Bybit is a prominent cryptocurrency exchange specializing in derivative trading, where traders can open positions with leverage of up to 100x on a wide range of assets. Beyond leveraged trading, the platform supports quarterly futures contracts, which expire based on their calendar cycle and converge with the spot price. A significant advantage for users is the absence of funding fees on these contracts.
This guide explores the core aspects of Bybit, from account registration and user interface to its diverse opportunities, mobile application, funding methods, NFT marketplace, bonus programs, and various income streams.
The History and Background of Bybit
Bybit was established in 2018 in Singapore by Ben Zhou. The exchange is operated by Bybit Fintech Limited, a company registered in the British Virgin Islands.
The development of this crypto ecosystem involved professionals from major firms like Tencent and Morgan Stanley, alongside experts from the forex, blockchain, and traditional banking sectors. Today, Bybit boasts a team of over 250 employees and serves a user base of more than 5 million registered individuals.
From its inception, Bybit has evolved into a user-friendly platform catering to both novice and experienced traders. It provides a comprehensive suite for derivatives and spot trading, an NFT marketplace, and options for earning passive income through its "Bybit Earn" program. A key feature of the ecosystem is the ability to invest in new tokens during their early development phases.
Core Trading Opportunities on Bybit
Bybit offers a versatile trading environment with multiple avenues for engagement.
Spot Trading
The spot trading platform is accessible via the main trading page. Users are presented with a list of trading pairs, all of which are denominated in USDT, BTC, or USDC. The interface allows for filtering searches by a specific cryptocurrency. A "Favorites" feature lets traders quickly access their most-watched pairs. For each asset, the last traded price and its 24-hour percentage change are clearly displayed.
The exchange supports three primary order types for spot trading:
- Limit Orders: Set a specific price to buy or sell.
- Market Orders: Execute immediately at the current market price.
- Conditional Orders: Trigger a trade once a predefined market condition is met.
Margin and Derivatives Trading
The derivatives section expands trading possibilities with several leveraged products:
- Inverse Perpetual Contracts
- USDT Perpetual Contracts
- Inverse Futures Contracts
Promotions and Bonus Programs
Bybit runs extensive reward programs designed for both newcomers and established clients.
New users are incentivized for their initial cryptocurrency deposit. A 7-day window is provided for multiple qualifying deposits. Participants in the "Newbies Lucky" promotion receive a 10% APY booster, which can enhance returns on USDT flexible staking within the ByFi section for three days (with a reward cap of 20 USDT).
Clients achieving a monthly trading volume of $10,000 become eligible for a share of a 100,000 USDT prize pool. Furthermore, the platform offers bonus coupons based on the amount of a user's first deposit:
| Deposit Amount | Bonus Coupon |
|---|---|
| $200 | $5 |
| $1,000 | $10 |
| $5,000 | $25 |
| $10,000 | $40 |
Additional $5 coupons can be earned by reaching a monthly spot turnover of $300, achieving a $10,000 derivatives trading volume, trading for three consecutive days, or subscribing to the exchange's social media channels. These coupons are non-cashable and are primarily used to offset trading commissions (excluding withdrawal fees). It's important to note that any request to withdraw funds will immediately terminate ongoing promotions and void their results.
Referral, Affiliate, and VIP Programs
All rewards are conveniently tracked in the "My Rewards" section of a user's account. Bonus amounts are calculated and credited based on the effective exchange rate at the time of issuance.
Bybit's referral program offers mutual benefits:
- A new user who registers with a referral code, deposits at least $10, and achieves a spot trading volume of $2,000 or a derivatives volume of $10,000 receives a $20 bonus.
- The user who invited them receives an identical $20 reward.
- There are no limits on the number of referrals one can make.
- The exchange's name must not be used in paid advertising by participants.
The platform also features a lucrative affiliate program, offering commissions of up to 30% of the trading volume generated by attracted clients. This program is ideal for website owners and influencers with their own audience.
For high-volume traders, the Bybit VIP program provides exclusive benefits. Eligibility is typically extended to users with a monthly trading volume exceeding $100,000, a spot trading volume over $10,000, or an account equity greater than $250,000. Users who held VIP status on other major exchanges may qualify automatically. VIP members gain access to a personal account manager, 24/7 priority support, and exclusive bonuses, gifts, and fee discounts.
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How to Register on the Bybit Exchange
Creating an account on Bybit is a swift process, taking less than a minute. The registration button is located in the top-right corner of the homepage.
Prospective users can sign up using either an email address or a mobile phone number. The required information includes the chosen contact method and a strong password, followed by agreement to the platform's terms of service. A critical step involves confirming that the user is not a resident of a restricted jurisdiction, which includes:
- United States
- Singapore
- mainland China
- North Korea
- Cuba
- Iran
- Sudan
- Syria
After providing this confirmation, a 6-digit verification code is sent to the provided email or phone number. Upon entering this code, users are asked to specify their trading experience level—either "Beginner" or "Experienced"—to help tailor the interface. With this, the registration is complete, and the user is granted access to their personal account.
Navigating the Bybit Verification (KYC) Process
Identity verification on Bybit is optional but comes with important limitations. Unverified accounts face a daily withdrawal limit of 2 BTC. Completing the Know Your Customer (KYC) process increases this limit to 50 BTC.
The verification process is initiated in the "Account & Security" section under the "KYC Verification" tab. The basic verification involves:
- Selecting your country of residence.
- Choosing a supported identity document type (passport, national ID, or driver's license; options vary by country).
- Uploading a clear photo of the chosen document.
- Completing a live facial recognition check by following on-screen instructions.
For users seeking even higher limits, verifying proof of residence (e.g., a recent utility bill or bank statement no older than three months) can double the daily withdrawal cap to 100 BTC.
Corporate clients undergo a more rigorous procedure, requiring submission of company formation documents, certificates of registration, director registers, and details of ultimate beneficial owners. The standard daily withdrawal limit for verified corporate accounts is 100 BTC.
The Bybit NFT Marketplace
Bybit features a integrated NFT marketplace, allowing users to buy and sell non-fungible tokens representing digital art and collectibles. Transactions can be conducted using BIT (the platform's native token), USDT, or ETH. The marketplace requires no currency conversion; the cryptocurrency used must match the asset's listing price.
Key features of the NFT marketplace include:
- Zero Fees for Buyers: Purchasers are not charged a commission.
- Fees for Sellers: A 1% royalty is paid to the original creator, and a 1% service fee is charged by Bybit on each sale.
- Mystery Boxes: These contain random NFTs of varying rarity levels (N, R, SR, or SSR), with a purchase limit of 10 boxes per user during initial sales.
The Bybit Mobile Application
For traders on the go, Bybit offers a fully functional mobile experience. The exchange's website is mobile-optimized and performs correctly within a mobile browser. For a more seamless experience, dedicated applications are available for both iOS and Android devices. These can be downloaded directly from the App Store and Google Play Store. Links to the apps are provided at the bottom of the Bybit homepage; desktop users can also scan a QR code to be directed to the appropriate download page.
Frequently Asked Questions
Is Bybit available to users in the United States?
No, Bybit explicitly restricts access for users who are residents of the United States, Singapore, and several other countries due to regulatory considerations. Users must confirm they are not from a restricted jurisdiction during registration.
What are the main advantages of using the Bybit exchange?
Key advantages include a user-friendly interface, high leverage of up to 100x on derivatives, a robust NFT marketplace, multiple avenues for earning passive income, and a variety of generous bonus and referral programs for both new and existing users.
How does Bybit's referral program work?
Both the referrer and the referee can earn a $20 bonus when the new user signs up with a referral code, makes a minimum deposit of $10, and achieves a specific trading volume threshold ($2,000 in spot or $10,000 in derivatives trading). There is no cap on how many people you can refer.
Is completing KYC verification mandatory on Bybit?
No, KYC is optional. However, unverified accounts have a significantly lower daily withdrawal limit (2 BTC). Completing identity verification raises this limit substantially (up to 50 BTC or 100 BTC with address confirmation).
What cryptocurrencies can I use on the Bybit NFT marketplace?
The marketplace supports transactions using Bybit's native BIT token, USDT, and Ethereum (ETH). The currency must match the NFT's listing price, as there is no in-built conversion during the purchase process.
Does Bybit charge fees for using its platform?
Yes, Bybit charges maker and taker fees for trading. However, the platform often runs promotions where users can earn bonus coupons to offset these trading commissions. Notably, there are no fees for buyers on the NFT marketplace.