Bybit exchange review
Bybit is a centralized exchange that occupies #3 on Guru InvestingExchange Tracker. Bybit trading volume is US$3,489,445,292 in the last 24 hours and US$559,730,316,136 in the last 7 days.
Bybit currently has 549 cryptocurrencies, 6 paper currencies and 792 markets (cryptocurrency trading pairs). The most popular trading pair on Bybit: ETH/USDC.
You can read Bybit’s full expert review here: Baybit review.
Compare Baybit next to other exchanges here: Exchange comparison tool.
Baybit is a centralized cryptocurrency exchange (CEX). Founded in 2018, it offers spot and derivatives markets, inverse contracts and P2P trading. Clients can also access services such as liquidity mining, copy trading and NFT marketplace.
Bybit cryptocurrency exchange is KYC compliant for Tier 1 and Tier 2 accounts. It is available on desktop and mobile devices. Some or all services are available only to users in a few regions, including China, Singapore, Canada (Quebec) and the United States.
Markets
Bybit Spot Market is one of the main services offered by the platform. It offers over 200 assets to facilitate crypto trading. Crypto-fiat trading is not supported. There are over 300 Bybit trading pairs in total.
Margin trading enabled on the platform. Clients can use the main and sub-accounts for margin trading on the spot market. Some Bybit exchange fees apply, including spot trading, interest and liquidation fees. VIP users are entitled to daily and annual interest rates.
Bybit also supports trading with leverage up to 100x. Leveraged tokens cannot be withdrawn. Some Bybit cryptocurrency fees apply, including trading, subscription, and daily management fees.
In 2022 Bybit Network Trading the function has been launched. It uses systematic trading strategies that can be automated using trading bots that monitor market changes in real time, 24 hours a day, 7 days a week. Clients can also manually configure their preferred trading grid settings.
There are three types of customer accounts on Bybit’s spot and derivatives markets: non-VIP, VIP and Pro (Bybit Loyalty). Levels depend on account type:
- Not VIP
- VIP 1–3
- About 1–3
All Bybit cryptocurrency fees are based on a producer-receiver model. Bybit volume does not affect the flat commission rate. Pro members are not subject to manufacturer fees. The maker commission for non-VIP buyers is 0.10% for each. For VIP users, the price of Bybit cryptocurrency paid by producers varies from 0.04% (VIP 1), 0.02% (VIP 2) and 0.01% (VIP 3).
VIP Bybit exchange fees for takers are 0.06% (VIP 1), 0.05% (VIP 2) and 0.03% (VIP 3). Depending on the Pro level, the taker fee is 0.03% (Pro 1), 0.025% (Pro 2) and 0.02% (Pro 3).
The derivatives market offers over 100 perpetual and quarterly futures contracts, as well as over 180 Bybit trading pairs. There are three main types of derivative contracts on the exchange:
- Reverse perpetual contracts (with coin fields)
- Linear perpetual contracts (with USDT margin)
- Inverse futures contracts (with coin margin, quarterly)
Futures markets clients can access copy trade. This is a mechanism that allows users to copy trades and strategies of famous traders.
Bybit also supports options trading. The market allows you to trade digital assets using the future price of the Bybit cryptocurrency and make trades using USDC. It offers European-style linear options trading.
For perpetual and futures trading, Pro users are not required to pay maker fees. For non-VIP users, the maker-taker commission rate is 0.01% and 0.06% respectively. The VIP maker commission varies from 0.002% (VIP 3) to 0.006% (VIP 1).
The commission for Pro 1 users is 0.04% and gradually decreases to 0.035% for Pro 2 and 0.03% for Pro 3. VIP 1 users pay 0.05%, with rates decreasing to 0.045% for VIPs 2 and 0. 0425% for VIP 3.
There are three levels of Bybit crypto exchange accounts – level 0, level 1 and level 2. Level 0 accounts do not require any KYC details other than an email address and password. Their withdrawal limit is 2 BTC. Level 1 and 2 accounts must provide proof of identity to withdraw up to 50 BTC and 100 BTC respectively.
Peer-to-peer (P2P) trading available. Unlike Bybit’s spot market, this feature supports 9 fiat currencies and over 80 payment methods, including bank transfers, debit/credit cards, and PayPal. There are no additional platform fees.
You can also buy cryptocurrency using Visa and Mastercard payments. The minimum purchase price for Bybit cryptocurrency is $10. All purchases are limited to $10,000. Transaction fees are charged depending on the card design and issuing region.
There are no deposit fees on the Bybit crypto exchange. There are also no minimum deposit requirements. Withdrawal fees as well as the minimum price of Bybit cryptocurrency may vary depending on different assets. For example, the minimum Bitcoin withdrawal amount is 0.001 BTC and the fee is 0.0005 BTC.
other services
Bybit launcher is a platform for new and future blockchain projects and tokens. This ensures accessibility to project teams. Users can invest in projects to receive rewards, such as early access to new coins before or during launch.
Baybit Earnings (formerly ByFi Center) is a service for earning and saving. This allows clients to allocate assets, contribute to liquidity production and earn passive income. Users can choose a flexible or fixed rate contract. Bybit cryptocurrency fees may apply for some services on the Earn platform.
In 2022, Bybit launched its NFT Marketplace. Here customers can mint and trade non-fungible tokens (NFTs). Users can trade their NFTs directly from their Bybit spot exchange accounts. The supported token standard is ERC-721.
Additionally, the Bybit crypto exchange offers its users API support. It provides resources for developers and institutions such as real-time market analytics, automated trading, and historical market data.
About company
Bybit cryptocurrency exchange was founded in March 2018 Ben Zhou. The project’s headquarters were initially located in Singapore. In March 2022, the company moved to Dubai, UAE.
Bybit was initially launched as a derivatives platform without a spot trading service. At the beginning of 2018, there were only three Bybit trading pairs available. According to performance data, the company saw 100x growth within a year of its launch.
In the second quarter of 2019, the platform recorded Bybit trading volume exceeds USD 2 billion in 24 hours, peaking at $4 billion later that year. A 2019 review reported more than 300,000 registered users. This number has grown rapidly as the platform surpassed 1 million users in 2020.
In the fourth quarter of 2020, Bybit saw record volumes of over $528 billion. This more than doubled the platform’s performance in the first quarter of that year, when trading volume totaled $208.5 billion. That same year, Bybit signed a partnership agreement with German football team Borussia Dortmund (BVB).
In 2021, the Bybit Bitcoin (BTC) spot market was launched. Ethereum (ETH), Ripple (XRP)And EOS listed as the first available asset. By the end of 2021, the number of available spot pairs had grown to 110, and Bybit’s global user base had increased to almost 5 million.
In the third quarter of 2021, Bybit’s total trading volume was over $1.7 trillion. During the year, average daily trading volume was approximately $11.8 billion, peaking at $76 billion on May 19.
In February 2022, Bybit announced a partnership with Formula 1 team Red Bull Racing. According to media reports, the cost of the multi-year contract was $50 million. It was also reported that the Bybit cryptocurrency exchange exceeded 6 million users.
In August 2022, it was announced that Bybit would partner with fintech company Circle Internet Financial to accelerate the exchange’s growth. As a result of this partnership, Bybit aims to offer a one-stop gateway providing USDC settlement options.
Ben Zhou is the CEO of the Bybit cryptocurrency exchange. Zhou was previously CEO of brokerage firm XM. He also ran a YouTube channel for some time that provided educational content about the crypto industry.
Bybit related pages
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A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
