Bybit Review
This is a detailed review of the largest futures trading exchange globally, Bybit. Learn about the platform's fees, KYC regulations, staking, features, assets and more.
Summary: Bybit is one of the most popular cryptocurrency exchanges in the world with over 10 million users in 180 countries. Its global popularity is largely due to the fact that it doesn’t require identity verification to use the platform, meaning you can deposit, buy, sell, stake and withdraw assets from the exchange without ever needing to KYC. It also offers deep liquidity on derivatives products like futures and options contracts on a wide range of crypto assets.
Bybit Features
The reason Bybit is such a popular platform is because it provides a myriad of useful services and products. Bybit offers a variety of features for users to enhance their trading experience. To provide a quick overview, we have outlined a high-level overview of the key features and products on Bybit:
- Various Trading Types: Bybit offers the single most trading types out of any exchange including 6 Derivatives, 6 Spot and 3 Instant Buy options.
- Multiple Staking Options: Stake over 100 tokens and 50 pairs through one of Bybit’s 4 earn options including double and single-sided staking.
- NFT Marketplace: Buy and sell thousands of NFTs without needing to pay gas fees.
- Crypto Loans: Borrow multiple cryptocurrencies by using one of your existing tokens as collateral.
- Copy Trading: Mimic the trading strategies og Master Traders on Bybit.
- Rewards Hub: Complete simple tasks and earn up to $4000USD from Bybit in coupons.
- BitDAO Incentive Program: Hold Bybit’s native utility token BIT to level up your VIP status and get access to multiple benefits.
- 0% Trading Fees on Spot: Bybit has recently reached 10 million users and is celebrating by offering zero fees on spot trading.
- VIP Program: A VIP program for users with high monthly trading volumes that provide gifts, discounts and coupons.
- Launchpad & Launchpool: Get early access to new tokens at pre-market prices.
- 24/7 Customer Support: Speak to customer support 24/7 in 11 different languages including English, Mandarin, Japanese, Spanish, Turkish, Vietnamese and more.
- 10+ Online Communities: Join one of Bybit’s 10 online communities including Twitter, Reddit, Telegram, Discord, TikTok, Facebook and more.
- Educational Resources: An extensive educational blog with everything about DeFi, Crypto, Blockchain, specific tokens, NFTs and much more.
- P2P Marketplace: Trade USDT, USDC, ETH & BTC peer-to-peer for a pre-negotiated price.
Is Bybit Regulated?
According to Bybit's website, the company is registered in the British Virgin Islands (BVI) and is not subject to the regulatory oversight of any specific country or regulatory authority. However, the company states that it follows BVI laws and regulations and is committed to maintaining high standards of compliance and security.
It is important to note that the lack of regulatory oversight does not necessarily mean that Bybit is not a legitimate or trustworthy platform. However, it is always a good idea to do your own research and carefully evaluate any financial platform, including cryptocurrency exchanges, before using it.
For a complete and up-to-date list of supported countries, please refer to Bybit’s Service Restricted Countries list.
Bybit Fees Schedule
Only on Bybit can users invest in cryptocurrencies (via spot markets) for absolutely zero fees. This is because Bybit is currently celebrating 10 million registered users and is offering all of its customers 0 fees on spot trading. Plus, the exchange supports multiple free fiat currency deposit methods (depending on the country you’re located in) and all crypto deposits are free.
Furthermore, there is only a small fee (under $5) for cryptocurrency withdrawals, to cover the cost of gas. For futures trading, the maker/taker rebate is the lowest globally starting at 0.01%/0.06% but becomes negative (meaning Bybit pays you fees) the higher your monthly trading volume is. For a more detailed breakdown, visit Bybit’s Fees Schedule.
Is Bybit a Safe Cryptocurrency Exchange?
Bybit takes security seriously and has implemented multiple layers of protection for user accounts. In terms of regulation and licensing, Bybit is registered as a legal entity in the BVI (British Virgin Islands), under the name "Bybit Fintech Limited”. Although, it is not currently regulated in any other country, hence why the platform does not require its users to verify their identity. Nevertheless, the exchange has never been subjected to a cyber attack and all of its users' funds are still safe without proper regulation.
Additionally, it has employed advanced SSL encryption technology to ensure all website data and communications are securely transmitted. User accounts also have the option to enable two-factor authentication for an added layer of protection. All user funds are kept in multi-signature cold wallets, with 98% of assets stored offline at any given time. You can watch this video for more account security tips.
In terms of regulation and licensing, Bybit is registered as a legal entity in the BVI (British Virgin Islands), under the name "Bybit Fintech Limited”. Although, it is not currently regulated in any other country, hence why the platform does not require its users to verify their identity. Nevertheless, the exchange has never been subjected to a cyber attack and all of its users' funds are still safe without proper regulation.
Asset and Trading Types on Bybit
The Bybit exchange offers the most diverse selection of trading types out of any cryptocurrency exchange in the world. Below we have provided a list of the supported trading types on Bybit plus a brief explanation as to what they do.
- (Derivatives) USDT Perpetual - Perpetual contracts that use USDT as collateral.
- (Derivatives) Inverse Perpetual & Futures - Perpetual & futures contracts that use the selected token as collateral.
- (Derivatives) USDC Perpetual - Perpetual contracts that use USDC as collateral.
- (Derivatives) USDC Options - Options contracts that use USDC as collateral.
- Spot Trading - Buy and sell tokens on the spot.
- Margin Trading - Buy and sell tokens with borrowed funds to boost returns.
- Leveraged Tokens - Leverage trade without the risk of being liquidated.
- Trading Bot - Automate your crypto trading with pre-configured and code-free trading bots.
- Launchpad - Invest in new projects/tokens before they get listed on spot markets at a pre-market price.
- Copy Trading - Copy the trades of successful Bybit investors.
- P2P Trading - Buy and Sell USDT, USDC, BTC and ETH to and from other Bybit users at an agreed-upon price.
- One-Click Buy - Instantly buy crypto with fiat currencies through multiple methods including card, bank transfer, Google Pay, Apple Pay and many more.
Bybit Mobile App
In addition to its web platform, the Bybit exchange can also be used on mobile devices by downloading their Bybit application. The app is supported on both iOS and Android devices. It is currently rated 3.9 stars from 700 reviews on the Apple App Store. On the Google Play Store it is rated 3.8 stars from 75K reviews. The mobile application provides the exact same functionality as its web version.
Can I Stake Cryptocurrencies on Bybit?
Yes, Bybit has the widest selection of staking options globally with 4 different staking types. Refer to the list below for a quick overview of the different earn options on Bybit. For a comprehensive breakdown of Bybits staking, we recommend visiting the exchanges Earn page.
- Bybit Savings: Stake 22 tokens including BTC, ETH, USDC, USDT and ADA on both flexible and fixed term contracts with yields up to 180%.
- Liquidity Mining: These are liquidity pools based on the automated market maker model where you can add liquidity to earn yield from trading fees and add additional leverage to increase your share of the pool and maximize your yields. There are 15 pools available all double-sided paired with USDT. Yields range from 3% - 50% APY.
- Dual Asset: Short fixed-term staking options with 1, 3 or 5 days duration on double sided-staking with USDT on 28 different tokens. With incredibly high APY up to 450%.
- Shark Fin: A principal-guaranteed staking product that allows you to capitalize on the expansion/contradiction of volatility for selected cryptocurrencies.
How to contact Bybit Customer Support
Not only does Bybit offer 24/7 live support but it also provides assistance in 11 languages including English, Mandarin, Cantonese, Vietnamese, Japanese, Turkish, Spanish, Russian, Filipino, Portuguese & Arabic. Customer support can be reached via Live Chat, email (support@bybit.com) and webform.
Additionally, the platform is supported on various social media channels where you can also connect with 24/7 customer support in over 50 languages. The available platforms are Facebook, Twitter, Instagram, YouTube, LinkedIn, Telegram, TikTok, Reddit, Medium & Discord.
Bybit Rewards Hub & Bonus
Bybit offers an extensive rewards and bonus structure for its users with multiple promotions every week via their blogs and social media channels. For starters, they have a rewards hub where users can complete simple tasks and receive up to $4000USD in bonuses. In addition to the rewards hub, they have a Promotions section in their Bybit Blog with new campaigns every week.
If that wasn’t enough, they also provide a referral program where users can earn up to $420 in bonuses from each referral they bring to the exchange.
What is BIT and BITDAO
The BIT token is the native cryptocurrency of the BitDAO (decentralized autonomous organization), created to serve as a governance token and incentivize community participation in decision-making processes. BitDAO aims to build a decentralized financial infrastructure for digital assets, including stablecoins and derivatives.
Users can vote on proposals using their BIT tokens, with weighting based on the amount of tokens held. This allows for decentralization of decision-making and ensures that all users have a say in the direction of the project. The BitDAO team comprises experienced professionals in finance, blockchain technology, and product management, with advisors from well-known industry players such as Huobi Group and Neo Global Capital.
NFT Marketplace
The Bybit NFT Marketplace is a platform that allows users to buy, sell, and trade Non-Fungible Tokens (NFTs) directly on the Bybit exchange. Bybit NFTs include collectibles such as digital art, limited edition in-game items, and event tickets. Users can verify ownership and authenticity of their NFT assets through unique cryptographic identifiers embedded within each token.
In addition to buying and selling NFTs, users can also participate in special events such as auctions and limited drops to acquire rare and exclusive tokens. However, it doesn’t support popular NFT projects that you would find on mainstream marketplaces like OpenSea or Rarible.
Conclusion
In conclusion, Bybit is a popular and diverse cryptocurrency exchange with over 10 million users worldwide. It offers a wide range of trading options, staking opportunities, and features such as an NFT marketplace, crypto loans, and a rewards hub. Although not regulated by any specific authority, Bybit is committed to high standards of security and compliance, using advanced encryption and multi-signature cold wallets to safeguard user funds.
With a robust mobile app, 24/7 customer support, and a thriving online community, Bybit is a strong contender for both novice and experienced crypto traders seeking a comprehensive platform.
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