Bybit All-In-One Crypto Platform: More than Just Crypto Trading!

For a cryptocurrency exchange, the difference between success and obscurity comes down to the right product offerings.

From start-ups marrying AI and blockchain (SingularityNET and Fetch.AI, for example) to breathing life into otherwise static NFTs (AletheaAI), the crypto world is always abuzz with innovation. This provides both opportunities and challenges for companies looking to establish a solid foothold. Fail to innovate, and you risk becoming a footnote.

With regard to crypto exchanges, their success is tied to the sophistication and relevance of their product offerings. This is because the modern crypto trader/investor no longer seeks a platform to only trade digital assets, but demands a comprehensive ecosystem that empowers, educates, and enriches their crypto journey.

Bybit checks all of those boxes, offering a finely curated arsenal of products and features designed to navigate the complexities of the crypto maze.

In this guide, we'll explore Bybit's products and features, which have turned it from a mere crypto trading platform into a powerhouse. 

Note: Not available to users in the U.S. and U.K.

A Summary of Bybit Products and Features

Wealth management products? Check. Copy trading? Check. A ChatGPT-esque bot? Check. Bybit offers an array of products and services that cater to both newbies and seasoned veterans. With a newly launched crypto debit card added to their arsenal, Bybit has become one of the leading “one-stop-shop” crypto exchanges.

The Key Features of Bybit Are:

• Trading
• Convert
• Lending and Crypto Loans
• Crypto Earn
• Bybit Card
• Launchpad
• NFT Marketplace
• Copy Trading

What is Bybit?

Bybit is a cryptocurrency and derivatives trading exchange based in Dubai. Since its launch in 2018, Bybit has grown into one of the top exchanges that provides users with access to an array of products and services such as trading bots, lending and copy trading, which we'll explore in this article.

Bybit allows users to trade with up to 100x leverage on select assets. Using leverage, as you're aware, is an extremely risky trading strategy. This is why Bybit has certain safeguards in place like its insurance fund, auto deleveraging and cross and isolated margin accounts, among other things. Together, these tools are meant to help contain the downside potential of a trade.

This article's focus is on Bybit's wide product offerings, but if you want to learn more about the platform itself, the team, history, and trading specifics, head over to our in-depth Bybit review. We also show you how to sign-up for Bybit.

If you want to see how Bybit stacks up against other exchanges, check out our comparison pieces:

Bybit vs:

• PrimeXBT
• KuCoin
• Bitget
• Binance
• OKX
• SwissBorg

Guy also put together this great trading on Bybit review for those interested in video format:

Bybit Trading

Even as Bybit has branched out into other verticals — crypto earn products, for example — it remains a robust exchange for trading crypto, offering a great selection of spot and derivatives products. The exchange has more than 270 assets in the spot market and over 200 contracts in the derivatives market.

There are three order types that you can place on the Bybit platform:

• Market order: These orders are executed immediately at the current market price. While the order is executed immediately, prices can vary slightly from the current market quote as a result of market volatility.
• Limit order: This order specifies a price at which you are willing to buy or sell. For example, if Bitcoin’s price is currently $34,000, but you’d like to purchase it for $30,000, you can choose limit order, and enter the price to initiate this trade. The order will then be triggered automatically once the price hits your desired point.
• Conditional Order: This is an order that will become either a market or limit order once certain price levels are reached. When placing the trade, you will define the trigger price along with the direction, quantity, and leverage.

Overall, Bybit is a professional-grade crypto exchange with an industry-leading matching and trading engine. We cover the trading terminal in detail in our Bybit review.

On to Bybit's products and features!

Bybit Products and Features

There's a lot to unpack here!

Bybit Convert

This feature supports the conversion of fiat currency and crypto assets. A one-click convert trading feature is something that is offered on many leading exchanges and has become the easiest and most convenient way to trade cryptocurrencies for those who do not need to perform technical analysis or access charting functionality. 

Conversion is instant in most cases and is currently available via spot, funding, derivatives, inverse derivatives or unified trading accounts. There are a large number of coins that can be converted with different minimum and maximum transaction limits.

It's important to note that the bonus balance cannot be converted to other coins.

Bybit Earn

Crypto-earn products have been a game changer, offering investors a pathway to APY-generating products.

Bybit Earn is a versatile crypto-earning platform that offers a range of innovative financial products for investors. Through Bybit Earn, users can engage in activities such as staking and structured investments, enabling them to generate yield from their cryptocurrency holdings.

Bytbit Earn product isn't just one single product; it's a suite of seven products:

• Bybit Savings
• ETH2.0 Liquid Staking
• Liquidity Mining
• Dual Asset
• Double-Win
• Wealth Management
• Launchpool

We've covered each of these crypto earn products in great detail in our Bybit Earn review.

Bybit Lending and Crypto Loans

Bybit Lending powers its crypto loan product.

Lending

If you have idle cryptocurrencies in your wallet, you might as well use Bybit Lending to loan the assets out and earn hourly interest.

Bybit matches your funds with users with borrowing needs, including crypto loans, margin trading, and unified trading. To ensure the safety of your assets, Bybit manages the risks of loaned assets using multiple measures, such as collateral value ratios, conservative liquidation thresholds, and an insurance fund. If, for whatever reason, you'd like to redeem your funds, you can do so anytime.

It's important to note that all assets lent to Bybit Lending are kept within the platform and are used solely to support its loan product and services, with no funds flowing out. Bybit charges a 20% service fee on the interest income generated by loans, while the remaining 80% is distributed based on the proportion of funds lent by lenders in the asset pool.

Crypto Loans

Bybit Crypto Loans provide you with funds to meet your short-term liquidity needs. It allows traders to obtain liquidity by borrowing without selling cryptocurrencies. There are no special requirements except that you should have assets in your spot account or funding account that can be used as collateral.

Loan periods of 7 days, 14 days, 30 days, 90 days and 180 days are currently supported. However, these loans come with stringent terms.

• Liquidation Risk: When the loan-to-value (LTV) ratio is higher than the liquidation LTV ratio, Bybit will liquidate your collateral assets to repay your loan and interest in full.
• Overdue Interest: Borrowers will be charged 3x the hourly interest during the overdue period.
• Late Repayment: If the borrower fails to repay the loan within the maximum allowable overdue period, the collateral assets will be liquidated and a 2% liquidation fee will kick in.

Bybit Rewards Hub

Earn rewards for completing tasks and participating in campaigns!

These tasks can take various forms — sign up with Bybit to receive 20 USDT as a welcome gift or invite a friend to Bybit and you'll both earn 25 USDT and a mystery box worth up to 1,000 USDT. However, this isn't free money as there are conditions attached to each reward. The time frames for task completion and claiming rewards will vary across rewards, so you’ll need to check the individual task and reward details.

There are six types of rewards:

• Bonus: Choose from a derivative bonus (to cover trading losses on perpetual and futures contracts), a copy trading bonus (to cover trading losses on copy trading) and a fiat bonus, which can be used to offset the actual amount of the transaction order.
• Coupons: Once again, you have three options — a derivatives coupon, spot coupons and a buy crypto coupon. The first can offset futures trading fees, the second coupon is used to cover trading fees incurred while trading spot pairs, and the last one can be used to offset transaction fees incurred during one-click buy using credit card payment or via fiat deposit.
• Airdrop: An airdrop serves the same purpose as the user's own assets and can be used for any purpose after it’s received.
• Fee Discount: This gives you a specified percentage of discount on your trading fees and/or fiat transaction fees.
• APY Booster: You can earn additional yield for Bybit Earn products within a certain period.
• Loss Cover Voucher: Designed to help offset potential losses incurred during bot trading.

Bybit Trading Bots

Crypto trading on autopilot!

With Bybit Trading Bots, you can choose from various types of pre-configured and code-free trading bots. Because these bots execute trading operations automatically, traders don’t have to constantly monitor their positions.

There are no fees for using trading bots. However, all bot-order executions will be subject to trading fees, while perpetual contract trading will also incur funding fees.

Bybit offers three trading bots.

Spot Grid Bot

This bot is designed to take advantage of price volatility. It works by placing buy orders below the reference price of a crypto asset and sell orders above the reference price. These buy-and-sell orders are equidistant from each other (called grids) and can be set within a strict price range.

As the price rises, it triggers a sell order, and a new buy order is placed below the crypto asset’s price to essentially replace the most recently executed sell order. Similarly, as the price drops, it triggers a buy order, and a new sell order is placed above the crypto asset’s price to replace the most recently executed buy order. The difference between buy and sell orders (grids) is the profit.

An advantage of grid bots is that they offer 24/7 automation to buy low and sell high. This guarantees that you won't miss any arbitrage opportunities. In addition, they also remove emotions from trading allowing you to carry out disciplined and controlled trades.

One con: The grid trading strategy requires you to reserve a certain amount of funds, reducing the efficiency of the use of funds. If the number of grids set by the user is too few and the price fluctuates between two points (far away from one another), the system will not automatically place an order.

Futures Grid Bot

This trading bot operates in the perpetual contract market and aims to amplify profits by using leverage and taking a systematic approach to trade and capitalizing on the market.

This bot has three modes:

• Long mode is suitable for volatile market conditions where prices are rising.
• Short mode is suitable for volatile market conditions where prices are falling.
• In neutral mode, the strategy will begin with no initial position. The bot will place long orders below the base price and short orders above the base price. When the market price hits the preset price, the long/short position will be opened, depending on which order direction is filled.

With this bot, your position is at risk of being liquidated when the mark price reaches the liquidation price. It would be suitable to set a stop-loss ratio to control any potential losses.

DCA Bot

Dollar-cost averaging (DCA) entails investing equal amounts of money at regular intervals, regardless of the asset's price. The Bybit DCA bot works in the same manner, allowing you to purchase a fixed amount of a particular cryptocurrency at regular intervals, rather than timing one large purchase.

One benefit advanced traders get is that they don't have to time the market as the bot helps you to consistently invest in your tokens of choice.

It is important to understand that the use of automated crypto bots can be quite risky, and these are tools best suited to experienced traders. We cover the benefits and risks in our article on the Top Crypto Trading Bots.

Bybit Copy Trading

This feature allows you to copy trades executed by professional investors on the Bybit platform.

There are two ways you can go about copy trading on Bybit:

• Smart Copy Mode: Followers allow master traders to manage their portfolio risk with a fixed ratio of position and an optimized entry timing. The fixed ratio is calculated based on the follower and trader's available balance. The minimum investment amount is 50 USDT.
• Advanced Copy Mode: Followers can set the fixed margin for each copy trade on their own. Experienced users can select this mode to customize their order settings. This mode's minimum investment amount is 10 USDT.

As a follower, any profits earned through copy trading are subject to a profit-sharing arrangement. This depends on the master trader's rank and ranges between 10% and 15%. Followers can follow multiple master traders simultaneously via their main account and subaccount.

Copy Trading on Bybit has become very popular among crypto traders. Feel free to check out our Bybit Copy Trading Review to learn more about it.

Bybit Crypto Card

The Bybit Card is a digital Mastercard debit card that is a convenient way to off-ramp your crypto and spend on the go using funds from your Bybit funding account. The physical Bybit card has an issuance fee, but the digital version doesn't.

The currencies in the Bybit Card are composed of one fiat currency and one crypto asset.

• Supported fiat currencies: EUR and GBP
• Supported crypto: BTC, ETH, XRP, USDT and USDC. Only one can be chosen.

In order to get the card, you must first complete Bybit's Level 2 identity verification. If you conduct a transaction in GBP, but you don't have enough fiat for the transaction, crypto will automatically be used to cover the remaining balance.

One major drawback is that you cannot add the Bybit card to digital wallets like Apple Pay or Google Pay. In addition, it typically takes up to 30 days for the physical card to be delivered.

Turning to the fee structure, there are no annual, inactivity or card issuance fees. However, there's a 0.5% foreign exchange fee on top of Mastercard's foreign exchange rate and a 0.9% crypto conversion fee that will be charged in addition to Bybit’s one-click sell exchange rate. This crypto conversion fee will kick in when the amount of fiat is insufficient and crypto is automatically liquidated to make up the difference.

You can also unlock benefits with the Bybit Card Loyalty Rewards Program, including rewards from partners.

Bybit Wallet

This is a custodial wallet from Bybit, meaning the exchange holds your assets in custody and owns the private key to your wallet.

With the Bybit wallet, you can access the decentralized web of DeFi, GameFi, and NFTs. The Bybit wallet also offers:

• Cross-chain compatibility
• Private key management
• Airdrop management (helps you to collect airdrops automatically on the blockchain)
• Access to the NFT marketplace
• Access to DeFi products
• Decentralized identity management

Bybit NFTs

Your one-stop shop for listing and trading NFTs like digital art and collectables!

The marketplace supports blockchains including Ethereum and Solana, and you can use ETH, XTZ and USDT to trade NFTs. It's important to note that NFTs on Bybit can only be priced with one token. For example, if an NFT uses XTZ as its pricing unit, it can’t use other tokens for trade. Also, self-minting of NFTs on Bybit NFT is currently not supported.

With regards to fees, Bybit charges a 1% trading fee for all NFT sellers. In addition, sellers need to pay a royalty fee to the creator.

For NFT deposits, only Ethereum is supported at the time, while Ethereum and Solana are supported for withdrawals. NFT deposits are free, but you can expect withdrawal fees of 0.02 ETH on the Ethereum network and 0.25 USDT on Solana.

Bybit Launchpad

This is a token launch platform for blockchain projects.

Bybit Launchpad gives users access to pre-listing rounds and allows them to earn new tokens on Bybit. You can subscribe using one of the two following methods:

• Commit Mantle (MNT) to subscribe to token allocation
• Commit USDT by using lottery tickets to win an allocation of project tokens

A lottery draw is a randomized selection of tickets to decide the winners in a lottery. Those whose names are drawn will get an allocation of a new token. For each Launchpad event, the maximum number of lottery tickets a user can obtain depends on the tasks during the Launchpad Snapshot period. The more tickets you receive, the higher your chances of winning an allocation of tokens.

TradeGPT

We're aware of the all-powerful ChatGPT's shortcomings; it doesn't offer content based on the latest market trends and movements as it doesn’t have real-time data and was last updated in September 2021.

Bybit TradeGPT is different because it has access to the exchange's market data, trading analytics, and technical analysis tools.

Need suggestions about hot coins, market trends, trading strategies, and technical analysis? TradeGPT is worth a shot. It's important to note that any investment-related advice provided by TradeGPT should not be considered Bybit's official recommendation or guidance.

ByStarter

This product by the Bybit exchange is a token sale platform where early adopters invest in digital assets. Token listing is not guaranteed, however.

Users who have completed Level 2 identity verification can participate. There are four phases of ByStarter:

• Warmup Period: This is referred to as signing up for Bybit and completing Level 2 KYC if you haven't already. The “warmup” period gives Bybit the chance to market the upcoming campaign and for users to prepare.
• Subscription Period: This is when you commit the amount of funds needed to be eligible for the token launch.
• Allocation Period: At this stage, winners will be randomly selected.
• Results Announcement: Finally, the system will airdrop the token to eligible winners.

In addition, you'll have to comply with a lock-up period, a span of time during which holders are prohibited from selling their tokens. This is designed to help projects avoid liquidity problems in this early stage.

VIP Program

You can become a Bybit VIP by meeting asset or trading volume criteria.

Here's a table to help you understand the requirements.

For an exhaustive list of all VIP levels and their requirements, you can head over to the Bybit VIP page. 

The VIP program comes with a number of perks:

• Lower Fees and Interest Rates
• Industry Insight Reports
• Priority Access to Customer Support
• Invitations to Offline Events
• Access to Exclusive Campaigns
• Welcome & Birthday Gifts
• Dedicated VIP Ambassadors

Bybit's VIP Program welcomes VIP traders from other cryptocurrency exchanges as well. You can contact the exchange with a screenshot attached, showing either your current VIP status from another exchange or a trading volume from the other exchange reaching $10 million for derivatives or $1 million for spot.

Institutional Services

Institutional users on Bybit are supported by an independent team that provides 24/7 real-time security alerts and fail-proof security strategies.

Professionals and institutions can enjoy a number of execution services:

• Over-the-counter (OTC) solutions for flexible financing at competitive rates and preferred terms
• Liquidity programs to enjoy rebates from trading on Bybit's spot and derivatives markets
• Customized data and reporting
• Access to all-encompassing trading solutions
• Seamless API integration across all of Bybit’s major trading products.

Institutional clients can also find services like institutional lending, market maker incentive programs, broker programs and customized custodial trading services.

Affiliate and Referral Program

If you refer a friend to Bybit and they sign up, both of you earn some money, with strings attached, of course!

The Bybit referral program is an incentive program that rewards both you and your friends. By inviting friends to join Bybit and participate in program tasks, you can earn up to 1,025 USDT in exclusive rewards.

These tasks include making a cumulative deposit of at least 100 USDT (or equivalent in any coin) within seven days of signing up and accumulating a trading volume of at least 500 USDT (spot or derivatives) within 30 days of signing up. Additionally, you can earn up to 30% in commissions whenever your referee completes a trade on Bybit.

The Bybit Affiliate Program enables selected users to receive a perpetual commission based on the trading volume of their referred traders. Bloggers, influencers, publishers, and content creators with a qualifying website, trading software and/or mobile app, as well as Bybit customers that have an extensive network of traders, can participate in the affiliate program.

Bybit Products and Features: Closing Thoughts

Bybit's success lies in its ability to not only offer a diverse range of services but also to continuously innovate and adapt to the evolving needs of the crypto community. 

Its versatility is showcased through its diverse offerings, including instant conversion of fiat currency and crypto assets with Bybit Convert, and an array of innovative financial products under Bybit Earn, allowing users to engage in activities like staking and liquidity mining for yield generation. The exchange also addresses the liquidity needs of its users through lending services and crypto loans, enabling traders to earn hourly interest on idle cryptocurrencies or obtain liquidity without selling their assets.

Through its user-centric approach, Bybit has established itself as a powerhouse in the cryptocurrency exchange industry, providing a comprehensive ecosystem that empowers and educates.