Today’s post is a detailed review of the Bybit Exchange.

Bybit is a cryptocurrency exchange that strives to be the most reliable exchange for the emerging digital asset class.

The exchange aims to continue revolutionizing the industry by fusing the best of cryptocurrency and traditional finance.

Well, as I take you through this review, we will get to uncover all the amazing features of this amazing exchange… Let’s get started!

Bybit Review Summary

Carefully, I have grouped this review under the following subheadings:

1. Bybit Exchange Review
2. Features Of Bybit Exchange 
3. Services On Bybit
4. Supported Countries, Listed Currencies And Supported Payment Methods
5. Transaction Fees And Verification Requirements 
6. Customer Support And Public Opinion
7. FAQs
8. Conclusion

Without hesitation, let’s get down to business.

Hope you’re ready?

1. Bybit Exchange Review

Bybit is a cryptocurrency derivatives exchange that was founded in March 2018.

The founder and CEO of Bybit- Ben Zhou has experience in the Forex market for about 8 years.

The founding team of the exchange consists of pioneering professionals from the foreign exchange.

And investment banking industries, early blockchain adopters, and industry enthusiasts.

The Exchange was built on customer-centric values, i.e., tradable security between parties based on the asset’s price at a particular time in the future.

They endeavor to provide professional, smart, intuitive, and innovative online trading and mining.

Additionally, there is staking experience for retail and institutional clients worldwide.

The exchange trading site is a subsidiary under Bybit Fintech Limited, registered in the British Virgin Islands.

Want to find out more about the exchange?

Scroll down!

2. Features Of Bybit Exchange

The beautiful things about this exchange are as follows:

• Blog
• Launchpad
• BybitLearn
• Mobile App
• ByFi Center
• 24/7 multilingual support
• 99.99% System Functionality
• Margin trading up to 100x leverage
• Bybit API
• Affiliate Program
• Referral program

Next, we’ll see the services offered by the exchange.

Let’s get going!

Visit Bybit

3. Services On Bybit

The available services on Bybit are as follows:

1. Spot Trading
2. Derivatives
3. Buy Crypto
4. NFT
5. Flexible Staking
6. Dual Asset Mining
7. Launchpool

1. Spot Trading

Bybit Spot trading is a newly added feature to complement its core derivatives offering.

It enables users to trade crypto with other cryptocurrencies when buying and selling assets at the current market rate.

Spot products currently offered on the Bybit platform are over 40.

2. Derivatives

Inverse Perpetual

Bybit Inverse Perpetual contracts use BTC, ETH, XRP, EOS, and DOT.

This feature shows the price, 24H change in percentage, and the 24H Volume in terms of USD, the quoted currency, as seen in the screenshot below. 

USDT Perpetual

Bybit USDT Perpetual contracts use over 30 base currencies such as BTC, ETH, SHIB10000, XRP, LTC, OMG, DOGE, ADA, LINK, ALGO, ATOM, MATIC, FIL, BCH, etc as collateral.

This feature shows the price, 24H change in percentage, and the 24H Turnover in terms of USDT, which is the quoted token as seen in the screenshot above.

Inverse Futures

Bybit Inverse Futures Perpetual Contracts use only BTC and ETH as a base coin. 

This feature shows the price, 24H change in percentage, and the 24H volume in terms of USD, which is the quoted token, as seen in the screenshot below.

3. Buy Crypto

Under this feature, there are two options to buy crypto:;

• Express
• P2P Trading

Express

Currently, Buy Crypto Express partners include;

•  Banxa,
• XanPool,
• MoonPay,
• Mercuryo,
• E-check,
• Legend Trading,
• Simplex,
• Capitual.

Traders are required to perform KYC with third-party service providers.

Once successfully verified, service providers will perform an immediate transfer to credit the cryptocurrencies into traders’ Bybit accounts.

P2P Trading

This service enables users to buy and sell cryptocurrencies through peer-to-peer exchange.

A seller can advertise the price he/she is willing to sell, and if a buyer is okay with the price, the transaction can take place at no cost.

This service makes it easier and simpler for buyers and sellers to connect. Therefore, trades can go on 24/7.

The fee structure of P2P trading corresponds to two different types:

• Taker
• Maker.

The taker is the user who buys or sells coins by placing an order through existing advertisements on the P2P platform. 

The maker is the user who posts trade advertisements. 

P2P on Bybit offers zero transaction fees for takers and makers. 

The exchange has Fiat Gateway partners to provide easy funding and withdrawal from the platforms. They include;

1. Simplex
2. Moonpay
3. Mercuryo
4. Paxful
5. Banxa
6. XanPool
7. E-check

4. NFT

This newly added feature enables users to explore NFTs from creators worldwide.

The Bybit NFT Marketplace is your one-stop destination for listing and trading NFTs.

The NFTs provided cover-

• digital art,
• collectibles,
• GameFi,
• the metaverse,
• and more.

5. Flexible Staking

This is a competitive yield staking with very low risks.

Users can stake tokens to earn guaranteed yields with stable APYs.

And the staked tokens can be unstaked anytime.

Some of its features are listed below;

• Low Risk
• Stable APY
• High Flexibility

6. Dual Asset Mining

This is a non-principal protected investment with floating returns.

This service lets users stake their preferred asset and lock in an attractive yield via liquidity provision.

The earlier you start staking, the higher the APY.

7. Launchpool

Bybit Launchpool allows users to stake and earn tokens for free.

The tokens you’ve staked here can also be unstaked anytime.

To be eligible for Bybit Launchpool, you must first complete KYC Level 1 verification to stake BIT and/or the new token on the Bybit Launchpool.

Continue reading to find out more about Bybit!

Visit Bybit

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Go to www.afibie.com to enroll. You can join our Telegram Channel to

4. Supported Countries, Listed Currencies And Supported Payment Methods

Supported Countries

Bybit is open to most Users all over the world.

But there are some jurisdictions the exchange does not operate in, and these include-

• the USA,
• the Canadian province of Quebec,
• Syria,
• and the U.K.

Therefore, to use its site, traders must confirm they are not actively from these countries.

Listed Currencies

The following list includes the tokens and coins supported by Bybit for the time being:

• BNB
• BTC
• ADA
• LINK
• DASH
• EOS
• ETC,
• ETH
• FIL
• LTC
• DOT
• MATIC
• XRP
• SOL
• XTZ
• and UNI.

Currently, the 59 fiat currencies supported include;

Supported Payment methods

Payment methods accepted are Electronic fund transfers, Visa/Mastercard credit, debit cards, and cash deposits (limited to a certain area).  

Bybit is a crypto-to-crypto exchange that third-Party Service providers carry out.

They include Simplex, Moonpay, Mercuryo, and  Paxful.

Here is what it looks like:

Next, we’ll look at the Transaction Fees and Verification Requirements.

Let’s dive in!

5. Transaction Fees, Limits, and Verification Requirements

Transaction Fees

Bybit has a cost-effective fee structure that’s friendly to traders.

There is a newly launched VIP program in which traders are only entitled to benefits from the VIP or Bybit Loyalty program.

You can see in the screenshot below that the Taker and Maker fee rate of Spot Trading and Perpetual and Futures Trading differs.

Bybit Derivatives Trading Maker & Taker Fees

For the Non-VIP Inverse Perpetual, the Maker fee is 0.01% while the Taker fee is 0.06%.

The same Fee rate applies to the non-VIP Inverse Futures.

P2P

P2P on Bybit offers zero transaction fees for takers and makers. 

Taker

P2P on Bybit offers zero transaction fees for both the buyer and seller.

However, traders may need to pay transaction fees to their provider based on the selected payment method. 

Maker

Currently, there are no fees charged to advertisers for posting ads.

Withdrawal Fees

Various withdrawal fees will be incurred for all withdrawals from Bybit. 

These withdrawal fees can also be called the network or miner fees but do not come at a flat rate. 

The charge of withdrawal fees solely depends on the cryptocurrencies being withdrawn.

They are listed in the table below;

Read to learn more about this here.

Deposit Fees

There are no deposit fees when trading crypto on Bybit.

Verification Requirements

In Bybit, KYC is necessary to improve security compliance for all traders. 

Users must have their official identity document issued by their country of origin (e.g., passport, identity card) on hand to complete the verification process.

Users must complete their KYC verification if they want to withdraw more than 2 BTC a day.

Find information on the limits below.

Limits

The table below shows the withdrawal limits for each KYC level.

Furthermore, there are various minimum withdrawal amounts.

Refer to the table below for more information on that.

All coins have no minimum deposit requirements except for SOL with 0.01.

The following subheading is a review of Bybit Customer Support and public opinion. Read on!

Visit Bybit

6. Customer Support And Public Opinion

Customer Support

You can reach Bybit through the following channels;

• Customer Support Support@bybit.com
• IT Support IT@bybit.com
• Affiliates IB@bybit.com
• Media Media@bybit.com
• Partnerships Partnerships@bybit.com

Furthermore, Bybit has a detailed knowledge platform called BybitLearn.

Here, one can learn more about Cryptocurrency and Trading.

Public Opinion

Regarding public opinion,  Bybit has an average review on Trustpilot with a 3.4-star rating. Users emphasized excellent support and how incredible the platform is.

It is also considered safe to use on WebOfTrust with four reviews.

Below, I listed out some of the commonly asked questions about Bybit. Read on!

7.  FAQs

Visit Bybit

8. Conclusion

Bybit offers the best-in-class market depth, and each trade is executed with minimal price impact.

Traders that have reviewed the exchange are assured they won’t encounter unfair liquidations with its dual-price mechanism.

This is where I will wrap up the post for today.

Now tell me, do you think the Exchange is worth a trial?

Are you going to open an account with Bybit?

Or you already have… what’s your review?

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