Bybit is a Singapore-based cryptocurrency exchange established in March 2018. Centered on major cryptocurrencies, as of March 2022, it supports more than 170 types for spot trading and 100 for derivative trading. Although the initial service was lacking in the number of supported cryptos, it has been expanding its lineup rapidly to proud one of the widest varieties among the international exchanges.
The maximum leverage varies for every currency, up to 1:100. Also, the zero cut system is adopted to protect traders in case the balance becomes negative. With this system, Bybit will make up the negative amount if the balance goes below zero, so you will not have to deposit additional funds.
Bybit offers four types of trading: “USDT Perpetual”, “Inverse Perpetual”, “Inverse Futures”, and “Spot”. The USDT Perpetual, the most popular one, is the derivatives trading. It uses Tether (USDT) as margin, which is pegged to the US Dollar, hence stable. Since there is no expiration, you can hold a long position like spot trading while using leverage. The Inverse Perpetual and the Inverse Futures are derivatives trading using cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) as margin.
Bybit often runs promotions for new cryptocurrency listings. You can buy newly listed cryptos at a discount or get them for free through those campaigns. The most common campaigns for new listings are Launchpad and Launchpool. The Launchpad is a campaign that lets you receive an allocation of new cryptos based on the balance of BIT tokens in your account, which is often used as a requirement to participate in a campaign on Bybit. In the Launchpool, on the other hand, you can earn some amount of newly listed cryptos for free each day if you stake a specific crypto prior to the listing of the new one on Bybit.
Bybit also offers several services, which allows you to earn rewards by staking cryptocurrencies. There are two services that are always available: “Flexible Savings”, in which you receive yield by staking a specific crypto, and “Dual Asset Investment”, in which you receive APY of 100% or more, although it is a non-principal protected.
Furthermore, it provides the TradingView trading tools, available on web browsers when trading on PC. MetaTrader4 (MT4), which is popular among international Forex brokers, is also supported from March 2022. For mobile devices, it offers the Bybit application for iOS and Android.
As with many cryptocurrency exchanges, fees are differentiated between maker and taker orders. It is notable that the maker fee is received, or earned, by the trader. Deposits and withdrawals are available in cryptocurrencies and by credit card.
Also, traders' assets are stored in the fully-offline "cold wallet", which lowers the risk of unauthorized online access or hacking, maintaining a high level of asset security.
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