Bybit launched in 2018 with the mission to revolutionize traditional finance and support the growth of the crypto and Web3 ecosystem.
Starting with just 10 pioneers, Bybit introduced its first BTCUSD Inverse Perpetual Contract within two months.
By 2019, it had celebrated break-even, processed 10% of the global Bitcoin trading volume, and established its guiding ethos: Listen, Care, Improve.
What is Bybit?
Bybit, a prominent cryptocurrency exchange, has made significant strides since its inception in 2018.
Founded with the mission to revolutionize traditional finance and support the growth of the crypto and Web3 ecosystem, Bybit has established itself as a key player in the crypto market.
With its headquarters in Dubai and a robust user base of over 35 million registered users across 160 countries, Bybit has become the second-largest exchange by market share, trailing only behind Binance.
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Scaling Heights and Innovations
By 2020, Bybit had surpassed $4 billion in daily trading volume and eclipsed BitMEX in market share. The exchange continued to innovate, introducing #TheCryptoArk for blockchain aficionados and surpassing $70 billion in daily trading volume in 2021.
Recent Developments
In 2022, Bybit unveiled the Unified Trading Account, pioneered USDC-settled Options contracts, and forged a record-breaking partnership with Oracle Red Bull Racing. The exchange became fully transparent by publishing its holdings in real-time via Bybit’s proof-of-reserves.
By 2023, Bybit had set down roots with its Dubai headquarters, earned the MVP license, surpassed 20 million users, and forged a global partnership with Mastercard to launch the exclusive Bybit Card.
Bybit’s Product Offerings
1. Spot Trading
Bybit’s Spot Market is designed to offer a straightforward and efficient trading experience. With support for 1,325 cryptocurrencies, Bybit provides traders with a vast selection of assets to trade.
The platform charges a 0% fee for makers and a 0.1% fee for takers, making it one of the most cost-effective options in the market. Bybit’s order types include limit orders, which allow traders to set specific prices for buying or selling, and market orders, which execute trades at the best available price.
Additionally, Bybit imposes minimum order requirements to prevent spam orders, maintaining a clean and efficient trading environment.
Order Types
- Limit Order: Allows users to set a specific price for buying or selling.
- Market Order: Executes trades at the best available market price.
- Minimum Order Requirements: Vary depending on the cryptocurrency to prevent spam orders.
Benefits
- Simple and user-friendly interface ideal for beginners.
- Deep liquidity ensures smooth order execution.
- Competitive fees enhance trading profitability.
2. Derivatives Market
Bybit’s Derivatives Market is one of its most prominent features, offering a range of contracts that allow traders to speculate on the future price movements of cryptocurrencies.
Types of Derivatives Contracts
- Linear Perpetual Contracts: Settled in USDT, these contracts offer leverage up to 200x and have no expiry date.
- Inverse Perpetual Contracts: Quoted and settled in USDT, these contracts reflect price movements inversely.
- Options Contracts: Provide the right to buy (Call Option) or sell (Put Option) at a specific price by a certain date.
Key Features
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- High leverage options amplify profits and losses.
- Funding rates maintain the peg between contract price and underlying index price.
- Liquidation risk management through maintenance margin requirements.
Benefits
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- Potential for higher profits compared to spot trading.
- Hedging options to protect against price fluctuations.
- Advanced trading strategies with options contracts.
3. Bybit Earn
Bybit Earn serves as a comprehensive management platform designed to help crypto investors manage and grow their assets. Offering competitive yields and robust security, Bybit Earn caters to both beginners and seasoned investors with a variety of products tailored to different risk appetites and investment goals.
This versatility makes Bybit Earn an attractive option for those looking to earn crypto.
4. Bybit Savings
Bybit Savings allows users to grow their earnings in an almost risk-free manner. Investors can choose between flexible-term and fixed-term products, both offering competitive and guaranteed Annual Percentage Rates (APRs).
Flexible-term savings enable users to deposit and withdraw funds at any time, providing significant flexibility, while fixed-term savings require locking in crypto for a specified period to earn higher guaranteed returns.
Suitable For:
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- Risk-averse HODLers
- Investors seeking stable yields
- Those wanting flexibility in managing their assets
5. Liquidity Mining
Bybit’s Liquidity Mining involves adding liquidity to pools based on an enhanced automated market maker (AMM) model. Investors can use leverage to increase their share of the pool and maximize returns.
This product is particularly appealing for those looking to earn yields over the long term or who are curious about decentralized finance (DeFi).
Suitable For:
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- Long-term yield seekers
- DeFi-curious investors interested in AMM
- Those seeking opportunities in bearish or volatile markets
6. Dual Asset
Dual Asset is a short-term trading tool designed to boost investment returns with greater flexibility. Users can choose between the “Buy Low” and “Sell High” options based on market assessment.
The Auto Reinvest function simplifies the process of reinvesting funds for potentially higher returns.
Suitable For:
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- Users comfortable holding USDT or chosen crypto assets
- Investors aiming for higher yields or accumulating alternative assets
- Those operating in low-volatility markets
7. ETH2.0 Liquid Staking
Bybit’s ETH2.0 Liquid Staking product allows users to participate in Ethereum’s validation process with as little as 0.1 ETH.
Users earn daily yields based on their stETH holdings, which can also be used as collateral for trading on Bybit’s Unified Trading Account or Spot market.
Suitable For:
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- Investors looking to stake ETH for passive income
- Those wanting to maintain liquidity and flexibility
8. Double-Win
Bybit Double-Win is a non-principal-protected, short-term structured product that benefits traders from market movements beyond a predetermined range.
If the settlement price at expiration falls within this range, no returns are yielded; however, if it moves outside the range, traders receive a payoff.
Suitable For:
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- Traders seeking short-term returns
- Users anticipating significant market movements
- Ideal for hedging or leveraging against market volatility
9. Discount Buy
Discount Buy is a non-principal protected product designed for low-volatility markets. Investors can acquire a specific asset at a predetermined price on the settlement date if the settlement price falls within the knockout and purchase prices.
Suitable For:
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- HODLers
- Investors aiming to capitalize on market stability
- Experienced traders with a higher risk tolerance
10. Wealth Management
Bybit Wealth Management enables users to grow their crypto assets through professionally managed investment strategies. Users invest in a fund pool, and Bybit’s vendors handle the trades.
This product can be used in all market conditions, with an Auto Reinvest function available for reinvesting funds easily.
Suitable For:
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- Users aiming to diversify and grow their assets
- Risk-averse traders looking to maximize profits while minimizing risks
11. Launchpool
Bybit Launchpool allows users to stake specific tokens and harvest new tokens for free. The staked tokens can be unstaked at any time, and the earnings depend on the number of tokens staked.
This product offers the potential to earn both the staking currency and new tokens simultaneously.
Suitable For:
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- Users interested in harvesting new assets
- Investors looking to diversify their crypto holdings
Bybit Earn provides a wide array of investment options, each tailored to different risk profiles and financial goals, making it a versatile tool for crypto investors seeking to grow their assets.
12. Launchpad
Bybit Launchpad provides early access to new cryptocurrency projects through Initial Exchange Offerings (IEOs). This platform allows users to participate in token sales for new and potentially groundbreaking projects before they hit the mainstream market.
Bybit conducts thorough due diligence on prospective projects, ensuring that only high-quality and promising projects are offered on the Launchpad. Users can participate in the token sales through two methods:
- Subscription with MNT (Bybit’s native token)
- Lottery with USDT
The subscription method allows users to commit MNT for an allocation of new tokens, with higher commitments increasing the chances of receiving a larger allocation.
The benefits of Bybit Launchpad include early access to potentially high-growth projects, diversification of cryptocurrency portfolios, and the potential for significant returns if the projects succeed.
The marketplace also includes Mystery Boxes, which contain random NFTs of varying rarity levels. Trading methods currently include Fixed Price, with Auction expected to be supported soon.
14. Bybit Card
The Bybit Card is a Mastercard debit card that allows users to access their funds easily and securely, making it a convenient option for integrating crypto into daily life.
The card is accepted by over 90 million Mastercard merchants worldwide and supports multiple crypto assets as payment options, including BTC, ETH, XRP, USDT, and USDC.
The Bybit Card features security measures such as EMV 3-D Secure to protect user funds and a loyalty rewards program to incentivize usage. The application process requires proof of address and identity verification, with the status of applications checkable via Bybit Web.
The card has no annual, dormancy, or cancellation fees, and users enjoy free ATM withdrawals up to 100 EUR/GBP per month, with a 2% fee thereafter.
Bybit Card’s benefits include easy access to crypto funds for online and overseas transactions, competitive fees, and the ability to use earnings from Bybit’s trading products for instant purchases.
The card enhances the utility of cryptocurrency holdings, making it easier for users to integrate crypto into their daily financial activities.
Bybit Services
Bybit empowers users with various ways to acquire cryptocurrencies, catering to different preferences and needs.
Here’s a deep dive into Bybit’s Buy Crypto services:
One-Click Buy
- The simplest and fastest way to buy crypto on Bybit.
- Choose your desired fiat currency (e.g., USD, EUR) and the cryptocurrency you want to purchase.
- Enter the amount you want to spend in fiat or crypto.
- Bybit automatically selects a seller with the best available rate from its P2P marketplace and executes the trade.
- You receive the purchased cryptocurrency directly into your Bybit Funding Account.
P2P Trading
- Offers more control over the buying process compared to One-Click Buy.
- Browse through listings from verified sellers offering various cryptocurrencies and payment methods.
- Filter listings by price, payment method, fiat currency, and seller reputation.
- Choose a seller with a favorable rate and payment method.
- Initiate a trade with the seller and follow their instructions for completing the fiat payment (e.g., bank transfer, mobile wallet).
- Once you confirm payment, the seller releases the cryptocurrency to your Bybit Funding Account.
Benefits of Bybit’s Buy Crypto Services:
- Multiple Options: Choose between the convenience of One-Click Buy or the control offered by P2P Trading.
- Competitive Rates: Bybit boasts competitive rates for both One-Click Buy and P2P transactions.
- Fast and Efficient: One-Click Buy offers a quick and straightforward purchase process. P2P trades are typically processed within minutes after payment confirmation.
- Secure Transactions: Bybit acts as an escrow service, holding the cryptocurrency until the seller confirms payment is received.
Bybit VIP Program
Bybit rewards active traders with exclusive benefits through its VIP Program. Here’s how VIP status can enhance your Buy Crypto experience:
- Dedicated VIP Ambassador: Higher-tier VIP members (Level 2 and above) receive personalized support from a dedicated VIP Ambassador who can assist with Buy Crypto transactions and other inquiries.
- Priority Access to Customer Support: VIP members enjoy faster response times and prioritized assistance when contacting Bybit customer support.
- VIP Welcome Gifts and Birthday Gifts: Bybit offers exclusive welcome gifts and birthday gifts to VIP members, potentially including bonus crypto or discounts on fees.
- Exclusive Transaction Fee Deductions: Higher-tier VIP members benefit from reduced fees on Buy Crypto transactions, making it a more cost-effective way to acquire crypto.
Bybit’s Growth and Market Share
The launch of spot Bitcoin ETFs in the US has significantly boosted global crypto trading volumes. However, not all exchanges have benefited equally from the rally that started in October.
Bybit stands out as the exchange that has made the most gains during this period. Since October, Bybit’s market share has surged from 8% to 16%, surpassing Coinbase in March to become the second-largest exchange after Binance.
In contrast, despite reporting improved revenue and profits, Coinbase’s global market share has seen only a minor increase of 1% over the same period. Meanwhile, Binance, despite its deal with US regulators in late 2023, has seen its dominance erode from 60% to 54%.
Other exchanges like Upbit and smaller offshore markets have also experienced a decline.
Key Drivers of Bybit’s Growth
Bybit’s growth can be attributed to several factors:
Competitive Fees
Bybit offers some of the lowest fees in the industry. For instance, it launched zero fees for USDC trading in February 2023. This competitive pricing strategy has likely contributed to its increased trading volumes.
Spot and Derivatives Markets
Analyzing spot trade volumes by asset reveals that the increase in volume on Bybit has been driven by both BTC and ETH, whose market share has risen from 17% to 53% since last year.
Bybit’s growing spot market share has also been supported by its rapidly growing derivatives offering.
In 2023, Bybit cemented its place as the second-largest derivative market after Binance.
Product Diversification
Bybit’s extensive range of products, from spot trading to advanced derivatives and earning programs, attracts a broad spectrum of traders, enhancing its market appeal.
User Experience
Bybit offers a user-friendly platform designed to be accessible to both beginners and experienced traders.
The interface is clean and intuitive, with easy navigation and comprehensive charting tools. The mobile app provides a seamless trading experience on the go, allowing users to manage their trades and monitor the market from anywhere.
Customer Support
Bybit’s customer support is available 24/7, offering multilingual assistance to cater to its global user base. Support channels include live chat, email, and a comprehensive help center, ensuring that users can quickly and easily get the help they need.
The support team is responsive and knowledgeable, providing effective solutions to user queries and issues.
Security Measures
Bybit prioritizes security through multiple layers of protection. User funds are securely stored offline in cold wallets, ensuring comprehensive protection against hacks and unauthorized access. The platform employs advanced data encryption during storage and transit, with strict authorization controls to ensure that only authorized users can access their personal and private information.
Bybit’s real-time monitoring system actively analyzes user behavior to detect suspicious activity. If any unusual activity is detected, enhanced authentication measures are triggered for added security. The platform’s security by design approach includes a secure development life cycle, thorough security testing, and continuous bug bounty programs to identify and mitigate potential vulnerabilities
Compliance and Regulation
Bybit is committed to compliance and regulatory standards, enhancing its credibility and trustworthiness. The exchange has secured an MVP license in Dubai and adheres to global regulatory requirements.
Bybit’s transparency initiatives include publishing its holdings in real-time via proof-of-reserves, providing users with assurance about the security and availability of their funds.
Bybit vs. Binance
Bybit’s rise has seen it challenge Binance, particularly in the derivatives market. While Binance remains the largest exchange, Bybit’s market share gains in both spot and derivatives trading highlight its growing influence.
Bybit’s user-friendly platform, competitive fees, and comprehensive product offerings make it a formidable competitor.
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Bybit vs. Coinbase
Bybit’s market share surpassing Coinbase marks a significant milestone. Despite Coinbase’s established presence and regulatory compliance, Bybit’s aggressive expansion and innovative products have propelled its growth.
Bybit’s focus on offering a wide range of cryptocurrencies and advanced trading tools appeals to a broader audience.
Frequently Asked Questions
What Is Bybit?
Bybit is a cryptocurrency exchange platform known for its robust trading services, including spot trading, derivatives trading, and various financial products. Launched in 2018, Bybit has quickly gained popularity due to its user-friendly interface, competitive fees, and advanced trading tools.
It caters to both beginner and experienced traders, offering features like copy trading, leveraged tokens, and a comprehensive trading suite.
Bybit is also renowned for its high-performance trading engine, capable of processing 100,000 transactions per second with zero downtime.
Where Is Bybit Located?
Bybit’s global headquarters is located in Dubai, United Arab Emirates.
Initially, the company was established in Singapore but later moved its base to Dubai to enhance its global reach and regulatory compliance.
The platform operates in over 160 countries, although it is restricted in certain regions, including the United States, the United Kingdom, and parts of Canada.
How to Withdraw Money from Bybit?
Withdrawing money from Bybit involves a straightforward process. First, log in to your Bybit account and navigate to the ‘Assets’ section. Select the cryptocurrency you wish to withdraw and click on ‘Withdraw.’
Enter the destination wallet address and the amount you want to withdraw. Ensure all details are correct, as transactions on the blockchain are irreversible.
Confirm the withdrawal through the verification process, which typically involves an email or SMS confirmation.
Note that withdrawal fees and processing times may vary depending on the cryptocurrency and blockchain network used.
Who Owns Bybit?
Bybit was founded by Ben Zhou, who is also the CEO of the company. Before establishing Bybit, Zhou worked in the forex industry, gaining valuable experience that he leveraged to create a sophisticated and reliable cryptocurrency trading platform.
Under his leadership, Bybit has grown to become one of the leading exchanges in the crypto industry, known for its innovation and commitment to user security.
