Founded in 2018, the Bybit exchange is a centralized platform. According to CoinGecko, the exchange has a high (10) trust score. As of August 2025, 515 cryptocurrencies are traded on the exchange, with ETH/USDT being the most active trading pair. The highest trading volume in the last 30 days was reached on 12 May, amounting to 74,113 BTC.
ByBit is a cryptocurrency exchange established in March 2018 in the British Virgin Islands, with an office in Singapore. Its founders include specialists who previously worked at BAT and Morgan Stanley, and the CEO is Ben Zhou. The platform's interface operates in seven languages, including Russian.
Advantages and Disadvantages of Bybit
Advantages
Diverse Staking and Investment Products: Bybit Earn offers a wide range of staking and investment products suitable for both beginners and experienced investors.
Liquid Staking and Liquidity Mining: Bybit users can stake their assets while maintaining access to them.
High Level of Security: Bybit employs robust security measures to protect user assets.
Disadvantages
Asset Value Fluctuation Risks: There is a possibility of significant losses, especially when using leveraged products or those with high volatility, such as Double Win.
No Principal Protection on Investments: Bybit products like Double Win and Dual Asset do not guarantee the safety of invested capital, increasing the risk of losses.
Impact of Regulatory Changes: Potential changes in legislation may affect the returns for Bybit users.
Description of Bybit Exchange
In a short time, Bybit has become one of the key players in the cryptocurrency derivatives industry: by the end of 2020, it was among the top five exchanges allowing futures trading. Users can trade Bitcoin, Ethereum, EOS, and XRP. Fiat currency trading is not supported on Bybit.
Traders are attracted by the platform's speed and ease of use. Bybit claims it can process 100,000 transactions per second. A major advantage of the exchange is that you won’t lose money during trading when the platform is overloaded or when the price of a coin is highly volatile. There is no wallet on the exchange; users add existing Bitcoin or Ethereum wallets. Our cryptocurrency wallet rating
Bybit Token
Bybit does not have its own token, unlike Binance or Okex. The company Bybit founded BitDAO. For BitDAO, the BIT token was issued for DAO governance.
A DAO is a decentralized autonomous organization. Its governance rules are written on the blockchain and controlled by the organization's members without third-party influence. In the case of BitDAO, all BIT token holders are members of the organization.
The goal of BitDAO is to support DeFi developers. Holders of the BIT token can participate in the governance of startups that BitDAO invests in.
The BIT token was launched from Bybit's launchpad in September. Traders and holders on the exchange could receive the token from Bybit for free by holding a balance of $100. From September 22 to 28, users could receive 1,000 BIT tokens.
Data on the BIT token:
Sale Dates: September 28, 2021 - September 28, 2021 Total Number of Tokens: 10,000,000,000 BIT Tokens for Sale: 20,000,000 BIT Raised: 230,000,000 USD
Advantages of ByBit:
You can fund your account with Bitcoin or Ethereum using a credit or debit card. There’s no need to buy cryptocurrency on external exchanges or through exchangers and transfer it to the exchange, as is the case with BitMEX.
Low fees. ByBit offers some of the most competitive fees for margin transactions.
No KYC verification requirements. The platform does not verify its users.
Support for multiple currencies. With ByBit, you have the option to deposit, withdraw, and open positions in BTC, ETH, EOS, XRP, and USDT.
An intuitive, powerful, and well-thought-out trading interface. ByBit has a stable, reliable, and well-designed functionality that is very easy to navigate.
Security. The exchange has not recorded any breaches, violations, or leaks of user information in its history.
24/7 customer support. Support is available in many languages and offered through chat and email, among other means.
ByBit has a demo version – Testnet.
Registration on ByBit
Creating an account on ByBit is very simple, mainly because ByBit does not require a lot of personal information.
All you need is an email address or phone number.
Referral Code
Here is the referral code for registering on ByBit, which allows you to receive a $10 bonus upon depositing from 0.02 BTC:
BmXvN
Clicking the orange button will take you to the next menu.
You can register on ByBit using either your mobile number or email.
After activating your account via email or SMS, you can start trading immediately.
When registering a demo account, you go through the same steps; the only difference is that you receive trial coins to practice your trading skills.
ByBit Wallet
The platform does not offer its own token or wallet, but in the "Personal Account" section of ByBit, you can add your BTC or Ethereum wallet details.
All assets are stored in offline wallets, and the software protection is based on a hierarchically deterministic data processing structure.
Deposits and Withdrawals
If you already have one of the supported coins (BTC, ETH, XRP, EOS, USDT), you can easily send it to your unique wallet address on ByBit. If you don’t yet have cryptocurrency to fund your account, you can buy it directly on the platform using a credit or debit card. You can also purchase it on any other exchange and then transfer it to ByBit.
How to Deposit Funds on ByBit:
Log into ByBit, go to the "Assets" tab, and click "Deposit" for the cryptocurrency you are interested in.
After clicking the "Assets" button, traders will be taken to the next menu.
After clicking "Deposit", a pop-up window will open with your unique wallet address. Transfer funds to this address from your wallet or another exchange. If you don’t have cryptocurrency yet, you can purchase it directly with a credit or debit card by clicking the "Buy Cryptocurrency" button on Assets.
Test coins are located in the "Assets" section, where you need to click "Deposit" next to BTC to receive "Test Coin 1", "Test Coin 2", and "Test Coin 3".
Bybit does not accept deposits in fiat currency. To buy your first cryptocurrency, you will need what is called an entry exchange, meaning exchanging fiat payments at an exchanger or another crypto exchange.
How to Withdraw Funds from the Platform
The withdrawal process works similarly, but instead of clicking the "Deposit" button, use the "Withdraw" button and then enter your cryptocurrency wallet or exchange address. That’s it. However, note that only users who have completed two-factor authentication can withdraw funds.
ByBit Affiliate Program
To encourage new users to register and trade actively, ByBit offers several types of bonuses and coupons available after registration via a referral link. A list of bonuses can be found at this link. ByBit bonuses include:
$10 bonus on the first deposit;
$50 bonus for achieving a total deposit amount ≥0.05 BTC;
$100 bonus for ≥ 0.1 BTC deposit;
$300 bonus for ≥ 0.5 BTC deposit;
$500 bonus for ≥ 1.5 BTC deposit;
Free coupon +$110 in the rewards section;
$5 bonus for liking the exchange's profile on Twitter and other social networks;
And others, periodically held promotions for various dates and events.
Bonuses can only be used for trading; after liking on Twitter, you should fill out the following form.
Technical Support
The fact that ByBit is designed for experienced traders does not mean that the exchange offers no support. ByBit has a 24/7 online chat available in all languages supported by the interface. Additionally, traders can ask questions to the CEO of the company on Twitter.
Margin Trading on ByBit
The platform uses real-time data from TradingView, with delays potentially being fractions of a second. All operations can be performed with leverage or traded solely with your own funds.
Suppose you have $10,000 in your trading account and you place $100 on BTC when trading a long position (i.e., expecting an increase in value).
You do this with 100x leverage. If BTC then rises by 10% in value, and you only placed $100, you would earn $10. By placing $100 with 100x leverage, you would earn an additional $1,000 (which is $990 more than if you had traded without leverage). On the other hand, if BTC drops by 10%, you would lose $1,000 (which is $990 more than if you hadn’t used leverage in your trading).
If a trader prefers trading perpetual contracts, the exchange offers a detailed guide https://youtu.be/R_DJ_I-Wxws.
ByBit Fees
Trading Fees
Each transaction occurs between two parties: a user whose limit order exists in the order book and a client who places a market order matching that limit order. ByBit refers to traders placing limit orders as "makers" because their orders provide liquidity to the market. Takers are those who "take" that liquidity with market orders.
At Bybit, the taker fee is 0.075%. Compared to the average global fee charged by regular centralized exchanges, 0.075% is quite low.
The maker fee is -0.025%. Suppose you place orders and buy cryptocurrency for $1,000. This means that instead of paying $1,000, you would only need to pay $997.50. This is a very competitive feature of the ByBit exchange.
Withdrawal Fees
When withdrawing BTC from the Bybit trading platform, you will have to pay 0.0005 BTC. This is 40% lower than the average global withdrawal fee for BTC (0.0008 BTC). Moreover, the platform itself does not charge any fees; this is a fee for the blockchain.
ByBit Security
In its short career, Bybit has already established itself as a secure trading platform. Bybit supports an insurance fund that allows for the use of options strategies, which is uncommon among other cryptocurrency exchanges.
When it comes to personal account security, Bybit offers two-factor authentication via the Google Authenticator app, while Bybit does not require KYC verification.
ByBit Referral Program
Like most other leveraged exchanges, Bybit also has a referral program. In this program, for each referred client who deposits at least 0.02 BTC, you will receive a reward of $10. It’s not the most generous referral program you’ve heard of, but it’s better than nothing.
Comparison with Other Exchanges
Binance
Bittrex
Bitfinex
Bitmex
ByBit
Number of Trading Pairs
Over 250
Over 1000
92
7
4
Date Established
2017
2015
2012
2014
2018
Native Cryptocurrency
Binance Coin (BNB)
None
Tether
None
None
Margin Trading Capability
Yes
No
Yes
Yes
Yes
Trading Fees
Yes, amount depends on trader status
Yes, amount depends on trader status
Yes, amount depends on trader status
Yes, amount depends on trader status
Yes, amount depends on trader status
Deposit/Withdrawal Fees
No
No
No
No
No
Multilingual Support (including Russian)
Yes
No
Yes
Yes
Yes
Number of Incidents from Establishment to 2020 (hacks, outages)
1
1
2
None
None
There are virtually no identified drawbacks, except for the limited number of assets available for trading.
ETH/USDT
USDC
USDC
