Bybit, a reputable online cryptocurrency trading service based in Dubai, is well-known for its exceptional value in the world of digital currencies. Established under the authority of the Dubai government, Bybit initially focused on derivatives trading but later expanded to include spot trading as well.
The Bybit website offers a highly user-friendly crypto trading platform accessible through their smartphone app. This app has received high praise from crypto traders and comes highly recommended by those who have experienced its features firsthand. In this review, we will delve into everything you need to know about the Bybit exchange.
Bybit was founded in March 2018 by Ben Zhou, a former trader at XM, a prominent forex and CFD trading brokerage firm. The company is headquartered in Singapore and has additional offices in Taiwan and Hong Kong. The team behind Bybit consists of professionals with backgrounds in investment banks, technology firms, the forex sector, and early adopters of blockchain technology. Their development team includes experts who have previously worked with renowned entities such as Morgan Stanley, Baidu, Alibaba, and Tencent.
In addition to their dedicated team, Bybit has established strategic partnerships with key players in the crypto industry, such as Chainlink, Circle, Fireblocks, and Paradigm. These collaborations further solidify their position in the market.
Bybit Exchange is known for its lightning-fast matching engine, comprehensive multilingual support, and exceptional customer service. While derivatives trading is their main focus, Bybit also offers spot trading, staking, and various other services. They have a global user base of over 10 million and offer a wide array of derivative trading options, including over 230 perpetual and futures contracts. Their impressive trading volume and open interest have propelled them to the fourth position among derivative exchanges, according to Coingecko rankings.
Here are some key features of the Bybit exchange:
1. High Leverage: Bybit empowers traders with up to 100x leverage on perpetual contracts, allowing them to maximize potential profits. However, it’s important to note that leverage also magnifies the associated risks, so traders should approach leveraged trading with caution.
2. Low Fees: Bybit prides itself on offering competitive fees. Non-VIP traders can enjoy maker fees as low as 0.06% and taker fees as low as 0.01%. VIP members can benefit from even lower rates, with taker fees potentially reaching 0% and maker fees dropping to 0.03%.
3. Fast Execution: Bybit’s powerful matching engine can process up to 100,000 transactions per second, ensuring swift and reliable order execution.
4. Secure Trading Platform: Bybit prioritizes the security of user funds by implementing advanced measures such as cold storage, multi-signature wallets, two-factor authentication (2FA), and proof of reserves.
5. 24/7 Customer Support: Bybit offers round-the-clock customer support through various channels, including email, live chat, and social media.
6. Wide Range of Products: Bybit presents traders with over 220 trading pairs, featuring derivatives perpetual contracts for Bitcoin, Ethereum, and other popular altcoins.
7. Copy Trading: Bybit introduces a leaderboard showcasing top traders, allowing users to learn from and replicate the strategies of successful traders.
8. Trading Bot: Bybit offers a Trading Bot, an automated program that executes buy and sell orders based on preset trading strategies. Users can choose from three main bot types: Spot Grid Bot, DCA Bot, and Futures Grid Bot.
9. Bybit Mobile App: Bybit provides a mobile app available for download on both Google Play and the App Store, ensuring convenient access to trading on the go.
With its exceptional features and commitment to user satisfaction, Bybit stands as a prominent player in the cryptocurrency exchange landscape.
To register on Bybit, simply visit their website and click on the “Signup” option at the top of the page. Provide your mobile number or email address, enter the verification code, and select a strong password for your account. Verify your account by entering the One-Time Password (OTP) received on your registered email. Complete the Know Your Customer (KYC) process by providing your PAN number and Aadhar card details.
Bybit supports various order types, including market orders, limit orders, and conditional orders. Market orders are swiftly executed at the prevailing market price, while limit orders allow traders to set a specific price for their order. Conditional orders are automatically executed once certain criteria, such as a trigger price, are met.
Bybit also offers a demo trading account where users can practice trading with virtual funds. This allows beginners to familiarize themselves with the platform and for experienced traders to experiment with new strategies.
Bybit implements a maker/taker fee model for trading fees. The exchange offers competitive fees, particularly for entry-level accounts. The fee structure may vary depending on the type of trading activity and the user’s VIP level.
Bybit features a VIP program that offers various benefits to esteemed users. To qualify for VIP status, users need to fulfill certain criteria, such as maintaining a substantial balance in their trading accounts, holding a significant amount of $BIT, and conducting a high volume of trades within 30 days.
Bybit provides a robust and user-friendly trading platform that caters to margin traders. The platform offers a simple and intuitive interface, allowing traders to switch between wallets and accounts with ease. It also provides essential market visualization tools and access to the order book and recent trades.
Deposits on Bybit are free, but withdrawal fees vary depending on the type of cryptocurrency being withdrawn. Bybit supports various deposit and withdrawal methods, including BTC, ETH, EOS, XRP, and USDT.
Bybit offers a mobile app for Android and iOS devices, allowing users to trade on the go. The app offers customization options and features that enhance the trading experience.
Bybit also offers a trading bot that executes trades based on preset strategies. Users can choose from different types of bots to suit their trading preferences.
The Bybit Card is a Mastercard debit card that provides convenient and secure access to funds. It offers seamless integration with cryptocurrency assets and allows users to manage their funds easily.
Bybit’s Launchpool feature enables users to stake tokens and earn interest on their holdings. This applies to tokens operating on Proof-of-Stake (PoS) consensus mechanisms.
Bybit offers a referral program that allows users to earn rewards by inviting their friends to join and trade on the platform. The program offers impressive commission rates.
Bybit is closely associated with BitDAO and regularly contributes funds to the organization. BitDAO operates with its own token called $BIT, and owning $BIT tokens grants users various benefits on the Bybit platform.
Bybit provides round-the-clock customer support and is known for its exceptional service and responsiveness to user inquiries.
Bybit operates under a robust legal framework and implements standard security measures to protect user funds. However, it’s important to note that the exchange does not require Know Your Customer (KYC) verification, which could pose potential risks.
Bybit is available in over 150 countries and regions but is not accessible to users from the United States and some other restricted jurisdictions.
In conclusion, Bybit is a leading crypto derivatives exchange with a strong reputation in the market. It offers competitive fees, a user-friendly platform, and a wide range of features and services. However, users should be aware of the limitations and risks involved in trading on the platform, such as the restricted availability in certain jurisdictions and the absence of KYC verification.
