ByBit is a popular crypto derivatives exchange launched in 2018 that lets traders access up to 100x leverage on perpetual contracts. Within a short time, ByBit has built deep liquidity and emerged as one of the most widely used crypto trading platforms globally. This article provides an in-depth ByBit review covering the key things you need to know.
Overall, ByBit is an excellent platform for intermediate to advanced traders seeking to trade crypto derivatives and margin products. It provides a robust, high-performance trading infrastructure coupled with competitive fees.
However, ByBit falls short when it comes to customer support and account services. A significant number of users have faced delays, restrictions, and poor assistance from ByBit support teams. Beginners may also find the platform overwhelming initially.
- Launch Year: 2018
- Headquarters: Dubai
- Native Token: None
- Supported Currencies: BTC, ETH, EOS, XRP, Altcoins
- Supported Fiat: USD, EUR, GBP + 14 others
- Services: Spot, Futures, Earn, Launchpad
ByBit is registered in the British Virgin Islands and operates under licensed entities in Dubai and Cyprus. It offers crypto spot trading and futures trading to most jurisdictions barring the USA, Canada, Singapore, Syria and Crimea.
ByBit Review: Pros and Cons
|Professional trading technology
|Not ideal for beginners
|Limited assets compared to rivals
|High risk with leverage
|Advanced order options
|Robust risk management tools
|Multilingual 24/7 support
ByBit employs a volume-tiered maker-taker fee schedule presented below:
These fees are very competitive within the crypto derivatives space. There are no deposit or withdrawal fees for cryptos. Overall, ByBit’s strong liquidity offsets the slight premium in taker fees.
ByBit utilizes industry-best security practices like cold wallet storage, 2-FA, SSL encryption, DDoS protection, and data encryption. It also operates an insurance fund to offset liquidation shortfalls.
Independent auditors have verified and rated ByBit’s security infrastructure highly. There have been no security lapses since its launch.
ByBit Verification Process
- Basic: Name, DOB, Address
- Enhanced: Photo ID submission
- Corporate: Business documents
The basic personal verification on ByBit takes only a few minutes to complete. Corporate verification understandably requires a more extensive KYC process.
In most cases, pending verifications are cleared within 24 hours. The process is smooth and hassle-free.
ByBit Customer Support
ByBit provides 24/7 multilingual customer assistance via:
- Live chat
- Support desk
- Social media
As visible through user reviews, ByBit’s support quality is quite good. Queries are resolved promptly without extensive follow-ups required from users.
ByBit User Experience
ByBit has an intuitive, customizable interface – ideal for intermediate to professional derivatives traders. However, newbies may find it slightly overwhelming initially.
Traders can detach, resize, and rearrange elements like charts, order entry forms, position limits, and asset balances for convenience. It resembles a typical trading platform.
Advanced charting & analytics definitely position ByBit as a platform meant for serious traders rather than casual investors. New users may need some practice to get accustomed to the tools.
ByBit has received over 600 customer reviews on Trustpilot. Here is a breakdown of the star ratings:
- 5 stars: 30%
- 4 stars: 5%
- 3 stars: 3%
- 2 stars: 5%
- 1 star: 57%
As the numbers indicate, over half of the reviewers have given ByBit the lowest 1-star rating. An analysis of the negative reviews shows certain common complaints:
- Very slow customer support
- Difficulties withdrawing funds
- Hidden or high fees
- Account freezes and restrictions
For example, one reviewer states: “Restricted withdrawal of funds, Reason – link to general conditions. But I have no appeals, and there are no complaints…repeated requests by email and via the form on the website – no response – for 30 days already?!?“
Other positive reviewers praise ByBit’s fast performance, easy user experience, and passive income products.
So while ByBit scores well on technology and features, customer service and account restrictions remain persistent pain points among a sizable share of users. Traders should consider these downsides before selecting ByBit as their primary exchange.
Available Assets on ByBit
ByBit offers trading access to:
- Major cryptocurrencies
- Stablecoins like USDT, USDC, BUSD
- Select stock tokens, forex pairs
- Commodities and indices
While ByBit has most major cryptoassets, its coverage lags behind market leaders like Binance that offer 1000+ coins and 400+ spot pairs.
As covered before under the overview, ByBit operates under licensed entities in the BVI and Cyprus. These licenses certify ByBit officially as a regulated virtual asset provider.
Additionally, the exchange proactively blocks users from prohibited jurisdictions to remain legally compliant across regions. US citizens can unfortunately no longer access ByBit.
ByBit registers over $4 billion in daily trading volume and futures open interest. It runs dedicated liquidity partnerships and market maker schemes to boost liquidity.
Consequently, ByBit offers superb liquidity that reflects through tight spread and robust order book depth. Slippage is mostly a non-issue even on larger orders.
ByBit Margin Trading
ByBit allows upto 100x leverage across perpetual swap contracts. Available leverage varies by user VIP status, margin mode (isolated vs. cross), and risk limit tier.
ByBit has several tools that help traders mitigate liquidation risks with margin trading:
- Dual pricing mechanism for reference index
- ADL mechanism to contain shortfalls
- Auto margin replenish
- Conditional orders
- Position calculator
ByBit Order Types
ByBit supports simple as well as advanced conditional order options:
- Market order
- Limit order
- Take profit/stop loss
- Post-only limit
- Immediate or Cancel
- Fill or Kill
- Trailing stop order
Users can customize order sides, leverage, triggers, submission, and cancellation rules as per trading strategy requirements.
ByBit Risk Management Tools
In addition to the tools mentioned earlier regarding leverage, ByBit employs several other measures to ensure a safe, transparent trading environment:
- Price manipulation protections
- Bankruptcy level monitoring
- ADL usage
- Dual pricing inputs
- Insurance fund
The suite of risk management tools makes ByBit trading reasonably risk-contained compared to margin exchanges without explicit safeguards.
ByBit Funding Rate
The funding rate is a variable interest charge applicable on perpetual positions held overnight. It balances open interest across contract sides.
If longs dominate, shorts pay longs via funding. If shorts dominate, longs pay shorts. Funding is exchanged peer-to-peer and not charged by ByBit.
The funding rate varies based on market factors and is disclosed upfront while opening a position.
ByBit Referral Program
- Uncapped 1025 USDT benefits for referrers
- Up to 30% commission for every referee trade
- Dedicated account manager perks
ByBit offers an industry-best referral program with attractive rebates. Plus, referees can avail large welcome bonuses upon signing up via a referral link.
ByBit Trading Platform & Tools
Salient Platform Features:
- Multi-chart layouts with 50+ indicators
- Powerful API access with minimal latency
- Cross-device position sync
- Customizable dashboard elements
ByBit provides a modular web interface modeled similar to a Bloomberg terminal. Traders can set up alerts, save layout presets, access REAL-TIME analytics, utilize python scripts, set take profits/stops, and employ various order automation strategies.
It focuses heavily on flexibility and performance critical for active trading.
ByBit Mobile App
ByBit’s mobile apps for Android and iOS retain almost all core features accessible via the desktop site in an intuitive manner.
Traders can monitor accounts, customize alerts, manage positions, place orders across devices seamlessly using the app without essentially needing access to PCs.
ByBit API Access
For automated traders, ByBit provides access to a low latency REST/WebSocket API with minimal rate restrictions and detailed documentation.
The customizable API enables easy integration with trading bots or management platforms like 3Commas without performance lags.
API security is enforceable using IP whitelisting and permissions customization as well.
ByBit Trading Competitions
ByBit consistently runs trading competitions with sizable prize pools worth $20K+ that are popular among professional crypto traders.
Competitions feature real trading accounts with simulated profits for winners. The periodic contests are great avenues for expert traders to test their prowess vs. global competition.
ByBit competes neck-to-neck against industry leaders when it comes to technology, reliability, and utility. From leveraged trading, diverse order options, automated strategies, or passive earning, ByBit checks almost all boxes as an advanced crypto trading outlet minus the learning curve.
It does need to expand its asset breadth to catch up to the likes of Binance and OKX. However, the transparent fee structure, liquid markets, and robust security make it a top recommendation for pro-margin traders.
While ByBit stacks up well among leading crypto derivatives platforms, traders may want to evaluate some alternatives to see if other exchanges meet their specific requirements better. Here are the top ByBit alternative options:
|Over 1000 cryptocurrencies and 400+ spot pairs
|App design and visual interface inferior to ByBit, Can be overwhelming for beginners
|Competitive trading fees
|Fewer native charting tools than ByBit, Smaller trading incentives program
|Easy to use platform, Numerous crypto assets, Beginner friendly
|Lower liquidity, higher fees
The alternatives listed target varied trader priorities around assets, features, fees, liquidity, customer support, and learning curve. Users should evaluate exchanges based on which benefits resonate best with their specific crypto trading interests and style.
While ByBit is certainly one of the top platforms in most aspects, checking out the other industry leaders can help identify if another exchange may be an even better personalized fit.
ByBit scores very well on core trading experience but lags rivals in peripheral services like assistance. So crypto margin traders who prioritize fast order execution, liquidity, and features over ancillary support will find tremendous value with ByBit.
But those seeking a more well-rounded, newbie-friendly experience may be better served by easier alternatives like OKX or KuCoin despite their limitations. So the verdict on ByBit depends heavily on the specific priorities of prospective trader segments.