Bybit Exchange Review: Unlocking Trading Potential

If you are looking for new ways to earn money and want to plunge into the world of Fyptocurrencies, then you need to choose a reliable exchange. To do this, you need to consider important characteristics to find a platform that suits your personal desires and needs. These aspects include fees, supported cryptocurrencies, security, etc. Next, you will learn what Bybit is, its advantages and disadvantages, basic terms, features, and much more.

Bybit is a cryptocurrency exchange platform that offers a wide range of financial products. The main focus is on derivatives trading, as well as perpetual and inverse futures contracts and options settled in US dollars.

Overview of the Bybit platform and services

Bybit offers a wide range of cryptocurrency assets and services:

• Investing in cryptocurrencies.
• Cryptocurrency trading.
• A feature to copy trades of the best cryptocurrency traders.
• The spot market, futures market, and the recently added USDC options market.
• P2P platform for trading without intermediaries.
• Bybit earn program to get interest from crypto assets.
• Leveraged trading.

Bybit currently offers two types of derivative contracts:

1. USDT perpetual contract: The margin used is USDT and is a linear contract. We recommend using this one for beginners if you are trading BTCUSD.
2. Inverse Perpetual Contract: An inverse contract means that if a trader wants to trade a BTC/ETH/XRP/EOS contract, the underlying cryptocurrency must be used as a margin to trade the respective contract.

Characteristics

The Bybit trading terminal is intuitive, powerful and reliable in its features. Offers many advanced features. For example, with one click you can convert a long position to a short position or vice versa. Bybit supports 24 major cryptocurrencies for trading, including BTC, ETH, BNB, SUSHI, DOGE, USDT and many more. For simplicity and convenience, USDT perpetual trading has been introduced, where profits and losses are calculated in USDT. Bybit accepts up to 55 fiat currencies and over 527 payment methods, including credit cards, debit cards and more. The platform offers up to 100X leverage, which is the amount of funds you can borrow from the exchange. For example, if you open a position worth $200 and use 50X leverage, you will be able to trade a contract worth $10,000.

Bybit offers trading that combines innovation and accessibility for every trader. A wide range of trading options are offered, including perpetual contracts, futures trading and spot trading. The platform provides advanced trading tools and customizable charts that allow you to conduct in-depth market analysis and make informed trading decisions. Bybit offers competitive fees, transparent pricing and lightning-fast execution, thereby ensuring a smooth and efficient trading experience. Below we will look at some types of trading within separate sections.

Spot trading

Spot trading from Bybit offers a hassle-free and intuitive user experience. Whether the goal is to build a portfolio or make a quick trade, Bybit spot trading provides instant access to a wide range of digital assets.

Margin trading Bybit

Bybit offers the opportunity to participate in margin trading. Bybit provides flexibility and control, allowing trade with confidence and accuracy, thanks to customizable leverage options, robust risk management tools and fast order execution.

Derivatives market

Bybit Derivatives Market has been thoroughly developed, because initially the platform specialized in derivatives trading, and only then the spot market was integrated into it.

Copy trading

Copy trading on Bybit allows you to copy the trading strategies of experienced traders, potentially taking advantage of market opportunities with less risk. This feature allows you to browse through a selection of experienced traders, evaluate their performance and trading history, and then decide to follow them.

Advantages

Disadvantages

A smart trading system that sends you strategy alerts and also allows you to set take profit/stop loss when registering an account;Latest generation pricing system. The dual pricing mechanism guarantees the correctness of calculations;It has its own convenient and intuitive trading platform;Offers a combination of futures and perpetual contracts trading;It has a minimum entry threshold (the cost of the BTC/USD futures contract is 1 US dollar);Supports the possibility of opening long and short positions and performs appropriate recalculation;Cold Bybit Wallet. It is important to store cryptocurrencies in a secure wallet;Significant market depth. By placing a trade on Bybit, you guarantee that you will have little to no impact on the price;System functionality is at 99.99%. The platform is available at almost any time.

Only available in some countries;Risks for beginners when using long leverage.

Bybit is a secure platform. The only caveat is that it is not regulated, so there is always a risk, which is the norm with all cryptocurrency derivatives exchanges. Bybit works closely with regulatory authorities in a number of countries and complies with local laws. A huge list of banned countries cannot use Bybit’s services. When users from the US, UK or other unauthorized countries visit the platform, they are not allowed to register, which is a good sign for Bybit as they strive to comply with the local laws of various countries fully.

If your country is on the list of approved countries, you must comply with local laws. For example, you must file a tax return and declare your income from activities on Bybit. For the most secure experience, enable two-factor authentication and use a strong password. And only trade the amount of money you are willing to lose.

Understanding Bybit’s fee structure and trading costs

Bybit trading fees vary depending on your membership level and type of trading. Contract trading fees range from 0.06% to 0.01% for takers and 0.01% to 0.00% for makers. Spot trading fees range from 0.10% to 0.02% for takers and 0.10% to 0.00% for makers.

For contracts or derivatives, non-VIP Bybit traders pay a fee of 0.06% for takers and 0.01% for makers. At the highest level of membership, this figure drops to 0.03% and 0% respectively. The table shows all 7 levels of membership with commissions:

	SPOT trading		Perpetual and futures trading
	Taker fee (%)	Maker fee (%)	Taker fee (%)	Maker fee (%)
Non VIP	0.1	0.1	0.06	0.01
VIP 1	0.06	0.04	0.05	0.006
VIP 2	0.05	0.02	0.045	0.004
VIP 3	0.04	0.01	0.0425	0.002
PRO 1	0.03	0	0.04	0
PRO 2	0.025	0	0.035	0
PRO 3	0.02	0	0.03	0

Commission for withdrawal of funds

Bybit withdrawal fees are minimal and you will only pay blockchain fees. Withdrawals can take anywhere from 2 minutes to an hour. Bybit withdrawal fee breakdown:

	BTC	ETH	XRP	EOS	USDT
Withdrawal rates	0.0005	0.01	0.25	0.1	5

This is the minimum withdrawal limit for supported currencies:

	BTC	ETH	XRP	EOS	USDT
Minimum withdrawal	0.002	0.02	0.2	20	50

1. Visit the Bybit official website.
2. Fill in the “Email” and “Password” fields.
3. The platform will send you a 6-digit security code to the email address you registered on.
4. Verify your identity on the platform to enjoy all Bybit features without restrictions.