The tumultuous changes in technological advancements and business landscape have led to the birth of the concept of digital currency trading or rather crypto currency trading. The reason that prodded the invention of a decentralized exchange platform for digital currencies was to overcome the geographical, physical and practical barriers that were inherent to the conventional trading markets and indeed it has been quite a successful move welcomed by many. We will see Bybit Exchange review in detail in this article.
Over the past decade, the cryptocurrency market grew in size and popularity and while many different types of crypto currencies like Bitcoin, Litecoin and Ethereum are being introduced, the need for a digitalized exchange platform to effectively perform as a virtual marketplace for digital currency trading was required.
This led to the introduction and development of many decentralized digital exchange platforms and the ByBit Exchange happens to be one of these platforms that facilitate the trading and investment of cryptocurrencies.
Keep reading to learn more about this new and improved ByBit Digital Exchange and how it has revolutionized digital exchange platforms for cryptocurrencies.
What is ByBit?
The ByBit is clearly distinct from the other centralized exchange platforms as it went one step further from merely creating a platform that facilitated trading of cryptocurrencies by opting in to create a secure and user-friendly platform for the cryptocurrency future exchanges.
The ByBit platform’s ulterior objective is to create a fully decentralized digital ecosystem that allows for all the function and activities of a conventional investment market to be performed digitally albeit more easily. With that ambitious goal in mind, the ByBit Exchange set the stage for a cryptocurrency future exchange that is capable of facilitating the trading of futures, derivatives, margins, spot trading and so on.
The ByBit Exchange is also powered by the Blockchain technology with stringent controls in place that ensure greater safety and security in trading of cryptocurrencies, futures, margins and derivatives.
ByBit Exchange Overview
With regard to the history and the overview of this amazing ByBit exchange, it was initially founded in 2018 and within a timespan of just two to three years it has made its mark in the market for the cryptocurrency exchange by being a trusted, reliable and user friendly exchange.
ByBit Exchange has its headquarters in Singapore. It operates with a company name of ByBit Fintech Limited in the official records. ByBit Fintech limited is a British Virgin Island registered company. ByBit Exchange has also joined hands with tech developers and experts from China, Korea, Japan, and Taiwan.
The ByBit Exchange was founded by a dynamic team of experts in the digital investment market and is currently headed by Mr. Ben Zhou, the CEO and co-founder of ByBit who along with his dedicated team of professionals have been working tirelessly in driving the ByBit Exchange to its peak of success.
ByBit Exchange Review
This highly dynamic and efficacious venture of establishing a decentralized exchange platform that facilitated advanced investments and digital trading in futures, derivatives, spot and margin trading launched in 2018 by the name of the ByBit Exchange has been quite a hot topic in the world of investments.
The ByBit Exchange revolutionized the digital exchange platforms by introducing greater speed and efficiency in their transactions, increased confidence and security and greater transparency which has enabled it to gain an impressive rating of 4.5 stars at the Cryptowisser ByBit Exchange review 2021.
The HedgewithCrypto reviews on the ByBit Exchange review ranked the ByBit Exchange with a rating of 4.9 stars and apart from these, on average the ByBit Exchange reviews have ranked well above the average of 3 stars and have been recommended and trusted by the investors and public at large.
The ByBit Exchange overview seems to have achieved great heights within a short timespan as most reviews have aligned the ByBit Exchange with its larger, well established competitors such as BitMEX and DeriBit.
User Interface and User Experience
According to published user reviews and general user views, ByBit is well-renowned for providing its users with an enhanced user experience centered on improving the speed of transacting, ability to process multiple request orders simultaneously and an interactive and user-friendly layout.
ByBit also allows you to easily manage your next target and stop loss by clicking the pencil button next to your position. This is very useful in helping the users manage their loss.
All in all, ByBit has been successful in creating a decentralized exchange with a convenient and user-friendly interface that has contributed to its rapid growth in users and popularity.
Ease of use
With regard to the ease of use, the ByBit Exchange reviews have pointed out quite often that the ByBit Exchange is indeed one of the most convenient and easily accessible platforms for cryptocurrency future trading.
What sets the ByBit Exchange apart from the rest is its astounding speed of processing transactions. The ByBit Exchange can handle up to a good 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 moves fast.
Trading on ByBit is also quite simple to get started with because it allows for trading with margin and if you’ve got some cryptocurrency it allows you to even apply a leverage of 100X which gives users the opportunity to make massive profit with a small deposit. Most experienced users as well as newbies have voted the ByBit Exchange as one of the easiest digital platforms to use and invest.
The ByBit Exchange ensures all the requirements, queries and questions of its users are responded to and addressed on a timely basis. It provides 24/7 customer support via the live chat option and what’s more, customer service and chat support is offered in multiple Languages, not just English as most Digital Exchange platforms do.
The customer service team at ByBit Exchange is a highly professional and well knowledgeable team and no major instances of customer complaints or customer dissatisfaction with regard to the ByBit Exchange platform has been brought to light.
However, on the downside customer support via the voice call option is available on the ByBit exchange.
ByBit offers quite reasonable fees in comparison to other crypto exchanges in the industry as its fees are offered by a maker-taker fee structure.
Generally, takers are charged 0.075% per order which is quite a fair deal. On the other hand, for makers the fee is at 0.025% which is quite enticing for the makers because assuming you get into a cryptocurrency purchase transaction for USD 1000, you will only need to pay USD 997.5.
When withdrawing cryptocurrency from the ByBit trading platform, you will have to pay 0.0005 BTC which is reported to be around 40% lower than the global industry average withdrawal fee of Digital currency exchanges and thus makes a very competitive withdrawal fee.
Pros and Cons of the ByBit Exchange
Just like any other digital exchange, ByBit Exchange too has its own advantages and drawbacks.
When we gloss over the pros of the ByBit exchange, it has many benefits to offer to its users ranging from competitive fees structures, ability to provide a leverage of up to 100 times which is not an easily available option in other Exchanges such as BitMEX, compatibility with a wide range of devices including PCs, laptops and mobile phones, quick customer support and a user-friendly interface.
Apart from these clearly evident advantages, ByBit also prides itself on being the pioneer for revolutionizing convenient and favorable options for trading in perpetual contracts and also offers added security and protection from hackers by storing its wallets offline in a secure cold storage solution.
With regard to the drawbacks of the ByBit Exchange, since it is a relatively newer exchange there are still some issues regarding the ability to trust and place confidence in the ByBit Exchange that lingers at the back of the minds of most users. Also, the greater flexibility in trading options including the leverage of 100x can sometimes do more harm than good especially if you are not an experienced cryptocurrency trader. Therefore, newbies might want to steer clear from ByBit to avoid making thumping losses. The lack of a voice call option has also been a concern of some users.
All in all, the ByBit Exchange does have its fair share of limitations but according to the user reviews and case studies, most users are prepared to overlook the little nuances in the ByBit Exchange since the benefits have much more to offer.
What Features Make ByBit Unique?
In order to make it to an Alexa rank of 12,035 by surpassing its larger, well-established competitors like BitMEX, the ByBit Exchange would surely have to have a unique selling point. Interested to find out about what makes the ByBit Exchange unique and better than the rest? Keep reading!
High Volume Trading Exchange
Here’s the scoop, the ByBit Exchange’s systems are well geared to handle up to 100,000 transactions per second and the system does not freeze or get locked out due to overload of transactions. This issue of system freeze due to high traffic is quite a common problem in most Digital currency exchanges including ByBit’s main competitor, the BitMEX Exchange. Having a smooth functioning and high-performance systems offers a great competitive advantage to ByBit as it prevents the users from making thumping losses if the prices move rapidly or trading while the platform is overloaded.
Irrationally High Leverage Multiples
The ByBit exchange provides leverage of 100:1, which is a very competitive mark that puts the company up against already established and reputable exchanges, like BitMEX. It is utilizing perpetual futures products, which are basically futures contracts without a date of expiry thus allowing the traders to hold its position almost indefinitely. ByBit prides itself on offering leverages up to 100:1 which provides well experienced traders with the opportunity to make massive gains at a relatively low deposit.
Easy to use Trading Terminal
The ByBit Exchange has been constantly praised for having a user-friendly interface that can be easily comprehended and accessed by even a first-time user quite well. The registration process, fund deposit and withdrawal process and trading via the ByBit Platform is quite easy compared to most other exchanges.
It also offers one of the best charting interfaces with access to advanced technical analysis tools and features that aids easy use and navigation of the ByBit Exchange seamlessly.
ByBit Android and iOS Apps
The ByBit exchange can be accessed from your PC, Laptop or even mobile phone which overcomes one of the greatest barriers of conventional investment markets; ease of access and flexibility.
ByBit has a mobile trading app for Android and iOS smartphones that can be downloaded from Play Store and the Apple Store respectively. Trade freely wherever you go and whenever you feel like it with the ByBit trading app on your mobile phone.
Does ByBit require KYC?
The requirement of the KYC or Know your customer regulation is prevalent in most trading markets as it requires the verification of the identity of the individuals to be disclosed perhaps due to various reasons such as security reasons, company and legal policy and so on.
However, the ByBit Exchange does not require a KYC since it is not regulated in any country and therefore, there is no requirement for KYC in signing up for trading on the ByBit Exchange.
Hedging in ByBit
Hedging in Layman’s terms is simply about opening multiple positions using the same instrument. Hedging is one of the more advanced trading modes that is commonly pursued by investors with high risk appetites.
At present, the ByBit Exchange platform does not support internal hedging positions. However, If you have an existing position, any orders from the opposite direction will close off the existing position once the order gets filled.
Is ByBit Legit & Regulated?
ByBit is a legitimate crypto trading exchange operated by ByBit Fintech Limited. The company is based in Singapore and registered in the British Virgin Islands.
However, the ByBit crypto exchange is currently not regulated in any country.
Can US Citizens use ByBit?
While the ByBit currency exchange is used in many countries, US Citizens are unfortunately restricted from using ByBit.
What countries can use ByBit?
ByBit is allowed in most countries except in the United States of America, Québec, Singapore, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan, China, Hong Kong, Macau and Taiwan.
The ByBit Exchange primarily caters to the Asian market and in recent times, they have started moving their focus towards the growing demand for cryptocurrency future exchanges in the European market as well.
What are ByBit Fees?
ByBit Exchange has a fairly simple and reasonable fee structure for its perpetual trading options. The Makers are provided a rebate of 0.025% while the takers are charged a fee of 0.075%. Spot trading fee rates are generally priced above 0.2%. These tend to be between 3-to-15x higher than that of perpetual contract trading.
The ByBit Exchange uses a very straightforward formula as illustrated below to determine its trading fees as follows;
- Fee to Open or close = (Contract Quantity / Entry or Exit Price) x Trading Fee Rate
If you know the details of the contract quantity, entry and exit prices as well as the trading fee rate you can simply calculate your fee to open or close a position on the ByBit Exchange. ByBit Exchange is very transparent with the fees charged and you can rest assured that there are no hidden fees involved.
ByBit Trading Competition
The ByBit Exchange has always been on the forefront of hosting trading competitions which has kept their users as well as other crypto currency traders excited and happy at the prospect of making great profits.
For a recently launched business, the ByBit Exchange has been constantly engaging in conducting competitions with the best prizes and what’s more, many notable personalities in the Investment sector as well as celebrities have been part of ByBit Exchange’s trading competitions.
The ByBit Exchange hosted its WSOT Competition at the end of July which turned out to be a great success with many enthusiastic crypto currency traders who threw their hats in the ring in the hope of securing the best P&L ratio and of course, the prize money which was around $2.4 million. This event was also attended by many famous people such as the Youtuber Jason Appleton and poker star Doug Polk.
And here’s some exciting news for those keen to be part of the ByBit Exchange’s competitions. Due to the massive success in the competitions organized early in June 2020, the management of the ByBit Exchange has decided to continue the event twice in a year going forward!
How does ByBit Leverage work?
The ByBit Exchange offers its users a 100x leverage. A margin of only 1% will be required as the initial notional amount. And here’s the scoop, you can even adjust the leverage after opening a position, which is not offered by many other digital exchanges.
Each perpetual contract on the exchange is priced at just 1 USD. ByBit also offers futures contracts on Ripple and EOS with leverage of 25x.
If you are trading in large volumes and entering sizable positions, the leverage could be less. As your position size increases, your initial margin also increases. However, the maintenance margin is 0.5% for contracts irrespective of their size.
Isolated Margin and Cross Margin
The ByBit Exchange offers both Isolated margin and cross margin options for trading.
In general terms, an isolated margin is where a margin assigned to a position is restricted to a certain amount. If the margin falls short of the Margin maintenance level, the position will be liquidated.
Isolated margin mode helps one separate the margin placed into a trading position, to be separate from their account balance. Bybit allows you to use isolated margin if you want to take advantage of it.
Isolated margin mode helps you in controlling your risks, since the max dollars you stand to lose in liquidation is the initial margin from that trading position. Isolated margins are generally considered a safer and risk averse method of trading.
On the other hand, cross margins are where rather than a specific and narrowly defined asset being set up for margin trading, here you can make use of all the assets in your ByBit balance account as an open position.
ByBit will automatically adjust the margin for you, in order to prevent liquidation.
Cross Margin is the default option that is used automatically when a position is taken without leverage.
What Is ByBit Isolated Margin Mode?
With the ByBit Exchange, you are free to choose between an Isolated margin and a cross margin mode. With an Isolated margin, your open position will be restricted to a certain level.
Generally Isolated margins are the preferred mode since the risk of liquidation is controlled to a certain limit and you can easily adjust your preference for the Isolated Margin mode on the ByBit platform by adjusting the leverage bar using the “Position Box” located in the trading panel.
What Is ByBit Cross Margin Mode?
The ByBit Exchange offers the option to choose between an Isolated margin or a cross margin and you are free to adjust your preferences as you wish on your trading portal.
While some may view, Cross margins as a high-risk approach, high risks always ensue great returns. If you’re an expert in crypto trading or wants to let your daring side get the best of you, then the cross-margin mode would be best.
In a manner Similar to the adjustment made to opt in for an Isolated margin, you can easily adjust your preference for the Cross Margin mode on the ByBit platform by adjusting the leverage bar using the “Position Box” located in the trading panel.
Is ByBit Safe?
Safety and security are one of the main concerns that users lookout for before deciding to trade over a particular digital currency exchange as the presence of a fully virtual setup comes with its fair share of risks from issues of cyber security, leaking of confidential data and the ever present threat of hackers tampering with the system. The ByBit Exchange, being a crypto currency exchange is open to these risks, but it has the most stringent controls in place to ensure the safety and security for its users.
ByBit is indeed a highly secure leveraged trading platform that features security measures similar to those adopted by a bank and operational procedures to ensure clients funds are kept safe. Offline cold wallet storage, multi-signature withdrawal process and Two factor authentication are examples of the safety measures in place.
And ByBit has also never been hacked in the past or reported any serious issues relating to breach of safety, security and confidentiality of its users and their accounts and the details it entails.
How can you withdraw money from the ByBit Exchange?
The process of withdrawing money from your ByBit Exchange account follows quite a simple process. Before attempting to withdraw funds, ensure that you have linked your withdrawal wallet address to your ByBit account. Follow these steps and you can initiate the request to withdraw money from your ByBit Exchange account.
Step 1: Go to the Assets section of your ByBit Trading portal page, select the “withdraw” option on the choice of currency you wish to withdraw.
Step 2: On the withdrawal pop-up window, you need to check the amount that can be withdrawn from your account and also cross check if you have adequate funds to meet the withdrawal limit.
Step 3: Next, you can either select the amount you wish to withdraw or select “All” if you wish to withdraw all the money.
Step 4: Now you can click on the ‘Wallet Address’ and pick the address of your receiving wallet.
Step 5: After clicking the ‘Submit’ button, you will be directed to a different web page from which you can receive your Google Authenticator 2FA security code.
Step 6: Once the 2FA code has been verified, an email with the details of your withdrawal request will be sent out to the account’s registered email address. Please click on the verification link button to verify your withdrawal request.
Step 7: ByBit will now process your withdrawal request and you will now be able to receive your money. Also remember, that ByBit processes all withdrawal requests thrice a day at UTC Time 0800,1600 and 2400. The cut-off time for withdrawal requests will be half an hour before the scheduled withdrawal processing time.
Follow the simple and easy steps outlined above in order to successfully withdraw money from your ByBit Exchange account.
ByBit Withdrawal Fees
There is a minimum Bitcoin network fee charged for withdrawing funds from the ByBit Exchange which is determined by the blockchain network load which is typically around 0.0005 BTC. Depending on the crypto currencies withdrawn the fees too will differ as shown below.
How long do ByBit withdrawals take?
The ByBit Exchange processes all withdrawal requests 3 times a day at UTC Time 0800,1600 and 2400.
The cut-off time for withdrawal requests will be 30 minutes before the scheduled withdrawal processing time.
What coins are on ByBit?
The ByBit Exchange allows for trading of perpetual contracts based on a wide range of cryptocurrencies and coins including BTC, ETH, XRP, EOS, BTC, ETH, LTC, XTZ, and LINK perpetual contracts.
Who owns ByBit?
The ByBit Exchange is a privately held company that is backed by Venture capitalists. Ben Zhou remains the co-founder and CEO of the ByBit Exchange since inception and well-renowned venture capitalist firms including Dragonfly Capital Partners, Peak Global Investments and Univalues Associates have a minority stake in the ByBit exchange.
How can I use ByBit from USA?
USA is one of those countries that are banned from trading on the ByBit Exchange. However, here’s the catch, you can simply use a VPN and start trading on the ByBit Exchange. The use of a VPN will divulge the fact that you are connected from the USA. This is a slightly riskier option but with the right VPN that covers your tracks, you can trade freely on the ByBit Exchange even from the USA.
Read our list of Crypto exchanges you can use as an US Citizens or Residents.
Takeaways – ByBit Exchange Review
The key Takeaway point in the ByBit Exchange review is that it is one of the best Exchanges that provides a platform that facilitate the smooth, easy and affordable trading of cryptocurrency future exchanges particularly perpetual contracts with up to a leverage of 100x that is not offered by any other crypto exchange.
This platform also facilitates trading of contracts using a wide range of currencies including the famous Bitcoin and Ethereum.
The ByBit Exchange is also one of the safest and secure exchanges for trading of cryptocurrency futures due to its cold storage solution and other stringent quality measures.
If you haven’t tried your luck on the ByBit Exchange platform yet, hurry now and reap the benefits it has to offer you.
I am a data analyst by profession who loves to crunch numbers at daytime and come home wondering how my passive income numbers for the day look like. I believe in being rich rather than looking rich. Follow me for Cryptocurrency, FIRE, Personal Finance, Credit Cards and Digital Nomad updates