Bybit Review | Is it Still the Best Crypto Exchange - Is it Safe? (2020)


ByBit is a cryptocurrency derivative exchange that launched its services at the end of 2018.

The exchange gives traders the ability to trade Bitcoin and Ethereum perpetual contracts with up to 100:1 leverage. In their short time in operation, the exchange has managed to build up sizable liquidity.

Bybit is a crypto exchange from the British Islands. It is a crypto derivatives exchange, focusing on the trading pairs BTC/USD and ETH/USD. You can trade with as much as 100x leverage on these assets. 

Bybit’s matching engine is allegedly capable of up to 100,000 TPS (Transactions Per Second) which is incredibly impressive and a great future for anyone interested in leveraged trading. We say “allegedly” as there is no way for us to verify this information, not because we mistrust in any way.


What is Bybit Exchange?
Launched as recently as 2018, Bybit is a third-party exchange that specializes primary in crypto-to-fiat perpetual contracts.


For those unaware, a perpetual contract operates in the same way as a conventional futures contract, insofar that it allows you to speculate on the future price of an asset. However, the key difference is that unlike a traditional futures contract, perpetual contracts never expire. In this sense, it is very similar to an ETF.

Nevertheless, the Bybit platform currently supports four specific derivative markets. Notably, this includes Bitcoin, Ethereum, Ripple and EOS – all of which are paired against the USD.

The team at Bybit – which is led by CEO Ben Zhou, claims that the exchange platform is able to facilitate up to 100,000 transactions per second, with each trade being executed within 10 microseconds.

What is about ByBit Exchange?
ByBit is a cryptocurrency derivatives exchange, which has its headquarter in Singapore and the company operating the exchange is registered in the British Virgin Islands. The exchange is offering its service since March 2018.

The founding members of the team include professionals from the forex, investment banking industry and all of them are blockchain enthusiasts who adopted the technology early. The technological team has been working for such companies as Morgan Stanley, Tencent, Ping’an Bank and Nuoya Fortune in the past.


ByBit’s co-founder and current CEO is Ben Zhou a crypto and forex expert from Singapore. Prior to taking up the lead of ByBit, Zhou has been working as the China general manager at a forex and CFD trading platform for a couple of years. If you can want to speak directly to the CEO, ByBit encourages users to reach him on Twitter, where he directly responds to the user’s questions.

The company is actively spreading information on various social media channels. Beyond the CEO, you can also find the company as well on Twitter to get official updates from the platform. On its own Reddit thread, you can also find they’re regularly updating content and ask them questions about their services too here.

You can get notifications from their Facebook posts and follow their blogs on Medium and Steemit. If you prefer video walkthroughs, on Youtube you can find several guides about how to use the platform. The most useful information came through their Telegram Trading Chat, here you can find tips, best practices, and interviews as well.

Is ByBit Safe?
This is one of the most important questions that any exchange user will have. This is especially true when it comes to a new exchange with no established security track record to turn to.

As such, when we look into the safety of an exchange, we are interested in their security policies as it pertains to their coin management, user security tools and of course risk management.


How Does ByBit Work?
Understanding at least the fundamentals of this type of crypto trading is a must, as ByBit does expect its users to be familiar with the terms such as “derivatives”, “leverage”, and “perpetual contracts”. What it does is to provide traders with an accessible environment in which the derivatives are tied to cryptocurrencies and made available for trading based on the available leverage.

Perpetual futures contracts are used in a manner similar to what one does with standardized futures contracts, meaning that they represent agreements to trade with an asset or currency (or any other instrument) at a predefined price at particular time in the future. This allows the users to try to profit from speculating on the prices one of these assets may actually have in the future. Yet, unlike what is found with traditional futures contracts, their perpetual contracts will never expire.

ByBit specialized in linking the cryptocurrency world with that of their fiat counterparts, with the platform offering support for four markets at the moment. The supported cryptocurrencies are Bitcoin, Ethereum, EOS, and Ripple, with USD serving as the second component of all of their pairings.

To support more convenient trading for its customers, ByBit also offers an option to exchange coins directly on the platform, with any of three currencies currently being supported for this type of operation - ETH, EOS, and XRP. Yet, as of October 2019, Bybit does not provide exchange service between fiat currencies and cryptocurrencies.

How Does ByBit Support Leverage Trading?
ByBit supports leverage trading based on the value of the derivative you want to use for trading. It is a bit riskier option, best left to more experienced traders who will learn to appreciate the platform’s offer to trade their BTC/USD and ETH/USD pairs at the value which goes up to 100x. The combinations involving EOS and XRP offers leverage going to 25x at maximum, which is still an attractive option. At the moment, the platform offers higher leverage compared to Kraken or Binance, which is telling a lot about its ambitions.

The platform also features risk limit schemes for the derivatives in four main supported currencies, allowing for the reduction in limits. Expenditures related to financing are covered by the interest rates and calculated premiums and discounts. ByBit implements the market maker/taker approach to its pricing, meaning that the level of fees you pay in terms of derivatives depends on your capacity to support the platform’s liquidity. In this case, a market maker will have the right to a rebate (at the rate of 0.025% for each trade). Otherwise, regular traders will be required to pay 0.075% per trade.



ByBit Fees

For deposits, ByBit does not charge any fees, though you will need to pay the standard mining fee associated with the underlying blockchain.

Similarly, ByBit doesn’t charge any specific withdrawal fee beyond a standard network fee, which is currently set at 0.0005 BTC, 0.01 ETH, 0.25 XRP or 0.1 EOS. 

When it comes to trading fees, ByBit keeps things extremely simple, which makes it an ideal exchange for those that are unfamiliar with how fee calculations work.

Keeping it clear-cut, ByBit simply charges a 0.075% fee for trades that reduce liquidity (takers) and provide a 0.025% rebate for trades that add liquidity (makers). 

Beyond this, ByBit also applies a position funding fee, which is exchanged between the long positions and the short positions on the platform.


Deposits and Withdrawals at Bybit
First and foremost, Bybit does not have any relationship with fiat currency, meaning that you will need to fund your account using one its supported cryptocurrencies. This includes BTC, ETH, EOS and XRP.

Other than the respective blockchain mining fee, you will not be charged anything to deposit or withdraw funds.

While there are no minimum deposit amounts, Bybit has installed a minimum withdrawal amount on each of its four support coins, which we’ve listed below.


  • Bitcoin: 0.0005BTC
  • Ethereum: 0.01ETH
  • EOS: 0.1EOS
  • Ripple: 0.25XRP


Take note, Bybit does not implement any KYC (know-your-customer) controls. As such, you won’t be required to provide the exchange with any identification documents and as such, you can start trading as soon as you open an account and make a deposit.

What Is the Performance Like?
ByBit clearly wants to keep the door open for various trader profiles, from small-time retailers to the organized big-time investors. To achieve this, it had to build a solid performance infrastructure, with the promise of supporting theoretical 100,000 transactions per second. Paired with the fact that every single trade is executed at 10-microsecond intervals, one can easily see that ByBit can deliver the goods in the segment of its technological robustness.

Yet, the team behind it promises not to stop at this level, as its tech and engineering experts constantly work forex and blockchain professionals to keep the performance levels in the line with the growth of the platform’s customer base.


ByBit Customer Support
One time during a $1000 Bitcoin move my order had a $40 slippage (this has only happened once) and they actually refunded the difference for me - honestly, no other exchange will ever do that for you.
Bybit claims to be listening and caring crypto exchange, with a motto “we listen, we care, we improve”, and it provides a variety of communication channels to back that claim. You can reach out to the company’s support team through a live chat feature located at the bottom right corner of its website.

Alternatively, you can send Bybit an email at support@bybit.com. To show their transparency, you can also directly talk to the company’s CEO on Twitter. He’s active on the platform daily, and his handle is @ben_bybit. Other social channels for Bybit include Facebook, Twitter, Reddit, Telegram, Youtube, Medium, and Instagram.


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