fbpx

Follow Me On Socials

ByBit Review

bybit

Bybit is a leading crypto derivatives exchange that offers up to 100x leverage for its users. The exchange recently announced an Ethereum futures contract that will launch shortly as well as a cloud mining-as-a-service product that offers low-barrier entry for people to start mining Ethereum ($100 minimum). Ethereum Futures? Mining as a service? These updates and several others have users excited for ByBit. Today I’ll talk more generally about the platform and the quality of service it offers to users. 


Visit the Bybit Rewards Hub and receive a special bonus when you use my code to register!

More specifically, I’ll touch on points that include: 

  • What is ByBit Known for? 
  • Fees 
  • The app 
  • User Interface 
  • Demo Mode 
  • Referral Bonus 
  • Pros/ Cons 

What is ByBit Known For?

As a derivative’s exchange, Bybit is known to feature a vast array of permanent swaps, such as the USDT and perpetual inverse contracts. BTC/USD, ETH/USD, XRP/USD, EOS/USD, BTC/USDT, ETH/USDT, LTC/USDT, XTZ/USDT, and LINK/USDT are among the perpetual contracts available. 

Furthermore, Bybit recently introduced Inverse Futures, which enables traders to lock in the price of an underlying commodity in the future. When the deal expires, it will converge to the spot price and settle. 

Bybit exchange was established in March 2018 and is currently listed as one of the top five derivatives exchanges in the world with an annual trading volume of $14 billion. The founding team includes leading investment banking experts who were early adopters of blockchain technologies as well as industry enthusiasts. 

Fees 

Trading commissions vary depending on whether you are a maker or a taker. As is common with other exchanges the Bybit fees vary with takers fees (0.075%) versus a lower makers fee at 0.025%. These fees are very standard for the industry. 


Visit the Bybit Rewards Hub and receive a special bonus when you use my code to register! 

The App 

The Bybit software is built for all users, from newcomers to experienced traders, and is entirely compliant with iOS and Android. Widgets and strategic price warnings both assist you in staying one step clear of market fluctuations. As a result, you'll be the first to know when a predetermined price is hit. The software streamlines what matters to mobile traders so that they aren't overloaded by too much data. As mentioned, the warnings are a great reminder so you’re not trapped refreshing your phone all day. 

Users also value the frequent updates that add new functionality, correct glitches, and maintain greater and improved compatibility. The best part of the app and website might be the design, however, which has proven to be easy-to-use as made evident across user comments made about the app. 

User interface 

image2 ByBit Review

The user interface on ByBit is very simple and easy to use. There are a few key areas of the desktop version- a Fiat Gateway, the Trade center, ByFi Center, Learn, and Promotions. When you select Trade, it’s easy to see the platform has a lot to offer in the derivatives section. 

 

Then, as a clear sign that they double down on user experience, there is an elaborate educational center on the website. The ByFit Learn Center located under the Learn tab has dozens if not hundreds of different articles that teach you fundamentals about trading, crypto, and technology in general. 

In the ByFit Learn Center, you can find beginner articles like What is the Difference Between Bitcoin Cash and Bitcoin, but then you can even find articles on more advanced trading topics like “Four Hedging Strategies for Cryptocurrency Risks.” This illustrates a commitment to users as not every website has the resources to dedicate an educational corner for its community. 

Demo Mode

Bybit offers a testnet trading account so that potential users can get a feel for the marketplace before investing real money. This is a fantastic aspect that we really look for in Bitcoin brokers. The Testnet connection is located on the right side of the trading interface. 

They also offer night mode, which many traders who are accustomed to dark charts prefer. Night mode is becoming an increasingly popular feature but isn’t ubiquitous yet so it’s worth mentioning. 

Referral Bonus 

ByBit has an extensive referral bonus system that allows you to refer your friends and earn money just for doing it. How it works is that for every new user you refer to ByBit, you earn a base reward of $10. ByBit doesn’t have any limit for the number of friends you refer to the platform. Even better, for every person you refer, that person also gets $10 too. However, this is important to note, in order for a referral to qualify, the user must register on ByBit with your referral code, make a deposit, but then place at least one trade using the BTCUSD Inverse Perpetual Contract function. As long as they do that, then you will both be on your way to earning $10. 

Pros 

Perhaps the biggest pro of ByBit is that it is one of the most liquid derivatives exchanges that exist. The major benefit of any exchange having high liquidity but especially a derivative exchange with high liquidity comes down to one thing-- trading equilibrium. 

High liquidity is typically synonymous with strong trade activity. For example, it can mean that sellers sell at reasonable rates (to avoid losing out), while buyers compete at higher prices (based on their degree of desperation), resulting in an equilibrium selling price that is equal for everyone. 

Some of the other pros include: 

  • High bonuses, referrals, and rewards  
  • Contracts settled in USDT 

Cons 

Depending on the jurisdiction you’re in, ByBit isn’t available everywhere just yet. As you know, crypto exchanges operate under heaving licensing and regulatory pressure. Before signing up to ByBit be sure that you are technically allowed to use the exchange to buy and sell crypto derivatives. 

One of the other cons is that despite its high liquidity, it doesn’t offer many many different types of trading pairs. Some exchanges pride themselves on trading pairs, however, the uniqueness of the crypto derivatives the Bybit offers does offset this. 

Overall 

In addition to bonuses and USDT settlement capability, ByBit has one of the most liquid crypto exchanges out there. If you can overlook the limited geographical scope and somewhat limited number of trading pairs, then ByBit can be the crypto derivatives exchange for you. 

Register for ByBit and use my referral code Bybit Rewards Hub to receive a special bonus!

Stay Connected With Me

© 2021 BitBoy Crypto | Designed by LBWD
Skip to content