What is bybit.com? How does it fare in the very competitive industry that it exists in? Is it good enough to fulfill your current needs or should you turn its competitors? What are its main features that you can benefit from? Let’s find out about that and more in today’s review about Bybit, which will be covered under the sections:
- What is Bybit?
- Which cryptocurrencies and fiat currencies are supported by Bybit?
- Countries this platform is available in
- Fees charged
- The deposit and withdrawal options
- Is Bybit Legit or is it a Scam?
- Pros and Cons
Name of the Platform: Bybit
Official website URL: https://www.bybit.com/
Overall Rating: (3 / 5)
What is bybit.com?
Bybit exists as a cryptocurrency derivatives margin trading platform whose headquarters are currently located in Singapore. The company that runs this platform also has offices in Taiwan and Hong Kong, from where it tries to serve even more customers in different countries in the world.
This platform currently has a matching engine that can handle 100,000 TPS, which prevents overload issues, as it also offers low latency (1ms). If you encounter an issue, anyway, you can contact this company’s support staff, which is actually multi-lingual- offered in English, Chinese, Traditional Chinese, Korean, and Japanese.
As of now, the owners of this platform are preoccupied with ensuring that customers access the following contracts:
- USDT perpetual contract
- Inverse perpetual contract
Which cryptocurrencies and fiat currencies are supported by Bybit?
As of now, Bybit only accepts a limited number of digital currencies, which include Bitcoin, Ethereum, EOS, USDT, and Ripple. Each of these cryptocurrencies can be deposited and withdrawn from Bybit, but fiat currencies are not supported as of yet. Your funds can, however, be displayed in the currencies below:
Countries this platform is available in
So far, Bybit accepts users who register from Japan, India, United Kingdom, Australia, Canada, France, Italy, Spain, Brazil, Ukraine, Portugal, Argentina, Peru, Norway, Sweden, Switzerland, Netherlands, Austria, Belgium, Ireland, Romania, and Poland.
If you currently live in the U.S, Sudan, North Korea, Quebec, Singapore, Cuba, Syria, Iran, Sevastopol, and Crimea, you cannot sign up to use Bybit due to legal restrictions.
Bybit has a well-defined fee structure that’s outlined on its official website. These fees take on a maker-taker structure, with the market markers being incentivized to help with the addition of liquidity to this platform.
The marker trading fees are 0.025%
The taker trading fees are 0.075%
These fees are quite in line with the industry fees standards, but you should remember that fees are calculated on the leveraged amount, not on the initial stake as one would imagine, so these costs can grow quite quickly.
The deposit and withdrawal options
Remember, Bybit doesn’t currently accept fiat currencies, hence doesn’t accept fiat deposit methods as well. Unlike the case with other platforms of this kind, you cannot use your credit card to deposit funds to your Bybit account. You can’t also rely on that quick bank transfer. This is a crypto exchange-only platform, on which you can only make BTC deposits. As a new user, you’ll have to make a Bitcoin purchase using any of the well-known cryptocurrency exchange platforms that accept deposit methods using fiat currency such as USD, in exchange for cryptos (in this case Bitcoin).
N.B: Companies keep on updating their deposit and withdraw options with time, so you should confirm at the time you’re reading this review, that Bybit has or not made any updates to its accepted payment gateways.
Is Bybit Legit or is it a Scam?
Bybit is a genuine platform, in as far as I can tell. It was founded in 2018 and has since then been trying to gain favor with new customers. Generally, the platform is relatively new in this industry, but it already has a large number of customers who have taken to various review platforms to give their feedback about the nature of services received. I checked a couple of them, and realized that Bybit is yet to get that clean bill of excellent performance in this industry.
On Trustpilot, for instance, Bybit has a rating of (2.8/5) stars from more than 80 customer reviews. About 38% of these customers think Bybit is an excellent platform, while 50% of the customers think that the services are bad. Some customers seem to be quite unhappy with the fees charged during the withdrawal of cryptos, and others are displeased with being asked for additional information unexpectedly. Such are issues that you can also encounter if you do not do sufficient due diligence before you sign up to use Bybit. If anything, you can just compare it to other alternatives in the industry to see if you’re better off using other options.
Pros and Cons
- Low maker and taker fees
- You can create an anonymous account
- Good liquidity levels
- U.S clients not accepted.
- A small range of crypto assets offered.
- Relatively new in this industry.
Do you own or represent Bybit?
If you are a representative or associate of Bybit have found something not to be correct in this review please, feel free to tell us and I will make sure to update the info on this post. The easiest way to do it is in the comment section below or simply by sending us an e-mail to firstname.lastname@example.org.
Final Words and Verdict
Overall Rating: (3 / 5)
My general observation with this platform is that it’s just another regular crypto exchange that’s yet to make the very best impression with customers. It is existent and operational, but one would need to read a lit bit more about the nature of its service offerings to avoid getting awkward surprises. You will, for instance, need to make thorough checks on their fee structure, to ensure that you do not end up withdrawing a smaller amount of money, despite having made some profits during the exchange. If you find that Bybit isn’t relevant to your current exchange needs, you can go with the alternative recommended below:
That will be all for this review on what bybit.com is about, and what it has to offer to its customers. I hope you found it helpful, and that you’ll now make a more informed decision about whether to rely on it or not. Let me know what your next move with this platform is. If you’ve also had any positive or negative experiences with this platform, you can share them so that you can help someone out there.
I wish you well,
Eric, investor, and team member on Gold Retired!