Bybit exchange review

Go to Bybit

Bybit was founded in 2018 by Ben Zhou, who is currently the company's CEO. The Bybit exchange is registered in the British Virgin Islands, with its headquarters located in Singapore. The project's official website is bybit.com, and the exchange is also available through an iOS and Android app.

The process of registering with Bybit takes from 3 to 5 minutes, and over 11 million people have already joined the platform. However, the number of users is unlikely to continue growing at a rapid pace, as in May 2024, the exchange introduced mandatory KYC (Know Your Customer) for all clients. Individuals who do not wish to complete a KYC procedure can avail themselves of ApeX, a decentralized exchange (DEX) run by Bybit. This allows customers to trade cryptocurrency via Web3 by connecting their crypto wallet.

As futures trading constitutes the primary source of income for Bybit, it is given the utmost priority. The company's robust performance in this trading instrument is evidently reflected in its position as the third-largest futures trader globally, in terms of trading volumes.

What other features does Bybit offer?

Bybit is equipped with a wide array of trading features, catering to different needs of crypto enthusiasts. The most popular instruments among exchange users are:

✅ Derivatives

✅ Spot trading

✅ P2P

✅ Earn

✅ CopyTrade

✅ Crypto Loans

✅ ByVotes

✅ ByStarter

✅ Launchpad

Is Bybit a safe cryptocurrency exchange?

This year, the exchange is celebrating its fifth anniversary. This milestone is especially prominent, as the company has received many positive reviews from its clients since its foundation. It is important to note that Bybit does not block user accounts that do not violate the law.

For clients’ confidence, the company regularly conducts "Proof of Reserve," thereby confirming its solvency. The financial reserves allow tracking the total value of assets and the number of individual coins stored on Bybit wallets.

As you can see in the image above, over 10% of the total amount of tokens kept on the exchange accrues to BIT. What is coin BIT, and how does it relate to Bybit?

Is BIT a token of the Bybit exchange?

Many cryptocurrency exchanges have their native tokens. For example, MEXC is powered by MX, Binance – BNB, Huobi – HT, and so on. However, Bybit’s CEO claims that BIT is not the official coin of the exchange. Nevertheless, it is fair to say that, indirectly, BIT plays a significant role in the exchange’s performance:

• BitDAO is the owner of BIT coins. At the same time, Bybit invested approximately $1 billion in BitDAO, which exceeds 60% of all investments that have been made in BitDAO.
• Taking part in various activities and events on the exchange is possible only after locking BIT tokens in your account.

• Reducing commissions is also possible only if you store BIT tokens in your account (this is discussed in the following paragraphs).

Bybit commissions in 2024

Bybit is renowned for its low fees, which attracts large traders.

Trading Fees

For new users, the commission rate will be as follows:

Fortunately, you can remarkably reduce these commissions if you get a VIP status. The requirements for different VIP levels are provided below:  

In this case, trading fees will be much lower:

Withdrawal fees in different networks

As there are many cryptocurrencies, it is logical to speak about the withdrawal fees for the most in-demand ones, such as USDT, BNB, and ETH.

Verdict

The exchange is perfect for long-term investors and active traders. The website runs fast, the interface is intuitive and easy to use. Bybit conducts plentiful marketing events where customers can receive rewards. The customer support service is top-notch. The only tangible downside is the mandatory requirement to complete identity verification.