If you are looking for a comprehensive review of the Bybit platform, you have found the right guide. In this research report we breakdown their full suite of features including spot trading, futures trading, cryptocurrency staking and much more.

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Bybit Review (2022)

Bybit is the worlds leading derivatives (futures) trading platform and is the only centralised exchange where users can use up to 100x leverage when trading. Its users have a reputation for 'aping' into coins and are commonly referred to as 'Bybit Apes'.

The platform offers many features such as staking, launchpools, launchpads & they recently launched their own NFT marketplace.
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Does Bybit Require KYC?

One of the reasons for Bybits popularity is due to the fact that users are not required to KYC (verify their identity) to user their platform. Users are only required to KYC if they wish to withdraw more than 2 BTC per day or if their account has been suspected of committing fraudulent activity (bonus churning).
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Bybit Mobile App

The Bybit app is extremely easy to navigate and is available on both iOS and Android. The app allows users to make fast trades from their phones and access their portfolio. Additional to this, users can now access Launchpad and Launchpool projects directly from their phone.

Is Bybit Available in the United States?

Unfortunately, Bybit is yet to acquire the proper licensing to operate in the United States. However, if you are based in the United States and wish to use their platform, simply use a VPN to change your location. If you are based in the United States and use a VPN, make sure when/if you KYC that you don't use any identification documents issued in the United States.

To check if Bybit is available in your country, please visit their Restricted Countries page.
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Bybit Fees

Bybit has some of the lowest trading fees among centralised cryptocurrency exchanges starting from 0.01% and go up to 0.5%. Their platform has many features so there are different fees for all of their products, for a full breakdown of their fees, please visit their Bybit Fee Structure page.
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Bybit Launchpad & Launchpool

All Launchpad and Launchpool projects are designed to allow their users early access to a token (pre-list price) before it lists on Bybit. Giving users the opportunity to invest in a token at a fraction of the price it will list at on Spot.

Bybit's Launchpool feature allows users to stake BIT and/or the new token to earn BIT, the new token and USDT bonus simultaneously. For a full breakdown on how the yields are calculated, please visit Bybit's Launchpool FAQ page.

Bybit's Launchpad feature is a token launch platform for new blockchain projects. It allows users access to pre-listing rounds and allows them to earn new tokens directly on Bybit. For a full breakdown on how to participate, please visit Bybit's Launchpad FAQ page.

It is important to mention that only users who have completed KYC are allowed to participate in these events.

Can I stake Crypto on ByBit?

Bybit has a few staking options to choose from, their most popular option is their Flexible Staking. Flexible Staking allows users to stake tokens and earn guaranteed yields in the same type of tokens with a high APY (Annual Percentage Yield). The yield will be auto deposited daily to users accounts, and the staked tokens can be unstaked at anytime.

They currently offer Flexible Staking on ETH, BTC, USDT, USDC AXS, AVAX, LUNA, DOT, SOL, MATIC, ATOM, FTM, SHIB, BUSD, DAI, MV, BIT, POSI, ACH & ERTHA. For the full yields (returns), please visit their Flexible Staking page.

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Dual Asset Mining

Additional to Flexible Staking they have Dual Asset Mining, Dual Asset Mining allows users to stake their preferred assets and lock them in an attractive yield via liquidity provision. The earlier you start staking, the higher the your returns will be. They currently offer staking on 22 different pairs, to find out which pairs are supported, please visit their Dual Asset Mining page.

And lastly, they offer Defi Mining which is a DeFi automated market maker project that provides stable currency exchange services. By providing liquidity to Curve smart contracts, users can obtain capital pool revenue. At the same time, they can also obtain additional revenue from its ntoken (CRV).

Bybit Deposit Methods

Bybit has three deposit methods available when depositing FIAT currencies. Please note that Bybit does not handle fiat deposits directly and this service is handled completely by third-party payment providers: Banxa, XanPool, MoonPay, Mercuryo, Paxful and Simplex.

Users can deposit the following FIAT currencies AUD, BGN, BRL, CAD, CHF, COP, CZK, DKK, DOP, EGP, EUR, GBP, HKD, HRK, IDR, ILS, INR, JOD, JPY, KES, KRW, KWD, LKR, MAD, MXN, MYR, NGN, NOK, NZD, OMR, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TWD, UAH, USD, VND, ZAR, ARS, AZN, CLP, CRC, GEL, HUF, KZT, MDL, NAD, UYU, QAR, SAR, AED, and UZS.

For a full guide on deposits, please visit their How to Make a Deposit on Bybit page.
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Bybit NFT Marketplace

Bybit has recently launched their NFT¬†Marketplace where users can invest in NFTs ‚ÄĒ digital art, collectibles and those of GameFi and the metaverse, and more ‚ÄĒ without the extra fees that OpenSea or Rarible would charge (gas/transaction fees). Users can also make payments using the token the NFT is priced in, including ETH, USDT and BIT.

For a comprehensive guide on their NFT Marketplace, please visit their Introduction to NFT Marketplace page.

Bybit Bonus

One of the key topics that is commonly talked about when mentioning Bybit is their bonus and rewards structure. Bybit has the most bonuses and rewards out of any exchange in the world. They are constantly rewarding their users for using their platform. From new sign up bonuses, referral bonuses, trading bonuses, quiz bonuses and social media bonuses.

They have new bonuses and rewards which they distribute and promote on their social media platforms. They have daily campaigns hosted on their Telegram, Discord, Reddit, Twitter and Youtube. The rewards start from $20 per person and go up to $50,000 depending on the campaign. Just last year they gave away a Tesla, multiple free iPhones and $1,000,000 in trading bonuses.
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Bybit Token (BITDAO)

Bybit does not have an official token but they do contribute to BITDAO's treasury and the BIT token is utilised throughout their platform. Although technically BIT is not their native token, a lot of Bybits products require users to hold BIT to use their features. For example, users are required to hold BIT if they wish to participate in Bybits Launchpool and Launchpad projects.
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Is Bybit Safe?

Bybit is considered a safe cryptocurrency exchange and has never been subjected to a cyber attack and has never experienced any hacking incidents. They also require all of their users to enable 2FA (Two Factor Authentication) if they wish to use the platform.

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Posted 
Apr 10, 2022
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