Bybit Copy Trading Review

Bybit Copy Trading Review

Robert McDougall 

January 9, 2024

Cryptocurrency

At the time of writing, Bybit is one of the most popular crypto exchanges with a daily trade volume of over 2.6 billion USD. I’ve personally been using its spot trading services for a couple of years now and have had a near-flawless experience ever since I started. However, that is not the topic of today’s discussion.

What I’d like to focus on in this review, is the platform’s copy trading service. For those uninitiated, a copy trading service allows users to copy the trades of other more successful traders in hopes of making similar gains.

So, is Bybit copy trading worth your consideration? Join me as I analyze every aspect of this feature to find out.

What is Copy Trading?

As I mentioned above, copy trading is a form of online crypto trading where you mirror the trades of a more experienced trader and follow in their footsteps. Copying these trades manually would be quite a hassle, which is why exchanges like Bybit offer an automated copy trading service. 

This allows you to choose a trader and the platform will execute the same trades on your account without needing any input from you. 

Benefits

In my experience, there are two noteworthy benefits of copy trading.

First is the potential for higher profits. While I don’t personally don’t use copy trading much these days, it was this feature that helped me make my first substantial profit in the world of crypto. In other words, copying the trades of more experienced traders increases your chance of growing your portfolio.

Secondly, it’s a massive time saver. As long as you’re copying the right trader, the automatic trade execution service will grow your portfolio without needing any input from you.

Risks

As beneficial as it may seem, remember that the traders you’re following are also human. They can still make bad trades that might not put a dent in their portfolio but could tank yours.

I’d recommend ensuring that their trading strategy is within your risk tolerance before you trust someone else with your hard-earned crypto assets.

Overview of Bybit's Copy Trading Feature

The first thing I noticed about the Bybit copy trading service is that it follows the traditional copy trading model with no unusual twists or gimmicks. The platform refers to the traders that are being copied as “Master Traders” and the traders that copy them as “Followers.” Plus, when new traders visit the copy trading page, they’re greeted with a curated list of the best Master Traders in different categories to choose from. 

From here, I snooped around the platform a bit and tried out the service. Here are the features that stood out to me the most:

Easy to set up

Once you have found the right Master Trader, you can start copying their trades in just two clicks, which is super convenient. In fact, the entire process from the initial signup to depositing funds, and copying trades is super straightforward as it took me only a few minutes to get started. 

In my eyes, this ease of use makes Bybit copy trading one of the most accessible options for novice traders.

Advanced copying options

If you’re a bit more experienced with the copy trading process, and like more control over your trades, Bybit has got you covered in that department as well. Some useful settings I found include:

  • Max. Position Margin Per Contract
  • Max. Daily Position Limit
  • Stop-Loss Ratio Per Order
  • Take-Profit Ratio Per Order
  • Max. Slippage Per Order

Master Trader transparency

Bybit is excellent at providing all the info you need before selecting a Master Trader. The profiles of these traders allow you to analyze their performance dating as far back as 90 days. I especially like the detailed list of trades made by that Master Trader so I can verify their strategy myself.

Bybit vs other exchanges

From a reliability standpoint, Bybit’s copy trading service is on par with the biggest exchanges on the market. One area where it outshines most of them, however, is Master Trader Search. 

In short, Bybit provides dozens of filtering options like Master Trader rank, type, and even country to find the right one.

Getting Started with Bybit Copy Trading

If you’re interested in trying out Bybit copy trading yourself, here’s a brief step-by-step guide on how to do so. 

But before that, you need to log in with your Bybit account. If you don’t have an account yet, visit the signup page and follow the intuitive process which takes a couple of minutes at most. Once you’re logged in, here’s what you have to do.

  • Visit the copy trading page on Bybit's website
  • Look for a Master Trader that fits your needs. Here you can choose one from the curated categories or click on “All Master Traders” and find one yourself
  • After you’ve chosen a Master Trader, click on “Copy”, which is next to or below their profile info
  • Enter the amount of USDT you want to dedicate to copying this Master Trader
  • If you want to change any trading parameters, press “More options”
  • Once you’re ready, click “Copy now” and you’re done

Review of Bybit Copy Trading Performance

As far as Bybit copy trading’s service quality is concerned, my personal experience with it was quite positive. I was able to find the right Master Traders for my needs by using the search filters and analyzing the wealth of info that’s provided with their profiles.

The process of setting up the copy trades, changing their parameters, and canceling them was also completely hiccup-free and I did not experience any glitches or slowdowns. All-in-all, this met my expectations completely.

For the sake of comparison, I also tried the copy trading services of some other popular exchanges like Binance and OKX. And, I have to say that Bybit’s service was one of the most convenient (especially the search filtering options).

Feedback and experiences from actual users

The good news is that my positive experience is not an exception, as I found plenty of glowing customer reviews across social media. 

Full disclosure, I did come across some mixed reviews on sites like TrustPilot. But, many of those complaints were from users who chose the wrong Master Traders and lost their investments. 

Pros and Cons of Bybit Copy Trading

Before I reach a conclusive opinion regarding Bybit’s copy trading service, let’s assess the advantages and potential risks of such a service.

Advantages of using Bybit for copy trading

  • Finding the right Master Trader is easy with search filtering tools and detailed profiles with past trade metrics
  • Master Traders can earn up to 15% commission from their followers
  • The process of starting a copy trade is as straightforward and effortless as it gets
  • Trade customization features like stop loss and max slippage allow you to maximize your gains

Potential drawbacks or limitations

  • The slots for some of the best Master Traders are already full
  • Spot copy trading is only limited to USDT
  • While top Master Traders can minimize risk and losses, they can’t guarantee profits with every trade

Strategies for Successful Copy Trading on Bybit

Here are a few strategies I’ve learned over the years to increase my success rate with copy trading:

Tips and strategies for selecting traders to copy

First things first, understand that the highest-rated Master Trader is not necessarily the best option for you.

Instead, I recommend browsing the options further. The curated categories like “Top Intra-Day Traders” can help you reach traders with similar priorities as you. Even then, make sure to open their profiles and analyze their 90-day trade history to determine the consistency of their trades.

Risk management in copy trading

The best advice I can give you for risk management is to only allocate funds that you can afford to lose. The last thing you want is to lose all of your crypto assets to one bad trade by the Master Trader.

Also, look for traders that diversify their investments as that minimizes the risk that comes from the volatility of any single crypto pair. 

How to optimize returns and minimize losses

While the process is automatic, it doesn't mean you can leave it running in the background. I’d recommend checking in on your progress at least once every day. I personally mess with the stop-loss and take-profit parameters to ensure that each trade is within my risk tolerance. 

Security and Support in Bybit Copy Trading

The most significant security feature on Bybit in my opinion is the KYC verification. It requires all traders to provide their legal government-issued ID to trade. This ensures that even the brand-new Master Traders are legit users and not complete scammers. 

Besides, if you do run into any issues, you can visit the Bybit help center to learn everything about Bybit’s copy trading service. You can also contact the company by emailing them at [email protected]. In my experience, Bybit’s support team is super responsive and should help you resolve any issues as quickly as possible.

Conclusion

After analyzing and testing the Bybit copy trading service in detail, I can safely recommend it to most traders, new or experienced. I’m especially impressed by the reliability of its service and how effortless the whole process is. However, I still recommend doing your own research before copy trading on Bybit, or any other exchange.


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