Bybit is largely a margin (leverage) trading exchange for cryptocurrencies. It has been around since March 2018 and has gained quite a reputation for having a fantastic customer care department, one of the best user interfaces, and an unbelievable trading engine speed. The downside is that it is not open for US investors because of regulatory reasons.
This quick guide will touch upon the pros and cons of Bybit while detailing its background, trading fee, funding options, and other features.
Why Should Beginners Choose Bybit?
Accessible and clear interface
Supports leverage trading
What’s not to like?
No phone-based customer support
Advanced features are useless to the novice trader
Brief Background of Bybit
Bybit is registered in the British Virgin Islands as a crypto derivatives exchange. The focus is primarily on BTC/USD and ETH/USD trading pairs. You can trade with as much as 100x leverage on these crypto assets. The Bybit team states that their matching trade engine is capable of handling 100,000 TPS (Transactions Per Second). This is incredibly impressive and a great start for anyone looking to margin trade.
What is the Trading Fees on Bybit?
Fees on Bybit exchange are of two types – trading and funding. Bybit is heaven for makers (or people who create liquidity). The exchange pays 0.025% of the transaction amount to makers. This is almost unheard of among the top exchanges. However, takers have to pay 0.075% of the order size which is again highly competitive.
The funding fee on Bybit exchange is dynamic and is made every 8 hours. This refers to the fee you pay while using leverage or borrowing money on the exchange. The fee changes as per market conditions.
How to Deposit and Withdraw Funds?
Bybit offers 4 main deposit methods which are a lot better than other cryptocurrency derivatives exchanges, which only support Bitcoin as a deposit method. The deposit methods on Bybit include:
There is no minimum amount of deposit on any assets supported by Bybit. There is also no fee associated with any method of deposit. This makes it great to begin trading on the platform.
Withdrawals are not as easy as deposits, but they are not so bad in comparison to other exchanges. Withdrawals are supported in the following crypto assets:
However, there is a minimum withdrawal limit as per the type of crypto asset and a fee associated with the withdrawal. This table explains it better:
Is Bybit Versatile in Terms of Trading?
Bybit supports BTC (Bitcoin), ETH (Ethereum), XRP (Ripple), and EOS against USD as trading pairs. The platform supports leverage trading based on the derivative value you want to use for trading. Margin trading is always risky and more so for beginners because of the inherent nature of the trading method.
BTC/USD and ETH/USD pairs can be leveraged for as high as 100x on the platform. The combinations involving XRP and EOS are offered at 50x leverage. This is also a highly attractive leverage rate with industry averages being 20x.
How User-Friendly is Bybit?
Bybit rightfully prides itself on its accessible design and clean interface of the main trading screen. The layout is tremendously helped by the color pallet and an uncluttered trading screen. There are various components of the trading screen that make it beginner and user-friendly. For instance, the minimalist manner, organized components, and all features that get highlighted in a primary fashion help towards a great user interface.
Bybit Customer Service
Customer support is great on Bybit as well. Help resources are available throughout the day, 7 days a week. The support takes multiple forms, like desk-based live chat function and email. It is also available in multiple languages. There is currently no phone support, which is a major drawback. However, there is a well-established presence on Facebook, Instagram, Telegram, and Reddit.
The Bottom Line
To be honest, Bybit has invested the hours and tech to establish itself as a respectable platform. You can easily choose this platform if you are interested in starting your trading ambitions in crypto-based derivatives trading. Strong points of the exchange include associated advanced mechanism, excellent leverage trading support, and a beautiful interface. Finally, their referral program that can get you $10 worth of BTC is nothing to shy away from.