We have summarized Bybit’s reviews and reputation, as well as the company profile, presence or absence of financial licenses, and the advantages and disadvantages of using it. Since the virtual currency market itself is not that old, virtual currency exchanges are also not that old. When was Bybit founded and how many years has it been in operation? And what kind of characteristics does the exchange have?
- Bybit company profile
- No financial license
- Relationship with Japan’s Financial Services Agency
- Number of stocks handled
- Security
- Risk management function
- Zero cut system
- Bonus
- Maximum leverage
- 3 types of leveraged trading
- 24 hours support
- Does not use its own token
- Global cryptocurrency exchange ranking
- High performance trading platform
- staking
- copy trade
- grid bot
- Bybit’s reputation
Bybit company profile
Bybit is a company that has not been in operation for that long, but it has a global presence and is one of the top virtual currency exchanges in the world with users in over 130 countries. ByBit is ranked high in popularity among overseas crypto asset exchanges established in 2018, and there is no margin call and zero cut is adopted. Spot trading and leverage trading are also possible, and Bitcoin is also available. We also have customer support and provide a full range of services.
| Operating company | Bybit Fintech Limited |
| Established | 2018 |
| location | United Arab Emirates |
| CEO | Ben Zhou |
| Currencies handled | 300～ |
| Maximum leverage | 100 |
| Zero cut system | 〇 |
| URL | Home Page |
No financial license
The reality is that we do not have a financial license. The company’s management team is comprised of foreign exchange industry experts, investment bankers, early adopters of blockchain technology, and analysts, and has offices in Singapore and Hong Kong. However, the company’s address and phone number are not made public, and many aspects are unclear. There are rumors that it is bad or bad on X (twitter) etc., but there have been no problems. It is a popular exchange that has the most track record along with Binance and others, and also has two-step authentication.
Relationship with Japan’s Financial Services Agency
The Japanese Financial Services Agency is one of the most regulated places in the world. Formerly the world’s top cryptocurrency exchange Binance has withdrawn from Japan following a warning from the Financial Services Agency. Other major BitMEX has also withdrawn. Bybit has not received a warning yet, but it is possible that it will withdraw completely from Japan depending on the future.
Number of stocks handled
Unfortunately, Bybit has a slightly smaller number of stocks than other major exchanges. A notable point is the maker fee. By trading mainly on maker orders, you can reduce fees compared to other exchanges. A maker is someone who provides liquidity to the market by placing orders at prices that are not immediately filled in limit orders.
| Bybit | Binance | KuCoin | |
| Number of currencies handled | 320 | 380 | 745 |
| commission spot trading | 0.1% | 0.1% | 0.1% |
| commission maker trade | 0.01% | 0.02% | 0.02% |
| commission Taker trading | 0.06% | 0.04% | 0.06% |
Security
Security is stronger than other cryptocurrency exchanges. We have introduced a two-factor authentication system, and we have also introduced a hacker infiltration inspection security system. Bybit devotes 20% of its operating funds to strengthening security. We will continue to invest in security. Although Bybit has not been in operation for a long time, it has never been hacked.
Risk management function
Bybit offers two margin modes. When performing leveraged trading, it is a good idea to use it according to the situation.
cross margin
In cross margin mode, the more funds you prepare for the number of positions and trading volume, the more you can withstand forced liquidation due to price fluctuations. If the transaction fails, you risk losing all the funds in your account. Not recommended for beginners.
separation margin
Separate margin mode can completely separate account balance and position margin, so unused account funds are protected even if there is a sudden market fluctuation. Since less funds are allocated for margin than cross margin, the possibility of loss cut is higher, but there is no risk of losing all the funds in the account.
Zero cut system
As a basic information, Bybit has introduced a zero cut system. In the event of rapid market fluctuations, the actual settlement price may deviate from this calculated bankruptcy price. However, with Bybit, even if the amount becomes a negative balance, you can rest assured that the wallet and account balances will be checked to zero and then reset. This means that traders do not have the considerable risk of incurring debt by buying or selling these products.
Bonus
Bybit is an exchange that actively holds campaigns and bonuses. The exchange has the following bonus campaigns, so it is a very fulfilling exchange. Bybit allows you to trade with bonuses using the smartphone app or browser, and you can safely trade with small amounts and earn solid profits. There is also a function to download transaction history for profit and loss calculation.
| Initial Benefits | Always held | Coupon of 10$ to 50$ for deposit after 48 hours from account opening |
| BTC Deposit | Always held | 5$ bonus for every BTC deposit |
| Official SNS | Always held | Follow Bybit official Twitter for 5$ coupon |
| Cumulative transactions | limited time | 5$ coupon for 7 days total transaction |
| Cumulative deposit | limited time | 20$ coupon when cumulative deposit 1BTC is achieved |
| mutual insurance | limited time | 5$ Coupon With Purchase Of Mutual Insurance |
| profit taking | limited time | Use profit taking/loss cut more than once and get a $5 coupon |
| New USDT trading pair | limited time | 5$ coupon for trading USDT Perpetually 1 or more times |
Maximum leverage
The maximum leverage is 100x for BTC and 50x for BCH, EOS, ETH, LTC, and XRP. Additionally, there are differences in maximum leverage depending on the currency. High leverage trading is possible, and the number of coins handled is over several hundred. There are also Ethereum, Bitcoin, etc., and if you are worried and lose frequently, you can of course use the copy trading function and earn money efficiently.
| BTC | 100 |
| ETH | 100 |
| XRP | 50 |
| BCH | 50 |
| EOS | 50 |
| SOL | 50 |
| CHZ | 25 |
| SUSHI | 25 |
3 types of leveraged trading
Bybit offers three types of leverage trading. It is a very complete transaction format and has better functionality than Bitget, XM, GMO, MEXC, Coincheck, etc.
USDT Perpetual
It is a perpetual contract with stablecoin USDT as margin. There is no expiry date until settlement. You can continue to hold your position as long as it is not liquidated. More than 150 types are supported.
USDC perpetual
It is a perpetual contract with stablecoin USDC as margin. Currently, only 16 types such as “BTC”, “ETH”, and “XRP” are supported.
inverse contract
It is divided into perpetual contracts with virtual currency as margin and inverse futures. Inverse futures have a settlement deadline. There are currently 10 types of compatible stocks, including major currencies such as “BTC”, “ETH”, and “XRP”.
24 hours support
Although Bybit has not been in operation very long yet, you can receive support 24 hours a day, 365 days a year, so it will be a very reassuring company, especially for Bybit beginners and trading beginners. You can use it with confidence. If it is busy, wait a while and contact support again. If you are a new user, have trouble logging in, don’t know how to log in, cannot confirm your identity, cannot use your credit card, etc., we recommend that you contact us.
Does not use its own token
Exchanges that use their own tokens have benefits such as commission discounts, but Bybit does not use their own tokens. From the user’s point of view, this can be seen as a disadvantage
Global cryptocurrency exchange ranking
Bybit is one of the top exchanges in the world’s exchange rankings. According to the ranking cited from softwaretestinghelp.com, Bybit ranks 3rd because its trading system is very simple and easy to use, and its systemization is progressing. Many bonuses and campaigns have been held on the official website in the past, and it is an exchange with a rich content. Check the official website for the latest bonus types, procedure methods, and rewards. Users can perform high leverage trades directly on their smartphones.
| No | Crypto Exchange |
| 1 | Pionex |
| 2 | Uphold |
| 3 | Bybit |
| 4 | Margex |
| 5 | Bitstamp |
| 6 | NAGA |
| 7 | Coinsmart |
| 8 | Crypto.com |
| 9 | Binance |
| 10 | PrimeXBT |
In this ranking, Bybit ranks 6th. This is an evaluation ranking by a security team familiar with virtual currencies. A cold wallet is used to ensure a high level of security. It is much more controlled than different exchanges. We have created an environment and system that allows us to conduct optimal trading. There have been almost no problems.
| No | Crypto Exchange |
| 1 | Kraken |
| 2 | Gate.io |
| 3 | Binance |
| 4 | BitMEX |
| 5 | Deribit |
| 6 | Bybit |
| 7 | KuCoin |
| 8 | OKX |
| 9 | CoinBase |
| 10 | Bitfinex |
High performance trading platform
Bybit spends a lot of money on servers. Furthermore, the trading platform is also very good, and it uses a high-speed engine with high order processing capacity, so you can execute orders smoothly regardless of market conditions. It is very popular among traders because there is almost no risk of the server going down during trading.
staking
Bybit has something called staking. Staking does not require any trading skills or experience, so even beginners can earn money. There are also other lending options.
copy trade
Bybit has something called copy trading. This feature allows even beginners to easily earn money by copying the trades of experienced traders. This feature is especially recommended for beginners.
grid bot
Bybit allows trading with grid bots. It is possible to increase profits through automatic trading using grid bots.
Bybit’s reputation
What are the opinions of users who actually use bybit? We have quoted some opinions from TradersUnion, the world’s leading exchange review site.
Everything is great: both the speed of the platform and the functionality of the platform itself. Then why do they complicate things so much? For example, I can not understand what the “initial” and “maintaining” margins are. Or more precisely, the essence is clear; but the principles of calculation and liquidation are confusing. It is also unclear how long and short positions are offset every 8 hours. The mechanism of insurance compensation based on volatility is also unclear. Futures trading is more for those who are well versed in derivatives and their specifications. In terms of automation, Bybit is an excellent platform with transparent pricing. Trading commissions for Takers and Makers don’t add additional costs. But it will be difficult for beginners to figure it out.
Source : ByBit Review 2023: Crypto Exchange Pros and Cons (tradersunion.com)
It’s an excellent user-friendly platform. There are: one-click trading, a reversal function, market depth, and you can open short and long with different leverages at the same time on the same contract.
There’s also a comprehensible commission policy with no complicated multi-level systems. There are editable take profit and stops. At first glance, the offer and individual conditions may seem complicated, but there is a demo. Make 10 open trades and a lot will become clear. I recommend it to beginners!
Source : ByBit Review 2023: Crypto Exchange Pros and Cons (tradersunion.com)
I have been working with Bybit almost since its inception. Compared to other derivatives exchanges, it is much easier to manage, although it is a pity that there are so few contracts. On the upside, it has one of the lowest total commissions. The downside is that there is no direct withdrawal to fiat. You need to transfer money to an e-wallet and then transfer it to fiat through exchangers. There is a replenishment via fiat (fiat gateway), but the commission is 1.99%. For more than 2 years of trading, there have been no problems with withdrawing money. According to support, traders’ money is in cold wallets, so the risk of hacking is minimal.
Source : ByBit Review 2023: Crypto Exchange Pros and Cons (tradersunion.com)
I have never had any problems with this company. I will even say that this is the best thing that I have seen in the last year. They try to please everyone. I can only praise.
Source : ByBit Review 2023: Crypto Exchange Pros and Cons (tradersunion.com)
I can’t really say anything bad about ByBit. I trade cryptocurrencies here. and another company. Regarding the withdrawal of money, everything is fine here, but trading is sometimes lame)
Source : ByBit Review 2023: Crypto Exchange Pros and Cons (tradersunion.com)
I think that ByBit is one of the best exchanges in the crypto market. I have been trading with them for a very long time. From the moment I came to them, they have grown a lot. I keep BIT, I have high hopes for it no matter what. I advise everyone to trade here, as this is the quality.
Source : ByBit Review 2023: Crypto Exchange Pros and Cons (tradersunion.com)
I registered here because I was interested in couples with a dollar. There is a good choice here. In general, it is clear that the company is ahead of the rest. This is noticeable both in terms of conditions and in terms of the quality of service. Not so long ago NFT was added. Now I am studying.
Source : ByBit Review 2023: Crypto Exchange Pros and Cons (tradersunion.com)
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