Bybit Review (Sep 2022): Why We Don’t Like It

June 8, 2022
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 that it's not supported in Quebec and that it is lacking in the customer support department, I'm hesitant to recommend it as a top crypto exchange option for Canadians.

Instead, I recommend CoinSmart, Bitbuy or Newton, since they all offer more features and charge lower fees than Bybit. For the best possible crypto trading experience, you can’t go wrong with any of these three platforms.

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Offer ends September 31, 2022.

What Is Bybit?

Bybit is a cryptocurrency spot and derivatives exchange that was founded in 2018 and allows you 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.

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

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    I bought my first cryptocurrency (Bitcoin) in 2013, bought Ethereum in 2017, and have held active accounts with at least 5 exchanges since 2018.
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Bybit Pros & Cons

Bybit Pros

  • Highly secure crypto exchange platform.
  • 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

  • You can't use this platform 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 have perfect regulation in Canada.
  • Lacklustre 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 didn'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 (~98,176,294.53 CAD). 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.

4. Bybit Customer Support

Bybit has a 24/7 customer support team that assists users on a global scale. You can reach the team through a variety of different channels, such as email, live chat and ticket submission, but the platform doesn't offer any phone support, which is quite the head-scratcher considering just how many crypto exchanges have this feature. Additionally, the ticket submission system doesn't give you an estimate of how long it could take for your submission to be answered.

  • Phone: Not Available
  • Email: support@bybit.com (24 hours)
  • Live chat: Available

They also have a pretty wide social media presence, and you can also reach the platform through channels like Facebook, Twitter, Instagram, YouTube, LinkedIn, Telegram, TikTok, Reddit, and Medium. However, be aware that the customer support that you can get from these channels will be very basic.

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 (nft-service@bybit.com). 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%

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)

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. CoinSmart: With trading fees of just 0.2%, quick deposits and withdrawals, and best-in-class customer support, CoinSmart is my go-to exchange for making large purchases due to its extremely low fees. Get your $50 signup bonus with CoinSmart here.
  2. Bitbuy: With trading fees ranging from 0% – 1.5%, tight spreads, and a well-rated mobile app, there's no questioning why Bitbuy is one of the most popular exchanges in Canada. Get your $50 signup bonus with Bitbuy here.
  3. VirgoCX: With support for more than 50 cryptocurrencies, instant account verification, and a beautiful website and app, I recently signed up with VirgoCX and have been pleasantly surprised every step of the way. Get your $30 signup bonus with VirgoCX here.

Here's a quick summary of these three exchanges:

Best Overall

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

$50 bonus ends September 31, 2022.

★★★★★

Rated 4.9/5

Low Fees

Trading fees: 0% – 1.5%
Security: 99% cold storage
Signup bonus: $50

$50 bonus ends soon.

★★★★★

Rated 4.8/5

Best For Altcoins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5

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.

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 that it's not supported in Quebec and that it is lacking in the customer support department, I'm hesitant to recommend it as a top crypto exchange option for Canadians.

Instead, I recommend CoinSmart, Bitbuy or Newton, since they all offer more features and charge lower fees than Bybit. For the best possible crypto trading experience, you can’t go wrong with any of these three platforms.

CLAIM MY $50 BONUS
Offer ends September 31, 2022.

Bybit FAQs

Is Bybit Safe & Secure?

Yes, trading with Bybit is completely safe and secure. It offers both two-factor authentication and biometric login options, it has a 100% cold storage policy, and it's a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Is Bybit Legit?

Yes, Bybit is legit for several reasons: it's a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), it is used by over 2 million people worldwide, and it has around 16,162,547,804 USD in daily trading volume.

Is Bybit Legal In Canada?

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

Is Bybit Trustworthy?

Yes, Bybit is a trustworthy exchange for several reasons: it's a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), it is used by over 2 million people worldwide, and it has around 16,162,547,804 USD in daily trading volume.

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, 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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