ByBit Review

Here Are ByBit Pros and Cons:

ByBit fact sheet

When it comes to security, ByBit is not the most secure crypto exchange in the world. But calling it an unsafe exchange will be the wrong statement. ByBit has implemented some security measures to make sure that its users' funds are protected from potential hacks and theft.

When looking at the regulatory oversight and regulatory licenses, ByBit does not have any of them. It is an unregulated crypto exchange that is not under the oversight of any financial institution. For some, this might be a red flag, but there are also those that love this part of the exchange as it follows the spirit of cryptocurrencies and decentralization to some extent.

Security measures adopted by ByBit

One notable absence in ByBit's security measures is insurance. Looking at their website's About page and other online sources, we were unable to find any information regarding the insurance policies implemented by ByBit. This can be seen as a big negative considering the fact that it is not a rare occurrence for crypto exchanges to get hacked. But the good news here is that ByBit has never been hacked, and they have established their name as a trustworthy exchange.

When it comes to protecting its users, ByBit has implemented a multifactor authentication security protocol. ByBit traders can protect their accounts by turning on this authentication. Here they will need to pass mobile, email, or authenticator verifications before accessing their accounts. This makes sure that only the account owner has access to the account and no one else.

ByBit also uses cold wallets to store users' funds. These cold wallets are disconnected from the internet and are completely off the grid. This makes sure that no one will be able to hack into ByBit funds and empty out everything from them. The majority of funds are stored in these cold wallets, but there are still some funds kept in hot wallets in order to maintain liquidity.

When it comes to assets that you can trade on ByBit, currently, they support the trading of 251 cryptocurrencies which create 331 trading pairs. 

This might be seen as a small number of cryptocurrencies and trading pairs, and it is true considering how many tokens some of the other leading exchanges have. But this small number of tokens, combined with the fact that most major tokens are available on the exchange, makes sure that the exchange is not filled with worthless tokens or even worse, scam coins.

Here is the list of some of the cryptocurrencies that traders can trade with on ByBit:

• Bitcoin
• Ethereum
• XRP
• Solana
• Litecoin
• DOGE
• Polkadot
• BNB 
• Matic
• AVAX

This is just a short list and there are more tokens available on the exchange.

ByBit is known as one of the biggest crypto derivatives trading platforms in the world. Here traders can open futures contracts and trade based on price predictions. Traders can also simply trade on the spot market as well. Margin and leverage trading is also available on the exchange. The highest leverage that traders can use when trading on ByBit is 100:1. 

ByBit traders can use an integrated trading bot to automate their trading experience. Traders have the option to create two types of bots, Spot Grid Bot and DCA bot. Which bot you will choose will depend on the market conditions and your trading strategy. Traders can also see the leaderboard of traders and their bots. Here they see which bots traders are using, what profits they made, and more. If you find some trader and bot that sparks your interest, you can simply follow this trader and the bot will repeat the same actions as them.

ByBit also has a launchpad section where traders can see the release dates of upcoming cryptocurrencies. This is a good section for those who are looking for upcoming interesting cryptocurrencies. It is a famous strategy to invest in newly listed tokens and then sell them shortly after once the first wave of new investors invest and drive the price up.

ByBit traders can also stake their cryptocurrencies to earn APYs on them. ByBit has one of the best APY offers on the market, and traders who are holding their cryptocurrencies for the long term can use these ByBit staking offers to earn good interest rates on their holding.

Just like most other crypto exchanges, ByBit uses maker/taker fees to calculate trading fees for each trader. This is the most accepted fee structure in crypto trading. Here takers are those who are buying and selling cryptocurrencies at the current market price, while makers have limit orders in place, indicating to purchase or sell certain tokens if prices reach certain levels.

ByBit has different maker/taker fees depending on traders and their trading activities. Below we will present you with the table of ByBit spot market maker/taker fees as an example of what to expect.

This is a small overview of fees that most traders will have to deal with. For more detailed fees, you can check them out on the ByBit website.

The website is one of the most important parts of the crypto exchange. If the exchange offers great services but has a poorly built website, it will not be able to gain a big customer base. Because of this, we took a closer look at the ByBit website.

ByBit's website is a bright space filled with many different visuals and pleasant designs. Everything is placed properly in order to make navigation easier. Their top menu has everything that traders might be looking for. With just one click of a button, traders can quickly access different markets, trading bots, staking platforms, and more. All in all, this is a well-built website that will leave most customers satisfied. 

But there are some aspects of the website where things might get complicated. For example, when looking at the fee structure it can be seen as cramped together, and it might be hard to easily understand how these fees work. There are more instances like this where things seem way too complicated when they could have been done more simply.

Where ByBit shines is in its educational section. Here you can get information about everything crypto-related. When visiting the Learn section of the website, these topics are divided into categories that can be accessed through the top menu.

The first section is dedicated to topics. Here traders can choose which topic they are interested in, be it Bitcoin, Blockchain, DeFi, Staking, Options, and more. The second section is dedicated to altcoins. Here traders can read about GameFi, Metaverse, Meme tokens, and other related topics. Then they have a trading section where traders can read about different charts, patterns, indicators, and signals. The 5th section is a Glossary where traders can find definitions of different crypto and trading-related terms. Then lastly, there is a section dedicated to Guides where ByBit has different guides on different crypto topics, strategies, and more. 

The cherry on top of this is their video section. Here traders will be met with different types of crypto-related videos. There are videos dedicated to crypto trading, where ByBit explains everything in a simple and fast manner. They also upload podcasts and other similar videos for people to enjoy and receive daily news.

Pros and cons of ByBit education

When it comes to customer support, ByBit takes really nice care of its users. They have a good support center where traders can easily find information about every type of issue or question they might have. When going to their support center, traders will be met with different sections each for a specific type of problem, be it verification, deposits and withdrawals, security, and much more. They also have a section showing the most visited pages regarding certain problems, and a section for solutions that have been recently updated.

If you don’t manage to find the solution to your problem through this support center, you can submit a case regarding your problem. Here ByBit will try to receive as much information regarding your problem as possible, and once this case is submitted, ByBit's 24/7 customer support will contact you shortly. There is also the possibility to get live chat support, where you can chat with support staff in a live session and try to find the solution to your problem that way.

ByBit, just like most other crypto exchanges, has a mobile app that allows you to trade without the need of being near the computer. This is a very well-built app that is simple to navigate and yet has every core feature that traders are looking for.

ByBit traders who are using the mobile app can access derivatives and spot markets with just one click. This mobile app also has access to ByBit earn (their staking platform), the NFT marketplace, trading bots, and more. All in all, this is a great app that will satisfy the need of almost every trader.

Now that we know everything about ByBit, let’s take a look at how can we get started on this exchange.

Step 1: Register your account

The first step is simple account registration. When creating your ByBit account, you will be given the option to create a new account using either your email address or mobile number. Once selected, you will need to come up with a strong password. After this, you will receive a confirmation code on either your email address or mobile number.

Step 2: Verification

Once your account has been registered, you will need to verify your identity in order to remove limitations on your account. Level 1 verification is the first step, here you need to upload a photo of your government-issued document along with a selfie. ByBit will then take a few minutes to verify your identity. 

This verification level will be sufficient for most traders, but there is also a possibility of Level 2 verification. Here you need to upload documentation verifying your proof of address. 

Step 3: Deposit funds and start trading

Once verification is complete we can deposit funds and start our trading journey. For deposits, there are a few options that we can use. First is a one-click buy where you simply select which crypto you want to buy and what currency you want to use to buy it. There are also options for straight fiat and crypto deposits.