What is Bybit?
Bybit was established in March 2018 and is currently the most famous cryptocurrency exchange for derivatives trading. Bybit has come a long way since its establishment.
Initially, the platform did not gain as much popularity at the time of its establishment due to the presence of BitMEX. Nevertheless, Bybit has continued to evolve to provide the most user-friendly interface to its users and has been recognized for its reliability, evidenced by its lack of a single incident or accident during the four-year service period. As a result of such efforts, more than 6 million users around the world now have subscribed to the service.
Here are some basic information, advantages and disadvantages, and special features of Bybit, one of the most beloved international exchanges by people all over the world.
Is Bybit safe?
Yes, it’s safe. Bybit uses offline cold wallets to defend users’ cryptocurrency assets against hacking. Users also set passwords that vary in real-time through the dual authentication system. This system defends against third-party hacking to ensure safer financial transactions.
Pros and Cons of Bybit
Pros ๐
- One of the most user-friendly interfaces
- Affordable cryptocurrency transaction fees and high discounts % through promotion codes (More about Bybit fees)
- Establishment of a copy-trading system that follows the trades of professional traders (More about Bybit Copy Trading)
- KYC: Ability to conduct leverage derivative trading without identity verification
Cons ๐
- Some cryptocurrencies withdrawal will not be available at all times (for such cases, withdrawals can be made a total of three times a day at 09:00, 17:00, and 01:00)
- Low spot market orders, vulnerable to slippage trading bots
- Bybit is not available for US citizens.
Services Provided by Bybit as of 2023
1. Spot Asset Trading
Bybit first announced the launch of the spot trading platform on August 2020, 2021, and has been providing the highest quality token and coin trading services. Bybit’s motto is
We do our best to make it easy for users to approach their preferred cryptocurrency!
Bybit’s motto
Bybit is constantly striving to evolve into an exchange that fulfills such a motto.
2. Derivative Market Trading
Bybit essentially started its service as a derivative exchange similar to BitMEX. However, unlike other exchanges, Bybit derivatives exchange is famous for not experiencing malfunctions such as exchange server crashes (overload) due to heavy orders. Bybit derivatives exchange provides services ranging from the classic transaction form in the “Inverse Perpetual BTCUSD Futures Contractsโ to the recently trending “USDT Perpetual BTCUSDT Futures Contracts“. An Inverse Perpetual contract refers to a futures transaction with cryptocurrency held as collateral, and a USDT Perpetual contract refers to a futures transaction with Tether as collateral.
Currently, there are 162 virtual currencies available for futures derivative trading services at Bybit. Both short selling and margin buying with leverage are available for the 162 different cryptocurrencies. Major cryptocurrencies include Bitcoin(BTC), Ethereum(ETH), Bitcoin Cash (BCH), Chainlink (LINK), Litecoin (LTC), Tezos (XTZ), Cardano (ADA), Polkadot (DOT), Uni (UNI), Aave (AAVE), Sushiswap (SUSHI), Nem (XEM), Ripple(XRP), and EOS, and Dogecoin (DOGE).
3. NFT Marketplace
The NFT Marketplace on Bybit is a platform for listing and trading non-fungible tokens (NFTs). The marketplace encompasses NFTs used in digital art, collections, game-related products, and metaverse, and its biggest feature is that the current transaction structure is commission-free. Unlike the OpenSea Exchange, Bybit has a more convenient interface and intuitive trading UX as its advantage.
4. Cloud and DeFi Mining
On the Bybit Earn section, the Liquity Mining service offers liquidity pools–it earns yield by adding your coins to the market (known as taking a maker position). It provides a governance token (CRV) for mining through Curve Finance, which is a highly speculative but nonetheless popular investment product.
5. Copy Trading
Bybit copy trading users select a professional trader registered with Bybit, and trades are automatically fulfilled in real time to shadow the professional traderโs cryptocurrency purchases and sales. While the cryptocurrency used in the transaction is kept in the user’s crypto wallet, the trading position is shared through the Bybit copy trading process. Users can see the historical transactions of professional traders, their returns, and winning rates over the past seven days. Consequently, users will be able to directly identify and select the risks, strengths, and weaknesses of the traders.
Professional traders registered with Bybit receive 10% of the net profit from copy trading from users who follow their trades. Up to 500 users can copy one professional trader, and all popular professional traders have already reached their maximum capacity limit.
Bybit Security
Bybit provides security through its dual authentication protection. Users can choose to use Authy, Google Authenticator, or SMS security authentication. Security authentication is required in order to withdraw cryptocurrency. In addition, Bybit stores usersโ assets in an offline cold wallet, rather than a hot wallet with weak security, by connecting the wallet to the Internet. Ultimately, this is a very effective method to prevent hacking.
Can I use Bybit in US?
Bybit is not accessible to US residents due to it hasn’t gained the US government’s regulatory laws on crypto assets. The service-restricted countries are the U.S., Quebec (Canada), Singapore, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan, and Mainland China. Other than the listed regions, Bybit is available all around the world.
Bybit Review
Review and basic information of Bybit are as follows.
Crypto Exchange Basics | Bybit |
---|---|
Official Name | |
Exchange Representative (Founder) | |
Headquarters Location | |
Bybit Launch Date | 1970-01 |
Number of Tradable Crypto Pairs | Pairs |
Weekly Visits | 0 Users |
Overall Rating | โญ / 5.0 |
Bybit Fee 2024
The fees charged to you for transactions at Bybit are as follows.
Maker/Taker Fees | Bybit Transaction Fees |
---|---|
Spot Maker Fee | No Service Provided |
Spot Taker Fee | No Service Provided |
Derivatives Maker Fee | No Service Provided |
Derivatives Taker Fee | No Service Provided |
Bybit Trading Volume
Trading Volumes of Bybit are as follows. (Based on CoinMarketCap 2024-10-15 22:53:23 data)
Trading Volume Items | Bybit Trading Volume |
---|---|
Daily Trading Volume (24h) | 0 KRW |
Weekly Trading Volume (7d) | 0 KRW |
Monthly Trading Volume (30d) | 0 KRW |
Daily Volume Change (24h) | 0.00% |
Weekly Volume Change (7d) | 0.00% |
Monthly Volume Change (30d) | 0.00% |
Communicate with Bybit
You can check exchange's messenger and SNS information in the table below.
Types | URL |
---|---|
๐ฆ Twitter | |
๐บ Messenger |
FAQs
Who founded Bybit exchange?
Bybit was founded in 1970 by .
Where is Bybit located?
Currently, Bybit's headquarters is known to be located in the .
How many cryptocurrencies are tradable on Bybit?
If you join Bybit, you can trade a total of crypto pairs.
How much is Bybit trading fee?
Bybit has a spot maker fee of % and a taker fee of %. On the other hand, the maker fee for futures trading is N/A and the taker fee is N/A. Please note that these fees are for regular users, and the higher your membership level within Bybit, the lower the fees.
How much is Bybit trading volume 24h?
Bybit's trading volume 24h is 0 KRW. Furthermore, the daily trading volume is showing a 0.00% change from the previous day.
How much is Bybit weekly trading volume?
Bybit's weekly trading volume is 0 KRW, with a total of 0 users. Furthermore, Bybit's weekly trading volume is showing a change of 0.00% from the previous week.
How much is Bybit monthly trading volume?
The monthly trading volume of Bybit is 0 KRW. Furthermore, this month's trading volume is showing a change of 0.00% compared to the previous month.