Overall Score: 90
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The Singapore based Bybit is a derivative exchange born in late 2018 and focused on perpetual contracts, putting it in direct competition of the likes of Bitmex and Deribit. As the new kid on the block with an aggressive and very efficient affiliate system, it faced immediate skepticism by the crypto community, but dissipated every doubt month after month with consistent upgrades and deep liquidity, as well as innovative gamified elements. It is now in our opinion one of the very best derivative exchanges out there. Let’s see why.
The first thing you’ll notice while signing up to Bybit is how simple and fast the process is and how clean the interface looks. This simplicity and user friendliness will permeate our whole experience on the exchange, something not too common unfortunately in the often overcomplicated derivative exchange world. Bybit operates as a strictly crypto to crypto exchange so it doesn’t require its users to perform stringent KYC verification making it a great choice for all the privacy focused users out there. It currently generates over $1B worth of daily trading, providing deep liquidity on all of it’s trading pairs, especially BTC and ETH.
In terms of security Bybit offers all the features that we have come to expect as industry standards : 2 factor authentication, a deep insurance fund, Ip address white listening. Most of the funds are kept in cold storage, with a multisig system in place : a welcome sight.
The trading engine is extremely powerful and on their website they boast a 99.9% uptime : after our extensive “stress test” we are pleased to report that those numbers are not overstated, we never had problems of any kind and, even more important, never ever incurred in any “bitmexesque” overload issues, even at the most volatile of times. This gives a certain peace of mind when logging in to trade those volatility spikes, and we found ourselves more and more prone to use Bybit as the go to exchange in these situations.
Bybit also employs a really efficient strategy in new user acquisition : gamification. There’s a number of task-related bonuses, pretty significant too, that user can unlock with the completion of very simple actions that pertain either to the social media sphere, compounding Bybit’s exposure further, or to mastering the trading engine, encouraging signups to actually familiarise with the exchange. Those bonus also rotate often and new ones pop up regularly. The total signup bonuses usually amount to about100$ of completely free real money capital that trader can use to master the exchange. Another aspect of their gamification is tournaments : although unfortunately they don’t happen as often as we’d like, Bybit does occasionally run some of the best and biggest crypto tournaments in the space. One of the most spectacular ones being the BTC Brawl, with a 100 BTC prize pool up for grabs !
Together with more tourneys, the only other thing we’d like to see is possibly a few more pairs added, although streamlining operations can also be a choice, and a feature and not necessarily a flaw, and allows them to focus more on liquidity. Right now Bybit offers BTC, ETH, EOS and XRP perpetuals.
All in all, we believe Bybit to be the best up and coming derivatives exchange, with a concrete shot a becoming number one if they expand their offering and continue with their innovative approach.