Bybit Review- Cryptocurrency Derivatives Trading Platform

bybit-review

What is Bybit?

ByBit is one of the fastest-growing crypto trading platforms, which its headquarter in Singapore and offices in Taiwan and Hong Kong. Bybit matching engine is capable of handling 100,000 TPS, so you don’t have to worry about overload issues, and offers low latency (1ms).

Update: In 2021, Bybit also launched the spot trading market.

With over 100,000+ users and multi-lingual support (English, Chinese, Traditional Chinese, Korean, and Japanese), Bybit currently is one of the top 3 cryptos derivatives exchanges.

Currently, Bybit offers two kinds of contracts:

  1. USDT perpetual contract: The margin used is USDT and it’s a linear contract. If you are trading in BTCUSDT, I recommend using this one for beginners.
  2. Inverse Perpetual contract: An inverse contract means if a trader would like to trade BTC/ETH/XRP/EOS contract, the underlying cryptocurrency has to be used as the margin to trade the respective contract.
contract

Currently following coins are available on Bybit for margin trading:

  1. BTC
  2. ETH
  3. XRP
  4. EOS
  5. USDT
  6. ADA
  7. UNI
  8. DOT
  9. BNB
  10. ADA
  11. DOGE
  12. BCH
  13. LTC
  14. SOL
  15. LINK
  16. Matic
  17. ETC
  18. FIL
  19. AAVE
  20. XTZ
  21. SUSHI
  22. XEM

We will dive deep into Bybit trading strategies in upcoming tutorials, for now, let us focus on the features and offerings of Bybit. This will help you understand what extras you could expect from this rising star.

Features of ByBit – What’s makes it special?

Unlike other margin trading exchanges, Bybit offers a minimalistic layout, but under the hood, it is packed with all those features which could help a trader like you or others to have a smoother trading experience.

In the next section, I have outlined some of the features of Bybit that you should know. As you start using Bybit, you will also be able to learn more features that I have skipped intentionally, for you to discover.

Concentrated exchange for high volume trading:

ByBit supports 24 high-volume cryptocurrencies for trading, which include BTC, ETH, BNB, SUSHI, DOGE, USDT, and many more. They recently introduced USDT perpetual trading, in which P&L is counted in USDT, and saves a lot of headaches.

Spot trading:

Even though Bybit was mostly a margin trading derivative platform, it silently launched the spot trading platform. At the time of writing this review, the number of available pairs on spot trading is limited, but they have decent volume.

Fiat Gateway:

bybit-fiat

You can buy Cryptos directly on Bybit using their Fiat gateway. This feature is enabled using Moonpay which is a 3rd party that provides payments infrastructure for crypto. However, to use this feature you need to do KYC with Moonpay.

High Leverage:

ByBit offers leverage up to 100X, this is the number of funds you could borrow from the exchange.

leverage

For example, if you opened a position of 100 USD, and you use 50X leverage, you would be able to trade a contract value of 5,000 USD. By the way, 100 USD in this scenario is called “Initial margin”.

Easy to use trading terminal:

Bybit offers one of the intuitive trading terminals, and if you are someone who is moving from an existing exchange like Bitmex or Binance, it would surprise you. Bybit trading terminal is powerful, as well as robust in features.

ByBit mobile app:

bybit-app

I have to admit, I tried the Bybit mobile app quite later after their web app, and was surprised by the simplicity and quality. It is by far a no-nonsense mobile app, with all the necessary features. While all similar mobile apps from other exchanges look busy, Bybit mobile app looks simple and easy to use. I will share a tutorial for the same in the coming days.

The mobile app is available for both iOS and Android.

No KYC required:

Bybit is one of the few high-quality No KYC exchanges, and you can signup from any part of the world unless you live in a sanctioned country or in the USA. USA users can use a VPN like NordVPN to access Bybit.

The signup process is fast, and you are also entitled to get a joining bonus, which I have explained in the further section of our detailed ByBit review.

Here are the best VPN for Bybit that you can choose from:

With No KYC account, you can withdraw up to 2BTC/Day, and if you want to withdraw more, you need to complete KYC on ByBit.

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