is a reliable exchange that provides convenient trading of digital assets and provides access to investment products. The platform maintains the anonymity of users and reliably protects their funds. In this article, we will tell you more about what the Bybit exchange is like.
Bybit exchange: features
Bybit was founded by Ben Zhou in 2018. Place of registration - Singapore. The platform is operated by Bybit Fintech Limited.
The exchange is positioned as a convenient platform for both beginners and experienced traders. Bybit accounts have managed to create more than 5 million users.
Platform clients have access to various tools for making a profit:
- Futures trading;
- spot trading;
- buying/selling NFTs;
- P2P exchangers;
- option contracts with margin in stablecoins;
- copying trades of successful traders;
- bi-currency investments;
- DeFi mining;
- Bibit savings;
- liquidity mining.
Bybit is available in Russian, because all sections of the exchange are Russified.
Bybit managed to get into TOP-20 cryptocurrency exchanges in terms of spot trading volume. If we take deals on derivatives, then Bybit is in the top three. Registration on the exchange is simple. For this you need:
- specify a phone number/email;
- confirm the specified data;
- create a password;
- choose your level of experience.
Bybit also has a KYC procedure, but it is optional. Without identity verification, you can withdraw up to 2 BTC per day. To withdraw larger amounts, you will have to provide and confirm your personal data.
Pros and cons of the Bybit exchange
The Bybit exchange has clear advantages:
- Stable operation without lags with a throughput of up to 100 transactions per second.
- No required verification. Users can remain completely anonymous.
- The ability to withdraw funds 24/7.
- Specialization in perpetual contracts.
- Improved order system.
- Margin trading with leverage up to 1:100.
- A modern trading terminal with a large selection of indicators and graphical tools.
- Having a demo account.
- Referral system. Up to 30% from referral trading commissions and 10% from second level partners.
- Good mobile app.
- The presence of push notifications when choosing automated trading.
- High level of liquidity.
- Convenient, not overloaded with unnecessary functions interface.
- Experienced team.
- Two-factor authentication.
- Having your own insurance fund.
- Good support service.
The disadvantages include not the widest selection of assets. Although, for successful trading and making a profit, the existing list of trading pairs is quite enough. In addition, this platform does not have its own Bybit exchange coin, unlike most of its competitors.
Bonuses from Bybit
New users have the opportunity to receive a bonus of up to $4 if they make a deposit.
There are other opportunities to receive rewards from Bybit:
- For the very fact of trading - $ 5.
- For derivatives trading - $10.
- When subscribing to exchange accounts in social networks - $ 5.
Bybit offers you to receive bonuses for active trading in different markets. Before determining candidates for payments, the platform analyzes the activity of traders for 7 days - from Tuesday to Tuesday.
The larger the volume of transactions, the higher the level of remuneration:
- Spot orders. With a volume of $300, a coupon for 50 USDT is issued. API trading is not taken into account.
- Derivatives. With a volume of $5, you get 10 USDT.
- If you show a volume of $500, you will be paid 100 USDT.
- Deposit. If you have $2999 on your balance within 7 days, the platform gives 30 USDT.
Received bonuses can be used as margin, commission compensation and to cover trading losses. You cannot withdraw bonus funds separately, but you can withdraw the profit received with their help.
Commissions on the Bybit exchange
The use of P2P exchange on the exchange is free. You don't have to pay for deposit either. Trading commissions vary depending on the volume of trades.
The standard percentages are as follows:
- The maker rebate for all contracts is -0,06%;
- commission for takers and makers when working with any contracts - 0,03%;
- delivery commission when trading options is 0.015%;
- maker liquidation fee – 0.2%;
- when trading USDt futures, the maker fee is -0,025%, while the taker fee is 0,075%.
- when trading inverse perpetual contracts, the maker commission is 0.01%, the taker is charged 0.06%.
The funding rate is reviewed periodically, so it must be checked before using borrowed capital to open a transaction.
How to Fund Bybit Exchange and Withdraw Funds
You can only deposit funds into your Bybit balance using a blockchain transaction. Fiat funds cannot be used to fund an account. The exchange does not accept all coins. View list suitable cryptocurrencies can be found on the Spot Account Assets page.
Please note that Bybit does not support deposits and withdrawals using smart contracts. The minimum deposit is not set. The only exception is SOL, its starting amount is 0,01 of one coin. If a user has sent a cryptocurrency to their Bybit account that is not supported by the exchange, then the deposit can be canceled or approved, but minus the commission.
By CMC here you need to understand the CoinMarketCap service. You can only withdraw funds to Bybit through a spot account. The exchange has an instant withdrawal feature, but with limitations for some coins.
- Wallet 1.0 in the table above means the processing of any withdrawal requests 3 times a day - at 8.00, 16.00 and 24.00.
- Wallet 2.0 means support for instant withdrawal of profits. This withdrawal can take up to 30 minutes.
There is also a daily withdrawal limit.
If necessary, you can increase the withdrawal limit. To do this, you need to contact the technical support chat. Its icon is located at the bottom right of the site page.
Withdrawal fee is fixed at 10 USDT. The minimum withdrawal amount is 20 USDT. Funds are withdrawn only in cryptocurrency.
The founder of the exchange, Ben Zhou, is a public figure, and on LinkedIn you can find the accounts of 22 platform employees.
The publicity of the management and the project team significantly reduces the risk of fraud. The presence of two-factor authentication gives additional protection to customer accounts.
But to ensure a high level of security, 2 lists are missing:
- Withdrawal of funds;
- IP whitelists.
As for the funds that users bring to the exchange, they are all sent to cold storage - the most reliable option. Multi-signatures are used for transactions.