ByBit Review 2021 – Is it worth it?

Are you interested in ByBit? Here is a bybit review for you. Bybit is a cryptocurrency trading platform, which provides spot trading and derivatives trading, focuses on margin trading, and provides up to 100 times leverage on BTC / USD and eth / USD trading pairs.

Sign up here.

ByBit Pros and Cons

ByBit Pros

  • Bybit insurance fund
  • Testnet platform to practise trading
  • Fiat gateway for easy deposits
  • 24/7 Live Chat support team

ByBit Cons

  • Only crypto withdrawals supported, no fiat withdrawals
  • Not available to US citizens


Bybit Overview

Bybit was established in Singapore in March 2018 and is composed of professionals from investment banks, technology companies, foreign exchange industry and early blockchain adopters. It is a registered exchange in the British Virgin Islands with more than 2 million users.

Bybit Leverage


Bybit provides you with 100 times leverage. You must provide a 1% margin as the initial nominal amount. You can adjust the leverage ratio after opening the warehouse, which is not provided by many other exchanges.

Bybit is an excellent platform for experienced encryption traders who are looking for exchanges with more advanced functions. There are many user-friendly exchanges with simple interfaces that allow new investors to easily enter the encryption market, but these exchanges are usually not suitable for serious traders.

Bybit provides spot trading, derivatives trading and margin trading with a leverage of up to 100 times through a fully functional platform to meet the needs of picky encryption traders. The Advanced Chart interface is very detailed, rich in functions, but easy to navigate. Bybit supports profit / stop loss instruction, which is a valuable function to minimize losses; Not all margin trading exchanges have this function. Bybit is definitely a password exchange if you take margin trading seriously.

Bybit order review


The order applies to a certain period, also known as the order validity period. There are three types of order life-

Valid before cancellation (GTC) – these orders are valid until you choose to close.

Immediate or cancellation (IOC) – you must complete it immediately at the best price. Unfilled parts will be cancelled. Therefore, partial order execution is allowed. Therefore, there is a risk that the order may not be executed.

Fill or kill (FOC) – this means that without partial execution, the order will be completely filled or not filled at all.

Bit contract

Bybit focuses on advanced encryption transactions, which means that it has a large number of functions, making it an ideal platform. Here, I will introduce the services provided on bybit in detail.

Spot trading and derivatives trading: bybit is one of the largest encrypted derivatives exchanges in the world, with more than 2 million users. This leads to high liquidity, with 24-hour trading volume usually exceeding $10 billion. The following derivatives are available on bybit:

Reverse permanent contracts: BTC / USD, ETH / USD, EOS / USD and XRP / USD, in which coins are used as collateral.

Usdt permanent contracts: BTC / usdt, ETH / usdt, BNB / usdt, ADA / usdt, XRP / usdt and more than 15, of which usdt is used as collateral.

How does bybit work?

Bybit is a cryptocurrency derivatives trading platform based on Singapore. These contracts give you the right to buy and sell cryptocurrency assets at a specific price in the future.

Before we continue, we need to explain something.


Bybit is not approved by FCA. It is closing its operations in the UK. In addition, it shares your data with third parties inside and outside the European economic area. This is not only for legal reasons, but will also be shared with their partners for promotion and services.

So how does it work? You can:

  • open long positions (bet that the price of a coin goes up)
  • open short positions (bet that the price goes down)

Increase leverage without owning underlying assets (use borrowed funds to trade assets over wallet balances).

Trading derivatives can help you take advantage of the volatility of encrypted prices, reduce risks and provide more convenience.

After realizing the great potential of encrypted transactions two years ago, bybit was co founded in 2018 this week. Before becoming the CEO of the exchange, Zhou served as the general manager of XM Greater China, a foreign exchange brokerage company.

In order to develop this platform, he formed a team a composed of investment banking and financial technology professionals, who have worked for Alibaba, Tencent, Morgan Stanley and other well-known brands. Today, bit exchange is also composed of blockchain experts and senior foreign exchange talents.

However, if you want to gain a foothold in the encryption market and have your first coin, bybit is not the right platform for you. Instead, use a centralized exchange like coinbase to buy and sell encrypted assets. Make no mistake; Over time, you can increase your wealth by buying BTC or other coins. But trading is where you can make a lot of money.

The bybit platform was used by more than 1.2 million traders, which was easy to understand, so a large number of people poured in. With some practice, you can quickly learn the trick and start making money.

But is it better than other trading platforms such as binance? Judging from the 71 byte comments on trustpilot, this exchange is average. Nearly half of the commentators thought it was bad news. However, considering that bybit’s 2.8 trustpilot star rating is only based on some recommendations, it may not truly reflect its actual function and integrity. So don’t make up your mind until you finish this review.

Is Byatt legit or a scam?


Byatt is legal! Bybit exchange has been trying to build a product with high stability and security. It will continue to attract users all over the world. Bybit will also expand as one of the best exchanges in the next few years.

Its streamlined, simple user interface and reliable tools are redefining the ultimate trading experience. For these reasons, bybit continues to grow and attract more users because of its foundation.

The way they handle the exchange reflects the overall performance and quality of the exchange. Highly leveraged trading has gradually become a hot product in the industry. More importantly, with the emergence of trading platforms, this has led to fierce competition.

If you are looking for a reliable lever exchange, consider bybit. It allows customers to start trading safely and quickly. But remember, derivatives trading requires a learning curve. It is recommended that you understand how it works before you start trading.

Supported currency


Bybit currently only accepts a limited number of digital currencies, including BTC, ETH, EOS, XRP and usdt. Deposits and withdrawals can be made in each currency, but bybit currently does not support any legal tender.

However, funds can be displayed in the following currencies:

  • GBP
  • EUR
  • USD
  • AUD
  • CAD
  • CNY
  • CHF
  • HKD
  • JPY
  • KRW

ByBit Features

Perpetual trading occurs when you enter a position instead of exchanging the underlying assets on the spot. As long as your margin is sufficient, you can hold the position as long as you like.

Futures trading occurs when you agree to buy and sell the underlying assets of the contract at the agreed price after the specified date.

The main difference between the two is the settlement time and maturity date.

Perpetual trading does not expire, allowing you more flexibility in predicting settlement prices and transactions. On the other hand, futures trading will lock you in the future price and settle at the spot price at maturity.

Bybit key features

  • 1 click coin exchange – users can easily exchange between supported cryptocurrencies from within their account
  • 100000 TPS per contract – 10 times the industry average without overloading
  • Leverage up to 100x – bybit’s generous leverage system allows for increased profit potential
  • Cold Wallet Storage / manual withdrawal – bybit uses refrigeration and makes manual withdrawals three times a day to enhance security
  • Unrestricted withdrawal – platform users can make almost unlimited transactions and withdrawals
  • No KYC – just an email address and user name to open and maintain an account

Bybit registration


To create an account, you must visit the bybit website and enter your email and password. You will receive the verification code in the registered email. The verification code is valid for five minutes. After confirmation, your account will be created.

How to make money from bybit?

Bybit does not process legal deposits directly. To purchase the required cryptocurrency, customers must use a third-party service provider to convert legal tender into cryptocurrency through bybit Fiat gateway. Alternative methods include the use of online instant switching or point-to-point encrypted transmission.

Bybit also recently increased spot trading in July 2021 to supplement its core derivatives issuance. At present, only four transaction pairs are available: BTC / usdt, ETH / usdt, XRP / usdt and EOS / usdt. Bybit has announced that more transactions will follow up in the near future.

Margin trading with leverage up to 100 times: margin trading is very popular for experienced traders who want to make greater profits in successful trading. This means that traders can use borrowed funds to leverage transactions, so as to obtain higher returns in small investments. Some crypto exchanges only allow up to 5x leverage, but bybit supports up to 100x leverage, which is enough for almost all traders.


Inverse Contracts

Reverse contracts use US dollars to confirm the number of transactions and BTC, ETH, EOS or XRP to determine margin, profit and loss. The key point of this bybit quantity setting option is to avoid manually entering sat (abbreviation of satoshis, minimum unit of BTC).

Usdt permanent contract shall be quoted and settled in usdt. This asset is an advantage because it is a stable currency linked to the dollar. This means that tether Co., Ltd. (the company issuing tokens) should support its circulating tokens with an equal amount of US dollar reserves. Its value has a solid foundation and is not as easy to speculate as other encrypted assets.

Of course, users need to be aware of the risks involved, and the biggest disadvantage is that traders may lose more than their initial investment, even if the market price falls slightly. Margin trading can only be carried out by those who have a deep understanding of technical analysis. It is absolutely not recommended for beginners.

Bybit insurance fund: bybit provides up to 100 times leverage on its trading exchange, which means that some traders may have high leverage positions, which may be liquidated and closed at a price lower than the bankruptcy price in a volatile market. Bybit has an insurance fund to manage and absorb excess losses, so traders who have handled losses will not get into trouble because they exceed the initial margin, and profitable traders will not make up for the difference.


On the bybit platform, you can also use leverage. In essence, it enables you to use borrowed capital for transactions that exceed the actual value of the assets in the cryptocurrency wallet.

Leveraged trading can improve your earnings if the encrypted price meets your forecast. On the contrary, if the price moves in the other direction, it will increase your loss. With strategy and luck, every piecemeal transaction you make is likely to make a profit. For example, buying 100 contracts from long BTCs at a leverage ratio of 3 times means that if the price rises, you will get three times the profit.

The leverage you choose can also determine your initial profit margin to help you stay honest. The following is the formula used by bybit to calculate the amount of collateral required for positions: contract quantity / (order price x leverage).

According to the risk limit table of bybit exchange, the maximum leverage ratio decreases as the value of the contract you hold increases. Your initial margin requirement changes in fixed increments each time the value of a particular contract increases or decreases.



When it comes to maintaining margin, it represents the minimum amount of collateral you need to continue holding a position. Your maintenance margin benchmark interest rate follows the change of your initial margin benchmark interest rate.

Bybit’s insurance fund is a reserve pool that the system can use to protect traders from negative assets and be responsible for excessive losses. Assume that the trader’s position has been cleared; If the closing price is higher than the bankruptcy price, the trader’s remaining margin will be added to the insurance fund. However, if the closing price is lower than the bankruptcy price, the position loss will exceed the trader’s initial margin, so the deficit will be covered by the insurance fund.

This information comes from bybit blog. If you want more details about its insurance fund, including examples of insurance operation, please click here.

If you have any questions about exchange, there is a yellow support button in the lower right corner of the interface. You can enter a question and it will display the most important results to answer your question. If this doesn’t help, you can click the live chat button. I tested them twice on different days to see how sensitive they were. When I first used live chat, I was second in the queue. It took me 18 minutes for a live agent to respond. The second time, I was in position 2 again, but this time it took only 8 minutes to wait. This is quite good compared with other exchanges that reply only by email and have no real-time chat option.

ByBit Deposit


There are no deposit fees when depositing cryptocurrency into your Bybit account.

If you want to deposit fiat currency, Bybit does not charge any fees, but the service provider of the fiat gateway will charge a fee. You will need to check with each provider on their website to determine the fees incurred.

ByBit Withdrawal


You can use bit Fiat gateway to store Fiat and convert it to BTC, usdt and eth. You can enter the required amount, and then you must select your preferred service provider. After the transaction is completed, you can check your balance on bybit’s assets page.

If you want to deposit directly into crypto, you must generate a wallet address. You can do the same under the assets section. Once you have an address, you must start a transaction. This process will take some time to complete. At the same time, you can monitor progress in blockchain explorer.

You must click the withdraw button on the desired asset and enter the wallet address. You must then use two factor authentication to confirm the transaction. In addition, you need to pay the miner’s fee, which is a small amount.

Bybit Fees


There are different fees involved for market makers and market takers, and dependent on if you are Derivatives trading or Spot trading.

Derivatives Trading: Market makers receive a rebate (negative fee) of 0.025%, meaning they will receive money by executing the trade. Market takers pay a fee of 0.075%.

Spot Trading: Market makers do not have to pay a fee, and market takers pay a fee of 0.1%

ByBit Calculator

Bybit calculator allows you to use your current account information and calculate profits, losses, liquidation and target prices. You can use this tool to easily manage your position. The calculator is located in the upper right corner of the website.

You can use the following formula to calculate profit and loss, excluding expense – contract quantity (1 / entry price – 1 / exit price).

In addition, you can calculate the profit and loss percentage as (profit and loss / open position value) * 100% open position value: contract quantity / entry price.

You can calculate the return on investment (ROI) as the ratio of the return on assets to the initial margin used in the position.

Bybit affiliate program


An important reason for bybit’s explosive growth is their recommended or affiliated plans. Basically, you will get a 30% commission on all transaction fees from your registered users. In addition, you will receive a 10% discount for subsidiaries registered with your direct subsidiaries. If you have a friend who wants to register, make sure he uses your referral link to get some kickbacks from his fees.

Bybit has a testnet website where new traders can test strategies and learn how to use the website without using actual funds. If you are not familiar with derivatives, this is a way to get used to these advanced – and sometimes complex – tools.

Because of the high risk of leveraged trading, it makes sense to gain confidence in the test environment before risking hard-earned cash. If you decide to make a real deal, start small and make sure you know how to minimize risk.

Using leverage in volatile markets such as cryptocurrencies basically allows people to bet borrowed money on specific results. The problem is that if they bet wrong, they may lose all their money.



Using leverage in volatile markets such as cryptocurrencies basically allows people to bet borrowed money on specific results. The problem is that if they bet wrong, they may lose all their money.

Its working principle is as follows: suppose you are long bitcoin at the price of $100, and the leverage ratio is 5 times. Your total investment is $500 (your $100 and borrowed $400). However, the price did not rise as you expected, but fell by 20%. Your position is only worth $400. At this point, it will be cleared because the exchange does not allow you to lose more than your initial investment. Even if the price rises immediately, you will lose $100. You may have to pay a liquidation fee.


Perhaps the best feature of bybit is that they not only provide BTC / eth futures products, but also create XRP and EOS futures, as well as some new products to meet the insatiable appetite of traders. This is a good choice for those who want to trade these coins through bits.

With its various order types and functions, insurance funds and excellent matching engine bybit are undoubtedly strong competitors for the top derivatives platforms in the market, whether novices or experienced traders.

ByBit Review 2021 – Is it worth it?

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