Bybit Crypto Derivatives Exchange Review

Bybit is a slick and responsive cryptocurrency exchange that offers perpetual BTC futures as well as three other cryptos, all paired against USD. With its pleasing UX, intuitive layout and round-the-clock customer support via live chat, Bybit comes across as an inviting place in which to engage in leveraged cryptocurrency trading.

Less adversarial than Bitmex, more user-friendly than Deribit, and with higher leverage than Binance, Bybit has enough strings to its bow to attract traders tired of frequenting the same old derivatives exchanges, with their idiosyncrasies and annoyances. There’s no such thing as the perfect exchange of course, and Bybit doesn’t profess to have all the answers or all the trading pairs. What it does offer is a user-centric experience packaged in a technically impressive high speed trading platform.

Founded in Forex

The 100,000 TPS the Bybit trading engine can support is thanks to the experience of CEO and co-founder Ben Zhou, who cut his teeth in the fast-paced and ultra-competitive world of forex trading. Recognizing the need for a crypto derivatives exchange that could give traders the experience they demanded and deserved, Bybit was founded in March 2018. Registered in the British Virgin Islands and headquartered in Singapore, Bybit now serves a global audience of traders hooked on the high octane thrills of leveraged contracts.

In June, the exchange surpasses US$1 billion in trading volume for the first time, attesting not only to its rapid growth, but to the renewed interest in the cryptosphere in 2019. If you’re wondering what Bybit offers that other exchanges don’t, the following guide provides a whistlestop tour of what makes the derivatives platform tick.

Supported Trading Pairs

There are four pairs at present on Bybit, all paired against the US dollar as perpetual contracts: BTC, ETH, EOS, and XRP. Because these are perpetual contracts, they have no expiry date. In other words, your position will stay open until you either close it or are liquidated. Like Bitmex and Deribit, Bybit offers leverage of up to 100x, with the option to go long or short. All contracts are priced at $1 apiece, making it easy to calculate the value of trades you place. A trade for 500 BTC futures contracts, for example, will cost you $500. The funding rate updates every eight hours, and typically averages around 0.01%.

Security Features

Security is paramount when choosing an exchange in which to deposit your precious crypto. Bybit has an unblemished record to date, and follows best practice when it comes to enforcing user security. In addition to email authentication, users are encouraged to activate Google or SMS authentication. The provision of live chat 24/7 – just look for the yellow button in the bottom right of the screen – also provides reassurance for traders, who can speak to an operator instantly should they have a security concern that needs urgently attended.

What Makes Bybit Different

In addition to the superior customer support and high-speed trading engine, there are a number of features that make Bybit stand out from the competition. Its ability to withstand high loads without buckling (a constate bugbear of Bitmex users) is a definite plus, as is the decision not to enforce KYC. Forthcoming TradingView integration, which will be available to all users, will also help to win over a few more Bybit converts. It is the user experience, though, that truly places Bybit ahead of the pack.

It’s hard to overstate just how important good design is, particularly when applied to a website with so many moving parts. Crypto derivatives trading is, by its nature, a complex and multi-faceted endeavor that mandates placing a whole lot of buttons on the screen. Doing so in a manner that doesn’t overwhelm or perplex the user is a significant challenge. It is to Bybit’s credit that not only have they managed to squeeze everything into a single screen, but they have done so without it looking crowded.

Take the BTC-USD trading page for instance: the important information is all positioned above the fold, ancillary info in the sidebar, and everything else below the fold. Bybit haven’t reinvented the wheel here, but they have demonstrated that it’s possible to create a derivatives exchange that provides everything bar the proverbial kitchen sink without things getting messy. All of the information you need to make an informed trading decision, based on current market conditions, and the tools you require to customize and optimize your trades are placed at your fingertips.

The Pros and Cons of Bybit

Pros

  • Good UX
  • Helpful tutorials and FAQ
  • Responsive trading engine
  • 24/7 multi-language customer support
  • High uptime
  • No KYC
  • Up to 100x leverage
  • Four trading pairs supported
  • TradingView integration

Cons

  • Fewer supported pairs than most derivatives exchanges
  • Lower liquidity than the market leaders

Bybit won’t be for everyone, but the traders who try it are likely to take to it. It’s a derivatives platform that gets the job done with the minimum of fuss and the maximum of customer care. 

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