Bybit is a centralized cryptocurrency exchange (CEX). Established in 2018, it offers spot and derivatives markets, inverse contracts, and P2P trading. Customers can also access services like liquidity mining, copy trading, and an NFT marketplace.
The Bybit cryptocurrency exchange is KYC-compliant for Level 1 and Level 2 accounts. It's available on desktop and mobile devices. Some or all services are restricted to users in several regions, including China, Singapore, Canada (Quebec), and the US.
The Bybit spot market is one of the main services offered by the platform. It offers more than 200 assets to facilitate crypto-crypto trading. Crypto-fiat trading is not supported. Overall, there are over 300 Bybit trading pairs.
Margin trading is enabled on the platform. Customers can use main and sub-accounts to margin trade on the spot market. Several Bybit exchange fees apply, including spot trading, interest, and liquidation fees. VIP users are eligible for daily and yearly interest rates.
Bybit also supports trading with up to 100x leverage. Leveraged tokens cannot be withdrawn. Several Bybit crypto fees are incurred, including trading, subscription, and daily management fees.
In 2022, the Bybit Grid Trading function was launched. It uses systematic trade strategies that can be automated by using trading bots that track market changes in real-time, 24/7. Customers can also manually set up their preferred grid trading settings.
There are three types of customer accounts on the Bybit spot and derivatives markets – non-VIP, VIP, and Pro (Bybit Loyalty). The tiers are based on the account type:
- VIP 1–3
- Pro 1–3
All Bybit crypto fees are based on the maker-taker model. Bybit volume does not affect the fixed fee rate. Pro members are not subject to maker fees. The non-VIP maker-taker fees are 0.10% each. For VIP users, the Bybit crypto price that makers pay varies between 0.04% (VIP 1), 0.02% (VIP 2), and 0.01% (VIP 3).
The VIP Bybit exchange fees for takers are 0.06% (VIP 1), 0.05% (VIP 2), and 0.03% (VIP 3). Based on the pro level, takers' fees are 0.03% (Pro 1), 0.025% (Pro 2), and 0.02% (Pro 3).
The derivatives market offers more than 100 perpetual and quarterly futures contracts, as well as over 180 Bybit trading pairs. There are three main types of derivatives contracts on the exchange:
- Inverse perpetual contracts (coin-margined)
- Linear perpetual contracts (USDT-margined)
- Inverse futures contracts (coin-margined, quarterly)
Customers in the futures markets can access copy trading. It's a mechanism that allows users to copy the trades and strategies made by high-profile traders.
Bybit also supports options trading. The market enables the trading of digital assets using the future Bybit crypto price and settling trades using USDC. It offers European-style, linear options trading.
For perpetual and futures trading, Pro users are not required to pay any maker fees. Non-VIP users have a maker-taker fee rate of 0.01% and 0.06%, respectively. The VIP maker fees range between 0.002% (VIP 3) and 0.006% (VIP 1).
Pro 1 taker fees are 0.04% and are progressively reduced to 0.035% for Pro 2 and 0.03% for Pro 3. VIP 1 takers pay 0.05%, with rates going down to 0.045% for VIP 2 and 0.0425% for VIP 3.
There are three levels of Bybit crypto exchange accounts – Lv 0, Lv 1, and Lv 2. Level 0 accounts do not require any KYC data besides an email address and a password. Their withdrawal limit is 2 BTC. Level 1 and 2 accounts must provide ID verification to withdraw up to 50 BTC and 100 BTC, respectively.
Peer-to-peer (P2P) trading is available. Unlike the Bybit spot market, this feature supports 9 fiat currencies and more than 80 payment methods, including bank transfers, debit/credit cards, and PayPal. There are no additional platform fees.
It's also possible to buy cryptocurrencies using Visa and Mastercard payments. The minimum Bybit crypto price per purchase is $10. All purchases are capped at $10,000. Transaction fees apply based on the card scheme and the issuing region.
There are no deposit fees on the Bybit crypto exchange. There are also no requirements for a minimum deposit amount. Withdrawal fees, as well as the minimum Bybit crypto price, may vary between different assets. For example, the minimum Bitcoin withdrawal amount is 0.001 BTC, and the fees are 0.0005 BTC.
Bybit Launchpad is a platform for new and upcoming blockchain projects and tokens. It provides exposure for the project teams. Users can choose to invest in projects to earn rewards, such as early access to the new coins before or during the launch.
Bybit Earn (formerly ByFi Center) is an earning and saving service. It allows customers to stake assets, contribute to liquidity mining, and earn passive income. Users can choose either a flexible or fixed-term staking contract. Bybit crypto fees may apply to some of the services on the Earn platform.
In 2022, Bybit launched its NFT Marketplace. Here, customers can mint and trade non-fungible tokens (NFTs). Users can trade their NFTs directly from their Bybit spot exchange accounts. The supported token standard is ERC-721.
Additionally, the Bybit crypto exchange offers its users API support. It provides resources for developers and institutions, such as real-time market insights, automated trading, and historical market data.
About the Company
The Bybit cryptocurrency exchange was founded in March 2018 by Ben Zhou. The project's headquarters were initially located in Singapore. In March 2022, the company moved to Dubai, UAE.
Initially, Bybit launched as a derivatives platform without a spot trading service. In early 2018, there were only three Bybit trading pairs available. According to performance data, the company experienced a 100x growth rate within a year of its launch.
In Q2 2019, the platform recorded a 24-hour Bybit trade volume of over $2 billion, peaking at $4 billion later that year. The 2019 roundup reported more than 300,000 registered users. The number grew rapidly, as the platform passed the 1 million user checkmark in 2020.
In Q4 2020, a record Bybit volume was recorded at more than $528 billion. This more than doubled the platform's performance in Q1 of the same year, which saw a trading volume of $208.5 billion. That year, Bybit signed a partnership deal with the German soccer team Borussia Dortmund (BVB).
2021 saw the introduction of the Bybit spot market, with Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and EOS listed as the first available assets. By the end of 2021, the number of available spot pairs rose to 110, and the global Bybit user base increased to nearly 5 million.
In Q3 2021, the overall Bybit trade volume was recorded at more than $1.7 trillion. Throughout the year, the average daily trading volume was approximately $11.8 billion, peaking at $76 billion on May 19.
In February 2022, Bybit announced a partnership with the Formula 1 team Red Bull Racing. According to the media, the multi-year contract was worth $50 million. It was also reported that the Bybit crypto exchange had surpassed 6 million users.
In August 2022, it was announced that Bybit would partner up with the FinTech company Circle Internet Financial to accelerate the growth of the exchange. Following this partnership, Bybit aims to offer a one-stop gateway that provides USDC-settled options.
Ben Zhou is the CEO of the Bybit crypto exchange. Zhou was formerly the general manager for the brokerage firm XM. He also briefly ran a YouTube channel that provided educational content about the crypto industry.