Last Updated on 22 December 2023 by CryptoTips.eu
ByBit review 2024
Within the world of cryptocurrency, it is possible to buy and sell cryptocurrency in different ways. Beginners will start on cryptocurrency brokers which provide a low entry level and you will find the more experienced traders on exchanges. Experienced traders use more advanced tools like trading bots and leverages. When these last terms mean nothing to you, it is best to stay away from ByBit. The availability of ByBit is subjected to regulation.
In this ByBit review we’re going to discuss an exchange which mainly focuses on trading with extra instruments. It is definitely worthwhile to put the more complicated exchanges under a magnifying glass and tell you what we think of them. On this page you also have the possibility to leave your own experience using our rating system.
Exclusive deal: 10% discount on fees + $20 or $40 free crypto + up to $30k bonus
What is ByBit?
ByBit is officially established on the British Virgin Islands and has offices in Singapore and the Bybit headquarter is based in Dubai (since 2023). The exchange was launched in March 2018, making it a fairly young player on the market.
ByBit focuses on the more experienced traders, and the platform may be risky if you don’t know what you’re doing. Make sure you know exactly what you are doing with this platform and do not use unnecessarily high leverages. The risk of losses are bigger than with a spot exchange.
They have grown in a short period of time to a major player in the Bitcoin derivatives industry. Experienced traders are especially charmed by the speed of the platform and the ease of use. ByBit says it can handle 100,000 transactions per second. This has the advantage that you won’t lose money during trading when the platform is overloaded or when the price makes quick moves. This also means that the platform is ready for the future.
Because of the ever-growing popularity, all exchanges will become more and more crowded, so a lot of transactions per second is no unnecessary luxury.
Especially in the functionalities, ByBit distinguishes itself from the rest. For example, you can trade on the platform with margin. With some cryptocurrency it is even possible to apply a leverage of 100x. With a leverage you can make a lot of profit with a relatively small deposit, but you can also lose it just as quickly. With a leverage of 100x this is certainly the case. Truly a functionality for the more experienced trader, or rather the gambler.
The fact that ByBit is especially suitable for experienced traders does not mean that there is no support available. You can ask questions 24/7 using the live chat. The chat is completely in English. So, ByBit is a very open platform and we like to see that. Just like we see at Binance.
How to create a ByBit account?
Creating an account on ByBit is very easy and that is mainly because ByBit doesn’t need a lot of personal data of you. What you notice with many brokers and exchanges, is that you need to verify some data before you can start. This is not the case for ByBit. Only an email address or phone number is sufficient. After activating your account via e-mail or SMS, you can get started right away. It gives us a bit of a strange feeling, but actually, an exchange doesn’t need anything else from you. You can read why ByBit doesn’t need your bank details below.
ByBit has often an interesting bonus for new traders, below you can see their most recent deal. The crypto credit bonus can be used to invest in crypto and can even be withdrawn from the exchange. The deposit bonuses however cannot be withdrawn and it must be used for trading on the platform. If you have benefited from our ByBit review, you can support our blog by registering using our link.
Exclusive deal: 10% discount on fees + $20 or $40 free crypto + up to $30k bonus
How does ByBit work?
With ByBit, you can open trades the same way you might know it from BitMEX. ByBit allows you to deposit Bitcoin, Ethereum, EOS or Ripple to start trading. They implemented a fiat to crypto gateway in 2020 which makes it possible to deposit fiat with easy payment methods. The fees for these methods are most of the time higher than when you use a broker.
If you don’t have a cryptocurrency yet, we recommend that you buy it using the Bitvavo exchange (Europe only). They offer a very low fee for euro transactions in combination with easy payment methods. Please see our guide how to buy crypto with Bitvavo.
Depositing Bitcoin at ByBit
If you already own one of the supported coins, you can easily send them to your unique ByBit wallet address. If you don’t own crypto yet, you can also buy crypto and send it to the platform, we’ve described how to do this below:
- Register an account with Bitvavo (Bitvavo charges only 0.25% commission and you can trade the first € 1000 at 0% commission).
- Buy Bitcoin or any other supported currency and pay with an easy payment method (see here a step by step explanation on how to buy crypto from Bitvavo).
- Log in to ByBit, go to Assets and click on Deposit behind the desired coin.
- A popup opens with your unique wallet address.
- At Bitvavo go to the overview of the coin you just bought and click here on Withdraw.
- Enter how much you want to send to ByBit and your Deposit address from ByBit. Make sure you send the right coin to the right address and copy the address carefully. Errors can cause you to lose your crypto forever.
- Click Continue and confirm the transaction via email.
Within 30 minutes everything is sent and confirmed by ByBit and you can start trading.
How ByBit works instruction video
This ByBit review is nothing without an extensive instruction. The video below is made by Sunny and he explains how you can easily use ByBit, including the different functionalities.
For every trade you are able to set up a leverage and you can indicate whether you want to go long or short. Every trade on ByBit is going to take place via two parties. One party is the market maker. A maker places an order in the order book for the future. So, a maker makes sure that the exchange has money in its hands and provides liquidity within the exchange. A maker receives a reward for this. You can read more about this below in this ByBit review. The other party is the market taker, who places an order equal to that of the maker. A maker creates the order book and a taker removes a transaction from the order book. Only a market maker gets rewarded and stimulated for creating the order book.
ByBit bonuses $40 free, 10% discount and up to $30,000 bonus
The Bybit bonus changes regularly and you can find an overview of all active Bybit bonuses here. The Bybit promo bonuses of 2024 are:
- $40 or $20 deposit bonus. Deposit at least $400 in crypto or fiat and receive 40 USDT. Deposit at least $100 and receive $20. The credit can be spent immediately to buy crypto.
- 10% discount on trading fees. Valid until 30 days after registration, 10% is paid in the form of cashback.
- $30,000 bonus for completing tasks. Activate the task first before completing it.
The $30k deposit bonus looks like this:
- Deposit $3,000 and trade $6k: Get $100.
- Deposit $25,000 and trade $1.5m: Get $800.
- Deposit $125k and trade $50m: Get $8,800.
- Deposit $250k and trade $150m: Get $30,000.
You also receive up to 15% interest on your Bitcoin and Tether with the Balance Booster.
ByBit tries to attract new customers by offering generous bonuses. This tactic catches on, because the volumes of this exchange and the liquidity are getting higher and higher. In order to claim bonuses, you have to perform several tasks. Read below what you need to do exactly.
- Follow the Twitter channel and receive $5
- Use a Take Profit and a Stop Loss and get $5
- Deposit a minimum of 0.5 BTC and receive $50
- Fill out a survey and receive $5
- Trade 10 days in a row and get $5
- Deposit a total of 1 BTC and receive $20
The bonuses and rewards change frequently, please see the prize page for all active rewards: must be redeemed on this page
Please note that the bonuses need to be used for trading with margin. Only when you make profits with the bonuses you will be able to withdraw it. So, it is not the case that you get it credited to your account and you can withdraw it immediately. A bonus is only active for 21 days and expires after this period. You will be notified 7 days before your bonus expires.
ByBit vs BitMEX
Let’s be honest. The most popular cryptocurrency exchange where you can trade with a leverage is BitMEX. Due to the continuing problems, more and more traders are moving to other exchanges. BitMEX has been an autocrat for a long time and don’t always listen to its customers. Because of this, new platforms are able to improve the flaws of BitMEX.
- ByBit is a no-KYC exchange and BitMEX is going to implement KYC in October 2020.
- ByBit is easier to use than BitMEX (more user friendly, set up stop-losses immediately after taking a position, clear explanations, etc.).
- ByBit has more possibilities to deposit and withdraw cryptocurrency. With BitMEX, you can only deposit or withdraw Bitcoin. ByBit allows you to deposit/withdraw Bitcoin, Ethereum, Ripple, and EOS. In the future, even USDT will be added.
- ByBit claims to be 10 times faster than BitMEX (we’ll have to see this in the future when ByBit gets more volume and visitors).
- ByBit offers 24/7 customer support.
- ByBit has less volume and fewer clients than BitMEX, giving them less liquidity.
- BitMEX has been active for 5 years and has never been hacked, ByBit hasn’t either, but only exists for one year.
- At ByBit it is very clear what your profits and losses are.
Exclusive deal: 10% discount on fees + $20 or $40 free crypto + up to $30k bonus
ByBit fees and costs
Using ByBit is free of charge, in fact, you even get money with all those rewards and bonuses. However, you do pay a fee per transaction. In any case, it is good to know that you can only use ByBit trading cryptocurrency. You can’t trade with euros or dollars that you convert into, for example, Bitcoin. If you want to use ByBit and you don’t have cryptocurrency yet. You will have to go to a broker to buy Bitcoin.
We’ve just talked about makers and takers. As a market taker, you pay a fee of 0.075% for your transaction. As a market maker, you will be rewarded with 0.025% to add liquidity.
In comparison:
Maker | Taker | |
ByBit | 0.075% | -0.025% |
BitMEX | 0.075% | -0.025% |
Phemex | 0.075% | -0.025% |
These fees are not the only costs you make on ByBit. If you’ve closed all your trades and, for example, want to withdraw your Bitcoin from your account to your own wallet, you pay a 0.0005 BTC withdrawal fee. Generally, for equivalent exchanges, you pay 0.0008 BTC for withdrawing. Given Bitcoin’s price, this is quite a difference and therefore a big plus.
Is ByBit safe?
ByBit is seen by many traders as a robust and safe platform. Don’t let the verification process scare you away, because there is none. ByBit offers good and fast English support for their users. The ability to ask the CEO of the company questions using Twitter shows that it is a transparent company and we like to see that in the cryptocurrency world.
Since BitMEX introduced their new KYC verification, a lot of traders are switching platforms. ByBit is most of the time within the top 3 derivative platforms based on their 24 hour volume. ByBit is also the official International Champion Partner of the german Borussia Dortmund.
However, the platform is made for experienced traders. As with many other platforms it is possible to first get to know the system by using a demo environment. So, you can first look around what the dashboard looks like before you really start. A feature we did not expect, but certainly a pleasant surprise.
We however don’t recommend this platform for beginning users.
Exclusive deal: 10% discount on fees + $20 or $40 free crypto + up to $30k bonus
Did you trade on ByBit and would you like to share your experience? You can do so using the rating form below.
Contact details:
Bybit Fintech Limited
British Virgin Islands
Related:
Offer:
Bitcoin (BTC)
Cardano (ADA)
Bitcoin Cash (BCH)
EOS
Ethereum (ETH)
Litecoin (LTC)
Tron (TRX)
Ripple (xRP)
Limits:
All ByBit reviews:
Support is really helpful and responsive. Helped me with my problem in no time. Thanks!
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