Introduction

Bybit is an online crypto trading platform supporting the buying, selling, and trading of cryptos. The platform supports the trading of cryptos by way of derivatives and spot.

The Bybit exchange current supports 20 cryptos, these include:

Aave (“AAVE”), Bitcoin (“BTC”), Bitcoin Cash (“BCH”), Cardano’s ADA (“ADA”), Chainlink (“LINK”), Dogecoin (“DOGE”), EOS (“EOS”), Ethereum (“ETH”), Ethereum Classic (“ETC”), Filecoin (“FIL”), Litecoin (“LTC”), NEM (“XEM”), Polkadot (“DOT”), Polygon (“MATIC”), Ripple’s XRP (“XRP”), Solana (“SOL”), SushiSwap (“SUSHI”), Tezos (“XTZ”), and Uniswap (“UNI”).

Founded in 2018 and headquartered in Singapore, Bybit is available globally, with the exception of service-restricted countries that include: The U.S, Quebec (Canada), Singapore, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan, and Mainland China.

Bybit Platform Attributes

Key attributes of the Bybit platform include:

• User friendly and intuitive platform.
• Offers leverage of up to 100x with Bitcoin and 50x with other coins.
• HD cold wallet system, which guarantees the safety of clients’ funds.
• No server downtime, 99.99% system functionality.
• More than 2 million registered users.
• Ranked top 4 for 24-hour volumes of crypto futures contracts, averaging more than US$7bn daily.
• One of the most liquid exchanges in the market.
• More than 10 local communities support Bybit traders in 13 languages.
• 24/7 customer support.
• Supports the deposit and withdrawal of BTC, USDT, ETH, EOS, and XRP.
• No deposit fees for crypto deposits
• Allows users to purchase cryptos with credit / debit card.
• Attractive referral program offering $20 for referrals. Referees also receive $20 when certain requirements are met.
• High emphasis on security.

The Pros and Cons

Pros

• High Security Focus: High Focus on Security with multiple authentication layers and the use of cold wallet storage.
• 24/7 Customer Support: Users may contact customer support by live chat or by raising a support ticket.
• Instant verification: The registration and verification process take a matter of minutes.
• Leverage: Up to 100x with Bitcoin and up to 50x with other cryptos.
• Low Fees: Fees are competitively low, with no crypto deposit fees and low withdrawal fees.
• Multiple Products: Users can trade spot or trade long or short via the derivatives platform, with margin.
• Multiple Order Types: Users may place limit, market, or conditional orders.
• Global Network: With more than 2m users worldwide, Bybit delivers a highly liquid platform.
• Coin Coverage: Bybit supports 20 cryptos that are amongst the most popular in the crypto market place.
• Demo account available: Users may familiarise themselves with Bybit via Testnet demo platform.

Other positives include

• Generous Referral Program: Bybit pays $20 for every referral. Referred users receive $20.
• Global Network: Support traders in 13-languages.

Cons

• Bybit does not support the deposit and withdrawal of fiat. Users may purchase crypto by credit/debit card, however.
• Limited spot trading pairs, though the pairs will likely increase near-term as this is a new Bybit product offering.

Contents

• Introduction
• The Pros and Cons
• Brokerage Services, Supported Cryptocurrencies & Payment Methods
• The Details
• Bybit Wallets
• Deposit & Withdrawal Options
• Trading Platform
• Key features of the Bybit platform
• Privacy and Security
• Customer Support
• Additional Information
• Conclusion

Brokerage Services, Supported Cryptocurrencies & Payment Methods

Bybit delivers a simple to use online platform supporting the trading and investing of cryptos. The platform supports both spot and derivatives trading. Additionally, Bybit offers leverage of up to 100x for Bitcoin and up to 50x for other supported coins.

Users may either deposit pre-owned Bybit supported crypto or purchase crypto by credit/debit card to begin trading.

With the use of inverse derivative products, users don’t have to place margin in fiat or stablecoin. The inverse futures and inverse perpetual products take the underlying crypto as margin, supporting traders looking for pure crypto exposure.

Registration

To open an account, go to the Bybit homepage and click on the “Sign Up” icon as shown below:

Enter your email address and select a password, acknowledge Bybit’s T&Cs and Privacy Policies, and then click “Sign Up”. As an alternative to email, users are also able to sign up using a mobile number.

You will then be prompted to indicate whether you are a resident or national of Bybit’s restricted countries or regions. If you are not, click “No”.

Once you have clicked “No”, you will receive a verification code by email/phone. Enter the verification to complete the email/phone verification.

Upon verifying your email/phone address, you be directed to the Bybit trade page as shown below:

Post Registration Deposit

Upon completing the registration process, you will now need to make a deposit or purchase crypto to begin trading and investing.

In order to make a deposit, go to your account dropdown menu located at the top right-hand-side of your Bybit page and select “Accounts”.

Bitbuy supports the deposit of Bitcoin (“BTC”), EOS (“EOS”), Ethereum (“ETH”), Ripple (“XRP”) or USD Tether (“USDT”).

Select the crypto that you wish to deposit by clicking “Deposit”

Scan the QR code or copy and paste your Bybit wallet address to your external wallet and complete the wallet-to-wallet transfer.

Alternatively, for users who do not pre-own Bybit supported crypto, users may purchase crypto directly from the Bybit platform. Please see Credit/Debit Card Crypto Purchases under the Trade Platform section for details.

Supported Cryptocurrencies

Bybit supports the most popular cryptos by market cap together with a number of smaller yet popular cryptos.

These include Aave (“AAVE”), Bitcoin (“BTC”), Bitcoin Cash (“BCH”), Cardano’s ADA (“ADA”), Chainlink (“LINK”), Dogecoin (“DOGE”), EOS (“EOS”), Ethereum (“ETH”), Ethereum Classic (“ETC”), Filecoin (“FIL”), Litecoin (“LTC”), NEM (“XEM”), Polkadot (“DOT”), Polygon (“MATIC”), Ripple’s XRP (“XRP”), Solana (“SOL”), SushiSwap (“SUSHI”), Tezos (“XTZ”), and Uniswap (“UNI”).

Bybit users may either transfer already held Bybit supported cryptos to their Bybit wallets or purchase crypto on the Bybit platform.

Once funded, users may then trade Bybit supported cryptos derivatives contracts. Traders may either go long or short by trading inverse perpetual, USDT perpetual, or inverse futures contracts.

Supported cryptos vary depending upon the derivatives product and can be summarised as follows:

• Inverse Perpetual: BTCUSD; ETHUSD; EOSUSD, and XRPUSD.
• USDT Perpetual: All supported cryptos/USD pairings.
• Inverse Futures: BTCUSD and ETHUSD.

Traders may also trade spot. Pairings currently available include BTCUSDT, EOSUSDT, ETHUSDT, and XRPUSDT.

The Details

Bybit supports the trading of cryptos via derivative products and spot

Currently, supported pairings via the spot trading platform include BTCUSDT, EOSUSDT, ETHUSDT, and XRPUSDT.

Trading via the derivatives platform, Bybit offers a number of synthetic products for traders to gain exposure to the crypto market. Traders may buy/long or sell/short via the derivatives platform.

Inverse Perpetuals Contracts

Quoted in USD but are traded based on the underlying cryptocurrency. Traders need to hold the underlying crypto as margin. The advantage of an inverse perpetual is that traders don’t need to purchase stablecoins, such as USDT, for margin purposes. The disadvantage is that traders need to hedge their margin crypto

Pairings supported via inverse perpetuals include BTCUSD, ETHUSD, EOSUSD, and XRPUSD.

As a perpetual contract, there is no specified delivery date and can be held indefinitely without the need to roll over contracts ahead of an expiration date.

USDT Perpetuals

Trades are based on USDT, removing the need for traders to hedge positions to mitigate the risks associated with holding crypto as margin. The disadvantage to USD Perpetuals is that traders need to purchase stablecoins for margin.

Bybit offers the largest range of pairings by way of USDT perpetuals. Trade pairs include:

BTCUSDT, ETHUSDT, BNBUSDT, ADAUSDT, DOGEUSDT, XRPUSDT, DOTUSDT, UNIUSDT, BCHUSDT, LTCUSDT, SOLUSDT, LINKUSDT, MATICUSDT, ETCUSDT, FILUSDT, EOSUSDT, AAVEUSDT, XTZUSDT, SUSHIUSDT, and XEMUSDT.

As with Inverse Perpetual contracts, USDT Perpetual contracts also have no expiration date and can be held indefinitely.

Inverse Futures

Unlike vanilla futures contracts, inverse futures are margined and settled in crypto. Once more, the advantages and disadvantages are akin to those of inverse perpetual contracts.

Trade pairs available by way of inverse futures contracts include BTCUSD and ETHUSD. As futures contracts, inverse futures have a pre-specified delivery date.

In addition to the spot and derivatives platforms, traders may also purchase crypto via the “Buy Crypto” page.

Traders who purchase supported cryptos via the “Buy Crypto” page will have their purchased crypto funded into their specified crypto wallet.

Once funded, traders may then trade across Bybit product suite.

Charts

The Bybit platform provides traders with charts that are supported by TradingView.

Catering for experienced traders looking to carry out technical analysis, users have access to multiple time intervals and an extensive array of technical indicators.

Importantly, traders are also able to draw charts to manage crypto risk exposures on an ongoing basis.

History

Bybit provides users with all the necessary tools in order to track historical transactions and open trades.

Users may view order histories by trade type, as well as view closed P&L, trade history, insurance history, and ByFi Account histories, which include cloud mining and DeFi Mining histories.

Spot Account

Activity is broken down into order history and trade history. Users have the option to narrow searches by trade pairing or by time period for trade histories and by trade pairing and direction for order history.

Derivatives Account

Activity is broken down by order history, closed P&L, trade history, and insurance history.

For order history, closed P&L, and trade history, users may filter by contract and select a start and end date.

Balances

Additionally, users may view their balances via the “Assets” page found under the account dropdown menu.

As shown below, users are provided with crypto balance, account currency balance, and “In Orders” and “Available” balances.

Here users may view individual crypto wallet balances, which include wallet balance, available balance, and reserved for orders balance.

Bybit also provides Derivative account balances, ByFi account balances, as well as access to the “Orders” page.

Fees and Charges

Bybit provides users with a transparent fee structure. While there are minimum withdrawal limits and withdrawal fees, there are no minimum deposit limits or deposit fees.

Withdrawal Fees and Limits

Bybit pays a standard miner fee, resulting in a fixed withdrawal fee for users, as shown below:

It is also worth noting that withdrawal limits are set by level of KYC completion, as shown below:

Trading Fees

Spot trading fees are as follows:

 

Inverse Contract Fees

Traders can be classified as market takers or market makers. For each executed order, there is either a trading fee or a trading rebate.

• Market takers, who seek liquidity and take liquidity off the book immediately, will be charged a trading fee.
• Market makers, who provide liquidity and increase the market depth of the order book, will receive a rebate from Bybit.
• Trading fees are deducted from the account balance and does not impact initial market on an order.

Bybit Wallets

Bybit provides users with crypto wallets for all supported crypto currencies. For crypto wallets, users can access individual crypto wallets via the “Assets” page, which can be accessed from the account dropdown menu.

As shown below, users are provided with individual wallet balances in addition to total equity and available balances.

From the “Assets” page, users may also deposit crypto as well as withdraw, and transfer crypto held within each individual wallet.

Do note that sending the crypto to the wrong wallet address will result in the loss of funds.

We also recommend that you store your cryptos held for investing in an external crypto wallet.

Deposit & Withdrawal Options

Bybit supports the deposit and withdrawal of cryptos as well as the purchasing of crypto via supported service providers.

Deposits

Do note that there are no deposit limits or fees associated with depositing Bybit supported crypto.

Investors and traders already holding Bybit supported cryptos can make a wallet-to-wallet transfer.

In order to deposit already held cryptos, go to the “Assets” page via the account dropdown menu at the top right-hand-side of your Bybit page.

• Select the crypto that you wish to deposit by clicking the “Deposit” icon for the crypto.
• Either scan the QR Code or copy the wallet address to your existing external crypto wallet and complete the deposit.

(In order to avoid making an error in entering the address details, it is recommended that you scan the QR code to transfer from your private wallet to your Bybit wallet).

For first time deposits, Bybit offers a $50 coupon for BTC deposits of greater than or equal to 0.1 BTC within 48 hours. After 48 hours, users receive a $10 coupon.

Withdrawals

For withdrawals, traders and investors are able to withdraw cryptos by transferring out from your Bybit wallet to a compatible external wallet.

In order to withdraw your crypto, go to the “Assets” page and click on the crypto wallet “Withdraw” icon from which you wish to make a withdrawal.

Please note that you will need to set up 2FA in order to make withdrawals.

• If you have previously added the destination wallet address, select the address from the dropdown menu.
• For new users, click “Add” in order to include external wallet addresses for withdrawals.

• Click on the “Add” icon located at the top right-hand-side of your wallet address management page.
• Select the crypto, copy and paste your wallet address, and then give it an address name and click “confirm”.

Ensure that you have entered the correct information. Incorrect information could lead to the permanent loss of your crypto assets.

• Once you have added your wallet addresses, go back to the “Assets” page and click on the wallet “Withdraw” icon.
• Select the address to which you wish to transfer your crypto.
• Enter the amount, in crypto, that you wish to withdraw and click “Submit”.

Please note the transaction fee, minimum withdrawal, and processing times.

For users looking to increase withdrawal limits, click on the “Increase Limit” link located beneath the “Submit” icon.

By completing level 1, Basic Verification, the withdrawal limit increases from 2 BTC to 50 BTC. This increases further to 100 BTC by completing level 2, Residency Verification, as shown below.

In order to complete level 2 verifications, users will need to first complete the level 1 Basic Verification.

Trading Platform

Bybit provides traders with an effective and simple to use platform to invest and trade in cryptos.

Users can buy and sell crypto via the spot or alternatively invest into cryptos by way of derivative products.

Spot Trading

Currently, Bybit offers traders spot trading of BTCUSDT and ETHUSDT pairings.

In order to buy/sell crypto by spot trading, click the “Spot” icon located at the top of your Bybit page.

• From the left-hand-side of the “Spot” page, select the pairing that you wish to trade.
• Choose your order type. Options include limit, market, and conditional.
• Enter the quantity of crypto that you which to buy/sell.
• Click the “Buy” or “Sell” icon as shown below

Once you have placed your order, details of the order or executed trade will appear under the history section located at the bottom of the “Spot” page.

Derivatives Trading

Via the derivatives trading platform, traders have the option to trade crypto pairings via inverse perpetuals, USDT Perpetuals, and Inverse Futures. For each trading strategy, leverage is available, with leverage limits capped depending upon the derivatives product.

As Bybit does not support the deposit and withdrawal of fiat currencies, inverse perpetuals are used. Via inverse perpetual and inverse future trades, traders place the underlying crypto as margin in place of fiat.

Since Bybit supports USD Tether, traders may also trade perpetual USDT pairings, where USDT is placed as margin.

Inverse Perpetuals

Pairings available to trade by way of inverse perpetuals include BTCUSD, ETHUSD, EOSUSD, and XRPUSD.

Traders may “Buy/long” or “Sell/Short” the pairings on offer by way of limit, market, or conditional orders.

To place an inverse perpetual trade, go to the “Derivatives” dropdown menu and select “Inverse Perpetual” pairing you wish to trade.

• Choose your order type, either Limit, Market, or Conditional.
• Enter the quantity you wish to trade in US Dollar.
• If you wish to include take profit and/or stop loss conditions.

Select the Buy Long with TP/SL and/or Sell Short with TP/SL.

Enter your take profit and/or stop loss price in USD.

From the dropdown menu select either last traded price, index price, or mark price.

• Click the Buy/Long or Sell/Short icon to complete the trade.

Once you have placed the trade, the trade details will appear under the positions section of the page.

USDT Perpetuals

Pairings available for USDT perpetual trading include BTCUSDT, ETHUSDT, BNBUSDT, ADAUSDT, DOGEUSDT, XRPUSDT, DOTUSDT, UNIUSDT, BCHUSDT, LTCUSDT, SOLUSDT, LINKUSDT, MATICUSDT, ETCUSDT, FILUSDT, EOSUSDT, AAVEUSDT, XTZUSDT, SUSHIUSDT, and XEMUSDT.

Traders may “Buy/Long” or “Sell/Short” the pairings on offer by way of limit, market, or conditional orders.

In order to execute a USDT perpetual trade, go to the Derivatives dropdown menu and select USDT perpetual and the pairing that you wish to trade.

• Choose your order type, either Limit, Market, or Conditional.
• Enter the quantity you wish to trade in US Dollar.
• If you wish to include take profit and/or stop loss conditions.

Select the Buy Long with TP/SL or Sell Short with TP/SL.

Enter your take profit and/or stop loss price in USD.

From the dropdown menu select either last traded price, index price, or mark price.

• Click the Buy/Long or Sell/Short icon to complete the trade.

Once you have placed the trade, the trade details will appear under the positions section of the page.

Inverse Futures

Pairings available for inverse futures trading include BTCUSD and ETHUSD pairings. As these are not perpetual products, each pairing will have an expiration date.

In order to execute an inverse futures trade, go to the Derivatives dropdown menu and select inverse futures and the pairing that you wish to trade.

• Choose your order type, either Limit, Market, or Conditional.
• Enter the quantity you wish to trade in US Dollar.
• If you wish to include take profit and/or stop loss conditions.

Select the Buy Long with TP/SL or Sell Short with TP/SL.

Enter your take profit and/or stop loss price in USD.

From the dropdown menu select either last traded price, index price, or mark price.

Click the Buy/Long or Sell/Short icon to complete the trade.

Once you have placed the trade, the trade details will appear under the positions section of the page.

Credit/Debit Card Crypto Purchases

In order to purchase crypto, go to the “Buy Crypto” page.

Here, users may purchase crypto via the “Fiat Gateway”.

To purchase crypto via the “Fiat Gateway”:

• Select the amount that you wish to pay, in your preferred fiat currency. (All major fiat currencies are supported).
• You will then see that the “Service Providers” section is updated with the platforms offering the purchase request made.
• Select your preferred purchase offering by clicking “Buy”. In the case of Simplex, you will need to obtain a quote before proceeding.

For demonstrative purposes, click on the “Quote” icon under Simplex.

• Enter your wallet address into which you want your coins deposited.
• Adjust the purchase amount in US Dollars or crypto equivalent and then click “Continue”

• You are then redirected to the Simplex page, where you will need to complete your credit card and personal information to complete the purchase.
• Once your crypt wallet has been credited with your newly purchase crypto, you can make a wallet-to-wallet transfer and begin trading on the Bybit platform.

Key features of the Bybit platform

Trading Features

Spot: Offers users the ability to trade crypto/USDT parings. Order types available include Limit, Market, and Conditional.

Inverse Perpetual: Supports the trading of crypto either long or short via the derivatives trading platform. Traders can trade with up to 100x leverage with BTC. As a perpetual product, there are no expiry dates. The inverse component requires traders to place the underlying crypto as margin.

USDT Perpetual: Supports the trading of crypto/USDT pairings with gearing. As a perpetual product offering, there are no expiration dates. Traders may trade with a maximum leverage of 50x.

Inverse Futures: Supports the trading of crypto/USD pairings with gearing. The futures products are not perpetual and, therefore, have expiration dates. Currently, Bybit offers BTCUSD and ETHUSD pairings. Maximum gearing is set at 50x.

Credit / debit card purchases: Users may also purchase crypto by credit / debit card via the “Buy Crypto” page and have purchased crypto deposited to a specified wallet address.

Tracking Options

Orders: Traders may view a detailed breakdown of order Histories via the “Order” page located under the user account dropdown menu.

Positions: Additionally, traders may view their respective positions across the different products on each individual trading interface.

Balances: Users may view their respective wallet balances on the “Assets” page. Traders may view individual wallet balances for spot and derivatives accounts. Additionally, users are provided with total equity, P&L, and available balance.

Earning Options

Referral Programs: Bybit rewards users and their respective referees with $20 bonuses in USDT. Referees need to meet the minimum trading volume of $1,000 for USDT Perpetual and Inverse Contracts to qualify. Bybit also offers additional earnings as new milestones are hit. Please refer to the Referral Program page for more details.

Communication

SUPPORT: Users are able to contact customer support 24/7, with the Bybit community catering for 13 languages. In order to contact customer support, simply click the “Support” icon located at the bottom right-hand-side of the Bybit page. Here, users may search a comprehensive help section or speak to customer support via “Live Chat”.

Social Network Platforms: Bybit has a presence on YouTube, Twitter, LinkedIn, Instagram, and Facebook.

Privacy and Security

Bybit provides traders and investors with multiple security layers.

2-Factor Authentication (2FA): Users need to enable 2FA in order to make withdrawals, reset passwords, change security settings, and for API management verification. Once enabled, users will also need 2FA in order to login.

Email Authentication: Email is needed for login, withdrawal, and password reset. Once linked, the email cannot be changed.

SMS Authentication: Users may also include SMS Authentication for login, password reset, and change of security settings.

Account Activity: Additionally, users may view account activity via the Account & Security section located under the account dropdown menu.

Cold Wallets: Bybit uses a HD cold wallet system that guarantees the safety of client funds.

Customer Support

Bybit provides 24/7 customer support through multiple channels.

Users may contact customer support via live chat or by submitting a request. There is also a Bybit chatroom, where users may link up with other members of the Bybit network.

A dedicated Learn page, where users have access to the Bybit Help Centre, Bybit Learn, and Blog, also gives users all the necessary material to navigate the platform.

Social Media: Bybit also has a social media presence.

– Facebook: https://www.facebook.com/Bybit/

– Twitter: https://twitter.com/Bybit_Official

– Instagram: https://www.instagram.com/bybit_official

– YouTube: https://www.youtube.com/channel/UC4oGSk21Cgyuybxj_gVqNDQ

Additional Information

FAQ

Some of the more frequently asked questions include:

When does Bybit process withdrawal requests?

Bybit processes and review all withdrawal requests at 3 fixed time intervals at 0800, 1600 and 0000 UTC.

Why does Bybit not support immediate withdrawals? Instead, why must all withdrawals go through a manual reviewing process? 

100% of our clients’ assets are stored in Bybit’s multi-signature cold wallet. A multi-signature cold wallet is an offline cold wallet and requires at least 2 out of 3 authorizations before the releasing of any funds, ensuring maximum asset security. As such, all our clients are required to submit a manual withdrawal request and subject it to a stringent withdrawal request processing happening at 3 designated timings (0000, 0800 and 1600 UTC).

Who is considered a qualified referee?

A new user who registers on Bybit with your referral code, makes a deposit, and makes at least one trade on the BTCUSD Inverse Perpetual Contracts on or after 10:00:00 UTC, January 7, 2021.

Conclusion

Founded in 2018 and headquartered in Singapore, Bybit has more than 2 million registered users.

Ranked top 4 for 24-hours trading volume of crypto futures contracts, Bybit delivers amongst the most liquid platforms in the market.

With no server downtime, 99.99% system functionality, and a high emphasis on security, Bybit delivers a user-friendly platform for crypto traders.

With the new spot trading platform now available, together with the ability to trade long and short via derivatives, Bybit delivers a platform where traders can take full advantage of the volatile crypto market.