Bybit Overview
Bybit was launched by Ben Zhou in 2018. The crypto exchange quickly became one of the largest global players, with over 40 million users as of 2024. Currently, Bybit headquarters are located in Dubai with a MVP license granted by the Virtual Assets Regulatory Authority (VARA).
In this Bybit review, we will uncover all the key details you must know before using the crypto exchange.
Bybit Pros & Cons
| ✅ Bybit Pros | ❌ Bybit Cons |
|---|---|
| Very user-friendly | Not available in the US |
| 600+ supported cryptos | Lacks fiat support |
| Low fees | Very complex platform |
| Extremely powerful futures trading | |
| 24/7 live chat support |
Bybit Products & Services
Bybit is one of the largest crypto exchanges with tons of products and features. Traders can access spot and futures trading for over 600 assets. With over $20 billion in daily trading volume, it is safe to say that Bybit is one of the top global players.
The crypto derivatives market on Bybit is one of the best of its kind with low fees, 300+ futures contracts, and lightning fast order execution. For professional crypto futures traders, Bybit offers up to 100x leverage.
A great feature on Bybit is the copy trading feature, which allows you to automatically copy the trades of experienced traders. In fact, we consider Bybit to have some of the best copy traders in the crypto industry. You can also copy trading bots from other people to earn passive income.
Other passive income ways on Bybit are staking and liquidity providing.
If you don’t own cryptos yet, you can easily deposit funds on Bybit using your credit/debit card or bank transfer. Over 20 fiat currencies are supported. What we like about Bybit is its comprehensive fiat support, which allows you to deposit and withdraw funds seamlessly.
Bybit users with a big audience on YouTube or Twitter can join the referral or affiliate program. The Bybit affiliate program is one of the most popular partner programs among crypto exchanges. By inviting new users, they can earn over 33% commissions from their invitees’ transaction fees.
For mobile users, Bybit offers an app. The app is available for Android and iOS phones with a 4.7/5 star rating. After testing over 50 crypto exchange apps, we consider the Bybit app to be the best mobile app for crypto traders looking to trade on the go.
Bybit Trading Features
Spot Trading
Bybit offers spot trading for over 690 different coins. Overall, Bybit is very well-designed, user-friendly. With integrated real-time TradingView charts, you can do your analysis directly on Bybit.
If you are an experienced trader with a higher risk tolerance, you can make use of Bybits margin feature. Bybit allows users to borrow up to 10 times more than what they own. These funds can then be used for more buying power on Bybits spot market. Note that a yearly interest rate applies, as well as a risk of liquidation.
Overall, Bybit offers spot traders everything they need: A comprehensive interface with advanced tools, low fees, margin, an order book, and more.
With almost 700 supported coins, Bybit covers digital assets from all niches such as AI, Proof of Work, Layer 1, DePin, and even Meme coins.
Futures Trading
Bybit offers a high performance derivatives trading platform with futures contracts trading for over 300 different cryptos. The maximum leverage is 100x on selected assets such as Bitcoin or Ethereum.
What we love about Bybit is its well-designed interface, which ensures a seamless trading experience for beginners and professionals alike.
One special feature about Bybits futures platform is the inverse swap option where you can use cryptos as margin instead of stable coins.
With a unified margin account, Bybit offers experienced traders a way to efficiently use their capital across all markets (the unified account feature must be activated manually as of 2024). You can even offset futures losses with spot profits or options profits and vice versa. However, we would only recommend this feature to seasoned professionals as it carries a risk of total liquidation of all assets in your account.
Bybit has become one of the largest perpetual trading exchanges due to its advanced features and order types, deep liquidity, and low fees.
Some of the supported order types offered by Bybit include:
- Limit and Market orders
- Take Profit and Stop Loss orders
- TWAP Orders
- Conditional Orders
- Iceberg Orders
- Scaled Orders
- Chase Limit orders
Copy Trading
Bybit offers crypto copy trading for the futures market. You can analyze the historical performance of experienced traders. With just a few clicks, you can set up a copy trading account, which automatically takes the exact same trades as your selected trader.
You can even follow popular traders from twitter like Dark Crypto Lord.
Bybit Fees & Costs
Spot Trading Fees
Bybit spot trading fees start at 0.1% maker and 0.1% taker. Based on your 30-day trading volume you can reduce your Bybit fees to as low as 0.005% maker and 0.015% taker.
Futures Trading Fees
Bybit futures trading fees start at 0.02% maker and 0.055% taker.
Based on your monthly trading volume, you can reduce your Bybit trading fees to as low as 0% maker and 0.025% taker.
Bybit Deposits & Withdrawals
Deposits
Bybit supports multiple networks for crypto deposits without fees, including:
- TRC20
- BEP20
- ERC20
- TIA
- SOL
- DYM
- And many more
For fiat purchases, Bybit supports 20+ fiat currencies, including EUR, GBP, or USD, through multiple payment methods:
- Credit/Debit card
- Bank transfer
- Zen.com
- Google and Apple Pay
- Advcash
- P2P Trading
Fiat deposit fees range from 1% to 3% based on your fiat currency and payment method.
Withdrawals
Bybit supports multiple networks for crypto withdrawals, including:
- TRC20
- BEP20
- ERC20
- TIA
- SOL
- DYM
The Bybit withdrawal fees are dynamic and are based on the respective network capacity. Some cheap options are TRC20 and BEP20, which cost around $1 per transaction.
For fiat withdrawals, Bybit supports 20 currencies including EUR, GBP, BRL, RUB, and more. The withdrawal methods include:
- SEPA transfer
- Advcash wallet
- Zen.com
Bybit Customer Support
Bybit offers 24/7 live customer support via live chat. The average response time is 1 minute. Overall, Bybit staff seems to be knowledgeable and helpful.
Additionally, Bybit offers email support and a comprehensive help center with tons of articles and guides.
Bybit Security
Bybit stores customer funds in multisig cold storage wallets. While we consider Bybit to be a secure crypto exchange, we advise you to store your cryptos in a personal wallet.
Additionally, Bybit provides proof of reserves, meaning that all customer assets are backed by Bybit with at least 100%.
Bybit Signup & KYC
If you want to sign up on Bybit, all you need is an email and a strong password. After that you must select a 2FA option inlcuding SMS or Google authentication.
Bybit requires KYC verification. Without KYC verification, you can not use Bybit. In order to verify your identity, you must submit personal details:
- Personal Details
- Government-issued ID
- Selfie
- Proof of address
Higher KYC levels unlock higher withdrawal limits on Bybit.
Bybit Review Summary
Bybit is one of the best crypto derivatives exchanges in the world. The exchange offers crypto traders a high performance platform to execute their trades in real time.
On top of that, Bybit offers low fees and deep liquidity, ensuring a smooth trading experience.
The 24/7 live chat support is reliable and quickly assists when encountering an issue. Overall, we consider Bybit to be a top choice for crypto traders.
While the platform may be confusing for beginners, it is definitely worth figuring out the platform as Bybit offers without a doubt one of the best crypto trading experiences.
FAQ
Is Bybit legit?
Yes, Bybit is a legitimate crypto exchange with over 25 million users.
Does Bybit require KYC?
Yes, Bybit requires KYC verification. Without identification, you can not use Bybit.
Is Bybit available in the US?
No, Bybit is not available to US citizens due to regulatory issues.
What are Bybit fees?
Bybit spot fees are 0.1% for makers and takers. Bybit futures fees are 0.02% maker and 0.055% taker.
