Bybit is a leading global cryptocurrency derivatives exchange. Established in March 2018 by Ben Zhou, the platform is now headquartered in Dubai. It has grown to serve over 20 million users across more than 160 countries. According to data, its average daily trading volume exceeds $10 billion USD. Bybit specializes in providing a secure, fast, and stable trading experience, with a strong focus on perpetual contracts and options trading.
Is Bybit Exchange Safe?
The security of user funds is a top priority for any trading platform. Bybit employs several mechanisms to ensure transparency and safety.
Proof of Reserves
Bybit maintains a 1:1 reserve ratio for all user assets. This means the platform holds reserves equal to or exceeding the total value of user funds. These reserves are publicly audited and verifiable directly through their official website, providing full transparency regarding asset balances for each supported cryptocurrency.
Participation in the Exchange Transparency Initiative
In early 2020, Bybit joined the BitUniverse "Exchange Transparency" initiative. This program requires participating exchanges to publicly disclose their wallet addresses and the quantities of assets held. This allows users to independently verify the platform's solvency and monitor fund flows in real-time, adding an extra layer of security and trust.
Exchange Rankings
Bybit consistently ranks among the top exchanges globally. In terms of trading volume, it is currently ranked fourth for spot trading and second for derivatives trading. These high rankings reflect its significant liquidity and the trust it has garnered from the international trading community.
Addressing Scams and Fraudulent Activities
While Bybit itself is a legitimate and secure platform, users must remain vigilant against bad actors who misuse its name. Common scams include:
- Fake Support Teams: Scammers impersonate Bybit customer support on social media platforms like Telegram or Discord. They send phishing links or claim there is an issue with your account to steal login credentials and security codes.
- Phishing Websites and Emails: Fraudulent websites and emails mimic Bybit's official communications. These sites are designed to capture your private information or inject malware.
- P2P Trading Risks: While Bybit's peer-to-peer platform is a convenient way to trade, users should exercise caution. There have been instances of transactions involving illicit funds or face-to-face meeting risks. Always choose reputable, high-volume merchants and prioritize safety during any physical exchanges.
The key to safety is using official channels, enabling two-factor authentication (2FA), and never sharing your private keys or passwords with anyone.
Key Features of Bybit Exchange
Bybit offers a comprehensive suite of products and services tailored for modern crypto traders:
- Derivatives Trading: Access a wide range of derivatives markets, including perpetual contracts, inverse perpetual contracts, and futures contracts.
- Spot Market: Trade a vast selection of cryptocurrencies with high liquidity and minimal slippage.
- Competitive Fees: Benefit from low trading fees, with maker fees starting as low as 0%.
- 24/7 Customer Support: Receive around-the-clock support to resolve any issues promptly.
- Options Market: Trade in one of the industry's largest USDC options markets, with various strategies available.
- Arbitrage Tools: Utilize built-in funding rate arbitrage tools to identify and capitalize on market opportunities.
- Rapid New Listings: The platform frequently lists new tokens and offers opportunities like Launchpool to earn new coins by staking existing assets.
How to Get Started on Bybit
Creating an account on Bybit is a straightforward process:
- Sign Up: Visit the official website or download the mobile app for iOS or Android.
- Verify Your Identity: Complete the Level 1 identity verification (KYC). This typically requires submitting a government-issued ID such as a passport, driver's license, or national identity card.
- Start Trading: Once your identity is verified, you can proceed to deposit funds and begin exploring the platform's features.
How to Deposit Funds on Bybit
There are several convenient methods to fund your Bybit account.
Method 1: Deposit TWD to Buy USDT
A common method for users is to use a local exchange like MAX to convert TWD to USDT. After purchasing USDT on MAX, you can withdraw it to your Bybit wallet. In Bybit's "Assets" section, select "Deposit," choose "Crypto," and then select USDT. You will be provided with a deposit address. It is crucial to select the correct network (e.g., TRC20) when withdrawing from MAX to ensure the funds arrive safely.
Method 2: Use USD or a Credit Card
Bybit also allows direct deposits using USD via bank wire transfer. Alternatively, you can use a credit or debit card to purchase cryptocurrencies directly on the platform, though this method may involve higher fees and less favorable exchange rates.
Method 3: Transfer from Another Wallet
You can transfer cryptocurrencies from an external wallet (e.g., a hardware wallet or another exchange) to your Bybit deposit address. Always double-check the wallet address and network before confirming any transaction. For a seamless experience in managing your crypto assets, you can explore more strategies for secure transfers.
How to Withdraw Funds from Bybit
Withdrawing funds is just as simple.
Method 1: Withdraw to a Local Exchange (e.g., MAX)
To cash out, withdraw your USDT from Bybit to your local exchange wallet. In the "Assets" section, click "Withdraw," select "On-chain," choose USDT, and enter your external wallet address. Once the USDT arrives at the local exchange, you can sell it for TWD and withdraw to your bank account.
Method 2: Internal Transfer
Bybit allows fee-free internal transfers between its users. You can send crypto to another Bybit account using their email, phone number, or unique UID.
Bybit Launchpool and Launchpad
Bybit offers unique ways to earn passive income and access new projects.
- Launchpool: Users can stake certain cryptocurrencies (like USDT or MNT) to farm new tokens before they are officially listed on the exchange. Rewards are distributed daily, and staked assets can be unstaked at any time.
- Launchpad: This feature allows users to participate in Initial Exchange Offerings (IEOs). Allocation is often based on a user's average asset holdings on the platform over a snapshot period, giving those with larger holdings a better chance to purchase new tokens at an early, often lower price.
Bybit Fees Structure
Bybit employs a transparent maker-taker fee model:
- Spot Trading: Standard fees are 0.1% for both makers and takers.
- Derivatives Trading: Maker fees can be as low as 0.01%, and taker fees start at 0.06%.
- Options Trading: Fees are generally 0.03%.
Fees decrease for users with higher trading volumes or those who hold a certain amount of the platform's associated tokens, following their VIP tier system.
Frequently Asked Questions
Which country is Bybit from?
Bybit was founded by Ben Zhou and is registered in the British Virgin Islands. Its global headquarters are located in Dubai, with operational offices in various regions including Hong Kong and Taiwan.
Does Bybit have its own exchange token?
Bybit does not have a traditional "platform token." It was a key supporter of BitDAO ($BIT), which has since migrated to become Mantle ($MNT), a layer-2 scaling solution for Ethereum. Bybit integrates $MNT into many of its services, such as Launchpool.
In which countries is Bybit restricted?
Bybit does not offer its services to residents of the United States, mainland China, Singapore, Quebec (Canada), the United Kingdom, North Korea, Cuba, Iran, certain regions of Ukraine, Uzbekistan, Syria, or Hong Kong.
Is Bybit legal?
The legality of using Bybit depends on your jurisdiction. It operates legally in many countries but is restricted in others, as listed above. Users are responsible for ensuring their use of the platform complies with local laws and regulations.
What is the Bybit Card?
The Bybit Card is a Mastercard debit card that allows users in supported regions (like the UK and Europe) to spend their cryptocurrency holdings directly. Users can load the card with crypto from their Bybit wallet for everyday purchases.
How can I ensure my account security on Bybit?
Enable all available security features, including two-factor authentication (2FA), anti-phishing codes, and allowlisting for withdrawal addresses. Always access the platform through its official website and never share your login details. To stay updated on the best security practices, view real-time tools and resources.