Summary: Bybit is one of the world's most popular cryptocurrency exchanges for derivatives trading and is home to over 20 million registered users. The platform offers thousands of digital assets to trade against fiat and cryptocurrency pairs like USDT or BTC. It has many features, such as staking, crypto loans, lending services, an NFT marketplace, copy trading services, and various DeFi products. As a global exchange, it is available in over 180 countries worldwide and supports 30 languages.

Table of Contents

What is Bybit?

Bybit is a Singaporean digital asset exchange founded in 2018 and has quickly risen to prominence in the cryptocurrency world, specializing in derivatives trading. Unlike traditional platforms, it offers perpetual contracts for major cryptocurrencies, allowing traders to profit from both rising and falling markets. One of its standout features is the powerful trading engine that can handle 100,000 transactions per second, ensuring minimal latency and slippage. 

The exchange offers up to 25x leverage on futures, enabling traders to amplify their gains. Security is a top priority, it employs industry-leading measures such as cold storage for most of its assets and multi-signature withdrawal processes. It also has a unique insurance fund to cover potential losses from system flaws or market manipulation. It regularly provides audited proof-of-reserves, which shows all assets are backed on a 1:1 basis. The platform provides 24/7 multilingual customer support and a comprehensive educational section called Bybit Learn. 

Bybit Features

Bybit is one of the most feature-rich exchanges in the world with unique services and products. It offers a range of specialized features tailored for cryptocurrency derivatives trading. One of its key features is perpetual contracts for major cryptocurrencies like Bitcoin and Ethereum, which have no expiry date and closely mimic spot markets. Here is a quick overview of the key services users can access on Bybit:

  1. Multiple Order Types: Buy, sell, and trade over 1000 cryptocurrencies on several markets, including Spot, Options, and Derivatives trading with up to 25x leverage.
  2. Launchpool: This feature allows users to stake BIT the native token of Bybit) and/or the new token to earn BIT, the Launchpool token, and USDT bonus simultaneously.
  3. Launchpad: This is a token launch platform for new blockchain projects. It lets users access to pre-listing rounds and earn new tokens directly on Bybit. 
  4. BIT Token: The exchange does not have an official token, but they do contribute to BITDAO's treasury, and the BIT token is utilized throughout their platform. Although technically BIT is not their native token, many its products require users to hold BIT to use their features. 
  5. NFT Marketplace: Users can invest in NFTs like digital art, collectibles and those of GameFi and the Metaverse, without the extra costs that OpenSea or Rarible would charge (gas/transaction fees). Users can also make payments using ETH, USDT, and BIT.
  6. Several Staking Options: Use one of seven staking features, including Bybit Savings, ETH2.0 Staking, Liquidity Mining, Dual Asset, and more, to earn yields on your idle assets.
  7. Bybit Card: Spend any of the 890 cryptocurrencies available on real-life purchases with the Bybit crypto debit card. This card can be used at any of the 20 million merchants globally that accept Mastercards.
  8. Lending Services: Stake your assets and earn hourly interest on 40 tokens, including Tether, Ape USD Coin, Solana, Dai, and more.
  9. Crypto Loans: Borrow up to $1,000,000 USD by using Bitcoin (BTC) as collateral.
  10. Demo Account: If you don’t want to risk your capital and want to practice trading before you invest, you can use its demo account which allows you to make trades with virtual money so you can try strategies with zero risk.
  11. Copy Trading: Directly mimic the trades of successful investors and check their stats like P&L. 
  12. Mobile and Desktop Compatibility: The exchange is available to use on mobile, tablet, and desktop devices. The app can be downloaded on both Apple and Android phones.
Bybit Exchange.
Bybit Exchange.

Is Bybit Regulated?

Bybit, a registered company in the British Virgin Islands (BVI), is currently regulated by several financial authorities, including the Financial Conduct Authority (FCA). However, the platform ensures the security and integrity of user data and funds through various measures. This includes SSL encryption to protect user accounts, a KYC system to enhance protection against money laundering, and an automated risk management system that constantly monitors its servers to prevent any malicious behavior or hacking attempts. 

Additionally, all deposited funds are stored in cold wallets and segregated bank accounts to ensure maximum protection. These comprehensive safety measures and commitment to user security make Bybit a trustworthy platform despite its unregulated status. It also regularly updates its proof of reserves, which proves that all assets are backed on a 1:1 basis.

Fee Schedule

Bybit adopts a maker-taker fee structure aimed at incentivizing liquidity on the platform. For the uninitiated, makers are those who add orders to the order book, and they are charged a fee of -0.025%, effectively receiving a rebate for their action. On the other hand, takers, who match existing orders, incur a fee of 0.075%. This differential encourages market-making and ensures a more dynamic trading environment. There is a flat 0.1% cost for spot trading.

Additionally, Bybit charges a flat withdrawal fee depending on the cryptocurrency being withdrawn, but it's worth noting that there are no fees for deposits. For futures contracts, there's also a funding fee that is exchanged between the long and short positions, but this fee is not collected by the exchange itself. 

Mobile App

The mobile app brings the full functionality of its desktop platform to the palm of your hand, offering a seamless trading experience on the go. The app is designed with a simple interface that makes navigation easy, even for those new to cryptocurrency trading. It supports all the major features available on the desktop version, including perpetual contracts, up to 100x leverage, and real-time price tracking. 

It is available to download on all types of devices, including Android and Apple. On the Apple App Store, it is rated 4.6 stars from 5K reviews and on the Google Play Store, it is rated 4.6 stars from 250K reviews.

Bybit App: iPhone Screenshot.
Bybit App: iPhone Screenshot.

‍Supported Countries

Bybit is one of the most popular cryptocurrency exchanges in the world because it services over 190 countries globally. Because of its widespread availability, the platform can be used 20 languages and accepts deposits in 50 fiat currencies.

Unfortunately, it is yet to acquire the proper licensing to operate in the United States. However, if you are based in the U.S. and wish to use their platform, simply use a VPN to change your location. If you are based in the USA and use a VPN, make sure when/if you KYC that you don't use any identification documents issued in the country.

Bybit Staking Options

Bybit has a few staking options to choose from, with both fixed and flexible terms and double or single-sided options available. The yield will be auto-deposited daily to users' accounts, and the staked tokens can be unstaked at any time. Here's a deep dive into each of the ways you can earn with Bybit:

  • Starting with Bybit Savings, this is a low-risk investment avenue that allows you to stake a wide range of cryptocurrencies, including popular ones like BTC, ETH, USDT, and USDC. It's particularly well-suited for those who are new to the crypto space or prefer a more conservative investment strategy. You can choose between flexible or fixed staking terms, making it a versatile option for earning stable interest on your holdings.
  • Next, there's Liquidity Mining, which employs an automated market maker (AMM) model to help you provide liquidity to coin-swap pools. This option can yield potentially high long-term returns and even offers leveraged borrowing to maximize your earnings. However, it comes with its own set of risks, such as the potential for impermanent loss, especially if leverage is used. It's an excellent fit for those who are comfortable with AMM-based liquidity investing and are seeking substantial long-term yields.
  • Bybit's Dual Asset product is another intriguing option that allows you to earn even when the market is stagnant or in decline. By predicting the price movement of a chosen crypto asset, you can secure guaranteed yields. This is a fantastic product for traders who focus on short-term investments and swing trading, offering the possibility of high returns even in less favorable market conditions.
  • Wealth Management is a more hands-off approach to growing your crypto assets. It employs automated investment strategies to maximize profits while minimizing risks. This service is particularly beneficial for risk-averse investors and those who prefer a more passive investment strategy. It offers a fixed subscription period of 30 days and is especially advantageous for VIP customers, who have the option for early redemption.
  • For those interested in staking Ethereum, Bybit offers ETH 2.0 Liquid Staking. This allows you to stake ETH and receive a liquid tokenized version, such as stETH, which can be used in various ways to generate additional income. It's an ideal choice for those who want more flexibility in their Ethereum investments, including the option to participate in DeFi yield farming.
Bybit: Staking Options.
Bybit: Staking Options.

What is the Bybit Bonus?

One of the key topics that is commonly talked about when mentioning Bybit is its bonus structure. It has the most robust rewards system out of any exchange. It is constantly rewarding its users for using the platform, from new sign-ups, referrals, trading, quizzes, and social media bonuses.

Bybit has new rewards that they distribute and promote on their social media platforms. Daily campaigns are hosted on their Telegram, Discord, Reddit, Twitter, and YouTube. The rewards start from $20 per person and go up to $50,000 depending on the campaign. Just last year, they gave away a Tesla, multiple free iPhones, and $1,000,000 in trading bonuses.

Final Thoughts

In conclusion, Bybit has established itself as a leading cryptocurrency exchange, particularly in the realm of derivatives trading. With its headquarters in Singapore and availability in over 160 countries, the platform offers various features that cater to both beginners and experienced traders. From perpetual contracts and up to 100x leverage to a robust educational section, Bybit aims to provide a comprehensive trading experience.