ByBit review

ByBit review

Within the world of cryptocurrency, it is possible to deal with buying and selling cryptocurrency in different ways. Beginners will mainly find cryptocurrency brokers that provide a low entry and that more experienced traders will find you on exchanges. Also at that point there are already a number of traders who trade with levers and trading bots. If these last terms don’t mean anything to you, you better stick with the brokers.

In this ByBit review we discuss an exchange that mainly focuses on trading with additional instruments. So on the site you will not find a step-by-step explanation of how cryptocurrency works. Still, it is certainly worthwhile to put the more complicated exchanges under a magnifying glass and tell us what we think about them. On this page you also have the option to leave your own experience via our rating system.

ByBit Review

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Up to 500 USD bonus with a deposit of 0.01 BTC or more

New and existing users will receive a deposit bonus of up to USD 500, with a USD 20 coupon guaranteed.


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What is ByBit?

ByBit trading platform with leverageByBit is officially located in the Bitse Virgin Islands and has an office in Singapore. The exchange was launched in March 2018, making it a fairly young player on the market.

ByBit caters to the more experienced traders and can be quite risky if you don’t know what you are doing. Make sure you know exactly what you are doing with this platform, read carefully and do not use unnecessarily high leverages. The risk of loss is much greater than with a spot exchange.

They have grown into a very large player in the Bitcoin derivatives market in a short time. Experienced traders particularly like the speed of the platform. ByBit says it can handle 100,000 transactions per second. This has the advantage that you lose as little money as possible when trading because the platform is overloaded, but also that the platform is ready for the future..

Due to the ever-growing popularity, all exchanges will become increasingly busy, so many transactions per second are not an unnecessary luxury.

Especially in the functionalities ByBit distinguishes itself from the rest. This way you can trade on the platform with margin trading. With some cryptocurrency it is even possible to apply a leverage of 100x. With leverage you can make a lot of profit with a small stake, but you can also lose just as quickly. With a leverage of 100x that is certainly the case. Really a functionality for the more experienced trader, or rather the gambler.

The fact that ByBit is mainly suitable for experienced traders does not mean that there is no support available. For questions you can contact 24/7 via a chat on the site. The chat is completely in English because ByBit is not offered in Dutch. It is even possible to CEO Ben Bybit ask questions on Twitter. ByBit is therefore a very open platform and we like to see that.

How to create a ByBit account?

Creating an account on ByBit is very easy and that is mainly because ByBit does not need too much data from you. What you notice with many brokers and exchanges is that you have to verify some information before you can start. With ByBit this is not necessary. Only an email address or phone number is sufficient for ByBit. After activating your account via email or SMS, you can get started right away. It gives us a bit of a strange feeling, but actually an exchange doesn’t need anything from you. You can read below why ByBit does not need your bank details.

If you register an account through us you will even receive a $ 10 bonus when you register alone and a $ 50 bonus when you deposit 0.2 BTC. This credit cannot be withdrawn, but must be used for trading on the platform. If you have benefited from our ByBit review then you support our blog by registering via this link.

ByBit logo

Up to 500 USD bonus with a deposit of 0.01 BTC or more

New and existing users will receive a deposit bonus of up to USD 500, with a USD 20 coupon guaranteed.

JACKPOT View Code

Always Valid

How does ByBit?

At ByBit you can make trades as you may know from BitMEX. With ByBit it is possible to deposit Bitcoin, Ethereum, EOS or Ripple to start trading. It is therefore not possible to directly deposit euros or dollars. If you do not yet have cryptocurrency, we recommend buying it from Bitvavo. Here you buy the cheapest cryptocurrency for a low fee of 0.25%.

Depositing Bitcoin with ByBit

If you already own one of the supporting coins, you can easily send them to the wallet address of ByBit. If you don’t own crypto yet, you can also buy crypto with iDEAL and send it to the platform, we have described how to do this below:

  • Register an account with Bitvavo (Bitvavo only charges 0.25% commission and you can trade the first € 1000 at 0% commission)
  • Buy Bitcoin or another currency that is supported and pay with iDEAL (see a step-by-step explanation of how to buy crypto at Bitvavo)
  • Log in to ByBit, go to Assets and click on Deposit after the desired currency
  • A popup opens with your unique wallet address
  • At Bitvavo, go to the overview of the currency you just purchased and click on Withdraw
  • Enter here how much you want to send to ByBit and your Desposit address from ByBit. Please note, make sure you send the correct coin to the correct address and carefully copy the address. Errors can cause you to lose your crypto for good.
  • Click Continue and confirm the transaction via email

Within 30 minutes everything is sent and confirmed at ByBit and you can start trading.

Instruction video how ByBit works

Of course, this ByBit review is nothing without an extensive instruction. The video below was made by Sunny and he explains how you can easily use ByBit, including the various functionalities.

Register now and receive $ 90 bonus (opens in a new tab)

You can set a leverage per trade and you can indicate whether you want to go long or short. Every trade on ByBit is done through two parties. One party is the maker. A maker places an order in the order book for the future. A maker therefore ensures that the exchange has money in its hands and ensures liquidity within the exchange. A maker receives a reward for this. You can read more about this below. The other party is the taker, who places an order equal to that of the maker. A maker creates the order book and a taker takes a transaction from the order book.

ByBit bonuses of up to $ 620

New bonus until February 5: Make a deposit before February 5, 2021 and receive a bonus of up to USD 620. Consisting of the 500 USD voucher bonus, 20 USD guaranteed bonus and 100 USD rewards hub.

500 USD voucher bonus:

  • ≥ 0.01 BTC = $ 15
  • ≥ 0.05 BTC = $ 50
  • ≥ 0.1 BTC = $ 100
  • ≥ 0.5 BTC = $ 300
  • ≥ 1.5 BTC = $ 500

ByBit tries to acquire new customers by offering generous bonuses. This tactic is catching on because the volumes of this exchange and the liquidity are getting higher. To claim bonuses you have to complete various assignments, so you don’t just get them. Read below what to do exactly.

  • Follow the Twitter channel and get $ 5
  • Use a Take Profit and a Stop Loss and receive $ 5
  • Deposit at least 0.5 BTC and receive $ 50
  • Complete a survey and receive $ 5
  • Trade 10 days in a row and receive $ 5
  • Deposit a total of 1 BTC and receive $ 20

Keep in mind that the bonuses must be used for margin trading. Only when you make a profit with the bonuses can you withdraw it. It is therefore not the case that you will receive it in your account and that you can withdraw it immediately. A bonus is only active for 21 days and then expires. You will receive a message about this 7 days before your bonus expires.

ByBit vs BitMEX

Let’s be honest. The most popular cryptocurrency exchange where you can trade with leverage is BitMEX. Due to ongoing problems and investigations into BitMEX, more and more traders are turning to other exchanges. BitMEX has long been a supreme ruler, not always listening to its customers. This allows new platforms to respond well to the points that visitors missed at BitMEX.

  • ByBit is certainly easier to use than BitMEX. (clearer, immediately set stop losses after taking a position, clear explanation, etc.)
  • ByBit has more options for depositing and withdrawing cryptocurrency. At BitMEX you can only deposit or withdraw Bitcoin. At ByBit you can deposit / withdraw Bitcoin, Ethereum, Ripple and EOS. USDT will even be added to this in the future.
  • ByBit says it is 10 times faster than BitMEX (we have to see this in the future when ByBit gets more volume and traffic)
  • ByBit offers 24/7 customer support
  • ByBit has less volume and fewer clients than BitMEX, so they have less liquidity
  • BitMEX has been active for 5 years and has never been hacked, neither has ByBit, but has only been around for a year
  • At ByBit it is very clear what your profits and losses are

ByBit logo

Up to 500 USD bonus with a deposit of 0.01 BTC or more

New and existing users will receive a deposit bonus of up to USD 500, with a USD 20 coupon guaranteed.

JACKPOT View Code

Always Valid

Fees and rates

Using ByBit doesn’t cost anything, in fact: you even receive money in the form of bonuses. You do pay a fee per transaction. In any case, it is good to know in advance that you can only use ByBit with cryptocurrency. So you cannot execute trades with euros that you convert into, for example, Bitcoin. So if you want to use ByBit and you don’t have a cryptocurrency yet. Then you will first have to go to a broker to buy Bitcoin, for example.

We’ve just talked about makers and takers. As a taker you pay a 0.075% fee of the total amount of cryptocurrency to ByBit. As a maker you receive a 0.025% discount on that amount. These are not the only costs you incur on ByBit. If you have closed all your trades and you want to withdraw your Bitcoin from your account to your own wallet, for example, you pay 0.0005 BTC to ByBit. Generally, you pay 0.0008 BTC for the withdrawal at peer exchanges. Considering the rate of Bitcoin this is quite a difference and therefore a big plus.

Is ByBit reliable?

ByBit is seen by many traders as a robust and reliable platform. Do not be put off by the verification process that is not there. ByBit offers good support for users and even though it is in English, the service is there anyway. The ability to ask the company’s CEO questions via his own Twitter account shows that it is a transparent company and we like to see that in the cryptocurrency world.

The platform is then made for experienced traders. As with many other platforms, it is possible to first get to know the system through a demo environment. So you can first look around what the dashboard looks like before you actually start. A function we had not expected, but a pleasant surprise for sure.

Have you traded on ByBit and would you like to share your experience? This can be done via the assessment form below.

5

5.0 score

5 out of 5 stars (based on 3 ratings)

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Contact details:

Bybit Fintech Limited

Bitse Virgin Islands

[email protected]

24/7 Live Chat

@Bybit_Official

Bitcoin (BTC)

Ethereum (ETH)

EOS (EOS)

Ripple (XRP)

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Product Range:

Bitcoin (BTC)

Cardano (ADA)

Bitcoin Cash (BCH)

EOS

Ethereum (ETH)

Litecoin (LTC)

Tron (TRX)

Ripple (xRP)

Limits:

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No limits / verifications

All ByBit reviews:

5.0 score

June 1, 2020

Lots of options, clear interface, just great

Jesse

5.0 score

April 19, 2020

Very satisfied with Bybit, much easier than Bitmex and interesting promotions

Camel

5.0 score

February 10, 2020

I switched from Bitmex to Bybit. It looks better and everything works better. I myself was eligible for a substantial bonus.

It is not the case that you can withdraw the bonus, it is used for margin trading.

Jappa

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