BYBIT

    Bybit is a Dubai based cryptocurrency exchange where crypto traders use it to buy, sell, trade, and store digital coins. It deals over 700 cryptocurrencies, 6 fiat currencies and 1,177 crypto trading pairs. It is a fast and intuitive platform that suits both amature and seasoned traders, providing a top-tier secure way to dive into the crypto world.

    History and Background

    Launched in 2018 by Ben Zhou, a Singapore-based entrepreneur, Bybit is headquartered in Dubai, United Arab Emirates. It quickly grew into a major player, focusing on derivatives trading. A significant security breach in February 2025 saw $1.5 billion in Ethereum stolen, but Bybit reimbursed users and enhanced security measures. Under Zhou’s leadership, it continues to innovate in Web3 and DeFi.

    Bybit’s Global Presence and Reputation

    Bybit ranks as the world’s second-largest crypto exchange by trading volume, serving over 60 million users across 160+ countries as of April 2025. It’s unavailable in the U.S., China, Singapore, and a few other regions due to regulations. Despite the 2025 hack, Bybit’s transparency and quick response maintain its strong reputation. Its 2024 trading volume averaged $36 billion daily.

    Why is Bybit One of the Top Exchanges?

    Bybit shines with its speedy trading system, low costs, and features like staking and NFTs. It blends traditional and decentralized finance, offering tools for all traders. By valuing user feedback and leading in Web3, Bybit ranks among the best in crypto.

    Key Features of Bybit

    Bybit provides tools for various users:

    • Many Cryptocurrencies: Trades over 700+ coins, including global popular BTC, ETH, Solana, and new tokens like BTCBULL.
    • Low Fees: Starting spot trading fees at lowest 0.1% for makers/takers, with VIP discounts.
    • Trading Tools: Advanced AI charts, trading bots, and real-time market updates within every 20 milliseconds.
    • Earning Options: Stake or lend coins for passive income, like T-bill-backed assets.
    • Bybit Web3: On-chain asset management and DeFi solutions.
    • ByStarter: Access new token launches.
    • Bybit Learn: Free crypto education resources.
    • Mobile App: Trade on the go with a user-friendly interface.
    • 24/7 Support: Help via live chat, email, or Help Center.

    Getting Started on Bybit

    Creating an Account

    A user needs to visit bybit.com and click on “Register.” Enter a valid email or a phone number, create a strong set of passwords, optional add a referral code if available. After receiving a verification code via email or SMS, the user must confirm the account and log in to the official dashboard.

    Completing KYC/Verification

    Bybit requires Know Your Customer (KYC) for full access:

    • Level 1: Basic trading with ID verification.
    • Level 2: Higher limits and fiat services (needs proof of address).
      Verification takes hours to a day. Unverified users can trade with a limit (e.g., $20,000 daily withdrawal).

    Enabling Security Features

    Users secure their accounts by:

    • Activating Two-Factor Authentication (2FA) with an authenticator app.
    • Setting a strong, unique password.
    • Using withdrawal whitelisting for added safety.

    Overview of the Dashboard

    Bybit’s dashboard is sleek and organized. Users can find the tabs for trading, assets, earning, and settings. The “Trade” section handles buying/selling, while “Assets” manages deposits/withdrawals. A Lite mode simplifies the interface for beginners.

    Funding a Bybit Account

    Depositing Fiat Currency

    Bybit supports fiat like USD and EUR via third-party providers. Options include:

    • Bank Transfer: Low fees, takes 1-5 days.
    • Credit/Debit Card: Instant but 2-5% fees.
    • P2P Trading: Buy crypto directly from users with no fees.

    Depositing Crypto

    To deposit crypto:

    • A user needs to go to “Assets” > “Deposit.”
    • They select a coin (e.g., BTC, ETH).
    • They choose the network (e.g., Bitcoin for BTC, ERC20 for ETH).
    • They copy the wallet address or scan the QR code and send crypto.
    • Tip: Matching the network prevents fund loss.

    Understanding Deposit Networks

    Like every crypto exchange, Bybit use their specific networks, like ERC20 for Ethereum or BEP20 for Binance Smart Chain. Bybit lists support specific networks for spefic coin, and users must select the correct ones to ensure deposits successful.

    Buying and Selling Crypto

    Using “Buy Crypto” Options

    Bybit’s “Buy Crypto” feature is beginner-friendly:

    • Credit/Debit Card: Instant purchases with 2-5% fees.
    • Bank Transfer: Cheaper but takes 1-5 days.
    • P2P Trading: Buy from other users with flexible payments.

    Trading on the Spot Market

    To trade pairs (e.g., BTC/USDT):

    • A user visits “Trade” then “Spot.”
    • Then, the user has to select a pair and choose “Lite” for simple trades or “Pro” for advanced.
    • At last, the user can place an order.

    Market, Limit, and Stop-Limit Orders

    • Market Order: Buys/sells instantly at the current price.
    • Limit Order: Sets a specific price to buy/sell.
    • Stop-Limit Order: Triggers a limit order at a set price.

    Converting Small Balances (Dust)

    Bybit’s “Convert” tool lets users swap small balances into USDT or BTC, cleaning up “dust” efficiently.

    Bybit Wallets Explained

    Bybit uses wallets for different purposes:

    • Funding Wallet: Holds assets for deposits/withdrawals.
    • Trading Wallet: Used for spot and futures trading.
    • Earn Wallet: Stores coins for staking/lending.

    Transferring Between Wallets

    To move funds:

    • A user needs to go to “Assets” then “Transfer.”
    • Then, pick a source and destination wallet.
    • Enter the amount and confirm.
    • Users can also send to external wallets for secure storage.

    Withdrawing Funds from Bybit

    Withdrawing Crypto

    To send crypto to an external wallet:

    • A user will have to navigate to “Assets” then “Withdraw.”
    • Then, select the coin and add a withdrawal address (verified via email).
    • Enter the amount, confirm with 2FA, and pay the network fee (e.g., 0.0005 BTC for Bitcoin).

    Withdrawing Fiat

    Fiat withdrawals use third-party providers:

    • A user can select “Withdraw” and choose a currency.
    • Link a bank account and enter the amount.
    • Pay a small fee (varies by provider).
    • Note: Level 2 KYC is required.

    Common Withdrawal Errors

    • Wrong Network: Withdrawal network must match the destination wallet.
    • Unverified Account: Fiat withdrawals need full KYC.
    • High Fees: Check withdrawal fees before sending.

    Bybit Earn: Making Passive Income

    Bybit offers earning options:

    • Staking: Lock coins like ETH for up to 8% APR.
    • Lending: Lend crypto to earn interest.
    • Bybit Earn: Invest in T-bill-backed assets for stable returns.
    • To start, a user visits “Earn,” selects a product, enters the amount, and confirms.

    Advanced Features (Optional for Beginners)

    • Futures Trading: Up to 100x leverage on major coins.
    • Margin Trading: Borrow funds to amplify trades.
    • Trading Bots: Automate strategies with AI.
    • ByStarter: Invest in new token launches.
    • NFT Marketplace: Buy/sell digital collectibles.
    • Beginners can master basic trading before trying these.

    Bybit Mobile App Overview

    Bybit’s iOS and Android apps offer:

    • Lite Mode: Easy buying/selling for beginners.
    • Pro Mode: Advanced tools for pros.

    Key Features

    • Trade crypto anywhere.
    • Manage assets and earnings.
    • Access trading bots and support.

    Pros of the App

    • Intuitive design, rated 4.6/5 on app stores.
    • Secure with 2FA and encryption.
    • Supports 100,000 trades per second.
    • Note: Some users report high fees for certain tokens.

    Safety, Security & Support

    Bybit Security

    Bybit emphasizes security with:

    • Cold Storage: Over 95% of funds offline.
    • Multi-Signature Wallets: Extra protection for transactions.
    • Proof of Reserves: 1:1 asset backing, audited by Hacken in February 2025.
    • Bug Bounty: Up to $1M for finding vulnerabilities.
    • The 2025 hack exposed weaknesses, but Bybit restored reserves within 72 hours.

    Tips to Secure an Account

    Users should:

    • Enable 2FA with an authenticator app.
    • Use withdrawal whitelisting.
    • Avoid phishing links mimicking Bybit’s site.

    Accessing Support

    Bybit offers 24/7 support via:

    • Live Chat: Quick answers for common issues.
    • Email/Tickets: For complex problems.
    • Help Center: Guides at bybit.com.
      Note: Support can be slow during high demand.

    Pros and Cons of Bybit

    Pros

    • Low fees (0.1% spot trading).
    • Fast trading engine (100,000 trades/second).
    • 700+ coins and diverse features.
    • Strong Web3 and DeFi focus.
    • Transparent response to 2025 hack.

    Cons

    • Unavailable in the U.S., China, and other regions.
    • The $1.5B hack in 2025 raised concerns.
    • High withdrawal fees for some coins (e.g., 0.0005 BTC).
    • Support can be slow during peaks.

    Bybit for Different User Types

    • Beginners: Lite mode and Bybit Learn ease entry.
    • Traders: Fast engine and futures suit pros.
    • Investors: Staking and lending offer passive income.
    • Web3 Fans: Bybit Web3 supports DeFi and NFTs.

    Final Thoughts + Useful Resources

    Is Bybit Right for Users?

    Bybit is great for users seeking a fast, feature-rich exchange with low fees and Web3 innovation. It’s ideal for derivatives traders and DeFi enthusiasts but not available in the U.S. The 2025 hack was a setback, but Bybit’s quick recovery and transparency rebuild trust. Users needing U.S. access might prefer Kraken or Coinbase.

    What to Explore Next

    Users can:

    • Try trading bots for automation.
    • Explore ByStarter for new tokens.
    • Check Bybit Learn for crypto tips.

    Resources

    • Bybit Learn: Free guides (bybit.com/learn).
    • Bybit Blog: Updates (bybit.com/blog).
    • X Account: Follow @Bybit_Official for news.

    FAQs

    1. Is Bybit available globally?

    Bybit operates in 160+ countries but is restricted in the U.S., China, Singapore, Canada, and sanctioned nations like Iran. Check bybit.com for specified country availability.

    2. How long does verification take?

    KYC verification is a crucial step that takes a few hours to a day, depending on document clarity.

    3. Why there is a delay in deposit/withdrawals?

    Delays may occur due to network congestion or incomplete KYC. Contact official [email protected] for more enquiry. 

    4. Is it possible to recover funds sent to the wrong address?

    Any crypto transactions done on Bybit or other exchanges are irreversible. It is always advised to verify addresses and networks twice before depositing.

    5. Bybit vs. Other Exchanges?

    Compared to Binance, Bybit is a faster, cleaner engine with a more user-friendly interface. Compared to Kraken, it offers more derivatives but no U.S. access.