ByBit Review — Is it safe or a scam?

Interested in trading cryptocurrency derivatives on one of the most trusted and largest cryptocurrency exchanges in the world? It’s time to learn about the ByBit exchange. In this post, we will take a step-by-step look at the process of registration and using the exchange, find out all the features and advantages of the ByBit cryptoexchange, where and how to learn to trade using it. We will also pay attention to real reviews about ByBit from regular users of the exchange (traders and partners).

What is ByBit? Crypto exchange overview

ByBit (official website https://www.bybit.com) is a popular Singaporean cryptocurrency exchange (trading platform) for trading cryptocurrency derivatives. The exchange was founded in 2018 by former bankers and employees from the financial and banking services industry.

The ByBit exchange ranks 3rd in the world in terms of the volume of cryptocurrency derivatives trading (in the first places — Binance and Huobi Global).

Trading pairs available for trading perpetual derivatives on the ByBit exchange are following BTC / USD, EOS / USD, ETH / USD, XRP / USD, BTC / USDT, LTC / USDT, ETH / USDT, XTZ / USDT, LINK / USDT.

Among the key advantages of the ByBit exchange are high speed (the core of the exchange can process more than 100,000 transactions per second) and quality of work; reliability (users’ funds are stored only in cold wallets), multilingual support, a convenient and understandable website, completely anonymous trading without verification and one of the highest trading volumes for key trading pairs in the cryptocurrency market.

How to register on the ByBit exchange

Registration on the exchange is as simple as possible, to create a personal account you will need:

• Open the official website of the exchange: https://www.bybit.com

• Immediately on the main page, fill out a simple registration form (you can register by Email or by mobile phone number).

• After filling out the registration form, put a tick on the agreement with the rules of the platform and click the “Register” button.

• If the registration was by Email, open your email and enter the numeric confirmation code.

• This completes the registration and immediately you will be redirected to your account on the ByBit exchange.

Tip: we recommend that after the first login to the personal account of the exchange, go to the settings and set additional protection for your 2FA account (via SMS or via Google Authenticator).

Do you need to verify your ByBit account?

There is no identity verification on the ByBit crypto exchange, you can safely replenish your account and trade without restrictions immediately after registration. Today, the ByBit exchange is one of the few that value the anonymity of its users and does not require any personal data from them.

How to deposit an account on the ByBit exchange

There are several ways to deposit your account balance on the ByBit exchange:

• Cryptocurrency. To deposit cryptocurrency to your account, just go to the menu in the “Assets” section, select the desired cryptocurrency in the table and click “Deposit” opposite it, copy the unique wallet address and transfer the required amount of the selected cryptocurrency to it.

• Fiat (regular money from a bank card). You can buy cryptocurrency for fiat directly in your ByBit account. To do this, you need to select “Buy cryptocurrency” in the menu, select the desired cryptocurrency for purchase, specify the currency and amount, proceed to purchase and confirm the payment. Within a few minutes after the purchase, the cryptocurrency will be credited to your account balance.

Exchange of cryptocurrencies in your account

A quick exchange of cryptocurrencies in your account is a very convenient service on the ByBit exchange.

To convert one cryptocurrency on your balance into another, you need:

• Go to the “Assets” section in your personal account.

• Above the table with a list of your assets (cryptocurrencies) on the top right, select “Asset exchange”.

• Select the exchange direction (for example, BTC-ETH), indicate the exchange amount and click on the “Exchange” button.

• The exchange will take place instantly.

On a side note: the current exchange commission is immediately indicated on the exchange page.

How to trade on ByBit

To start trading on ByBit, carefully study the theoretical part of trading perpetual contracts.

Detailed information is available directly on the ByBit exchange (section “ByBit Academy”, Help Center and contract details, which describe the rules for trading perpetual contracts and perpetual inverse contracts).

After familiarizing yourself with the theory, you can move on to trading on a demo account in order not to risk your assets and work out your trading strategies.

Only after gaining experience and knowledge, you move on to real trading in the “Trade” section.

The ByBit trading terminal is not much different from the trading terminals of other popular exchanges, so you can figure it out pretty quickly.

Demo account ByBit (Testnet)

Demo account (Testnet) ByBit is a great opportunity for novices and inexperienced traders to learn how to trade cryptocurrency futures contracts without risking their funds.

To start trading in test mode on a demo account, you need to:

• Follow the link: https://testnet.bybit.com/trade/usdt/BTCUSDT

• Select “Trade in ByBit test mode” in the registration menu at the bottom right.

• Select the Testnet account registration and go through the quick registration.

After having registere a test account, in your personal account, you need to go to the “Assets” section, select a suitable asset (for example, Bitcoin), click “Deposit” in the line with it and select “Get test coins” at the bottom of the pop-up form (you can get up to 0.01 BTC).

After sending a request for test coins, they will be credited to the balance within a few minutes. Then you can go to the Testnet terminal and start trading on your demo account.

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How to withdraw funds from ByBit

Withdrawing funds from the ByBit exchange is not much different from positing to an account in cryptocurrency, for this you need:

• In your personal account, go to the “My assets” section.

• Select the required cryptocurrency in the list and select “Withdraw funds” opposite it.

• In the window that opens, indicate the wallet for withdrawal and the withdrawal amount, after which we confirm the operation and wait for the completion of the transfer from the exchange to the specified wallet.

The withdrawal commission is individual for each cryptocurrency and is indicated on the payout order page.

ByBit limits and fees

Commissions and limits for depositing and withdrawing cryptocurrency from the exchange are indicated on the deposit and withdrawal page (there is no commission when depositing). Trading commission on ByBit is different for makers and takers:

• For makers = — 0.025% (negative, the trader receives a reward from the platform).

• For takers = 0.075%.

ByBit bonuses for traders

ByBit regularly distribute pleasant bonuses to both new and existing users of the exchange.

All current promotions with the distribution of bonuses are listed in the section “Promotions” — “Bonus Center”. On the same page, you can activate promotional codes and gift vouchers (if any).

All ByBit bonuses can be divided into 2 main categories:

• For new users of the exchange. You can get 5 USD in BTC as a gift for subscribing to the exchange’s social networks, 5 USD in BTC for a deposit in BTC, as well as 50 USD in BTC for the first deposit of more than 0.1 BTC.

• Temporary promotions for all users of the exchange. You can receive coupons with money for completing simple tasks (daily trading, replenishing the balance on the exchange, setting stop loss and take profit in trading, buying insurance, etc.).

Important: all received bonuses cannot be withdrawn from the exchange, but they can be used to pay commission when trading on the exchange.

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Exchange mobile application

Each user of the ByBit exchange can download the official mobile application on the official website of the exchange, which is available under the OS:

• Android.

• iOS.

The application is very easy to use, has almost all the functions of the full version of the exchange website and is regularly updated (new functionality is added).

ByBit Support

You can write to ByBit support using their contact email address: support@bybit.com

Also, on the official website of the exchange there is a reviews page, where you can write a wish for improving the exchange and for this you can win valuable prizes from the exchange.

Pros and Cons of ByBit

Pros

• One of the largest and most reliable cryptocurrency exchanges (included in the TOP-3 in its category).

• The liquidity of the exchange is over $ 50 million. • Anonymous exchange (you can trade without restrictions after simple registration, there is no verification on the exchange).

• A demo account is available for traders to practice their skills in derivatives trading.

• Leverage up to 100x is available to traders.

• A wide range of bonuses is available for all traders (for registration, trade, account replenishment, etc.). You can receive up to several hundred dollars on your balance for free for completing simple tasks in the “Rewards Center” on the exchange.

• There is an internal cryptocurrency exchange in the account.

• The balance can be replenished not only with cryptocurrency, but also in fiat.

• For the convenience of traders there are official mobile applications for iOS and Android.

• For those wishing to receive additional income on ByBit there is a referral and affiliate program.

Cons

• Small selection of trading pairs.

• No withdrawal of funds in fiat to a bank card.

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Final review and feedback on ByBit.com (whether to trust the exchange or is it a scam)

After actively testing the capabilities of ByBit and studying reviews about the exchange, we can conclude that, thanks to its impeccable reputation and reliability, as well as the high quality of the platform, ByBit has deservedly become one of the leaders among cryptocurrency platforms for derivatives trading.