Bybit Review: Futures, Fees & Features

What is Bybit?

‍Bybit was launched in 2018 and hasquickly become one of the most popular platforms for derivatives trading. It provides advanced investment tools such as leveraged contracts, copy trading, and automated trading bots. There are over 1,400 cryptocurrencies to trade on spot and futures markets.

Based in Dubai, the platform serves over 54 million users in more than 160 countries and accepts deposits in 65 fiat currencies. Its services include an NFT marketplace, staking through Bybit Earn, lending and borrowing, and the Bybit Card, which integrates crypto spending with everyday purchases. 

Its commitment to transparency and regulatory compliance has been central to its growth, and it is continuously innovating with features like its Web3 platform and AI-driven analysis tools. Bybit is one of the only exchanges worldwide that regularly publishes its reserve holdings, providing complete transparency.

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Bybit Features

Bybit is equipped with various tools and services designed to meet the diverse needs of crypto traders and investors.

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Trading Types

The platform supports a wide range of trading options, allowing users to select the method that best suits their strategies:

• Spot Trading: Bybit offers spot trading across 1,400 cryptocurrencies, providing users with an easy way to buy and sell digital assets directly. 
• Futures Trading: Known for its robust derivatives platform, it enables crypto futures trading with up to 200x leverage. Bybit offers both USDT-margined and coin-margined futures contracts.
• Copy Trading: Leverage the expertise of experienced traders by copying their strategies through Bybit's copy trading feature. With over 116,000 master traders and 870,000 followers, this feature enables users to mimic the strategies of top investors.
• Trading Bots: There are trading bots that offer automated trading solutions, including spot and futures grid bots, DCA and Futures Martingale.

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Earn Options

Bybit also offers numerous opportunities for users looking to passively grow their crypto holdings:

• Flexible and Fixed Savings: Bybit Earn offers flexible and fixed savings options, enabling users to earn interest on 170 crypto assets with yields ranging between 0.35% - 500% APR. 
• Liquidity Mining: This allows users to provide liquidity to trading pools, earning yield from swap fees with the option to leverage their positions for higher returns. It supports different pools with varying APR, ranging from 1% to over 50%.
• Dual Asset Investment: Dual Asset provides an opportunity for users to earn high returns based on market price movements. Users deposit their crypto in one of two currencies and earn returns based on which direction the market takes.
• ETH 2.0 Staking: Bybit simplifies staking for Ethereum 2.0, allowing users to earn rewards while contributing to the network’s upgrade to proof-of-stake. With up to 4% APY available, Bybit offers an easy way for users to support Ethereum’s transition.

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Additional Services

Aside from trading and staking, Bybit provides other useful financial tools like access to NFTs and OTC services.

• NFT Marketplace: Engage with a vibrant NFT marketplace, allowing users to buy, sell, and explore thousands of NFTs without incurring high gas fees. Popular projects include Milady’s, Mutant Apes and Pudgy Penguins.
• VIP Program: Bybit offers a VIP program that provides exclusive benefits like reduced trading fees, priority customer support, OTC desk and access to high-yield earning products for users with larger portfolios.
• Launchpad: This feature gives users access to early token sales for new projects. Through subscription-based events and token offerings, users can purchase tokens at a discounted rate before they’re publicly available on major exchanges.
• Bybit Card: In partnership with Mastercard, Bybit offers the Bybit Card, allowing users to convert and spend their crypto holdings at millions of merchants worldwide.
• Crypto Loans: The loan service enables users to borrow a variety of cryptocurrencies using their existing tokens as collateral, facilitating leverage and liquidity management. Vice versa, users can lend assets to the platform and earn a yield on their tokens.

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Is Bybit Safe?

‍Bybit is considered trustworthy due to its strong security measures, regulatory compliance, and transparent asset holdings. The platform employs a combination of cold wallet storage, multi-signature authorization, and advanced encryption to safeguard user funds and personal data. Bybit regularly conducts Proof of Reserves audits, which are publicly available.

It operates under several global regulatory frameworks and holds important licenses, including:

• A Virtual Assets Regulatory Authority (VARA) license from Dubai, enabling compliance with regional crypto regulations.
• Authorization from the Astana Financial Services Authority (AFSA) to operate in Kazakhstan, offering a comprehensive suite of crypto services.
• Registration as a Crypto Asset Service Provider in Turkey, regulated by the Capital Markets Board (CMB).
• License from the Cyprus Securities and Exchange Commission (CySEC) and operating under UAB Onlychain Fintech Limited.

The platform adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols to maintain high-security standards and comply with local laws in its operating regions. Although not available in all jurisdictions, Bybit is committed to maintaining strict regulatory compliance wherever it is available.

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Bybit Fee Schedule

Bybit employs a tiered maker-taker fee structure, offering discounted trading fees for users based on their VIP level, which is determined by their asset balance or 30-day trading volume. This model rewards active traders and those holding significant assets on the platform, with progressively lower fees as they move through the levels.

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Spot Trading

Bybit offers competitive fees for spot trading, starting at 0.1% for both makers and takers for regular users. As traders increase their activity, they can unlock better rates.

• Standard Fees: For most users, the base fee is 0.1% for both makers and takers.
• VIP Discounts: As trading volume or asset balance increases, users can enjoy reduced fees, with VIP 5 users benefiting from rates as low as 0.05% for takers and 0.04% for makers.

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Futures and Perpetual Trading

Bybit offers a tiered fee system for futures and perpetual contracts as well, with the taker fee starting at 0.055% and the maker fee at 0.02%. These fees decrease as users engage more actively with the platform.

• Standard Fees: The base fee is 0.055% for takers and 0.02% for makers.
• VIP Levels: Higher trading volumes unlock discounted fees, with the highest VIP level reducing taker fees to 0.03% and maker fees down to 0%.

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BIT Token Discounts

By holding Bybit’s native BIT token, users can unlock additional fee reductions:

• Fee Deductions: Users can use BIT tokens to receive up to a 25% discount on trading fees across both spot and futures markets.
• VIP Benefits: Holding a higher balance of BIT tokens helps users progress faster through VIP levels, unlocking further fee discounts.

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How to Register on Bybit

‍Registering for an account on Bybit is easy and can be completed in a few simple steps. Here's a detailed guide to help you get started:

1. Visit Bybit: Open your preferred web browser and go to the Bybit official website. You can also download the Bybit mobile app from the Apple App Store or Google Play Store if you prefer to register using your mobile device.
2. Click on "Sign Up": On the Bybit homepage, locate the "Sign Up" button at the top right corner of the screen. Click on it to begin the registration process.
3. Fill in Your Details: You will be directed to a registration page where you need to enter your email address and create a password. Alternatively, you can sign up using your mobile phone number by switching to the "Phone" tab.
4. Referral Code: If you have a referral code, you can enter it in the designated field. This may qualify you for additional bonuses or benefits as part of Bybit's referral program.
5. Agree to Terms and Conditions: Read through Bybit's terms of service and privacy policy. Once you have reviewed and understood the terms, check the box to agree to them. This is a necessary step to proceed with your registration.
6. Complete the CAPTCHA: Bybit uses CAPTCHA to verify that you are a human user. Complete the CAPTCHA challenge to continue.
7. Verify Your Email or Phone Number: After submitting your registration details, Bybit will send a verification code to the email address or phone number you provided. Enter this code on the Bybit website or app to verify your account.
8. Complete KYC Verification: To complete KYC, you will need to provide identification documents and follow the on-screen instructions to verify your identity.

Once your account is verified and secured, you can start exploring Bybit’s trading platform. Deposit funds into your account using cryptocurrency or fiat gateways to begin trading.

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What is the Bybit Crypto Mastercard?

The Bybit Card is a crypto Mastercard debit card that allows users to spend their cryptocurrency around the world. Linked directly to your Bybit Funding Account, the card enables you to make payments in multiple cryptocurrencies, which are automatically converted to fiat as needed. It has no annual fees, and users can manage transactions through the Bybit app or web interface.

Users can earn loyalty rewards on purchases, access exclusive offers, and enjoy features like free ATM withdrawals (up to a set limit). Bybit also provides virtual and physical card options, with support for over 90 million merchants globally. Additionally, it integrates with Google Pay and Apple Pay for ease of use in the EEA region.

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Bottom Line

Bybit is the second largest crypto exchange in the world in terms of trading volume, offering various trading options and financial services. Its intuitive platform, advanced trading tools, and strong commitment to security and regulatory compliance make it a trustworthy choice. 

Home to over 54 million registered users across 160 countries, it can be used in 24 languages and accepts deposits in 65 currencies.