Our in-depth review ofBybit answers the most relevant questions about this rapidly growing exchange that today serves millions of customers around the world. To find out if using Bybit is right for you, read on to learn about the advantages and disadvantages of this exchange.
Bybit is a cryptocurrency exchange that was founded by Ben Zhouin 2018. Bybit began with a mission to offer innovative trading services to professional traders and beginners alike.
The company is registered in the British Virgin Islands as Bybit Fintech Limited and is headquartered in Singapore. Bybit is a privately owned company with over 1,000 employees and more than 10 million registered users worldwide.
Bybit is available in most countries except countries with service restrictions like U.S, China, Cuba and a few others. They offer over 250 cryptocurrencies and 300 spot trading pairs.
Bybit: Signup & KYC
Signing up to Bybit is simple, intuitive, and only takes 2 minutes.
Visit Bybit and click signup in the top right corner
Signup by entering email or phone number
Enter the activation code that has been sent to you
Bybit Signup
Know Your Customers (KYC) is available to users who want to have greater security and the ability to access additional features.
Bybit Know Your Customer (KYC)
Bybit: Products & Services
While Bybit offers a wide range of products and services, they do so in a way that is still beginner-friendly and easy to navigate. Below we breakdown each product offered by Bybit.
1. Bybit Spot Trading:
Trade over 200 cryptocurrencies and 300 trading pairs. Bybit offers the most popular cryptocurrencies like BTC, ETH and SOL.
2. Margin Trading:
Bybit offers margin trading with up to 5X leverage on many cryptocurrencies. Users can use BTC, USDT, USDC and fiat currencies as underlying collateral to borrow funds. Margin trading allows users to trade with leverage, which can increase both profits and losses.
3. Bybit Derivatives
Bybit has launched a United Margin Account that gives greater flexibility to trade derivative contracts from a single account.
This enables users to trade USDT and USDC Perpetuals & Options at the same time without having to transfer assets back and forth multiple accounts.
This is a must have for professional traders and market makers as it enhances capital efficiency. Bybit now also supports trading with up to 125X leverage for USDC Perpetual Contracts and 100X leverage for Inverse Perpetual Futures & Options.
Bybit Perpetual Futures & Options
4. Leveraged Tokens:
The Bybit leveraged token product provides you with leveraged exposure (Up to 3X leverage) to the underlying asset. When you trade with leveraged tokens, you are trading on margin which means that you can trade with more money than you have in your account. There are no margin or liquidation risks with leveraged tokens but you are exposed to higher volatility (bigger upside/downside) so make sure you understand the risks involved before trading with leverage.
5. Bybit Trading Bot:
Automated trading bots to help users automatically set buy and sell orders.
6. Bybit Launchpad:
Like many other exchanges, Bybit has launched their own launchpad to provide its customers with early access to new projects and their tokens. Bybit uses a lottery system to decide which users gets to participate. To have a chance to quality for a launch, make sure you have sufficient BIT tokens or USDT available in your wallet before the snapshot takes place.
7. Bybit Savings & Liquidity Mining:
Bybit Savings
Bybit savings offers interest on popular cryptocurrencies like BTC, ETH, USDT, USDC and others. These savings products come in flexible and fixed term APY options.
In addition to this, Bybit also offers traditional liquidity mining which offers the ability to earn yield from trading fees. Take into account that there is impermantent loss risk when liquidity mining which is not present with the more traditional savings products.
8. Bybit NFT Marketplace
Bybit bullt their own NFT marketplace as a way to enable a one stop shop destination for their customers to mint, purchase and bid on NFTs. Currently Bybit's NFT marketplace only supports minting on Ethereum's blockchain. NFTs from Solana can be listed and traded on the platform after being minted.
9. Bybit Token ($BIT)
Bybitis behind Bitdaowhich is a decentralized autonomos organization with $BIT as their native token. The BIT token has a max supply of 10 billion tokens and is currently valued at a $4.8 billion fully diluted market cap.
Bitdao raised a total of $230 million in 2021 from investors like Peter Thiel, Pantera Capital, Dragon Fly Capital and Jump Capital. Bybit has pledged a share of futures contract trading volume to Bitdao. The goal of Bitdao is to invest in crypto projects through token swaps.
Bybit has a royalty based fee schedule that begins at 0.1% for Makers and Takers.
You are considered a Taker when your order is executed immediately
You are considered a Maker when youe order is not immediately matched
2. Bybit Perpetuals & Future Fees
The future fees on Bybit start at 0.01% for makers and 0.06% for takers. Bybit has created a VIP Program that rewards loyal traders with lower trading fees.
Bybit offers 4 quick ways to buy cryptocurrencies.
1. One Click Buy
Buy crypto in one click with credit card, Google Pay or Maestro
One Click Buy Bybit
A $100 USD deposit via debit or credit card via Bybits One-Click Buy returns $95.1 worth of USDT. An almost 4.5% commission.
Bybit Fiat Deposit
2. Fiat Deposit & Payment methods
EUR: Zero fee SEPA transfers that arrive in 1-3 business days
GBP:FPS (Faster Payment Service) transfers that arrive in 1 business day
RUB: QIWI/Local Bank Card (1.5% commission) or Advcash (zero fees)
BRL: Real time PIX transfers with zero fees
ARS: Real time bank transferswith zero fees
3. P2P-trading
P2P trading means that traders can trade directly with each other, without the need for a middleman. This type of trading can be beneficial as it can save on fees and provide a more efficient way to trade. Bybit facilitates the buying and selling of USDT, USDC, BTC or ETH between people at agreed-upon prices for zeros fees.
4. Crypto Deposit
Bybit offers a simple interface where users can trade one crypto asset to another.
Bybit Crypto Deposit
Bybit: Withdrawal Methods
Depositing cryptocurrencies on Bybit are like most other exchanges, free of charge. Cryptocurrency withdrawal fees however differ from blockchain to blockchain. Below we have outlined the withdrawal fees for a few popular cryptocurrencies:
Bitcoin (BTC): 0.005 BTC
Ethereum (ETH): 0.005 ETH
Solana (SOL): 0.01 SOL
Litecoin (LTC): 0.001 LTC
Polkadot (DOT): 0.1 DOT
USDT (ERC 20): 10 USDT
Bybit: Apps & Wallet
Bybit Apps
Bybit is available on both the App Store and Google Play store. Their apps offer intuitive design and enable users to access cryptocurrency markets on the go. Bybit has over 5 million downloads on Google Play store and a 3.9 star rating out of 75,000 reviews. Bybit has +5 million downloads on Google Play Store with a rating of 4.4 with over 110,000 reviews. On the App Store they have a 4.6 rating based on 17,500 ratings.
Is Bybit Safe?
Bybit is safe and has contrary to many other cryptocurrency exchanges never been hacked. Bybit has a perfect 10/10 trustscore on Coingecko.
Bybit stores the vast majority of user funds securely offline in cold wallets protected by a combination of Multi-signature, Trusted execution environment (TEE) and Threshold signature schemes (TSS).
From the moment a user signs up, their data is encrypted through end-to-end encryption to ensure only they can access it. Everything is further monitored in real time to identity and prevent suspicious unwarranted activity.
Bybit provides customer support through email, phone and a 24/7 live chat 24/7. Bybit has a low Trustpilot rating of 2.9 based with almost 300 reviews. They are also available through different social media channels such as.
Bybit has at the time of writing a 24 hour spot trading volume of over $800 million.
When comparing exchanges, look for higher trading volume as that translates into smaller spreads and lower costs for users. Below we have outlined the 10 most liquid spot markets on Bybit based on volume.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
