Is It a Safe & Legit Exchange?

Thinking about buying Bitcoin or other cryptocurrencies? You’ll need a safe and user-friendly crypto platform to trade them. The Bybit exchange is one of the popular options with over 20 million registered users. In this Bybit review, we’ll break down what Bybit is, its features, and if it’s the right crypto trading platform for you, even if you’re new to the crypto market.

Key Takeaways:

• Bybit is a crypto exchange that offers a trading platform with over 1219 cryptocurrencies and 60+ fiat currencies, accommodating features like derivatives trading with perpetual and futures contracts.
• It employs security measures such as KYC verification, 2FA, and PoR data, ensuring a safe trading environment for its users while complying with regulations in Dubai and Cyprus.
• Bybit offers advanced features like institutional OTC trading services, leveraged tokens, trading bots, and Web3 services.

Bybit Exchange Review: Quick Summary

Type	Cryptocurrency derivatives exchange and leverage trading platform
Founded	2018
Headquarters	Dubai
Available Countries	160+
Supported Coins	1219+ assets and trading pairs
Average Trading Volume	Over $10 billion
Trading Features	Spot Trading, Margin, Perpetual Futures, Trading Bots, Copy Trading, Demo Trading, P2P Trading, etc.
Licenses	Virtual Asset Service Provider in Dubai Regulated by authorities in Cyprus
Funding Methods	Visa and Mastercard, Wire Transfer, third-party payment providers like MoonPay and Mercuryo
Trading Fees	Spot: 0.1% maker/taker Futures: 0.02% maker and 0.055% taker Options: 0.02% maker/taker
Deposit and Withdrawal	Zero deposit fees and withdrawal fees depend on the network
Staking and Earn Products	Bybit Savings, Crypto loans, Dual Investment, Shark Fin, and Launchpool
Security Measures	2FA, cold storage, PoR data, anti-phishing code, withdrawal address whitelisting, SSL, mandatory KYC, and more
Customer Service	Live chat, support forum, support ticket system
Mobile App	Yes (Android and iOS)

What is Bybit?

Bybit is a global cryptocurrency exchange established in 2018. Headquartered in Dubai, it offers a comprehensive trading platform for both beginners and experienced crypto enthusiasts. While not yet fully licensed, Bybit has been granted an “in-principle” license as a Virtual Asset Service Provider in Dubai and is regulated by authorities in Cyprus.

The platform has an extensive list of 1219+ spot cryptocurrencies and 60+ fiat currencies available for trading. While Bybit itself doesn’t have a native token, it uses the MANTLE token for the ecosystem’s utility and functionality. Bybit caters to diverse trading styles by offering various products beyond just spot trading. You can engage in derivatives trading through perpetual and futures contracts and for those seeking more defined risk profiles, Bybit also offers options contracts.

The platform offers a straightforward interface and educational resources to help newcomers navigate the world of cryptocurrency trading. However, to comply with global regulations, Bybit requires all users to complete KYC (Know Your Customer) and AML (Anti-Money Laundering) verification. Additionally, Bybit utilizes multi-signature wallets for added security and maintains an insurance fund to provide a safety net in unforeseen circumstances.

Pros of Bybit

• Over 1219 tradable digital assets including many altcoins and new projects
• It claimed 99.99% system uptime, perfect for high-frequency traders relying on minimal downtime
• Up to 125x leverage on popular coins like BTC and ETH
• Competitive trading fees aligned with the industry average
• Handle up to 100,000 transactions per second with zero price slippage

Cons of Bybit

• Not available in the U.S., the United Kingdom, Canada, and more
• Limited fiat-off-ramp options

Bybit Fees

Bybit Spot Trading Fees

Bybit employs a tiered fee structure for spot trading, distinguishing between market makers and takers. 

Market makers, who add liquidity to the order book by placing limit orders, are incentivized with lower fees compared to market takers, who remove liquidity by fulfilling existing orders. 

The Bybit spot trading fee for non-VIP users is 0.1% for both makers and takers. However, it offers progressively lower fees for traders who achieve higher VIP tiers based on your asset balance or last 30-day trading volume. 

Tier	Asset Value	30-Day Spot Trading Volume	Maker Fees	Taker Fees
VIP 0	–	–	0.1%	0.1%
VIP 1	≥ 100K	≥ 1M	0.0675%	0.08%
VIP 2	≥ 250K	≥ 2.5M	0.065%	0.0775%
VIP 3	≥ 200K	≥ 5M	0.0625%	0.075%
VIP 4	≥ 1M	≥ 10M	0.05%	0.06%

Bybit’s fiat-crypto trading pairs (like USDT/EUR) have specific fee structures. For regular users, it starts with 0.15% maker fees and 0.2% taker fees. These fiat-to-crypto pairs also have specific trading fee rebates based on VIP levels. 

For instance, a VIP 3 user with a monthly spot trading volume below $100,000 would enjoy the VIP 3 rates: 0.0750% for taker orders and 0.0625% for maker orders.

Please check out the full Bybit spot and fiat-to-crypto pairs fees here.

Bybit Institutional Services Fees

There are also Bybit institutional services fees. For the Spot Market, the PRO-1 tier applies to those with a trading volume between 6 to 8 million USD. The taker fee is 0.04%, and the maker fee is 0.015%. 

The PRO-2 tier applies to those with a trading volume between 8 to 10 million USD. The taker fee is 0.035%, and the maker fee is 0.0125%.

Bybit Futures Trading Fees

Similar to spot trading fees, Bybit’s futures trading fee structure also incorporates two key components: a maker fee and a taker fee. The base futures fees start with 0.02% maker and 0.055% taker. Notably, the specific fee rate applicable to a user’s account depends on their VIP level, with higher VIP tiers enjoying progressively lower fees. 

It’s important to remember that Bybit may charge a separate settlement fee of 0.05% on all futures contracts upon expiration.

Tier	Asset Value	30-Day Futures Trading Volume	Maker Fees	Taker Fees
VIP 0	–	–	0.02%	0.055%
VIP 1	≥ 100K	≥ 10M	0.018%	0.04%
VIP 2	≥ 250K	≥ 25M	0.016%	0.0375%
VIP 3	≥ 200K	≥ 50M	0.014%	0.035%
VIP 4	≥ 1M	≥ 100M	0.012%	0.032%

Plus, Bybit also charges USDC options contract fees. The fees are designed to be competitive, offering a minimum rate as low as 0.02% for both maker and taker orders.

Deposit and Withdrawal Fees

Bybit offers a competitive structure for deposits and withdrawals. There are no fees incurred for internal transfers between Bybit accounts or for on-chain cryptocurrency deposits. 

However, for fiat deposits and withdrawals, it relies on third-party payment processors, and any associated fees will be determined by the chosen currency and payment method. These fees are transparently displayed during the order placement process. 

Similarly, Bybit charges a fixed withdrawal fee for on-chain withdrawals of cryptocurrency. The specific fee amount depends on the chosen digital asset and blockchain network. It is important to note that this withdrawal fee is a network fee (or gas fees) levied by the blockchain itself. 

For example, BTC and ETH may have higher withdrawal fees due to network congestion, whereas smaller coins like Solana and AVAX have lower fees. This network fee depends on the underlying tech behind the crypto projects.

Bybit Payment Methods

Bybit facilitates deposits through a diverse range of payment methods, catering to a variety of user preferences. This spectrum of options encompasses widely recognized payment networks like Visa and Mastercard, alongside electronic fund transfers, wire transfers, Google Pay, and Apple Pay. 

Additionally, Bybit fosters collaborations with reputable third-party processors such as Banxa, Xanpool, MoonPay, and Mercuryo to seamlessly integrate fiat currency deposits.

Withdrawal Limits

There are withdrawal limits on the Bybit platform. The limits depend on your VIP level and the type of KYC verification completed.

Unverified users or those with basic email verification can withdraw up to 20,000 USDT daily and 100,000 USDT monthly. They cannot deposit funds and trade on the exchange.

Completing Individual KYC Level 1 significantly increases the daily limit to 1 million USDT, while Level 2 verification allows for even higher daily withdrawals of 2 million USDT. Business KYC offers the most significant allowance, with a daily limit of 4 million USDT. 

Here is the full overview:

Tier	Non-KYC users	KYC users
VIP 0	Daily withdrawal limit ≤ 20K USDT Monthly withdrawal limit ≤ 100K USDT	Daily limit  ≤ 1M USDT
VIP 1	–	Daily limit  ≤ 6M USDT
VIP 2	–	Daily limit  ≤ 8M USDT
VIP 3	–	Daily limit  ≤ 10M USDT

Bybit Exchange Supported Cryptocurrencies

Bybit supports a vast array of coins and tokens. The platform has a selection of 1219 different cryptocurrencies. This extensive variety includes not only popular cryptocurrencies but also many lesser-known and niche-based coins.

Among these, you will find coins related to Artificial Intelligence (AI), Layer 1 and Layer 2 solutions, Real-World Assets (RWAs), Metaverse projects, Non-Fungible Tokens (NFTs), GameFi, and more. Each category serves a unique purpose and appeals to different segments of the crypto community.

Here are some popular coins and tokens supported by Bybit:

Bybit Trading Platform and Products Reviewed

Derivatives Trading

The derivatives market deals in financial contracts whose value is derived from an underlying asset, like a stock, commodity, or in Bybit’s case, cryptocurrency. Bybit offers a robust platform for trading derivatives. 

A popular derivatives product is “Futures Trading”. This involves an agreement to buy or sell a specific asset at a predetermined price on a future date. There are two main types of futures contracts offered on Bybit: Perpetual and Traditional Futures.

Perpetual Futures

These are essentially futures contracts without a fixed expiry date. They are designed to mimic the behavior of the underlying asset but remain open indefinitely. Traders can hold perpetual contracts for as long as they choose, with funding adjustments occurring periodically to maintain price parity with the underlying asset.

On Bybit, there are 387 perpetual contracts available for trading. These contracts allow you to speculate on the price of various cryptocurrencies with up to 125x leverage. 

There are three types of perpetual contracts on Bybit:

• USDT-settled contracts: These contracts are settled in Tether (USDT), a stablecoin pegged to the US dollar. This allows traders to avoid price fluctuations associated with other cryptocurrencies while still speculating on the underlying crypto asset. (Example: BTC/USDT – This contract allows you to speculate on the future price of Bitcoin, settled in USDT).
• USDC-settled contracts: These contracts use USDC (USD Coin) for settlement. An example would be an ETH/USDC contract, where you use USDC to trade Ethereum.
• Coin-settled contracts: The contracts are settled in the underlying cryptocurrency itself. This offers a more traditional futures trading experience but exposes traders to price fluctuations of both the underlying asset and the settlement currency (Example: BTC/ETH – contract would use Bitcoin to trade Ethereum).

Traditional Futures

Unlike perpetual contracts, traditional futures have a set expiry date. Bybit offers these contracts with weekly, monthly, and quarterly expirations, allowing traders to speculate on price movements within a defined timeframe.

They come in two types: USDC-settled contracts and Coin-settled contracts

Bybit Order Types

In futures trading on Bybit, various order types are available to enhance trading strategies beyond basic market and limit orders. Here are some advanced order types:

• Chase Limit Order: This order type automatically adjusts the limit price to chase the best available price within a specified range. It’s ideal for capturing profitable entry points in a volatile market.
• OCO Order (One-Cancels-the-Other): This pairs two conditional orders, a stop-loss and a take-profit order. When one order is filled, the other is automatically canceled, safeguarding your position from excessive losses while locking in profits.
• TWAP (Time-Weighted Average Price): It spreads out a large order into smaller ones over a specified period, aiming to achieve the average price over time.
• Iceberg Order: This order hides the true order size by breaking it into smaller visible orders. Only a small portion of the total order is shown in the order book, which is useful for large trades to avoid significant market impact.
• Scaled Order: You can place multiple limit orders at different price levels. It helps in executing a strategy that involves buying or selling at various prices. The approach aims to improve order execution by mitigating the impact of sudden market movements.
• Webhook Signal Trading: Bybit’s innovative webhook functionality allows traders to integrate automated trading strategies with external platforms like “TradingView”. This enables algorithmic trading based on pre-defined parameters and signals.

Options Contracts

Options contracts grant you the right, but not the obligation, to buy (call option) or sell (put option) a specific digital asset at a preset price (strike price) by a certain expiry date.

While Bybit doesn’t offer options on every cryptocurrency available for futures trading, they currently support options contracts for three major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Similar to USDC-settled perpetual contracts, Bybit options are also settled in USDC.

Margin Trading

Bybit offers spot margin trading, where you can borrow funds from the exchange to invest in coins, with up to 5x leverage. By providing crypto assets as collateral, you can borrow additional funds from Bybit. These borrowed funds can then be used to open positions exceeding your current account balance. You also need to pay the hourly interest rates.

It allows you to take long positions (buying an asset with the expectation its price will increase) or short positions (selling a borrowed asset with the expectation its price will decrease) on various cryptocurrencies.

Bybit employs a concept known as Maintenance Margin Ratio (MMR). This ratio represents the minimum equity value a trader must maintain relative to their total borrowed position. If the value of a leveraged position falls below the MMR due to adverse market movements, the exchange will initiate a partial or full liquidation to ensure the platform recovers the borrowed funds.

Bybit Copy Trading

Bybit copy trading operates on a follower-master trader structure. Master traders, recognized for their expertise and successful strategies, can share their trades with followers. Followers, on the other hand, can elect to replicate the actions of these master traders within their own accounts. 

Bybit’s copy trading platform prioritizes transparency, allowing followers to easily evaluate master traders’ performance before committing funds. Followers are granted access to historical data like:

• 7-day, 30-day, and 90-day ROI
• Win rate
• Stability Index
• AUM
• Master’s PnL
• Followers PnL
• Avg. PnL per Trade
• ROI Volatility
• Profit-to-Loss Ratio

And more!

The platform incorporates a profit-sharing mechanism, incentivizing both parties. Master traders are rewarded with a portion of the profits generated by their followers. This can be up to 15% of copier profit.

Instant Convert

Bybit’s “Convert” feature offers a cost-effective solution for cryptocurrency traders seeking to exchange their digital assets. This functionality allows you to swiftly convert between various cryptocurrencies supported on their Bybit Spot, Funding, Derivatives, Inverse Derivatives, or Unified Trading Accounts, all without incurring any transaction fees.

It supports both crypto-to-crypto conversion and fiat-to-crypto conversion. You can easily convert USDT to BTC or BTC to EUR without conversion fees. 

Zero Fees P2P Trading

Bybit’s P2P trading platform facilitates a direct peer-to-peer (P2P) marketplace for you to buy and sell cryptocurrencies using your local fiat currency. This system eliminates the middleman, allowing you to negotiate and agree upon the exchange rate directly with your counterparty. Bybit steps in to ensure a secure and transparent transaction process through a well-established “escrow system”.

Here’s how it works: 

Bybit boasts an extensive selection of over 60 fiat currencies and a staggering 570+ payment methods, catering to your diverse global needs. 

Some of the popular P2P payment methods are: 

• Wise
• Revolut
• Bank Transfer
• AirTM
• Apple Pay
• SEPA

And even physical cash payments.

When you place an order, whether buying or selling, Bybit securely holds the designated cryptocurrency in escrow. This essentially means Bybit acts as a trusted custodian, ensuring the crypto remains inaccessible until you fulfill your payment obligation.

For you as a buyer, the process is streamlined. You browse advertisements posted by sellers, selecting one that offers the desired cryptocurrency, price, and payment method. 

Once you confirm the order details, Bybit locks the corresponding amount of cryptocurrency in escrow. You then proceed to make the payment directly to the seller using the chosen payment method. After the seller confirms receipt of the full payment, Bybit releases the cryptocurrency from escrow and transfers it to your Bybit wallet. Sellers enjoy a similar level of security.

In the Bybit P2P market, only 4 cryptocurrencies are supported:

One-Click Buy

One-Click Buy supports an extensive selection of over 65 fiat currencies and 100+ coins and tokens. This includes major global denominations like USD, EUR, INR, and GBP.

In terms of payment methods, Bybit offers a multitude of options to cater to individual preferences and regional availability. Users can leverage traditional channels like bank transfers, with support for networks such as SEPA and FPS, ensuring smooth and familiar transactions. 

Alternatively, for those seeking more immediate purchases, credit and debit cards from Visa and Mastercard are accepted. Bybit also integrates with third-party payment processors.

Institutional Trading (OTC Marketplace)

Bybit offers a robust institutional service suite designed to the specific needs of professional investors and hedge funds. This program prioritizes features that enhance efficiency, security, and control over large-scale cryptocurrency transactions.

By integrating directly with Bybit’s deep order book, institutions can leverage superior liquidity with good market depth, ensuring a fair trading environment of even the most sizable trades with minimal market impact. 

The platform includes Over-The-Counter (OTC) trading. This facilitates large block trades directly between Bybit and the institution, ensuring complete confidentiality and bypassing the public order book. 

Additionally, Bybit’s Institutional program removes pre-set trading limits, allowing institutions to customize order sizes to their specific requirements. You can perform up to $10M worth single trade. There is also “Pre-market trading”. It is tailored for trading new tokens before their official listing.

Automated Trading Bots

Bybit trading bots are software programs designed to execute buy and sell orders according to predetermined trading strategies.

The primary types of crypto trading bots available on Bybit include the spot grid, futures grid, futures martingale, and DCA bots.

• Spot Grid: This strategy involves placing a series of buy and sell orders at specific price intervals within a defined range. As the price fluctuates within this range, the bot automatically executes trades, buying at lower prices and selling at higher prices.
• Futures Grid: Similar to the spot grid, the futures grid bot operates with leverage.
• Futures Martingale: The martingale approach involves doubling down on losing bets with the assumption that the price will eventually reverse and recoup previous losses.
• DCA (Dollar-Cost Averaging): It is a conservative strategy that involves regularly investing a fixed amount of money into a particular asset, regardless of its price.

Bybit ETP (Leveraged Tokens)

Bybit Exchange-Traded Product (ETP) allows you to gain higher profits from price movements without needing to manage leverage manually.

For example, you believe the price of Bitcoin (BTC) will go up. Bybit’s Leveraged Tokens, like BTC3L, can magnify your potential gains. BTC3L is a token designed to mimic a 3x rise in the price of Bitcoin. So, if Bitcoin increases by 10%, BTC3L should theoretically increase by 30%. This amplification can lead to bigger profits if your prediction is correct.

Bybit’s ETPs have a concept called Net Asset Value (NAV). It represents the theoretical value of the token based on the underlying perpetual contracts. The NAV should ideally move in line with the price of the underlying asset.

Bybit Spot X Review

Bybit Spot X is a user-friendly platform designed to help you participate in new cryptocurrency projects. It acts as a central hub, bringing together all of Bybit’s latest Spot listings through various engaging events.

• ByStarter: This program gives you a head start on participating in innovative Web3 projects. ByStarter can connect you with the cutting-edge developments in this crypto market.
• Launchpad: Ever wished you could get in on the ground floor of a promising new cryptocurrency? Launchpad allows you to do just that. It provides early access to new tokens before they are widely available.
• ByVotes: Bybit empowers you to influence which projects get listed on the platform. Through ByVotes, you can cast your vote for the cryptocurrencies you’d like to see Bybit offer.
• Launchpool: It allows you to stake your existing cryptocurrency and receive rewards in the form of new tokens being launched on the platform.

Bybit Earn Products Explained

Bybit Earn is a service that helps you make money with your crypto HODLings. Bybit offers several ways to grow your earnings. These include Fixed and Flexible Staking, Structured Products, Crypto Loans, and the Bybit Debit Card. 

Here is a simple explanation of each product –

• Fixed/Flexible Staking: With Fixed Staking, you lock your crypto for a set time and earn a fixed interest rate. You cannot withdraw your crypto until the period ends, but this option usually gives you higher rewards. With Flexible Staking, you can withdraw your crypto anytime and earn a variable interest rate. You can earn up to 10% APR with flexible savings.
• Bybit Structured Products: They help you maximize your earnings in different market conditions. Bybit offers a range of these products. One example is Dual Asset Investment, which allows you to earn from two different assets. You deposit one asset and earn interest based on the performance of two assets. Another example is Shark Fin, which gives you a higher return if the asset price stays within a certain range. It is called Shark Fin because the payoff diagram looks like a shark’s fin.
• Crypto Loans: It allows you to borrow money using your crypto as collateral. Bybit charges interest on the loan up to 8% annually, but it can be a good way to access cash without selling your crypto.
• Bybit Card: It is a Debit Card that links to your crypto account. You can use this card to make everyday purchases, allowing you to spend your crypto easily. The card is currently available in the AUS and EEA regions.

Bybit Web3 Platform

With the Bybit Web3 portal, you can buy, sell, and trade over 10,000 different cryptocurrencies on more than 20 blockchains. It also offers Initial DEX Offerings (IDO) so you can get in on the ground floor of promising ventures.

Bybit Web3 isn’t just about buying and selling. You can also earn rewards. Participate in airdrop events to win free crypto or stake your assets (on-chain staking) to earn up to 30% annual percentage yield (APY).

It also has a user-friendly NFT platform. Here, you can explore and browse thousands of unique digital collectibles built on the Ethereum blockchain, all from one convenient location. They’re even working on adding more blockchains like Bitcoin (BTC) and Solana (SOL) in the future, giving you an even wider variety to choose from.

Is Bybit Safe Crypto Exchange?

Yes, Bybit takes user security seriously and employs a multi-layered approach to safeguard your account and assets:

• Login Security: Bybit uses strong login protocols that include human-computer checks, two-factor authentication (2FA), and hardware authentication options. It allows the use of physical security keys like YubiKey for even more protection.
• Triple Layer Asset Protection: It stores user funds offline in secure cold wallets. The exchange also utilizes a multi-signature system, requiring multiple approvals for any fund movement, further enhancing security. It uses a combination of multi-signature, Trusted Execution Environment (TEE), and Threshold Signature Schemes (TSS).
• Anti-phishing code: The exchange combats phishing emails by including unique anti-phishing codes in all legitimate Bybit emails. If an email claiming to be from Bybit lacks this code, it’s likely a phishing attempt designed to steal your login credentials.
• Withdrawal address whitelisting: A security feature that allows you to pre-approve specific cryptocurrency addresses for receiving withdrawals. Any attempt to withdraw funds to an unapproved address will be blocked.
• Proof-of-Reserves (PoR): These independent audits verify that Bybit actually holds the cryptocurrency it claims to have in reserve. According to on-chain data, it currently holds over $9 billion in user assets.

Bybit KYC Requirements

Bybit offers higher security and withdrawal limits (as discussed above) through a step-by-step Know Your Customer (KYC) verification process. 

The system uses different ways to check your identity. Bybit asks for official papers like government IDs, proof of where you live (bank statements or utility bills), and facial recognition scans. Basically, the more information you give, the more you can withdraw.

The table below shows the different KYC verification levels on Bybit:

KYC Level	User Action	Document Verification	Limits
Level 0	Sign up	–	Daily ≤ 20,000 USDT, Monthly ≤ 100,000 USDT
Level 1	Upload ID/Passport & Facial Scan	ID authenticity & facial recognition	Daily ≤ 1,000,000 USDT, No Monthly Limit
Level 2	Proof of Residency	Proof of address (bank statement or utility bill)	Daily ≤ 2,000,000 USDT, No Monthly Limit

Is the Bybit Mobile App Available?

Bybit mobile app offers a user-friendly and feature-rich platform for buying, selling, and trading cryptocurrencies on the go. The app offers easy access to Spot and Derivatives markets. 

The app also allows for seamless deposits and transfers using multiple cryptocurrencies and even fiat currencies. The app also integrates with Bybit Web3, enabling you to interact with the decentralized finance (DeFi) ecosystem, including accessing DeFi applications (dApps) and non-fungible tokens (NFTs).

The Bybit app is available for both Android and iOS devices. It receives some good user ratings with 4.6/5 on the Play Store and 4.7/5 on the App Store. 

Does Bybit Offer Customer Support?

Bybit offers customer support to its users through multiple channels, aiming to assist 24/7. The Help Center serves as a self-service knowledge base. It includes a comprehensive collection of articles, FAQs, and guides covering various topics related to the platform, trading functionalities, account management, and security. 

For real-time assistance, Bybit offers a live chat feature. This allows you to connect directly with a customer support representative and have your questions addressed conversationally. The live chat functionality is accessible from the Bybit website

Bybit also provides a support ticket system. You can submit a detailed request outlining your issue and any relevant information. This option is suitable for complex inquiries that require a more thorough investigation or specific documentation. You can also email your queries to [email protected].

Bybit Account Registration: How to get Started?

Step 1: Creating an Account

To begin your journey with Bybit, the first step is creating an account. This process is quick and hassle-free. Simply visit the Bybit website and click on the “Sign Up” button. You’ll be prompted to provide basic information such as your email address and password. Once completed, your account will be created, granting you access to the platform.

Step 2: Completing KYC (Know Your Customer)

After creating your account, the next step is to complete the KYC process. Go to the profile section and click on “Account & Security”. Now, click on “identity verification”. To complete KYC, you’ll need to provide valid identification documents such as a passport or driver’s license.

Step 3: Depositing Funds

Bybit supports various cryptocurrencies for deposit, including Bitcoin, Ethereum, and more. To deposit funds, navigate to the “Assets” section of the platform and select “Deposit”. You’ll be provided with a unique deposit address for the cryptocurrency of your choice. 

Simply transfer the desired amount of funds to this address, and your account balance will be updated accordingly. You can also deposit currencies like USD, EUR, and INR through P2P trading or the one-click buy section (as discussed above).

Step 4: Trading Crypto on Bybit

To initiate a trade, navigate to the “Markets” section of the platform and select the trading pair you wish to trade. You can choose from a variety of trading pairs, including BTC/USD, ETH/USD, and more. 

Enter the desired trade details, such as the amount and price, and confirm your trade. The exchange provides real-time market data and advanced trading tools to help you.

Bybit Alternative Crypto Exchanges

Some of the best Bybit alternative cryptocurrency exchanges are Binance and MEXC.

Features	Bybit	MEXC	Binance
Launched Date	2018	2018	2017
Best for	Derivatives trading	No-KYC altcoin trading	High volume and liquidity
Trading Features	Spot, futures, margin, options, copy trading, bots, and more	Spot and futures trading	Spot, futures, margin, copy trading, bots, and more
Staking Services	✓	✓	✓
Solvent (PoR)	✓	✓	✓
Maximum Leverage	125x	200x	125x
Web3 Ecosystem	✓	✗	✓
Supported coins	1219+	2300+	381+
Trading fees	0.1% maker/taker	0% maker and 0.1% taker	0.1% maker/taker
US presence	✗	✗	Separate platform Binance U.S. available

If you looking for other crypto exchanges, you can also check out our detailed guide on OKX review and Bitget review.

Final Thoughts: Is it Legit?

To conclude our Bybit review, it is the best and most legitimate crypto trading platform to buy and sell digital currencies, like Bitcoin, for beginners and experts alike. They have many different supported cryptocurrencies to choose from and ways to trade, including leverage trading, spot, and futures contracts.

While regulatory restrictions limit access for some countries like the United States and Canada, Bybit prioritizes security with stringent measures like multi-layer asset protection and regular audits, instilling trust among its users. Overall, the Bybit exchange is a good choice for people who want to buy and sell digital assets easily and safely.

Bybit Review: FAQs

Who is the CEO of Bybit?

Bybit is led by Ben Zhou, who co-founded the company and currently serves as its CEO. Prior to Bybit, Zhou’s experience lies in the traditional finance sector. Between 2010 and 2017, he held the position of Chinese General Manager at XM, a company specializing in foreign exchange and CFD trading.

Can I trust Bybit with my cryptocurrency holdings?

Yes, you can trust Bybit with your crypto holdings. Bybit takes user security seriously and employs various measures to safeguard your account and assets. 

These measures include strong login protocols, multi-layer asset protection, anti-phishing codes, withdrawal address whitelisting, and regular Proof-of-Reserves audits to verify the cryptocurrency reserves held by the exchange.

Are US citizens allowed to trade on Bybit?

No, US citizens are not allowed to trade on Bybit. It is not available in the United States due to regulatory restrictions. However, you can still use Bybit Web3 services as a US customer.

Does Bybit offer leverage trading?

Yes, Bybit offers leverage trading. Users can trade with leverage of up to 125x on popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). It offers a comprehensive leverage trading market including perpetual futures trading and margin trading.