Bybit Review

What is Bybit?

Founded in 2018 by Ben Zhou and initially offering only four tokens, Bybit has grown to become one of the world's most popular crypto exchanges. Now it supports more than 1,200 digital assets for spot trading and over 200 futures contracts with up to 100x leverage. It ensures deep liquidity, rapid trade execution, and a multilingual interface available in 21 languages.

Its offerings include perpetual contracts, options contracts settled in USDC, and spot trading. The platform also boasts a high daily trading volume, often exceeding $25 billion, making it one of the top three exchanges by volume, according to CoinGecko. In addition to its robust trading tools, Bybit offers unique features such as the Bybit Card, NFT marketplace, staking and crypto loans.

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Bybit Features Overview

Bybit is a preferred choice for many in the crypto trading community due to its extensive range of services and innovative features. Here’s a detailed breakdown of what the exchange offers:

1. Diverse Trading Options: There are several order types available, which includes spot trading, derivatives (perpetual futures) and crypto options on over 1,200 crypto assets.
2. Staking Opportunities: Users can stake over 300 tokens and 100 pairs with Bybit's seven unique earn options, including ETH 2.0 Staking, Bybit Savings, Liquidity Mining, Dual Asset, Double Win and Wealth Management.
3. NFT Marketplace: Engage with a vibrant NFT marketplace, allowing users to buy, sell, and explore thousands of NFTs efficiently and without incurring high gas fees. Popular projects include Milady’s, Mutant Apes and Pudgy Penguins.
4. Crypto Loans: The loan service enables users to borrow a variety of cryptocurrencies using their existing tokens as collateral, facilitating leverage and liquidity management. Vice versa, users can lend assets to the platform and earn a yield on their tokens.
5. Bybit Card: In partnership with Mastercard, Bybit offers the Bybit Card, allowing users to convert and spend their crypto holdings effortlessly at millions of merchants worldwide.
6. Copy Trading: Leverage the expertise of experienced traders by copying their strategies through Bybit's copy trading feature. With over 116,000 master traders and 870,000 followers, this feature enables users to mimic the strategies of top investors. 
7. Trading Bots: There are trading bots that offer automated trading solutions, making it easier for users to navigate the crypto market. These include spot and futures grid bots, DCA and Futures Martingale.
8. Exclusive VIP Program: High-volume traders can enjoy the perks of Bybit's VIP program, which includes gifts, discounts, and exclusive offers, enhancing the trading experience for elite users.
9. Launchpad & Launchpool: Gain early access to emerging tokens at pre-market prices through Bybit's Launchpad and Launchpool, staying ahead in the crypto market.
10. Multilingual Customer Support: Access customer service 24/7 in 21 languages, ensuring help is always available no matter where or what language you speak.

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Is Bybit Trustworthy?

‍Bybit is considered trustworthy due to its strong security measures, regulatory compliance, and transparent asset holdings. It employs multi-signature cold wallets to safeguard user funds and offers proof-of-reserves. The platform’s headquarters is in Dubai and has received the MVP license by the Virtual Assets Regulatory Authority (VARA).

It is licensed by several global financial authorities, including the Cyprus Securities and Exchange Commission (CySEC), the Astana Financial Services Authority and De Nederlandsche Bank (DNB). This reflects its broad compliance efforts across different regulatory environments. Its commitment to privacy, advanced data protection, and real-time monitoring solidifies its trustworthiness. 

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Supported Cryptocurrencies

Bybit lists over 1,200 cryptocurrencies, including Bitcoin, Ethereum, Solana, PEPE, and Dogecoin. This wide selection allows traders to diversify their portfolios. The platform supports various trading types to accommodate different investment strategies. Here’s a summary of the supported trading types:

• Spot Trading: Spot trading allows users to buy and sell over 1,200 cryptocurrencies at current market prices. This type of trading is straightforward, where transactions are settled immediately, making it ideal for those looking to own and hold digital assets.
• Futures Markets: Bybit is known for its derivatives trading, offering over 200 perpetual contracts that do not have an expiry date. This allows traders to hold positions indefinitely, provided they maintain the necessary margin. They provide leverage options up to 100x, enabling traders to amplify their potential returns.
• USDC-Settled Options: It offers USDC-settled options contracts for BTC and ETH. These options provide a way for traders to hedge against market volatility or speculate on future price movements with a predefined risk.
• Copy Trading: It supports copy trading, which enables users to automatically replicate the trades of successful traders. This feature democratizes access to expert trading strategies and allows less experienced traders to benefit from the expertise of experienced professionals.
• Trading Bots: The platform also offers trading bots, which automate trading processes based on predefined strategies. This feature is particularly useful for executing complex strategies and managing trades around the clock without constant manual intervention.

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Trading Fees

The fee structure is designed to be competitive and transparent. The exchange implements a tiered fee system, providing different rates for maker and taker orders, with additional discounts available for high-volume traders and VIP members. Here are the specific fee percentages for selected VIP levels across various trading options:

Spot Trading Fees:

• VIP 0: Taker and Maker both at 0.1%.
• Supreme VIP: Taker at 0.02%, Maker at 0.005%.
• Pro 5: Taker at 0.015%, Maker at 0.005%.

Perpetual & Futures Contracts Trading Fees:

• VIP 0: Taker at 0.055%, Maker at 0.02%.
• Supreme VIP: Taker at 0.03%, Maker at 0%.
• Pro 5: Taker at 0.025% and 0% Maker.

USDC Options Trading Fees:

• VIP 0: Taker and Maker both at 0.02%.
• Supreme VIP: Taker at 0.015%, Maker at 0.002%.
• Pro 5: Taker at 0.01% and 0% Maker.

These fees exemplify how Bybit incentivizes high-volume trading with progressively lower rates for higher VIP tiers, reflecting the platform's commitment to providing competitive and transparent trading conditions. 

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Bybit Mobile App

‍Bybit’s mobile app delivers a user-friendly trading experience, highly rated on both iOS and Android platforms. On the Google Play Store, it boasts a rating of 4.6 stars from 50K reviews, while on the Apple App Store, it holds a 4.8-star rating from 30K reviews. The app mirrors the functionality of the web platform, ensuring a seamless trading experience across devices.

The app provides a comprehensive suite of features, including real-time market data, advanced charting tools, and various trading options such as spot trading, futures contracts, and options trading. It supports secure deposits and withdrawals, ensuring efficient fund management. The app also offers price alerts, 24/7 customer support and access to Bybit’s educational resources.

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Crypto Staking Services

Bybit offers a variety of staking options through its Bybit Earn program, allowing users to grow their cryptocurrency holdings with ease. These options include flexible and fixed-term staking, ETH 2.0 staking, dual asset investments, and liquidity mining.

• Flexible and Fixed-Term Staking: Flexible staking lets users earn rewards without locking assets, offering liquidity and daily yield distribution. Fixed-term staking, requiring a commitment of 30, 60, or 90 days, provides higher returns, ideal for those seeking to maximize earnings. There are over 300 assets to stake using this method.
• ETH 2.0 Staking: ETH 2.0 staking allows users to earn rewards while contributing to Ethereum’s transition from Proof of Work to Proof of Stake. This offers both financial benefits and support for the Ethereum network.
• Dual Asset Investments: Dual Asset products allow users to earn high yields based on market conditions by staking two different assets over short durations (1 to 5 days). This is suitable for those looking to capitalize on short-term market movements.
• Bybit Savings: Bybit Savings is a user-friendly staking product offering both flexible and fixed terms. It supports various cryptocurrencies, providing competitive and guaranteed annual percentage rates (APRs). Users can enjoy stable returns with the flexibility to withdraw their deposited tokens at any time, making it a low-risk option for those seeking predictable returns.
• Liquidity Mining: Liquidity Mining allows users to provide liquidity to trading pairs on the platform and earn a share of the trading fees. This product supports multiple pairs, including BTC/USDT and ETH/USDT, with the potential for users to add leverage to their liquidity provision, thus maximizing their yield. 

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How to Register on Bybit

‍Registering for an account on Bybit is a straightforward process that can be completed in a few simple steps. Here's a detailed guide to help you get started:

1. Visit Bybit: Open your preferred web browser and go to the Bybit official website. You can also download the Bybit mobile app from the Apple App Store or Google Play Store if you prefer to register using your mobile device.
2. Click on "Sign Up": On the Bybit homepage, locate the "Sign Up" button at the top right corner of the screen. Click on it to begin the registration process.
3. Fill in Your Details: You will be directed to a registration page where you need to enter your email address and create a password. Alternatively, you can sign up using your mobile phone number by switching to the "Phone" tab.
4. Referral Code: If you have a referral code, you can enter it in the designated field. This may qualify you for additional bonuses or benefits as part of Bybit's referral program.
5. Agree to Terms and Conditions: Read through Bybit's terms of service and privacy policy. Once you have reviewed and understood the terms, check the box to agree to them. This is a necessary step to proceed with your registration.
6. Complete the CAPTCHA: Bybit uses CAPTCHA to verify that you are a human user. Complete the CAPTCHA challenge to continue.
7. Verify Your Email or Phone Number: After submitting your registration details, Bybit will send a verification code to the email address or phone number you provided. Enter this code on the Bybit website or app to verify your account.
8. Complete KYC Verification: To complete KYC, you will need to provide identification documents and follow the on-screen instructions to verify your identity.
9. Start Trading: Once your account is verified and secured, you can start exploring Bybit’s trading platform. Deposit funds into your account using cryptocurrency or fiat gateways to begin trading.

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Bottom Line

Bybit, launched in 2018, has quickly become a key player in the cryptocurrency exchange market, serving over 30 million users in 160 countries. Known for high-leverage futures trading and support for over 1,200 digital assets, Bybit offers diverse services, including spot trading, staking, and an NFT marketplace.

With daily trading volumes over $25 billion and strong regulatory compliance, Bybit provides robust security and access to deep liquidity with low fees. Its innovative features, like the Bybit Card and Options platform, make it a reliable and versatile option for traders of all levels.