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Friday, May 27, 2022

Bybit.com Exchange Review: Building Trust With Transparency

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About Bybit.com

Established in March 2018, Bybit.com is one of the fastest growing cryptocurrency derivatives exchanges, with more than 1.6 million registered users. Built on customer-centric values, they endeavor to provide a professional, smart, intuitive and innovative trading experience for retail and professional clients around the world. Bybit is committed to creating a fair, transparent and efficient trading environment, and offer 24/7 multi-language customer support to provide assistance in a timely manner.

ExchangeDetails
Exchange NameBybit.com
Exchange TypeCryptocurrency
Withdraw Fee0.0005 BTC
Deposit FeeFree
Taker Fee0.075%
Maker Fee0.025%
Support24/7
 Top CountryIndia
Website Homepage

How To Sign Up & Start Trading

You Sign Up For A User Account By Providing Basic Information.

On Every Exchange You Will Get Option For Sign Up Or Create Account . Just Fill Some Basic Details Like Name , Email , Password , Security Question Etc For Registration . It Is First Step To Start Trading On Any Exchange

You Then Receive An E-mail In Your Mailbox To Activate Your Account.

Before You Can Login, You Must Active Your Account With The Code Sent To Your Email Address.Then You Will See A Message That Your Financial Account Is Activated And Ready To Go. This Means That You Can Log In And Start Trading In Cryptocurrency.

Identity Verification

For Successful Verification You Will Need Identity Documents. For Example, You Can Use A Driver’s License Or Passport, Where The Name Is Duplicated In Latin Letters.Confirmation Of Identity On Exchange Is An Optional Step. The Procedure Must Be Completed Only If You Want To Remove The Restrictions Of Btc On Deposit Or Withdrawal Of Funds Per Day.

Bybit Trading fees

Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. They call makers for “makers” as their orders make the liquidity in a market. Takers are the ones who “take” this liquidity by matching makers’ orders with their own.

Bybit Exchange offers two types of trading: contracts trading and spot trading. The focus is undoubtedly the contracts trading functionality. Spot trading was launched on 15 July 2021. 

At Bybit, takers are charged 0.075% per order when trading contracts. When it comes to the makers, their fee is -0.025%. This essentially means that each maker get paid to trade. To clarify, let’s say that you are the maker in an order where you purchase cryptocurrency for USD 1,000. This means that instead of paying USD 1,000, you will only have to pay USD 997.50. This is a very competitive trait indeed.

According to the most extensive industry report ever prepared on contract trading average fees, the global average contracts trading taker fee and maker fee was 0.063% for takers and 0.018% for makers. Accordingly, Bybit is slightly above average when it comes to its taker fees but substantially below average with respect to maker fees. All in all, the fees here are attractive.

Spot trading fees are set at 0.10% for takers and 0.00% (free!) for makers. This is substantially below the global industry averages (0.215% and 0.162% according to the same report).

Inverse Contract

Perpetual Contracts
(Inverse)
Highest Leverage Maker’s RebateTaker’s Fee
BTC/USD100x-0.025%0.075%
ETH/USD50x-0.025%0.075%
XRP/USD50x-0.025%0.075%
EOS/USD 50x-0.025%0.075%

Bybit Withdrawal fees

Bybit.com Exchange withdrawing BTC from the Bybit trading platform, you will have to pay 0.0005 BTC per BTC-withdrawal. This is slightly lower than the current global industry average, being 0.00059 BTC per BTC-withdrawal.

Deposit Methods

Bybit does not accept any deposits of fiat currency. This means that new investors (i.e., investors without any previous crypto holdings) can’t trade here. In order to purchase your first cryptos, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency.

Bybit Mobile Support

This platform is not only available for desktop, but also Android and Apple mobile phones. Most traders in the crypto world today carry out their trades via desktop (around 70% or so). However, there are naturally people out there that want to do it from their smart phone as well.

Why Choose Bybit

Building Trust With Transparency

Bybit.com Exchange Reliable pricing mechanism with robust mark price and index price methodology. A plethora of real-time data is made available to traders. The friendly and experienced support team is available on 24/7 live chat anytime, anywhere.

An Intuitive Powerhouse Trading Platform

Bybit has a 99.9% availability track record. Trade confidently with Bybit’s competitive market depth and liquidity.

Dependable Security

Enjoy maximum protection with 100% funds storage in the multi-signature cold wallet. Your funds are safe with Bybit’s stringent withdrawal process via the Offline Signature function.

Affiliate Benefits

Most Competitive Trading Fee Commission

Exclusive promotions for the best performing affiliates.

Affiliate System

Bybit.com Exchange industry’s most comprehensive affiliate backend system: supports daily commission settlement cash withdrawals, and comes with a quick-view dashboard for commission reports and details.

Marketing Support

Individually customized marketing material combined with bespoke marketing activities to address different needs.

Bybit Exchange Review

6.5

CURRENCY VERITY

7.5/10

REPUTATION

6.5/10

CUSTOMER FEEDBACK

7.0/10

CUSTOMER SUPPORT

6.0/10

DESIGN

5.5/10

Pros

  • Bybit Mobile Support
  • Building Trust With Transparency
  • Dependable Security

Cons

  • No Live Support
  • High Fees
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