Guide on Bybit: the second crypto exchange by volume in the world

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In this article, we explore all the various features of Bybit, a famous platform enabled for cryptocurrency exchange.

We see all the main trading and passive income services, as well as those related to the connection with the fiat world.

All the details below.

An overview of the Bybit exchange: the main data

Founded in 2018 by Ben Zhou, Bybit quickly gained popularity thanks to its intuitive interface and advanced trading options.

Currently, it is the second largest cryptocurrency exchange in the world in terms of trading volumes, behind only Binance.

The platform records monthly spot trades with a value ranging between approximately 50 and 180 billion dollars, based on the history of the last year.

Compared to 3 years ago, the total trades on Bybit are more than 18 times greater, highlighting the strong growth of the platform in the last bear market.

On the front of derivatives, an open interest ranging between 2 and 7.5 billion was recorded on Bitcoin futures throughout 2024. For Ethereum futures, the value of open positions falls within a range from 1 to 3 billion dollars.

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In addition to its records in trading, Bybit is known for its transparency and security, regularly publishing its reserve reports. The platform maintains a 1:1 reserve ratio for all user assets, which means it holds an equivalent amount of assets for every unit of cryptocurrency held by users. This ensures that user assets are always covered and secure.

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Its reliability has allowed it to reach the milestone of 57 million registered users in November 2024, about 6 times the users of 2022.

According to Nansen data, it holds reserves of 15.1 billion dollars, of which 35% in BTC, 16% in USDT, and 8% in ETH.

Source: https://portfolio.nansen.ai/dashboard/bybit

The main trading features of Bybit?

As mentioned, Bybit is an exchange particularly appreciated by its clients for its professional and non-professional trading options.

Within it, you can trade over 1,400 cryptocurrencies using spot markets and futures contracts, with leverage up to 200X.

For more experienced users, there is also a section dedicated to crypto options and margin trading.

For the more novice users, we find the function of copy trading, which allows you to copy the strategies of more experienced traders and enjoy any potential profits.

On Bybit there are also trading bots, such as grids bots (DCA) and martingale, which execute operations in an automated manner under indication.

Regarding market analysis, Bybit integrates the TradeGPT bot, which provides real-time analysis based on algorithms and AI.

Furthermore, the exchange charts are integrated with the well-known platform Tradingview, offering users a reliable solution for studying candlesticks.

Finally, Bybit also offers support for Meta Trader 5, including tools for trading forex, commodities, and stock indices.

Pros and cons of trading on Bybit

Like all other cryptocurrency exchanges, Bybit has both pros and cons.

The advantages include the presence of a user-friendly platform capable of supporting high network traffic.

Its countless services related to trading offer professionalism and solidity, making the operations on the platform globally appreciated.

On Bybit you can find the major large crypto assets existing in the world, generally with values of liquidity adequate to guarantee transactions of high amounts

It is also worth highlighting how Bybit is synonymous with security: users’ funds are stored in various cold wallets, away from the eyes of hackers and unwanted users.

Furthermore, the platform boasts a customer support service operating 24/7 and a very active community on social media such as Twitter, Discord, and Telegram.

Another significant advantage concerns the fact that Bybt is not registered with the OAM in Italy, and therefore it is unlikely to send your financial data to the Agenzia Delle Entrate.

As for the disadvantages, it should be noted that Bybit requires KYC, making it necessary to enter your documents to access its services.

Not available for users residing in the United States and the United Kingdom, due to international restrictions.

Other cons concern the high risk of some coins listed on the platform, which are not always verified and subjected to security audits.

Earn: guadagna crypto facendo holding

Very useful and interesting is the “Earn” section within Bybit.

As with other exchanges, this one also has an area dedicated to passive earnings, where users can lock their coins in exchange for rewards.

There are several options available: Bybit Savings, Dual Assets, Wealth Management, On-Chain Earn, Liquidity Mining and much more.

Without going too much into detail, let’s say that the platform offers many interesting opportunities, hybrid between the CeFi and DeFi worlds.

The advantage of the Earn section is that it is possible to obtain excellent yields without having to perform complex operations or undergo particular risks.

Simply by holding your assets on Bybit, you can earn interest on the deposit, much higher than what is offered by the traditional finance world.

For example, the APY of “Flexible Savings” on USDT is set at 10.76%, while that on ETH is at 2.50% and that on BTC at 2.8%.

It is also possible to lock your assets for a specific period of time, earning an additional yield.

Bybit card, wallet eb3 and other interesting services

Bybit also integrates other very interesting services such as its own debit card which simplifies operations in fiat.

Thanks to the collaboration with Mastercard, the Bybit card allows spending crypto easily and securely in over 53 million points of sale worldwide.

Users can also take advantage of promotions to obtain exclusive discounts and cashback based on their expenses.

Requesting the physical card costs only 5 euros and there are no other annual management fees. However, there are transaction costs that vary depending on the operations and the country of origin. For crypto-fiat conversions in Europe, the fees are 0.9%, a bit expensive but justified by the convenience of the tool.

It should be noted that Bybit also offers a Web3 wallet that introduces traders to the self-management of their own crypto assets.

The service, which is positioned between a custodia CEX and a private one, allows the use of advanced tools for monitoring one’s finances.

Furthermore, the web3 wallet opens the doors to trading on decentralized finance exchanges, where the lesser-known gems are usually hidden.

In this way, users can on one hand enjoy the security and centralized support of Bybit and on the other explore new opportunities hidden in web3.

Other features to mention concern the sections launchpool, Launchpad, Airdrop Hunt, Crypto Loans, and the Pre Market Perpetuals. You can write about these and much more by registering at https://www.bybit.com/en/register.

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