ByBit Fees and Other Costs You Should Know as a Potential User

benjonas222June 10, 2021

1,527 3 minutes read

ByBit fees is one of several factors you should know about if you are considering using the exchange for buying, selling or trading cryptocurrencies.

ByBit is one of the top crypto exchanges that is used by a large audience all around the world. It is a user-friendly exchange that offers several advantages to the users.

If you are a potential crypto investor and trader and have no prior experience, then you can choose ByBit to buy, sell or trade crypto. However, before you use the exchange, you must become familiar with factors such as ByBit funding rate, fees, leverage and a lot more.

Here is some information about fees every potential ByBit user should have.

What to Know About ByBit Fees?

There are numerous crypto exchanges in the market. All the crypto exchanges charge a certain fee to the users. The fee can be charged to the users when they trade, make a deposit or withdraw an amount. Before the potential investors or traders begin using the exchange, it is important that they know about the different fees charged by the ByBit exchange.

The two major fees users of ByBit should consider include:

Trading fees
Withdrawal fees

The fee charged depends on whether the user is a maker or a taker. In short, ByBit maker fee and taker fee are different, which is why you need to have proper information so you can buy, sell or trade crypto without any surprises or confusions.

Trading Fees on ByBit

Trading cryptocurrencies is between two parties, known as makers and takers. The makers are the ones with the order available before the trade and takers are the ones who place an order matching the one put by the makers. If the required order matches with the order available, the trade is done.

ByBit fees is different for both parties, even if they participate in the same trade.

The fee for takers on ByBit is 075% per order.
The ByBit maker fee is -0.025%.

This means that the makers are paid to trade on the exchange. For instance, if you are the maker and you purchase a crypto asset for $1,000 you will only have to pay $997.

Different exchanges offer different trading fees, so in comparison to other exchanges, ByBit offers a competitively low fee.

Withdrawal Fees on ByBit

As mentioned earlier, a withdrawal fee is one of the types of fees charged by the ByBit exchange. If you choose to withdraw Bitcoin from ByBit then you will be required to pay 0.0005 BTC as a withdrawal fee.

The withdrawal fee charged by the exchange is 40% less than the global industry average, which is 0.0008 BTC.

What Other ByBit Fees to Know About?

If you are an inexperienced crypto investor or trader who wants to start using ByBit to buy, sell or trade crypto then you should know about the different types of fee charged by the exchange. One of the types of the fee charged by the exchange is the ByBit funding fee.

The funding fee is determined by the interest rate and price premium. The funding fee is exchanged between buyer and seller. The funding fee is offered by the exchange to ensure that the last traded price on the exchange is attached to the reference index price.

The interest rate is the USD interest minus the underlying asset interest.

These are essential details you should know if you intend on using ByBit exchange as it can help you choose the right exchange and also buy, sell or trade crypto easily, safely and conveniently.

Reasons Why you Should Choose ByBit Exchange

ByBit fees is not the only factor you should consider while choosing an exchange to buy, sell or trade cryptocurrencies. ByBit is a popular crypto exchange that offers numerous benefits and services to users, whether they are new or experienced.

It is essential and helpful for you to know the services offered by the exchange as well as the advantages you can enjoy if you choose to invest in or trade crypto through ByBit.

Therefore, here are a few reasons why you should use this Exchange:

User-friendly platform
Offered utmost safety
Offered high liquidity
Had low ByBit maker fee
Easy sign-up process
No KYC required
Sign-up bonuses
Excellent customer support
Mobile-friendly application
Easy to navigate interface

The ByBit fees and the reasons mentioned above can help you determine if ByBit is a suitable exchange for you to use.

Conclusion!

Buying, selling or trading Bitcoin or other cryptocurrencies is not an easy process, especially if the people are inexperienced. However, trading or investing in crypto can become easy, safe and convenient if novice parties have the information mentioned above, such as the ByBit fees.