Review of Bybit, a Cryptocurrency Exchange

Leading cryptocurrency exchanges, having been in operation since 2018. At the helm of its operations is Ben Zhou, its co-founder and a veteran of the financial sector who cut his teeth in the FOREX sector before realizing the need for a user-focused, user-friendly cryptocurrency exchange. Bybit was founded with the aim of providing users of digital assets such as Bitcoin and Ethereum with a stable platform where they can conveniently trade their assets in the spot and derivative markets.

Bybit cryptocurrency exchange

Headquartered in Dubai, Bybit holds an MVP license of the United Arab Emirates. The exchange is also authorized to operate in over 230 countries, with daily trading volume surpassing $25 billion. Its stated vision is to become the top crypto exchange that unleashes the potential of Web 3 by making next-generation tools and opportunities available to its users. It currently has more than 30 million users and is rated among the top three cryptocurrency exchanges by trading volume.

Security and Compliance

Bybit complies with financial regulations in several jurisdictions to offer users comprehensive security for their assets. The company places emphasis on user education as a strategy to forestall the possibility of potential loss of assets to traders on its platform. This is without sparing effort in ensuring that its platform is technically safe for its customers to use through the utilization of leading industry security strategies and solutions.

A robust platform security

  • Offline storage of funds of its customers. These funds are stored in cold wallets, and access to them is via multi-signature. Threshold Signature Schemes (TSS) and Trusted Execution Environment (TEE).
  • The exchange regularly publishes its Proof of Reserve audits, showing that it actually holds the funds it states that it has.
  • It uses an advanced data protection system to make sure that users’ personal details are not leaked to unauthorized third-party entities.
  • The platform uses real-time monitoring to understand users’ behavioral patterns, thereby ensuring that suspicious activities are subjected to more stringent withdrawal conditions.
  • Bybit hosts periodic hackathons and bounty programs to identify potential weak points and bugs in its codes.

A User Protection Policy

Bybit utilizes a multi-approach protocol to protect the accounts of users. Some of these are:

  • Strict login processes involving human-machine authentication, computer authentication, and 2-factor authentication.
  • Real-time notification of the user’s account activities via email and SMS, giving the user a headstart in forestalling unauthorized access to their accounts.
  • A 24/7 security alert from an independent team support for institutional customers and a multilingual customer support team within the reach of all Bybit customers, 24/7/365.

Collaboration with Regulators and Law Enforcement

Bybit cooperates with regulators to ensure that its operations comply with the laws of different jurisdictions. Its operations are regulated by the Virtual Assets Regulatory Authority, Dubai, the Cyprus Securities and Exchange Commission, and Astana Financial Services, Kazakhstan. 

To further its compliance obligations:

  • Users of the exchange are required to pass through KYC. The exchange has partnered with a leading KYC provider to make the process easy for users.
  • It collaborates with law enforcement agencies around the world to combat cybercrime and money laundering as well as help in the tracking of illicit funds and recovery of missing assets.
  • It regularly updates users of risk management strategies and how to keep their funds safe even while making trades.

Awards and Accolades

Bybit Products and Services

Bybit offers a suite of in-demand products and services to its customers. Here are some of the most popular products users can access through the exchange:

Derivative Trading

Bybit offers its users trading opportunities in the derivatives market. Users can trade over 400 cryptocurrencies in its perpetual contract, futures, and options platforms.

Spot Trading

Bybit’s spot trading platform enables users to buy and sell hundreds of listed cryptocurrencies at the current market price. This is the most common service of the exchange and has been instrumental to its appeal to new and experienced traders.

OTC Trading

Over-the-Counter (OTC) trading is differentiated from exchange-based trading because two counterparties are directly involved in settlement of trades. Prices are negotiated and settled between the two parties involved and concluded off-exchange. Bybit OTC supports large trades up to $10 million. It features competitive prices, instant settlement, zero fees, and 24/7 trading activity.

Spot X

This is a launchpad on Bybit where teams and developers can be connected to investors. The platform features airdrops and investment opportunities for the community.

Pre-market Trading

This is a recently introduced service. It offers traders and investors the opportunity to trade new tokens that are yet to be listed on Bybit. This OTC service enables buyers and sellers to complete trades at predetermined prices. It is backed by collateral, and each trader is advised to make sure that they have enough funds in their accounts to complete their trades. Failing to do so could lead to the forfeiture of their collateral.

Bybit Earn

This is an investment instrument that offers Bybit users fixed or flexible terms on various crypto assets. This service supports top coins such as BTC, ETH, USDT, and others, offering investors an assured APR. The yield from the product is generated from the platform’s lending activities. 
The APR is calculated based on the type of coin the investor staked, the quantity they staked, and the market condition at the time of staking. Even though the APR is calculated automatically, they can change based on these conditions if it is a flexible-term product. This is unlike the APR of fixed-term products, which are calculated when the product is purchased.

Crypto Loans

Bybit crypto loans are available for Bybit customers who have crypto assets in their accounts. The loans can be accessed by applying for them. After approval of the application, the customer receives the funds that the exchange has loaned in their own account, while the exchange keeps the customer’s asset as collateral for the loan. The collateral is returned to the customer after they repay the borrowed funds. 
Loans can be used in crypto yield arbitrage strategies, Bybit Earn products, margin trading, or de-fi yield farming. It is of importance to know that the interest rate of Bybit loans is calculated hourly.

ETH 2.0 Liquid Staking

This service enables users to stake their ETH for staked ETH (stETH) and has the potential of earning up to 7% APR. They can continue earning with their stETH or mETH by using their investment as collateral in their trading accounts. This service has a daily yield and does not incur gas fees.

Bybit Card

Bybit Card

No annual fees
Spend Crypto Instantly & Globally

This is a Mastercard linked to the user’s account, enabling them to access their crypto funds without fuss. When the card is used for payment, the funding account is automatically deducted. The remaining balance in the crypto account can also be converted to fiat. The user earns loyalty reward points as they use the card supported by over 90 million Mastercard-supported merchants worldwide.

One-Click Buy

Users of Bybit can purchase cryptocurrencies using fiat through the One-Click Buy feature. To do this, simply hover the cursor of the mouse over the Buy Crypto menu, a drop-down menu appears. Click the One-Click Buy option to open a new page. By default, the new page opens on the Buy option. Select your currency in the ‘spend’ field and enter the amount you want to spend to buy a cryptocurrency. In the next ‘receive’ field, select the cryptocurrency you want to purchase and select your payment method. Proceed to buy the crypto of your choice.

Tools for Traders

Bybit has useful tools that help beginner and veteran traders and investors to accomplish their objectives. Some of the remarkable tools available at the exchange are:

Trading Bot

Bybit offers its users automated trading bots that are easily customized to make smart trading decisions. These bots are tools that execute trades based on predetermined conditions that are set by the trader. It is interesting that the users can create their own bots using the bot-making software at Bybit. They can also use bots to copy the trades of other top-performing bots. 
Available are two types of bots, the Spot Grid bot and the Dollar-Cost Averaging (DCA) bot. The former does a great job for the spot market, automatically buying low and selling high for the trader by taking advantage of the volatility of the coin market. 
DCA bot utilizes dollar-cost averaging, which is a long-term investment strategy that invests a target amount with the objective of being in profit in the long run. The DCA bot works for both the bull and the bear market, while the Grid bot is appropriate for a sideways market.

Bybit Convert

Convert is a fiat and crypto conversion tool that traders can use to quickly exchange one coin to another or exchange their fiat currency to a preferred cryptocurrency at zero fees. Bybit Convert is an instant conversion tool, so the traders received their conversions immediately. However, if for any reason the funds were not received, the exchange advises that they try again or contact the customer service for assistance. 
The benefit of using the conversion tool is that the quoted output is what the user gets irrespective of market fluctuations. The maximum and minimum transaction limits of this tool depend on the coin being converted.

Bybit VIP, Your Gateway to Greatness

Bybit has an exclusive VIP club for its high-equity users. VIP membership can give the user up to a 50% rebate in trading fees, instant OTC trades, and tailored interest rates. To qualify immediately for the Tier 1 VIP, they need to have a minimum deposit of $100,000. Users who already enjoy VIP status in other cryptocurrency exchanges can apply by filling out the Bybit application form. They’d need to submit their trading volume in the past 30 days from the exchange. Bybit VIP has five tiers (1–5).

Other benefits include:

  • High daily fiat transaction of up to $200,000
  • VIP meetups and networking opportunities
  • Global F1 tickets
  • Special limited edition VIP gift sets
  • More Launchpad lottery tickets
  • Personalized loans of higher limits
  • Instant OTC trades for high volume transactions.
  • Bybit card with 10% cashback
  • 15% APR on fund pools

Bybit Reward Hub

The Reward Hub is a Bybit scheme where users are rewarded for participating in activities and completing tasks. It is made of fixed and weekly tasks, which participants are expected to complete within a specific timeframe. The rewards are unlocked if the participant completes them but expire if they are not finished within the timeframe.

The tasks available at the reward hub are:

  • 20 USDT welcome gifts available at signing up
  • 5000 USDT deposit blast-off rewards, available after participant deposits and trades up to VIP level
  • Periodic airdrop Lucky Tasks

Rules and Terms of the Reward Hub

  • All tasks are updated within 4 hours. Participants are advised to refresh the page for latest updates.
  • The tasks and rewards are not unlimited and are available on a first come, first served basis.
  • It is available to users who have completed SATOS Verification Level 1.
  • Users found to be abusing the system through multiple registrations and participation are barred from the service.
  • The final interpretation of the rules rests with Bybit.
  • Users from jurisdictions where derivatives trading is banned may not be rewarded at the hub. Bybit may organize region-specific events for such users.

Bybit Learn

Bybit Learn is an educational section within the Bybit website. It features informational content that teaches new and advanced users about cryptocurrency. Users can access guides on subjects such as cryptocurrency investing, crypto trading, crypto market research for institutions, and Web 3.

Bybit Help Center

Help Center is a service that provides users of the exchange with answers to all the questions that they have regarding any aspect of the exchange’s service. The Help Center covers issues such as account verification, trading, withdrawal, deposit, and more. The center has a self-service section where users can access tools and platforms that help them resolve common issues encountered by users.

These include:

  • Verify Account
  • Change Email Address
  • Deposit/Withdrawal Chain Status
  • Change Mobile
  • Crypto Deposit Not Credited
  • KYC Transfer
  • Bonus/Campaign Appeal
  • Reset Google Authenticator
  • Submit Case
  • Reset Password
  • Deactivate Account
  • Reactivate Account

How to Make Deposits

Fiat Deposit 
Bybit users can purchase cryptocurrencies with their fiat deposits. The exchange supports payment methods such as SEPA, VISA, Mastercard, and FPS. Deposits do not attract fees, even for large transactions. Users are promised fast, secure transactions while making fiat deposits at the platform. Fiat deposit also features seamless support for local currency. 

Crypto Deposit 
Depositing crypto on the platform is easy. To do this:
Choose the cryptocurrency to deposit.
Select the blockchain network associated with the coin.
Confirm the deposit details before proceeding with the transaction.

Bybit Web3

Bybit has the vision of becoming a top gateway to Web 3. Its Web 3 platform supports features such as token swapping, staking, and exploration of decentralized applications (dApps). Users can also download the Bybit Web 3 supporting wallet if they desire the exchange to hold custody of their assets.


Bybit is a leading exchange where users can buy, sell, invest, and explore the potentials of cryptocurrencies. The exchange is easy to use and provides necessary support to its customers. However, a known setback is that Bybit is restricted from operating in some countries.

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