Bybit Features Overview

Refer to the below list for a quick summary of the features offered on the Bybit exchange.

  • Multiple Trading Types: Bybit offers trading via multiple methods including Spot, Futures, Options, Margin, Leveraged Tokens, Launchpad and more.
  • Cryptocurrency Staking: On Bybit, users can stake/earn tokens through the following avenues; Bybit Savings, Liquidity Mining, Dual Asset Staking, Shark Fin & Launchpool.
  • Trading Bot: Users can manually set up their own Spot Grid Bot or DCA Bot on Bybit, or alternatively they can copy an existing successful traders bot.
  • P2P Platform: On the P2P platform, users can purchase and sell USDT, BTC, ETF & USDC with zero fees at an agreed upon price between other Bybit users.
  • NFT Marketplace: Bybits NFT Marketplace supports many popular NFT collections like the Angry Bunny Series and frequently launches NFT projects through its platform.
  • Rewards Hub: When you complete tasks in the rewards hub (for example, deposit $10), you will be given a Bybit coupon or bonus that can be used to cover your trading fees.
  • Referral Program: The referral program rewards users who invite friends to join the platform by giving them up to 30% commissions on their referees fees.
  • ByVotes: A token listing feature where users vote for the cryptocurrency they want listed on Bybit and if the token you vote for gets selected, winners will receive a free airdrop.
  • Copy Trading: A feature that allows users to mimic the trades of other successful Bybit investors. This feature can be uses on both Futures and Spot markets.
  • No KYC Required: Bybit is one of the few platforms that does not require its users to verify their identity to use the platform. Meaning you will not need to submit any identification documents.
Bybit Exchange.
Bybit Exchange.

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Bybit Futures Trading

Most Bybit users sign up to the exchange to trade futures as it offers trading on over 300 pairs, with up to 100x leverage. The platform has the highest daily futures trading volume, with over $8 billion traded on a daily basis. Below you can find a guide on how to trade futures with Bybit. Follow the below steps to trade derivatives for up to 100x leverage on Bybit. ‍

  1. Open an account: Sign up to Bybit and deposit crypto or fiat currencies into your account.‍
  2. Find Crypto Pair: Go to the Derivatives tab and select the pair you want to trade.‍
  3. Edit Trade Details: In the top right hand corner select your Margin Mode (Isolated or Cross) and select the leverage you want to use on your position (Long or Short).‍
  4. Input Amount: Enter the amount you want to trade and click ‘Open Long/Short’.
How to trade futures on Bybit with 100x leverage.
How to trade futures on Bybit with 100x leverage.

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Does Bybit have low fees?

Yes, it offers the lowest trading fees on both spot and derivatives. Additonally, Bybit does not charge any fees on deposits, and technically they don't charge fees for withdrawals. However, you will need to pay a network transaction fee to cover the cost of gas when you withdraw cryptocurrencies. Refer to the list below for a detailed breakdown of Bybit’s Fees Schedule. 

  • Deposit Fee: All fiat currency and crypto deposits are free on Bybit.
  • Withdrawal Fee: Vary from $1 - $15AUD for crypto withdrawals. Fiat withdrawals are free.
  • Spot Trading Fee: 0.1%, but the platform is currently running a promotion for 0% spot fees.
  • Derivatives Trading Fee: 0.01% - 0.06%, and the figures get lower the larger your monthly trading volume is.
Bybit Fees Schedule.
Bybit Fees Schedule.

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Is Bybit available in Australia?

Yes, Bybit is available to users in Australia and supports many Australian payment methods including PayID and POLi. Australia is not on Bybit's list of restricted countries/excluded jurisdictions. The platform has acquired the appropriate licensing to legally operate in Australia. Additionally, it has never been subjected to any hacking incidents or cyber attacks in its 6 years of operation. 

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Can I stake crypto on Bybit?

When it comes to cryptocurrency staking, Bybit has a staking method for all types of investors including single and double sided staking. There are flexible and fixed term options available, meaning you can choose to stake tokens with no lock-in period or choose to stake for a certain period for a higher APY (Annual Percentage Yields).

  • Bybit Savings - Stake over 20 tokens with stable APYs for both flexible and fixed staking periods. The cryptos include BTC, ETH, USDT, USDC, SOL, ADA, DAI, BUSD, AVAX and more.
  • Dual Asset - Double sided staking that allows you to deposit assets and lock in an attractive yield for three staking periods; 1, 3 and 5 days. These include popular pairs like ETH-USDT.
  • Liquidity Mining - Become a liquidity provider (LP) and earn yield derived from swap fees in multiple pools. You can add liquidity to the pool and increase your share, grab additional liquidity, and amplify your yields. 
  • Shark Fin - A principal-guaranteed product where users can capitalise on the expansion and contraction of volatility for selected cryptocurrencies.
  • Launchpool - This feature allows users to stake and earn multiple tokens for free, with no lock-in period. Meaning you can un-stake your crypto at any time.
Bybit Staking Overview.
Bybit Staking Overview.

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Bybit Bonus, Airdrops, Promotions & Campaigns

Bybit is well known for hosting frequent community-based events such as promotions, campaigns and competitions where users can win cryptocurrencies and many other prizes. The exchange has given out cash, crypto and large prizes such as Teslas and computers to competition winners.

To participate in these campaigns and receive bonuses, we recommend joining one of the Bybit online communities such as Telegram, Discord, Reddit, Twitter, Youtube and Instagram. Every one of its social media platforms hosts and offers different events and prizes throughout the week.

Bybit Promotions.
Bybit Promotions.

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Does Bybit require KYC verification?

The main reason for Bybits popularity is due to the fact that it does not require users to verify their identity to use the platform. It is one of the very few exchanges that allow you to trade, withdraw and deposit crypto without completing KYC (Know-Your-Customer).

However, if you wish to withdraw more than 2 BTC a day, you will need to verify your identity. Furthermore, some campaigns and promotions Bybit holds may also require users to verify their identity to participate in the event. This is not applicable for all promotions, only the large events.

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What is Bybits Launchpad & Launchpool feature

The Launchpad feature on Bybit is a token launch platform for new cryptocurrency projects. It gives Bybit users access to pre-listing rounds and allows them to earn new tokens by committing/staking BIT (Bybits native utility token) to earn an allocation of the new projects tokens.

The Launchpool feature on Bybit allows you to stake and earn tokens for free. The number of tokens you earn depends upon the number of tokens you stake in the pool. You can simultaneously earn your staking cryptocurrencies, new tokens and a USDT bonus. 

Bybit Launchpad Feature.
Bybit Launchpad Feature.

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NFT Marketplace

The Bybit NFT marketplace was launched in early 2022 and it connects creators with investors. Bybit users can invest in NFTs (digital art, GameFi and Metaverse collectibles, and more) without needing to pay the expensive network transaction (gas) fees that on-chain platforms like OpenSea charge.

Because Bybit is not on-chain you can avoid the high gas fees that most major NFT marketplaces charge. In addition to not having to pay gas fees, you can also use any of the tokens in your wallet to purchase NFTs. Whereas on Rarible or OpenSea you can only use Ethereum.

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How to contact Bybits customer support team

Bybit is one of the few exchanges to offer 24/7 Live Support. The live chart feature can be used in multiple languages including; English, Mandarin, Cantonese, Japanese, Portuguese, Russian, Spanish, Tagalog, Thai, Turkish and Vietnamese. In addition to live chat, the team can be reach them via email (support@bybit.com) and its online ticketing system.

If you need assistance in regards to bonuses, promotions and campaigns you can reach the Bybit team on one of its many social media platforms. The team can be contacted on Twitter, Discord, Telegram, Instagram, Youtube, Facebook, LinkedIn, TikTok and Reddit. 

Bybit Online Ticketing System.
Bybit Online Ticketing System.

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Final Verdict

Bybit is a comprehensive cryptocurrency trading platform that offers a wide range of trading features including spot, margin, options, NFTs and copy trading. One of the standout features of Bybit is that it does not require KYC verification, which is a significant drawcard for privacy-conscious users. Bybit also offers 24/7 live support in multiple languages, making it easy for users to seek assistance when needed. Overall, Bybit is a highly recommended platform for those looking for a reliable and user-friendly trading experience.