Bybit is one of the world’s leading cryptocurrency derivatives trading platforms, trusted by over 20 million users across 160+ countries. Founded in March 2018 by Ben Zhou and currently headquartered in Dubai, Bybit has established itself as a top-tier exchange with daily trading volumes exceeding $10 billion. The platform specializes in perpetual contracts, options, and spot trading, offering users a secure, fast, and stable environment to engage with digital assets.
Whether you're new to crypto or an experienced trader, this comprehensive guide will walk you through Bybit’s security framework, core features, deposit and withdrawal methods, and unique earning opportunities — all while helping you stay safe from scams.
Is Bybit Secure? Understanding Platform Safety
Security is paramount when choosing a crypto exchange. Here's how Bybit ensures user protection.
Proof of Reserves (PoR)
Bybit maintains a 1:1 reserve ratio for user assets, meaning every dollar deposited is fully backed. Users can verify this transparency via the Proof of Reserves page, where real-time data on asset holdings and audit results are publicly available.
Participation in BitUniverse Transparency Initiative
Since 2020, Bybit has been part of the BitUniverse Exchange Transparency Project. This initiative requires exchanges to disclose wallet addresses and asset movements, allowing users to independently monitor fund flows and confirm solvency.
Exchange Rankings & Reputation
According to CoinMarketCap, Bybit ranks 4th in spot trading volume and 2nd in derivatives trading globally. It holds a platform rating of 7.3/10 — placing it just behind Binance and OKX in user trust and performance.
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Common Scams Involving Bybit (And How to Avoid Them)
While Bybit itself is legitimate, scammers often impersonate the brand. Stay alert for these common tactics:
Fake Customer Support on Social Platforms
Scammers may contact you via Telegram or Discord, posing as official Bybit support. They often claim your account is locked and request login credentials or 2FA codes.
✅ Defense Tip: Bybit never initiates private messages. Always disable DMs from strangers.
Phishing Websites & Emails
Fake websites mimic Bybit’s interface to steal login details. Similarly, phishing emails contain malicious links disguised as official communications.
✅ Defense Tip: Only access Bybit through the official URL: https://www.bybit.com. Bookmark it to avoid typosquatting.
P2P Trading Risks
Bybit’s peer-to-peer marketplace allows fiat-to-crypto trades but carries risks like receiving illicit funds. One user reported bank account freezes after unknowingly accepting fraudulently obtained TWD.
✅ Defense Tip: Use verified sellers, avoid large single transactions, and never meet in person without precautions.
Bottom Line: Bybit is not a scam — but cybercriminals exploit its reputation. Always verify sources and practice digital hygiene.
Key Features That Set Bybit Apart
Bybit offers a robust suite of tools tailored for both beginners and advanced traders.
- Derivatives Trading: Access perpetual, inverse, and delivery contracts with up to 100x leverage.
- Spot Market Liquidity: Low slippage and deep order books enhance execution quality.
- Low Fees: Competitive pricing with 0% maker fees on spot trades.
- 24/7 Customer Support: Live assistance available round-the-clock via chat and email.
- Options Market: Industry-leading USDC-denominated options with T-Chart, strategy builder, and quick-select tools.
- Arbitrage Tools: Built-in cross-market arbitrage simplifies profit-taking between spot and futures.
- Fast Token Listings: Weekly new coin launches via Launchpool and early access programs.
How to Sign Up on Bybit (Step-by-Step)
Getting started takes less than five minutes:
- Download the App: Available on iOS and Android at bybit.com/download.
- Register with Email: Use a Gmail account for easy recovery.
- Complete KYC Level 1: Submit ID, passport, driver’s license, or residence permit.
- Wait for Confirmation: Check your inbox for approval status. Once verified, you can deposit and trade immediately.
How to Deposit Funds into Bybit
Method 1: Convert TWD to USDT via MAX Exchange
Taiwan users can use MAX Exchange to convert TWD to USDT:
- Trade USDT/TWD on MAX using market or limit orders.
- Withdraw USDT to Bybit using the deposit address under Assets > Deposit Cryptocurrency.
- ⚠️ Critical: Select the TRC20 network (or matching chain) to avoid loss.
Method 2: Buy Crypto with USD or Credit Card
- Deposit USD via wire transfer directly into Bybit.
- Or use a credit card — treated like an overseas purchase — to instantly buy USDT or BTC.
- Note: Card purchases may carry higher exchange rates.
Method 3: On-Chain Transfers
Transfer crypto from wallets (hot/cold), DeFi protocols, or other exchanges:
- Ensure network compatibility (e.g., ERC20 vs. BEP20).
- Double-check recipient addresses before confirming.
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Withdrawing Funds from Bybit
Option 1: Convert USDT Back to TWD via MAX
- Initiate withdrawal from Assets > Withdraw.
- Send USDT back to MAX using the correct chain.
- Sell for TWD and withdraw to your bank account.
Option 2: Internal Transfers Within Bybit
Use “Internal Transfer” to send crypto between Bybit accounts using email, phone number, or UID — zero fees applied.
Option 3: P2P & On-Chain Withdrawals
Same process as deposits — just reversed. Always confirm recipient details.
Earn Passive Income: Bybit Launchpool & Launchpad
Launchpool – Stake & Earn New Tokens
Stake idle USDT, BTC, ETH, or MNT to earn upcoming tokens before listing. Rewards are distributed daily, and stakes can be withdrawn anytime.
- Open to all KYC-completed users.
- VIP members enjoy higher APRs.
- Ideal for generating yield on stablecoins.
Launchpad – Early Access to High-Growth Projects
Similar to an IEO (Initial Exchange Offering), Launchpad lets users participate in token sales before public listing.
- Eligibility based on average daily holdings and trading volume.
- Winners receive allocation at discounted prices.
- Historical average gain: +645% post-listing.
Pre-Market Trading on Bybit
Bybit supports pre-listing over-the-counter trading for anticipated tokens — similar to WhalesMarket. Participants can hedge or lock in profits before official launch, provided they post margin as collateral.
This feature benefits early investors from airdrops or private sales who want price discovery ahead of market entry.
Bybit Fee Structure (Updated 2025)
| Product | Fee Type | Standard Rate |
|---|---|---|
| Spot | Maker | 0.1% |
| Taker | 0.1% | |
| Contracts | Maker | 0.02% |
| Taker | 0.055% | |
| Options | Single Order | 0.02% |
VIP tiers reduce fees progressively based on 30-day volume. Learn more at the official VIP program page.
Frequently Asked Questions (FAQ)
Where is Bybit based?
Bybit Fintech Limited is registered in the British Virgin Islands. Its operational headquarters is in Dubai, with regional offices in Hong Kong and Taiwan.
Does Bybit have a native token?
No. While $BIT was initially linked to BitDAO (now Mantle $MNT), it is not considered Bybit’s official platform coin. However, $MNT is supported across services like Launchpool.
Can I use Bybit in restricted regions like the US or China?
No. Bybit does not serve users in the United States, Mainland China, Singapore, UK, Canada, Russia-controlled Ukrainian territories, Iran, Syria, Cuba, North Korea, Uzbekistan, or Hong Kong due to regulatory restrictions.
Is Bybit legal?
Legality depends on jurisdiction. Bybit holds licenses in several compliant regions but operates outside regulated frameworks in others.
Can Hong Kong residents use Bybit?
No — services are suspended in Hong Kong due to local financial regulations.
What is the Bybit Card?
Launched in 2023, the Bybit Card (powered by Mastercard) allows users in Europe and the UK to spend crypto seamlessly. Virtual cards are free; physical cards cost $10.
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Final Thoughts
Bybit stands out as a reliable, feature-rich cryptocurrency exchange that prioritizes security, liquidity, and innovation. From low-fee trading and robust derivatives markets to passive income tools like Launchpool and Launchpad, it caters effectively to diverse user needs.
However, always remain vigilant against social engineering attacks and adhere to best practices in digital asset management. With proper caution and informed usage, Bybit can be a powerful tool in your crypto journey.
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