What is Bybit Exchange? Detailed Introduction to Bybit Exchange

Bybit is the 5th largest derivatives exchange in the crypto market in terms of trading volume.

It offers over 270 spot trading products and more than 200 futures contracts.
With over 10 million users worldwide
Bybit operates in more than 160 countries and supports over 16 languages.

The Bybit team consists of experts from the forex market, including developers with experience at institutions such as Morgan Stanley, Tencent, Ping’an Bank, and Nuoya Fortune.

In 2018, Bybit was launched, introducing perpetual BTC contracts and enabling millions of people to enter the world of cryptocurrency. In 2019, Bybit achieved 10% of the global BTC trading volume, ranking as one of the top cryptocurrency exchanges with over 8,000 traders.
In 2020, the daily trading volume exceeded $4 billion, and Bybit announced a partnership with Borussia Dortmund. In 2021, Bybit launched the Spot Trading platform and the WSOT 2021, contributing profits to UNICEF for improving education for girls.
Additionally, Bybit reached an all-time high trading volume of $35 billion. In 2022, Bybit became the main partner of the Oracle Red Bull Racing team and introduced the first options for ETH and SOL in the USDC market.

Bybit Exchange Review

Here are some advantages and disadvantages of Bybit for reference before starting trading.

Advantages:

Simplicity: Bybit has a simple and intuitive interface, making it easy for traders to access the market.
A dedicated customer support team is available 24/7.
Diverse Web3 products: Wallets, Fiat, P2P, Credit Card, Earn, Spot Trading, Derivatives, and NFT.
Advanced automated trading tools: Copy Trade, AI-powered Trading Bots, Charts, and other trading tools.
Top-notch security measures and blockchain monitoring.
High liquidity with a matching engine capable of handling 100k TPS and no downtime.
Regular trading competitions to encourage traders.
Affiliate program for earning commissions.
No KYC requirements for trading.
Low trading fees: Taker Fee at 0.0750% and Maker Fee at 0.0250%.
Bybit has user-friendly mobile applications for both iOS and Android devices.
The website interface also supports the Vietnamese language.

Disadvantages:

Limited support of coins
Not recommended for beginners

Trading Fees on Bybit

Refer to the table below for the trading fees. In my opinion, Bybit’s trading fees are relatively competitive compared to other exchanges.

In Spot Trading, Bybit charges fees as follows:

Maker’s Fee: 0%
Taker’s Fee: 0.1%

Coin Deposit/Withdrawal Fees

Bybit does not charge any deposit fees, but it imposes withdrawal fees as follows: