ByBit Review (2023)

ByBit is one of the most popular cryptocurrency Futures trading exchanges available in the market. Launched in 2018, the British Virgin Island-based exchange has shown remarkable growth. It has over 2.5 million registered users across the world and is growing fast.

This exchange has an intuitive user interface that you may prefer as a Futures trader for fast and efficient trading. The exchange can handle up to 100,000 trades per second. As a trader, you can enjoy perpetual contracts with up to 100x leverage.

However, ByBit focuses more on experienced traders, and we don’t recommend this exchange for beginner traders who do not know what they are doing.

In this ByBit review, we are going to dive deeper into this exchange and provide you with the information you need to understand ByBit. At the end of the review, you will know if this is the right exchange for you or not. Keep on reading.

ByBit review summary: ByBit is one of the top 3 biggest Bitcoin Futures exchanges worldwide based on their daily traded volume. You can trade over 20 coin-margined and USDT settled contracts with a leverage up to 100x. Deposits are possible with crypto and even with 20 fiat currencies.

The first impression of ByBit

ByBit is a new generation Bitcoin Futures trading platform where you can use leverage to long or short 5 cryptos. The exchange provides a leverage of up to 100x, which is a very competitive mark that puts the company up against the already established and reputable trading platforms such as Binance Futures and BitMEX.

ByBit Platform

The exchange offers two contract types: USDT Perpetual and inverse perpetual contracts. Both contracts have no expiration date and a trader can hold his position almost indefinitely. The difference between these contracts is that USDT Perpetual contracts use USDT as a margin and the inverse contract use the crypto pair as margin and is quoted in USD.

ByBit can be accessed from different devices such as desktops and smartphone. The dedicated app is compatible with Apple and Android.

The ByBit platform is also intuitive and fast to support convenient trading without any downtime when you want to trade the most.

Even though ByBit is especially suitable for experienced traders, they still offer quality and ready support services. The support channel is open 24/7. You can contact them concerning anything related to the use of the exchange.

Key features of ByBit

  • Margin trading with up to 100x leverage.
  • USDT Perpetual (USDT Margined) and Inverse perpetual (Coin Margined) trading.
  • Quick and safe deposits/withdrawals.
  • Fiat gateway available to deposit 20 fiat currencies, including USD, EUR and GBP.
  • Robust security management with two-factor authentication, SSL certificates and advanced Mark and Index pricing.
  • ByBit testnet is available for testing how the platform works.
  • Intuitive user interface.
  • App is available on Android and iOS.
Exclusive Deal: 10% Fee Discount, $40 Free Crypto Credit and up to $30 Deposit Bonus

Exclusive Deal: 10% Fee Discount, $40 Free Crypto Credit and up to $30 Deposit Bonus

We have an exclusive deal with ByBit where new users get a 10% fee discount on top of all standard bonuses. When you deposit at least $400, you will receive $40 and when you deposit $100 you will receive $20.
Activate Bonus
Limited Offer


Offer5 cryptos, with over 20 contracts.
FeesMaker: -0.025%; Taker: 0.075%.
Payment methodsSEPA Bank transfer, Credit Card and more.
Leverage1x to 100x.
Built-in walletsYes, for all 5 cryptos.
APIYes, automatic trading is possible.

ByBit Pros and Cons

Top 3 highest derivatives trading volume A limited number of trading pairs
 Coin and USDT settled contracts ByBit is unregulated
Reduced risk of price manipulation and liquidations 
High bonuses 

ByBit offer

ByBit offers over 20 contracts including two Bitcoin pairs and two Ethereum pairs. Depositable cryptos are Bitcoin, Ethereum, EOS (unique), XRP and USDT. 

Inverse perpetual coin margined contracts that are currently being offerend, but can’t be deposited are: BCHUSDT, LINKUSDT and XTZUSDT. These are USDT margined contracts, so you will earn profits in Tether (USDT).

Guide how to trade Futures with ByBit?

As we’ve said before, Futures trading is very risky and only for experiences trades. We did write a tutorial on how to trade on ByBit, but please make sure you know what you are doing. Start with a demo-account before trading real money. You can also check out the video below for an extensive ByBit tutorial of our favorite YouTuber.
Exclusive Deal: 10% Fee Discount, $40 Free Crypto Credit and up to $30 Deposit Bonus

Exclusive Deal: 10% Fee Discount, $40 Free Crypto Credit and up to $30 Deposit Bonus

We have an exclusive deal with ByBit where new users get a 10% fee discount on top of all standard bonuses. When you deposit at least $400, you will receive $40 and when you deposit $100 you will receive $20.
Activate Bonus
Limited Offer

How to register an account?

Before you begin using the ByBit platform, you are required to have an account with them. The process of registration is simple. To sign up:

  1. Go to the registration page on the official website.
  2. Fill in the required fields.
  3. Read the terms and conditions and click Sign Up.

You can now fund your account using the steps given below.

How to deposit fiat or crypto?

You can deposit crypto or use the fiat getaway to fund your account.

To deposit crypto:

You have to own cryptocurrency to deposit crypto. If you don’t own crypto, you can compare Bitcoin prices here or scroll down to deposit fiat.

  1. Log in to ByBit and go to My Assets.
  2. Click on Deposit behind the desired coin and choose the cryptocurrency you want to make a deposit. A popup will open with your unique wallet address.
  3. Either you can scan the QR code or you can copy the deposit address.
  4. Go to your personal wallet and paste the deposit address.
  5. Enter the amount you want to send to ByBit and click Confirm when you’re don.

To use ByBit Fiat Gateway to deposit fiat:

  1. Go to ByBit’s Fiat Gateway.
  2. Select the type of cryptocurrency you want to receive in your ByBit wallet address.
  3. Select the desired Fiat currency. Click on AUD and the drop-down menu will appear.
  4. Enter the amount you want to invest and click Buy now.
  5. Select from the list of service providers (preferably the one with the best rate). Click on the Buy button to be redirected to the third-party payment providers’ official webpage.
  6. Ensure that you have understood the terms and conditions of the provider and read is carefully. Confirm the transaction to complete the process.

Some service providers need additional information, like your email address or mobile number. Other providers need extensive information like a full KYC check.

After depositing on ByBit, you can start trading right away.

How to open a long or short position?

  1. Log in and navigate to the top left corner. Click Trade and select the desired contract.
  2. Select the type of trade you want to do at the top-right corner: Limit, Market or Conditional.
  3. Slightly below that you can choose between Cross or Isolated. When you choose Cross, the margin will be shared between all your open position. With Isolated the margin of the position will be restricted to a chosen amount.
  4. If you are using Isolated, set up the leverage on the slider scale at the top-right corner (you will be able to see your available margin). It is not wise to use a leverage higher that 10x.
  5. In the Order Price field you enter the Price when your order needs to be executed.
  6. Below that you can use the slider to assign an amount to your order.
  7. Select Buy/Long. A popup with a summary of your trade details will appear.
  8. Click Confirm if you agree.

To open a Short position, you can do the same but the only difference is that you use the Sell/Short button.

Never forget to setup a Stop Loss (or a Take Profit). You can do so by clicking on Buy Long/Sell Short with TP/SL.

ByBit Bitcoin Futures exchange

Verifications and Limits

Unlike other popular exchanges, ByBit is an entirely anonymous exchange. Know Your Customer (KYC) is not mandatory (it’s not even possible).

Keep in mind that some third-party providers do require a KYC when depositing fiat currencies.

ByBit Fees and other costs

ByBit fees depend on whether the user is a market maker or a market taker. The fees also vary with the chosen leverage.

ContractHighest LeverageMaker’s RebateTaker’s Fee

Market takers are charged 0.075%. The market maker fee is -0.025%, which means that when a market maker adds an order, they will get paid to do this. This is a very competitive fee that encourages market makers to be active and making the order book.

The exchange charges a withdrawal fee of 0.0005 BTC, which is nearly half that of industry-standard.

Additionally, a trader has to pay a funding rate once they open their position. However, since margin trading is based on trading positions, the trader may pay this fee or receive it

Inverse Perpetual and USDT contracts

ByBit offers two main types of perpetual contracts: Inverse (Coin) and USDT.

USDT perpetual contract uses USDT as the base currency and as the underlying asset.

For Inverse margined contracts, the chosen cryptocurrency itself is used as the underlying asset. 

How do you chose between these contracts? That’s easy. When you are, for example, bullish on Bitcoin and you want to acquire more Bitcoin. You can choose for Inverse BTCUSD contracts, because your profits will be paid in BTC. The same method can you use for the 3 other inverse contracts.

When you want to acquire more USDT and want to get paid in USDT, you can chose USDT perpetual contracts.

Is ByBit safe?

ByBit does not require a KYC verification and the platform is not regulated. We can understand that this can be a red flag. The CEO behind ByBit is Ben Zhou and he became a public figure after establishing ByBit. He is interviewed by Anthony Pompliano, Ivan on Tech and many more.


Most people won’t be a public face of a company if it’s a scam, but you always need to do thorough research to check if ByBit is currently (when you’re reading this ByBit review) a healthy organization. Even legitimate organizations can scam their customers.

Our advice is to only use this platform for trading, and not for storing your cryptocurrencies. Withdraw you crypto as soon as you don’t use it for trading.

Many traders see the platform as a robust and safe trading platform. Over 2.5 million traders are registered with this platform.

Exclusive Deal: 10% Fee Discount, $40 Free Crypto Credit and up to $30 Deposit Bonus

Exclusive Deal: 10% Fee Discount, $40 Free Crypto Credit and up to $30 Deposit Bonus

We have an exclusive deal with ByBit where new users get a 10% fee discount on top of all standard bonuses. When you deposit at least $400, you will receive $40 and when you deposit $100 you will receive $20.
Activate Bonus
Limited Offer

The exchange has a big market share and is (almost) always within the top 3 derivatives platforms. Especially when BitMEX introduced KYC, the platform gained a lot of new customers.

ByBit also has a very transparent ecosystem where the uses can even contact the CEO on Twitter to ask questions.

Check out his Twitter feed and you will also see all the new platform updates.

ByBit has also adopted a cold and hot hybrid storage system. Most of the funds are kept in cold storage, which is much safer. But keep in mind that they have no (known) insurances for their cold storage.

What are the ByBit fees?

Charges for market takers are 0.075%, and the market maker fee is -0.025%. These fees apply to all offered contracts. The withdrawal fee is 0.0005 BTC.

Which payment methods are supported by ByBit?

You can easily deposit one of the 5 supported cryptos. Also, through Fiat Gateway, ByBit offers a variety of payment methods (including Visa and Mastercard) and supports over 20 fiat currencies.

How can I contact ByBit?

The support is 24/7 available to answer all your questions.
Customer Support:
IT Support:
Media support:

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