Bybit review: the best crypto exchange for the crypto trader
Anyone looking for an exchange with numerous trading options can definitely go to Bybit. This international crypto exchange is mainly known for its wide range of trading options. Especially the possibility of leverage trading at Bybit is popular among crypto traders. In this Bybit review we explain all the pros and cons of the platform.
What is Bybit?
Bybit is an international crypto exchange that was founded in 2018. Bybit is popular among crypto traders because of the many different trading options. And because of the wide range of different cryptocurrencies. At Bybit you can trade more than 800 different cryptocurrencies.
Key Benefits of Bybit
- Large selection of crypto coins
- Low trading fees
- Many different trading options
- User friendly interface
- Excellent customer service
- Available via the Bybit app
How does Bybit work?
If you want to actively buy or trade crypto, you first need to create a Bybit account. Then you need to deposit euros into your account. You can do this directly via iDEAL or you can transfer money via SEPA. Sounds complicated? Don’t worry, we will explain step by step how this works.
Create Bybit account
As mentioned, you first need to create an account with Bybit. Go to bybit.com and choose sign up now. Then follow the steps on the screen and verify your identity. When your account is created, don’t forget to secure it with 2FA. Very handy.
How long does it take for your money to be on Bybit?
Depositing money into your Bybit account is fast. When you deposit euros via iDEAL, your money will be in your account immediately in most cases. Are you depositing crypto into your Bybit account? Then take into account approximately 30 minutes of processing time.
User-friendly interface and Bybit app
The Bybit platform is technically excellent. There is a wide range of different trading options available. For example, you can choose from spot trading, margin trading and derivatives. Bybit scores excellently on user-friendliness, although it must be said that some knowledge is required for some trading options. This is mainly due to the risk profile that is linked to this.
You can also use Bybit via the Bybit app on your smartphone. Here you will find almost most of the options that are also available within the desktop version.
A nice option within Bybit is that you can also copy well-known successful crypto traders. That saves you a lot of time and perhaps it will bring you some nice pocket money. The opposite way is also possible. Are you a successful crypto trader yourself? Then Bybit users can copy your trading strategy for which you will receive a reward. Nice bonus, right?
Finally, you can also link your Bybit account to the well-known trading bots. The best crypto trading bots can be found here.
Is Bybit reliable?
Yes, Bybit is reliable, but it does entail additional risk because the exchange is located in Dubai. And does not have a license from the Dutch bank. Bybit is located in Dubai.
Bybit gets 2.5 out of 5 stars on Trustpilot. That is a low score, although it must be said that the number of reviews is still on the low side. Bybit is an exchange that is still working hard, and we see that in the reviews. It must be said that Bybit pays the necessary attention to the security of the platform. The KYC process is well put together. And there are various options to properly secure your account.
How safe is Bybit?
Bybit is a secure crypto platform and has been around for 6 years now. In that period Bybit has never been hacked, which is a positive sign. However, this of course offers no guarantees for the future.
Using a cold wallet
Bybit stores users’ crypto in so-called cold wallets. These are not connected to the internet and therefore not at risk in times of hacks.
Regular proof of reserves
With a proof of reserves, Bybit proves that all user resources are actually owned. And that they are safe.
Excellent security for your Bybit account
Bybit protects your account through various digital forms of security. These include advanced multi-signature, Trusted Execution Environment (TEE) and Threshold Signature Schemes (TSS).
Bybit Customer Service
Customer service is well organized at Bybit. You can contact your questions 24/7 by phone or live chat. In addition, there is an extensive customer service section on the Bybit website. This often provides answers to the most frequently asked questions.
Bybit trading fees
Trading fees at Bybit are low. Spot trading fees are only 0.1% per transaction. This makes Bybit one of the cheapest crypto exchanges.
For other trading options such as futures and derivatives, trading fees are again low. These costs are between 0.01% and 0.06% for futures. For derivatives, these costs are between 0.03% and 0.045%.
Advantages and disadvantages of Bybit
Advantages
- Large selection
- Low trading fees
- User-friendly platform
- Trading via the app
- Many different trading options
Disadvantages
- Some trading options are risky
- Experience required for some trading options
- Based in Dubai
Want to get started right away after reading this Bybit review? Create an account now!