Bybit is one of the most reputable centralized exchanges (CEX), ideal for virtually any type of crypto trader. With access to over 400 tradable cryptocurrencies, support for spot and derivatives, Earn products, an NFT marketplace, and more, Bybit covers every existing crypto topic. In the following sections, we will examine every aspect of the Bybit exchange, including its features, regulatory compliance, trading fees, security implementation, and customer support.
Bybit is a global cryptocurrency exchange headquartered in Dubai. In the UAE, it operates under the name Bybit Fintech FZE, complying with local regulatory requirements. The company itself operates as Bybit Fintech Limited and is registered in the British Virgin Islands. While there are many aspects to Bybit, the most interesting is its presence as a popular derivatives exchange. Although Bybit offers spot trading, experienced traders can work with a remarkable collection of contracts that also support up to 100x leverage trading for specific cryptocurrencies.
As of March 2024, Bybit ranks second, second only to the famous Binance exchange. Its spot trading volume exceeds $5 billion per day. How did this youngster manage to climb into the top three so quickly, you may ask? The platform’s team is simply brilliant, knowing how to keep their nose to the wind and read the mood of the public at the right time…
Bybit was founded by Ben Zhou in 2018 in Singapore. Initially, it was a platform for trading derivatives exclusively. Zhou, himself a forex trader, used his experience in TradFi to solve the stability and even liquidity issues that Bybit initially faced. In the years since its founding, the Bybit trading platform has established itself in the crypto space and boasts a user base of over 10 million.
Bybit has proven itself quite well thanks to its engine with a speed of 100,000 transactions per second, which is one of the most popular resources for matching orders. Bybit provides zero downtime and the fastest possible matching of orders between buyers and sellers.
Since its founding, every year has been remarkable for Bybit in one way or another. For example, in 2018, it launched perpetual BTC contracts, and in 2019, it entered the top five global exchanges. In 2020, the platform became a partner of the Borussia Dortmund soccer team, and in 2021, it launched a spot trading feature, expanding beyond its specialization in derivatives. In 2022, SOL and ETH options with USDC margin were launched, and 2023 was the year the company moved to its global headquarters in Dubai.
Bybit is one of the most secure cryptocurrency exchanges. Among the most notable features of the exchange in this regard are:
The developers describe the project as an ecosystem for digital assets with one of the most extensive feature sets on the market. Traders highlight a number of undeniable advantages of the Bybit crypto exchange, making it stand out in the market of trading platforms specializing in crypto asset trading. Here are just a few of Bybit’s features:
Bybit registration and verification Go to the official Bybit website using my referral link
https://bybit.com/ru-RU/
and click on the large orange “Register” button.
Then you need to enter your email address, password, agree to the terms of service, and click the “Create Account” button.
Next, go to the email address you provided during registration and find the email with the verification code to enter it in the appropriate field.
After that, the system will automatically redirect the user to their personal Bybit account. However, in order to perform any operations on the platform, other than replenishment, you will have to go through the verification procedure in any case. Therefore, we strongly recommend that you do not deposit funds into your account until your account has been verified. If you encounter any problems during verification, you will not be able to use or withdraw your funds until the KYC procedure has been completed.
To initiate ByBit KYC, hover your mouse cursor over the person icon in the upper right corner of your client account and click the “Complete KYC Verification” button.
At the next stage, simply click “Verify.”
Next, the system will ask you to select your country from the drop-down list and the type of document you plan to send for identity verification. Then click the “Confirm” button.
On the next page, select “Other” and click “Agree and Continue.”
After that, you will need to give permission to the camera and take a photo of your passport, as shown in the examples. Alternatively, you can upload existing photos or continue the procedure from your phone if your computer does not have a webcam. Next, click the “Next Step” button.
Now you need to take a selfie with a slight rotational movement of your head, following the system prompts.
After that, you just have to wait for the moderators or artificial intelligence to check all the info you gave and your status will change to “Verification Level 1.” By the way, if you give proof of your address, you can move up to the second verification level, where the terms and limits on transactions are even better. As you can see in the image below, the daily fiat deposit limit will increase from $50,000 to $100,000, and the daily cryptocurrency withdrawal limit from the exchange will increase from $1,000,000 to $2,000,000, respectively.
After passing verification, you can start adding assets to the exchange. To do this, hover your cursor over “Assets” in the upper right corner and click the “Add” button.
Next, select the deposit coin and blockchain network from the drop-down list. The system will then generate a wallet address in the required blockchain to which you need to transfer your coins. You need to be careful when choosing a network, because, for example, if you send USDT coins from the TRC-20 network to the ERC-20 network, they will simply burn up.
The above describes how to top up your account if you already have cryptocurrency. If you are a beginner, you should click on the “Buy Cryptocurrency” button at the top of the website. This section offers a choice of six top-up methods: one-click purchase, P2P, fiat deposit, regular purchases, Bybit Card, conversion. The easiest way for beginners is “One-click purchase.” You need to select which currency you are giving and which you are receiving. The payment method is “Bank Card.” Next, you need to click “Link card.”
Next, the system will ask you to fill in the information required for linking your data. Everything is as usual: full name, email address, card number, card expiration date, and CVV2. After that, you need to accept the terms and conditions and click the “Continue” button.
Buying cryptocurrencies in the P2P section is a convenient and completely secure feature of the ByBit platform, which allows customers to buy and sell crypto assets by placing ads at a pre-agreed price. This type of purchase is in high demand among many users. It is noteworthy that Bybit does not charge commissions to either sellers or buyers in this section.
There are two ways to withdraw your assets from the platform. If you simply want to withdraw cryptocurrency to hold it in your wallet, hover your cursor over “Assets” (top right) and click the “Withdraw” button.
After that, the system will require you to connect Google authentication; without it, you will not be able to withdraw funds. Therefore, select “Set up” without hesitation.
The system will redirect you to the account information section. Scroll down until you see the subheading “Enhanced security.” Next to “Google Authenticator,” click “Settings.”
Now go to your email and copy the code from the letter to enable two-factor authentication. Paste it and click “Confirm.”
Next, download Google Authenticator for Android or iOS. In this app, enter the code word or scan the QR code issued by the ByBit system. (Be sure to keep this code word in a safe place so that if you lose your phone, you can restore the link to the authenticator.) The app will give you a verification code. Enter it on ByBit and click “Confirm.”
Now we can return to the “Assets” – ‘Withdraw’ section. Select the cryptocurrency you are interested in, enter your wallet address, select the network below, enter the amount, and click “Confirm.”
Another withdrawal method involves selling cryptocurrency through a P2P marketplace and withdrawing it in fiat currency to bank cards or EPS.
For beginners, it is recommended to start with this type of market, as it is more understandable and less risky. The simplest type of spot is “Market,” where we simply purchase an asset at the current price. To do this, hover your cursor over ‘Trade’ in the header of the website and click “Spot Trading.” You will be redirected to the trading terminal, where you need to select a trading pair: in the upper left corner of the terminal, click on the button with 3 stripes, and then use the search bar in the drop-down window. Let’s consider a transaction using the BTC/USDT trading pair as an example. Then select the “Market” spot type, enter the desired amount in dollars in the “Order cost” field, and click the “Buy BTC” button.
Now let’s look at limit spot, which allows customers to create orders to buy or sell crypto assets at specific predetermined prices. To do this, at the stage where we selected the “Market” spot type, we now select “Limit.” Next, select “Buy” or “Sell,” specify the desired purchase or sale price and the number of coins. Then click the “Buy BTC” button. Please note that your USDT will be frozen until the price moves within the specified range and the order is executed.
If you do not want your USDT to be frozen prematurely, you can select the “TP/SL” (Take Profit / Stop Loss) spot type instead of “Limit.” This feature allows you to set a trigger price, upon reaching which a buy or sell order will be created at the price you specified. The algorithm for creating such an order is similar to the previous ones, except that there is an additional field to fill in: “Trigger price.”
It is noteworthy that on ByBit, the transition to margin trading can be done directly from the “Spot” section. Above the spot variations “Market” – ‘Limit’ – “TP/LS”, you need to switch to margin, as shown in the image below.
If we are entering the margin trading section for the first time, we will need to go through the procedure of creating a “Single Trading Account.” In the first step, click “Continue.”
Please note that switching to a Unified Trading Account (ETA) is an irreversible operation, which is why even the system itself offers us the option of launching ETA from a subaccount. If we still decide to switch from the main account, we agree to the terms and conditions and click the “Confirm Switch” button.
After the transition, we will be able to use all Bybit trading products from a single account.
Given that the ByBit platform was conceived as a venue for trading derivatives, it is not surprising that the trading volume in this branch of the platform is very large. Derivatives trading involves transactions with financial instruments based on changes in the price of an underlying asset in the future. These transactions are based on futures contracts and options denominated in USDT, which allows traders to profit from price fluctuations without having to own the actual assets.
The Bybit platform has created a separate section for derivatives trading, which can be accessed by clicking on “Derivatives.” Immediately after clicking, the system will offer detailed instructions on how to use this section. Beginners should keep in mind that this section requires studying trading theory; without it, you can quickly find yourself in the red.
One of Bybit’s lesser-known features is its copy trading function. This allows you to copy the trading strategies of successful traders by tracking their 30-day, 90-day, or other return on investment. You can even choose traders based on their ranking on Bybit. The trader whose strategy you copy receives a certain percentage of the profit you earn from copying their orders.
ByBit trading bots
Bybit, like any other cryptocurrency exchange, has different commission levels—spot, derivatives, institutional levels, etc. The standard commission for spot trading starts at 0.1% for both the seller and the buyer. You can get additional discounts on spot trading fees if you reach VIP level with significant trading activity or trading volume over 30 days. When trading derivatives and futures through contracts, the commission for makers and takers starts at 0.02% and 0.055%, respectively. When trading options, the commission starts at 0.03% for both the seller and the buyer. Compared to other cryptocurrency exchanges such as Coinbase, Kraken, and Huobi, Bybit has a more competitive and affordable commission structure. In the images below, you can see in more detail how commissions change as you move up the VIP levels.
As one of the most popular centralized exchanges, Bybit is known for more than just its trading package. Hover your mouse over “Banking” in the account header to see three types of services: Earn, Crypto Loans, and Card.
In the Earn section, users have access to the following product line: Bybit Savings, ETH2.0 Liquid Staking, Double Win, Liquidity Mining, and several other advanced services.
As for crypto loans, here the client can obtain a loan secured by their cryptocurrency. The contract is concluded for a specific amount, for a specific term, and at a specific interest rate. This instrument can be very useful when you really don’t want to sell your crypto assets in a bull market, but you urgently need money.
As for the Web3 section, it includes 9 tools:
Using Bybit is not difficult at all. First, the web interface is easy to work with. And if you want to use the Bybit mobile app, you can try it on both Android and iOS. Here are some of the notable features of the Bybit mobile app: access to real-time market data, charts, and indicators thanks to Bybit’s interactive user interface; a comprehensive trading platform; a high level of security backed by two-factor authentication; the ability to customize notifications and alerts.
As of early 2024, ByBit is among the top three most advanced trading platforms in all respects. This is partly my subjective opinion, and some may find criteria that would exclude it from the top three. But, in fact, the exchange provides so many services for crypto enthusiasts that we couldn’t even describe half of the products that might be useful to you in detail in this review. Perhaps, if you register on ByBit, you won’t need to use several other exchanges, as you will find all the tools you need here.
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