Bybit Exchange — is one of the leading cryptocurrency exchanges, offering a wide range of opportunities for traders and investors, including spot and derivatives trading, staking, and automated trading solutions. In recent years, the platform has firmly secured its position as a market leader in Russia and Europe, becoming an alternative to Binance after its exit from the country. With a user-friendly interface, high order execution speed, and advanced risk management tools, Bybit attracts both beginners and experienced market participants.
On Crypto Insite — a review of one of the most exciting cryptocurrency exchanges today.
Official website: bybit.com
Brief Overview of the Website
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💰Account Currency: |
Cryptocurrencies |
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🚀 Minimum Deposit: |
From 1 USD |
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⚖️ Leverage: |
Up to 1:100 |
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💱 Fees: |
Market-based rates |
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🔧 Trading Instruments: |
Major Pairs: BTC/USD, ETH/USD, XRP/USD, EOS/USD, BTC/USDT USDT Pairs: ETH/USDT, LINK/USDT, LTC/USDT, XTZ/USDT |
Registration and Verification
Registration on Bybit
The registration process on the Bybit cryptocurrency exchange is extremely simple and takes only a few minutes. Follow the instructions to quickly open an account and start working with digital assets.
Go to the official Bybit website and click “Register” in the top right corner.
Choose a registration method — via email or phone number. Enter the required information in the form.
Create a strong password and confirm that you agree to Bybit’s Terms of Service.
Verify your registration — receive a code via SMS or email and enter it in the designated field.
Congratulations! You have successfully registered on Bybit. However, to fully utilize the platform, it is recommended to complete the verification process.
How to Verify Your Account on Bybit
To ensure security and comply with international anti-money laundering (AML) regulations, Bybit requires users to complete the KYC (Know Your Customer) process. This will allow you to:
✔️ Remove withdrawal limits
✔️ Access derivative trading, Launchpad, Earn, and other features
✔️ Use the P2P platform for trading in rubles
How to Complete Verification
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Log in to your account and navigate to the “Profile” → “Account & Security” section.
- Select the option for individuals and click “Verify Now.”
- Fill out the form by providing your full name, date of birth, residential address, and other required details.
- Upload a photo of your passport or driver’s license. The document must be clearly readable.
- Verification with an international passport is usually faster (if available, it’s recommended to use it).
- Take a selfie against a plain background to confirm your identity.
- Wait for the verification process to complete. It usually takes between 5 to 20 minutes.
Once verification is successfully completed, you will receive a notification from Bybit.
Bybit KYC and Account Verification
Bybit implements a comprehensive KYC and AML system, categorizing users into three groups:
| KYC Level | Available Features |
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Users Without KYC |
Bybit allows users to access the platform with limited functionality even without completing KYC verification. However, these users cannot access several features, including margin trading, Earn programs, Launchpad, and more. Additionally, they face transaction limits of up to 1000 US dollars in P2P trading. |
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Users with KYC Level 1 |
To complete the first level of KYC on Bybit, users must provide a valid identity document and take a selfie. Verified users gain access to unlimited P2P trading, a fiat deposit limit of up to 100,000 US dollars per day, and a withdrawal limit of up to 50 BTC per day. They also unlock most previously restricted platform features. |
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Users with KYC Level 2 |
This is the highest level of verification on the platform. To complete the second level of KYC, users must provide proof of residence. After verification, they can use unlimited P2P trading and fiat deposits, as well as increase their withdrawal limit to 100 BTC per day. |
Deposits and Withdrawals
When making deposits and withdrawals, you will be dealing with the funding account. To deposit funds, select the relevant cryptocurrency in the funding account and follow these steps:
- Click “Deposit.”
- Choose the network.
- Transfer funds to the corresponding wallet address.
For withdrawals, the process is similar, but you will need to specify the wallet to which the coins will be withdrawn from your Bybit internal wallet.
Verification is required for both crypto and fiat deposits, so it is recommended to complete it immediately after registration.
How to Deposit Funds on Bybit in Russia?
Depositing funds is the first step to trading. Below are the available methods:
Crypto Deposit
A crypto deposit is a transfer of funds from an external wallet or exchange via a blockchain transaction.
Important:
- Use only supported cryptocurrencies and networks.
- Consider minimum deposit amounts and conditions.
- Enter the correct memo/tag when withdrawing to avoid losing funds.
One-Click Buy
Depositing fiat funds through three main methods:
1.Third-Party Payment Service
Allows you to buy cryptocurrency from Bybit’s partners.
KYC verification is required.
2.Fiat Balance
🔹 After depositing fiat, use it to buy cryptocurrency.
🔹 Available after the first fiat deposit and 2FA setup.
🔹 Process: deposit → verification → purchase.
P2P Trading
P2P trading enables users to exchange cryptocurrency without fees. Currently, it is the most convenient and cost-effective method for buying and selling crypto.
For example: You can buy USDT with your Sberbank or Tinkoff bank card in rubles.Exchange USDT for BTC, ETH, SOL, or any other cryptocurrency.Sell USDT for any local currency (tenge, lari, lira, dollars, euros, etc.), provided you have a bank card for the respective country.All transactions occur between individuals, with the exchange acting as an escrow guarantor.
Advantages of P2P Trading:
- 60+ payment methods
- Choose sellers based on currency and transfer method
- Transactions are protected by escrow
How to Buy Cryptocurrency via P2P Trading:
- Go to the P2P Trading
- Select a seller and make a payment using a convenient method.
- Receive cryptocurrency in your account.
It is also important to mention security during P2P transactions:
funds are held in escrow until the transaction is completed.
How to Withdraw Funds from the Exchange
You can withdraw money from Bybit in two main ways: by transferring cryptocurrency to an external wallet (such as another exchange or a personal crypto wallet) or through P2P trading, selling cryptocurrency for fiat and then transferring it to a bank account or e-wallet.
So, how do you withdraw money? First, go to the “Assets” section and select the “Withdraw” option.
A withdrawal form will open, offering two options:
- “Blockchain Withdrawal” – for sending cryptocurrency to an external wallet.
- “Internal Transfer” – for transferring funds between Bybit accounts or within personal wallets.
Since our goal is to withdraw cryptocurrency to an external wallet, we select “Blockchain Withdrawal.”
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Filling in the Details
- In the “Select Coin” field, choose the cryptocurrency you want to withdraw. If you need to exchange it before withdrawing, use the “Convert”
- In the “Wallet Address” field, enter the recipient’s address. If you frequently withdraw to this address, you can add it to your saved list in advance.
- In the “Network Type” section, select the correct network for the transaction. It must match the network in which the recipient’s address was created. For example, if sending ETH and the address operates on ERC-20, the withdrawal network should also be ERC-20.
- Enter the withdrawal amount, select the wallet from which the funds will be deducted (Spot or Funding), verify the details, and click “Confirm.”
To withdraw fiat currency, select “Fiat Withdrawal,” then specify the desired currency and preferred transfer method.
Trading Options on Bybit
Bybit provides traders with a wide range of tools and strategies for digital asset trading. Let’s look at the key features available to users.
Spot Trading
This method involves the classic buying and selling of cryptocurrencies at current market prices without using leverage. Spot trading is ideal for long-term investments and basic strategies. Bybit supports a large list of digital assets available for trading in this mode.
Margin Trading
This format allows traders to use borrowed funds, increasing both potential profit and risk. Margin trading requires a well-thought-out approach but can be highly profitable when managed correctly. Depending on the asset, Bybit offers leverage up to 100x.
Futures Trading
Futures allow traders to profit from price changes in the future without owning the asset itself. They are widely used for hedging risks and speculative strategies. Bybit offers futures contracts on major cryptocurrencies with different expiration dates.
Options Trading
Options are complex financial instruments that give traders the right (but not the obligation) to buy or sell an asset at a predetermined price. They are actively used for risk management and speculative trading. Bybit provides various types of options for experienced traders.
Example of Spot Trading and Open Position Overview
Step 1: Selecting a Trading Pair
Go to the “Trade” → “Spot” section and choose the desired currency pair.
Step 2: Setting Up a Trade Order
Select the type of order:
- Market Order – Executes immediately at the current price; just specify the amount.
- Limit Order – The trader sets a target price, and the order executes automatically when that price is reached.
Additionally, you can set Take Profit (TP) and Stop Loss (SL) to close the trade when a certain profit or loss level is reached. After entering the parameters, click “Buy TON”.
Step 3: Monitoring and Managing Positions
All active orders are displayed below the chart. You can modify or cancel any pending order at any time. However, once a trade is executed, it cannot be canceled, but you can still manage risk by adding TP/SL settings.
Additional Earning Opportunities on Bybit
Besides traditional trading, Bybit offers various tools for passive income. Here are the key options that allow users to earn without actively trading.
Bybit Earn – Passive Investment Income
This service is designed for those who want to generate profits from crypto investments. Bybit Earn includes various products:
- Dual Asset Investments – Hold two assets simultaneously and earn income from their price fluctuations.
- Liquidity Mining – Users provide funds to liquidity pools and receive a share of trading fees.
- Staking – Locking cryptocurrencies to support the network while earning daily rewards. The assets can be unstaked anytime without losing the earned rewards.
- Savings Programs – Earn interest on idle digital assets.
Ethereum Staking – Earn Up to 7% Annually
ETH holders can lock their coins and receive rewards for supporting the network. The yield depends on the total staking volume and lock-up conditions.
Bybit Copy Trading
Copy trading allows users to automatically replicate the trades of successful traders. Users can select a suitable manager based on their ranking and trading statistics. This is an excellent way for beginners to earn by following the strategies of experienced traders.
Bybit Launchpad – Investing in New Tokens
This platform provides early access to promising crypto projects. Users can participate in the launch of new tokens and acquire them at preferential prices.
Additionally, BIT token holders receive several benefits:
- Reduced trading fees
- Higher transaction limits
- Exclusive VIP bonuses
BIT tokens can be purchased directly on Bybit.
Two More Earning Options:
Onchain Earn – Simplified Staking. This service allows users to stake cryptocurrency directly on the blockchain, with Bybit handling all technical aspects, including fees.
Airdrop Hunt – Free Tokens for Activity. Bybit regularly holds promotions where users can earn free cryptocurrency by completing simple tasks. For example, inviting friends or performing specific actions on the platform can grant users free tokens.
Bybit Web3 Tools
Bybit is actively integrating Web3 technologies to simplify access to decentralized finance (DeFi) and onchain tools. These services are available in the “Web3” section and help users expand their opportunities within the crypto ecosystem.
DEX Pro – Decentralized Trading Without Intermediaries
A fully decentralized exchange (DEX) where users can trade directly from their wallets without third parties. DEX Pro offers:
- Advanced trading tools
- Detailed analytics
- Transparent transactions via onchain mechanisms
Swaps – Instant Crypto Exchange
A liquidity aggregator that combines offers from multiple DEXs, enabling users to swap assets quickly and with minimal costs.
Bybit Wallet – Secure Digital Asset Management
A semi-custodial wallet that balances security and ease of use. Private keys are managed jointly by the user and the platform, reducing the risk of losing access.
NFT Marketplace – Platform for Collectors and Creators
A dedicated marketplace for buying, selling, and exchanging NFTs. Users can collect digital assets or issue their own tokens.
ApeX Pro – Decentralized Derivatives Market
A derivatives trading platform with low fees and the option to use leverage. Ideal for experienced traders looking for flexible trading tools.
Initial DEX Offerings (IDO) – Investing in Emerging Projects
Bybit’s IDO platform allows crypto startups to raise funding through token sales. Participants can gain early access to new assets via a lottery-based allocation system.
Bybit Trading Fees
Spot trading fees on Bybit:
Bybit Derivatives Trading Fees:
Bybit Exchange: Pros & Cons
Pros: |
Cons: |
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User-Friendly Trading Platform – The browser-based interface eliminates OS conflicts and ensures smooth order execution. |
Complex Futures Trading Conditions – Includes leverage formulas, premium indices, and funding rates, which may be challenging for beginners. |
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Diverse Trading Options – Offers both perpetual and standard futures contracts, expanding trading strategies. |
Lack of Clear Trader Protection Mechanisms – No well-defined dispute resolution system. |
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Market Depth & Real-Time Volume Data – The order book provides insights into liquidity and trade volumes. |
Limited Spot Trading Options – Only USDT, BTC, and ETH are available for classic spot trading. |
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Low Entry Threshold – BTC/USD futures contracts can be purchased for as little as $1. |
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Flexible Positioning – Ability to open both long and short positions with mutual recalculations. |
Trading Software
Bybit Web Terminal
Bybit’s built-in web terminal allows users to trade directly from the exchange’s website. To access it, simply log in and select the desired market under the “Trade” section.
The main part of the interface is occupied by the chart, where users can choose one of four price display options: Japanese candlesticks, bars, hollow candles, and area. TradingView mode is also available, allowing the use of technical indicators and switching between seven chart types. Additionally, there is a Depth Chart that shows the distribution of price levels in orders.
To the right of the chart is the Order Book, as well as a table of recent trades. This block also contains the order placement module.
At the bottom of the interface, tables with up-to-date information are displayed: Positions, Closed P&L, Open Orders, Order History, and Trade History. For spot market users, additional tabs include Subscription & Redemption History and Loans & Repayments.
Bybit Desktop Application
At the moment, Bybit does not offer a standalone desktop application. Users who prefer to trade from a computer need to use the exchange’s web interface or integrate the platform with an external trading terminal via API.
Bybit Mobile Application
The mobile version of Bybit is available for Android and iOS devices and can be downloaded from Google Play and App Store. There is also an option to download the APK file directly from the exchange’s website.
The application is functionally almost identical to the web version, supporting spot and futures trading, Bybit Earn tools, automated bots, and copy trading. Additionally, users can complete verification, manage bonuses, deposit funds, withdraw assets, and purchase cryptocurrency with a bank card (provided they have a verified KYC status) through the mobile app.
While trading via the mobile application is possible, it may be less convenient compared to the web version due to the limited screen size, frequent tab switching, and data refresh speed.
Which Cryptocurrencies Are Available on Bybit?
Bybit offers a wide selection of cryptocurrencies, depending on the chosen trading instrument. Below is a list of popular assets available for trading on the exchange:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Tezos (XTZ)
- Chainlink (LINK)
- Cardano (ADA)
- Polkadot (DOT)
- Uniswap (UNI)
- Ripple (XRP)
- NEM (XEM)
- SushiSwap (SUSHI)
- Aave (AAVE)
- Dogecoin (DOGE)
- Tether (USDT) and many more.
Bybit regularly updates and expands the list of available cryptocurrencies.
Other Features of Bybit
Bybit offers users not just basic trading but also a variety of additional features that enhance the experience on the platform. Some of them include:
- TradeGPT. A bot that utilizes the ChatGPT 3.5 language model to analyze cryptocurrencies based on liquidity, security, social activity, funding, team, and token utility. The ratings for coins are provided exclusively by ChatGPT, without direct input from the exchange.
- Gold & FX on Bybit. Through MetaTrader 5, users can trade perpetual crypto contracts, as well as CFDs on commodities and currency pairs. However, the number of cryptocurrencies available in this section is limited, making it more of a supplement to the platform’s main features.
- Position Builder. This tool allows users to create and add positions and strategies while forecasting potential profits or losses.
- Crypto Loans. Users can take out crypto loans using other assets as collateral.
- Structured Products. This category includes various ready-made investment products, such as dual-currency investments, Double Win, discounted purchases, and smart leverage. For example, in dual-currency investments, users can apply strategies like buying an asset at a lower target price (Buy Low) or selling it at a higher price (Sell High).
Bybit Promotions and Bonuses
Bybit offers a range of promotions and bonuses for both new and existing users.
Bybit Bonus Program Terms:
- Welcome Bonus. To receive the first bonus, new users must deposit cryptocurrency. Funds can be deposited multiple times within 7 days. Participants in the “Lucky Newcomers” promotion receive a 10% APY booster, increasing investment returns in ByFi for 3 days (flexible USDT staking, with a maximum return of up to 20 USDT).
- Trading Volume Bonuses. If a trader’s monthly trading volume reaches $10,000, they receive a share of a $100,000 USDT prize pool.
- Deposit Bonuses. Based on the first deposit amount, users receive discount coupons:
- $200 — $5
- $1,000 — $10
- $5,000 — $25
- $10,000 — $40
- Additional Bonuses. New traders who achieve a monthly trading turnover of $300 on spot or $10,000 in margin trading receive $5 coupons. The same coupons can be earned by trading for three consecutive days subscribing to Bybit’s official social media pages. Coupons can only be used to cover trading fees (not withdrawal fees) and apply only to margin trading on futures or perpetual contracts.
- Special Conditions .If a withdrawal request is submitted, all bonuses are automatically canceled, and the promotion ends.
Referral, Partnership, and VIP Programs
All Bybit bonuses and rewards can be found in the “My Rewards” section of the personal account. The bonus or coupon amount is calculated based on the current exchange rate. For example, if a user receives a $40 reward and Bitcoin is priced at $40,000, they will receive 0.001 BTC. Besides deposit and trading bonuses, Bybit offers rewards for activities outside the platform through its referral program.
Referral Program Terms:
- A new user who registers via a referral link, deposits at least $10, and achieves a $2,000 spot trading volume or $10,000 derivatives trading volume gets a $20 bonus.
- The inviting user also receives a $20 bonus.
- No limit on the number of referrals.
- Paid advertisements mentioning Bybit’s name are prohibited.
- When a referral reaches specific trading volumes, the referrer gets a seasonal bonus card with rewards of up to $500 USDT.
Bybit also has an affiliate program, separate from the referral system. Affiliate members can earn up to 30% of the trading fees from invited users. This program is primarily designed for website owners and online resource managers.
Users who meet the following criteria qualify for Bybit’s VIP program: $10 million monthly spot trading volume or $1 million monthly derivatives trading volume a balance of at least $250,000 in their account. Additionally, users can automatically receive VIP status if they hold it on another exchange.VIP Benefits Include personal ambassador,24/7 premium support, exclusive bonuses and rewards, lower trading fees
Is Bybit a Scam?
There are negative opinions online claiming that Bybit fails to process withdrawals, doesn’t execute stop-loss orders, and engages in unfair practices. However, based on our experience and feedback from many traders, these claims are not confirmed.
We encountered no issues with order execution, and cryptocurrency withdrawals were always processed quickly. Bybit operates 24/7 withdrawal processing, with most transactions completing in 3-5 minutes.
Conclusion
Overall, Bybit stands out as one of the most attractive cryptocurrency exchanges for traders and investors from Russia. Several key advantages differentiate Bybit from its competitors:
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No restrictions for Russian users. Unlike some major exchanges, Bybit has not imposed sanctions on Russian traders.
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A wide range of trading instruments. Beyond standard spot and margin trading, Bybit offers futures, derivatives, options, and more.
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Strong security measures. The platform implements cold storage, multi-layer security, regular audits, and hacker bounty programs to ensure asset protection.
Diverse earning opportunities. Bybit provides multiple ways to generate passive income, such as Bybit Earn, copy trading, launchpads for new tokens, and other investment services.
Additionally, Bybit maintains low trading fees and offers a user-friendly interface, making it accessible even for beginners in the crypto market.
