Bybit Exchange Guide and Review (2023)

Bybit is a cryptocurrency exchange launched in March 2018 and has over 10 million users worldwide. Focusing mainly on derivatives trading, Bybit has one of the largest 24-hour trading volumes in the world. The exchange was founded by Ben Zhou, a former forex broker with an aim to combine decentralized finance (DeFi) with TradFi to build a leading crypto exchange. Bybit has its headquarters in Singapore but also has offices in Hong Kong and Taiwan. In this article, we provide an in-depth guide and review on Bybit exchange and the unique features it offers.

What is Bybit?

Bybit was established in March 2018 and aims to offer a professional platform with an ultra-fast matching engine, excellent customer service, and multilingual customer support. The exchange was founded by Ben Zhou, formerly a trader from XM, one of the world’s largest forex and CFD trading brokerage firms. The Bybit team is comprised of professionals from investment banks, tech firms, the forex industry, and early adopters of blockchain. Bybit is based in Singapore, and has offices in Taiwan and Hong Kong.

Bybit features

Here are some key features of Bybit exchange:

  • High Leverage: Bybit offers up to 100x leverage on its perpetual contracts, allowing traders to maximize their profits.
  • Low Fees: Bybit offers some of the lowest fees in the industry, with a maker fee of 0.06% and a taker fee of 0.01% for non-VIP perpetual and futures traders. However, this can go as low as 0.03% and 0% for taker and maker fees respectively.
  • Fast Execution: Bybit’s matching engine is capable of processing up to 100,000 transactions per second, ensuring fast and reliable order execution.
  • Secure Platform: Bybit uses advanced security measures to protect user funds, including cold storage, multi-signature wallets, two-factor authentication, and proof of reserves.
  • 24/7 Customer Support: Bybit provides 24/7 customer support via email, live chat, and social media.
  • Products: Bybit offers over 220 trading pairs for derivatives perpetual contracts for Bitcoin, Ethereum and other altcoins.

Bybit coin/token ($BIT)?

Bybit does not officially have a native coin/token (unlike other exchanges such as Binance who has a $BNB token). Bybit however is a partner of BitDAO, which has a native token known as $BIT. The exchange provides recurring contributions to the BitDAO treasury.

BitDAO does not have any founders or employees. The project is run by a group of $BIT token holders with the aim to create a decentralized token economy. BitDAO aims to provide research and development, liquidity bootstrapping, and funding to a wide range of projects including DeFi, other DAOs, NFTs and gaming projects.

As a partner of BitDAO, Bybit frequently has campaigns and perks for $BIT coin and token holders. For example, there is currently a BIT Trading Fiesta campaign where frequent traders of $BIT trading pairs on the exchange may get up to US$100,000 in rewards. $BIT holders are also eligible for higher VIP levels and discounted trading fees.

Bybit also holds the largest quantity of $BIT coins and has the highest liquidity. So Bybit would be the exchange of choice for trading $BIT coins.

Bybit supported countries

Bybit currently serves users in over 150 countries and regions. However, Bybit is not supported in the following countries: United States, mainland China, Singapore, Quebec and Ontario (Canada), North Korea, Cuba, Iran, Crimea, Sevastopol, Sudan, Syria, Donetsk, Luhansk and Uzbekistan.

Bybit fees

Deposit and withdrawal fees and limits

Bybit does not charge any fees for crypto deposits. However, the exchange does charge withdrawal fees depending on the cryptocurrency you are trying to withdraw. For example:

  • BTC: 0.0005
  • ETH: 0.005
  • USDT (ERC20): 10
  • USDT (TRC20): 1
  • DOGE: 5

Bybit also imposes a minimum withdrawal. For example:

  • BTC: 0.001
  • ETH: 0.02
  • USDT (ERC20): 20
  • USDT (TRC20): 10
  • DOGE: 25

As for the maximum withdrawal limits, the amount depends on your KYC level. KYC level 0 users can withdraw up to 20,000 USDT per day, and 100,000 USDT per month. Meanwhile, KYC level 2 (i.e. the higest level) users can withdraw up to 2 million USDT per day with no monthly limits.

Trading fees

Bybit uses a maker/taker model for its trading fees. The exchange prides itself on having one of the lowest trading fees for entry-level accounts.

For spot trading on Bybit, fees for non-VIP users are 0.10% for taker and maker fees. Users at the highest VIP level (i.e. Pro 3), are only charged 0.02% and 0% for taker/maker fees.

For perpetual and futures trading on Bybit, non-VIP users pay 0.06% and 0.01% for taker and maker fees respectively. Whilst Pro 3 level VIP users only pay 0.03% and 0%.

Bybit trading fees
Bybit trading fees (Source: Bybit)

Click here to learn more about Bybit trading fees

Bybit VIP program

Bybit has a VIP program that rewards useres with a higher asset balance in their trading accounts, $BIT holdings, borrowing from Spot Margin Trading and Crypto Loans, as well as a specified 30 day trading volume. Users will automatically qualify as a VIP trader once the requirement levels are met.

For example, to be the first level of VIP i.e. VIP 1, users must have at least: US$50,000 asset balance, 50,000 $BIT, US$50,000 30 day average effective net borrowing. VIP 1 users must also have the minimum 30-day trading volume (in USD): 1-3M spot trading, and 10M-25M in USDT & inverse contracts trading, USDC perpetual trading and USDC options trading.

For higher Bybit VIP levels, see the below table:

Bybit VIP levels (Source: Bybit)

Is Bybit safe?

Bybit has not suffered any hacks so far and have been awarded the PCI-DSS Service Provider Level 1 Certification showing its compliance with platform security best practices.

Bybit also aims to protect users from the moment they sign up for the exchange. Security features include: two-factor authentication, access security, security notifications, and round the clock customer service support. For institutional users, Bybit even has an independant team that provides round the clock security alerts.

Following the collapse of FTX exchange, Bybit has also taken the initative to provide proof of reserves. This shows that Bybit has more than sufficient funds to meet users deposits. Users can also verify their own Bybit account deposits using their Verify My Account feature.

Conclusion

Bybit is one of the most popular derivatives exchanges on the market. It has competitive trading fees and a good track record in terms of security. The only downsides are that it is not avaialble for US users, and the lack of KYC procedures could be problematic if there is an issue with the exchange. Nevertheless, Bybit is a highly liquid exchange where trades are constantly happening and trades can be executed quickly and at competitive prices. However, users should always exercise caution when trading on leverage, because although gains can be multiplied, so can losses.

The information provided in this article is intended for general guidance and information purposes only. Contents of this article are under no circumstances intended to be considered as investment, business, legal or tax advice. We do not accept any responsibility for individual decisions made based on this article and we strongly encourage you to do your own research before taking any action. Although best efforts are made to ensure that all information provided herein is accurate and up to date, omissions, errors, or mistakes may occur. 
Disclosure: Authors are invested in cryptocurrency projects and have cryptocurrency holdings - including those covered on this website. 

Angela Wang
Angela Wang
Angela loves cryptocurrency, technology that improves our lives...and food. Anything that merges these worlds together is even better.

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