then Pro 1 to Pro 6.

At each level, the trading fees you pay gradually decrease. Bybit fees for Pro 6 (the highest level you can achieve) are as follows:

Table: Bybit trading fees for Pro 6 level traders

Do note that for each trading type, there are different trading volumes you need to reach to increase your level. To reach the Pro 6 level, you have to have a 30-day spot trading volume of $1,000,000,000 or a 30-day derivatives trading volume of $5,000,000,000 (the same goes for options trading). For more details regarding fees, refer to Bybit.

Exceptional Functionality

Since the company aims to offer its users innovative and smart trading, aside from perpetual futures contracts, it comes with multiple other features that must be discussed in this Bybit review. Let me include the most unique ones and briefly explain each of them:

• Smart Trading System. This trading system that Bybit provides will send you strategy alerts as well as allow you to set up “take profit / stop loss” at entry.
• 100K TPS Matching Engine. The ultra-fast machine engine will make sure that you never need to worry about overloads.
• Significant Market Depth. When making every trade on Bybit, it will ensure that you have an almost unnoticeable price impact.

• 99.99% System Functionality. Bybit provides you with 99.99% uptime, meaning that the platform will be available at (almost) all times.
• HD Cold Wallet. It’s crucial to keep your cryptocurrencies in a secure wallet at all times. In most cases, I would recommend cold wallets, such as Ledger and Trezor; however, it seems that Bybit offers all-in-one - an exchange and a cold wallet where you can keep your coins securely.
• State-Of-The-Art Pricing System. The dual-price mechanism will ensure that you won’t experience any wrongful liquidations.
• Additional Features. Bybit also offers unique features for its users, such as the Bybit Card—a Mastercard enabling cryptocurrency transactions at over 90 million merchants worldwide—and the integrated custodial Bybit Wallet that can also function as an independent Web3 wallet.

Just like I said, one of the reasons for choosing Bybit is its functionality. If you want to take advantage of smart and innovative trading, this is one of the platforms that you should take into consideration.

Moreover, one of the factors that the majority of people who are interested in trading pay attention to is the number of supported coins. You might come across crypto exchanges that provide you with hundreds of options to pick from, and Bybit surpasses even them!

As of January 2025, Bybit supports over 1,600 different crypto coins & tokens. Here, you can find a few examples:

• BTC
• ETH
• XRP
• EOS
• LTC
• XTZ
• LINK
• USDT

Moreover, you can even find less popular altcoins such as TON, ZRO, or PEPE. The best part? You can buy cryptocurrencies on Bybit using fiat currencies and your credit card—quick and easy!

Additionally, Bybit simplifies technical analysis through its collaboration with TradingView, helping you make more informed decisions about which of its wide range of cryptocurrencies to invest in.

Huge Number of Supported Countries

Not all crypto exchanges are as widely accessible as you might think. Some of them can be accessed from only a few countries. That said, before deciding which platform to choose, make sure that it’s accessible in your country.

Bybit exchange supports more than 160 countries worldwide. However, there are a few exceptions, including:

• United States of America
• Canada (including Québec)
• Singapore
• Cuba
• Crimea
• Sevastopol
• Iran
• Mainland China
• North Korea
• Syria
• Sudan

Compared to multiple other crypto exchanges, Bybit is still supported in a huge number of countries.

Read More: Bybit Restricted Countries

Mobile Trading 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, which not every platform offers. Now, let’s focus on Bybit exchange and see what the situation is with this platform.

Bybit has an app that’s available for both Google Play and the App Store. The app is evaluated very well on AppStore with 4.9 stars! Customers claim that the app has a very clear design, perfect user experience, and all the necessary features and that there are no crashes. Needless to say, customers recommend this platform, especially to beginners.

Bybit app comes with multiple features. Since the prices of cryptocurrencies change every second, the platform allows you to make lightning-quick trades. What is more, it includes the “Stop Loss and Take Profit” feature, pricing notifications, flexibility when converting between different cryptocurrencies, and so much more.

Thus, if you want to trade cryptocurrencies on the go, you should definitely take Bybit mobile app into consideration.

Further Reading: Bybit App Review

Helpful Customer Service

If you’re a pro trader and have it all figured out, you may not appreciate customer support as much as beginners. However, helpful customer support is something that you should always expect from a reliable crypto platform, such as the Bybit exchange.

If you have any issues using the platform, want to find out more about specific features or simply ask for some tips, you can always contact them. Bybit customer support will be there for you 24/7. 

Now, while that’s something that many providers claim to offer, not all of them stick to their word. For this reason, to find out whether the company’s customer support is actually that helpful, I analyzed multiple reviews online.

The majority of users claim that Bybit customer service is truly helpful and manages to respond to their questions instantly by providing valuable information and clear answers. Therefore, just as promised, you will get all the help you need in case any issues appear.

Did you know?

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Bybit Review: CONS

Now that we’re done with all the positives of this Bybit review, it’s time to move further and focus on the issues that are associated with this leveraged trading-providing exchange. While the exchange doesn't really have any notable "groundbreaking" negatives associated with it, there are a couple of things that are worth considering, nonetheless.

Some Less-Positive User Feedback

If you want to make the right choice when choosing a product or a service, you should always research what customers have to say about it. Even if you can try the service out first, you can never know what issues you might encounter in the long run.

When it comes to Bybit customer reviews, on Trustpilot, the exchange has only 2.6 stars. Customers claim that the platform has some things to improve on; some people also had their accounts frozen, which is always a tricky situation to be in.

While these complaints might sound concerning, you shouldn’t forget that some of them might be written by competitors. What is more, the majority of people tend to leave reviews only when they encounter certain issues and not when they’re happy with the service.

Account freezing is a completely different "beast" altogether. Granted that Bybit is an established and generally respected exchange within the industry, random account freezings aren't usually something that platforms like this partake in. Instead, if your account is frozen, chances are that it was flagged for being suspicious or you did something against the platform's rules.

That said, make sure to take a look at Bybit reviews; however, you should always remain skeptical and do your own research in addition to checking out user feedback.

Might Possess a Steep Learning Curve

Even though futures trading is one of the major reasons why people choose Bybit, there are also certain risks associated with this feature, especially if you’re still a newbie in the crypto world.

As mentioned previously in this Bybit review, when making a futures contract, you have to determine the future price of a specific asset. Such an investment is quite a risky one, for a good reason.

Let me give you an example of how you could end up making a rookie mistake.

Let’s say you make a contract with another person to purchase 1 BTC for $100,000 on the 15th of January 2025. Imagine that by then, Bitcoin's price drops to $80,000. This means that you lose $20,000, whereas another person gains the same amount. While such a scenario is not very likely, you can never predict the future when it comes to cryptocurrencies.

Thus, make sure to perform a thorough analysis before making a futures contract.

How Does Bybit Work?

To be able to trade on Bybit, you need to sign up and verify your identity. Let me show you how.

How to Sign Up on Bybit?

Step 1: Go to the Bybit official website.

Step 2: Enter your information.

Write your preferred email and password. If you have a referral code, you need to write it here as well.

When creating a password, ensure it contains at least 8 characters, including at least one uppercase letter, one lowercase letter, and one number.

Step 3: Complete the puzzle.

To verify you are a human, you need to complete a puzzle created by Bybit. Simply slide the puzzle piece to the blank point in the image.

Step 4: Verify your email.

Bybit will send you a verification email containing a one-time code; copy it.

Step 5: Paste the code.

Return to the sign-up page and paste the code you copied here.

You're now officially a Bybit user!

How to Verify Your Identity on Bybit?

As I mentioned before in this Bybit review, before starting to trade, you also need to complete at least the first level of KYC. While this process can be done through the website, the process still involves linking your phone via a security link, which you need to complete to proceed.

For this reason, I opted to complete the verification through the app, as it offers a more straightforward process. 

Step 1: Download the Bybit app.

Of course, the first step is to download the Bybit app on your device from the Google Play Store or App Store.

Step 2: Log in to your account.

After downloading the app, log in to your account using your email and password, then navigate to your profile.

Step 3: Verify Proof of Identity.

For Level 1 verification, you need to provide proof of identity. Simply tap the Verify button displayed on the screen.

Step 4: Choose a document type.

Select the country that issued your document and the document type. You can choose any country where Bybit is available. Additionally, you can use options such as a passport, driver’s license, or residence permit instead of an ID. The key here is that the document must be official, and the issuing country must be selected accurately.

Step 5: Read the requirements.

Bybit follows certain rules to verify your document, and you’ll see an informational notice about this at this step. Simply put, your document must be clearly visible and easily readable.

Step 6: Take a photo of your document.

First, take a photo of the front side of your document. If the image is clear, click "Upload." Then, repeat the same step for the back side of your document.

Step 7: Record a video of yourself.

Finally, to verify that you are the person providing the document, you’ll need to record a short video of yourself. Simply move your head slowly from right to left, then from left to right. The green bars displayed on the screen will guide you through the process.

Although Bybit states that the verification process may take up to 24 hours, your information is usually approved within a few minutes, and you’ll be notified via email. Once approved, you can start trading right away!

How to Trade Derivatives on Bybit?

Now that you can actually use Bybit let me also show you how you can trade derivatives on this smart trading platform.

Step 1: Navigate to the "Trade" section.

Go to the homepage and locate the Trade button.

Hover over the Trade button to reveal various trading options. Select Futures, then choose one of the options that appear on the right. For this guide, I opted for USDC Perpetual and selected the SOL-PERP pair from the list of perpetual options.

Step 2: Review the chart.

On the next screen, you will see a chart displaying the price movements for SOL-PERP. On the right side, you'll find the key parameters you need to adjust.

Click on the Cross option located under the trading section to access other margin types.

Step 3: Choose a margin mode.

If you're new to perpetual trading, I recommend sticking with the default Cross Margin or switching to the less risky Isolated Margin. For this example, I kept the default Cross Margin.

Step 4: Locate the default leverage.

Next to the margin mode button, you’ll see a number like 10x—this is the default leverage setting. Click on it to adjust.

Step 5: Adjust leverage.

Enter a specific number or use the slider to set your desired leverage.

Keep in mind that the higher the leverage, the greater the risk. If you’re a beginner, I recommend choosing a leverage of 5x or lower.

Step 6: Choose an order type.

Select one of the three order types: Limit, Market, or Conditional.

• Limit Order: You set the price at which the order will execute.
• Market Order: The trade executes immediately at the current market price.
• Conditional Order: The trade executes only when a specific price condition is met, ideal for strategies like stop loss or breakout trading.

For simplicity and more control, I chose Limit Order.

After selecting your order type, specify the Order Price and the Quantity you want to trade.

Step 7: Buy or Sell.

Finally, to manage risk, click on the TP/SL button to set your Take Profit and Stop Loss levels.

Enter the price levels where you want to secure profit or limit losses.

Before completing the trade, double-check all the details to ensure accuracy.

If you expect the price to rise, open a long position. If you believe it will fall, open a short position. Done!

Pros

• Secure and reliable
• Low fees
• A good amount of fiat currencies accepted

Main Features

• Reputable exchange
• Multiple fiat currencies are accepted
• Relatively low trading fees

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Pros

• Fiat currencies - accepted
• Simple to use
• Accepts only the most trustworthy cryptocurrencies

Main Features

• A leading cryptocurrency exchange platform
• Best for beginner investors
• Accepts fiat currencies

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Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Early new token support

Main Features

• 265 supports cryptocurrencies
• Secure & transparent
• Fully reserved

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Conclusions

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. The only notable shortcoming that some users point out is that the exchange might be somewhat difficult to use for complete beginners.

Having said all of that, it's evident that Bybit is surely one of the best crypto exchanges on the market. If you're looking for advanced features and a platform that you could use for all of your crypto trading ventures in general, it's definitely worth checking out!

Thanks for reading, and until next time!

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Q. Ruan, A. Streltsov: ‘Perpetual Futures Contracts and Cryptocurrency Market Quality’;

2. D. Svogun, W. Bazán-Palomino: ‘Technical Analysis in Cryptocurrency Markets: Do Transaction Costs and Bubbles Matter?’.