Bybit Review 2024: My Experience Trading Derivatives on This Rising Exchange

My Introduction to Bybit

I started using Bybit about 18 months ago when I was looking for a better platform for derivatives trading. After getting frustrated with the limited leverage options and occasional downtime on other exchanges, a trading buddy recommended Bybit. What initially drew me in was their reputation for handling high-volume trades without system overloads – something that had burned me before during volatile market conditions.

Bybit has positioned itself as a derivatives-first exchange, and after extensive use, I can confirm they’ve absolutely nailed it. While they’ve expanded into spot trading and other services, their bread and butter remains futures and perpetual contracts, and it shows in every aspect of the platform.

Getting Started on Bybit

Setting up my Bybit account was refreshingly straightforward. I was able to start trading derivatives within minutes without any KYC requirements – just an email verification. This was a huge plus for me as I wanted to test the platform before committing to full verification.

The interface initially felt intimidating with all the advanced trading options displayed prominently. However, Bybit offers a “Lite” mode that simplifies things considerably. I spent my first week in Lite mode before graduating to the Pro interface once I understood the platform’s layout.

One thing I appreciated was the testnet feature. Bybit provides a complete testing environment with virtual funds where you can practice derivatives trading without risking real money. I spent considerable time here learning how their liquidation engine works and testing different leverage strategies.

Trading Experience and Features

Derivatives Trading Excellence

Where Bybit truly shines is derivatives trading. The platform offers:

• Perpetual Contracts: Available for all major cryptocurrencies with up to 100x leverage
• Futures Contracts: Traditional futures with various expiration dates
• Options Trading: A newer addition but well-implemented
• USDT and Coin-Margined Contracts: Flexibility in how you want to margin your positions

I primarily trade BTC and ETH perpetuals, and the execution is lightning-fast. Even during the March 2024 volatility when Bitcoin swung 15% in hours, I never experienced any platform lag or failed orders. The trading engine handles 100,000 transactions per second, and it shows.

Spot Trading

While not their primary focus, Bybit’s spot trading has improved significantly. They now offer around 380 trading pairs, which covers most of what I need. The spot trading interface is clean and integrates well with their derivatives platform, making it easy to hedge positions.

Copy Trading

I was skeptical about their copy trading feature initially, but it’s actually well-implemented. You can follow successful traders and automatically copy their trades. I allocated a small portion of my portfolio to this and have seen decent returns following a few conservative traders.

Fee Structure

Bybit’s fee structure is competitive, especially for derivatives:

• Spot Trading: 0.10% maker/taker (can be reduced with volume)
• Derivatives: 0.01% maker, 0.06% taker
• Funding Rates: Variable based on market conditions

What I really appreciate is their transparent fee calculator. Before placing any trade, you can see exactly what you’ll pay in fees. There are no hidden charges, and withdrawals are priced fairly based on network conditions.

I’ve managed to reduce my fees to 0.075% for spot trading by holding their BIT token and maintaining decent monthly volume. For active traders, these fee reductions can add up to significant savings.

Security and Trust

Security was a major concern when I started using Bybit, especially given the derivatives focus and leverage involved. Here’s what I’ve found:

The Good:

• Cold storage for majority of funds
• Multi-signature wallets
• 2FA mandatory for withdrawals
• Insurance fund for contract liquidations
• Regular third-party security audits

My Experience: I’ve never had any security issues with Bybit. Their 2FA implementation is solid, and I particularly like that they require email confirmation for any withdrawal address changes. The platform has never been hacked, which is reassuring given they handle billions in daily volume.

Platform Performance

This is where Bybit really sets itself apart. During my 18 months of use:

• Zero unexpected downtime
• Consistent sub-10ms order execution
• No lag during high volatility
• Accurate price feeds that match other major exchanges

The platform’s stability during the FTX collapse in late 2022 was particularly impressive. While other exchanges struggled with withdrawals and system overloads, Bybit operated normally throughout the chaos.

Customer Support

My interactions with Bybit support have been mostly positive:

• 24/7 live chat with actual humans
• Response times usually under 5 minutes
• Knowledgeable support staff who understand derivatives
• Comprehensive help center

I’ve contacted support three times – once for a withdrawal delay (resolved in 2 hours), once for a trading engine question (answered immediately), and once for tax documentation (took 24 hours but thorough response).

Mobile Experience

The Bybit mobile app is decent but not exceptional. It includes all the core features:

• Full trading capabilities
• Real-time charts with indicators
• Position management
• Quick deposit/withdrawal

However, I’ve experienced occasional crashes during high volatility, and the interface can feel cramped on smaller screens. I prefer using the web platform for serious trading and the app for monitoring positions.

Educational Resources

Bybit provides extensive educational content:

• Trading guides for beginners
• Video tutorials
• Regular webinars
• Trading competitions with prizes

Their “Learn & Earn” program actually pays you in crypto for completing educational modules. I earned about $50 worth of tokens going through their derivatives trading course.

Pros and Cons Summary

What I Love:

• Best-in-class derivatives trading platform
• Incredible system stability and performance
• Competitive fees with volume discounts
• No KYC for basic trading
• Strong liquidity and tight spreads
• Excellent risk management tools

What Could Be Better:

• Spot trading selection still behind major exchanges
• Mobile app needs stability improvements
• Fiat on-ramp options are limited
• Interface overwhelming for beginners
• Customer support can be slow for complex issues

Who Should Use Bybit?

Bybit is ideal for:

• Experienced traders wanting reliable derivatives trading
• Anyone seeking high leverage options
• Traders who value platform stability
• Those wanting to trade without immediate KYC

It’s not great for:

• Complete beginners
• Those wanting extensive spot trading options
• Traders needing multiple fiat deposit methods
• Anyone uncomfortable with derivatives

Final Verdict

After 18 months of active use, Bybit has earned its place as my primary derivatives trading platform. While it’s not perfect – the mobile app needs work and spot trading could be expanded – the core platform is rock-solid.

For derivatives trading, I haven’t found a better combination of reliability, features, and fees. The platform has never let me down during critical trades, and that reliability is worth its weight in gold in the crypto markets.

I rate Bybit 4.5/5. It would be a perfect 5 if they improved their mobile app and expanded spot trading offerings. For anyone serious about crypto derivatives trading, Bybit should definitely be on your shortlist.

My Rating: 4.5/5

Note: Always trade derivatives responsibly and never use more leverage than you can afford to lose. The crypto market is highly volatile, and leveraged trading amplifies both gains and losses.