Bybit is a Singapore-based derivatives crypto exchange that is garnering attention within the crypto world. Specifically, the exchange aims to mimic and surpass the success of Binance the world’s most popular crypto service of this kind. In order to do this, it has integrated numerous features, many of them quite innovative, related to trading, learning, and earning crypto. In this article, we will learn what Bybit offers, how its services work, and whether it is right for you.
ByBit Referral Code: DEFIRATE
If you want to earn even more money, new users who sign up using the Bybit referral code DEFIRATE and make their first deposit will receive a bonus of $10 in USDT.
If you make additional deposits during that time, you’ll be eligible to earn even more (based on the amount of your deposit):
- Eligible deposit ≥ $100: Bonus of $1 USDT
- Eligible deposit ≥ $300: Bonus of $10 USDT
- Eligible deposit ≥ $1,000: Bonus of $30 USDT
- Eligible deposit ≥ $3,000 & trading amount ≥ $10,000: Bonus of $100 USDT
- Eligible deposit ≥ $10,000 & trading amount ≥ $50,000: Bonus of $350 USDT
- Eligible deposit ≥ $20,000 & trading amount ≥ $100,000: Bonus of $750 USDT
- Eligible deposit ≥ $100,000 & trading amount ≥ $2,000,000: Bonus of $4,000 USDT
Claim your ByBit Referral Bonus of up to $4,000 USDT
Key features
Bybit finds itself in the position of having to be compared to already popular crypto exchanges like Binance, or Coinbase. In an effort to distinguish itself from the pack, Bybit has strived to introduce a number of distinctive features.
- Bybit is a derivatives exchange that allows users to trade crypto with up to 100x leverage
- It is able to process over 100.000 transactions per second, more significant than most competitors
- Bybit includes a test environment and numerous educational resources to assist new crypto users
What is Bybit?
Bybit is a cryptocurrency exchange that was founded in 2018 in Singapore. Its primary focus is on the exchange of crypto derivatives, financial contracts whose value is determined by the price of various crypto assets. While it is not available in the U.S., the exchange makes up for this through its focus on great technology and a strong user experience. While still in its nascent phase, Bybit hopes that its features will turn it into a rival for the world’s most popular crypto exchanges.
How does Bybit work?
Bybit’s functionality is designed to appeal to users who are already familiar with well-known exchanges, as well as to novice crypto enthusiasts.
In order to get started, one needs to create an account with Bybit. Upon registering and making their first deposit, new users may also be eligible for a number of promotions.
Bybit offers diverse crypto services, including spot trading. Numerous trading pairs are available. Those who have engaged in crypto trading before will have no trouble quickly adjusting to the platform’s design. New users may also benefit from the included study materials as well as the Copy Trading function, which allows them to see and mimic the actions of successful traders.
However, the focus of Bybit, at the moment, appears to be the Derivatives section. Derivatives allow users to make trades without actually owning the asset outright. Bybit facilitates derivatives trade with a leverage of up to 100x. (This means that investing, for example, $1 in ETH at a leverage of 100, would mean that your total investment is $100 and the potential winnings are proportional to that value). While these trades can be very profitable, they can also be extremely risky.
Bybit fees and costs
While Bybit’s fees tend to be below the industry standard, it is worth noting that there are a number of such fees that traders will be required to pay. Here are the main categories and examples for each:
- Trading fees
| Spot Trading | Perpetual and Futures Trading | ||
| Maker fee | Taker fee | Maker fee | Taker fee |
| 0 – 0.1% | 0.02% – 0.1% | 0 – 0.1% | 0.03 – 0.06% |
Note that the trading fee value depends on the type of account that a user has. For example, VIP-level accounts pay fewer fees. Also, fees for makers (those who provide liquidity to the market) and takers (those who remove liquidity from the market) are different.
- Withdrawal fees
| Cryptocurrency | Min. withdraw value | Withdrawal fee |
| BTC | 0.001 BTC | 0.0005 BTC |
| ETH | 0.01 ETH | 0.02 ETH |
| XRP | 0.25 XRP | 20 XRP |
- Deposit Fees
Currently, there are no deposit fees or limits on the Bybit exchange.
Bybit pros and cons
Pros
- Bybit features an insurance fund for trading derivatives
- Great technological aspects related to the platform
- Good environment to learn and develop as a trader
Cons
- Limited availability
- Limited spot trading pairs
- Security complaints
Pros
Bybit features an insurance fund for trading derivatives
As mentioned earlier, trading derivatives can be quite risky. This is the reason why Bybit has set up an insurance fund meant to cover some of the losses that an unexpected price change for an asset can create. This reserve is meant to cover the deficit when the close price upon liquidation exceeds the bankruptcy price.
Great technological aspects related to the platform
Bybit offers a number of great technological features, chief of all the ability to process 100.000 transactions per second. Furthermore, the featured charts, statistics, and ability to copy the activity of experienced traders can prove a massive help.
Good environment to learn and develop as a trader
The Bybit platform provides ample opportunity for novice traders to learn about the crypto world. The Learn section of the site includes helpful articles covering the essential aspects of blockchain technology, together with trading strategies. Furthermore, the Bybit testnet features a practice space for trading that is risk-free and can help users gain experience.
Cons
Limited availability
Bybit is not currently available in the U.S.A. as well as a number of other countries, including Canada and The United Kingdom. This, however, may change in the future.
Limited spot trading pairs
While Bybit features spot trading features, the platform’s focus seems to be on the trading of crypto derivatives. As a consequence, its selection of spot trading pairs may feel limited. Once again, this is something likely to change if the platform continues to evolve.
Security complaints
Bybit is a relatively new platform, and time will determine the success of its security features. While some online feedback regarding the platform is negative, this is an issue that most exchange platforms face. Overall, however, Bybit offers security features such as two-factor authentication and rewards for bug spotting, proving their commitment to improving the exchange.
Who should use Bybit?
Bybit is ideal for traders looking to trade derivatives, as well as users looking to develop their trading knowledge. Derivative traders will be supplied with all the tools (high leverage, insurance fund, high-quality graphs) required for success in the crypto markets. On the other hand, novice users will significantly benefit from the study materials available on the platform and the risk-free trading environment.
Usability
Both the desktop and mobile app versions of Bybit should feel familiar to frequent users of crypto exchanges. The platform has wisely been developed in a way that references well-known and intuitive features of exchanges. Furthermore, Bybit requires no KYC and the registration process is seamless.
Trading tools and features
- Traders on Bybit can make use of extensive charting tools, and crypto-related data.
- The exchange platform includes Spot and Margin Trading, as well as Leveraged Tokens and Derivatives Trading.
- Bybit contains Savings and Crypto Mining options.
- Several NFT collections have also been included, and these can be purchased from Bybit’s specialized marketplace.
- The Copy Trading option allows users to track the actions of experienced traders.
- Bybit can integrate a number of trading tools such as Coinalyze or Coingecko. The platform encourages using them as a means to increase knowledge of crypto assets.
Crypto investing
When it comes to spot trading, Bybit includes the most popular cryptocurrencies. While not extensive, this list is growing. Besides spot and derivatives trading, Bybit also includes a number of additional trading services:
- Margin training (on BTC, ETH, XRP, etc.)
- Leveraged tokens (on FTM, ADA, etc.)
- Trading bot where users create their own grid bot
Additionally, users may opt to earn through mining or to invest in the platform’s featured NFTs.
Buy, Sell, or Trade Gaming NFTs or Tokens with Bybit
Trading NFTs on Bybit
Recently, Bybit has joined the growing number of exchanges that have opted to include various Non-fungible tokens (NFTs) on its platform. It features a number of curated collections of digital assets. Additionally, users may take advantage of the GrabPic option that allows them to be notified of high-potential collections before they are released.
Besides this, users may also trade coins that belong to well-known fan tokens used within the Socios platform or crypto-gaming ecosystems such as
- Axie Infinity
- Chilliz
- Midgard Saga, etc.
The Bybit NFT marketplace
Bybit has also developed a specialized NFT marketplace. This grows at a steady pace and caters to various types of users. Some of the categories by which NFTs can be filtered include Art, Celebrities, Metaverse, or Gaming.
In terms of gaming, the marketplace features tokens that belong to several games developed on different blockchain networks (Solana, Polygon, etc.) Many of these can be purchased outright, while some are available in exclusive deal Mystery Boxes. Many of these games are in their development stage or just beginning to acquire fans.
Bybit app
The Bybit is available for Android and iOs. It can be downloaded from the Google Play Store, the App Store, as well as the exchange’s official website. The app is quite intuitive and contains the same features as the desktop version.
How to download the Bybit app
- Head over to the Bybit website and scan the code, or visit the App Store or Google Play Store. Don’t forget to use our Bybit referral code, DEFIRATE, to earn bonus cash.
- Once you have downloaded the app, you must log in or set up a new account by registering.
- You can now start trading on Bybit, as there is no KYC required. New users may also be able to benefit from the Bybit bonus for first-time deposits. Additionally, consider adding two-factor authentication from the app’s settings.
How to sign up for Bybit
Signing up for Bybit is simple. Here are the steps that you must follow:
Step 1: Visit the Bybit account, or download the app
Step 2: Click the “Sign Up” option
Step 3: Enter your e-mail/mobile and set up your security information
Step 4: Verify the confirmation e-mail/SMS
Step 5: Log in to the account by using your security information
Bybit security measures
Bybit has set up a number of measures meant to heighten the security of users’ accounts. First of all, users should enable Two-factor authentication on their accounts. They may also choose to add additional text message verification and Google authentication security features. The exchange has also introduced a Bounty program for discovering bugs.
Furthermore, Bybit encourages the use of its cold wallet system (funds that are not kept in a crypto wallet connected to the internet), and the exchange uses manual processing on withdrawals.
To sum it up
As a derivatives-oriented crypto exchange, Bybit is an exciting proposition. Even to an untrained eye, clearly, the platform aims to become a rival of the likes of Binance. While its success will be determined in due time, the integration of numerous features and the use of quality technology may prove to be a winning formula.
FAQs
Can U.S citizens use Bybit?
At the moment, U.S. citizens may not use Bybit. The platform is also restricted in territories such as the United Kingdom, Canada, and Iran. However, the growing popularity of Bybit may change its status, and U.S. citizens may become eligible in the future.
Is Bybit legit?
While established only recently, Bybit has been well received by many in the crypto community. It is worth mentioning, however, that the crypto exchange does not follow strong regulations related to this area.
Which country owns Bybit?
Bybit is headquartered in Singapore and licensed in the British Virgin Islands.
Is Bybit better than Binance?
Bybit features many of the same features and even a similar design to Binance. While it has yet to surpass Binance in terms of popularity, early reviews of this crypto exchange are primarily favorable.
Who is the Bybit founder?
Ben Zhou founded Bybit in 2018, and it is headquartered in Singapore.