Bybit

Bybit is a centralized cryptocurrency exchange that was founded in 2018 and from 2023 is registered in Dubai, UAE. It has more than 60 million users and ranks 5th in the world in terms of cryptocurrency trading volume and a 10 out of 10 trust rating according to CoinGecko data for September 2025.

The exchange was founded by Ben Zhou, who previously had experience as a forex broker. Bybit is registered in the British Virgin Islands and also has an office in Hong Kong. In 2023, the headquarters were established in Dubai, United Arab Emirates.

Advantages of Bybit

• 24/7 customer support with online chat.
• An international platform available in over 160 countries in 16 languages.
• Web3 products: Bybit Wallet, P2P, Bybit Card, Earn, Spot, Futures, Derivatives, NFT.
• Advanced automated trading tools: copy trading, AI-based bots, charting, and trading tools.
• Premium liquidity for derivative contracts.
• Trading engine is very fast (100,000 transactions/second), resulting in 99.99% system availability.
• Leading profit, low-risk investments: Bybit Earn and crypto loans.
• World's largest USDC options marketplace.
• High liquidity in the derivatives market.
• Simple verification; not needed for small transactions.
• Withdrawals possible three times a day.
• Margin trading and risk hedging.
• Additional profit methods: staking, farming, Bybit Launchpad, referral program.
• Education system with relevant materials.

Disadvantages of Bybit

• Complex Commission Structure: Bybit has a diverse commission structure that includes financial fees for margin trading, which depend on market conditions and may change on a daily basis.
• Additionally, although Bybit does not charge a deposit fee, users can charge the miners or the network when withdrawing funds.
• Bybit is unavailable in several major markets, including the United States, due to regulatory restrictions.
• Some users have reported inconsistencies in the quality of customer support.
• There have been complaints about account freezes, often related to regulatory compliance or suspicious activity.
• The platform's focus on features such as futures trading can create challenges for beginners, who may need a lot of time to learn.

Capabilities of the Bybit Exchange

• Spot market trading, as well as trading with linear, inverse perpetual, and quarterly contracts with various digital assets and the possibility of using leverage on derivatives up to 1:100.
• Although direct interaction with fiat currencies is not provided, from January 2022 users can convert national money, including rubles, into Tether (USDT) via the P2P platform.
• Integrated API support for automated trading with instant order execution.
• Available order types include: Limit, Market, Stop-Limit, and Stop-Market.
• Besides traditional trading and the possibility to open short or long positions using leverage, there are options for staking and farming in liquidity pools.
• NFT token trading is supported, and participation in the Bybit Launchpad – IEO (Initial Exchange Offering) program.
• Users have access to a demo account, educational materials, a bonus system, and referral programs.

Registration on Bybit

The exchange is not accessible to residents of the United States, mainland China, Singapore, Crimea, and other prohibited jurisdictions.

In the registration form, you need to input an email address or mobile phone number, a complex password, and your level of trading experience. Use referral code BONUS10 to have a bonus. Next, you'll need to input the code sent to your email or via SMS. After logging into the Bybit personal cabinet, users have access to nearly all the functionality of the crypto exchange, but there's a withdrawal limit set at no more than 2 BTC/day. To gain full access to investment products and increase the minimum withdrawal limit to 50 BTC/day, account verification is necessary. For this, you'll need to input your full name, date of birth, attach a photo of your passport or driver's license, and a selfie. To remove all restrictions, you must confirm your place of residence using a utility bill or bank statement.

For additional account protection, it's imperative to set up 2FA authentication using Google Authenticator.

Withdrawal

For unverified Bybit accounts, the withdrawal limit is up to 20,000 USDT per day and up to 100,000 USDT per month. Verification will expand the withdrawal limits.

To withdraw fiat currency, you need to:

• In the upper left corner, click "Buy cryptocurrency" → "Deposit in fiat currency" and go to the "Fiat deposit" page, click "Withdraw fiat currency".
• To place an order, follow these steps: Select fiat currency, enter the amount to withdraw, select a payment method
• Specify the account to receive funds
• Confirm the transaction

After the withdrawal is complete, a push notification and an email will be sent to your smartphone.

Fees for deposits and withdrawals

There is no fee for replenishing the account balance.

There is a fee and a limit on the withdrawal of crypto assets, for example, for Bitcoin the minimum withdrawal amount is 0.001 BTC and a fee of 0.0005 BTC per transaction.

When depositing and withdrawing via P2P - no fees.

Fees: Spot trading, futures, USDC options

Trading fees:

• On spot, makers and takers have a fee of 0.1% of the total transaction volume at VIP level 0. 
• Perpetual futures and contracts: makers 0.036%, takers 0.1%. 
• USDC options: makers 0.03%, takers 0.03%. 

Spot trading fees applied to Fiat-Crypto trading pairs with a 30-day trading volume of less than USD 100,000 for makers 0.15%, for takers 0.2%.

The user's VIP level is determined based on the total asset balance, the amount of loans and the trading volume for 30 days.

P2P

The Bybit P2P platform offers more than 60 fiat currencies, various popular local payment methods and the best prices.

Buying coins

You can buy coins without a fee. P2P transactions on the Bybit crypto exchange are carried out in three steps:

• Select an application that suits the price and payment method. Specify the purchase volume and transaction amount to complete the order.
• Make a payment through the bank using the details specified by the seller. Bybit does not charge an additional fee.
• Receive coins, the seller will send them after receiving the payment. The purchased coins will appear on your account.

Sell coins

The sale is also carried out in 3 steps:

• Select an application that suits the price and payment method. Specify the purchase volume and transaction amount to complete the order.
• Receive payment. You can see the payment status from the buyer in your account.
• Send coins to the buyer. This can only be done after the funds have been received in full.

P2P fees

Taker

P2P on Bybit does not charge a transaction fee for either the taker or the maker. But it is worth keeping in mind that, depending on the selected payment method, the fee may be charged by the payment service provider.

Maker

Bybit also does not charge a fee for publishing ads. Maker fee rate may be adjusted accordingly.

Staking

Staking on Bybit is a tool for aggregating and investing in DeFi assets. The purpose of staking is to provide convenient on-chain asset management by combining user funds with assets on the network.

Staking pools on Bybit make it easy to earn passive income with one click. To add liquidity to staking pools, you need to create a Bybit Wallet and deposit tokens to be used in staking — USDT, USDC, BTC, ETH, or stETH.

Staking process:

• Preparing funds for staking - converting assets.
• Staking assets - investing in staking pools.
• Accumulating profit - receiving income from the increase in the value of liquidity pool tokens.
• Receiving income - withdrawing accumulated income and interest.

Important:

• KYC verification is not required to add funds to staking pools.
• The calculation of the yield is made in accordance with the pool smart contract.
• You can withdraw funds on the main page of the staking pools.
• Staking pools are available in the Bybit mobile app version 4.9.0 and above.

The fees associated with contributing liquidity to staking pools consist of several components, which include gas fees for approval, swap, and staking transactions.