What is Bybit? Bybit Exchange Review
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Bybit – A recently emerging cryptocurrency exchange and trading platform, headquartered in the British Virgin Islands is attracting users with good products and quality. Find out about it with us through our review
What is Bybit?
Bybit is a cryptocurrency exchange and trading founded in 2018 by Ben Zhou, a former trader at XM, which is one of the world’s largest forex and CFD trading brokerage firms. It is headquartered in Singapore and registered in the Virgin Islands (UK), with offices in Taiwan and Hong Kong. The team consists of professionals from investment banks, tech firms, the forex sector, and early adopters of blockchain. They also have a development team made up of experts from Morgan Stanley, Baidu, Alibaba, and Tencent.
Initially, Bybit was an exchange specializing in providing derivative products for traders. However, in the past few years, Bybit has gradually added other products to attract users such as Spot, Options, Bybit Wallet, Bybit NFT, Bybit Launchpad, Copy Trade,…
Is Bybit Regulated?
Bybit has actively engaged in regulatory compliance by securing licenses in various jurisdictions. The exchange has established its headquarters in Dubai and has received the MVP license, indicating its compliance with local regulations governed by the Virtual Assets Regulatory Authority in Dubai. This move signifies Bybit's commitment to adhering to regulatory standards and providing a secure platform for its users.
Additionally, Bybit is regulated by the Cyprus Securities and Exchange Commission, which oversees its operations within the European Union, further attesting to its adherence to financial regulations and consumer protection standards. The platform also falls under the regulatory purview of the Astana Financial Services Authority in Kazakhstan, reflecting its broad compliance efforts across different regulatory environments.
Bybit Features Review
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 Bybit offers:
- Diverse Trading Options: Bybit leads in variety, offering spot trading, derivatives (perpetual futures) and crypto options on over 900 crypto assets.
- Staking Opportunities: Users can stake an extensive array of over 100 tokens and 50 pairs with Bybit's four unique earn options, including both double and single-sided staking. This provides a flexible way to earn rewards on cryptocurrency holdings.
- 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.
- Crypto Loans: Bybit's loan service enables users to borrow a variety of cryptocurrencies using their existing tokens as collateral, facilitating leverage and liquidity management.
- Copy Trading: Leverage the expertise of experienced traders by copying their strategies through Bybit's copy trading feature. It's an excellent way for beginners to learn and for experts to share their strategies.
- 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.
- Early Access via Launchpad & Launchpool: Gain early access to emerging tokens at pre-market prices through Bybit's Launchpad and Launchpool, staying ahead in the dynamic crypto market.
- Round-the-Clock Customer Support: Access customer service 24/7 in 11 languages, ensuring help is always available no matter where or what language you speak.
Bybit's commitment to offering a comprehensive and user-friendly platform is evident in its wide array of features, designed to cater to various trading needs and preferences while prioritizing user education, engagement, and security.
Bybit Fees
For Bybit users, the trading fees differ according to one's VIP level, which is assessed daily based on the individual's asset balance or 30-day trading volume. Here are the specific fee percentages for selected VIP levels across various trading options:
*Spot Trading Fees
- VIP 0: Taker and Maker both at 0.1000%.
- VIP 3: Taker at 0.0450%, Maker at 0.0200%.
- Supreme VIP: Taker at 0.0200%, Maker at 0.0050%.
*Perpetual & Futures Contracts Trading Fees:
- VIP 0: Taker at 0.0550%, Maker at 0.0200%.
- VIP 3: Taker at 0.0350%, Maker at 0.0140%.
- Supreme VIP: Taker at 0.0300%, Maker at 0.0000%.
*USDC Options Trading Fees:
- VIP 0: Taker and Maker both at 0.0200%.
- VIP 3: Taker at 0.0200%, Maker at 0.0150%.
- Supreme VIP: Taker at 0.0150%, Maker at 0.0020%.
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.
How to Register a Bybit account?
Click the button below and follow the instructions
If you use ByBit App for register, You can use enter this Referral ID:5ZO9DG
How to Bybit KYC?
Know your customer (KYC) standards, or identity verification in plain English, are a central feature of centralized exchanges like Bybit. Completing the KYC process allows you to use all Bybit products and services.
Bybit has two individual KYC levels.
- Level 1: This is mandatory for anyone looking to use Bybit products and services. Benefits include a daily withdrawal limit of ≤1 million USDT. However, you can't get your hands on the Bybit Card.
- Level 2: Not only do you get access to the Bybit Card, but your daily withdrawal limit also increases to ≤2 million USDT.
Both levels allow you to withdraw fiat.
The End
To sum up, Bybit is a prominent cryptocurrency exchange known for its extensive range of derivatives and spot trading options. With its headquarters in Dubai, the platform has established a strong presence by offering over 200 derivatives contracts, 900+ spot assets, and innovative features like staking and an NFT marketplace. In only a few years, Bybit has gained over 2 million users, with over $12.5B derivatives trading volume (per 24h) – ranking #4 on the market.
By prioritizing user security, education, and satisfaction, along with adhering to regulatory standards, Bybit has become a trusted name in the crypto trading community. Its commitment to continuous improvement and user-centric services makes it a preferred choice for traders and investors looking for a reliable and comprehensive trading experience.
However, the exchange still possesses a number of flaws: There are only a limited number of spot markets, only 3 Fiat currencies (RUB, BRL, ARS) are supported for the deposit, and it is not available in the U.S.
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