Many well-known cryptocurrency exchanges have faced growing regulatory pressure, forcing them to introduce mandatory identity verification or limit the functionality available to anonymous users. Bybit is no exception. The platform, launched in March 2018 in the British Virgin Islands, combines an intuitive interface with impressive technical performance – it can handle up to 100,000 transactions per second and offers perpetual futures trading with leverage of up to 100×. Let’s take a closer look at how this exchange works and what makes it stand out.
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What is the Bybit Exchange
Bybit positions itself as a straightforward and user-friendly crypto trading platform. Users can trade both on the spot market and on the derivatives exchange, as well as earn passive income through staking or DeFi investment programs. According to the Mozilla Observatory’s security audit, Bybit earned a solid B rating, which speaks to its overall reliability. The majority of user assets are stored securely in cold wallets, completely isolated from online threats. To move funds from cold to hot wallets, Bybit relies on multi-signature addresses, adding an extra layer of safety. Additionally, the entire platform operates over SSL encryption, protecting users from phishing attempts and data interception.
Bybit’s user base has already surpassed 200,000 registered clients, with around 3.5 million visits per week. According to CoinMarketCap, the exchange currently holds 7th place among spot trading platforms and 6th in the derivatives category. The exchange’s backend is written in C++ and Golang, allowing it to process trades in parallel – meaning operations don’t interfere with one another. This architecture ensures greater stability and speed compared to competitors using Java or PHP. Notably, Bybit’s servers remain online even during software updates. The exchange also has its own native token, which can be staked to earn rewards and reduce trading fees.
Signing up on the Platform’s Official Website
To create an account, go to https://www.bybit.com/en-EN, enter your email address, and click “Register.”
Under the service rules, anonymous clients cannot change their email after registration is complete. Use an address from a reliable provider, otherwise you may later lose access to your account. To finish registration you need to:
- Create and confirm a password,
- Accept the terms of service,
- Click “Create account.”
All that remains is to verify your email using the six-digit code sent by the exchange to the address you provided during registration, and the signup will be complete.
Signing In
At first login, you’ll be offered a quick primer on trading basics, options to top up your account via fiat channels, and to complete identity verification. The platform doesn’t support mixed fiat+crypto pairs, but to fund your deposit you can convert traditional money into cryptocurrency using one of the supported third-party services.
We recommend immediately enabling Google Authenticator and SMS verification, which will be used for login, password resets, changing security settings, and API management checks. You can also create an additional sub-account, subscribe to newsletters and analytics. If your main activity will be futures trading, you can set up automatic transfers to the derivatives account right away.
Identity Verification
On Bybit, identity verification (KYC) is mandatory; anonymous trading isn’t allowed. Go to the “KYC Verification” section in your user dashboard. The procedure has two stages:
- The first (basic) stage is document verification and dynamic facial identification. After completion, your daily withdrawal limit increases to 1,000,000 USDT.
- The second is proof of residence. You’ll need to upload a utility bill or bank statement no older than three months. After completion, you can make daily withdrawals on Bybit of up to 100 BTC.
Corporate accounts go through KYC separately. If you work with large amounts, KYC is mandatory.
How to trade on Bybit: Guide and Instructions
Bybit’s interface makes it easy to manage account settings and switch between services. You can display 3 or 4 charts at once.
The spot market lists 318 cryptocurrencies, with trading pairs against Bitcoin and USDT; no other quote options are available.
Derivatives offer a wider selection. Supported are:
- Perpetual contracts for various tokens with USDT as collateral,
- Inverse perpetual contracts with cryptocurrency as collateral,
- Inverse futures with cryptocurrency as collateral.
As the name suggests, Bybit’s perpetual contracts have no expiration date, and traders can hold positions as long as they wish. Other futures contracts have a predetermined settlement date by which all positions must be closed out.
Bybit offers leverage up to 100×. Initial margin starts at 1%. You can trade in cross-margin mode, where the entire available balance in the corresponding account is used to maintain minimum margin and prevent liquidation. If liquidation does occur, you will lose the available balance.
In isolated mode, a specific margin amount is applied to the position; i.e., the initial and maintenance margin can be adjusted manually. In the event of liquidation, you may lose the initial margin and any additional margin added to that position. A 0.5% fee is charged for maintaining a margin account.
Bybit supports three order types:
- Market – executes at the best available price.
- Limit – you set the desired buy or sell price and wait for the order to fill.
- Conditional – once its trigger is hit, it acts as a market or limit order. You must specify the trigger price, leverage, quantity, and side.
An order remains active for a set period. There are three time-in-force options:
- Good-till-cancelled (GTC) – stays in the order book until filled or canceled by the trader,
- Therefore allowing partial order – the order must execute immediately (in full or partially) at the best price,
- Fill or Kill (FOC) – partial execution is not allowed; the order either fills entirely or is canceled.
You can calculate profit using the built-in calculator available in the top-right corner. A QR code lets you download the mobile app for Android and iOS.
How to Deposit and Withdraw on Bybit
Continuing our overview of Bybit: experienced users already know how to fund an account and withdraw. The exchange wallet opens via the “Assets” button. It has several sections:
- Spot
- Derivatives
- USDC Derivatives
- Funding
- Earn
Bybit divides its features into three main categories:
- Spot trading – buying and selling assets for immediate settlement;
- Futures trading – for those who prefer leveraged or contract-based trading;
- Passive income tools – such as DeFi investments and cryptocurrency staking.
Deposits from external wallets are accepted only to spot or futures addresses. Internal transfers allow users to move funds to the By-Fi account, which is used for staking and DeFi products. Withdrawals, however, are only possible from the spot wallet.
If you don’t yet own cryptocurrency, simply click “Buy Crypto” in the top-left corner of the website. You can purchase Bitcoin, Ether, or USDT with rubles or other fiat currencies through one-click buying, P2P trading, or fiat deposits. Among these options, the P2P platform is generally the most cost-effective, as it offers minimal fees.
Depositing on Bybit via P2P
Withdrawal
Withdrawing from the spot wallet is simple (assuming you have funds there). Choose the coin:
- Click “Withdraw.”
- Enter the withdrawal address and amount.
- Click confirm.
- Enter your 2FA code.
Bybit processes withdrawal requests three times a day – at 8:00 UTC, 16:00 UTC, and 24:00 UTC. Moderators stop accepting withdrawal requests 30 minutes before each processing time. All accounts have withdrawal limits.
Additional Tools
If spot or futures trading seems too complex (and it really is a tough business), visit Bybit Launchpad. In the Banking Center there are four ways to earn passive income. Here are more details:
Bybit Earn
Eight coins are supported, including Bitcoin and Ether. Stake tokens and receive a guaranteed yield with some of the highest APYs on the market. You can withdraw at any time if needed.
DeFi Liquidity Pools
This earning method is less risky and well suited for beginners. Cold storage and DeFi system monitoring provide maximum protection. Perhaps that’s why, at the time of writing, almost all lots were sold out. Only one offer remained: DeFi Mining Curve/USDT/14 Days. The contribution is 100 USDT, debited from the By-Fi account.
Pool
This section is for staking the exchange’s BIT token. The platform allows you to stake BIT and other tokens to earn BIT, a new token, and USDT bonuses.
Advantages and Disadvantages of the Exchange
Pros:
Russian-language interface
Support for margin trading
Ability to earn passive income
Referral program
NFT platform
Cons:
No address whitelist or other additional security measures
Service Fees for Processing Transactions
Now let’s look at Bybit’s fees. There are no deposit or withdrawal fees charged by the exchange, but you pay the network fee. Trading on the platform does incur fees.
On spot, maker fee is 0% and taker fee is 0.1%.
For futures, Bybit fees are as follows:
Orders that enter the order book and add liquidity before execution / Orders that execute immediately by removing liquidity from the book
Trading fee 0.025% (rebated to the trader’s account) / 0.075% (deducted from the trader’s account)
Order type Limit with Post Only / Limit or Market order for Take Profit / Stop Loss
Whenever you use a crypto exchange, you act either as a maker or a taker. Makers deepen the order book and provide liquidity. Takers remove liquidity from the order book.
Support Service
Support works 24/7 via live chat in seven languages. You can also send a request to support@bybit.com, and for technical issues to it@bybit.com. A Telegram channel and FAQ page are available. You can leave Bybit reviews at https://www.bybit.com/en-US/user-feedback.
Reviews of the Exchange
User feedback about Bybit on social media and crypto forums is largely positive. Most traders appreciate its functionality and stability, even though it still doesn’t match Binance in terms of scale or liquidity. The futures section offers a solid range of trading instruments, and margin trading is available for experienced users. If you’re familiar with derivatives and comfortable with a daily withdrawal limit of 2 BTC, Bybit could be an excellent choice to get started.
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