Bybit: A Full Review of Its Features and Benefits

Bybit is a relatively young platform, launched in 2018, but it has quickly made a name for itself by competing effectively with larger players in the crypto industry. It attracts users with its intuitive and technologically advanced service.

However, like any trading platform, Bybit has its own rules and terminology, which can be daunting for beginners. If this has kept you from exploring Bybit, this review is here to help. We’ll cover how the platform works, the trading features it offers, and a balanced look at the advantages and disadvantages of using Bybit.

Bybit Exchange: A Closer Look

Bybit was founded by Ben Zhou, a traditional markets expert from China. Before launching Bybit, Ben spent a year running a YouTube channel where he provided clear and accessible insights into cryptocurrency and its practical applications.

The company is officially registered in the British Virgin Islands and recently moved its headquarters from Singapore to Dubai. The platform is accessible to users from countries around the world, except those where cryptocurrency is banned. Bybit currently operates in over 160 countries, including Poland, Ukraine, Kazakhstan, Romania, and Spain, and supports 15 different languages.

One of Bybit’s key features is its pioneering approach to cryptocurrency derivatives, a specialized and relatively underutilized product in the crypto trading space. Bybit is also one of the few exchanges that offer high-leverage trading options, with leverage of up to 100x.

Another feature that sets Bybit apart is its user-friendly interface. For those who prefer trading on a desktop, the platform offers an intuitive browser-based experience that’s easy to navigate. However, you can also download the Bybit app, which is available for both iOS and Android, making it a flexible and convenient option for traders on the go. 

This usability is just one of Bybit’s many strengths. Bybit exchange supports trading in approximately 500 cryptocurrencies and offers nearly 50 perpetual derivative pairs.

In the sections below, we’ll explore Bybit’s features, tools, and services in greater detail. If you’re short on time, check out a quick overview of Bybit’s advantages and drawbacks below.

????Bybit Advantages:

• Simple and intuitive interface
• Convenient mobile app
• High reliability and robust security measures
• Advanced functionality with access to multiple markets
• Wide selection of assets
• Low trading fees
• Diverse tools for professional trading and passive income generation
• Responsive and efficient customer support

????Bybit Disadvantages

• Complex conditions and terminology that may challenge beginners
• Some issues with fiat deposit processes
• Mandatory KYC verification

Bybit Benefits

Bybit stands out as a user-friendly cryptocurrency exchange, offering an intuitive interface that’s easy to navigate. The platform is also available as a mobile app for iOS and Android, making it convenient for on-the-go trading. While the app differs slightly from the desktop version, user reviews consistently praise its ease of use, with many finding it even more convenient than the browser-based platform.

Key features of the Bybit mobile app

Bybit is renowned for its robust security measures and reliability. All user funds are securely stored in cold wallets. Additionally, account registration requires KYC verification, including document authentication. To further safeguard accounts, the platform strongly recommends enabling two-factor authentication (2FA) for all users.

The platform supports a broad selection of trading pairs across both futures and spot markets. Traders can access popular pairs like BTC/USD and ETH/USDT, as well as less common assets such as ATOM/USDT and GALA/USDT, allowing for portfolio diversification and experimentation with new trading strategies. Since 2021, Bybit has expanded its offerings to include spot trading, featuring blue-chip cryptocurrencies like BTC/USDT and trending altcoins such as SHIB/USDT and AVAX/USDT.

We'll discuss the platform's tools, bonuses, and fees in more detail later, but it's worth mentioning one of Bybit's key advantages: its 24/7 customer support. User feedback highlights the team’s efficiency in resolving disputes, which is a crucial factor when addressing issues such as transaction delays or account configuration problems.

Bybit Drawbacks

Although Bybit offers numerous features, it’s important to recognize its limitations to make informed decisions. One of the most common challenges, especially for beginners, is the complexity of the platform's rules and instructions. Calculating leverage, understanding position sizes, and interpreting funding rate terminology can initially feel overwhelming. However, mastering the platform’s vocabulary is essential. Once traders familiarize themselves with these terms, navigating Bybit becomes significantly easier.

While KYC verification is crucial for user security, some traders view it as a drawback due to the time it requires. However, the process is relatively quick—most verifications are completed within 15 minutes. In rare cases, delays may extend to one business day. 

A notable downside is Bybit’s lack of direct fiat currency support. The platform doesn’t allow direct deposits in major fiat currencies like USD or AUD, which can be inconvenient for newcomers unfamiliar with cryptocurrency transactions. For Ukrainian users, while the hryvnia (UAH) is listed as a supported currency, depositing and withdrawing fiat remains challenging as these operations rely on third-party intermediaries.

Bybit: Login, Verification, and User Account 

Here’s a step-by-step guide to creating an account on this exchange. The Bybit sign-up process is simple and user-friendly: visit the website or download the mobile app, then complete the sign-up form. You can register using your email address, phone number, or sign up with Google, Apple, or Telegram. During registration, you can enter a referral code to unlock rewards of up to 5,050 USDT. We'll cover this bonus and other promotions in more detail later.

Now, let’s explore how to verify your account on Bybit. Bybit's verification process has two levels: KYC1 (Standard) and KYC2 (Advanced). KYC1 unlocks access to the platform's essential features, while KYC2 removes trading limits, providing full functionality.

How to complete KYC1:

1. Login to your account and click on the KYC notification.
2. Click on “Verify Now.”
3. Select your current residence country and your identity document type (ID card, passport, driver’s license, or residence permit).
4. Upload a clear photo of your document and a selfie holding the document.
5. The verification process typically takes up to 15 minutes.

To complete KYC2 verification on Bybit, you’ll need to provide proof of residence. Accepted documents include a utility bill or a rental agreement. If your verification is not successful on the first attempt, you can retry up to 10 times per day.

After logging in using your email and password or via a QR code, with the option to enable 2FA for added security, you’ll gain access to Bybit’s key features. In the “Assets” section, you can view your balance, deposit funds, and withdraw cryptocurrency. The “Orders” tab allows you to track all active and completed trades. Beginners can use the demo trading feature to learn the basics of trading without any financial risk.The “Account and Security” section provides tools to manage account settings and configure advanced security features. Additionally, you can purchase cryptocurrency through trusted third-party services directly from the platform. For active traders, the “My Fees” and “My Rewards” sections provide information on loyalty program benefits and fee discounts. 

How to Work and Earn with Bybit

With your account now set up, it’s time to explore how to use Bybit and start trading. 

How to Make a Deposit on Bybit 

To begin trading, you need to deposit funds into your Bybit wallet. Several methods are available:

1. Crypto Deposits

Navigate to the “Assets” section, select the cryptocurrency you want to deposit, and click “Deposit.” A unique wallet address (code) will be generated for you. Transfer the desired amount to this address to fund your account.

2. Fiat Deposits

Buy cryptocurrency directly within your account. Go to “Buy Crypto,” choose the coin and fiat currency, and complete the payment. Due to NBU restrictions, UAH-to-crypto transactions are currently unavailable. However, you can deposit funds using USD or EUR if you have an international bank card.

3. P2P Trading

Purchase cryptocurrency directly from other users through a peer-to-peer (P2P) system. Payments are made card-to-card. Bybit accepts cards from all Ukrainian banks, with a minimum order of 1 USD/USDT.

4. Transfers from Other Exchanges or Wallets

You can transfer tokens from another exchange or crypto wallet to your Bybit account. The platform supports deposits of over 100 cryptocurrencies.

Pro Tip: Always verify the wallet address carefully before transferring funds to avoid asset loss. Mistakes in wallet addresses can result in permanent loss of your cryptocurrency.

Trading on Bybit and Withdrawing Funds

After funding your account, the next step is trading. Before diving in, it’s a good idea to familiarize yourself with the basics of perpetual contracts. If you’re already knowledgeable, you can begin with the demo account, which we’ll cover in detail later. Once you’ve gained confidence and experience, you can move on to futures trading (in the “Derivatives” section) or spot trading (in the “Spot” section) on Bybit.

Withdrawing funds is as simple as depositing them. Log in to your account, go to the “Assets” section, and follow these steps: Select the cryptocurrency you want to withdraw and click “Withdraw.” Enter the withdrawal amount, provide the wallet address where the funds will be sent, and confirm the transaction to complete the process.Bybit offers multiple withdrawal options, including crypto transfers, P2P withdrawals to a card, or SEPA transfers for fiat (limited to euros).

Limits, Fees, and Bonuses on Bybit 

Bybit offers attractive conditions for traders of all levels, including discounted fees, generous bonuses, and flexible deposit options. Let’s start by breaking down the platform's primary fees.

• Spot Trading: 0.1% for both makers and takers.
• Futures: a 0.025% maker fee (rebate) and a 0.075% taker fee.
• Options: 0.02%.
• Fiat Pairs: a 0.15% maker fee and a 0.2% taker fee.

Fees decrease based on your 30-day trading volume. For instance, VIP traders with a turnover exceeding $1 million enjoy reduced taker fees of 0.015% on spot trades and 0.025% on futures.

Crypto deposits are free of charge, while withdrawals incur only the standard network fee. Fiat withdrawals to bank accounts are not currently available. You can quickly check minimum and maximum limits directly on the deposit/withdrawal page. For example, the daily P2P withdrawal limit is 1 million USDT.

Bybit actively incentivizes both new and active users with a range of attractive offers:

• Sign-Up Bonus: Get a $20 bonus to cover trading fees upon registration.
• Starter Reward: Earn up to 5,050 USDT in bonuses based on your deposit amounts.
• Referral Program: Invite friends and receive 25 USDT, a Mystery Box for both you and your invitee, plus 30% of their trading fees.

Additionally, Bybit frequently offers limited-time promotions, such as cash coupons for completing tasks like trading, depositing funds, or using features like stop-loss orders.While bonuses cannot be withdrawn, they can be applied toward trading fees, helping users reduce costs.

Unique Opportunities and Financial Products on Bybit

One of Bybit’s key features is the wide range of earning opportunities and financial products available. The platform provides options for beginners to trade, earn passive income, and participate in staking, cloud mining, and DeFi mining for cryptocurrencies.

Bybit Demo Account for Beginners

The Bybit Demo Account (also known as Bybit Testnet) offers a risk-free way for new traders to practice futures trading without the fear of losing real money. To access the demo account, go to the “Tools” section and select “Demo Trading.” After registering for a Testnet account, head to the “Assets” section in your dashboard. There, you can request test coins and begin learning how to trade in the crypto market.

Passive Income with Bybit Earn

Bybit Earn is a financial program that lets you earn passive income by holding your cryptocurrency assets on the platform, similar to a bank deposit. You can participate in staking (locking up coins) or mine cryptocurrency (such as cloud mining for Ethereum or DeFi tokens). While this can be an attractive way to earn, the income is not guaranteed, particularly in mining. 

Another option for passive income is dual-currency investment, which allows you to profit from the exchange rate difference between two currencies.

Note: In these investments, the trading pair must always include a stablecoin.

Crypto Loans 

Bybit offers crypto loans, where you can use one token as collateral to borrow another. These loans can be used for trading, arbitrage, or even mining. You can access crypto loans in the “Banking” section, and loan repayments are made directly to your wallet.

Purchasing New Tokens via Bybit Launchpad

Bybit Launchpad is a platform designed to help new cryptocurrency projects launch. It provides a space for startups to raise funds, while giving users access to exclusive token sales. The Launchpad was introduced in September 2021, and the first project to launch was BitDAO (BIT), now one of the most well-known decentralized platforms.

Final Thoughts

After evaluating Bybit’s technology, trading options, bonuses, and other earning opportunities, we can confidently say that this platform is worth considering. It will be particularly appealing to those interested in trading derivatives. However, even beginner traders can benefit from Bybit, thanks to the accessible demo trading feature. So, don’t be afraid to try something new—start exploring Bybit today!

FAQ

What is Bybit?

Bybit is a cryptocurrency exchange founded in 2018. The company is registered in the British Virgin Islands, with its headquarters located in Dubai. It has quickly become one of the most popular platforms, serving users worldwide (except in countries where cryptocurrency is banned). Bybit currently offers around 500 different tokens for spot trading.

Who is the owner of Bybit?

Bybit is owned by Ben Zhou, a former expert in traditional markets. After completing his education in New Zealand and the United States, Ben returned to China. In 2016, he became highly interested in cryptocurrencies and, in 2017, started his own YouTube channel to share his insights on crypto trading. This deep passion ultimately led him to create his own cryptocurrency exchange.

How to log in on Bybit?

To log in the Bybit account, you first need to sign up by choosing one of the following methods: via email, phone number, or Google/Apple ID account. After registration, complete the KYC verification to access the platform’s features. To log in, simply enter your contact details, password, and, if required, the 2FA code.

What is the minimum deposit on Bybit?

The minimum deposit amount depends on the cryptocurrency. Most coins have no deposit limits, except for SOL, which requires a minimum deposit of 0.01 SOL. For P2P deposits by Ukrainian users, the minimum order is 100 UAH. In general, the minimum deposit can be as low as $1.

How to Withdraw Funds from Bybit?

To withdraw funds from Bybit, there are several options available. For cryptocurrency withdrawals, go to the “Assets” section, select the currency you wish to withdraw, enter the wallet address, choose the transfer network, and confirm the operation using 2FA. If you're withdrawing UAH, you can use the P2P platform, where you can sell your crypto to other users and receive funds directly to your bank card (the minimum order is 100 UAH). Fiat withdrawals in EUR are available via SEPA payments. The daily withdrawal limit is 1 million USDT, and the fee depends on the currency and the withdrawal method.

Where can I see my Bybit wallet address?

To find your wallet address on Bybit, go to the “Assets” section, select “Spot Wallet”, then choose the cryptocurrency you want to deposit. Click “Deposit” and select the relevant network. For example, Ethereum wallet addresses start with “0x” and are 40 characters long, while Bitcoin addresses start with 1, 3, or bc1, and are between 27 and 34 characters long. You can copy the address or save the QR code. Always double-check the network to ensure your funds are sent correctly.