Broker Review Contents
Bybit is a cryptocurrency exchange which was established in 2018. Traders can access a wide range of products in a variety of markets, including spot and futures.
Browser based platform and mobile apps for iPhone, Android, and tablets are among the online trading platforms offered by Bybit.
Bybit is a spot and derivatives cryptocurrency exchange. This means that Bybit offer products suitable for both investors and speculators. When you trade the spot market you own the actual coins which you buy and sell. Derivative markets allow you to speculate and trade on the price of a coin without owning it.
A minimum deposit of 1$ is required for a live account. Bybit, on the other hand, provides a free demo account that you may utilize to experiment and familiarize yourself with their platform. They aren’t currently regulated. They were established in 2018 and their head office is in Singapore.
Before we get into the specifics of their spreads, fees, platforms, and trading tools, you might want to open the Bybit website in a new tab by clicking the button below to get the most up-to-date information directly from the company.
Disclosure: If you sign up with a broker through one of our links, we may receive a commission.
What are their spreads & fees?
Bybit, like most exchanges, charges a fee based on the transactions which occur on the exchange. These can depend on the coin which you trade, as some coins have higher trading and withdrawal fees.
Choosing at what time of the day and through which coins to transact can lower your fees.
Before you complete a trade on Bybit’s platform, it will show you a breakdown of all the fees which you may incur. Checking these fees before completing the trade could save you money.
As Bybit is an exchange the spreads vary depending on trader activity. Any spreads displayed on our website are for information purposes only. Please visit Bybit’s website for current spreads and fees.
Bybit’s BTC/USDT spread was 10 USDT when we wrote this review. This is normal when compared to the average BTC/USDT spread of 8.
The table below compares the costs of trading one BTC/USDT with Bybit vs. similar exchanges.
What can you trade with Bybit?
Over 4 on spot, more than 10 on futures different coins are available to trade at Bybit.
Below, we’ve summarized the offering of Bybit’s several types of markets, as well as the markets offered by some of their competitors for comparison.
What’s the Bybit trading experience like?
1) Platforms and apps
Bybit offers a web based platform which allows you to use it on any device which has a browser.
They offer Android and iOS mobile apps, making it easy to keep track of and execute trades while on the go.
2) Executing Trades
You can trade as little as less than 1USD with Bybit. Depending on the cryptocurrency you trade, this may differ. Maximum trade size depends on the available liquidity on the exchange.
Margin requirements vary by account, and instrument, as they do with most exchanges.
Bybit offers leverage as high as 1x for spot trading. Bybit also offers leverage of up to 100x for derivatives trading.
Stop losses, trailing stop losses, limit orders, price alerts, api trading and other features are available. Here you can find a list of all of their account features.
We have included a list of some of the most common funding options that they provide to their traders.
- Bank Transfer
3) Client support
They offer support in languages like English, Japanese, Traditional Chinese, Turkish and Portuguese.
4) What you’ll need to open an account with Bybit
Most crypto exchanges allow you to open an account without providing documents. This type of account will be severely limited in terms of maximum deposit and withdrawals.
In order to have higher deposit and withdrawal limits with Bybit you need to pass verification by providing the following documents:
- a colour copy of your passport, driver’s license, or other government-issued identification
- a three-month utility bill, bank or credit card statement that shows your current address
Bybit may also ask you to go through a verification of identity via your laptop or phone camera.
If you decide to trade using leverage, you’ll also need to answer a few questions regarding your trading experience.
You may be able to explore their platform right away, but as mentioned before until you pass verification, your deposits and withdrawals will be capped. Verification depending on the circumstances could take from a few hours up to a few days. To begin the on-boarding process with Bybit, you can go to their website.