Bybit Cryptocurrency Exchange Review : Pros & Cons

About Bybit

Bybit is a cryptocurrency centralized exchange (CEX) that offers a professional platform featuring an ultra-fast matching engine, quality customer service and multilingual community support for crypto traders of all levels. Established in March 2018, Bybit currently serves more than 10 million users and institutions offering access to over 100 assets and contracts across Spot and crypto derivatives like Futures and Options, launchpad projects, earn products, an NFT Marketplace and more.

Bybit Cryptocurrency was established by founder and CEO Ben Zhou. After graduating from The University of Pennsylvania, Zhou returned to China and worked for 7 years at XM, one of the largest forex brokerage companies in China. In 2018, he co-founded the crypto derivatives exchange Bybit.

Information Table

How To Register At Bybit Exchange ?

To register on Bybit, click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your Bybit Cryptocurrency Account ?

There is no mandatory verification at Bybit, but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of 60, USD/Euro. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the Bybit, Revolut platforms.

How To Buy Crypto Or Deposit Crypto At Bybit Crypto Exchange?

There are two main options for topping up your balance on Kraken. Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From Bybit Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your Bybit Account ?

Also remember to go to the Security tab and activate two-factor authentication using the Google Authenticator app – this is the most reliable way to prevent unauthorized access to your account.

Bybit Fees

Bybit charges a tiered fee structure based on a maker-taker model. Tier levels include: non-VIP, VIP 1, VIP 2, VIP 3, Pro 1, Pro 2 and Pro 3. For non-VIP level users, maker and taker fees are 0.10% for spot trading, and 0.06% (taker) and 0.01% (maker) fee for perpetual and futures trading. For Pro 3, spot trading fees are 0.02% (taker) and 0% (maker), and derivatives trading fees are 0.03% (taker) and 0% (maker).

Trading Fee Structure

Last 30-day trading volume

Features Of Bybit Crypto Exchange

Available At Android & IOS Store

Bybit Cryptocurrency Exchange exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading.

Bybit Earn

Bybit Earn is your asset management platform that helps you grow your crypto holdings easily. They offer competitive APYs to ensure higher yields, and best-in-class security to safeguard your funds. Whether you’re a regular crypto Joe or a cryptonaut, invest with today to start earning.

Bybit NFT Marketplace

The Bybit NFT Marketplace is your one-stop destination for listing and trading NFTs. Here, you can get early access to cutting-edge NFT collections from creators worldwide, including special projects Bybit supports. At Bybit NFT Marketplace, you can buy your favorite NFTs — digital art, collectibles and those of GameFi and the metaverse, and more — without extra fees.

You can also make payments using the token the NFT is priced in, including ETH, USDT and BIT. It’s worth noting that each NFT on Bybit is only priced with one token. For example, if an NFT uses BitDAO’s BIT token as its pricing unit, you cannot use other tokens — USDT or ETH — for trade.

Deposit and Withdraw NFTs 

NFT deposit and withdrawal is now supported on the Web version. Please note that only NFT projects or collections approved by Bybit can be deposited or withdrawn. Using an unsupported network to deposit NFT may lead to loss of assets.

Are you an NFT creator?

The Bybit NFT Marketplace pays NFT creators a royalty fee so that creators can receive a share of each secondary sale. The royalty fee is not fixed and varies according to the project. A percentage of the sale price is charged.

Trading in derivatives

Bybit offers trading in cryptocurrency derivatives such as futures and options, providing users with additional trading opportunities and strategies.

User-friendly interface

Bybit has a user-friendly interface that is easy to navigate, making it accessible for novice traders.

High security

Bybit uses cutting-edge security measures to protect users’ assets, including multi-tier and multi-cluster system architecture, encrypted SSL connections, and cold wallet storage.

24/7 customer support

Bybit offers 24/7 customer support to assist users with any issues they may encounter while using the platform.

Wide range of trading pairs

Bybit supports trading in a variety of digital assets, including Bitcoin, Ethereum, and altcoins.

High liquidity

Bybit has high liquidity, ensuring fast and efficient trading experiences for users.

Global access

Bybit is accessible globally, making it easy for users to trade on the platform from anywhere in the world.

Competitive fees

Bybit charges competitive fees for trading, helping users to maximize their profits.

Bybit Conclusion

In conclusion, Bybit is a cryptocurrency derivatives exchange that offers a wide range of features to its users. With a focus on simplicity and ease-of-use, Bybit offers a user-friendly platform for trading in cryptocurrency derivatives such as futures and options. Additionally, Bybit provides a high level of security, 24/7 customer support, and a wide range of trading pairs, making it an attractive option for both novice and experienced traders. However, as with any investment, it is important to conduct thorough research and assess your own risk tolerance before using Bybit or any other platform for trading digital assets.