Bybit is a globally renowned cryptocurrency exchange, particularly famous for its derivatives trading. As of late 2024, it ranks among the top three exchanges globally by trading volume. With high-security standards and full Japanese language support, it has become a popular choice for traders in Japan and worldwide.
This guide provides a detailed overview of Bybit, including its key features, how to use it, and what to keep in mind before you start trading.
What is Bybit?
Bybit is a cryptocurrency exchange established in Singapore in 2018. As of late 2024, it serves over 30 million users across 230 countries and regions. Its platform and mobile app are fully available in Japanese, and customer support in Japanese is available 24/7.
Here’s a summary of Bybit’s key details:
| Feature | Description |
|---|---|
| Operator | Bybit Fintech Limited |
| Headquarters | Dubai |
| Number of Trading Pairs | 683 (spot trading) |
| Maximum Leverage | 100x |
| Spot Trading | Supported |
| Futures Trading | Settlement type: BTC; Taker fee: 0.055%; Maker fee: 0.02% |
| Copy Trading | Supported (USDT only) |
| Deposit Fees | Free |
| Negative Balance Protection | Yes |
| Japanese Language Support | Fully supported |
| Mobile App | iOS and Android |
Bybit is known for its high leverage options and user-friendly copy trading features, making it attractive for both new and experienced traders.
How to Perform Spot Trading on Bybit
Spot trading on Bybit involves buying and selling cryptocurrencies directly. Users can trade pairs like ETH/XRP, exchanging one cryptocurrency for another.
The main base currencies used on Bybit are:
- Bitcoin (BTC)
- Tether (USDT)
- USD Coin (USDC)
Steps for Spot Trading:
- Log in and navigate to Spot → Spot Trading → choose your desired trading pair.
Select your order type:
- Limit Order: Set a specific price for your trade.
- Market Order: Execute immediately at the current market price.
- Enter the order price (for limit orders) and quantity, then click Buy or Sell.
How to Perform Futures Trading on Bybit
Bybit offers three types of futures trading:
- Inverse Perpetual Contracts
- Inverse Futures Contracts
- USDT Perpetual Contracts
1. Inverse Futures Contracts
These contracts have a predetermined settlement date. Symbols follow the format XXXUSDMMSS, where:
- XXX = Cryptocurrency (e.g., BTC)
- MM = Settlement month
- SS = Settlement day
For example, BTCUSD0702 means a BTC/USD futures contract settling on July 2. If not settled by the deadline, a forced settlement occurs with a 0.05% fee.
Steps:
- Go to Derivatives → Trading → Inverse Futures.
- Configure order type, price, and quantity (in USD or BTC).
- Click Buy or Sell.
Leverage Details:
- BTC/USD: Up to 100x leverage
- ETH/USD: Up to 50x leverage
2. Inverse Perpetual Contracts
These contracts have no settlement date. Supported trading pairs include BTC, ETH, EOS, XRP, DOT, ADA, MANA, LTS, and SOL, all paired with USD.
Steps:
- Navigate to Derivatives → Trading → Perpetual.
- Set order details and execute.
3. USDT Perpetual Contracts
These use USDT (a stablecoin pegged to the US dollar) as margin.
Steps:
- Go to Derivatives → USDT Perpetual.
- Select a trading pair or search for it.
Copy Trading on Bybit
Copy Trading allows users to mimic the strategies of experienced traders. It’s an excellent tool for beginners to learn and potentially profit from expert moves. Professional traders also earn rewards based on their performance tier:
| Trader Rank | Profit Share Rate |
|---|---|
| Rookie | 10% |
| Bronze | 10% |
| Silver | 12% |
| Gold | 15% |
New users are eligible for loss protection up to 100 USDT on their first copy trade order.
Is Bybit Legal to Use?
Bybit operates without a license from Japan’s Financial Services Agency (FSA) but complies with international regulations. While it received a warning from the FSA in the past for unregistered operation, it remains accessible to Japanese users. There are no legal restrictions or penalties for individuals in Japan using Bybit.
Public Perception of Bybit
Positive Feedback
- High liquidity enables trading close to market prices.
- The user interface is intuitive and available in Japanese.
- Copy trading is helpful for beginners.
- The mobile app is user-friendly and efficient.
Negative Feedback
- Withdrawals can sometimes be slow (up to an hour).
- Customer support response times can be delayed.
- The chat support menu can be restrictive.
- Finding reliable P2P trading partners can be challenging.
- Promotional campaigns often have short durations.
Advantages of Using Bybit
- High Trading Volume: Bybit is a top-3 global exchange by volume, ensuring high liquidity.
- High Leverage: Offers up to 100x leverage on certain pairs.
- Low Latency: The system handles up to 100,000 transactions per second.
- User-Friendly Platform: Clean design with customizable features.
- Japanese Support: Full language support and 24/7 customer service.
- Strong Security: Uses keyless MPC wallets for safer asset storage.
- No Debt Risk: Features a zero-cut system, preventing negative balances.
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Disadvantages of Using Bybit
- No Direct JPY Deposits: Users must first buy crypto on a domestic exchange and then transfer it to Bybit.
- Withdrawal Fees: Fees apply for withdrawing assets (e.g., 0.0002 BTC for Bitcoin).
Fee Structure on Bybit
- Spot Trading Fee: Generally 0.1% for both makers and takers; lower for VIP users.
- Asset Conversion: Free of charge.
- Funding Rate (Derivatives): Applied every 8 hours—either paid or received based on position.
- Liquidation Fee: Charged if a position is force-liquidated.
- Withdrawal Fee: Varies by asset (e.g., 0.0002 BTC for Bitcoin).
How to Open an Account
- Visit the official website and click Register.
- Enter your email and a strong password.
- Verify your email via the confirmation code sent.
- Enable two-factor authentication (2FA) using Google Authenticator.
Identity Verification (KYC)
To deposit, withdraw, or trade, you must complete KYC:
Level 1 Requirements:
- Government-issued ID (driver’s license, passport, etc.)
- Facial verification
Level 2 Requirements (for higher limits):
- Proof of residence (utility bill, bank statement, etc.)
How to Deposit Funds
Since direct JPY deposits aren’t supported, use one of these methods:
- One-Click Buy: Purchase crypto with a credit card (VISA, JCB, or Mastercard). Fees apply.
- P2P Trading: Trade directly with other users using JPY through methods like bank transfer or PayPay.
- Crypto Transfer: Transfer crypto from a private wallet or another exchange.
How to Withdraw Funds
- Install Google Authenticator for 2FA.
- In the app, go to Assets → Withdraw.
- Select the cryptocurrency and enter the destination address.
- Confirm the transaction with 2FA.
Note: Always double-check addresses to avoid errors.
Bonuses and Campaigns
Bybit often runs promotional campaigns, such as:
- Welcome bonuses for new deposits
- Lottery events with crypto prizes
- Loss protection vouchers for copy trading
- VIP membership trials
These offers are time-limited, so check the official website regularly.
Important Considerations
- Self-Responsibility: Bybit isn’t covered by Japanese investor protection schemes. Users bear all risks related to hacking, fraud, or operational failure.
- USD Denomination: All values are shown in USD; use a conversion tool for JPY estimates.
- Risk Awareness: Complex products like derivatives require knowledge. trade cautiously.
- Tax Obligations: Profits over ¥200,000 in a year must be declared in your tax return.
Frequently Asked Questions
Q: Which country is Bybit based in?
A: Bybit’s headquarters is in Dubai. It also has offices in Hong Kong and Taiwan.
Q: Does Bybit have a Japanese entity?
A: No, it doesn’t. It operates under international regulations.
Q: Will Bybit stop serving Japanese users?
A: As of now, there are no indications of this happening.
Q: How long do deposits take?
A: Usually 30 minutes to 1 hour, but can vary based on network congestion.
Q: Are there deposit fees?
A: No, but transferring from another exchange may incur network fees.
Q: What fees apply to copy trading?
A: Standard trading and funding fees; no additional copy trading fees.
Q: How long does KYC verification take?
A: Usually under 15 minutes but can take up to 48 hours in some cases.
Q: Are private wallets like MetaMask subject to travel rule?
A: No, the travel rule applies only to transfers between exchanges.
Q: What happens if I don’t comply with the travel rule?
A: Your withdrawal may be rejected, but there are no legal penalties for users.
Conclusion
Bybit is a secure, high-liquidity exchange with full Japanese support. While it doesn’t accept direct JPY deposits, its extensive features—including copy trading and high leverage—make it appealing for many traders. Always trade responsibly and be aware of the risks involved.