Bybit: Comprehensive Platform for Derivatives and Spot Trading
Bybit is a popular crypto exchange that provides comprehensive services for spot and derivatives traders. It also provides advanced trading tools such as trading bots, OTC trading service, and demo trading, allowing traders to manage their crypto portfolio effectively. Additionally, traders can also take advantage of staking and structured products to earn passive income with their crypto holdings.
The platform was officially launched as a cryptocurrency derivatives exchange in 2018 and later it introduced spot trading services. With more updates such as introduction of new spot trading assets and trading bots, ByBit now has all the features needed by both spot and derivatives traders.
Pros and Cons
| Pros | Cons |
| More than 500 spot assets | Can be difficult for beginners |
| Wide range of derivatives products | |
| Copy trading and automated trading also available | |
| Staking and structured products for earning passive income | |
Trading Fees
Bybit offers a competitive fee structure where taker pay slightly higher fees compared to maker. The fees are low for both spot and derivatives assets compared to many other crypto exchanges. Users can get further discounts by becoming VIP members which requires meeting certain criteria such as a certain trading volume requirement. Here’s the fee structure:
| VIP Level | Spot Trading* | Perpetual & Futures Contracts Trading | USDC Options Trading | |||
| Taker Fee Rate | Maker Fee Rate | Taker Fee Rate | Maker Fee Rate | Taker Fee Rate | Maker Fee Rate | |
| VIP 0 | 0.1000% | 0.1000% | 0.0550% | 0.0200% | 0.0200% | 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% | 0.0020% |
| Pro 1 | 0.0600% | 0.0400% | 0.0320% | 0.0100% | 0.0180% | 0.0150% |
| Pro 2 | 0.0500% | 0.0300% | 0.0320% | 0.0050% | 0.0150% | 0.0100% |
| Pro 3 | 0.0400% | 0.0200% | 0.0275% | 0.0000% | 0.0150% | 0.0020% |
| Pro 4 | 0.0300% | 0.0150% | 0.0240% | 0.0000% | 0.0100% | 0.0020% |
| Pro 5 | 0.0200% | 0.0100% | 0.0210% | 0.0000% | 0.0100% | 0.0000% |
Trading Experience
The trading platform provides a comprehensive set of tools for trading crypto assets. The platform is integrated with TradingView, allowing users to access TradingView charts directly within Bybit. Additionally, users have the option to use Bybit’s standard charting tools as well. Users can create spot trading or margin trading positions and select a wide range of order types including limit, market, conditional, OCO, trailing stop and TP/SL. Moreover, users can also navigate to OTC service, and auto-investment feature by selecting the Tools section.
Bybit offers a diverse range of trading bots including spot grid, futures grid, futures martingale, futures combo and DCA bot. These bots enable users to set advanced trading strategies by using AI or manual configurations. Overall, ByBit offers all the tools and resources that spot and derivatives traders need to successfully execute trades.
Other Features
One of the unique features is ByBit Earn, an integrated platform that offers several financial services such as flexible or locked staking, dual investment, ETH 2.0 staking, liquidity mining and others, allowing users to earn passive income using their crypto. There are several DeFi products for each cryptocurrency, providing multiple options for earning rewards. For example, you can use ETH in staking, savings product, dual asset and liquidity mining, each of which offers a different APR rate depending on the strategy involved. Dual asset, which provides the highest APR rate, is a non-principal protected investment product that allows users to capitalize on price movements by predicting direction of given crypto asset within a timeframe. But this feature may not be suitable for beginners.
Customer Service & Satisfaction
Bybit provides several channels for customer support including email, request form, and help centre. The help centre provides self-service, offering multiple resources that customers can utilize to solve problems on their own. The educational resources provided by ByBit cover all aspects of trading and related topics, allowing customers to handle various situations.
Unfortunately, Bybit did not get good reviews on Trustpolit. There 1373 reviews which makes its overall rating of 1.5 out of 5. Most of the customers complain about issues with P2P transactions, poor customer support, difficulty accessing funds, and problems with fiat deposits. On the other hand, customers with good experiences praise the leverage trading feature, fast trade execution, and order types.
Company overview
Bybit was founded in 2018 by Ben Zhou, who has a background in the forex industry. Since its launch, Bybit has established itself as a prominent cryptocurrency derivatives exchange, offering a range of trading tools and assets. The company has implemented various security measures, including cold storage for assets and advanced data encryption, to protect user funds.
Bybit is also regulated in some regions. In 2022, Bybit expanded its services by introducing its own Web3.0 wallet and spot trading services, which contributed to a growth in its user base. The platform focuses on providing comprehensive trading tools and portfolio management features for investors. Currently, Bybit is headquartered in the United Arab Emirates (UAE).