ByBit (Crypto Derivatives) Review

Founded in 2018, ByBit is a P2P cryptocurrency derivatives exchange, with more than 1.2 million registered users. They offer perpetual contracts similar to BitMEX, and their crypto-asset index contains BTC/USD, BTC/USDT, ETH/USD, XRP/USD, and EOS/USD.

BYBIT REVIEW AT A GLANCE

■ TYPE: P2P CRYPTO DERIVATIVES TRADING

■ WALLET: YES {COLD STORAGE SYSTEM}

■ HEADQUARTERS: BRITISH VIRGINIA ISLANDS & SINGAPORE

■ ONLINE SINCE: 2018

■ CUSTOMER SERVICE: 24/7 via EMAIL | LIVE CHAT

■ LANGUAGES: ENGLISH, RUSSIAN, CHINESE, KOREAN, and JAPANESE

 

► Visit the ByBit Exchange

INTRODUCTION TO THE BYBIT DERIVATIVES EXCHANGE

Bybit Fintech Limited is a company registered as a money services business with FINTRAC (registration number M20624645). The company offers perpetual contracts on crypto-assets by allowing trading leverage up to 100:1. ByBit is a direct competitor to Bitmex.

■ SUPPORTED COUNTRIES: MANY COUNTRIES, BUT NOR UNITED STATES NEITHER CANADA (QUEBEC)

 

BYBIT FUND METHODS AND FEES

ByBit does not accept funding an account via FIAT currencies, they only accept deposits via Bitcoin, Ethereum, Ripple, and EOS to start trading.

□ FUNDING METHODS:

• only Bitcoin, Ethereum, Ripple, and EOS
• no FIAT
• 0.0005 Withdrawal Fee

Traders can always refer to the Insurance Fund on ByBit official website. It will display the current balance of the Insurance Fund as well as all inflows & outflows.

 

BYBIT TRADING FEES

For every executed order, there is a Trading Fee incurred. A trading fee is deducted from the account balance, it does not affect the initial margin of the order

• Market Makers who provide liquidity and increase the market depth of order book will receive a rebate (negative trading fee) from Bybit

• Market Takers who seek liquidity and take liquidity off the book immediately will be charged a trading fee (positive trading fee).

• +0.075% Taker Fee
• -0.025% Maker Fee

Perpetual (Inverse) Contract Fees, Rebates, and Highest Trading Leverage

Perpetual Contracts (Inverse)	Maker Rebate	Taker Fee	Trading Leverage
BTC/USD	-0.025%	0.075%	100x
ETH/USD	-0.025%	0.075%	50x
XRP/USD	-0.025%	0.075%	50x
EOS/USD	-0.025%	0.075%	50x

 

Bybit Margin Systems

• Isolated Margin mode

The maximum amount a trader would lose from liquidation is limited to the position margin placed for that open position.

• Cross Margin mode

The cross margin mode uses all of a trader’s available balance within the corresponding trading pair coin type to prevent liquidation.

 

BYBIT CRYPTO ASSET INDEX

□ BITCOIN (BTC) against USD and USDT

□ ETHEREUM (ETH) against USD

□ RIPPLE (XPR) against USD

□ EOS (EOS) against USD

 

BYBIT PLATFORM AND TECHNOLOGY

ByBit argues that it can handle 100,000 TPS (transactions per second). These are some key features:

Key Features

• Smart Trading

Set up take profit/stop loss and adjust your trading orders with just a click.

• Cold Wallet

HD cold wallet system improves the security of the trader's funds.

• 100K TPS Matching Engine

Avoiding trading-order overloads.

• Dual Price Mechanism

Bybit uses a dual price mechanism as the contract reference price. This is happening in order to prevent price manipulation.

• Auto Margin Replenishment

You can choose whenever your margin is close to being depleted, to automatically draw on your funds to keep your position open.

• Powerful API - Market Data Pushed Every 20ms

Conduct high-frequency trading with ByBit API.

► Visit ByBit Crypto Exchange

Trading Bonuses

These are the available ByBit bonuses at the time of the review:

• Deposit a minimum of 0.5 BTC and receive $50
• Deposit a total of 1 BTC and receive $20
• Use a Take Profit and a Stop Loss and get $5
• Fill out a survey and receive $5
• Trade 10 days in a row and get $5
• Follow their Twitter channel and receive $5

 

POSITIVES OF BYBIT REVIEW

(√) Large exchange with over 1.2 million registered users

(√) Multi-featured platform

(√) There is no KYC required to start trading on Bybit

(√) Their engine can handle 100,000 TPS (transactions per second)

(√) Available bonuses

(√) Invested in security (Cold storage, etc.)

(√) 24/7 responsive customer support (live chat with email support)

 

NEGATIVES OF BYBIT REVIEW

(x) A limited number of cryptocurrency pairs

(x) Perpetual contracts are very risky for non-experienced traders

(x) Headquarters in BVI, not many years in the market

(x) Bybit does not accept funding your account via a fiat currency

 

 

BYBIT REVIEW CONCLUSIONS

ByBit is one of the leading crypto derivatives exchanges. The company is headquartered on the British Virgin Islands and has an office in Singapore. ByBit offers perpetual futures products with 100:1 leverage on several crypto assets (BTC, ETH, XRP, EOS). The contract model of ByBit is almost identical to the BitMEX perpetual contract model.

ByBit trading engine can handle 100 transactions per second, and they have built a model for preventing execution delays and price manipulation. Their platform is multi-featured and easy to use.

Bybit does not accept funding your account via a fiat currency, and they solely offer the ability to deposit Bitcoin, Ethereum, Ripple, and EOS to start trading. Their fees are relatively normal and they offer trading leverage up to 100:1 for BTC and 50:1 for other crypto assets. In addition, they offer several bonuses such as 'Deposit a minimum of 0.5 BTC and receive $50'.

Overall, ByBit is for highly-experienced crypto traders, NOT for inexperienced traders. Trading using leverage on high volatility-markets such as the cryptocurrency market is extremely risky. ByBit is a good choice for professional traders who can use perpetual contracts for hedging their existing positions.

 

■ ByBit Review

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