Bybit floor review 2023: CEX floor is reputable and safe for all levels of investors

The Bybit exchange evaluation process will give BeInCrypto readers an overview of the advantages and disadvantages of this exchange compared to other platforms.

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Bybit is one of the reputable centralized cryptocurrency exchanges (CEX) and is suitable for almost all types of traders. With support for over 400 cryptocurrencies; offers spot and Derivative trading; products that help users make money; Non-Fungible Token marketplace... it can be said that Bybit is aiming to diversify products in this field. But is Bybit the right exchange for your needs? In this Bybit exchange review, BeInCrypto will help you have a comprehensive view of it.

In the following sections, we will explore every aspect of the Bybit exchange, including its features, regulatory status, trading fees, security implementation, and customer support. Let's follow along.

Table of contents:

• How did we conduct Bybit review?
• Overall assessment of Bybit floor
• What are the pros and cons of Bybit ?
• Compare Bybit with some other exchanges
• Features and tools from Bybit
• Evaluate some other aspects of Bybit
• Is Bybit the right exchange for you?
• frequently asked Questions

How did we conduct Bybit review?

We have thoroughly tested this platform for many months. This process includes:

• Try out the entire suite of trading tools, focusing on unique features such as copy trading and innovative trading bots.
• Use special tools to XEM transaction history and create in-depth reports.
• Evaluate the practicality and utility of the Bybit wallet, focusing on the overall user experience.
• Testing the platform on a variety of devices to evaluate performance.
• Review the reliability of security measures and protocols in place.
• Ask customer support questions through various channels.

Overall assessment of Bybit floor

If you have never used or even heard of Bybit before, the summaries in this section will help you quickly understand it.

Criteria	Cryptocurrency support	Fiat support	Fee	Feature	User experience	Customer support	Security and confidentiality	overview
Point	4.5/5	4/5	4/5	5/5	4/5	3.5/5	4/5	4.2/5

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What is Bybit exchange?

Bybit is a cryptocurrency exchange headquartered in Dubai. In the UAE, it operates under the name Bybit Fintech FZE and complies with the regulatory guidelines of the host country. The company itself operates as Bybit Fintech Limited and is registered in the “British Virgin Islands”.

While there are many aspects to Bybit, the most interesting is its presence as a popular Derivative exchange alongside traditional spot trading. It supports up to 100x leveraged trading on various cryptocurrencies.

History of the birth of Bybit exchange

Bybit was founded by Ben Zhou in 2018. Zhou, a forex trader, used his TradFi experience to solve the stability and even liquidation problems that Bybit initially encountered. What works for Bybit is its dual-price setup, which is based on a standardized, set global price for liquidating assets. In the years since its founding, the Bybit trading platform has made a name for itself in the cryptocurrency space and boasts over 15 million users.

Bybit impresses by offering an optimized platform with the ability to process up to 100,000 transactions per second. The platform ensures zero downtime and the fastest possible order matching between buyers and sellers in the market.

Since its establishment until now, each year this exchange has marked one or more impressive achievements. For example:

• In 2018 , it launched BTC perpetual contracts.
• In 2019, it entered the list of top 5 exchanges globally.
• In 2020, the platform partnered with Borussia Dortmund, a soccer team.
• In 2021, it launched a spot trading function, officially moving beyond being just an exchange for Derivative .
• 2022 sees the launch of USDC margined SOL and ETH options contracts.
• 2023 is the year the company moves to its global headquarters based in Dubai.

How to register an account on Bybit?

Getting started trading cryptocurrency on Bybit is actually not as difficult as you think. The platform offers an intuitive registration process, ensuring new users can onboard quickly and easily. Here's how to sign up in a few simple steps:

• Step 1: Click the “Register” button on the top right corner of Bybit's official homepage .

• Step 2: Choose your preferred registration method, using email or mobile; Enter necessary information as requested. Remember that entering the referral code is optional, meaning that if you enter it will be your way of supporting the person who introduced you to the platform.

• Step 3: After XEM and accepting Bybit's Terms of Service and Privacy Policy, select “Create Account”. A window showing restricted countries and regions will appear. If your country is not on the list, simply select “No” to continue. Luckily, our Vietnam is not on this list.

• Step 4: Finally, complete reCAPTCHA validation and enter the verification code sent to you through your chosen registration method.

Some notable indicators about Bybit exchange

As of the end of October 2023, Bybit has a sizable user base of more than 15 million people and spread across 160 countries. This global spot and Derivative exchange supports more than 200 contract types, quarterly contracts and perpetual contracts, to help traders have more options to enhance their profits and trading skills. Surname.

What is the fee structure on Bybit ?

Bybit, like any other leading exchange, has different fees for spot trading, Derivative, institutional level… Let's take a closer XEM at the most important fees What will it look like on Bybit and is it worth it for you to use?

• The fee range for standard spot trading starts at 0.1% for both maker and taker. You may receive a discounted rate on spot trading fees if you increase your account's VIP level through increased 30-day volume .
• For Derivative and Futures Contract trading, Bybit 's fee frames for makers and takers start at 0.02% and 0.055%, respectively.
• And for options trading, fees start at 0.03% for both makers and takers. Compared to other cryptocurrency exchanges like Coinbase, Kraken , and Huobi, Bybit has a more competitive and affordable fee structure.

How to deposit and withdraw money on Bybit ?

Bybit supports both cryptocurrency and fiat currency deposits and withdrawals. About limits:

• If you do not perform KYC verification, you cannot deposit crypto or fiat money. However, withdrawals are allowed at 20k USDT daily for customers who have not registered for KYC.
• After KYC verification, level one and level two, the deposit limit will switch to unlimited, while the withdrawal limit reaches 2 million USDT.

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What are the pros and cons of Bybit ?

If the Bybit exchange review content that we just Chia above still makes you confused and do not want to try Bybit , the analysis of the pros and cons below will hopefully help you better understand the exchange. Please translate this.

Advantage

• Offers high leverage, up to 100x for specific cryptocurrency trades.
• Heaven for crypto Derivative .
• Provides many charting tools to support trading.
• Extremely fast transaction speed, up to 100K per second.
• Provides resources to help users improve their knowledge of trading and the cryptocurrency market.

Defect

• It may not be the biggest exchange if you like the number 1 platforms.
• Some are concerned about regulation, especially in the United States. Fortunately, in Vietnam there are no regulations prohibiting the operation of trading floors.

Compare Bybit with some other exchanges

In the next part of this Bybit exchange review, we will quickly review the advantages and differences between Bybit and its competitors.

Bybit & Binance

Binance is the biggest name in the CEX exchange segment. While Bybit has over 440 trading pairs or markets, Binance currently leads with over 1,200 similar options.

Bybit

Create Trust Score account10Number of trading pairs & coins436 pairs & 344 coins24-hour trading volume900 million USD

Binance

Create Trust Score account10Number of trading pairs & coins1,266 pairs & 362 coins24-hour trading volume5 billion USD

Bybit & OKX

Bybit is known for its competitive fee structure. However, if you want a cheaper alternative, you might want to try OKX . Compared to Bybit 's maximum trading fee of 0.1%, OKX starts at 0.08%.

OKX

Create Trust Score account10Number of trading pairs & coins504 pairs & 334 coins24-hour trading volume700 million USD

Bybit

Create Trust Score account10Number of trading pairs & coins436 pairs & 344 coins24-hour trading volume900 million USD

Bybit & Kraken

While Kraken Futures offers the same Derivative trading experience as Bybit, it appears that the Kraken Futures platform scores higher in terms of security, encryption standards, and regulatory compliance.

Bybit

Create Trust Score account10Number of trading pairs & coins436 pairs & 344 coins24-hour trading volume900 million USD

Kraken

Create Trust Score account10Number of trading pairs & coins657 pairs & 228 coins24-hour trading volume724 million USD

Features and tools from Bybit

As a cryptocurrency spot and Derivative exchange, Bybit offers a variety of trading tools and features to support its users. In particular, Bybit Markets can be an impressive highlight that makes a difference for this exchange. While most cryptocurrency exchanges have their own “Markets” sections, Bybit 's service includes a number of additional elements, such as a market sentiment indicator, the ability to examine key sectors, and more. Trending areas, XEM at market data... This is a plus point in our Bybit exchange evaluation process.

At its core, Bybit is a cryptocurrency trading platform. From a reliable spot trading ecosystem to Derivative trading support, it's all available on Bybit. In the Derivative trading segment, which is the strength of this exchange, they currently have more than 200 contracts including Futures Contract, USDC options... It can be said that there are almost no specific Derivative tools. Which Bybit doesn't have.

Besides standard spot and Derivative support, Bybit also gives you access to a “crypto conversion” feature. This helps you quickly switch from one cryptocurrency to another. You then have access to Leveraged Tokens that have a Derivative version already built in. This method is for users who want to trade this Token with long or short positions, along with appropriate leverage. It's worth noting that leveraged Token are very similar to cryptocurrency CFDs or contracts for difference, where you don't need to own the asset but can still speculate on price movements. However, Bybit does not directly support CFDs.

Quickly buy cryptocurrency on Bybit

Besides standard trading, Bybit also allows you to quickly buy cryptocurrencies through a one-click buying option. The idea is simple, you just need to choose the fiat currency you want to use to buy cryptocurrency. Once done, you can choose the cryptocurrency you want to exchange for fiat – USDT, BTC, ETH or any other. Once selected, you just need to focus on the payment method and quickly buy your preferred cryptocurrency.

This one-click approach works even if you want to sell cryptocurrency quickly. Besides the entire trading suite and instant buy (sell) options, Bybit also enables peer-to-peer (P2P) trading, fiat deposits, and automated investing.

Copy trading

One of Bybit 's lesser-known functions is probably its trade copying feature. This way, you can copy the trading strategies of successful traders by tracking their 30-day, 90-day or other time-specific ROI. You can even choose the traders you consider suitable based on their Bybit rankings. And according to common sense, the traders you choose to copy trade will receive a certain percentage of profits if you make profitable trades.

Bybit cards

During our review of Bybit, we realized that it is one of the few cryptocurrency exchanges that issues its own tokens. The Bybit card itself works like a standard MasterCard debit card. It allows users to make direct payments using any cryptocurrency in their Bybit account.

With its partner network and technology, Bybit offers a seamless payment method accepted by more than 90 million merchants globally. Not only that, Bybit card owners also receive unique privileges, from getting 5% - 10% cash back on transactions to earning extra money through referrals or simply enjoying the benefits. Benefits of VIP card…

Bybit

As one of the popular centralized exchanges in the market, Bybit is not only known for its specialized trading tools. Instead, you can rely on Bybit's passive earning feature, allowing you to do more with your Cryptoasset . For each asset, such as BTC, ETH…, you can choose various forms between fixed term, dual assets, flexible savings, liquidation mining and other earning strategies, depends on your preferences.

Trading bot (trading bot)

Bybit has a set of pre-made trading bots that you can customize based on your requirements. You can set up Bybit trading bot for Futures Contract, cryptocurrency price Medium (DCA)…

Bybit wallet (Bybit wallet)

Bybit 's presence in the Web3 sector is further strengthened by the Bybit wallet product. It acts as a bridge between Web2 and Web3. With Bybit wallet, you can use it for Staking, swap Token/ Non-Fungible Token... Bybit wallet itself also provides many multi- chain interaction methods and takes security very seriously.

Besides the features described, Bybit also offers crypto-based lending services, crypto loans — allowing users to borrow with cryptocurrencies — trading support powered by GPT, early access to new products through Launchpad…

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Evaluate some other aspects of Bybit

Evaluate user experience on Bybit

When you use Bybit, you will see that this is not complicated. Firstly, the web interface is very easy for a newbie to operate and transact. Second, if you want to use Bybit's mobile app, you can try both Android and iOS options. Here are some notable features for those interested in using Bybit 's mobile app for cryptocurrency transactions:

• Access real-time market data, charts and indicators thanks to the intuitive Bybit user interface.
• A comprehensive trading platform.
• High-level security, supported by two-factor authentication.
• Ability to set notifications and alerts for users.

Evaluate security standards on Bybit

Bybit is one of the cryptocurrency exchanges that is highly rated for its safety and security. Some of the most notable elements of the exchange involve protecting user information and user funds, including:

• The use of a Multisignature wallet system for user funds.
• Implement premium 2FA for mobile apps.
• Advanced encryption strategies.
• Support creating Whitelist for withdrawal addresses
• Insurance fund.
• Perform periodic security checks and assessments.

Evaluation of customer support

Customer support should be one of the important aspects when evaluating any trading platform, including Bybit. And while Bybit promises quick customer support and thorough problem resolution, it can sometimes be confusing for newcomers to use. Specifically:

• First, Bybit has a pretty effective live chat function, allowing you to receive quick responses to most questions and concerns during use.
• Next, if you encounter a more "difficult" problem, you can always use the "ticker" form to seek help. In most cases of this type, Bybit responds in less than 24 to 48 hours.
• Other aspects of Bybit customer support include resource repositories such as Bybit Learn, a detailed knowledge base/help center, multilingual support, and a multi-channel community. .

However, Bybit 's customer support setup has faced many criticisms, including higher response times, limited phone support, frequent problems with chatbots... Despite this, During our review of Bybit, we did not notice any concerns while testing these services and our questions were answered promptly.

Bybit 's safety and regulatory compliance

In Singapore, Bybit complies with the Monetary Authority of Singapore or MAS. Plus, the exchange even complies with AML and CTF standards. For US traders, Bybit, as of October 2023, does not expand its services to this country. Additionally, Bybit 's presence in the UK is also constantly changing:

“Compliance is a top priority for Bybit. Regarding the new UK cryptocurrency regulation, we are in talks with the regulator to find the best solution going forward, no final agreement has been made yet, we will announce for our community.”

Ben Chu, CEO of Bybit

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Is Bybit the right exchange for you?

This detailed Bybit review by BeInCrypto shows that if you are into crypto Derivative trading and advanced leveraged trading, Bybit could be the right platform for you. VIt's not just about features, Bybit also offers one of the best spot and Derivative trading fee frameworks on the market, helping you retain the majority of your trading profits.

However, which exchange to choose will depend on your personal preferences and requirements. Remember that every investment always comes with potential risks. Therefore, always make sure that you only risk what you can actually control. Additionally, although this Bybit review gives you a better overview, it does not Vai as investment advice. As always, XEM this as a suggestion and XEM your financial situation, conducting thorough research before making any choices.

frequently asked Questions

What is Bybit used for?

Bybit is a reputable cryptocurrency exchange, used for trading cryptocurrencies. Like any other cryptocurrency exchange, you can trade assets on Bybit or you can invest time and effort in Derivative trading like Futures Contract, options, perpetual contracts … In addition to trading, you can even buy Cryptoasset instantly on Bybit or use the platform to earn passive income from your holdings.

What can I trade on Bybit?

On Bybit, you can trade a variety of assets, including over 300 cryptocurrencies. While these assets can be traded on spot markets, Bybit also allows you to trade Derivative such as Futures Contract and options with margin support. Additionally, you can even trade leveraged tokens on Bybit.

What is the minimum deposit on Bybit ?

If you have KYC verified, Bybit does not impose any kind of limit on fiat or crypto deposits. Additionally, if you want to deposit cryptocurrency, Bybit does not charge any fees. The only fee you need to pay is the network fee to move the cryptocurrency from one point to another. For fiat deposits, standard bank transfers are free.

Is Bybit worth trusting?

Bybit is one of the leading cryptocurrency exchanges with published and audited Proof of Reserves reports. In addition, the exchange also applies a number of security measures, such as two-factor authentication, access to Cold Storage settings... to protect users' funds. The exchange also offers a transparent and highly competitive fee structure.