Bybit Review: Best Leverage For Futures Trading

Fees: 8
Accepted currencies: 9
Payment methods: 10
Security: 8

Overall Score: 9.5

Fees: Start at 0.1% per trade

Pros:
  • Low trading fees
  • Up to 100x leverage on margin trading
  • Excellent platform and mobile app
  • 24/7 customer support
  • Great referral and affiliate program
  • Generous VIP program

Cons:
  • No KYC
  • Limitations for withdrawals

What Is Bybit?

Bybit is a crypto exchange that aims to be the one-stop shop for everything crypto-related. This fast-growing Singaporean exchange was founded by industry experts and strives to provide the best customer experience on the market. For this Bybit review, we’ve discovered that the platform is incredibly user-friendly with its customized modules. You can also access it via phone, as it offers apps for both iOS and Android.

Here, you will also be able to trade more than 70 trading pairs, benefit from a 100x leverage on margin trading, and purchase cryptocurrency using 50 different FIAT currencies accepted on the platform.

Plus, its 24/7 customer support is extraordinarily helpful, and its promotions are more than tempting. So, without further ado, let’s discuss all the features Bybit has to offer.

How Bybit Works?

Bybit offers its users a way to purchase, trade, and earn cryptocurrency on the platform with ease. On Bybit’s platform, you can margin trade with your crypto, spot trade and leverage your cryptos. You can also gain early access to some new tokens through its Launchpad feature.

Bybit also offers its Trading Bot feature, which automates trading for you. If you’d like to invest in Bitcoin and other cryptocurrencies but aren’t sure where to start, automated trading can handle that for you. Plus, you can also rely on its Copy Trading feature to copy successful strategies from experienced traders.

Bybit trading platform is recognized as a one-stop shop for all things derivatives. Here you can trade perpetual contracts using either USDT or USDC as collateral, but you can also inverse perpetual contracts and futures. You can also trade options contracts with USDC as collateral.

Lastly, you can rely on Bybit to discover and purchase NFTs. In its marketplace, you will find digital art, collectibles, GameFi, and more.

Even if you have never traded before, Bybit has you covered. The Bybit Testnet will help new traders get a grasp on its key features, advantages, pros and cons, without having to make a deposit. This is an excellent opportunity for both beginners and experienced traders alike to get familiar with the platform and explore it before deciding whether it’s the right platform for them to rely on.

Earning Crypto on Bybit

Bybit doesn’t limit you to just trading on its platform. You can also rely on it to earn coins and tokens you are interested in by both holding and mining.

With the Bybit Savings feature, you can earn APY on BTC, ETH, USDT and other popular coins. Bybit offers a Dual Asset feature – a trading tool that will earn you higher returns when the markets aren’t as volatile as you’d hope for. All you have to do is predict how the asset will perform in a pre-set timeframe to earn returns on your capital, even when the market is not so favourable.

Bybit Launchpool allows you to earn new coins by staking. You can also rely on DeFi mining and Liquidity mining to earn more tokens.

Bybit Promotions

Bybit doesn’t shy away from offering promotions to its users. From the excellent Bybit VIP Program to the Rewards hub, Bybit has more than enough promotions to keep traders coming back for more.

The VIP program is a great way to get extra benefits when trading on the exchange. Benefits include lower trading fees, priority customer service, a dedicated account manager, and a higher daily withdrawal limit. Plus, there are exclusive events and access to insider information for VIP members.

Additionally, Bybit offers excellent affiliate and referral programs and an opportunity to become a Bybit broker and earn a rebate for promoting it.

Lastly, you can also visit its rewards hub and earn bonuses, coupons and cashback for completing simplistic tasks as you trade on the platform.

Bybit Trading Fees

Bybit has a somewhat complex trading fee structure. Namely, its users can be classified as either makers or takers, and fees are charged accordingly.

Since makers are the ones providing liquidity to the exchange’s operations, they are entitled to a rate that ranges from 0% to 0.1%, depending on the VIP level. In the meantime, takers, who squeeze the liquidity out, have to pay trading fees that range from 0.015% to 0.1%.

For Spot trading, both makers and takers pay a fee of 0.1%. Its P2P trading has no fees, but the Bybit exchange has a flat-rate fee of 0.1%.

Bybit also has a flat rate fee for withdrawing crypto from the exchange. Here is how much Bybit charges for withdrawals:

  • Withdrawal fee for BTC: 0.0005 BTC
  • Withdrawal fee for ETH: 0.01 ETH
  • Withdrawal fee for EOS: 0.1 EOS
  • Withdrawal fee for XRP: 0.25 XRP
  • Withdrawal fee for USDT: 10 USDT

Deposits and Withdrawals

At the moment of writing this review, Bitby allows several methods for deposit and withdrawals. Let’s get through them so that you can effortlessly start trading on this platform.

Bybit offers three different routes for purchasing crypto. You can buy it using your debit or credit card, through a third-party channel, or through a Bybit P2P network of traders. All fiat deposits are handled by its third-party partners, which are MoonPay, E-check, Simplex, Banxa, XanPool, Mercuryo, Legend Trading, and Capitual. After the purchase, it typically takes two to thirty minutes for the money to land in your wallet.

Starting a withdrawal is fairly simple. It takes no more than a couple of clicks with Bybit. Firstly, make sure your funds are in your Spot account. Note that withdrawal limits are based on the KYC level. Without KYC verification, you can request up to 2 BTC, while with the other two levels, you can request 50 BTC and 100 BTC.

In terms of Bybit withdrawal times, they are also reasonably quick. Depending on the network congestion, withdrawals will take between 30 minutes to an hour.

Customer Support

As with any other exchange, the quality of customer support is as important as the features it offers since you need to be able to reach it quickly in times of trouble.

The first stop for customer support is the help center, which is packed with useful articles and DIY solutions. However, if you cannot find the help you need, you can reach Bybit customer support through live chat, phone, or email. Customer support is available 24/7 in eight languages.

Bybit Review: Final Thoughts

Bybit is an excellent exchange for both beginners and experienced traders. However, the wide variety of options on the platform can be overwhelming, so check out some other crypto exchanges available in Canada.

Bybit offers a great selection of trading options, plenty of currency pairs to trade with, and a free-of-charge P2P network where you can swap tokens with other users. Lastly, unlike many other exchanges, Bybit has an exceptional VIP program that can help you trade with almost no fees, hefty welcome bonuses, and additional ways to earn crypto revenue.


FAQ

Is Bybit better than Binance?

There is no one-size-fits-all answer to the Bybit vs. Binance debate, as each user has their own preferences. That said, some may find that Bybit offers a more user-friendly experience, with an interface that is easy to navigate. Ultimately, the best platform for each user will depend on their individual needs and likes.

How do I cash out on Bybit?

To cash out on Bybit, you will need to first create a withdrawal request. To do this, log in to your account and click on the Withdraw tab. Select the currency and the amount you would like to withdraw. Double-check your information before submitting your request.

Is Bybit good for day trading?

Our Bybit review agrees with other online reviews that say Bybit is a good platform for day trading. Bybit is a derivatives exchange that offers perpetual contracts with up to 100x leverage. This makes it an ideal platform for users looking to take advantage of volatile market conditions.

bybit logo

Overall Score: 9.5

Fees: Start at 0.1% per trade

Milica Milenkovic
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