Introduction
Ever experienced that moment of sheer panic the first time you walked into a coffee shop due to the overwhelming options available? With so many choices, it becomes impossible to figure out what to order – cappuccino, oat milk latte, or espresso, perhaps?
It is the same case with crypto trading, where numerous exchanges make it extremely daunting. Imagine having a reliable barista or an exchange that makes everything simple and efficient. Bybit is a trading platform aiming to make your crypto journey simpler than steam froths a cappuccino. They are here to help. If you are skeptical about Bybit already, this ultimate guide will make it easier for you. So, sit still while we break everything down for you.
What is Bybit? 🤔
Bybit entered the market in 2018 as a cryptocurrency derivatives trading platform. Unlike spot exchanges, where the user directly buys and sells appliances, Bybit aids in the transaction of buying crypto through leveraged trade, allowing a user to trade futures contracts with a mind-numbing leverage of up to 100x. This means that through Bybit crypto traders can control a position whose size is several magnitudes bigger than the capital invested in the trade. This in turn can significantly augment the entire value of your investments or multiplied amount of loss.
What users appreciate the most about Bybit is its user-friendly interface, advanced trading tools, and unparalleled reliability providing an exceptional high-performance exchange for traders.
Why Choose Bybit? 🚀
Below, you can see what was taken into account while designing Bybit and which features make the exchange unique in an already oversaturated market of cryptocurrency exchanges.
- ✅ Fast and Reliable – No one enjoys lag during high-volatility periods of trading. Bybit enjoys 99.99% uptime and ultra-fast order execution.
- 💸 Low Fees – Compared to other derivatives exchanges, the trading fees are remarkably lower.
- 📱 User-Friendly Interface – Bybit’s interface is accommodating to both beginners and professional traders.
- 🔒 Secure Trading Environment – Cold storage is used for funds, in combination with multi-factor authentication, offering enhanced levels of protection.
- 📊 Advanced Trading Features – The platform is a trader’s dream to take profit, stop loss, and conditional orders.
- 🎁 Bonuses & Promotions – New customers can look forward to deposit bonuses, trading competitions, and other frequent rewards.
How to Get Started on Bybit 🛠️
Step 1: Sign Up 📝
Getting started is as easy as creating a Netflix account. Go ahead and visit the
- Go ahead and visit Bybit’s website or download the mobile app (Input my Referral Code VQQJJX for sign-up reward.
- To create an account, select “Sign Up”, and enter an email or phone number along with a secure password (and no, “123456” will not be acceptable!). Alternatively, an account can be registered through Google Gmail, Apple ID, or Telegram.
- Now, proceed to verify your email/phone number:
- Email: Check for the Bybit’s activation email and click the link inside.
- Phone: Enter the 6-digit verification code that has been sent to you via SMS.
- Complete Identity Verification: Capture a photo of your ID and a selfie. (Congratulations! It’s time to take a selfie)
- Set Up Two-Factor Authentication (2FA): This will add a new layer of protection to your account, like your own digital guard dog.
Step 2: Deposit Funds 💰
Bybit makes it easy to deposit funds into your account. You don’t have to go through the verification steps some other exchanges demand before deposit.
- Accepted Cryptos: Simply transfer BTC, ETH, USDT, and any other supported asset from an external wallet.
- Credit Card Purchases: Purchase crypto via credit and debit cards through third-party payment providers like Banxa and MoonPay.
Step 3: Start Trading! 📈
Awesome! Your funds have arrived – time to trade! Here’s how to do it:
- Navigate to Choose Your Trading Pair – You can select from a variety of options like BTC/ USDT.
- Type of Order – Choose from market orders, limit orders, or conditional orders.
- Leverage – Set and be mindful of the amount of leverage you choose.
- Complete Trade – Confirm your trading position by clicking ‘buy’ or ‘sell’ depending on the tournament phase.
Bybit vs. Other Crypto Exchanges ⚖️
Bybit competes with numerous other exchanges, but how does their service hold up? Have a look at the feature comparison table which highlights the key differences regarding features:
| Feature | Bybit | Binance | KuCoin |
|---|---|---|---|
| Leverage | Up to 100x | Up to 125x | Up to 100x |
| Trading Fees | 0.1% (maker/taker) | 0.1% (maker/taker) | 0.1% (maker/taker) |
| Uptime | 99.99% | 99.9% | 99.8% |
| Security | Cold storage | Cold storage | Cold storage |
| KYC Required? | No (for most features) | Yes | No (limited features) |
| Mobile App | ✅ | ✅ | ✅ |
| Bonus Rewards | Yes | Occasionally | Yes |
Is Bybit Safe? 🔐
Bybit reinforces its already robust security with the following features:
- Cold Wallet Storage– Keeping funds offline significantly lowers the risk of being hacked.
- Two Factor Authentication (2FA)– Logins and withdrawals have another layer of protection.
- Anti-Phishing Code– Confirms that emails generated from Bybit are genuine.
Even though Bybit is secure, remember to enable 2FA and create strong passwords for added protection.
Understanding Bybit Trading Fees
When it comes to trading, fees can enhance or reduce your profit margins severely. Bybit has competitive trading fees for various markets including Spot, Derivative, and USDC Options Trading. Here’s everything you should know:
Bybit Spot & Derivatives Trading Fees
Bybit has implemented a tiered fee structure that is tailored to your volume of trade and an assigned VIP level. The common user fee for most people begins at:
- Spot Trading: 0.10% Taker Fee | 0.10% Maker Fee
- Derivatives Trading: 0.055% Taker Fee | 0.020% Maker Fee
- USDC Options: 0.030% Taker Fee | 0.020% Maker Fee
Bybit VIP Trading Fees
Users who accumulate higher volumes on the Bybit platform are offered reduced fees within the VIP program. This is the fee progression as your volume of trade increases:
| VIP Level | Spot Taker Fee | Spot Maker Fee | Derivatives Taker Fee | Derivatives Maker Fee | USDC Options Taker Fee | USDC Options Maker Fee |
|---|---|---|---|---|---|---|
| Regular User | 0.1000% | 0.1000% | 0.0550% | 0.0200% | 0.0300% | 0.0200% |
| VIP 1 | 0.0800% | 0.0675% | 0.0400% | 0.0180% | 0.0200% | 0.0150% |
| VIP 2 | 0.0775% | 0.0650% | 0.0375% | 0.0160% | 0.0200% | 0.0150% |
| VIP 3 | 0.0750% | 0.0625% | 0.0350% | 0.0140% | 0.0200% | 0.0150% |
| VIP 4 | 0.0600% | 0.0500% | 0.0320% | 0.0120% | 0.0180% | 0.0150% |
| VIP 5 | 0.0500% | 0.0400% | 0.0320% | 0.0100% | 0.0150% | 0.0100% |
| Supreme VIP | 0.0450% | 0.0300% | 0.0300% | 0.0000% | 0.0150% | 0.0050% |
How to Become a Bybit VIP Trader
The Bybit VIP program targets high volume traders with lower fees and other offers. To earn, traders have asset balance, borrowing, and trade volume thresholds to meet.
| VIP Level | Asset Balance (USD) | 30-Day Average Net Borrowing (USD) | 30-Day Trading Volume (USD) |
| VIP 0 | ≥ 0 | ≤ 50K | ≤ 1M (Spot), ≤ 10M (Derivatives), ≤ 5M (Options) |
| VIP 1 | ≥ 100K | 50K | ≥ 1M (Spot), ≥ 10M (Derivatives), ≥ 5M (Options) |
| VIP 2 | ≥ 250K | 500K | ≥ 5M (Spot), ≥ 25M (Derivatives), ≥ 10M (Options) |
| VIP 3 | ≥ 500K | 1M | ≥ 10M (Spot), ≥ 50M (Derivatives), ≥ 15M (Options) |
| VIP 4 | ≥ 1M | 1.5M | ≥ 25M (Spot), ≥ 100M (Derivatives), ≥ 25M (Options) |
| VIP 5 | ≥ 2M | 2M | ≥ 50M (Spot), ≥ 250M (Derivatives), ≥ 40M (Options) |
| Supreme VIP | N/A | N/A | ≥ 100M (Spot), ≥ 500M (Derivatives), ≥ 100M (Options) |
API trading volume and large market-making contributions are required for higher VIP levels. Bybit also has Pro level VIPs intended for institutional traders which come with even greater perks.
Final Reflections: Is Bybit The Right Choice For You? 🎯
Bybit is recommended if you are looking for:
- ✅Efficient and easy-to-use crypto trading platform.
- ✅ Access to high-leverage future trading options.
- ✅ Low-cost services and regular advertising.
- ✅ A well-protected site that has strong risk management systems.
If you are just starting out, Bybit futures trading may prove to be risky – so practice risk management and never bet more than you’re willing to lose.
If you are eager to improve your trading skills, then check out Bybit, your new favorite exchange. 🚀
This is the third post I made about Centralized Exchange (CEX). If you do not know what is CEX, read my previous post: CEX vs DEX
If other top Centralized Exchanges interest you, check out my post about OKX and Binance
What are your thoughts about trading on Bybit? Share your answer in the comments! ⬇️