- >Best Crypto Exchanges
- >ByBit Exchange Review
- Solid crypto-to-crypto exchange
- Attractive fee structure compared to competitors
- Surprisingly high liquidity
- One of the most stable cryptocurrency exchanges
Easy registration process for website and mobile app
Attractive fee structure
Fully anonymous exchange
Trading bonuses and rewards
Limited crypto asset selection
Cannot fund account with fiat currency
How to Set Up Your ByBit Account
Setting up your ByBit Exchange account is an extremely easy process:
- Go to the ByBit Homepage
- Choose email or mobile registration
- Enter email or phone number
- Enter verification code sent to whichever registration method you chose, the code is only valid for 5 minutes
- Done! You can now deposit crypto and begin trading
As noted in the Pros section of this ByBit Review, Bybit is a fully anonymous exchange meaning there is no Know Your Customer process to complete before trading. For most other exchanges you would need to provide documentation that proves your identity before having full access to all trading features and higher deposit and withdrawal limits. This makes ByBIt an attractive derivatives exchange for those who are concerned with privacy leaks.
ByBit is a crypto-only exchange meaning the only funding method available is a crypto deposit, there are no fiat currencies accepted. This might be a negative for many but there are many other exchanges you can use to turn your fiat to crypto in order to deposit in on the exchange. You can fund your account with any of their 5 available assets noted in the below section and the deposits only take as long as it takes for the transaction to be confirmed on the blockchain.
Types of Crypto You Can Buy
Due to the fact that ByBit Exchange operates as a crypto derivatives exchange and not as a traditional exchange they offer a limited number of crypto assets for purchase and trade. Those assets are:
Is ByBit Safe?
Yes, ByBit is a very safe cryptocurrency exchange. They store almost all of their funds, along with users’ funds, in cold storage, meaning that if the exchange is hacked there is a limited amount of funds accessible to the hacker. They only store enough funds on the exchange to facilitate user withdrawals, and whenever they move assets from cold storage to an exchange, they use a multi-signature address scheme. The company also offers Two-Factor Authentication to users for added security.
ByBit uses an insurance fund to manage the risks associated with futures contracts. This fund is kept full with the initial margin that traders have to put down in order to execute a futures contract, and is used as an insurance policy in the rare event they are unable to liquidate a trader’s position.
ByBIt fees are extremely reasonable for both trading and withdrawals. All their assets have a 0.075% taker fee, meaning if you take an order off the book, and they actually have a -0.025% rebate on maker fees, meaning if you put an order on the book you actually get a discount on the trade. For example if you put a $1,000 value order in you would only actually pay $997.50 for that trade. This is an extremely attractive fee structure.
For withdrawals ByBit only charges the mining fees associated with the withdrawal and nothing additional. This is extremely rare for exchanges and very attractive. For example, no matter how much Bitcoin you withdraw you will only be charged a 0.0005 BTC fee, which is 40% lower than the global average.
ByBit Frequently Asked Questions
Yes! ByBit is legal.
No, ByBit has never been hacked. They also store almost all assets in cold storage meaning that even if they were hacked, there wouldn’t be much crypto lost to the attack. In addition there can be no privacy leaks as the exchange is totally anonymous.
No, ByBit is not available in the US due to regulatory reasons. It is also unavailable to those in Syria or the Canadian province of Quebec.
ByBit offers traders a few different reward opportunities through their site. The first of these is a referral program where if a user you refer deposits 0.2 BTC you will receive a $10 bonus. The second is a deposit bonus for your first deposit, if you deposit 0.05 BTC or more you get $5, if you deposit 0.5 you get $50. When you have deposited a total of 1 BTC they send you an additional $20. Finally, they offer trading competitions where users can win free Bitcoin or whichever asset the trading competition is for by being one of the top traders.