Bybit Review : Why We Don’t Like It

January 17, 2024
Reviews

Bybit is a cryptocurrency spot and derivatives exchange that will allow you to buy, sell, and trade a wide array of crypto tokens and crypto pairs. It has many advanced trading features such as USDT perpetual, inverse perpetual, and inverse future trading options, but considering how many users have been unable to withdraw their funds from Bybit, we absolutely do not recommend Bybit to anyone.

For a better overall trading experience with significantly lower fees, I recommend opening an account with Kraken, my #1-ranked Canadian crypto exchange. Kraken has 250,000+ satisfied users, charges very low trading fees, and is offering a $10 signup bonus (no referral code required) from now until June 20, 2024.

What Is Bybit?

Bybit is a cryptocurrency spot and derivatives exchange founded in 2018 that allows users to buy, sell, and trade many different crypto tokens. The platform was originally located in Singapore, but it has since relocated its headquarters to Dubai.

Bybit offers its users plenty of advanced order types and derivative trading options, such as inverse perpetual, USDT perpetual, and inverse futures. It also offers support for more than 180 cryptocurrencies and 100 crypto trading pairs, some of which include BTC/USDT, XRP/BTC, SOL/USDC, and many more.

UPDATE: Many users have spoken openly about not being able to withdraw funds from Bybit. As a result, we do not recommend Bybit to anyone.

To start off this Bybit review, let’s take a deeper look at Bybit’s pros, cons and features.

Why you should trust me

  • Experienced
    I bought my first cryptocurrency (Bitcoin) in 2013, bought Ethereum in 2017, and have held active accounts with at least 5 exchanges since 2018.
  • Unbiased
    All of my selections are supported by multiple data points, including crypto thought leaders, security experts, and TrustPilot reviews.
  • Deep Research
    My team and I spent more than 100 hours researching exchanges before choosing our top picks, and we update them almost daily as the industry continues to change.

Bybit Pros & Cons

Bybit Pros

  • Competitive crypto trading fees (0.1% maker-taker fees for spot trading)
  • Instant account verification
  • Multiple crypto trading products and options
  • Allows you to engage in leveraged trading
  • Multiple advanced order types
  • High liquidity crypto platform

Bybit Cons

  • Users have reported that they cannot withdraw funds from Bybit
  • Doesn't operate in Quebec (Canada)
  • The platform doesn't support fiat deposits and withdrawals
  • You can only use your credit/debit card to buy crypto
  • Doesn't adhere to all Canadian regulations
  • Awful customer support

Bybit Features

1. Bybit Desktop Platform

Bybit offers an advanced (yet intuitive) desktop platform that will allow both newcomers and veterans to the world of crypto investing to conduct a wide array of crypto trading operations. With it, you'll be able to trade, buy and sell crypto on the spot with support for hundreds of crypto trading pairs, and you'll also be able to invest in derivative trading options such as USDT perpetual, inverse perpetual (perpetual contracts that use the coin itself as collateral), and inverse futures (futures contracts that use the coin itself as the collateral). You'll even be able to copy investment strategies from the platform's top-performing traders through the use of the copy trading feature.

Bybit also provides its users with advanced charts that are supported by TradingView. These charts will grant access to multiple time intervals and an extensive array of technical indicators, and they'll also be able to draw charts to manage crypto risk exposures on a day-to-day basis. They cater mostly to experienced traders looking to carry out technical analysis, however, so it's important to note that newer users might have trouble understanding everything that's going on with them.

Additionally, Bybit supports a wide variety of order types, such as market orderslimit orders, conditional orders (and conditional limit orders), stop-loss orders, and even advanced order types like Good till Cancelled orders (an order will remain valid until completion or manual cancellation), Immediate or Cancel orders (an order that must be executed immediately), and Fill or Kill orders (an order that must be fully executed).

Bybit has a complex tiered trading fee structure, but even at the lowest tier, users can use the spot trading platform and incur 0.1% in maker/trader fees, which is a pretty competitive rate that can be reduced even more the higher you go into the platform's tiered system. However, as far as crypto-to-crypto trading is concerned, you can only trade between the established crypto trading pairs available, which is very strange.

2. Bybit Mobile App

Bybit also has a mobile app available for Android and iOS systems, and it's a robust app that will allow you to do every function that the desktop platform provides. However, analyzing advanced trading charts through the mobile app can be quite awkward, considering the smaller aspect ratio, so you might want to avoid doing so when using this version.

As for the app's ratings, it has 4.1 out of 5 stars based on 76,000 reviews on the Google Play Store and 3.9 out of 5 stars based on 600 reviews on the Apple Store, which indicates moderate satisfaction with the app. Critiques of the app usually mention that the app doesn't always place/modify orders when you want it to (and gives you no notice when an order doesn't work), as well as prompts to update the app even though it's in its latest version.

3. Bybit Security Features

Bybit has pretty robust measures in place: for instance, all Bybit deposit addresses are cold wallet addresses, withdrawal requests have three levels of verification and undergo manual reviews daily and, in addition, users can only withdraw once every 8 hours. Bybit also has two-factor authentication and biometric (fingerprint recognition) support, but considering these features are not mandatory and can be disabled, their effectiveness depends entirely on the user.

Although Bybit doesn't have an insurance policy, it's worth pointing out that the platform has set up an insurance fund with a value of nearly 2,149.9 BTC (~$78,000,000). This insurance fund will only be of use to traders that use the leveraged trading platform, however, so if you were to lose funds in any other way, you won't be seeing them ever again.

Bybit is also a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), but it's not a registered member of the Ontario Securities Commission (OSC), so it doesn't have a perfect regulation record as far as Canadian territory is concerned. Additionally, you won't be able to use the platform if you are from Quebec, unlike the best crypto exchanges in Canada, which work nationwide.

4. Bybit Customer Support

Users can reach Bybit's 24/7 customer support team through a variety of different channels, including email, live chat and ticket submission, but the platform doesn't offer any phone support. Additionally, Bybit's ticket submission system doesn't give you an estimate of how long it could take for your submission to be answered, and many tickets take days or even weeks to receive a response.

Bybit also has a pretty wide social media presence through channels like Facebook, Twitter, Instagram, YouTube, LinkedIn, Telegram, TikTok, Reddit, and Medium. However, be aware that the customer support you can get from these channels will be extremely basic, making Bybit's customer service almost as bad as Wealthsimple Crypto's.

5. Bybit NFT Marketplace

Bybit also has its own NFT marketplace, where you'll be able to invest in a wide variety of non-fungible tokens (NFTs) and other decentralized finance (DeFi) projects without having to worry about any extra fees. You'll be granted access to NFT creations from all over the world, and they cover digital art, collectibles, GameFi, metaverse items, and more.

Bybit also has an email address that you can use if you have questions related to their NFT marketplace specifically ([email protected]). However, similar to its ticket submission in the customer support section we've covered above, they don't give an estimate of how much time it could take for your inquiry to be answered.

Cryptocurrencies On Bybit

Bybit currently has support for around 189 different cryptocurrency tokens, which is a considerably wide array of supported coins. They support popular crypto tokens like Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Cardano (ADA), and XRP (XRP), but they also have support for rarer coins like Gensokishi (MV), LooksRare (LOOKS), Defiland (DFL), Palette Token (PLT), and RunNode (RUN).

Bybit Fees

Trading Fees

As mentioned previously, Bybit follows a somewhat complex tiered fee structure that lowers the fees you incur if you meet certain tier requirements. Those fees look like this if you use the spot trading platform:

VIP LevelTaker FeeMaker Fee
Non-VIP0.10%0.10%
VIP 10.06%0.04%
VIP 20.05%0.02%
VIP 30.04%0.01%
Pro 10.03%0%
Pro 20.025%0%
Pro 30.02%0%

These fees are very manageable and make this an affordable exchange. While no-fee exchanges like Shakepay and Newton may seem cheaper on the surface, they end up being costlier options due to high bid-ask spreads.

Deposit & Withdrawal Fees

Bybit doesn't have any deposit fees, but it does have some withdrawal fees that you'll need to be aware of when using the platform. Here are the withdrawal fees of some of the most popular tokens supported in Bybit:

TokenWithdrawal Fee
Bitcoin (BTC)0.0005 BTC (~22.59 CAD)
Ethereum (ETH)0.005 ETH (~16.85 CAD)
Dogecoin (DOGE)5 DOGE (~0.81 CAD)
Cardano (ADA)2 ADA (~1.95 CAD)
XRP (XRP)0.25 XRP (~0.195175 CAD)
Tether (USDT)10 USDT (~12,87 CAD)
Stellar Lumens (XLM)0.02 XLM (~4.4008 CAD)
Uniswap (UNI)1.16 UNI (~21,3556 CAD)
USD Coin (USDC)25 USDC (~32,25 CAD)
Solana (SOL)0.01 SOL (~0,0034 CAD)

These withdrawal fees can be relatively high if you're withdrawing small amounts, but the get smaller as your withdrawal amounts increase.

3 Exchanges I Recommend Over Bybit

Bybit isn’t a bad exchange, but it’s also not the best in Canada: for starters, you cannot use the exchange in Quebec, and its customer support is very lacking, as it doesn't have phone support and you have no way of telling when any of your inquiries will be answered. That’s why I recommend any of these three exchanges over Bybit:

  1. Kraken: With the lowest fees in Canada, an excellent app and desktop platform and best-in-class 24/7 customer support, Kraken is the best crypto exchange in Canada. Open your account with Kraken here.
  2. CoinSmart: With quick deposits and withdrawals and average customer support, CoinSmart is a decent exchange with a great signup bonus. Get your $50 signup bonus with CoinSmart here.
  3. Bitbuy: With trading fees at 2%, tight spreads, and a well-rated mobile app, Bitbuy is more expensive than Kraken and CoinSmart, but it's still a popular, trustworthy exchange. Get your $50 signup bonus with Bitbuy here.

Here's a quick summary of these three exchanges:

Best In Canada
Kraken

Total Fees: ~0.16%
Security: Best in class
Customer Support: Excellent

By far the lowest fees in Canada.

★★★★★

Rated 4.9/5

Very Secure
CoinSmart

Total Fees: ~3%
Security: 95% cold storage
Signup bonus: $50

Great bonus but high fees.

★★★★

Rated 4.4/5

Strong Security
Bitbuy

Trading fees: 2% (High)
Security: 99% cold storage
Signup bonus: $50

Higher fees, strong security.

★★★★

Rated 4.2/5

How To Withdraw From Bybit

To withdraw crypto from Bybit, follow these steps:

  1. Click on the “My Assets” section at the top right hand corner of the home page.
  2. Choose the type of currency you want to withdraw.
  3. Choose the amount you wish to withdraw.
  4. Click on the corresponding button.

However, as mentioned previously, there have been many reports of Bybit users unable to withdraw their funds from the platform. This is a huge red flag in an exchange, and we absolutely do not recommend using Bybit for this reason.

In Summary

Bybit is a cryptocurrency spot and derivatives exchange that will allow you to buy, sell, and trade a wide array of crypto tokens and crypto pairs. It has many advanced trading features such as USDT perpetual, inverse perpetual, and inverse future trading options, but considering how many users have been unable to withdraw their funds from Bybit, we absolutely do not recommend Bybit to anyone.

For a better overall trading experience with significantly lower fees, I recommend opening an account with Kraken, my #1-ranked Canadian crypto exchange. Kraken has 250,000+ satisfied users, charges very low trading fees, and is offering a $10 signup bonus (no referral code required) from now until June 20, 2024.

Bybit FAQs

Is Bybit Safe & Secure?

No, we do not believe trading with Bybit is safe and secure. While Bybit does offer both two-factor authentication and biometric login options plus a 100% cold storage policy, users have reported issues withdrawing funds from Bybit. We recommend staying away from Bybit altogether.

Is Bybit Legit?

No, Bybit is not a legitimate crypto exchange for one big reason: many users' inability to withdraw funds. We recommend steering clear of Bybit in favor of a more reputable, trustworthy exchange.

Does Bybit Operate Legally In Canada?

Yes, Bybit operates legally in Canada. It's a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Is Bybit Trustworthy?

No, Bybit is not a trustworthy crypto exchange due to its users being unable to withdraw funds from the platform. This is a clear reason to stay away from the Bybit exchange and use another Canadian exchange instead.

Does Bybit Verify Accounts Instantly?

Yes, Bybit does verify some accounts instantly, though if your account needs to go through the manual verification process for some reason, these are the documents you’ll need to provide:

  • Document issued by your country of origin (passport/ID).
  • Facial recognition screening.
  • Proof of residential address (Utility bill, bank statement, residential proof issued by the government).

Is Bybit Good For Canadians?

Bybit is a decent exchange for Canadians (assuming you're able to withdraw your holdings), though if you’re looking for the best overall trading experience, I recommend using CoinSmart, Bitbuy or Newton instead. Each of them offers quite a bit more than Bybit, and I’m confident you’ll have a better experience with them.

How Well Is Bybit Reviewed On Reddit?

Reddit’s review of Bybit is uncertain: some Redditors have good things to say, while others don’t. Of course, Redditors are known for their brutally honest opinions, so take what they say with a grain of salt.

Can I Buy Dogecoin With Bybit?

Yes, you can buy Dogecoin with Bybit. If you want to buy Dogecoin with lower fees, though, I suggest using CoinSmart, Bitbuy or Newton instead.

Is Bybit Insured?

No, Bybit’s crypto holdings are not insured. However, it does have an insurance fund set up, but this will only benefit users that incur heavy losses in the leveraged trading platform.

Bybit Referral Code

You don’t need a referral code to get your signup bonus with Bybit. Simply sign up using our signup bonus link and then deposit $100 or more into your account.

Does Bybit report to the CRA?

Yes — as a Money Services Business registered with FINTRAC, Bybit is required to report to the Canada Revenue Agency (CRA). With that said, Bybit is only required to report transactions larger than $10,000 to the CRA. Transactions below that amount do not need to be reported to the CRA.

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