Bybit Reviews: Pros and Cons [Reviewed in 2024]

Overview 

Founded in 2018, Bybit may be comparatively new, but it has quickly grown into one of the biggest global cryptocurrency exchanges.

Bybit specializes in advanced trading options, including spot trading, trading in perpetual contracts and futures as well as margin trading with up to 100x leverage. It is a feature-packed platform that has managed to set itself apart from its competitors as  “not your average trading platform”.

Is Bybit legit?

Bybit is registered in the British Virgin Islands, and as of March 2021, it has been granted a license enabling it to operate from Dubai. 

However, there have been some ongoing issues regarding the status of Bybit in Canada. Namely, the platform is currently unavailable in Quebec and Ontario. According to The Ontario Securities Commission (OSC), Bybit has failed to comply with Canadian security laws and the platform has faced enforcement actions as a result. As of June 2022, Bybit is reported to be working with the OSC to obtain proper registration, however, its services are still unavailable to new Ontario-based customers.

If you are a resident of Quebec or Ontario, here is a list of some of the best crypto exchange platforms in Canada for your consideration. 

Other excluded jurisdictions include the US and China. 

Who is Bybit for? 

Bybit has some nice features for beginners such as a Trading Bot (an automated trading software) and Copy Trading (allowing you to copy successful strategies from other traders on the platform). There is also a very helpful Bybit Learn section that provides simple explanations and a Testnet service which serves as a demo account.

Even so, Bybit is designed for more seasoned traders who have the experience and the know-how to take advantage of the platform’s more advanced trading options. Therefore, newbies to crypto trading might want to look at other platforms. 

Features 

Let’s go over some of Bybit’s main features. 

Available coins and tokens

Bybit has an impressive range of available coins—244 at the time of writing, which means you can easily find the cryptocurrency you are looking for, whether it’s one of the most popular assets or a new arrival on the crypto scene. 

What’s more, the company has a unique feature that serves as a platform for groundbreaking blockchain projects. Called the Launchpad, it gives users early access to new tokens, pre-listing rounds and notable projects on Bybit. 

Here are just some of the coins Bybit supports:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Those interested in investing in other assets, in addition to crypto, might want to check out Wealthsimple, one of Canada’s most diverse investment platforms. 

NFT Marketplace

Bybit has a dedicated NFT marketplace where you can trade with no fees on transactions and get access to some of the best creations, including GameFi tokens, the metaverse, digital art and much more. 

P2P Trading

Bybit introduced a P2P crypto exchange in January 2022, allowing users to exchange tokens and coins between each other. Investors on the Bybit exchange have over 80 payment methods available to them and do not need to pay any transaction fees. However, only Bitcoin, Ethereum and Tether are offered on the P2P platform right now. 

Bybit Mobile App

For those who want to trade on the go, Bybit has an excellent mobile app that matches every function the desktop version provides, down to analyzing TradingView’s advanced charts. 

The Bybit app is available on both Google Play and the App Store, or you can download it by scanning the QR code on Bybit.com. 

In addition to these features, Bybit offers a wide range of order types (from limit, market and conditional order to more complex types, such as Good Until Canceled, Immediate Or Cancel, Kill Or Fill order) and the chance to stake your crypto and earn interest in return. 

Other features that can help you earn include:

What Can I Trade on Bybit?

Luckily, Bybit offers different trading options to suit all needs, so let’s go over them.

Spot trading 

This is the simplest type of trading as it allows you to buy and sell crypto on the spot. The feature was introduced on Bybit last year and currently allows users to buy and sell crypto with BTC, USDT, USDC and DAI as the base currency. Trading fees are set at 0.10% for both makers and takers, which is relatively low compared to other platforms.

Derivatives Trading 

With Bybit you can invest in derivative trading options, such as inverse perpetual and futures. You can also trade perpetual contracts using USDT or USDC as collateral, and as of recently, USDC options contracts as well.

Even though Bybit employs certain risk management tools, such as Dual-Price mechanism (protecting its users from market manipulations), derivatives are still a high-risk instrument and should be considered by more experienced traders only. 

Margin Trading in Crypto

Bybit allows up to 100x leverage on BTC, ETH and USDT, allowing you to trade safely without the risk of liquidation and with no margin requirements. This way, you are basically borrowing capital from the platform to trade more than what you currently have in your wallet. In other words, you get more exposure to a certain crypto’s price increase or decrease without actually owning the underlying asset. 

Keep in mind that this is an easy way to make money, but also comes with huge risks. 

Deposit and Withdrawal Methods & Fees

Hassle-free deposits and withdrawals are a pivotal feature of trading sites for many users. Fortunately, Bybit doesn’t disappoint!

Bybit Deposits 

There are two ways for Canadians to fund their account.

One is by transferring crypto to your wallet, although you can only make deposits in the following currencies:  BTC, ETH, XRP, EOS, USDT, BIT, DOGE, DOT, LTC, XLM, AAVE, COMP, LINK, MKR, SUSHI, UNI, and YFI.

You could also purchase crypto with fiat currencies, but this can only be done via third-party payment providers as the platform does not support direct fiat deposits (unless they are made in BRL or ARS).

Bybit partners with several third-party payment providers, including Banxa, XanPool, MoonPay, Mercuryo, and Simplex to allow users to make a deposit in over 170 fiat currencies, including CAD. 

If you want to put CAD directly into your account via Interac e-Transfer or a bank transfer, there are Canadian-based crypto exchanges that can make this happen. 

Bybit Withdrawals 

All crypto depositing on Bybit is free of charge, however, there is a fixed fee for withdrawals. 

Here is how much Bybit will charge you if you withdraw some of the more popular currencies. 

Cryptocurrency	Withdrawal fees
BTC	0.0005
ETH	0.005
XRP	0.25
EOS	0.1
USDT (ERC20)	10
USDT (TRC20)	1
DOGE	5

*For the full list of withdrawal charges, click here. 

Shakepay on the other hand has no withdrawal fees. 

Bybit withdrawal time 

Bybit is fairly quick and requests are typically processed in 30 to 60 minutes, depending on network congestion. However, it’s worth noting that there are some limits when it comes to withdrawals. You can only withdraw funds from your Spot account and there is a 2 BTC limit on payouts for unverified clients. For the other two levels (KYC 1 and KYC 2) you can request 50 or 100 BTC, respectively. 

Note: While there is no minimum amount required to make a deposit (extect for SOL which comes with a min deposit of 0.01), there are minimum withdrawal requirements. To see the full table, click here.

Trading Fees 

Bybit has a transparent, albeit complex tiered fee system, where you are charged more or less depending on whether you are a part of the platform’s VIP program. Here’s a breakdown of Bybit fees. 

 

 

 

 

 

 

 

 

 

 

 

 

To get into Bybit’s VIP program, there are certain criteria you need to meet. 

 

 

 

 

 

 

 

 

 

 

 

Once you meet the requirements outlined above, you will automatically upgrade to the next VIP level.

Other perks that come with the platform’s loyalty program include a dedicated account manager, access to year-round events, a higher daily withdrawal limit, and welcome gifts. 

Since the Bybit fee system may be a bit confusing, if you want a more straightforward trading fee structure, Coinsquare or Bitbuy are solid options to consider. 

Promotions 

Apart from the rewarding VIP program, the platform has a generous referral bonus (you get 420 USDT for every friend you refer to the platform) and a great broker program where you can earn competitive rebates based on your trading volume and the types of new users acquired.  

Is Bybit Safe?

Bybit has extensive security measures in place to protect its user’s assets. Not only does It offer 100% offline storage of your funds, but it also has two-factor authentication for account changes and withdrawals. Additionally, the company performs a manual review of each withdrawal request, thus minimizing the risk of unauthorized payouts.

There is an insurance fund as well that serves to reduce the possibility of Auto-Deleveraging (ADL) in the event of a liquidation, although it is only applicable to those who use the leveraged platform.

Eligibility and Application Process

Bybit has simple eligibility requirements—you must confirm you’re 18+ and you are not a resident of any of the restricted countries/regions. 

You can register with the platform through the Desktop version or the Bybit app using your email address or mobile phone number. The entire process takes less than 2 minutes. 

With Bybit you can also create and manage up to 20 subaccounts, with no additional fees. Bybit login options allow you to log in to your profile using your main account or subaccount. 

Bybit Customer Support

Bybit prides itself on its highly-rated and multilingual customer support, although it is only available through email at [email protected].

That said, the platform has a very extensive Help Centre that covers the most important questions regarding accounts, deposits, fees as well as insightful video tutorials that will help you navigate the trading platforms. 

The lack of live chat is a bit disappointing, as there are crypto exchange platforms that not only provide 24/7 chat service but phone support as well. 

Want to Consider Other Options? 

Let’s look at some alternatives and see what they have to offer. 

Bybit vs Bitbuy 

Bitbuy is one of the safest Canadian crypto exchange platforms, currently serving over 400,000 Canadians. It has incredibly low fees, which makes it a great option for large trades. What’s more, the platform is incredibly easy to use and suitable for both beginners and more seasoned traders, while newbies to trading might be out of their depth with Bybit. 

Bybit vs NDAX

NDAX is another popular crypto exchange registered with FINTRAC and supporting over 30 of the most notable coins. 

Its simple layout and user-friendly interface make it incredibly convenient for newcomers to buy and sell crypto using CAD at relatively low fees of just 0.2%. However, it is worth noting that withdrawals with NDAX come with higher fees than with Bybit. 

Bybit vs Bitcoin Code

Bitcoin Code Is an automated trading platform that buys and sells cryptos on your behalf. The trading app is designed for beginners with no prior trading experience and it does not charge any withdrawal or brokerage fees. 

On the other hand, Bitcoin Code supports fewer currencies than Bybit, so the latter might be more suitable for investors interested in a particular digital asset. 

Final Verdict

Bybit is a great platform for serious investors who want to maximize their profit with leverage of up to 100x and engage in spot and derivatives trading. Bybit reviews also like the platform’s unique features, fast transfers and intuitive mobile app. 

The biggest drawback is the fact that Bybit is not fully regulated in Canada. That said, the company is said to be working with the OSC on obtaining full registrations, so hopefully, new accounts on Bybit will be open for Ontario residents soon.