ByBit Review

ByBit Review


What is Bybit?

Bybit is a cryptocurrency exchange that allows users to trade Bitcoin, Ethereum, EOS, and XRP. It was founded in 2018 and is headquartered in Singapore. It has quickly gained popularity among crypto traders due to its fast and reliable platform, as well as its low fees and high liquidity.

Why choose Bybit?

There are several reasons why someone might choose it as their preferred crypto trading platform. Firstly, it has a user-friendly interface that is easy to navigate, even for beginner traders. The platform also offers a range of advanced trading tools, including charting tools and market analysis tools, which can be useful for more experienced traders.

In addition, there is a strong focus on security, with measures in place to protect user accounts from hacking and other security threats. The exchange also offers 24/7 customer support, which can be useful for users who encounter any issues or have questions about the platform.


How to create an account on Bybit?

Creating an account is a straightforward process. Simply visit their website and click on the “Sign Up” button.

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You will be prompted to enter your email address and create a password. Once you have completed this step, you will need to verify your email address by clicking on the link in the verification email that Bybit sends you.

After you have verified your email address, you can log in to your account and begin trading. However, if you want to deposit funds into your account, you will need to go through the verification process first. This involves uploading a copy of your government-issued ID and a selfie to confirm your identity.

How to deposit funds on Bybit?

Depositing funds on Bybit is easy.

Simply log in to your account and click on the “Deposit” button. You will be presented with a list of supported cryptocurrencies, and you can select the one you want to deposit.

The exchange will provide you with a unique deposit address, which you can use to send your cryptocurrency from your external wallet to your Bybit account.

It is important to note that it only supports deposits in cryptocurrency, and does not accept fiat deposits. This means that you will need to purchase cryptocurrency from an external exchange or wallet before you can deposit it on Bybit.


What are the different features of Bybit?

Bybit has a range of features that can be useful for crypto traders. Some of these features include:

  • Leverage: it offers leverage of up to 100x on certain pairs, which allows traders to take larger positions with a smaller amount of capital.
  • Short selling: it allows users to open short positions, which allows traders to profit from falling prices.
  • Multiple order types: it supports various order types, including market orders, limit orders, and stop-loss orders.
  • Mobile app: it has a mobile app that allows users to trade on the go.

What deposit bonuses does Bybit have?

Bybit currently offers a range of bonuses for users who deposit funds onto the platform. These bonuses include:

  • First deposit bonus: Bybit offers a 10% bonus for users who make their first deposit onto the platform. This bonus is automatically credited to the user’s account and can be used to trade on the platform.
  • Referral program: Bybit has a referral program that allows users to earn commissions by inviting their friends to join the platform. When a user invites a friend to Bybit, they will receive a commission based on the friend’s trading volume.
  • Trading contests: They regularly run trading contests that offer prizes to the top traders on the platform. These contests are open to all Bybit users and offer a chance to win cash prizes or other rewards.

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What are the fees of Bybit?

Bybit charges a trading fee for each trade that is executed on the platform.

The trading fee is based on the user’s 30-day trading volume and ranges from 0.025% to 0.075%. They also charge a withdrawal fee for each withdrawal that is processed. The withdrawal fee varies depending on the cryptocurrency being withdrawn and is listed on their website.


How can I open a LONG or SHORT position, and how can I change the leverage?

To open a long or short position on Bybit, users need to go to the “Trading” tab on the platform and select the desired cryptocurrency pair.

From there, users can enter the amount of cryptocurrency they want to trade and choose whether they want to open a long or short position.


Bybit allows users to change the leverage on their positions, which determines the amount of margin they need to hold in their account.

To change the leverage, users can click on the “Leverage” tab on the trading page and select the desired leverage level. The maximum leverage available varies depending on the cryptocurrency pair being traded.

Withdrawal Limits

Bybit has a minimum withdrawal limit for each cryptocurrency that is listed on the platform.

The minimum withdrawal limit varies depending on the cryptocurrency and is listed on the Bybit website.

Users can withdraw an amount equal to or greater than the minimum withdrawal limit. There is no maximum withdrawal limit.

ByBit vs Binance

Bybit and Binance are two of the most popular cryptocurrency exchanges in the market. Both platforms offer a wide range of cryptocurrency pairs and have a strong focus on security. However, there are some differences between the two platforms that traders should be aware of.

One major difference is the fee structure. Bybit charges a trading fee based on the user’s 30-day trading volume, while Binance charges a fixed trading fee that varies depending on the user’s payment method. Bybit also charges a withdrawal fee, while Binance does not.

Another difference is the range of features offered by the two platforms. Bybit offers leverage of up to 100x on certain pairs and allows users to open short positions, while Binance does not offer leverage or short selling. Binance, on the other hand, has a wider range of order types and offers more advanced charting tools than Bybit.

bybit vs binance



In summary, Bybit and Binance are both strong contenders in the cryptocurrency exchange market, and the best choice for a trader will depend on their individual needs and preferences. Both platforms have their own strengths and weaknesses, and traders should carefully consider which platform is the one that they want to be using.


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