Our in-depth Bybit Review 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 exchange for you, read on to learn about the exchanges pros and cons, product features, trading fees and much more!
Bybit is a cryptocurrency exchange that was founded by Ben Zhou in 2018. Bybit began with a mission to offer innovative trading services to professional traders and beginners alike.
Bybit Exchange Website
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 is also available as an IOS and Android app and has over 10 million app downloads an an impressive 4.7 star rating with over 190,000 reviews.
Bybit app
Bybit KYC Requirements
The signup process for Bybit is also easy with users being able to register with their phone number or email.
1. Visit Bybit and click signup in the top right corner 2. Signup by entering email or phone number 3. Enter the activation code that has been sent to you
Bybit Signup
The KYC verification process on Bybit takes approximately 10 minutes to be verified by Bybit but can take up to 48 hours in some cases.
We give the edge to the signup process to Bybit because of the non-obligatory KYC requirements. This means that users can more easily signup, deposit cryptocurrencies and beginning trading right away.
Bybit KYC requirements
Bybit allows for trading without KYC verification but with some limitations such as a daily withdrawal limit of 20K USDT and a monthly limit of 100K USDT. For those that want to participate in Bybit's earn, one click buys and conduct fiat deposits, KYC verification is required.
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.
Bybit Perpetual Futures & Options
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.
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.
Bybit leveraged tokens
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 & Copy Bot
Bybit's trading bots offer an advanced and automated trading solution for it's users. These bots are programmable systems that execute buy and sell orders based on pre-set trading strategies with the goal to help traders increase their revenue while minimising losses.
They offer a wide range of features to support traders, including backtesting, trailing up, take profit and stop-loss orders, pump and dump protection, and customisation options.
Bybit copy trading
In addition to this, Bybit's trading bots support a variety of trading strategies such as Dollar Cost Averaging (DCA) and Grid Trading.
DCA is a strategy that involves regularly investing a fixed amount of funds at predefined intervals, while Grid Trading is a method that targets buying low and selling high within predefined price ranges.
Trading bots allow traders to execute trades without constant manual intervention, helping them seize market opportunities and reduce emotion-driven decision-making.
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.
Bybit launchpad
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 offers interest on popular cryptocurrencies like BTC, ETH, USDT, USDC and others. These savings products come in flexible and fixed term APY options.
Bybit Savings
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.
Bybit 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 competitive fee structure that charges a low spot maker fee of 0.10% and a spot taker fee of 0.10%. You are considered a Taker when your order is executed immediately and a Maker when your order is not immediately matched.
Bybit spot and futures fees
For users that wish to trade futures on Bybit, the future fees on Bybit start at 0.01% for makers and 0.06% for takers. Bybit has also created a VIP Program that rewards loyal traders with lower trading fees based on how much they traded in the last 30 days.
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
On the other hand, Bybit offers support for 5 fiat currencies including USD, RUB, MXN, BRL, ARS, and TRY. Users can make deposits via Bank Transfer, SEPA, FPS, QiWI, Advcash, PIX, and Wire Transfer which incurs an $8 deposit fee.
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
On Bybit, users can deposit over 350 cryptocurrencies free of charge. Bybit like most exchanges in the market do not make it costly for users to deposit funds to their exchanges.
Bybit Crypto Deposit
Bybit Withdrawal Fees
Bybit provides a decent range of fiat withdrawal options with support for USD, EUR, GBP, BRL, PLN, RUB, TRY and a few other fiat currencies.
Bybit Withdrawal Fees
Having said that, most of the fiat currencies can only be withdrawn to an Advcash or a Zen Wallet with the exception of TRY/ BRL that can be withdrawn to a bank account.
Other fiat currencies like EUR and GBP can also be withdrawn with SEPA and Faster Payments (FSP) with fees of 0.19% commission and 0.22%.
Below we have outlined the withdrawal fees that Bybit charges for some well known cryptocurrencies:
Bitcoin (BTC) withdrawal fee: 0.0005 BTC Ethereum (ETH) withdrawal fee: 0.0019 ETH Solana (SOL) withdrawal fee: 0.01 SOL USDT (ERC-20) withdrawal fee: 5 USDT Cosmos (ATOM) withdrawal fee: 0.005 ATOM
Bybit: Apps & Wallet
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 Apps
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).
Withdrawal Security Bybit
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.
