Bybit Review: Latest Bitget Pros, Cons, and Key Features 2024

More and more digital exchanges exist. Choosing the best one is hard. Among them, Bybit emerged as a reputable and quality exchange.

I'm CEO David Wabinz, founder of DavidWabinz.com.

In this article, I will provide key details about Bybit Exchange. I will cover its chart interface, platform features, trading pairs, security, support, and fees. And what's more, I will specify its updates in 2024.

Please note that this is just a preview and not financial advice for you. It is essential to make an informed decision before investing in cryptocurrency exchanges.

What is Bybit?

Bybit is a cryptocurrency derivatives exchange. It was established in 2018 and has quickly become prominent in the crypto trading industry. Bybit is headquartered in Singapore and registered in the British Virgin Islands. It positions itself as a platform for leveraged futures contracts. The contracts are available for major cryptocurrencies. These include BTC, ETH, XRP, EOS, and others.

The founders were professionals in investment banking and forex. This suggests they have a deep understanding of financial markets and trading. Bybit prides itself on offering a fast and secure transaction system. It aims to be transparent and to provide fair trading. It serves both retail and professional traders globally.

Bybit has over 1.6 million users. It focuses on customer satisfaction and aims to give a great user experience. The platform is known for its reliability and security in futures trading. It uses innovative blockchain technology to support its operations. Transparency and efficiency are core values. They ensure that traders can trust the platform's integrity.

Bybit is a major player in crypto derivatives exchanges. It appeals to traders looking for advanced features and a reliable platform. They want these things for leveraged futures trading in cryptocurrencies.

Bybit: Pros and Cons

Bybit is a cryptocurrency exchange with outstanding advantages. Even so, it still has some disadvantages, but this is acceptable.

Pros of Trading with Bybit

• Bybit offers a user-friendly trading experience, with no KYC required for new users.
• The platform supports both PC-based and mobile app options for logging in and trading.
• Bybit offers high leverage, attractive trading fees, and market-maker rebates.
• Bybit has an Insurance Fund guarantee to mitigate and cover losses.
• Multiple order types are available, including limit orders, partial orders, conditional orders, and market orders.
• Derivative contracts can be settled in both Coin and USDT.
• High bonuses are available to traders on the platform.
• Bybit ranks among the top three established exchanges for the highest trading volumes in crypto derivatives.
• Bybit fees are among the lowest when compared to other exchanges.

Cons of Bybit

• Bybit has a limited number of trading pairs available.
• The platform lacks regulation.
• Trading on Bybit is not allowed for US citizens.
• The authenticity of Bybit's trading volume statistics cannot be independently verified.

How Does Bybit Work?

Bybit is a cryptocurrency derivatives exchange. It focuses on margin and futures trading, not spot trading. Here’s a breakdown of how Bybit works based on the provided information:

1. Account Opening and KYC: Opening an account on Bybit is easy. It does not need Know Your Customer (KYC) verification. Users can sign up using only a phone number or email address, simplifying the registration process.
2. Deposits and Trading: Once registered, users can deposit cryptocurrencies into their Bybit accounts. Alternatively, they can buy Bitcoin with fiat currency through a third-party app. Then, they can transfer it to Bybit for trading. Bybit supports margin trading with leverage options up to 100x for Bitcoin and 50x for other cryptocurrencies.
3. Bybit offers short-term insurance. Users can buy it to reduce potential losses. This feature is very useful. It is for high-leverage trading. In these, losses can be big.
4. Bybit has advanced trading features. You can access them through its website and mobile app. They cater to experienced traders. These features include various order types. For example, limit orders set to buy or sell prices. Market orders are executed immediately from the order book. Conditional orders trigger from predefined conditions, like price movements.
5. Considerations for Leverage Trading: Trading with leverage boosts possible gains. But, it also raises the risk of losses. Bybit's leverage options allow traders to bet on price movements with borrowed funds. But, it's crucial to understand the risks, especially for inexperienced traders. They may be prone to significant losses.
6. Bybit has regulatory restrictions. They limit margin trading for retail investors to follow the rules. This limit aims to protect users. It stops them from facing too much risk from high-leverage trading.

My opinion: Bybit is for traders who want to do leveraged futures trading. It is not for spot trading of cryptocurrencies. It provides strong tools for experienced traders. It emphasizes risk management through insurance and obeying regulations. As with any leveraged trading platform, users should be cautious. They should fully understand leverage before participating.

Features of Bybit

In 2024, Bybit keeps innovating. It's kept improving its platform to serve cryptocurrency traders. It adds new features and updates:

• Bybit has new advanced trading tools. They give traders deeper market insights and better decision-making. These tools may have better charts. They can also have custom technical indicators and live market data.
• Bybit has added more security measures. It recognizes the importance of security in cryptocurrency trading. The measures include advanced encryption, multi-factor authentication, and enhanced account monitoring. They protect users' funds and personal information.
• Bybit is adding more cryptocurrencies. These include altcoins and new tokens. This lets traders diversify. They can also capitalize on new crypto opportunities.
• Bybit has improved its User Interface (UI) and User Experience (UX). It's now more intuitive and user-friendly for trading. This includes streamlining the trading interface. It means optimizing order execution. It also means providing layout options. These options cater to individual trading preferences.
• Bybit enhances its educational resources. It offers guides, tutorials, and webinars. These are for both new and experienced traders. Additionally, Bybit fosters a vibrant community. It does this through forums, social media, and expert insights. These help with sharing knowledge and networking among traders.
• Regulatory Compliance: Bybit is more committed to following global cryptocurrency regulations. It is doing this by adding rules. The rules make sure its platform is clear and responsible. This includes following anti-money laundering (AML) and Know Your Customer (KYC) rules. They apply where applicable.
• Bybit has launched a mobile trading app for iOS and Android devices. It provides traders with easy access to the platform's features on the go. The app has full trading tools. It also has tools for managing portfolios and watching markets in real time. It is made for the mobile lives of traders.

Bybit aims to keep its place as a top exchange platform in 2024 and beyond. It will do this by innovating. It will also adapt to the changing needs of cryptocurrency traders. The updates aim to give traders better tools. They also aim to improve security and access. These will help traders navigate the fast-changing cryptocurrency market with confidence.

Perpetual Futures and The Dual Price Mechanism

In 2024, Bybit Exchange is making many updates to its perpetual futures contracts. It is also adding a Dual Price Mechanism to boost trading transparency and user protection.

Perpetual Futures Contracts

Bybit still offers perpetual futures contracts. They are derivatives with no expiration. This feature allows traders to keep positions forever. It gives them flexibility to profit from market movements over long periods. Perpetual contracts on Bybit support many cryptocurrencies. Traders can use them to engage in diverse trading strategies. They do not have to worry about contract expiry.

Quarterly Futures Contracts

Building on its perpetual futures offerings, Bybit is introducing quarterly futures contracts. Unlike perpetual contracts, which are continuous, quarterly futures operate within specific quarterly periods. This addition gives traders more options. They can use them to align their strategies with seasonal or quarterly market trends. Bybit's quarterly futures aim to serve short-term and long-term trading needs. They add versatility to futures trading.

Integration with MetaTrader 4 (MT4)

Bybit is adding MetaTrader 4 (MT4). MT4 is a famous platform in traditional finance. It's known for its advanced charts, algorithmic trading, and extensive technical analysis. This integration lets Bybit users use MT4's features in the cryptocurrency derivatives market. Traders will enjoy better trading insights. They will also get automated trading strategies. And, a smooth interface for trading across many markets.

Dual Price Mechanism

Bybit uses a Dual Price Mechanism. It protects traders from market manipulation and ensures fair trading conditions. This mechanism is a safeguard. It protects against sudden price drops. These drops could cause big losses or force selling due to not enough margin. The Dual Price Mechanism compares the market price with a reference price. The reference price comes from historical trading data or an index. It is used to detect anomalies. If differences are found, trading may stop. This prevents bad outcomes for traders. It also promotes a safe, clear trading environment.

User Benefits

Bybit's 2024 updates aim to provide traders with:

• Traders have more choices for trading. They can now pick from perpetual to quarterly futures contracts. This lets them align their trading with market conditions and their preferences.
• It has advanced trading tools. It integrates with MT4 for advanced charting and analysis. It also offers automated trading strategies. These tools enhance decision-making and execution.
• The Dual Price Mechanism helps with price risks. It does this by stopping price swings and manipulation. This keeps markets fair and protects traders.

Bybit Exchange's updates in 2024 highlight its commitment to innovation. They focus on transparency and user-centric trading solutions in the cryptocurrency derivatives market. These changes aim to give traders: diverse trading options, advanced tools, and strong risk management. They will help traders navigate fast-changing markets well.

Bybit’s Mark to Market Price

In 2024, Bybit is improving how it keeps prices fair and accurate. It's updating its “Mark to Market” mechanism. The updates focus on the “Mark Price.”

Mark to Market Price Mechanism

Bybit uses a “Mark to Market” mechanism. It ensures that the mark price of contracts accurately reflects market conditions. Here’s how it works and the updates for 2024:

Definition of Mark Price

The “mark price” on Bybit is the last traded price of the asset. It is on the cryptocurrency exchange platform. It is the reference point for settling derivative contracts. These include perpetual futures.

Functionality of the Funding Mechanism

Bybit uses funding to adjust the mark price. It does this every eight hours. This change is crucial for aligning the mark price with the prevailing market price. The funding mechanism helps to reduce differences. These differences may arise due to market volatility or temporary imbalances in trading.

Updates for 2024

1. Bybit is improving its funding mechanism. This will raise the frequency and accuracy of mark price adjustments. This keeps the mark price close to the real-time market price. It reduces the risk of arbitrage and improves market efficiency.

2. Algorithmic Adjustments: Bybit uses advanced algorithms. They've calculated and adjusted the mark price dynamically. The algorithms use many data points. These include trading volume, order book liquidity, and external market data. They use these to give a more precise valuation of derivative contracts.

3. Transparency and Fairness: Bybit remains committed to transparency and fairness in pricing. The updates aim to create fair prices. Traders can rely on the mark price as a true reflection of market conditions. This will foster trust in the platform.

Benefits for Traders

• Traders enjoy an accurate market price. It reflects the market price. This lets contracts settle fairly.
• Bybit reduces the gap between the mark price and the market price. This reduces arbitrage opportunities. This promotes market stability.
• The refined mark-to-market mechanism helps manage price risks. It ensures that traders can use reliable prices to plan their strategies.

Bybit updated the mark-to-market price mechanism in 2024. This change shows its commitment to a strong and trustworthy trading environment. These changes aim to make prices more accurate and markets more efficient. They will give traders reliable tools for trading cryptocurrency derivatives.

100X Leveraged Trading

In 2024, Bybit Exchange still offers 100x leveraged trading. It provides advanced tools for traders to control and boost their positions in the cryptocurrency market. Here are the updates and considerations associated with this high-leverage feature:

100x Leveraged Trading

Bybit allows traders to use leverage. They can use it to amplify their positions up to 100 times the size of their initial deposit. This capability lets traders control much larger positions than their capital alone would allow. This magnifies both profits and losses based on market movements.

Benefits of 100x Leverage:

1. Larger positions amplify potential returns. They give traders more power to trade.
2. High leverage offers flexibility. It lets traders profit from short-term market opportunities and fluctuations. This is helpful for active and experienced traders.

Risk Considerations:

1. Leverage can boost profits. But, it also raises the risk traders face. A small price drop can cause big losses. The losses may be more than the initial investment.
2. Risk management is key. Bybit stresses using strong strategies. This is crucial for trading with high leverage. This includes setting stop-loss orders. It also means diversifying investments and only using funds that traders can afford to lose.

Educational Resources and Support:

Bybit provides many educational resources and tools. They help traders understand the impact of leverage and make informed choices. This includes risk disclosures and trading guides. It also includes support for making risk plans. These plans are tailored to different trading styles.

Updates for 2024:

1. Bybit is improving its risk disclosure. It ensures that traders have clear information about the risks of leveraged trading.
2. Bybit is adding advanced trading tools to its platform. These tools help with fast and careful trading of leveraged positions. They include real-time margin calculations and position management features.
3. Regulatory Compliance: Bybit is committed to following regulations in the places it operates. It ensures that leveraged trading options follow local laws.

Conclusion

Bybit will offer 100x leveraged trading in 2024. This shows its commitment to offering advanced trading opportunities. It also shows its focus on trader education and risk management. Traders enjoy more trading power and flexibility. But, they must approach leveraged trading responsibly. They need a thorough understanding of its implications. Bybit continues to support traders. They provide the tools and resources needed to navigate leveraged trading well.

The Contract Loss Mechanism

The cryptocurrency market is highly volatile. Traders often take leveraged long or short positions. These can be very profitable but also come with big risks. One of the key risks is liquidation, which occurs when the price of a cryptocurrency falls below the trader's bankruptcy price. Volatility means extreme and rapid price swings. It makes big losses more likely. It could wipe out an entire investment. To reduce these risks and help traders who face liquidation, Bybit has taken several steps. These include the Bybit Insurance Fund.

Bybit Insurance Fund and Contract Loss Mechanism

The Bybit Insurance Fund is crucial. It protects traders from the full force of liquidation losses. Here's how it works:

1. The Insurance Fund covers deficits. They arise when a trader's position is liquidated. This helps ensure that traders do not lose more than their initial investment.

2. Funding Source: The fund gets reserves from liquidation penalties. It also gets a part of the trading fees. This buildup ensures enough resources to cover losses. It gives traders a safety net.

3. In 2024, Bybit made big updates. They improved the Insurance Fund's effectiveness.

Bybit has been added to the Insurance Fund's reserves. This will allow for more coverage and stability.

• Bybit improved the allocation. It ensures that the most critical losses are covered first. It prioritizes traders who face the largest deficits.
• Bybit now provides clear reporting on the Insurance Fund. It shows the Fund's status, with real-time updates on fund levels and data on past usage. This transparency helps build trust and confidence among traders.

4. Loss Recovery Protocols: Bybit has introduced new loss recovery protocols to further aid traders:

• Bybit now uses partial liquidation instead of full liquidation. It reduces the impact on traders' positions. This means only a part of the trader's position is sold to meet margin requirements. The rest can stay active and potentially recover.
• Bybit has advanced risk management tools. They let traders set precise stop-loss and take-profit levels. These tools help traders manage their risk well. They reduce the chance of liquidation.

5. Bybit recognizes the importance of trader education and support. It has launched several initiatives for this.

Bybit provides many educational materials. These include tutorials, webinars, and articles. They help traders understand market volatility and risk management.

Customer Support: Enhanced support services are available. They help traders navigate leveraged trading and the liquidation process.

Conclusion

Bybit has updated its Contract Loss Mechanism and the Insurance Fund. They show the exchange's commitment to protecting its traders in a volatile market. Bybit aims to make trading safer. It will do this by raising fund reserves. It will also improve allocation and add new loss recovery. Also, the focus on transparency helps. So do the advanced risk tools and community support. They help traders make informed choices and better manage risks. Bybit is using these measures. They help Bybit to build trust and reliability in cryptocurrency trading.

Socialized Loss system vs Auto-Deleveraging System (ADL)

Cryptocurrency trading is fast-paced. It's crucial to manage the risks of leveraged positions. Bybit has two main mechanisms to protect traders from big losses. These are the Socialized Loss System and the Auto-Deleveraging System (ADL). Both systems aim to safeguard traders from the adverse effects of market volatility but operate in distinct ways. In 2024, Bybit made many updates to improve these mechanisms to ensure a fair trading environment.

Auto-Deleveraging System (ADL) Updates in 2024

The ADL is vital. It is designed to protect traders from big losses. It does this by automatically reducing the size of the most profitable and highly leveraged positions in a specific order. Here are the key updates to the ADL system in 2024:

1. The ADL system now uses an advanced algorithm. It ranks positions by unrealized profit ratio and leverage. This improvement ensures more accurate and fair prioritization of positions for deleveraging.
2. Bybit has a Dynamic Adjustment Mechanism. It recalibrates the ADL rankings more often during extreme market volatility. This ensures the system responds swiftly to changing market conditions. It protects traders better.
3. By improved transparency and notifications. Traders now get real-time notifications and detailed reports. They are about their ADL ranking and potential deleveraging actions. This transparency lets traders understand their risk exposure. It helps them take proactive steps.
4. Expanded Coverage: The ADL system has expanded its coverage to include a wider range of contracts and trading pairs. This plan ensures that more traders benefit. They get the protection of the ADL system.
5. Integration with Advanced Risk Management Tools: Bybit did this by connecting the ADL system to advanced risk tools. This allows traders to set custom stop-loss and take-profit orders. The tools help traders manage their positions better. This reduces the chance of falling into high-risk categories.

Socialized Loss System in 2024

Bybit uses the Socialized Loss System. It is another risk management mechanism. It spreads the losses from liquidated positions across all profitable traders. The system is designed to stop any one trader from facing all the losses. It promotes a fair and balanced trading environment.

1. The Loss Distribution Methodology works like this: In a liquidation, the fund is too small. So, profitable traders all share the losses. The share is based on their profit levels. This method ensures that the impact of losses is spread out, minimizing the effect on individual traders.
2. Bybit has boosted its insurance fund. It now covers larger losses before the Socialized Loss System starts. This enhancement reduces the frequency of loss distribution among traders, providing greater protection.
3. Transparent Reporting is like the ADL system. Bybit has improved transparency in the Socialized Loss System. Traders receive detailed reports on loss events. They also get reports on their contributions. These reports foster trust and understanding in the trading community.
4. Community Feedback and Adjustments: Bybit asks for feedback from its trading community. It does this to refine the Socialized Loss System. Regular updates and adjustments are made based on trader input, ensuring the system remains fair and effective.

Conclusion

Bybit's updated Socialized Loss System and Auto-Deleveraging System (ADL) in 2024 show the exchange's commitment to two things: protecting traders and keeping fair trading. The ADL system has an enhanced ranking algorithm. It also has a dynamic change mechanism and improved transparency. These features ensure more effective risk management. Meanwhile, the Socialized Loss System has a proportional loss distribution. It also has a bolstered insurance fund and transparent reporting. These provide extra safeguards for traders.

Bybit Type of Order

Bybit is a leading cryptocurrency exchange. It offers many order types. These give traders flexibility and control over their trading strategies. In 2024, Bybit made many updates to improve these order types. They ensure a better trading experience. Here’s a detailed overview of the different order types available on Bybit and the new updates for 2024.

1. Limit Orders

Limit orders allow traders to specify the number of contracts, order price, and leverage. These orders are executed when the Last Traded Price reaches the preset order price. They give traders control over the price at which they buy or sell digital assets.

Updates in 2024:

• Bybit has improved its order-matching engine. It will make limit order execution faster and more accurate.
• Traders can now choose “Fill or Kill” and “Immediate or Cancel” options. These options give more control over how orders are executed.
• The Advanced Notification System gives real-time alerts. They tell traders when their limit orders are partly or fully filled.

2. Market Orders

Market orders allow traders to set the number of contracts they wish to trade. The execution price is set by the best price on the order book. Market orders are ideal for those looking to enter or exit the market immediately.

Updates in 2024:

• It has a new feature. It minimizes slippage by doing market orders in smaller parts.
• Bybit has improved liquidity access. It did this by better integrating with liquidity providers. This ensures that market orders are executed at the best prices. This is true even during periods of high volatility.

3. Conditional Orders

Conditional orders are advanced. They are submitted automatically when the Last Traded Price meets the trigger price. There are two main types of conditional orders:

• Conditional Market Order: This order is filled immediately once the trigger price is met.
• Conditional Limit Order: This order is placed in the order book and waits for execution when the trigger price is reached.

Updates in 2024:

• Traders can now set more complex conditions for their orders. They can include multiple triggers and time-based conditions.
• Bybit improved the UI/UX. The interface for setting conditional orders is now easier to use.
• Trigger price accuracy has improved. It ensures that orders are executed precisely when intended.

4. Stop Orders

Stop orders are designed to limit losses or protect profits. These include stop-loss and take-profit orders that are executed when the market price reaches a specified level.

Updates in 2024:

• Dynamic Stop-Loss is a new feature. It adjusts the stop-loss level based on market volatility. It provides better protection in volatile conditions.
• Traders can now set trailing stop orders. These orders move with the market price. They lock in profits as the price moves in their favor.

5. Good-Til-Cancelled (GTC) Orders

GTC orders stay active in the market until they are filled or canceled by the trader. This order type is useful for those who do not want their orders to expire at the end of the trading day.

Updates in 2024:

• Bybit has added new validity options. They include Good-Til-Date (GTD). Traders can use GTD to set an exact order end date.
• The management of GTC orders will get better. New tools will allow batch cancellation and modification.

Conclusion

Bybit updated their order types in 2024. The changes give traders more flexibility, control, and protection in their trades. The enhanced features reflect Bybit's commitment to better trading. They include slippage protection for market orders. You can set the conditions for conditional orders. They also have dynamic stop-loss mechanisms. Bybit is always improving its platform. This ensures that traders have the tools they need.

Bybit Deposit and Withdrawal

Bybit is a top cryptocurrency exchange. It offers strong and user-friendly options. These options are for depositing and withdrawing funds. In 2024, Bybit has introduced several updates to enhance the deposit and withdrawal experience for its users. Below is an overview of the key features and new updates to Bybit's deposit and withdrawal system.

Supported Cryptocurrencies

Bybit supports five primary cryptocurrencies for deposits and withdrawals:

– Bitcoin (BTC)

– Ethereum (ETH)

– EOS (EOS)

– Ripple (XRP)

– Tether (USDT)

Wallet System

Users are provided with separate wallets for each supported cryptocurrency. Bybit calculates the equity based on BTC. This gives a user a total view of their assets in BTC.

Deposits

Options for Deposits:

1. Users can transfer any supported cryptocurrency from external wallets. They can transfer them to their respective Bybit wallets.

2. The Fiat Gateway allows users to buy BTC, ETH, and USDT. They can use 45 different fiat currencies, such as USD, AUD, EUR, and GBP.

New Updates in 2024:

• The Fiat Gateway now supports more fiat currencies and more cryptocurrencies. This change provides more flexibility for users. The platform has also added more third-party service providers. They offer low rates and fees.
• Bybit has added more payment methods. These include digital wallets and regional systems. They will serve a broader user base.
• The Fiat Gateway's user interface is now more intuitive. It's been redesigned for seamless purchasing.

Deposit Limits:

• Bybit has no minimum deposit requirement. This makes it accessible for traders of all sizes.
• Purchase Limits: For fiat purchases, the allowable range per order varies by currency. For USD transactions, the limits are set between $20 and $15,000.

Withdrawals

Withdrawal Process:

• Two-Factor Authentication (2FA): To ensure security, users must enable 2FA before initiating withdrawals.

• Bybit charges a small fee for withdrawals. The fee varies based on the cryptocurrency.
• Bybit has optimized its withdrawal process to make it faster. This reduces the time for withdrawals to be processed and received by users.
• Bybit has negotiated to lower withdrawal fees. They did this by working with blockchain networks and service providers. This makes it cheaper for users to move their funds.
• Bybit has added more security measures. These include biometric verification and advanced fraud detection. They protect users' funds during withdrawals.

Assets Exchange (Formerly Coin Swap)

The Assets Exchange feature allows users to convert one cryptocurrency into another (Both must be Bybit-supported)

• Users now have more options to convert cryptocurrencies. They can now convert a wider range of assets. This includes newly supported ones and popular altcoins.
• Bybit has better rates and lower fees. It has improved the conversion rates and cut the fees for asset exchanges. This makes it more attractive for users to diversify their portfolios.
• The platform now supports real-time conversion. It ensures that users get the best rates at the time of the transaction.

Conclusion

Bybit's updated deposit and withdrawal system in 2024 offers more flexibility. It also has better security and easier options. Bybit has expanded its fiat gateway support. It has faster processing times and better exchange rates. This all helps it to provide a superior trading experience. The updates show Bybit's commitment to meeting the changing needs of its users. They also reflect its goal to keep its place as a top cryptocurrency exchange.

Bybit Payment Methods

Bybit's 2024 payment methods are updated. They offer more convenience, faster processing, and lower fees. This makes it easier for users to deposit fiat into their accounts. Bybit supports many payment options. The mobile app is also better. Bybit still puts user satisfaction first. The updates show Bybit's commitment. They aim to give a smooth and fast trading experience to its global users.

Supported Payment Methods

Bybit supports various payment methods for depositing funds into user accounts, including:

1. Visa and Mastercard: Users can deposit funds using their Visa or Mastercard credit or debit cards.

2. Electronic Fund Transfer (EFT) or Wire Transfer: For larger transactions, users can opt for EFT or wire transfers.

3. Bybit supports bill payment methods. These are for users who prefer this traditional route.

Payment Partners

Bybit collaborates with several payment service providers to facilitate seamless fiat currency transactions:

– Banxa

– Xanpool

– MoonPay

– Mercury

New Updates in 2024

1. Expanded Payment Partners: Bybit has added new payment partners to provide users with more options and better rates. The new partners include popular digital wallets and regional payment services. They ensure that users can pick the cheapest and most convenient method.

2. Bybit has made deposit processing faster. This is true for EFT and wire transfers. Users can now expect faster clearance and availability of funds in their Bybit accounts.

3. Bybit negotiated with payment partners. They agreed to lower transaction fees. This makes it cheaper for users to deposit fiat currency.

4. The Bybit mobile app has been updated. It now gives a more intuitive deposit process. The interface has been improved to make it easier for users to navigate and complete their transactions.

How to Make a Deposit Using the Bybit Mobile App

Depositing funds into your Bybit account via the mobile app is straightforward. Here’s a step-by-step guide:

1. Open the Bybit Mobile App: Ensure you've got the latest version of the app installed on your device.

2. Locate the “Assets” Tab: This tab is usually found at the bottom right-hand corner of the app interface.

3. Tap on the “Deposit” Option: Initiate the deposit process by tapping on the “Deposit” button.

4. Select the Cryptocurrency: Choose the cryptocurrency you wish to deposit into your Bybit wallet. Currently, Bybit supports BTC, ETH, and USDT for deposits.

5. Enter Deposit Amount: Users can enter the amount in fiat currency or cryptocurrency, as they've preferred.

6. Choose Payment Method. Pick your payment method from the options (Visa, Mastercard, EFT, Wire Transfer, Bill Payment).

7. Complete the Deposit: Follow the on-screen instructions to complete the deposit process. Ensure that you've verified all details to avoid errors.

Bybit Fees

Bybit still offers low fees. They are designed to encourage liquidity and make trading efficient. In 2024, Bybit has made many updates to its fee system. They ensure that traders can maximize profits while keeping costs low. Here’s a detailed overview of Bybit’s fee structure and the new updates for 2024.

Bybit Trading Fees

Bybit differentiates between Makers and Takers fees:

1. Taker Fees: Takers are traders whose orders are filled immediately by matching with existing orders on the order book. Bybit charges a fee of 0.075% for Taker transactions.

2. Maker Fees: Makers are traders who provide liquidity by placing orders that are not immediately matched. Makers receive a fee rebate of 0.025% for providing liquidity and market depth.

Net Cost for Bybit: The platform's net cost incurred from this fee structure is 0.05%.

Updates in 2024:

Bybit has reduced the Taker fee from 0.075% to 0.07%. This change makes the platform more attractive to high-frequency and high-volume traders.

The Maker rebate has been raised from 0.025% to 0.03%. This is to further reward liquidity provision.

Bybit has introduced volume-based fee tiers. They offer lower fees for traders with higher monthly volumes. This tiered system provides more incentives for active traders.

Bybit Withdrawal Fees and Limits

Users can take out funds from their Bybit account. They do this by entering their wallet address and clicking the withdrawal button. Bybit has specific withdrawal limits and fees:

1. BTC Withdrawal Limit: The maximum withdrawal limit is 10 BTC per transaction.

2. Daily Withdrawal Limits: Bybit imposes daily withdrawal limits to enhance security. The typical daily withdrawal limit is 0.0005 BTC.

3. Withdrawal fees are small: Bybit charges them for withdrawals to cover network costs.

Updates in 2024:

Bybit has increased the daily withdrawal limit for verified users. This allows for higher daily transaction amounts.

Bybit reduced withdrawal fees. The new fees are cost-effective for users. They reflect lower network fees and increased efficiency.

Bybit has added security measures. These include multi-signature wallets and advanced fraud detection. They ensure safe withdrawals.

Bybit Funding Fees

Bybit imposes a Funding Fee, also called the Funding Rate. It is a key part of trading perpetual contracts. This fee is exchanged between buyers and sellers to ensure that the contract price remains close to the underlying asset price.

• The Funding Rate is set at 0.02% or -0.02%. It depends on market conditions and the difference between the perpetual contract price and the spot price.

Updates in 2024:

Bybit has introduced dynamic funding rates. They adjust more often to reflect market conditions better. This ensures fairer funding costs for traders.

Bybit now shows more on funding rates. It also sends notifications to traders. These help them see and expect funding cost changes.

Conclusion

Bybit has updated its fee structure in 2024. It continues to offer low rates for Makers and Takers. Bybit has reduced trading fees and increased rebates. It also has a new volume-based fee tier system. These changes incentivize active trading and liquidity provision. Enhanced withdrawal limits and reduced fees make it easier and more cost-effective for users to manage their funds. Also, funding rates change. They are transparent. They help traders make informed decisions in the perpetual contracts market. These updates reinforce Bybit’s commitment to offering a top-tier trading experience.

Bybit Insurance Fund

Bybit Mutual Insurance is a complex risk management tool. It's made for BTC/USD perpetual contracts. It helps traders boost profits or cut losses without exiting their positions. In 2024, Bybit has made several updates. They aim to enhance the Mutual Insurance system, making it better and easier to use.

The Mutual Insurance tool aims to help traders manage risks. It does this by offering insurance for positions in volatile markets. This lets traders maximize profits in uptrends. It helps offset losses in downturns.

Components:

1. Premium: It's the cost of purchasing insurance coverage.
2. Insurance Fee: Calculated as 0.05% of the insurance amount.

Pricing Model: Bybit uses the Black Scholes model for options pricing. It considers factors like the insurance amount and index price volatility. It also considers position price. It looks at maximum payoff, insurance duration, and the mutual fund balance.

Settlement Scenarios:

1. Expiration: Insurance can expire after 2, 12, or 48 hours.
2. Manual Settlement: Traders can manually settle within the insured period.
3. Liquidation: Settlement can occur upon partial or complete liquidation of the insured position.

Updates in 2024

1. Bybit has extended Mutual Insurance to cover more trading pairs. These include ETHUSD and other popular perpetual contracts, beyond BTCUSD. This provides more comprehensive risk management options for traders.
2. New flexible insurance durations have been introduced. They allow traders to pick custom timeframes that fit their trading strategies and market outlook.
3. The User Interface is now better. The Mutual Insurance section in Bybit has been revamped. The new interface has detailed analytics. It also has real-time updates. This makes it easier for traders to manage their insurance.
4. In isolated margin mode, Bybit now offers automated fund transfers. They move funds from the trading account to the insurance account to cover premiums. This ensures seamless insurance without manual work.
5. Dynamic Premium Adjustments: The premiums now change based on the market and volatility. This ensures fair pricing and reflects the current risk levels more accurately.
6. Bybit has increased transparency. They show the Mutual Insurance Fund’s balance and the factors affecting insurance pricing. Traders now have access to detailed reports and metrics that provide insights into the fund’s health and performance.
7. Traders can now take partial insurance settlements. This gives them more flexibility in managing their insured positions. They can also make incremental risk adjustments.

How to Use Bybit Mutual Insurance

1. Open the Bybit Platform: Ensure you are logged into your Bybit account and navigate to the trading interface.
2. Find the Mutual Insurance Section. You can typically find it in the trading interface or under the risk tools.
3. Select the Coverage. Choose the amount and duration of insurance for your BTCUSD or other supported contracts.
4. Transfer Funds: Transfer the required BTC from your trading account to your insurance account to cover the premium. The automated transfer feature will handle this if you’re in isolated margin mode.
5. Monitor and manage: Use the improved interface to track your insurance. You can adjust durations and manually settle insurance if needed.

Conclusion

Bybit's updates to the Mutual Insurance system in 2024 make it a more versatile and powerful tool for managing trading risks. Bybit offers more coverage options. They are flexible and transparent. They ensure that traders can protect their positions better. These updates show Bybit’s commitment. They provide innovative, user-friendly solutions in the fast-changing cryptocurrency market.

Bybit Interface

Bybit's trading page may seem scary to casual visitors. But, for those who know it, it is arguably one of the easiest crypto derivatives trading platforms.

Even if you're not experienced, you can understand how everything works. Just take the time to grasp the platform's basics.

When you're ready to start trading, you'll find the platform's customizable modules to be priceless. The dashboard is well-organized. You can freely move, resize, or maximize the modules to fit your preferences.

The mobile application of Bybit mirrors the functionality of its web-based counterpart. The user interface of Bybit is incredibly responsive and designed for effortless navigation. I liked the leverage slider. It makes changing leverage easy. But, traders can also enter a specific leverage value.

Bybit caters to non-native English speakers. It provides translation in seven extra languages. These include Japanese, Korean, Vietnamese, Spanish, and Russian. The support covers many languages. It goes beyond the trading platform to areas like Bybit Learn, the Bybit Blog, and the Help Center.

Bybit Mobile App

Bybit continues to improve its mobile trading experience. It offers a full and user-friendly app for iOS and Android. The Bybit mobile app has the same robust features as its web platform. It lets traders manage their activities on the go. In 2024, Bybit has introduced several updates to its mobile app, further improving its usability and features.

Overview of Bybit Mobile App

Traders have widely adopted the Bybit mobile app. This is especially true on Android, where it has been downloaded over 100,000 times from Google Play. The app was released on October 31, 2019. With 2,450 reviews and an average rating of 4.3 stars, the app has received widespread approval from users.

Key Features of Bybit Mobile App

– Contracts: Access to various trading contracts.

– Price Graphs: Real-time price charts and technical analysis tools.

– Order Books: View order books with buy and sell orders.

– Recent Trade Information: Keep track of recent trades and market activity.

– Border Zone: Monitor market depth and order flows.

– Notifications: Customize alerts and notifications for market movements and events.

– Wallets: Manage your cryptocurrency wallets and track balances.

New Updates in 2024

1. The app's interface has been improved. It is now more intuitive and streamlined. This includes improved navigation, more accessible menus, and a cleaner design.

2. The updated app has more advanced charting tools and indicators. They allow for better analysis. You can do it right on your mobile device.

3. Customizable Strategy Alerts: The alert system has been enhanced with more customization options. Users can now set complex alerts based on multiple conditions and triggers.

4. The app is now faster and smoother. Bybit optimized it to load quickly and run well, even when markets are volatile.

5. New Trading Pairs: We added more trading pairs. They give users more options to diversify and trade.

6. Enhanced Security Features: New security measures have been added. They include biometric authentication and advanced encryption. They protect user accounts and transactions.

7. The app now includes a section with tutorials and guides. They help new users learn about the platform and its features.

8. Social Trading Integration: The app has a new social trading feature. It allows users to follow and copy the trades of successful traders. This feature fosters a community of shared insights and strategies.

Advanced Notification System

The Bybit mobile app offers a robust notification system to keep traders informed about market movements and events:

• Strategy Alerts let you activate a widget. It sends notifications when the Last Traded Price exceeds or falls below an alert rate you set.
• Get alerts for big price changes. They apply to selected trading pairs and happen within five minutes.
• Get Open Interest Alerts. Set them up for changes in open interest. They will help you stay updated on market sentiment.
• Set reminders for funding rates. Get notified 30 minutes before funding settles for selected trading pairs.

Conclusion

The Bybit mobile app in 2024 offers a better trading experience. New updates improve functionality, performance, and user experience. The Bybit app has advanced charts. It also has customizable alerts and better security. These features let traders manage their activities and stay informed on the go. These updates reflect Bybit's commitment to providing a top-tier mobile trading platform for its users.

Bybit Security

Bybit has always made cybersecurity a priority. This is to protect its users' investments. In 2024, Bybit has added many advanced security measures. This sets it apart from other platforms and reduces the risks of centralized exchanges. Here’s a detailed overview of Bybit’s enhanced security protocols and how they safeguard your investments.

Enhanced Security Measures in 2024

1. Bybit uses a multi-signature cold wallet system. It stores most of user's funds. This ensures that private keys are not exposed to online threats. It greatly reduces the risk of hacking. Each withdrawal request needs many signatures from different key holders. This adds an extra layer of security.
2. Two-Factor Authentication (2FA): Bybit mandates the use of 2FA for all user accounts. This adds an extra step to verify logins and withdrawals. It ensures that even if a password is stolen, access is still prevented.
3. Bybit uses advanced encryption. It protects user data and transactions. This includes end-to-end encryption. It covers all communications between the user’s device and Bybit’s servers. The encryption ensures data integrity and confidentiality.
4. Bybit does regular security audits. They are done by third-party cybersecurity firms. The audits help find and fix potential weaknesses. They keep the platform secure against new threats.
5. Bybit has integrated AI-powered fraud detection systems. They monitor user activity in real time. The systems can spot odd patterns and behaviors. These are signs of fraud. They let the platform act fast to stop unauthorized transactions.
6. Users can set up withdrawal whitelists. These ensure that funds can only be withdrawn to pre-approved addresses. This feature adds an extra layer of security, making it more difficult for hackers to redirect funds to their own accounts.
7. Bybit's mobile app now supports biometric authentication. It can use fingerprints and facial recognition. This adds more security. It ensures that only authorized users can access their accounts.
8. Bybit has a fund for cybersecurity incidents. It covers losses from breaches. This fund acts as a safety net, providing users with an extra layer of financial protection.
9. Bybit has programs to educate and raise awareness among its users. They learn about best security practices. This includes regular updates and guidelines. They cover how to recognize phishing attempts. They also cover how to secure personal information and use platform security well.
10. Dedicated Security Team: Bybit has a team dedicated to cybersecurity. They always watch the platform for threats. They also make sure that security protocols are up-to-date with industry standards.

Conclusion

Bybit will add enhanced security measures in 2024. This move shows its commitment to providing safe trading for its users. It uses multi-signature cold wallet storage. It also has advanced encryption protocols and AI-powered fraud detection. Bybit stands out as a platform that prioritizes cybersecurity. These measures protect user investments from threats. They set Bybit apart from other exchanges in terms of security.

Bybit Customer Support

Bybit offers 24/7 global support. Help is available by phone or live chat. It addresses any questions or concerns. Bybit provides language options in English, Chinese, Japanese, Korean, Spanish, Russian, and Vietnamese.

Users also have the option to contact Bybit via email for specific types of queries.

• Customer Support: [email protected]
• IT Support: [email protected]
• Affiliates: [email protected]
• Media: [email protected]
• Partnerships: [email protected]

What is the Bybit referral code?

Bybit continues to improve its user experience and rewards. It offers exciting benefits for new and existing users. In 2024, Bybit has updated its referral program to provide even more incentives. By using the referral code “62545,” new users can enjoy a 10% discount on trading fees and have a chance to win up to $30,000. Here’s how you can take advantage of this offer and the steps to complete your registration with Bybit.

Using the Bybit Referral Code

1. Referral Code: Enter the code “62545” when registering on Bybit to unlock exclusive rewards.

2. Benefits:

• 10% Discount on Trading Fees: Enjoy reduced trading costs, enhancing your profit margins.

• Chance to Win $30,000: Enter a prize draw for a chance to win a significant reward.

How To Register Bybit Account?

To use the Bybit platform, new users are required to have a trading account. To create an account, you can follow the registration process outlined on the Bybit official website. Please complete the steps below:

1. Go to Bybit's official website.

2. Go to the registration page.

3. Fill in all the required details in the registration form.

4. Take the time to read and understand all terms and conditions provided.

5. Once you have carefully reviewed the terms and conditions, click the “Register” button or similar prompt. This will allow you to continue with the registration process.

Bybit Referral / Affiliate Program

While preparing this Bybit review, I found many good deals for first-time depositors. They apply to all supported assets on the platform.

One such reward is the “A Big Deal” coupon, which carries a value of $50. To get this generous Bybit welcome bonus, deposit at least 0.1 BTC, 3 ETH, 1,390 EOS, 11,800 XRP, or 5,000 USDT within 48 hours of registration.

If, for any reason, you miss the initial deposit window, don't fret! Bybit still offers a $10 welcome bonus as long as you meet the minimum deposit requirements. This bonus will be awarded to you in the corresponding deposit coin.

Also, you have the chance to claim an extra $5 Bybit bonus for depositing BTC. You can also get another $5 voucher for following the company on social media.

The realm of rewards isn't limited to new users alone. Even existing users can partake in exciting promotions like flash deals, giveaways, and raffles. It's worth checking out the Rewards Hub and Latest Promotions page often. They have info on the available Bybit bonuses each day.

By joining Bybit's referral program, you can earn $10 for each new user you invite to the platform. What's more, your referred users will also receive a welcome bonus of $10.

To ensure a successful referral, the new user you invite should:

• Create an account on Bybit using your unique referral code or link.
• Make a deposit.
• Complete at least one trade involving BTCUSD inverse perpetual or futures contracts.
• To invite prospective referees, simply ask them to register on the platform using your referral code or link. You can conveniently share your invitations through a QR code as well.

Now, let's explore where you can use these bonuses. They can be used as a margin to cover trading losses and offset fees. But, it's important to note that the bonuses themselves cannot be withdrawn. Still, any profits generated from trading with the bonuses can be withdrawn.

If you want even greater and lasting rewards, join Bybit's affiliate program. It's for introducing new traders to Bybit. This program allows you to earn lifetime commissions on every new active user who signs up through your referral.

Bybit employs a two-pronged commission model for affiliates. You can earn 30% of the platform's profits from your referral's trades. You also get 10% of the earnings from your sub-affiliates. A sub-affiliate refers to a referral who becomes a Bybit Affiliate themselves.

The affiliate network currently has over 11,000 content creators and influencers from 160 countries. They all get recurring revenue for each new client on a monthly basis. Bybit proudly claims that their commission rates are over 100% higher

Conclusion

Bybit is a standout among crypto exchanges. It is poised for further improvements in 2024. It is renowned for its many features. These include perpetual futures and margin trading. Bybit is great due to its smart trading system and modern prices. It keeps getting praise for its low fees. It is also easy to access globally. It has a strong mobile app, simple design, and helpful customer service.

Looking ahead to 2024, Bybit aims to improve user experience. It will address navigation problems that some beginners may encounter. By focusing on usability improvements, Bybit aims to stay a top-tier exchange. It caters to both seasoned traders and newcomers.

Overall, Bybit is a top platform in the cryptocurrency world. It offers advanced tools and services. These are key for traders who want dependable and complete trading solutions.

Frequently Asked Questions

Can I trust Bybit?

Bybit is widely regarded as one of the most trusted unregulated “offshore” cryptocurrency exchanges. Operating since 2018, it is known for its strong security protocols.

Is Bybit a reliable exchange?

Bybit serves as a dependable ally for traders in search of a secure and reliable platform for cryptocurrency trading, thanks to its advanced trading tools, competitive fee structure, and responsive customer support.

Is it safe to use Bybit in the US?

Utilizing Bybit in the USA is against the law. However, if you still intend to use it, you can install a VPN extension on your browser. This allows you to change your location to any country other than the USA and access Bybit. Nonetheless, it's important to note that actions deemed illegal without a VPN remain illegal even when using a VPN.

Is my money safe in Bybit?

Bybit requires Identity Verification for advertisers and P2P merchants to establish a secure P2P platform for all users. This measure aims to enhance the protection of users' assets and facilitate the resolution of any disputes that may arise.

What is the free promo code for Bybit?

The recommended Bybit Referral Code to utilize is “62545“. If you're interested in trading on Bybit, sign up using the referral code “62545” to receive $25 in free USDT and have the opportunity to win up to $30,000 USDT! Bybit offers a user-friendly platform for trading a variety of cryptocurrencies.

How do I get my Bybit 30k bonus?

Using the Bybit referral code “62545” unlocks exclusive offers on the Bybit Exchange: a bonus of up to 30,000 USDT and a 10% discount on trading fees for the first month. Furthermore, registering on Bybit with the referral code “62545” entitles you to a $25 USDT promotion from the exchange.

How do I get free money from Bybit?

Users can receive $10 worth of BTC when they successfully refer a qualified friend. Each user can only claim this reward once, regardless of the number of qualified friends they invite. Additionally, apart from the free BTC, users can earn a commission fee ranging from 20% to 30% based on the number of qualified friends they invite.

Is Copy Trading profitable Bybit?

While Copy Trading can offer potential rewards, it also carries risks. Followers should be aware that the past performance of Master Traders does not guarantee future returns.

Is Bybit good for trading?

Bybit is an excellent option for traders keen on futures trading, given the exchange's robust emphasis on this trading type. Moreover, it provides low fees and a comprehensive range of educational resources along with a referral program.

Why are Bybit fees so high?

The trading volume directly impacts the amount of fees generated. These fees encompass deposit and withdrawal fees, funding fees, margin and leverage costs, trading fees, and even bid-ask spread costs. Typically, exchange fees range from 0.1% to 1% or more per transaction.