Bybit Coupon – Bonus Code
Bybit bonus FAQ
Receiving the first deposit bonus
Do i need to enter a Bybit bonus code or coupon to use the Bybit bonus?
No, all bonuses at Bybit work currently without a promo code.
How do I receive the bonus without a bonus code?
It will be added to you account automatically, if you fit the requirements.
How much bonus do I get?
$50
What kind of bonus is it?
A first deposit bonus.
>> Click here to get your Bonus on Bybit <<
Bybit bonus details and requirements
How much BTC do I have to deposit to get the bonus?
You need to make a deposit of 0,5 BTC or more to receive $50. You can also make a deposit of only 0,05 BTC, but then you only get $5.
Can I make the deposit in other cryptocurrencies than BTC?
Yes, also in ETH/EOS/XRP/USDT.
Can bonuses be withdrawn?
No, they can only be used for trading margin.
Can I withdraw profits from bonuses?
Yes.
How long do I have time to activate the bonus?
21 days.
How do I activate the bonus?
You just have to make a qualifying trade.
Does the bonus expire?
No, once it is activated not.
Can the bonuses be used for asset exchange?
No.
>> Click here to get your Bonus on Bybit <<
Further questions about the bonus, coupon or promo code
Where can I see my existing bonuses?
You can check them at your “Asset” page.
How long does it take to get the bonuses?
They will be added automatically within 2 working days.
Does Bybit have other promotions or bonuses?
Yes, they have quite a few bonuses and deals. Check out this list:
- Social Media – receive $5 for following Bybit (you need to register)
- Total Deposit 1 BTC or more and get $20
- Trade actively for 10 days (accumulative) and get $5
- Buy BTCUSD mutual insurance and get $5
- Customize the strategy alert and get $5
- 2020 Special Referral Program (valid until Oct. 31, 2020)
- Get up to 20% off in trading fees for referring friends (can be used for perpetual & futures contracts).
- You and your friends will also get $10 bonus in BTC extra.
- Requirements: new users only + 1st deposit of 0.02 BTC or more in October 2020
>> Click here to get your Bonus on Bybit <<
More info about Bybit
Welcome to our ByBit Test 2020! Are you currently looking for a suitable futures exchange where you can trade Bitcoin and other crypto currencies with leverage? But are you still not sure which provider is the right one for you? We want to help you with your decision making and therefore share our ByBit experience with you!
We have thoroughly tested the platform and checked it thoroughly. In this guide, we will share our ByBit experiences with you in detail in order to give you an exact picture of what you can and cannot expect on this platform. This includes not only the Bybit Testnet, the functionality of the app and the amount of leverage fees, but also much more, such as the ByBit Referral and Affiliate Program. Thanks to our years of experience in this area, we know exactly what is important for a good futures exchange.
Is ByBit serious?
ByBit is a P2P crypto currency futures exchange based in Singapore. The exchange operates under the name ByBit Fintech Limited, a company registered in the British Virgin Islands. But is ByBit serious?
On its “About us” page, the exchange claims that it has a team of experts in block chain technology and finance. For example, its technology team has people who come from well-known companies such as Morgan Stanley and Tencent, among others. These are of course verifiable on Linkedin.
The main product offered on the exchange are futures products with 100:1 leverage, which means that they try to compete with established exchanges like BitMEX and Deribit, which offer similar futures products with unlimited maturity.
While there are many similarities between the exchanges, there are also some unique features that we noticed in our ByBit test. These make ByBit an attractive alternative. We will go into these features in more detail later on.
ByBit is definitely considered to be a reputable provider. This can be seen, among other things, in the responsible handling of customers’ deposits. After all, the security measures of a stock exchange are also an important indication of a reputable provider. We would therefore like to go into these in detail once again.
Is ByBit secure?
To counter the threat of hackers, ByBit operates a secure cold storage. This means that they store the majority of their crypto reserves and all their customers’ money in offline wallets that are kept in a secure place. The offline wallets require a multiple signature. This means that a single person is never able to move funds away from these wallets. Only a small percentage of their own coins are kept in their hot wallets to meet the merchants’ needs for withdrawals.
Encrypted communication
To prevent the danger of “online snoopers” and phishing attacks, the Bybit website has full SSL encryption. This means that all passwords and address information you send to the platform is encrypted.
ByBit test, Is ByBit secure, Is ByBit reputableThis is also helpful to directly identify a phishing site. If you are on a website that looks like ByBit’s, but does not have a secure padlock in your browser, this is an immediate indication that you are on a phishing site. In this case you should leave this site immediately.
ByBit Trading with guaranteed insurance funds
ByBit operates an insurance fund to manage the risk of shortfalls in the settlement of futures contracts. Essentially, this fund is used in the event that a dealer is liquidated at a level below his “bankruptcy price”. The latter is the price at which the trader’s margin is completely used up.
Without the fund, there could be a shortfall, which would not fully compensate the counterparty of the trade. It is essentially an insurance policy that protects the traders in case ByBit is not able to liquidate the position at the bankruptcy price or better.
Let’s get down to business: the actual platform! Unfortunately ByBit does not yet offer a German language version of the platform. However, this is only half as wild here, because ByBit focuses on the essentials – Bitcoin Futures Trading. Therefore, the various functions and operations are very limited, so that even traders who are not proficient in the English language can find their way around with just a few clicks.
You will then be taken to the following page, where you can register by entering a valid e-mail address and a password of your choice.
Once you have registered, ByBit will send you a confirmation code which you must use to confirm your e-mail.
Note: Something that many traders will appreciate is the fact that ByBit is a completely anonymous exchange. It is not necessary that you go through a KYC. Trading and withdrawals are possible without revealing your identity. So you do not have to worry about sharing sensitive personal information.
Once you have confirmed your account on ByBit and logged in, you can take advantage of an attractive deposit bonus. This is a great way to further increase your trading capital and make use of donated money. We give you all the details below.
ByBit deposit and withdrawal
ByBit is a pure crypto exchange. This means that the purchase of Bitcoins or the deposit of Fiat money like the Euro is not possible here. So if you still need BTC and don’t know where you can best buy it, we recommend you use our Buy Bitcoin guide. There you will find all the safe ways to exchange BTC for Euro.
To deposit crypto currencies into your ByBit account or make withdrawals, simply click on “Assets” in the upper menu bar. There you have an overview of your individual wallets and the amount of crypto currencies already on your ByBit account.
On ByBit you can currently deposit and trade Bitcoin (BTC), Ethereum (ETH), EOS (EOS), Ripple (XRP) and the stablecoin USDT. To deposit the respective crypto currency, simply click on “Deposit” in the corresponding line on the right. For a withdrawal click on “Withdraw”.
After your deposit you will have to wait a short moment. Your transaction must be sent to the network and confirmed by the miners. ByBit is quite unique among the exchanges, because they only need 1 block chain confirmation to credit your account with the amount in question. So the waiting time is much shorter than with many other exchanges.
Withdrawals also work very easily on ByBit. Withdrawals are processed here 3 times a day at 08:00, 16:00 and 24:00 (all details in UTC time). There are payout limits set on the accounts, although they are not too restrictive.
To minimize the risk of hacks, there is only a limited amount of crypto currencies on the hot wallet every day. Therefore there are also limits on ByBit for all aggregated withdrawals on the stock exchange. These are set at 100 BTC and 10,000 ETH. When this limit is reached, you have to wait until ByBit replenishes the credit balance through transactions from the cold wallets.
The ByBit Testnet
The ByBit test network is available for those traders who would like to try out the platform in demo mode. Demo accounts are a good way to get an impression of how the exchange works before depositing funds. This is a circumstance that we consider very positive in our ByBit test. You can access the ByBit test network at testnet.bybit.com.
The ByBit App
- A good app is essential for mobile trading. After all, you want to be able to keep an eye on your open positions even when you are on the move and react as quickly as possible to any market fluctuations. For this reason, there is the ByBit App. It is available for iOS and Android and is quite functional.
- In fact, it has broadly the same features as the desktop version. With the mobile version you have advanced charting and job management. All functions are easily accessible through the navigation. We find it especially helpful that you can also set a number of course levels. These are then sent as push notifications directly to your smartphone.
- Just like the desktop version, the ByBit app provides you with extended order forms. This is a circumstance that we consider very positive, because in our experience this is not standard for stock exchanges and brokers. Most of the time the order functionality is only displayed in a limited way. The ByBit App therefore achieves top marks in this category.
ByBit Leverage Trading
ByBit is a futures exchange and of course trading with leverage is also possible here. This allows traders to trade larger positions with only a small percentage of the initial position as collateral for their trades. If you want to learn more about general trading in Bitcoin Futures so that you understand in detail how leverage trading works, we strongly recommend that you take a look at our Bitcoin Futures Guide.
The ByBit Leverage offer reaches up to 100 times leverage. This means that with such leverage, traders only need to deposit a margin of 1% of the initial nominal amount of the position. So if the notional amount of a 10 BTC contract is $71,000, you only need to deposit $710 as initial margin.
ByBit also offers futures contracts for Ethereum (ETH), Ripple (XRP) and EOS. However, these contracts have a lower leverage with a maximum leverage of 25x.
If you also want to trade really large positions, the following information about the ByBit leverage is also very important. The exchange offers 100x leverage on its contracts, but not for every position size. The exchange protects itself from the risk that emanates from large positions by offering reduced leverage from certain position sizes onwards. The following levels apply to Bitcoin.
However, these deviations only come into effect at a margin of 1.5 BTC or more. Leverage is only limited at a margin of 4.5 BTC and above, and only if 100 times leverage is applied. Most traders should therefore remain unaffected by this.
ByBit fees
Trading fees are an important criterion for us in our ByBit Review for obvious reasons. Especially since this is a futures exchange and fees are calculated based on your position size, this topic is of particular importance. Because your position size is a multiple of your margin. Accordingly, the fees can be relatively high.
- The ByBit fees are based on a so-called “maker-taker” fee model. This means that they charge you a fee if you draw liquidity from their books. In the opposite case, they grant you a discount if you provide liquidity to the exchange through your trade.
- If you place an order and it is executed immediately, you take liquidity from the books of the exchange. In most cases, this is done through a market order. However, if you place a limit order that deviates from the current price, you provide additional liquidity to the exchange and receive the maker discount.
- The refinancing rate is analogous to an “overnight interest rate” and represents a financing fee. Since margin trading is based on “borrowed” positions, you either pay a financing fee or receive one. Unlike transaction fees, these are not ByBit fees, but direct fees between buyers and sellers on the exchange.
The refinancing rate is analogous to an “overnight interest rate” and represents a financing fee. Since margin trading is based on “borrowed” positions, you either pay a financing fee or receive one. Unlike transaction fees, these are not ByBit fees, but direct fees between buyers and sellers on the exchange.
The refinancing rate depends on market conditions and interest rates. This means that it is not fixed and fluctuates daily. You can see the current refinancing rate under the position details when you want to open a position.
What we find particularly positive about our ByBit is that the exchange does not charge any fees for deposits and withdrawals. However, a mining or “network” fee may be charged for each transaction. However, this is usually quite low and independent of the stock exchange.
A fee of $5 is charged in the case of an asset exchange order. For example the exchange of BTC into ETH. Therefore it is a good idea to send the crypto currency you intend to trade directly to the stock exchange. However, depending on the size of the exchange, this relatively small fee can also be neglected.
The ByBit Referral & Affiliate Program
If you use ByBit and are convinced of the product, you can refer friends, acquaintances and relatives to the platform at any time and earn some extra money. There are two ways to do this.
The easiest way is to start with the referral program. For every referred user who deposits 0.2BTC on ByBit, you will receive a trading bonus of $10. This is not breathtaking, but it is something. It is also uncovered. That means the more users you refer, the more you can earn here to increase your trading capital.
If you want to join the referral program, all you need to do is give your personal code or link. You will receive both when you are logged in and click on “Promotions”->”Referral Program” on the ByBit homepage. You will automatically be redirected to the following page, where you can find both your code and link.
The ByBit Referral Program is suitable for the normal user, who knows a few people in his circle, for whom trading on the platform could possibly be attractive. However, if you have access to a larger audience through social media or other channels, the ByBit Affiliate Program is probably the better choice for you. You will be rewarded with a percentage of the commission generated by the users you refer. This is 30% and is quite high compared to other providers.
Furthermore, this affiliate structure has two different levels. Not only will you receive 30% of the commissions generated by your direct referrals, but you will also receive 10% of their affiliate commissions (this will not affect the commissions of your referred members).
For this program you must apply to ByBit as an affiliate. This way you can make sure that you are promoting ByBit’s services in a legitimate way. You can register for the ByBit Affiliate and Partner Program here.
However, this program is only worthwhile for those who have access to a larger number of active traders. Others might be better served with the ByBit Referral Program. But the decision is of course entirely up to you.
Our conclusion
Although we were generally impressed by ByBit and there are many positive aspects, we would like to start with the point that in our opinion still needs improvement and should be mentioned. Our biggest criticism is that they have a very limited supply of crypto currencies available for trading.
It is in planning to add further assets in the coming months, but currently traders have to be satisfied with only 4 crypto currencies. However, this must change in the future so that ByBit remains competitive. More and more of the larger crypto exchanges are offering futures trading and could therefore outperform platforms with only a very limited range of trading options.
Nevertheless, ByBit is a very user-friendly futures exchange with strong technology, reasonable fees and a relatively intuitive user interface. We are also pleased to see that they have developed an insurance fund to manage market risks.
ByBit is thus well positioned to offer an alternative to the status quo in the market for crypto-derivatives. Indeed, order book liquidity at ByBit has recently exceeded that of Deribit. This makes the stock exchange one of the most liquid on the market. This is very remarkable as the platform is relatively new to the market and makes us confident that ByBit will have a say in the race for the largest futures exchanges.
Of course we always encourage all our readers to do their own research. For us, however, ByBit is an attractive starting point for leverage trading. Trading leveraged futures products is incredibly risky. Make sure that you practice proper risk management.