Bybit Experience 2021: The Crypto Exchange Test

Bybit experiences are aimed at a crypto broker that particularly targets popular cryptocurrency pairs.

Deposits can also be made with euros or USD via special gateways. However, one should have English language skills in order to use the offer.

More information can be found in the following Bybit test.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

What is Bybit?

In this Bybit test, we will look at our experiences with the crypto exchange. According to its own statements, over 1 million customers are now registered on the platform.

According to information on the website, the team consists of experienced players in the finance and investment industry and also stands out for its expertise in blockchain technology.

In this way, the group wants to combine cryptocurrencies with traditional finance in a modern way.

What is Bybit

Bybit Advantages & Disadvantages

Pros:

  • Deposits possible in Euro
  • Stop Loss and Take Profit functions
  • Trading with leverage

Cons:

  • Platform in English only
  • Portfolio limited to certain cryptocurrency pairs
  • Not beginner friendly

Is Bybit serious? The history of the exchange

Of course, the Bybit test also raises the question of whether the offer is serious. After a little research, it becomes clear that the company is officially registered as a money services company in Canada.

The service has been around since March 2018 and since then it has been possible to trade various digital currency pairs.

This already gives the customer the security of a jurisdiction that is also equipped with licences. Furthermore, the provider informs about potential risks on its website and only allows access to the services if all conditions have been accepted.

Thus, the offer seems quite serious, even if our recommendations are rather oriented towards European companies, such as our test winner eToro.

Bybit experience

In order to fill the Bybit experience with some depth, we dedicate ourselves to the offer at this point. Since it is primarily a crypto service provider, you will find currency pairs here that are entirely based on the well-known cryptocurrencies. In individual cases, however, currency pairs with US dollars can also be found.

Offer

You can trade the following pairs at Bybit:

BTC-USD
ETH-USD
EOS- USD

XRP-USD
BTC-USDT
ETH-USDT

Link-USDT
LTC-USDT
XRP-USDT

Thus, prospective traders will find sufficient currency pairs. However, Bybit cannot match eToro's offer with its many other crypto and fiat currencies, shares and CFD offers.

Functions

expect one or two

You can expect one or two essential trading functions on the platform. For example, since recently you can benefit from Take Profit or Stop Loss 2.0, which are supposed to guarantee the trader more flexibility with open positions. It is also possible to trade with levers.

Apart from that, you have access to certain promotions in the Rewards Hub and can educate yourself further via the Guide. Of course, there are also informative charts for the currency pairs, which make for a pleasant Bybit experience.

Once again, however, we have to note that the European broker eToro is also much better positioned in this respect. In addition to copy trading, there is also the option of active short selling.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

Step-by-step instructions: Registering with the Exchange

In order to register with Bybit, you should be appropriately proficient in English. Click on the "Register" button on the homepage or download the mobile app directly.

Step 1: Registration

Now you can choose whether you want to set up an account using your e-mail address or your mobile phone number. It is pleasing that both ways are possible at this point. If you have a promo code, you can also enter this, and a password must also be selected.

Now the account only has to be confirmed via the appropriate medium and you can venture to make a deposit.

Step 2: Deposit

A deposit is possible in various ways. For example, you can use the euro to make your deposit via partner gateways. The most suitable method for the transaction is probably the standard credit card.

Alternatively, you can also use the accepted cryptocurrencies.

Step 3: Buy and sell cryptocurrencies at Bybit

Buying and selling Bitcoin is then no longer a major obstacle. Simply search for the corresponding currency pair and you can trade the cryptocurrency.

Incidentally, this can also be done with certain levers, although the increased risks of such a currency trade must of course be taken into account here.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

The Bybit App

Bybit has recognised that a modern provider should also use a trading app. Thus, a corresponding mobile application can be found in the Android App Store, i.e. the Google Play Store, as well as in the iOS App Store.

If you want, you can also scan a code directly on the Bybit page to start the download from the Bybit web servers.

Even though not many users have downloaded the company's app yet, the reactions to the offer are quite positive. 4.4 stars in the Android Store speak a clear language in favour of the provider.

With the application, you simply get a good overview of the currency pairs and trading functions and can also trade actively.

The Bybit App

The payment methods

Some of you will probably ask whether the Bybit test also deals with payment methods. Our answer: of course. The positive thing is that the crypto provider also allows deposits using fiat currencies.

You can use the Bybit Fiat Gateway to make transactions in euros, for example. At this point, however, it should be emphasised that the company uses partners for this. Depending on the currency, you will then be able to use bank transfers, credit card payments or debit cards to make the deposit.

Alternatively, you can also fund your account with Bitcoin, Ethereum, LTC, EOS or USDT.

Security

Security plays an essential role in online trading, especially in the crypto sector. Bybit makes a serious impression.

Regulation

The company has an official licence in Canada. In addition, the group ensures basic security on the trading platform itself.

However, the provider cannot, of course, protect against trading risks. In this respect, customers should observe appropriate strategies and only use as much money as is available for high-risk trading.

Deposit protection

There is no deposit protection as known from European providers in the crypto sector. This means that you are exposing your capital to a certain risk.

Customer service

Altcoin.io Customer Service

When looking for the customer service, we immediately noticed the chat window in the Bybit test, which is prominently placed on the website.


Here you enter your name or register with a Facebook or Google account to be able to make a request.

After entering the e-mail address and optionally the telephone number and a message, the chat can be started immediately. Alternatively, one can send an e-mail directly to the company or access one of the numerous social media channels.

Interestingly, Bybit also has its own chat room where one can join existing discussions.

Fees

Basically, trading on Bybit is not particularly expensive. However, a fixed fee of 0.1% per trade must be taken into account. In addition, certain limits are set that are required per position.

For deposits and withdrawals, the relevant network fees must of course also be taken into account.

Cryptocurrency

Min. Deposit

Min. Payout

Network fees

BTC

No minimum

0.002 BTC

0.0005 BTC

ETH

No minimum

0.02 ETH

0.01 ETH

EOS

No minimum

0.2 EOS

0.1 EOS

XRP

No minimum

20 XRP

0.25 XRP

USDT

No minimum

50 USDT

2 USDT

There are also payout limits on Bybit. However, anyone who has access to the sums spent no longer has to worry about other problems in life. A limit of, for example, 500 BTC tokens per individual account should be absolutely sufficient in the vast majority of cases.

Otherwise, there are no bybit fees for deposits and withdrawals. For overnight positions, however, you have to calculate a so-called funding fee, which is exchanged between buyers and sellers every 8 hours in order to guarantee prices.

Taker fees are usually 0.075% and makers can collect 0.025% per position.

Experiences and user opinions

In the search for Bybit experiences, we come across some criticism in the stores after updates. In individual cases, the platform is criticised for lacking flexibility and being too complicated in some cases.

Of course, this can be ironed out after the next update. Since the platform is exclusively an English-language exchange, there are not yet many Bybit reviews on the web.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

Is Bybit a scam?

These Bybit experiences should make it clear that the platform is not a scam. As a registered provider in Canada, the platform appears tidy and complies with local law.

Nevertheless, we recommend registering with a European broker. Here you stay in the domestic legal area and also benefit from the many advantages of the EU.

Bybit Conclusion - Our Evaluation

Bybit has a trading platform that requires the English language. You can think of the offering as a forex broker in the crypto space that also has a mobile app. Basically, the provider does a solid job, even if the mobile application caused a bit of criticism from user circles after the last update.

Nevertheless, the first thing to note in the Bybit test is that things are done cleanly here and you can also participate in crypto events with fiat currencies.


Bybit Logo

However, we still recommend our test winner eToro for those who want to start trading with Bitcoin and Co.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

FAQ

What is Bybit?

Bybit is an online broker for cryptocurrency pairs. The provider from Canada has specialised entirely in the crypto area, even if you can deposit with fiat currencies.

Is it worth opening an account with Bybit?

Those who trade wisely and make profits will say in retrospect that it was worth it. The basic security is there, but we still recommend an account with eToro.

How much money should I invest?

Crypto trading is still considered high-risk and very speculative. Larger sums should not be used for this, especially if you have little experience and not too many funds. According to experts, 1 to 5 % of the available capital sum can be used.

How long does a withdrawal take at Bybit?

This depends entirely on the chosen withdrawal method. Depending on the network and payment method, the transaction can be completed in seconds or take a few business days.

What are the requirements for me to trade successfully at Bybit?

First of all, read up on the subject matter and set up a strategy. A demo account can help you make decisions.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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