Updated: 28 september 2022
5 minutes

Choosing where to buy or sell crypto can be a real headache as there are so many online exchanges. While some are world renowned, others are less so. At Tokize, we’ve set ourselves a mission to support you by offering accurate reviews of the main exchanges out there. This review is for ByBit, and millions of traders are currently using the ByBit app exchange.

We invite you to see what ByBit is—in order to help you navigate or choose the ideal platform.

ByBit

  • Wide range of investment products
  • Transparent platform
  • Free demo account

What Is the ByBit Exchange?

A Crypto Exchange For You

ByBit, according to market data produced by CoinMarketCap, is currently the 4th largest crypto exchange based on its market capitalization. It is just one slot ahead of OKX, which has KuCoin falling behind it. In 2023, more than 15-million investors use the platform’s ByBit app. You have over 270 assets to trade, which keeps this platform in the big leagues.

The ByBit story

ByBit is a young exchange and was launched in March of 2018. Regulated in the British Virgin Islands, the ByBit app is, in a sense, a traditional-crypto tool and is, little by little, improved each year. We now find the platform operating with ultra-fast executions and superb liquidity.

What ByBit offers

To know what ByBit is, it helps to take into account traditional aspects of fiat trading. ByBit, at its core, is aimed toward experienced traders—those accustomed to price speculation. Its core assets are crypto coins. However, our ByBit review also covers these products and services:

  • Buying and selling crypto
  • Trading with leverage or margin
  • Derivatives trading
  • NFTs
  • Copy trading

In addition to its exchange tool, ByBit maintains a training academy to perfect and grow your skills or experience. The ByBit exchange is no stranger in supporting its newbie investors or those keen on improving skills on the “learn.bybit” portal. You’ll find self-help blogs, how-to videos, a definition glossary and a range of essential material to progress your learning from.

Where to Find Your Cryptocurrencies

At Tokize, we look for hot deals and platforms that help traders to have fun. ByBit makes our list for these reasons. Discover what more you need to know by finishing our ByBit review.

ByBit

  • Wide range of investment products
  • Transparent platform
  • Free demo account

Your crypto options

On ByBit, the cryptocurrency offering is quite large. In fact, more than bitcoin and altcoins help to define what ByBit is. You’ll be able to trade leading tokens that include the following:

BitcoinRippleCardanoDai
EthereumSolanaEOSChainlink
PolygonDogecoinApeCoinAvalanche
UniswapDecentralandTronStellar
PolkadotSushiSwapAaveFantom
CosmosEarthHeliumLitecoin
KastaElrondShiba INUXANA

The ByBit exchange has its own native token—BitDAO. The token was launched in August of 2021 with a max supply of 10-billion coins. This native token has an all-time high of 3 USD.

Other assets

Drifts

With the help of this ByBit review, you can trade derivatives on ByBit through:

  • Perpetual contracts via USDT/USDC collateralized assets 
  • Futures contracts with the currency being traded as the collateral
  • Options contracts with USDC as your collateral.

NFTs

You can now collect NFTs through the ByBit exchange. This means you can buy and sell non-fungible tokens at any time of day. The option is available on ByBit’s website through:

  • “Market”—This tab gives you direct access to the ByBit marketplace for trading NFTs.
  • “Community”—Twitter, Telegram and Discord are at your fingertips, allowing investors to join the ByBit community and stay up-to-date with recent developments.
  • “GrabPic”—This is a ByBit program for high-quality NFTs at unbeatable prices.

Earn

Earn ByBit Interest and Trading Profits

ByBit’s Earn tab is where you’ll find assets that pay interest. A minimum investment deposit is required to enter this program, and the returns are quite attractive. More than 500 million in USD has already been invested for returns over $6 million. The APY gets as high as 12% annually.

ByBit

  • Wide range of investment products
  • Transparent platform
  • Free demo account

Services

Copy Trading

ByBit hosts its own “Copy Trading program.” Use the program to follow traders and duplicate the positions they take when they take them. Here are the data points to follow for each trader:

  • Percentage of wins versus losses
  • Gains over a 7-day period
  • Average number of weekly trades
  • Subscribers who follow the trader
  • Education and tricks taught by the influencer

ByBit also supports you with a trading course for beginners. Video and written content can be learned at your own pace. The material covers trading, blockchain, NFTs and web3.0. You can create a demo account, allowing you to trade without raising your own money as you learn.

How to Trade On ByBit

Learn Everything About Crypto

1. Create an account

Registering on the ByBit exchange starts with creating an account. Simply click on “register now,” and you’ll be asked for an email address and a password. Once you have filled in the boxes, you can click on “continue,” and a verification email with a code will be sent.

2. Fill out a profile

Once your code is confirmed, you need to enter personal data to verify your identity. That dataset includes your address, name, date of birth and banking information. Without verifying these, you won’t be able to use ByBit to trade or to exchange financial assets.

3. Make a deposit

Within seven days of registering, you’re required to make a deposit of 200 USD or more. As a bonus, you then receive up to $10 worth of BTC while deposits of $800 get up to $20 in BTC. Check out the bonuses listed below:

> 200 USD> 800 USD> 1 500 USD> 3 000 USD
10$ in BTC20$ in BTC30$ in BTC50$ in BTC

4. Start trading

Once all the requested data is received, you can start trading. To make a withdrawal, however, you must wait at least 7 days after your first deposit, and any bonuses can’t be combined.

What Are ByBit’s Fees?

ByBit fees are set on its website and are subject to change. In broader terms, the more liquidity on the exchange, at any given time, the lower your fees for using ByBit will be.

VIP LevelSpot Trading*Trading Reverse Contracts and USDTUSDC Perpetual Contract TradingUSDC Options Trading
Policyholder RatesCommission RatesPolicyholder RatesCommission RatesPolicyholder RatesCommission RatesPolicyholder RatesCommission Rates
Non-VIP0.1%0.1%0.06%0.01%0.06%0.01%0.03%0.03%
VIP 10.06%0.04%0.05%0.006%0.05%0.006%0.027%0.027%
VIP 20.05%0.02%0.045%0.004%0.045%0.004%0.025%0.025%
VIP 30.04%0.01%0.0425%0.002%0.0425%0.002%0.022%0.022%
Pro 10.03%0%0.04%0%0.04%0%0.02%0.02%
Pro 20.025%0%0.035%0%0.04%0%0.015%0.015%
Pro 30.02%0%0.03%0%0.04%0%0.010%0.010%

Regulatory status

ByBit isn’t recognized by international regulators other than those in the British Virgin islands. The company was even sanctioned by the Ontario Securities Commission and the Brazilian CVM body, which set a ban on the exchange within its national territory. Brazilian regulators argue that the platform attempts to raise funds from investors despite lacking the legal authority.

Is ByBit Safe?

A New Way to Access Money

ByBit is a safe exchange that’s considered to be rather secure for modern times. 

ByBit is safe as it uses SSL encryptions. Likewise, it keeps its users’ crypto stored on cold wallets. The exchange uses multi-signature tools to verify the identity of its users. Today, the platform has never been a victim of any cyberattack and is, thus, considered safe by top traders.

ByBit

  • Wide range of investment products
  • Transparent platform
  • Free demo account

Advantages of ByBit

What we like

A large choice of blockchain products to trade

Transparent and scalable commissions

Fast customer service

What we don't like

Is not recognized by most financial regulators

Has been targeted by Canadian and Brazilian financial organizations

Answers to Your Questions

What is ByBit?

ByBit is a crypto exchange. It’s often seen as secure due to its current reputation.

How to use ByBit?

To use ByBit, log into a verified account. You can then trade, buy or sell crypto in a live-spot market.

Which crypto does ByBit offer?

ByBit has over 270 blockchain assets that include Bitcoin, Ethereum and Cardano. Other cryptocurrencies like Ripple or Tezos are also available for exchange.

How do you withdraw money from ByBit?

You must withdraw in either BTC, USDT, ETH, EOS or XRP. You cannot withdraw assets in the form of fiat money.

About the author

Joseph Minor

In seeing a digital world explode, Joseph invested his writing in the field of technology over 8 years ago. As a leading-content creator, he believes in clarity, credibility and writing topics people want to read. From blockchain to Web3.0, Joseph sees no shortage of developments as crypto pushes forward. He’s become a voice in technology that people can trust and look forward to hearing more from.