Everyone is talking about Ethereum’s upcoming merge, which is probably some of the best news to hit the crypto world. Whether you’ve been holding on for dear life, or just getting started, where you buy Ethereum (ETH) is just as important as the purchase itself.
Reviewing sites is a balance of looking at the current reality, as well as looking towards the future. When we saw Bybit, we knew that we had to take an honest look.
Bybit referral code: DEFIRATE
Want to earn some bonus cash to add to your ByBit account? From now until the end of September 2022, new users who sign up using the Bybit referral code DEFIRATE and make their first deposit will receive a bonus of $10 in USDT. You can also use our ByBit.com promo link (like this one)
If you make additional deposits during that time, you’ll be eligible to earn even more up to $4,000 dollars (based on the amount of your deposit):
- Eligible deposit ≥ $100: Bonus of $1 USDT
- Eligible deposit ≥ $300: Bonus of $10 USDT
- Eligible deposit ≥ $1,000: Bonus of $30 USDT
- Eligible deposit ≥ $3,000 & trading amount ≥ $10,000: Bonus of $100 USDT
- Eligible deposit ≥ $10,000 & trading amount ≥ $50,000: Bonus of $350 USDT
- Eligible deposit ≥ $20,000 & trading amount ≥ $100,000: Bonus of $750 USDT
- Eligible deposit ≥ $100,000 & trading amount ≥ $2,000,000: Bonus of $4,000 USDT
|Bybit Referral Code||DEFIRATE|
|Bybit Sign-up Bonus||First deposit: $10 in USDT; additional bonuses can be claimed once you deposit during the campaign|
|Referral Requirements||New users who sign up and make a first deposit by September 30, 2022|
|Last Verified||September 2022|
What is Bybit?
Bybit is a crypto exchange that focuses heavily on leverage-based trades, but still allows for straightforward buying, selling, and trading of crypto assets. The site was launched in 2018, and focuses on non-US residents across a wide swatch of countries. At this time, Bybit does not have a US version due to US legal regulations around crypto exchanges.
Why do you need Bybit to buy Ethereum?
A centralized exchange is the best way to pick up Ethereum, especially for beginners. If ease of use is a priority, then Bybit definitely makes it easy to buy Ethereum. If you’re interested in buying and selling Ethereum, there’s a few things that you need to know:
- Bybit has a One Click Buy option with multiple payment methods, including ACH, bank transfer, credit card, Google Pay, Zelle, and Payeer
- Fees vary depending on payment method
- You will be transferring fiat currency to USDT first, and then buying Ethereum.
How much does it cost to buy Ethereum on Bybit?
Like with most crypto assets, the price will vary greatly from hour to hour and even minute to minute. What’s important to know when you buy on Bybit (don’t forget to use our referral code: DEFIRATE, when you sign up) are the fees associated with making purchases.
They include the following:
- Deposit fees
- Withdrawal fees
- Maker fees
- Taker fees
If you’re unfamiliar with those terms, here’s what they mean: in essence, makers add liquidity to the market, while takers take liquidity out of the market. I’ve included a table to cover the fees you’ll experience at Bybit:
|Maker||0.10%’ going down as you increase VIP status|
|Taker||0.10%; going down as you increase VIP status|
You can get a full breakdown of Bybit’s fees directly in their Help Center.
Bybit pros and cons
- Multiple trading tools
- Leveraged trading isn’t a problem
- Detailed charting makes trading easier
- Not available in the US
- Not the best site for beginners
Multiple trading tools
Bybit doesn’t hold back on the trading tools, one of the site’s biggest strengths. If you’re looking to get more serious about crypto trading, you’ll find that it’s the trading tools that can really elevate your journey.
Leveraged trading isn’t a problem
The entire site is devoted to leveraged trading, one of its greatest strengths. Putting up a small amount of collateral in order to get a larger amount for trading brings plenty of power and responsibility.
Multiple avenues of support
Some crypto exchanges only offer support tickets, which often have a slow turnaround (24 hours or better). Bybit offers not only email support (general customer support and tech issues), but they also offer live chat support.
Every site has drawbacks, and Bybit isn’t immune to some areas of opportunity. If you’re going to sign up, here’s a few things that you need to know:
Not available in the US
Let’s address the biggest elephant in the room: Bybit isn’t available in the United States at this time. This means that you can’t even register for an account if your IP address is in the US. While that might make some people want to reach for the VPN, I don’t recommend it: verification is still required, which means that the jig would be up quite quickly.
Not the best site for beginners
Bybit is heavily focused on margin trading, derivatives, and leverage in general. If those are concepts that make your brain feel fuzzy, it may be better to either pick another site, or really dig into the free learning material on the website. It’s not a drawback that’s impossible, but there may be more learning curve than what you bargained for.
Trading tools and features
Examining Bybit yields some interesting tools to make trading easier. I included some of the top ones, as well as screenshots from the website.
If you’ve wanted to get more automated trades in, Bybit’s Grid Bot feature is pretty interesting. The way it works is straightforward enough: you can create your own “recipe” to control your trades, or copy a recipe from the Bybit community. While this move isn’t for the faint of heart, it is a way to really level up your crypto trades.
Classic Candlestick Charts
Technical analysis is a trader’s best friend, and Bybit features charts for every crypto trading pair offered on the website. It isn’t necessary to use these analysis charts, but the charts are nicely laid out.
Liquidity pools might make a few seasoned traders think of classic DeFi crypto life, but newcomers can easily get overwhelmed. Bybit makes it easier to get into yield farming in a format that’s easy to understand, and even easier to make money from.
The Shark Fin
Ready to go into deeper waters? Bybit Shark Fin embraces the volatility of crypto by helping traders earn a yield on their assets while protecting their original principal. It’s eye catching for that principal-preserving element, but it may take a little time with this tool before it becomes second nature.
Dual Asset is a feature that I found particularly interesting. High returns, low volatility? Sign me up. However, it’s a bit more complicated in practice than one might expect as well. Dual Asset requires you to predict the way classic crypto assets will move within a given time frame. But since the prize is earning yield in USDT (Tether, a stablecoin), it may be worth checking out.
As mentioned in the drawbacks to Bybit, Bybit isn’t available in the United States. So while I wasn’t able to create a real account on the site, I could navigate around the site and get a feel for the features and layout.
The site has apps for both iOS and Android, and you can even scan a QR code to download the app of your choice. That’s pretty slick.
The darker color scheme makes it easier to hang out on the site. There’s a support icon in the corner of every page, but it would be nice if there was a floating Help Center button right above the support button. Sometimes you just want quick access to the documentation, something that would improve the usability factor for Bybit tremendously.
How to sign up for Bybit
Signing up for Bybit is straightforward enough, however US residents are not able to sign up at this time. However, the layout of the site is similar to other exchanges like Binance and FTX.
Take a look for yourself:
How safe is your Ethereum with Bybit?
Bybit has a comprehensive security guide in their Help Center, but here are a few things that Bybit has done to keep your Ethereum safe:
- Fund, privacy, and data protection
- User security alerts
- User funds stored offline in cold wallets
- High-level security protocols to safeguard the wallets
- Background security controls
- 2FA (Two Factor Authentication) for user accounts
Educating users against crypto scams and schemes through Bybit Learn
To sum it up
There are plenty of places to pick up Ethereum, but Bybit surpasses many of them by far due the ease of trading. This is a site that’s set up for both the beginner just starting to see the possibilities of crypto and the seasoned trader that wants to have as many features as possible. It’s a tricky tightrope to walk, but it seems like Bybit does it well enough to draw in and keep plenty of users.
If you’re ready to sign up, don’t forget to use referral code DEFIRATE at sign up to save on your fees!
- Can you trade Ethereum on Bybit?
Yes, you can trade Ethereum on Bybit with ease, along with many other crypto assets.
- Can Bybit be trusted?
Where there are risks inherent in the crypto space by default, Bybit has taken multiple things in order to keep user accounts safe. It is growing in popularity and has regular security audits as well as an active community.
- What coins does Bybit support?
At this time, Bybit supports Bitcoin (BTC), Ethereum (ETH), Sola Token (SOLA), Binance Coin (BNB), Polygon (MATIC) , Aave (AAVE), Avalanche (AVAX), Cardano (ADA) and many more.
- Can you hold crypto on Bybit?
Yes, you can hold Ethereum as well as many other crypto assets on Bybit. Your portfolio can be not only held but you can buy more as well as sell or transfer crypto.