ByBit has been established a bit more than 5 years ago, in 2018, and has been growing fast since then. In 2024 alone, it gained over 10 million new users, reaching 50+ million users worldwide. Its’ founder, Ben Zhou, has an 8-years’ experience in forex market.
ByBit operates in 180+ countries and 200+ regions. Yet, it is important to note, that ByBit does not accept new users from certain regions: for example, USA, China and Hong-Kong. Having said that, some ByBit USA earlier registered users continue to access their accounts. If detected, they face the risk of having their accounts locked. If you are a ByBit US or any other restricted country user, it is advisable to suspend your ByBit account.
With ultra-fast matching engine, 24/7 customer service, and multilingual community support, ByBit is fit for all categories of crypto enthusiasts. Let’s explore its extensive product offerings and registration process in the following chapters and give a map for this distinctive instrument for building wealth!
ByBit: Products and Features snapshot
As a cryptoexchange, ByBit is especially renowned for its extensive product range – no ByBit review will be full without its products rundown. ByBit caters to all needs – both for conservative cryptoinvestors and professional traders. Let’s explore all the products and see what is the best for you.
High risk – high return products: Derivatives
What is crypto derivatives trading? The concept came to cryptomarket from traditional exchanges, where professional participants utilize derivatives – such as futures and options – to earn increased returns on their deposits. ByBit crypto derivatives are represented by more than 1,000 instruments – plenty to choose from.
Perpetual Futures: leverage up to 125x
ByBit has more than 380 perpetual contracts with up to 125x leverage. If you accurately predict price movements, you can potentially earn profits equivalent to those from a deposit 125 times larger. ByBit offers three types of perpetual futures contracts: USDT-settled contracts, USDC-settled contracts, Coin-settled contracts.
Traditional Futures for deals with deadline
Traditional futures are similar to perpetual ones, but they have an expiry date, and trader should keep an eye on it. In ByBit, trader can buy contracts with weekly, monthly or quarterly expirations. There are two types available: USDC-settled contracts and Coin-settled contracts.
What Order Types you can place on ByBit?
In futures trading on ByBit, traders have access to various order types, both basic and advanced, that enhance their strategies:
- Market Orders for quick trades at the current market price
- Limit Orders are to be executed when market price reaches specified level
- OCO Order (One-Cancels-the-Other) pairs a stop-loss and a take-profit order: when one is executed, the other is automatically canceled
- TWAP (Time-Weighted Average Price) divides a large order into smaller ones spread out over a specified time period to achieve an average price
- Iceberg Order conceals the true size of a larger order by breaking it into smaller parts
- Scaled Order allows to place multiple limit orders at different price levels
- Webhook Signal Trading connects automated trading strategies with external platforms like TradingView for algorithmic trading
Options for hedging and high-risk trading
Options are known as a very specialized instrument for hedging or increasing earnings when trading. ByBit provides options contracts for key cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), nominated in USCD.
Increased leverage with Margin Trading
ByBit also offers its users spot margin trading, allowing to borrow funds to invest with up to 5x leverage. Using your crypto assets as collateral, you can open positions larger than your account balance.
ByBit Copy Trading for newcomers
ByBit's copy trading uses a follower-master trader system. Experienced master traders can share their trades with followers, who can choose to copy these trades in their own accounts. The platform emphasizes transparency, enabling followers to assess the performance of master traders before investing their money.
Instant deals with Instant Convert
One of ByBit unique features is Instant Convert. If you are seeking to quickly convert your cryptocurrency to another one or to fiat money, and all with zero fees – that’s your choice. Instant Convert supports all currencies, represented on ByBit.
Zero commissions with P2P Trading
ByBit’s P2P trading platform allows you to buy and sell cryptocurrencies directly from others using your local fiat currency, without any medium. You negotiate exchange rates directly with your trading partner, while ByBit ensures a secure transaction through its escrow system. The platform supports over 60 fiat currencies. Currently, the platform supports four cryptocurrencies: BTC, ETH, USDT, and USDC, with zero fees for P2P trading.
Another option for quick purchases: One-Click Buy
If you are looking for something simpler than a cryptoexchange and only require to purchase some coins, you might get interested in One-Click Buy. This ByBit feature gives access to 50+ fiat currencies and 150+ coins and tokens, and allows to buy them literally in one click.
OTC Marketplace for Institutional Clients
For professional investors and hedge funds ByBit offers an institutional service suit, with enhanced security, efficiency and additional trade features. The platform includes Over-The-Counter (OTC) Trading, which allows large orders to be traded directly between institution and ByBit for greater confidentiality.
Professional Trading: Automated Trading Bots
Just as in traditional stock market, in cryptotrading you can increase effectiveness of your deals and minimize operation time with automated trading bots. ByBit provides trading bots using pre-set strategies: Spot Grid, Futures Grid, Futures Martingale, Dollar-Cost Averaging.
ByBit ETP (Leveraged Tokens) as an alternative for Futures
ByBit Exchange-Traded Product (ETP) is similar to perpetual futures, but is traded in form of tokens. It allows you to use leverage, without needing to manage it manually.
New launches access with ByBit Spot X
Spot X is a new platform, that brought together all ByBit products allowing to participate in new instruments: ByStarter – early access to innovative Web3 projects, Launchpad – head start on new tokens, Launchpool – staking on existing cryptocurrencies, ByVotes – deciding a destiny of new ByBit launches by voting.
ByBit Earn: traditional services in crypto world
For more traditional investors, ByBit has launched its ByBit Earn program: Flexible and Fixed Staking, Structured Products, Loans and Card. In Staking you receive an interest rate by locking your crypto, just like in bank deposits. Structured Products allow earning money via buying pre-set strategies. With loans, you can borrow money with your crypto as collateral. And Card you can use for your day-to-day payments, where crypto is accepted. This way you can save on fees for transferring your funds into fiat currencies.
Web3 Platform: cutting-edge offers
In its Web3 Platform, ByBit provides even more opportunities to earn money with crypto: besides trading, you can access there Initial DEX Offerings, airdrops, on-chain staking and NFT-platform. It is the fastest growing segment in cryptotrading, offering attractive returns for investors.
How to start working with ByBit
If you decided to give ByBit a try, let’s see what it takes to start working with it. Step one – create an account!
Step 1: Open an Account
Account creation procedure resembles any web-site registration: you visit ByBit web-site, click on Sign up, enter your e-mail and password, – and the account is granted!
Step 2: Verify Your Identity (KYC)
ByBit is a financial institution and has to follow KYC regulations. So, before allowed to start trading, you are required to go through KYC. Visit profile section, Account and Security, and follow prompts. Remember, you will be asked to provide a valid identification, such as passport or driving license.
Step 3: Deposit Funds
The next step would be to deposit funds to start trading. ByBit supports multiple channels, be it SEPA, bank card, P2P transactions.
And final step: Start Trading Crypto
And finally, to start trading, go to the Markets section and select the currency pair from a variety of several hundred available. Enter the details, such as amount and price, and press “Confirm”. Now your order is in the system, and you will receive your desired currency as soon as it will be executed.
What about exchange commissions and fees in ByBit?
ByBit has a tiered trading commissions structure, based on 4 levels. Commissions differ for Spot, Institutional and Futures trading, and vary based on asset value, trading volume, and role as maker or taker. Other than that, if you deposit and withdraw fiat currencies or crypto between exchanges, you are also charged – by third parties (fiat) or blockchain.
Take a close look at all the deposit, exchange and withdrawal fees before deciding to trade in specific currency!
How ByBit ensures deposits security?
Part of the reason, why ByBit is the second-largest cryptoexchange, is taking client security very seriously. Not only it does regular Proof-of-Reserve independent audits to show that it actually holds all the entrusted assets, but also it holds to the highest standards for security on client’s side. It employs human-computer checks, 2FA for enhanced login protection, triple layer asset protection (including cold wallets, multi-signature system), and withdrawal address whitelisting – everything to keep clients’ funds safe!
Does ByBit offer Mobile App?
For better usability, ByBit has launched a mobile app, so you can initiate and monitor your trades on the go. It offers easy access to Spot and Derivatives markets, as well as deposits and withdrawals. It is also integrated with platforms like Web3, NFTs. Mobile App can be downloaded from official app stores for iOs and Android.
Is ByBit user-friendly?
ByBit offers 24/7 support via Help Center with a FAQ, live chat and e-mail, depending on your preferences. If you have an urgent issue and require personified help, you can contact live representative via web-site. For more complex, and not so urgent questions you can create ticket and send your request to ByBit customer support e-mail.
How ByBit compares with other exchanges?
ByBit is often compared with Binance, as they both are top-exchanges in the world. Also, you can look at smaller, specialized cryptoplatforms to start your investing career. Let’s compare ByBit to some other major platforms.
| Factor | ByBit | Binance | OKX |
| Security | 2FA, cold wallet, regular Proof-of-Reserve audit, anti-phishing measures | 2FA, cold wallet, SAFU fund, Proof-of-Reserve, anti-phishing | 2FA, cold wallet, Proof-of-Reserve, anti-phishing |
| Liquidity | High liquidity for major pairs | One of the highest liquidities globally | High liquidity, especially in Asia |
| Trading Fees | Maker: 0.01%, Taker: 0.06% | Maker: 0.10%, Taker: 0.10% | Maker: 0.08%, Taker: 0.10% |
| Available Cryptocurrencies | 400+ coins and tokens | 350+ coins and tokens | 300+ coins and tokens |
| User Interface & Experience | Easy-to-use interface, advanced tools for pro traders | Clean interface, advanced charts, mobile app | Intuitive UI, mobile app, advanced trading tools |
| Customer Support | 24/7 live chat, multilingual support | ||
| Deposit/Withdrawal Options | Crypto only, fiat through third-party integrations | Fiat and crypto, various payment methods (credit card, bank) | Fiat and crypto, multiple payment methods, credit cards |
ByBit attracts users with wide array of coins and derivatives, multiple products, security, and user-friendly environment.
Conclusion
All in all, if you are looking for secure cryptoexchange with high liquidity and wide range of cryptocurrencies and derivatives, ByBit is one of the best options. In addition, it offers one of the lowest trading commissions in the market, as well as options for fee-free P2P crypto exchange.
This detailed ByBit overview is crafted to enable you to make an informed decision by considering key factors such as security, fees, liquidity, available assets, and aligning them with your trading goals and risk tolerance!