Bybit Exchange started in 2018 as a BTC perpetual contracts trading platform. Bybit CEO Ben Zhou is one of the co-founders, who created Bybit with the background of working in XM - top tier FOREX and CFD broker. That is why the exchange was initially aimed at cryptocurrency futures trades, which became a brand feature.
Where is Bybit located and registered? Bybit headquarters were located in Singapore, while the company is registered in British Virginia Islands. In 2023 the Bybit location changed to Dubai, as the Bybit founder sees that region as full of opportunities in the crypto sector.
At the time of writing, the Bybit crypto exchange ranks 3rd in the overall rating of exchanges on Coingeco, and 46th in the cyber security rating. Assigned security level - BB, the exchange passes the Penetration Test, and has Proof of Funds, but also encourages the Bug Bounty program as the Coingecko says. The Bybit proof of reserves is publicly available on CoinMarketCap, it is provided by the exchange itself and is audited by a third party.
Bybit coin (BIT) is the Ethereum-based governance token of the BitDAO, which is a decentralized autonomous organization of builders who are willing to improve the DeFi sector. It is actually not a Bybit token in the sense of the CEX token, as the exchange in this case is just a part of the DAO. BIT is not used to pay trading fees, instead, you can use that as criteria to get VIP status or to participate in the Bybit crypto launchpad. The initial purpose of the BitDAO token before partnering with Bybit was to manage organizational decisions by voting with BIT tokens and to incentivize the development of DeFi products.
Daily volume - $600,000,000
Trust score - 10
Cybersecurity score - A
Financial reserves - $3,200,000
Monthly visits - 20,7 Million
Cryptocurrencies - 300
Trading pairs - 380
*Data from Coingecko and Coinmarketcap
Having the highest Trustscore by Coingecko - 10, the exchange has an A rating for cyber security, passing the Penetration test, providing Proof of Funds, and encouraging the Bug Bounty program. Bybit Proof of Reserves is displayed in real-time on Coinmarketcap and audited by the 3rd parties. As the exchange reports, it has around $3,200,000 for financial reserves, mainly in USDT (47%) and BTC (26%). 20,7 Million monthly visitors provide trading volume at an average of $600,000,000 per day. There are 300 supported coins, which create 380 crypto pairs.
Deposit and withdrawal
You can deposit cryptocurrency via blockchain transaction or fiat currency via payment processor Advcash, Credit or Debir card, and P2P market. Withdrawal options depend on your region, but still, in most cases, you will be able to withdraw fiat with Advcash and P2P market. You can deposit the following fiat currencies: USD, EUR, GBP, BRL, TRY, VND, KZT, MXN, PLN, RUB, ARS, and UAH. Withdrawals are available to users in USD, BRL, EUR, GBP, TRY, VND, KZT, and UAH.
Deposits with Advcash are commission free for now, while credit/debit card deposit fee depends on the region. For the European region, both charge 1,1% per transaction, for the Non-EU payments Visa fee is 3,05% and Mastercard is 2,7%. Bybit minimum deposit via bank card is 10 USD per transaction. Both payment options require at least Lvl. 1 KYC.
Bybit withdrawal fees depend on the payment method available for your region. For example, Advcash is offering zero-fee fiat deposits and withdrawals for now. Withdrawal limit no KYC is ZERO, as it is required to provide not only Level 1 of individual verification but also an Email Authentication and Google Two Factor Authentication. The withdrawal limit depends on the KYC level. On the first, the overall limit is $5,000 per month. On the second there is a $10,000 per transaction, daily is $20,000, weekly - $50,000, and monthly - $100,000.
- Leveraged tokens
- Trading bot
- Copy trading
- Perpetual futures
- Delivery futures
- Inverse contracts
The exchange covers all the needs of a trader, namely Spot, Margin, Derivatives, Leveraged tokens, Options, and Inverse contracts. The exchange makes a bet on financial products such as Bybit leverage trading, which covers all derivatives you may need and can offer up 100x leverage. Bybit copy trading mode is suitable for looking out for market insights, where you can follow the strategy of other efficient traders.
The possibility of using options will be useful for crypto investors who seek to hedge their funds or make an extra profit without losing the underlying asset. Bybit margin trading is a powerful tool that is integrated into each financial product on the exchange that you can use to leverage trading positions. The Inverse contract is quite a unique part of the Bybit user experience.
The exchange paid a lot of attention to the Bybit trading bot solution, the user can implement algorithmic strategies right in the exchange terminal. There are three main Bybit trading bots that allow you to implement Spot and Futures Grid strategies, in line with DCA. You can copy any bot that is publicly available, which is a great addition to the copy trading Bybit service.
The Bybit API is available to directly access the exchange's servers, bypassing the interface. The API key will be useful for experienced traders who want to automate trading with the external bot. Bybit API docs can be found by the link on the Bybit API documentation page.
Bybit fees for spot and derivatives markets depend on the VIP level. That status can be achieved by meeting at least one of the criteria based on Asset Balance, BIT token holdings, borrowed assets, or traded volume. The lowest Bybit trading fees can be gained with a high trading volume, detailed table of the VIP status criteria you can find on the Bibyt fee structure page.
Bybit futures fees are 0,06% taker and 0,01%, which can be discounted to 0,03% and 0% respectively. Spot trading fees in basic are 0,1% for both Bybit maker taker fees, but the lowest Spot fees can be 0,02% (maker) and 0,005% (taker). Bybit derivatives fees for UCDC options are 0,03% for both positions and can be lowered towards 0,01% on the highest Supreme VIP Pro 3 level.
Bybit leverage fees are 0,06% and they are applied to the leveraged position, meaning that with 100$ collateral and 2x leverage, you will pay 0,06% from the 200$. Funding fees are calculated every 8 hours and can fluctuate due to market volatility. It is settled in the traded cryptocurrency derivative contract, meaning that the fee for using BTC futures will be calculated based on the Bitcoin futures contract price.
Does Bybit require KYC? It is mandatory for using this crypto exchange. Earn, Launchpad, and Launchpool products require Bybit KYC, which also impacts the withdrawal limits. KYC requirements can include an I.D. license, social security number, or bank confirmation.
Is bybit safe? Currently, the exchange offers not many methods of account protection. The user can use two-factor authentication online through Google Authenticator. Since the exchange's establishment in 2018, no one ever hacked Bybit which definitely counts as good cybersecurity protection. The unhackable story is fascinating, but still, it would be great to have more account protection mechanisms.
Terminal and mobile app
A terminal on the Bybit exchange is looking familiar to the seasoned trader, while will not be overwhelming for the newbie. It’s working well, with no freezes, and has a great asset filter system. One of the features is the automated trading strategy right in the terminal, which has been enhanced with an AI trading system. You can set the grid bot using artificial intelligence with just a few clicks.
There is a mobile Bybit app available for the IOS and Andriod platforms. The app is not worse than the web terminal and meets all the criteria to satisfy a picky client. However, there is no desktop app available to use.
- Decentralized derivatives trading platform
- NFT platform
- Bybit wallet
- Bybit savings
- Liquidity mining
- Dual asset yield
- ETH staking
- Crypto loans
Bybit Exchange started as a derivatives platform, but for now, this is the all-in-one solution that provides traders with various opportunities. The exchange received the biggest innovations in the area of WEB 3, adding an online wallet for the use of decentralized applications. Bybit actually created its own DEX for derivatives trading, together with the NFT platform, which can be accessed through the exchange's Web 3 wallet.
The exchange has pumped the possibility of additional profit on cryptocurrency quite well. The classic liquidity mining option is almost a necessity for a modern exchange. Just like ETH staking, which is already available on all competing platforms, Bybit staking offers additional returns on a large number of different cryptos. The dual asset yield function is interesting because it allows you to buy or sell cryptocurrency at the target price with additional profitability in a traded asset or stablecoin. Earn rates depend on the type of passive income you use, be it staking, liquidity mining, or dual asset yield.
Launchpad, Launchpool, and Crypto loans close the list of features of the exchange. Bybit Launchpad allows you to receive tokens of new crypto projects that are just entering the market. You can subscribe to the token launch using BIT tokens and receive a guaranteed allocation, the size of which depends on the number of BITs, or you can buy a lottery ticket for allocation for USDT. Launchpool is currently inactive and there are no projects to launch. Well, let's finish with crypto loans, which you can get directly on the centralized exchange at convenient interest rates and terms.
Bybit reviews on Trust Pilot have an overall rating of 2,8 out of 5 among 451 votes. Lots of negative comments about customer support. However, there is also many negative Bybit exchange review regarding the problems of passing the identity verification. The most complaints you can read about account restrictions which lead to fund freezes. For almost all of the 2023 year, there are negative thoughts for the Bybit review prevailing on the Trust Pilot.
Customer support and contacts
You can communicate with customer support through a request in the support section, or through chat on the exchange's website. In the support section, there are a lot of segments to ask for help, so your question will quickly get to the most efficient manager. If there is a large inquiry volume or your trouble is basic, you can visit the Bybit support center to get help by yourself.
Bybit supported countries
Bybit restricted countries are mentioned in the following list: US, China, North Korea, Singapore, Syria, Iran, Cuba, and Russia-annexed Ukrainian territory (Luhansk, Donetsk, Crimea). Customers from the allowed countries are capable to use all the exchange financial products. Still, users from the supported countries are required to complete the KYC verification to access the platform’s services.
Is Bybit legal in US?
Bybit USA customers are not allowed to use the exchange starting from 8 May 2023. Due to US government restrictions, using Bybit in the US is a violation of the crypto assets trading laws. Can you use bybit in the US via VPN? The interface is accessible, however now it is mandatory to complete KYC to access any services. Bybit US customers could earlier trade and transfer crypto, but there are still tax forms to fill which can reveal illegal actions.