Сryptocurrency exchange ByBit

ByBit is an international cryptocurrency exchange that was founded by Chinese entrepreneur Ben Zhou in 2018. The platform's headquarters are located in Dubai, United Arab Emirates. The crypto exchange is visited by 1.95 million active users per month. The platform perfectly fits those who make transactions with USDT. According to reports of the company, most transactions are made with this coin: in 2023, this number exceeded 1.7 million. In the article below, you can learn in detail what is ByBit.

ByBit crypto features the following points:

• Wide selection of trading tools. The tools are not limited to bots: there is an option of trading with artificial intelligence (Trade GPT), as well as the option to receive professional trader services (Copy Trading).
• Large selection of markets. Over 1500 cryptocurrencies are available on the exchange. Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB), Solana (SOL), and many others. You can also trade CFDs, which include metal, oil, and indices.
• Demo account. You can trade on the exchange in a demo mode. This might be useful for novice traders who want to develop their skills without risking funds.
• User-friendly interface. The website and applications of the platform have well-developed interface elements, which makes interaction with the exchange as comfortable as possible for the user.
• User data security. The platform uses advanced encryption algorithms and provides reliable protection of the client's personal and payment data.

Another feature is that the platform charges no fee at all for P2P transactions.

To start trading on the platform, the user has to register and also pass verification to confirm their identity. These are simple procedures, and even novice traders who have had no experience with cryptocurrency exchanges so far can deal with them. Below you can see a detailed guide on the steps a user should take first thing on the platform.

To create an account on the crypto exchange, complete the following steps:

1. Go to the official website of the platform.
2. Click the Sign Up button at the top of the screen.
3. Select a registration method.
4. Fill in all fields of the form that appears.
5. Agree to the terms of the exchange.
6. Click Create Account.

ByBit sign up is available in several ways:

• Email. The user specifies their email address and then receives a message with a code that must be entered on the website or in the crypto exchange application.
• Mobile Number. The client specifies the phone number, to which an SMS with a one-time code is sent to confirm registration.
• Social networks. It is possible to register using a Telegram, Google, or Apple account.

In order to have full access to trading, you also need to pass an identity check in addition to registration.

ByBit verification is an obligatory condition for using the platform. It can be completed via the website but might not be very convenient for everyone since users will have to connect a webcam to their computer. Therefore, it seems to be easier to undergo verification via a mobile application. Follow the steps to verify via the App:

1. Enter your personal account by clicking on the profile icon at the top of the screen.
2. Click on the banner with the call to verification at the top of the page.
3. Click the Verify button that is placed right next to the information block about documents.
4. Take a photo of your identity document with your smartphone camera.
5. Position the smartphone in front of you and let the front camera scan your face.

After this, the user's data will be sent for verification.

Note: According to the exchange rules, the client’s data can be verified for up to 24 hours. But in most cases, it is processed for no more than 1 minute.

The user can provide an ID card, driver's license, or national or foreign passport as an identity document. The trader chooses the documents to be provided at their own discretion.

There is also an advanced ByBit identity verification, which gives the right to access increased limits and additional bonuses. To pass it, you need to upload documents that confirm your address to the site or to the platform application. This can be a bank statement or utility bills. The client should live at the current place of residence for at least 3 months. Accordingly, the documents must be provided for this period. For example, if you’re about to send your utility bills, then you must provide them for the last 90 days.

In order to complete ByBit login, follow the steps below:

1. Click the Log In button.
2. Select a login method.
3. Enter your login and password.
4. Confirm authorization.

There are 3 ways to log in:

• Via email. In this case, the user enters their email as a login and specifies a password.
• Via phone. The client specifies their mobile number and password.
• Via QR code. If you choose this method, you need to scan the code using the ByBit app.

You can also log in to the application using a fingerprint. For this authorization option to become available, you must first activate it in the program settings and then place your finger on the smartphone scanner and wait for the data to be recognized.

ATTENTION! In order to increase account security, users can activate log in ByBit using Google Authenticator.

The personal account includes the following sections:

• Rewards Hub. The bonuses received by the user are displayed here.
• Referral. The referral program provides rewards for inviting friends.
• Demo Trading. Here, the client can trade in trial mode.
• Announcements. The platform news and information about the listing of new tokens can be viewed here.
• My Assets. The user's funds, including fiat currency, are displayed in this section. You can also make a deposit and withdrawal from this section.
• My Tasks and Events. These are user's rewards for certain actions.
• Trending Events. Here is the list of events and promotions of the exchange to take part in.
• ByBit VIP Program. Here, the user can join the loyalty program.

Also, there is a section with a link to the official applications of the platform in the personal account. In addition, there are settings, sub-accounts, API, preferences, account protection options, and password change sections. In your profile, you can also view your current commissions, which may be reduced in the future as you trade and progress through the loyalty program.

To make a ByBit deposit in cryptocurrency, you will need to:

1. View the profile menu by tapping the icon at the top of the page.
2. Click the Deposit button in the menu that opens.
3. Select the coin to top up and a network.
4. Confirm the deposit details.
5. Send tokens to the wallet, the address of which appears on the screen.

To top up your balance in fiat currency, you need to click Fiat deposit in the deposit section, specify the amount, click Continue, fill out the form, agree to the payment processing rules, and confirm the action.

The ByBit minimum deposit is $1, 1 USDT or 0.0001 BTC. You can use cryptocurrency for deposit - all popular tokens are allowed, including BTC, ETH, USDT, HMSTR, USDC. You can also deposit money from a local card.

Withdrawing funds from an exchange account is simple, so most users should have no problems. How to withdraw money from ByBit? Follow the steps below to withdraw money to a bank card.

1. View the profile menu.
2. Click the Withdraw button.
3. Click the Fiat Withdrawal button on the payment page.
4. Indicate the withdrawal amount.
5. Select a method.
6. Click Continue.
7. Fill out the form.
8. Confirm the action.

If the user wants to withdraw funds in cryptocurrency, they need to call the profile menu, click the Withdraw button, select a token, specify the wallet address, select a network, enter the withdrawal amount, and click Confirm.

The minimum withdrawal amount varies depending on the token and network - for USDT ERC-20 it is 10 USDT, and for Bitcoin - 0.0013 BTC.

The platform has official mobile applications designed for Android and iOS operating systems. They offer users the same set of functions as the desktop site and also a number of additional features that make user experience with the exchange more comfortable and safer, such as fingerprint login, for example.

Application for Android

ByBit app Android has a user-friendly interface optimized for smartphones’ touch screens. The following features and additional functions of the software can be highlighted:

• QR code scanning option for account authorization and quick transactions;
• fingerprint login to increase account security on the exchange;
• quick access panel on the main screen of the app that leads to the main functions.

You can download the software for Android from the platform's official website, in the Play Market, and in a number of other stores.

Application for iPhone

App ByBit for iOS offers its users the same markets and trading instruments as the desktop site. It has a user-friendly interface and fast performance, which ensures the most comfortable user experience. You can download the software from the App Store. If the user can’t find the software in the store, they should follow the link on the official website of the exchange.

Application for PC

The platform does not have a dedicated desktop application. ByBit trading via a PC is possible with the website of the cryptocurrency exchange and can be accessed via any browser. The site offers access to a wide trading functionality and satisfies the requirements of most traders.

The exchange charges fees for the following transactions:

• deposit;
• withdrawal of funds;
• spot trading;
• derivatives.

There is no fee for futures contracts. Below is a table with ByBit trading fees.

When replenishing the balance from a cryptocurrency wallet, no commission fee is charged. When crediting fiat funds using a bank card, the fee can reach 7.5% (varies depending on the user's region of residence).

The withdrawal fee depends on the specific cryptocurrency and is determined by the blockchain network. For example, Bitcoin ByBit fees are from 0.0001 BTC. For other coins, commission rates may differ.

The exchange offers clients a number of additional features:

• Copy Trading. Trading with the help of a more experienced trader.
• Trade GPT. A trading bot powered by artificial intelligence.
• Crypto loans. Clients can get loans in tokens.
• Earn. Investments and deposits in cryptocurrency.

The crypto exchange also offers issuing plastic cards.

The cryptocurrency exchange offers its users several trading options, the most popular of which are spot and futures. The advantage of trading on the platform is a large selection of tokens: everything is available — from well-known coins like BTC and ETH to the so-called shitcoins. However, the crypto exchange offers the latter to be bought at your own risk, with a warning shown to the user when selecting the pair.

Spot offers on ByBit crypto are divided into 2 subsections: standard and Adventure Zone. The first one includes transactions with reliable tokens: BTC, ETH, TRX, and others. The second one presents coins with high volatility, created by little-known projects: SUNDOG, KAS, and so on.

All spot trading is carried out in pairs with USDT. For example, you can buy and sell Bitcoin for Tether, but not for Ethereum. On the one hand, this is a drawback since the restriction does not allow the implementation of some strategies. On the other hand, it is an upside since USDT has minimal volatility, which allows you to plan better and think of the risks of any deal before you buy or sell cryptocurrency.

Note: Spot trading on the exchange is convenient for currency exchange because it allows you to buy coins or fiat at market prices with minimum commission fees.

There are 3 main types of orders on the exchange:

• Market Order. The simplest order, which involves buying or selling cryptocurrency at the current market price.
• Limit Order. It specifies the exact buying or selling price, and the transaction is not concluded until it is reached.
• Conditional Order. This type of order is executed only if certain conditions are met, for example, when the trigger price is reached.

Note: There are also advanced order types with additional parameters, some of which are available only for certain markets.

Futures are also available on the crypto exchange. However, only indefinite futures contracts are offered. USDT and USDC are used as margin when opening long and short positions, so the profit is quoted in these tokens. Example: a user purchased Bit Coin ByBit, the coin price increased by 100 USDT, and a trader received $100. Simply put, loss and profit are always expressed in USDT and USDC, but not in other cryptocurrencies.

The cryptocurrency exchange is constantly improving the safety of its tools to make them as safe as possible for the user. Immediately after registration, the client receives a notification offering to connect Google Authenticator to the account. It protects the login with an additional randomly generated code. You can also connect authentication via email or SMS.

In addition, ByBit offers a number of tools for enhanced profile protection:

• access tokens;
• financial password;
• phishing protection code.

Enhanced protection tools can be activated in the security settings of your personal account.

To improve the protection of withdrawals, there are available white lists of addresses, withdrawals via the address book, blocking payments to new details, and limit management. Any of these options can also be enabled in the security section of the profile.

ByBit offers traders a lot of bonuses. There are promotions for new clients and those who have been trading for some time. There is also a referral program where you may receive a reward for an invited friend. The link to the section with all the promotions is found in the user's personal account.

Promotions

The exchange constantly launches various promotions that allow you to receive rewards. For example, every November, under the Black Friday promo, the commission fees are reduced, and other beneficial offers are released. In addition, tournaments and raffles are regularly held, and the winners are credited a certain amount of cryptocurrency to the balance.

Bonuses

The ByBit bonus may be received by every new client who registers for an account on the exchange for the first time. The gift size can be up to 5000 USDT. To receive it, you need to complete challenges. In order to receive the first part of the bonus in the amount of 50 USDT, you must make one or more deposits for a total amount of $500 and make a trading turnover of $5000.

ByBit Sign Up bonus is not the only incentive for new clients. They also have a number of exclusive offers. Their rules are similar to those of the main welcome promo- you also need to complete challenges. However, the reward amount is smaller - on average 10-20 USDT.

Note: According to such evaluation criteria as reachability, bonuses on the platform look attractive - you need to complete minor actions to receive them.

The exchange offers a referral program. According to the terms of ByBit refer, the user receives a reward for certain actions:

• Inviting friends. For one referred new client who has completed registration, a fixed reward of 20 USDT is granted.
• Encouraging the activity of friends. If a new client is active on the exchange after registration, the reward is up to 30% of the commission of the referred person (but not more than 1025 USDT).
• Copy Trading. For helping other clients of the exchange in trading, you can receive a reward of up to 665 USDT.

You can invite new clients via the ByBit ref link or a special code, which can be obtained on the exchange website.

The VIP program is available for users who make large deposits and a large trading turnover. To become a participant, you need to deposit your account with an amount of 50,000 USDT. After that, the trader will receive the following privileges:

• over-the-counter trading without commission fees;
• transactions up to $10 million at beneficial rates;
• cashback up to 10% in points;
• discounts on a premium account in Telegram and X;
• short period of blocking plans in dual-currency investments;
• increased limits on fiat transactions (up to $200,000 per day).

This list of privileges for a VIP program participant is not complete and includes even more benefits.

Note: If a user has a VIP account and a large turnover on another exchange, they can transfer money to ByBit. In this case, the privileged status is assigned immediately without a required deposit of 50,000 USDT.

You can contact support via online chat, which is available in the Help Center section. Support specialists speak English, Chinese, Spanish and a number of other languages. You need to select the appropriate one before sending a message. Also, the Help Center contains answers to common user questions - this is, in fact, a knowledge base of the exchange.