Bybit stands as one of the world's largest and fastest-growing cryptocurrency exchanges. It enables users to trade a variety of products, including Bitcoin and Ethereum spot trading, along with inverse perpetual contracts, USDT perpetual contracts, and inverse futures. This guide explores Bybit’s core features, focusing on its safety measures, fee structure, and the process of opening an account online.
How Safe is Bybit?
Bybit’s reliability can be assessed through its trading volume and user protection policies.
Trading Volume and Rankings
Platforms like CoinMarketCap and CoinGecko rank exchanges based on metrics such as web traffic, liquidity, trading volume, and confidence in the legitimacy of reported volumes. Bybit consistently ranks among the top exchanges globally.
CoinMarketCap Rankings:
- Spot Trading: Top 10
- Derivatives Trading: Top 3
- CoinGecko Ranking: Top 5
These high rankings reflect strong liquidity and market confidence.
Hierarchical Deterministic Cold Wallet
Bybit uses a hierarchical deterministic (HD) cold wallet system, which relies on elliptic curve cryptography to generate sub-public keys from a main public key without exposing private keys. This structure significantly enhances security, making it extremely difficult for malicious actors to access funds. To date, Bybit has not experienced any asset theft.
BitUniverse Exchange Transparency Program
Since 2020, Bybit has participated in the BitUniverse Exchange Transparency Program. This initiative allows users to monitor the exchange’s on-chain assets in real-time via the BitUniverse app, adding a layer of accountability and trust.
Bybit Spot and Contract Fees
Bybit employs a straightforward fee model:
Spot Trading:
- Maker (limit order): 0.1%
- Taker (market order): 0.1%
Contract Trading:
- Maker: 0.01%
- Taker: 0.06%
Higher-volume traders can qualify for VIP status, which offers reduced fees. This tiered structure is common in trading platforms and rewards active users.
How to Download the Bybit App
The official Bybit app can be downloaded directly from their website. It is crucial to avoid third-party links or unverified sources to protect against phishing scams and malware.
👉 Get the official app securely here
VIP Program and Benefits
Bybit’s VIP program offers reduced fees for high-volume traders. Eligibility depends on monthly trading volume, with details available on their official VIP page.
Public Perception: Reviews from PTT, Dcard, and Other Platforms
Bybit generally receives positive feedback from users online. Common points of praise include:
- A wide range of trading products, including support for automated trading via MT4.
- Accessibility for users in regions like Hong Kong.
- Availability of cryptocurrency options trading (though liquidity varies by asset).
How to Open an Account on Bybit
Total Time: ~30 minutes
Step 1: Register an Account
Visit the Bybit website and complete the registration form with a valid email and secure password.
Step 2: Complete Identity Verification (KYC)
KYC (Know Your Customer) is mandatory for compliance and security. The process involves submitting personal details, a selfie, and photos of identity documents. Level 1 verification is sufficient for basic operations, while Level 2 may be required for higher limits.
Step 3: Enable Two-Factor Authentication (2FA)
Using an authenticator app like Google Authenticator adds a critical layer of security. It is required for actions like logging in, withdrawing funds, and password recovery. Setting an anti-phishing code is also recommended.
Deposits and Withdrawals on Bybit
Deposit Methods
- Credit/Debit Card: Supported for users with banks like E.Sun Bank, LINE Bank, Cathay United Bank, and others.
- Exchange Transfer: Transfer crypto from another exchange (e.g., Binance) to your Bybit wallet. Always ensure the network (e.g., TRC20) matches.
- P2P (C2C) Trading: Buy crypto directly from other users with Bybit acting as the escrow service.
Withdrawal Methods
- Exchange Transfer: Send crypto to another exchange to cash out.
- P2P Trading: Sell crypto directly to other users.
To withdraw, navigate to “Assets” > “Withdraw” and follow the instructions.
👉 Explore step-by-step deposit and withdrawal guides
Key Features of Bybit
Copy Trading
Bybit offers one of the largest copy trading platforms in crypto, allowing beginners to mirror the strategies of experienced traders.
Become a Master Trader
Skilled traders can apply to become “Master Traders” on Bybit, earning extra income by sharing their strategies with followers.
USDC Options Trading
Bybit supports options trading for major cryptocurrencies like Bitcoin and Ethereum. While liquidity is still developing, it offers more flexibility than some competitors.
Customer Support
Users can contact Bybit support via email at [email protected] or visit the Help Center for self-service solutions.
Frequently Asked Questions
Is Bybit safe to use?
Yes. Bybit uses advanced security measures, including HD cold wallets and two-factor authentication. It also participates in third-party transparency programs.
What are the trading fees on Bybit?
Spot trading fees are 0.1% for both makers and takers. Contract fees are 0.01% for makers and 0.06% for takers. VIP users enjoy discounts.
How do I deposit funds into Bybit?
You can deposit via credit card, crypto transfer from another exchange, or P2P trading. Always double-check addresses and networks.
Can I use Bybit in the United States?
Bybit does not currently serve U.S. residents due to regulatory restrictions.
What is copy trading?
Copy trading allows users to automatically replicate the trades of experienced investors. It’s ideal for beginners seeking passive investment strategies.
How do I contact Bybit customer service?
Reach out via their support email or Help Center for timely assistance.