Bybit is one of the most prominent cryptocurrency exchanges in the digital asset space, known for its robust derivatives trading offerings, high leverage options, and user-focused tools. Whether you're a beginner exploring crypto trading or an experienced trader seeking advanced features, this guide breaks down everything you need to know about Bybit — from its core services and fee structure to step-by-step instructions on registration, deposits, withdrawals, and placing trades.
What Is Bybit?
Bybit is a leading cryptocurrency exchange launched in 2018, headquartered in Dubai, UAE. The platform was founded by Ben Zhou and built by a team of financial experts with backgrounds in Forex and fintech, enabling it to deliver a seamless, secure, and feature-rich trading experience.
Bybit specializes in crypto derivatives, offering products such as futures contracts, perpetual swaps, and options with leverage of up to 100x. It supports over 800 digital assets and provides multiple trading formats, including spot, margin, and copy trading.
Beyond trading, Bybit enhances user engagement through tools like TradeGPT, TradingBot, and Copy Trading, allowing users to automate strategies or mirror successful traders. Additionally, Bybit Learn serves as an educational hub offering comprehensive resources on blockchain technology, trading strategies, and market analysis.
Key Facts About Bybit
- Name: Bybit
- Founded: March 2018
- Founder: Ben Zhou
- Headquarters: Dubai, UAE
- Services: Cryptocurrency exchange, derivatives trading, Web3 integration, lending & staking
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Bybit Review: Pros and Cons
Advantages of Using Bybit
- Diverse Product Suite: Offers futures, perpetual contracts, options, margin trading, lending, and borrowing — ideal for active traders.
- High Leverage: Supports up to 100x leverage on derivative products, empowering strategic risk management.
- Low Trading Fees: Competitive rates with maker fees capped at 0.02% and taker fees at 0.055% for derivatives.
- 24/7 Customer Support: Dedicated support team available around the clock via live chat.
- Testnet Environment: Users can practice trading strategies risk-free using the Bybit Testnet.
- Copy Trading & TradeGPT: Enables novice traders to follow top performers and leverage AI-assisted trade insights.
- Bybit Learn: Free educational content covering crypto basics to advanced trading techniques.
- Web3 Integration: Includes a non-custodial wallet (Bybit Wallet), access to decentralized exchanges (e.g., ApeX), and NFT marketplace features.
- Earning Opportunities: Features like Launchpool, Savings, and Liquidity Mining allow users to earn passive income.
Limitations to Consider
- No OTC Desk: Unlike some major exchanges, Bybit does not offer over-the-counter (OTC) trading services.
- Complex Interface: The platform’s design favors experienced traders; beginners may find it overwhelming.
- No Native Exchange Token: Unlike Binance (BNB) or OKX (OKB), Bybit doesn’t have a proprietary token that offers fee discounts or utility benefits.
- Geographic Restrictions: Bybit does not serve users in certain countries including the United States, China, Singapore, Canada, Iran, and North Korea. Check the full list of restricted regions on their official site.
Bybit Fee Structure
Understanding fees is crucial for maximizing profitability. Here's a breakdown of Bybit’s main fee categories:
- Withdrawal Fees: Vary based on blockchain network and token type (reflecting gas costs). No internal transfer fees between accounts on Bybit.
Derivatives Trading Fees:
- Maker: Up to 0.02%
- Taker: Up to 0.055%
Spot Trading Fees:
- Both maker and taker: 0.1%
Options Trading Fees:
- Both maker and taker: 0.03%
Fees may vary depending on your VIP tier or promotional campaigns. For detailed calculations, visit Bybit’s official fee guide.
How to Register on Bybit
Prerequisites
Before signing up, ensure you have:
- A valid email address
- A mobile phone number
- Government-issued ID (passport, driver’s license, or national ID card)
Step-by-Step Registration
- Visit the official Bybit website.
- Select "Sign Up" and choose registration via email or phone number.
- Enter your credentials (email and password), then agree to the Terms of Service and Privacy Policy.
- Click “Claim My Welcome Bonus” if applicable.
- Confirm your email by entering the 6-digit code sent to your inbox.
Once registered, proceed with identity verification (KYC).
Completing KYC Verification
- Download the Bybit app using the QR code or app store link.
- Log in and go to Account > Identity Verification > Verify Now (Level 1).
- Select your country (e.g., Vietnam) and document type (e.g., ID card).
- Upload clear photos of both sides of your ID and take a live selfie for facial recognition.
Verification typically takes about one hour.
Enabling Two-Factor Authentication (2FA)
Securing your account is essential. Follow these steps to activate Google Authenticator-based 2FA:
- Install Google Authenticator on your smartphone.
- In the Bybit app, go to Security > Google 2FA Authenticator.
- Copy the secret key displayed and paste it into Google Authenticator under "Enter setup key."
- Enter the 6-digit code generated by the app into Bybit to complete setup.
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Depositing and Withdrawing Crypto on Bybit
How to Deposit Crypto
- Go to Buy/Deposit on the homepage.
- Choose Deposit Crypto.
- Search for the cryptocurrency you wish to deposit (e.g., BTC).
- Select the appropriate network (e.g., Bitcoin Network) and account type (Spot or Funding).
- Copy the deposit address and send funds from your external wallet.
⚠️ Always double-check the network and address before sending — incorrect transfers cannot be recovered.
How to Withdraw Crypto
- Navigate to Assets > Withdraw.
- Enter the cryptocurrency name.
- Choose withdrawal method: On-chain (external wallet) or Internal Transfer (between Bybit accounts).
Fill in:
- Recipient wallet address
- Network
- Amount
- Source account (Spot/Funding)
- Confirm with 2FA and email verification codes.
How to Trade on Bybit
Bybit supports both spot and derivatives trading with three primary order types: Limit, Market, and Conditional.
Placing a Limit Order
- Go to Derivatives > Trade Now.
- Select Limit tab.
Set:
- Leverage (1x–100x)
- Order Price (your desired entry price)
- Quantity (amount of asset)
- Click Buy/Long or Sell/Short.
Optional settings:
- Post-Only: Ensures you’re always the maker (eligible for rebates); cancels if matched instantly.
- Reduce-Only: Prevents opening new positions when closing existing ones.
Placing a Market Order
- Switch to the Market tab.
- Set leverage and quantity.
- Execute immediately at current market price.
Note: Market orders do not support Post-Only or Reduce-Only options.
Placing a Conditional Order
Ideal for setting stop-loss or take-profit levels:
- Use the Conditional tab.
Define:
- Trigger Price (activates the order)
- Order Price (execution price – limit or market)
- Leverage and quantity
Enable:
- Post Only (for limit-type conditional orders)
- Close On Trigger (automatically closes position upon trigger)
How to Generate API Keys on Bybit
API keys allow integration with third-party tools like portfolio trackers or automated bots.
- Go to Account > API Management.
- Click Create New Key.
- Choose usage type: Trading API or Third-party App Connection.
- Enter a name for reference and set permissions (Read Only or Read & Write).
- Complete 2FA verification.
- Save your API key and secret securely — they won’t be shown again.
Frequently Asked Questions (FAQ)
Where Is Bybit Based?
Bybit is headquartered in Dubai, UAE. It is registered in the British Virgin Islands (BVI) and operates globally with regional compliance frameworks.
Is Bybit Safe and Legitimate?
Yes. Bybit employs enterprise-grade security measures including cold storage, multi-signature wallets, and regular audits. Its team includes professionals from firms like Morgan Stanley and Tencent, reinforcing trustworthiness.
Has Bybit Ever Been Hacked?
As of 2025, Bybit has never suffered a successful security breach or hack — a strong indicator of its robust infrastructure.
How Do I Contact Bybit Support?
You can reach customer service through:
- In-app live chat (available 24/7)
- Official Telegram groups
- Email support: [email protected]
Can I Use Copy Trading on Bybit?
Yes. Bybit’s Copy Trading feature lets users automatically replicate trades from top-performing traders with transparent performance metrics and filters.
Does Bybit Offer a Mobile App?
Yes. The Bybit mobile app is available on iOS and Android, supporting full trading functionality, portfolio tracking, news updates, and secure account management.
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