Bybit exchange (2024)

Bybit exchange info

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Bybit exchange Review

Bybit, headquartered in UAE, is one of the largest crypto and derivatives exchanges. With a mission to revolutionize the current financial system, they’re trying to make trading inclusive and efficient for all. They provide trading services for Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies.

With its commitment to security, Bybit segregates its system into cold and hot wallets, ensuring that most of its funds are stored offline, reducing the risk of major hacks.

Bybit’s web platform is organized and user-friendly. Advanced charts from TradingView are integrated into the platform, making technical analysis quick for those who know how to use them. The mobile app mirrors this experience, ensuring traders can access all essential features even on mobile.

The exchange is headquartered in Dubai, having moved from Singapore in 2022, and operates under Bybit Fintech Limited, a company registered in the British Virgin Islands.

The exchange boasts a team of professionals with blockchain technology and finance backgrounds, with some members from renowned institutions like Morgan Stanley and Tencent. Its CEO Ben Zhou, is a prominent blockchain figure and used to be China General Manager for XM, a forex and CFD broker, from 2010 to 2017.

Bybit primary offering is perpetual futures products with 100:1 leverage, positioning them as competitors to established exchanges like BitMEX and Deribit.

Bybit’s platform is accessible to a global audience, with translations in multiple languages, though it excludes certain jurisdictions like the USA, Syria, and Quebec in Canada.

Bybit has rapidly established itself as a reputable cryptocurrency exchange in a competitive market. Its focus on security, user experience, and innovative features make it a preferred choice for many traders. While it might sometimes confuse novice users, its strengths in leverage trading, security measures, and customer support make it stand out. As the crypto landscape evolves, Bybit seems poised to adapt and grow.

Bybit exchange Security

Security and Safety

Cold and Hot Wallets: Bybit ensures the safety of its users’ funds by employing a dual wallet mechanism. While the majority of user funds are stored in cold wallets – inaccessible from the internet and thus safe from online hacks – a smaller percentage is kept in hot wallets for immediate withdrawals and real-time transactions. This ensures that even if the hot wallet was compromised, a significant portion of user funds would remain safe.

Two-Factor Authentication (2FA): Bybit encourages users to enable 2FA, a crucial security feature. By adding an extra layer of security through a secondary device or application (typically a mobile device), it ensures that even if someone knows a user’s password, they would still require a second verification code to access the account.

Withdrawal Whitelist: Bybit allows users to set a withdrawal whitelist, meaning funds can only be withdrawn to pre-approved addresses. This is a safeguard against unauthorized withdrawals in case an account is breached.

Risk Management: Given its nature as a derivatives exchange, Bybit provides several tools to manage trading risks. These include setting stop losses, take profit points, and using trailing stops to lock in profits. It also regularly updates its insurance fund to cover potential auto-deleverage situations.

Customer Support and Assistance

Bybit takes pride in its 24/7 customer support. They offer multiple channels including:

• Live Chat: Immediate support for users with urgent issues.
• Email Support: For more detailed inquiries or less urgent matters.
• FAQ Section: Extensively covers a range of topics from account management to trading intricacies.
• Bybit Learning Hub: A newer addition, this is a repository of articles, tutorials, and videos to help traders get acquainted with both the platform and derivatives trading.

Deposits and Withdrawals

• Crypto Only: Bybit is a crypto-to-crypto platform, meaning it doesn’t support fiat deposits or withdrawals directly. Users must deposit in cryptocurrencies like BTC, ETH, XRP, or EOS.
• Timings: While deposits are processed almost immediately once the required network confirmations are achieved, withdrawals are processed in batches at designated times. This might cause minor delays but is also a security measure.
• Debit Card: a Mastercard debit card, offers secure and convenient access to your crypto finances and is accessible to qualified countries within the EEA, with the exception of Croatia, Iceland, Ireland, Liechtenstein, and Romania, as well as to residents of Switzerland.

  

Regulation and Compliance

Being based in UAE, Bybit operates in one of the most reputable financial centers in the world. However, the exchange has faced challenges in navigating the rapidly evolving landscape of crypto regulations. With several other exchanges, Bybit recently exited Canadaand got a warning from the Japanese regulator.

But it has recently obtained a Crypto exchange and custody license from Cyprus, which is a statement to its dedication to comply with the markets where it operates.

Users should always check if Bybit is available and compliant in their jurisdiction before using the platform. Some regions may have restrictions or prohibitions against using crypto derivatives platforms.

Opening an Account and Trading

Opening an Account on Bybit

Opening an account on Bybit is easy and incredibly fast compared with most other crypto exchanges, as most KYC (Know your customer) requirements are not needed right from the start. Registering on Bybit requires an email address, phone number, and password. A confirmation code is sent post-registration to verify the email/phone number. After logging in, Bybit offers deposit bonuses to augment initial trading funds.

1. Navigate to Bybit’s website and click on the ‘Register’ button.
2. Enter the necessary details and complete the email verification.
3. Depending on your jurisdiction, further KYC might be required.
4. Once verified, you can deposit crypto and start trading

Deposits on Bybit

Crypto: Bybit started as a crypto-to-crypto platform, meaning it did not directly support fiat deposits or withdrawals. Users can deposit cryptocurrencies like BTC, ETH, XRP, or EOS.

Fiat Currency Deposit: Bybit now supports deposits in fifteen fiat currencies, allowing traders to easily fund their accounts in USD, EUR, etc. To deposit fiat:

• Navigate to “Buy Crypto.”
• From the options, choose “Fiat Deposit.”
• Upon successful deposit, the amount will reflect in your Funding account, enabling you to buy cryptocurrencies using the fiat balance.

Crypto Acquisition via P2P Trading: Bybit’s P2P Trading platform facilitates the buying and selling of cryptocurrencies, including USDT, using a variety of currencies through P2P trading. With support for over 30 payment methods, users can transact with USDT based on their preferred payment mode from the available advertisers. To engage in P2P Trading:

• Go to “Buy Crypto.”
• From the options presented, pick “P2P Trading.”

Professional P2P traders on Bybit add an approximate 5% fee. Payments are facilitated directly within the Bybit platform via an engaging chat-like feature. While fiat transfers occur externally, such as through Wise to the Gmail address of the trader, P2P participants maintain a verifiable history and positive reviews to bolster trust. Furthermore, Bybit vets these traders to minimize potential risks.

Withdrawal Process

Bybit ensures a smooth withdrawal process for its users. After selecting the desired asset for withdrawal, users are prompted to enter their wallet address. For added security, two-factor authentication (2FA) is required to confirm the transaction over a very generous USDT 20,000. Other KYC levels and their withdrawal limits are highlighted below:

* Daily withdrawal limit updated every 12AM (midnight) UTC

** Monthly withdrawal limit will reset at 12AM (midnight) UTC on the first day of each month

Bybit fees

The platform has very detailed fee information to describe different actions a user could do and the fees they must pay. It also includes a detailed comparison between exchanges, positioning Bybit as a leader in its class.

Here are some additional fees that might be beneficial for the novice users

Deposit USD Fees

• Advcash wallet 0%
• Quickpay 1.50%

Deposit EUR Fees

• Sepa 0.19%
• Easy Bank Payment 0.30€ (Opened to selected banks from Austria, Belgium, Germany, Estonia, Spain, France, Latvia, Italy, Hungary, Portugal)=

Buy USDT with USD Fees

• 0.99% Advcash
• 1.96% Freedom Bank, Jusan Bank, Wise
• 2.91% AirTM, Monobank, Payeer, Privat Bank, Revolut, Zelle
• 3.85% Bank of America, NETELLER, Perfect Money, Raiffeisenbank, Rosbank, Tinkoff, ZEN
• 4.15% Credit Card
• 4.76% Bakai Bank, VakifBank, Ziraat
• 7.41% Bank Transfer, Skrill, SWIFT, Western Union
• 8.26% Uzcard
• 35.48% Cashapp

Trading on Bybit, some of the most advanced features in the industry

For the well-versed crypto trader looking to delve into derivatives, Bybit is an excellent platform. However, the very nature of leveraged trading can be risky, especially for a beginner. As always, it’s crucial to research, understand the platform, and only trade what you can afford to lose. Given its complexities, Bybit might not be the best fit for the risk-averse beginner, but for those willing to learn and understand, it’s one of the top contenders in the derivatives space. For a drill-down on features, read our in-depth post here.

Innovations and Additional Features

ToolsGPT: According to Coindesk, Bybit is introducing an AI tool powered by ChatGPT, named ToolsGPT, to its trading platform for automated market data analysis. This AI chatbot allows users to request technical analysis, review historical price data, and access crucial metrics. Traders on Bybit can leverage this tool to forecast price trends using past data and technical indicators.

Mutual Insurance: A unique feature that allows traders to buy insurance for their open positions, protecting them from adverse market moves.

Trading Competitions: Bybit frequently hosts trading competitions, allowing users to showcase their trading skills and earn prizes.

Copy Trading: Bybit stands out in crypto copy trading with robust features for beginner and advanced traders. Offering multiple margin modes, subaccount trading, a comprehensive risk management toolkit, and streamlined fund transfers, it’s tailored for an efficient and versatile trading experience.

Mobile Apps: Bybit offers mobile applications for both iOS and Android. The app retains most functionalities of the desktop version, including advanced charting and order management. Users can set price alerts and receive push notifications. The app also features advanced order forms, a rarity among mobile trading apps.

Trading Platform: Bybit offers a user-friendly and intuitive trading platform. The interface is designed to cater to both novice and experienced traders. Real-time price charts, order books, and recent trade listings are prominently displayed. The platform also provides advanced charting tools, allowing traders to analyze market trends and make informed decisions.

Leverage: Bybit offers leverage on their contracts, allowing traders to deposit only a fraction of the trade’s value as collateral. The leverage is adjustable, even after a position is opened. Their perpetual contracts are unique in size, with each contract being worth only 1USD. Bybit also offers futures contracts for Ripple (XRP) and EOS with a maximum leverage of 25x.

Bybit’s Earn Program: This program allows users to earn interest on idle cryptocurrency holdings. By lending out their crypto, users can generate a passive income. The interest rates and terms vary depending on market demand and the type of cryptocurrency.

Bybit Launchpad: The Bybit Launchpad is a platform for new cryptocurrency projects. It allows users to participate in token sales of promising projects vetted by Bybit. This feature allows traders to diversify their portfolios and invest in emerging projects.

Bybit NFTs: Users can trade, mint, and showcase their NFTs on the platform. Bybit aims to create a vibrant NFT marketplace, bridging the gap between cryptocurrency trading and digital art.

API: For algorithmic traders and developers, Bybit provides a robust API. This allows for integrating Bybit’s trading features into third-party applications, trading bots, and platforms.

Bybit Reward Hub: Loyal users are rewarded through the Bybit Reward Hub. Users can earn bonuses and rewards by completing certain tasks or participating in promotions. This initiative aims to engage the community and incentivize trading.

Bybit’s Demo Environment: Bybit provides a demo trading environment for users to practice and hone their trading skills. This environment, often referred to as a “testnet,” allows users to:

• Demo Trade: Users can simulate real trading experiences without risking actual funds.
• Starting Balance: Bybit offers a generous starting balance of $100,000 in demo funds for users to experiment with.
• Purpose: This platform is ideal for beginners to familiarize themselves with its features and for seasoned traders to test new strategies.
• The process to access testnet funds is more developed compared to other platforms.

Bybit’s demo environment is a valuable tool for both new and experienced traders to explore the platform and refine their trading techniques without any financial risk.

Bybit exchange Supported Currencies

EUR, USD, MXN, CRC, PEN, GBP, UAH, VND, KZT, TRY, BRL, ARS, PLN, COP, UYU

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FAQs

Who owns Bybit?

Bybit was co-founded by Ben Zhou, who currently serves as its CEO.

Before establishing Bybit, Zhou managed a retail forex brokerage for nearly ten years.

Is Bybit Legit?

Bybit is one of the most trusted unregulated “off-shore” crypto exchanges.

It has operated since 2018 and is renowned for its robust security measures.

Where is Bybit available?

US Residents: Bybit is not available for residents of the United States.

Europe: Bybit has secured registration in Cyprus which should grant them access to EU market following MiCA implementation.

Sanctioned Countries: Residents from sanctioned countries are also prohibited from using Bybit.

Does Bybit have a Referral / Affiliate Program?

Users can earn additional income by referring new users to Bybit. The referral program offers a commission for every successful referral, and the more users one refers, the higher the potential earnings.

Do I need a lot of money to start trading on Bybit?

No, you can start with a small amount. However, remember that there are certain minimums for trading, so it’s good to check those before you begin.

Is it safe to put my money on Bybit?

Bybit uses several safety measures like secure storage and protective software. But like all investments, there’s always a risk, so never invest money you can’t afford to lose.

What is leveraged trading, and does Bybit offer it?

Leveraged trading lets you trade with more money than you have, like borrowing. Yes, Bybit offers it, but be cautious because while you can make bigger profits, you can also face bigger losses.

Does Bybit offer customer support in multiple languages?

Bybit recently added four more language support in Filipino, Hindi, Kazakh and Ukrainian to their existing English support language.