Bybit crypto exchange review: Features and Trading
Bybit is a cryptocurrency exchange that was established in 2018. This platform provides services for buying/selling or exchanging 24 major cryptocurrency pairs, including BTC, ETH, BNB, SUSHI, DOGE, USDT and many others. Over 5 million people have sign up here since the platform’s inception.
Before trading on the ByBit exchange, it is worth getting acquainted with the peculiarities of the process. The company helps beginners to understand the nuances by regularly publishing training materials. There is also an opportunity to test the system without financial risk, and experienced traders can start trading immediately after opening an account and funding it. You can also read a detailed ByBit review for a full understanding of how the crypto exchange works.
Security of your data on the platform
The basis of security is a cold storage system. More than 95% of cryptocurrency assets or ByBit coin users are stored in offline wallets that are physically isolated from the Internet. This significantly reduces the risk of hacking and unauthorized access to funds.
Bybit provides users with additional security tools, including two-factor authentication, payout address whitelisting, and customizable trading restrictions. This allows each merchant to create a customized level of protection that meets their needs.
Buy cryptocurrency
Buying cryptocurrency on ByBit exchange in Malaysia can be done in different ways such as through other currencies, directly or in one click. This makes the platform more convenient for different users who want to buy or sell cryptocurrency.
Buy cryptocurrency with one click
The easiest way to buy cryptocurrency. You won’t find a simpler process anywhere else, as all you need is a single mouse click. Sounds tempting, doesn’t it? All you have to do is select the cryptocurrency you want, enter the amount you want and click the button. Done! After confirming the transaction, the system automatically executes the order at the current market rate. For those who have not yet understood the rules of the markets, this method is perfect. While you are learning, you can already buy cryptocurrency.
P2P trading (0% commission)
For those users who want to communicate directly with the buyer or seller, there is an option to use Bybit P2P (peer-to-peer) trading. Without intermediaries and commissions, you can buy or sell cryptocurrency by placing a bid specifying the cryptocurrency, amount and payment method. The system matches the bids and once the terms of the transaction are agreed, the cryptocurrency is transferred between users. The Bybit platform provides a secure escrow mechanism to protect both parties.
Fiat Currency Deposit
Not all new customers have the opportunity to buy/sell cryptocurrency immediately, but want to try it out. In such situations, the exchange offers users the option to deposit fiat money (e.g. dollars, euros) into their Bybit accounts to buy cryptocurrency later. The user chooses the fiat currency to deposit and uses available payment methods such as bank transfer, credit or debit card to fund their account.
Deposit fees may apply depending on the payment method used. It is important to allow for transaction processing times, which may vary.
Trading on the Bybit exchange
Trade Type | Description | Characteristics |
Spot Trading | Trade real cryptocurrencies on the spot market. The buy and sell price is determined by the current market rate. | Buy cryptocurrency directly. No leverage. Ideal for long-term investments and regular purchases. |
Conversion | The process of exchanging one cryptocurrency for another without an order book. | Convenient for quick exchange of assets. Performed at the current market rate. Suitable for users who do not need to analyze the market in depth. |
ETP (Leveraged Token) | Financial instruments that are leveraged tokens that allow you to amplify potential gains and losses. | Uses leverage, which increases risk and profit opportunities. Suitable for more experienced traders who are willing to take high risks. |
Trading Bot | Software that automates stock market trading according to specified algorithms and strategies. | Allows you to automate trades and minimize emotional decisions. Ideal for active trading and long term strategies. |
OTC Trading | Trading large volumes of cryptocurrencies outside of standard trading venues, directly with counterparties. | Often used by large investors and institutional clients. Allows avoiding the influence of large orders on market prices. |
Pre-market trading | Trading cryptocurrencies before the start of the main trading day. | Allows you to react to news and events before the main trading session opens. Can have low liquidity and higher risks. |
Bybit fees and commissions
Type of Fee/ Commission | Description | Size | Characteristics |
Trading Commission | Commission charged for executing trades on the platform. | Depends on order type: 0.1% (buy), 0.075% (sell) for market and limit orders. | Commission may vary based on volume and order type. |
Withdrawal Fee | A fee charged for withdrawing funds from a trading account. | Varies by cryptocurrency | Each cryptocurrency type has its own fixed withdrawal fee. |
Deposit Fee | Commission for depositing funds on the platform. | Usually not available | Depositing fiat currency may have its own fees depending on the deposit method. |
Funding Fee | A periodic fee (or reward) for holding a position over time. | Depends on market and current rates | Determined based on the difference between the financing rates for long and short positions. |
Conversion Fee | Fee for converting one cryptocurrency to another. | Typically 0.1%. | Conversion is at the current market rate. |
Necessary tools for trading
- Copytrading allows users to automatically copy the trades of experienced traders. This simplifies the trading process for beginners and allows them to follow the successful strategies of others. Set the amount to copy and the risk level
- TradeGPT is a new tool that uses artificial intelligence to analyze market data and provide forecasts and trading recommendations. In this way, users have the opportunity to combine modern technology and classical methods to make decisions about bit exchange cryptocurrencies.
- A trading bot automates trading based on predefined algorithms and strategies. It is important to regularly review the bot’s settings and monitor its performance. Suitable for active traders and those who want to minimize the influence of emotional decisions.
- Leaderboard displays a list of the best traders on the platform based on their trading results and profitability. This tool allows other users to analyze and study the strategy of other traders.
- MetaTrader 5 is a popular trading platform that supports various financial markets and instruments. It is suitable for those who want to use professional tools for analysis and trading.
- The Position Builder allows users to create and manage complex trading positions by combining different orders and strategies. The user sets position parameters such as order types, stop loss and take profit sizes and levels.
- TradingView is a financial market analysis platform with many charts, indicators, and technical analysis tools. It is useful for in-depth market analysis and development of trading strategies.
Promotions for users
VIP Program
The ByBit VIP program offers special privileges to active traders. Members receive a personal manager, reduced trading commissions to 0 and priority support. To achieve VIP status, you must maintain a certain trading volume or account balance. For example, the VIP1 level requires a monthly trading volume of $1 million or a balance of $100,000 USDT or more.
Referral Program
The referral program allows users to earn money by inviting new clients. For each invited friend you can earn up to 1710 USDT + 30% of their trading commissions. If a referral registers and opens an account, you will be rewarded with 1225 USDT + interest. If a guest trader tries copy trading, you will get another 665 USDT. You will receive the remaining 20 USDT and various card privileges such as 0 fees if you open a ByBit card with a friend. To participate, you need to sign up and receive a unique referral link.
Affiliate Program
The ByBit affiliate program is aimed at bigger players: bloggers, influencers and companies. It offers higher reward rates and additional tools to attract customers. Affiliates can earn up to 50% of trading commissions from referred users and get access to detailed statistics and marketing materials.
Bonus Center
Bonus Center is a place where users can get additional funds for trading. There are regular promotions here: deposit bonuses, free tokens for completing tasks, trading contests with prizes. For example, new users can get a ByBit welcome bonus of 20 USDT, as well as a chance to win a lottery with various additional prizes. In addition, they have a chance to win 1000 USDT for completing KYC.
Sign up and login to your account
To sign up and log in to ByBit, you just need to follow a few simple steps.
- Go to the official website and click on the registration button.
- Fill in the required details like name, email or phone number, country.
- Go through the KYC process
- Go to the ByBit wallet and make your first deposit.
- Don’t forget to claim your welcome bonus.
For users who prefer mobile trading, you can download the ByBit app for iOS and Android.
FAQ
Bybit’s VIP Loyalty Program provides members with significant benefits, including reduced trading commissions that can reach 60% savings at the highest levels. VIP clients also receive access to a personal account manager, priority support and exclusive analytical reports to help optimize trading strategies and improve platform performance.
Bybit offers a number of portfolio management tools, including an automatic rebalancing feature that maintains a preset asset allocation. The platform also provides detailed analytics on portfolio performance, including risk and return metrics, as well as tools to track gains and losses in real time.
The most popular currency pairs for traders at Bybit are those with high liquidity, such as BTC/USDT, ETH/USDT and XRP/USDT. In addition, traders actively trade altcoins in pairs with USDT, especially during periods of high volatility or significant news in the crypto industry.