Bybit

The exchange, registered in the British Virgin Islands, supports 21 languages and dialects, operating in over 160 countries. Bybit provides a full Russian-language version of its website and mobile app, as well as support service in Russian.

Bybit leads CoinMarketCap’s ranking in derivatives trading volume, behind only Binance and OKX, and fourth in spot trading volume, following Binance, Coinbase, and Kraken. The platform offers a variety of trading options, including spot market with margin trading, USDT and USDC perpetual contracts, inverse futures, and passive earning opportunities through its Earn and Crypto Loans sections. In addition, Bybit has expanded its services with an NFT marketplace, a Web3 cryptocurrency wallet, and a lunchepad for new tokens, while also offering trading bots and copytrading.

Unlike its competitors, Bybit stands out for its user-friendliness and innovative approach, offering users a wide range of tools for trading and investing in cryptocurrencies. The rapid growth and expansion of services demonstrates Bybit’s commitment to leading the cryptocurrency industry, confirming its reputation as a reliable and convenient platform for traders from all over the world.

Bybit Markets

Bybit provides users with a wide range of trading options, including spot, margin trading, as well as options for copy-trading and various derivatives, including perpetual contracts, options and inverse contracts.

• Spot trading on Bybit involves direct transactions in cryptocurrencies without leverage, making it less risky but also less profitable than margin trading. Margin trading, which offers leverage, offers access to large amounts of funds and potentially high profits through leverage, but comes with increased risk due to the possibility of losing the leveraged funds.
• Derivatives trading on Bybit includes financial instruments such as futures and options, which are contracts to buy or sell assets in the future. This provides traders with additional strategies to speculate and hedge market risks.
• Copytrading provides an opportunity to replicate the trades of successful traders selected based on their ranking and trading history, allowing less experienced market participants to capitalize on the strategies of experienced investors.

Thus, Bybit offers traders comprehensive and flexible trading tools, providing opportunities for both conservative and aggressive approaches to trading in the cryptocurrency market.

Spot Market

On the Bybit.com spot market, traders have access to a wide range of trading opportunities with 444 cryptocurrency pairs created from 351 cryptocurrencies. These pairs are available for trading in major cryptocurrencies such as USDT, USDC, BTC, and DAI, and margin trading with leverage up to 10x is also offered. Meanwhile, some cryptocurrencies are also quoted in EUR, increasing flexibility for traders.

The average daily trading volume on this market reaches $1.5 billion according to Coingecko, with leading trading pairs including BTCUSDT and ETHUSDT making up a significant portion of the daily volume. Trading instruments are conveniently organized in a table on the platform, with categories categorized by topic, such as meme coins, Arbitrum blockchain-related tokens, and DeFi tokens, providing easy access to a wide range of cryptocurrencies.

Futures Market

There is a special focus on margin trading, where traders can see the available leverage for each pair, allowing them to make informed decisions about risk and trading strategy. Leveraged tokens on Bybit are unique tools that allow traders to speculate on market direction, including Long and Short positions, with pre-defined leverage.

Bybit’s futures market, with a daily trading volume of over $10 billion, offers open-ended USDT, USDC, and BTC/USDC contracts, allowing traders to trade with up to 100x leverage and maintaining the flexibility to manage positions without a specific contract expiration date. This provides traders with additional options to implement their trading strategies in a dynamically changing market landscape.

Bybit.com’s spot market and its futures segment demonstrate the platform’s strengths in providing deep liquidity, a variety of trading instruments and advanced margin trading capabilities, emphasizing its role as a key player in the cryptocurrency trading market.

How to start trading on Bybit

To start trading on Bybit, the first step is to register on the platform, followed by setting up account security settings, depositing, and selecting the desired market for trading. In some cases, verification may be required.

Bybit stands out among other platforms due to its advanced order management features, offering some of the best leverage trading opportunities. These features allow traders to not only fine-tune their positions but also manage risk effectively.

When placing an order on Bybit, traders are confronted with an intuitive form where they can select the order type, customize leverage, set the price and size of the trade, and get additional information about the contract.

Bybit offers several types of orders:

• A market order is executed immediately at the current market price.
• A limit order is placed at a certain price level selected by the trader and awaits execution when the market price reaches that level.
• A conditional order is activated when it reaches a certain price level and can be executed as a market or limit order.
• Stop-loss orders are used for risk management, allowing you to set maximum allowable losses.

Bybit also provides traders with the ability to customize order expiration times, including options such as “Good Until Cancelled,” which allows an order to remain active until it is executed or canceled by the trader.

These advanced tools and features make Bybit an ideal platform for both novice and experienced traders who want to maximize their trading control and risk management.

How to fund an account on the exchange

To fund your Bybit account, use a cryptocurrency transfer, electronic payments or bank card. Choose the right coin and network to match your wallet, for example USDT via the ERC-20 network. Copy the address provided by Bybit and transfer the coins to it.

To deposit in fiat, select the “Deposit in fiat currency” option, specify the amount and currency, e.g. EUR, and then select the payment method. Follow the payment system’s instructions to complete the transaction.

How to withdraw funds from the exchange

To withdraw funds from Bybit, you can use a cryptocurrency transfer to an external wallet or other exchange, or sell cryptocurrencies for fiat in the P2P section and transfer the money to a bank account or e-wallet. In your profile on Bybit, select “Withdraw”, then on the assets page, click on the desired cryptocurrency and specify “Withdraw to Blockchain” to transfer to an external address. Make sure the selected network matches the recipient’s wallet network. Specify the amount to transfer and confirm the transaction.

Bybit allows withdrawals three times a day: at 08:00, 16:00 and 00:00 UTC. Note that it may take up to eight hours to confirm the withdrawal.

Bybit ecosystem

Bybit stands out in the cryptocurrency market as a multi-functional platform, offering not only traditional cryptocurrency trading tools, but also a number of unique services to enhance earning and investing opportunities. Bybit’s core services include:

• Copytrading: Allows you to earn by copying the trades of experienced traders, with rankings based on their trading performance.
• NFT Marketplace: Offers exclusive non-mutualizable tokens from artists around the world.
• Bybit Earn: A passive income platform offering a variety of ways to earn money, including liquidity mining and bi-currency investments.
• Launchpad: Gives access to new tokens before they are officially listed.
• Bybit Wallet: A universal wallet for accessing Web3 services.
• Lending Platform: Loan and lending investment services.
• Bybit Payment Card: Allows you to use cryptocurrency for payments worldwide, automatically converting it to fiat money (not available in Russia).

These tools make Bybit not just an exchange, but a full-fledged ecosystem for working with digital assets, offering users a wide range of opportunities for trading, investing and generating income.

Bybit Earn

Bybit offers users a wide range of passive cryptocurrency earning opportunities through the Bybit Earn section. Key tools include:

• Cryptocurrency staking in the Bybit Earn section, where users can lock in their assets to earn rewards.
• Liquidity mining, allowing funds to be deposited into a common pool to earn on transaction fees, available with a leverage option.
• Bi-currency investing, where returns are generated based on the ability to predict the price direction of assets.
• Double Win, an innovative tool that requires the trader to predict not the exact price of an asset but its price range, using leverage to increase potential returns.
• Staking pools, which pool users’ resources to accumulate new tokens, with the ability to withdraw invested funds at any time.

These tools offer Bybit users a variety of ways to generate income, from staking to participating in liquidity mining, providing flexibility in choosing investment strategies.

Lending

Bybit offers a unique opportunity for passive income through its Lending platform. This is a kind of steaking where you can invest in around 70 different cryptocurrencies, including stablecoins such as USDT, DAI, USDC, and BUSD. Unlike traditional staking, Lending accrues interest on an hourly basis, with a dynamic APR rate that fluctuates based on market conditions and the amount of assets deposited. On average, you can expect returns in the neighborhood of 7%-9% APR on USDT. To get started, just select the cryptocurrency you are interested in in the Lending section, specify the amount to deposit and confirm the transaction.

Crypto Loans

Crypto-loans on Bybit, located in the Banking section, provide traders with the opportunity to borrow cryptocurrency against another, for example, to receive USDT while leaving BTC as collateral. This is a convenient way to obtain additional funds for trading or investing without being a passive earning method. Interest rates vary depending on current market conditions and loan details. The funds received can be used on Bybit’s spot and futures markets or to participate in the platform’s investment programs.

Copytrading

Bybit offers copytrading, where users can automatically copy trades of experienced traders. This is done through simply selecting a trader based on their past statistics and clicking on the “Copy” button. The system then synchronizes that trader’s actions with your account using the balance allocated for copy trading. Traders whose trades can be copied are known as “Trading Masters” and are selected based on their performance, trading style and income stability.

This method is especially useful for beginners, as it allows you to earn by copying the strategies of successful traders, while only requiring you to give them 10% of your net profits. Copytrading on Bybit makes it easy to enter the world of crypto trading, making it accessible even for those who are just starting out.

Launchpad

Launchpad on Bybit gives users a chance to participate in the launches of new crypto projects by signing up to receive their tokens. This requires depositing USDT or another supported currency into your account and maintaining a certain balance, which is fixed by the system. Participants receive tickets, which are used to randomly select winners when tokens are distributed. The tokens received can be used on the exchange or saved. To participate, basic account verification is required.

KYC

Bybit offers three levels of KYC verification: Basic, Lv.1 and Lv.2. At the Basic level, available to all new users, P2P exchanges and cryptocurrency deposits are limited, but withdrawals of up to 20,000 USDT per day are possible. Additional verification is required to increase the limits and access additional features such as unlimited P2P trading and withdrawal of up to 1,000,000 USDT on Lv.1 and up to 2,000,000 USDT on Lv.2.

Bybit is available in almost all countries, apart from some exceptions such as the US and Syria, and supports multiple languages, ensuring wide access to its services. The platform is actively expanding and encourages KYC passing for safe trading, limiting withdrawals for unverified users to 2 BTC per day.

Mobile app

The Bybit mobile app, available for Android and iOS users on Google Play and the App Store, offers a full range of features similar to the web version. This includes spot and futures trading, access to Bybit Earn tools, trading bots and copy trading. Users can verify, manage bonuses, deposit and withdraw funds, and buy cryptocurrency through the app.

While trading through the app may be less convenient due to the limitations of the mobile interface, it provides traders with the ability to constantly monitor their positions, receive notifications of price changes, and adjust orders on the go. The app is particularly suitable for active traders on the move, offering them the same functionality and ease of management as on Bybit’s main website.

With thousands of positive reviews, the Bybit mobile app has proven to be an effective and convenient option for users looking to trade cryptocurrencies and manage their investments anytime, anywhere.

P2P trading

P2P trading on crypto exchanges allows users to directly exchange cryptocurrencies such as Tether (USDT), Bitcoin (BTC) and Ethereum (ETH) without the involvement of intermediaries. When selecting a transaction, one can specify the desired cryptocurrency, its quantity and preferred seller, given the supported payment methods, including bank transfers and e-wallets.

The purchase process begins by selecting an offer on the platform, after which the system temporarily blocks the specified amount of cryptocurrency from the seller. The buyer must confirm receipt of the cryptocurrency by clicking the corresponding button, which will result in an automatic transfer of money to the seller. Selling cryptocurrency for fiat works on a similar principle, but in reverse order.

Commissions

At Bybit, trading commissions are split between “makers”, who add liquidity via limit orders, and “takers”, who execute trades via market orders. The commission for takers is 0.075%, which is lower than the market average. Makers receive a bonus in the form of a negative -0.025% commission, which makes buying cryptocurrency more profitable by $2.50 for a $1,000 transaction, emphasizing Bybit’s competitive advantage.

When withdrawing BTC from Bybit, the fee is 0.0005 BTC, which is 40% lower than the standard withdrawal fee of 0.0008 BTC. This commission does not go to the platform, but to cover costs on the blockchain.

24/7 customer support

The 24/7 customer support service is Bybit’s key advantage that sets it apart from other crypto exchanges. It is distinguished by its quick response and dedication to helping users, making it one of the best in the industry. Unlike BitMEX, where support can be slow and not always efficient, Bybit has established itself as a platform that prioritizes customer satisfaction.

The service is available 24/7 via online chat on the website and supports multiple languages including Russian, English, Chinese (Cantonese and Mandarin), Japanese, Korean, Spanish and Vietnamese, providing assistance to traders around the world.

Bybit exchange security

Bybit has earned a reputation as a trustworthy platform that has never been hacked, similar to major players like BitMEX, Kraken, and Coinbase. However, there is no such thing as a completely risk-free platform, and investing on Bybit requires traders to trust the exchange.

The safety of funds on Bybit is ensured by storing most of them in cold wallets, with a promise of compensation in case of hacking. The exchange also provides confirmation of its reserves and maintains an insurance fund for options strategies, which is unique to the cryptocurrency market.

Bybit recommends using two-factor authentication via Google Authenticator to protect accounts, and KYC is optional. The platform emphasizes triple asset protection, regular audits, and data encryption to ensure privacy.

Bybit also attracts hackers with a bounty program, incentivizing them to look for vulnerabilities in the system and cooperate with the exchange to improve security.

Feedback on Bybit exchange

Bybit receives high marks on aggregators CoinMarketCap and Coingecko, emphasizing its reliability, liquidity, and security. Since its founding in 2018, Bybit has focused on convenience and security, offering one of the most advanced platforms in the industry, capable of handling a huge number of transactions without disruption.

Users highlight Bybit’s many benefits, including fast support, reliable performance, and easy withdrawals. However, there are also criticisms, mostly related to bonus programs and the risks of leveraged trading.

Reviews are mostly positive, with praise for the interface, multi-functionality, competitive commissions and efficient support team. Bybit also offers additional earning opportunities through Bybit Earn and trading education through demo accounts.

Criticism of Bybit is often linked to the lack of mandatory KYC verification, which stands out against the requirements of other major platforms.

Conclusion

Bybit stands out as a cutting-edge cryptocurrency exchange offering a wide range of tools for traders around the world. With over 10 million active users, it provides leveraged trading, secure cold wallet asset storage, competitive commissions, and responsive customer support. Bybit is ideal for those looking for a reliable crypto trading platform, thanks to its promotions and bonuses to support users.

While noting its state-of-the-art features, Bybit is also noteworthy for its refusal to sanction Russians, emphasizing its commitment to accessibility and non-discrimination. Its combination of numerous trading options, high security standards and transparency makes it an attractive choice for crypto traders.

It is important to note that Bybit not only offers a comprehensive set of trading services, but also maintains stable operation in the current environment without restricting users from Russia. This makes Bybit one of the best cryptocurrency exchanges on the market, offering a complete package of services that will satisfy the needs of crypto traders. However, as with any investment, one should approach trading on Bybit with an awareness of all the risks involved.