Bybit has become a familiar name in the world of cryptocurrency — especially for fans of Formula 1 racing. If you’ve watched the Oracle Red Bull Racing team speed down the track, you might have noticed the bold “Bybit” logo on their cars. In fact, Bybit signed a three-year, $150 million sponsorship deal in 2022, becoming the team’s title partner.
But what exactly is Bybit? How did it grow so fast to become one of the top two global cryptocurrency exchanges? And more importantly — is it safe?
This comprehensive guide dives into Bybit’s background, security measures, user experience, deposit and withdrawal methods, fees, and standout features. Whether you're a beginner or an experienced trader, this article will help you understand how to use Bybit confidently and securely.
Note: This is an informational guide based on research and personal experience. It does not constitute financial advice. Cryptocurrency investments carry high risk — always do your own due diligence before trading.
Who Is Behind Bybit?
Founded in 2018 during a bear market, Bybit quickly carved out its niche by focusing on Bitcoin and crypto derivatives trading, especially futures contracts. Despite challenging market conditions at launch, the platform achieved remarkable growth:
- Within two months, launched BTCUSD inverse futures with just 10 founding team members.
- Achieved profitability by May 2019.
- Daily trading volume surpassed $4 billion in 2020, with over 2,000 employees worldwide.
- By 2021, daily volume hit $70 billion, expanding into a full-service exchange offering spot, staking, options, and more.
Today, Bybit serves over 40 million users across 160+ countries, with a daily trading volume consistently around $25 billion.
👉 Discover how top traders manage risk and maximize returns using advanced tools.
Bybit Global Rankings: Where Does It Stand?
According to CoinMarketCap’s December 2024 rankings, Bybit ranks:
- #2 globally in spot trading volume
- #2 in derivatives trading, trailing only Binance
These numbers reflect strong market depth, liquidity, and trust from both retail and institutional traders. High trading volume means tighter spreads and faster order execution — crucial for active traders.
With such consistent performance over six years through bull and bear cycles, Bybit has proven its resilience and operational reliability.
Is Bybit Safe? Debunking Scam Myths
One of the most common concerns new users have is: Is Bybit a scam?
The short answer: No — Bybit is not a scam. As a regulated entity operating since 2018, it has maintained a solid reputation in the crypto industry. However, that doesn't mean risks don't exist — especially from external threats.
🔐 How Bybit Protects Your Assets
Bybit implements multiple layers of security to safeguard user funds:
- Cold Wallet Storage: The majority of user assets are stored offline in cold wallets, reducing exposure to hacking attempts.
Multi-Layered Security Protocols: Uses advanced technologies like:
- Multi-signature wallets
- Trusted Execution Environment (TEE)
- Threshold Signature Scheme (TSS)
- Proof of Reserves Audits: Regularly publishes transparent audit results so users can verify asset backing.
While Bybit itself is secure, scammers often exploit its name to trick unsuspecting users. Always ensure you’re on the official website or app.
👉 Stay ahead of scams with real-time market insights and secure trading tools.
Common Crypto Scams & How to Avoid Them
Scammers frequently impersonate legitimate platforms like Bybit. Here are common tactics — and how to protect yourself:
🚩 Scenario 1: “Exclusive New User Bonus” from a Stranger
You get a message offering early access to a new token or a special sign-up bonus.
✅ Solution:
- Research online — real promotions are widely shared.
- Ask trusted communities or influencers for confirmation.
🚩 Scenario 2: Phishing Messages Posing as Official Alerts
Fake emails or SMS claiming “Your account will be suspended” or “You’ve won a giveaway,” leading to fake login pages.
✅ Solution:
- Double-check URLs — even one wrong letter can lead to a phishing site.
- Never log in via links in messages. Always open the app manually.
- Test site functionality — phishing sites often lack full features.
🚩 Scenario 3: Private Investment Offers (e.g., Pre-Sale Tokens)
Someone invites you to invest in a private round with high returns and signing contracts.
✅ Solution:
- Reject all unsolicited investment offers.
- Avoid pre-listing tokens — if it sounds too good to be true, it probably is.
🚩 Scenario 4: Fake KOLs or Partners Promoting “Special Deals”
Impersonators use social media to promote fake referral programs with low barriers and guaranteed profits.
✅ Solution:
- Verify promotions through official channels (website, verified social media).
- Consult crypto communities when in doubt.
Always register via the official link to avoid fake apps or phishing sites.
How to Register on Bybit: Step-by-Step Guide
✅ Step 1: Sign Up
- Download the Bybit app or visit the official site.
- Tap "Sign Up".
- Enter your email and create a strong password.
- Complete verification via email or SMS.
✅ Step 2: Complete KYC (Identity Verification)
To unlock full features like deposits and withdrawals:
- Go to your profile → “Verify Now”
- Select your country (e.g., Taiwan)
- Choose ID type (passport, national ID)
- Upload document photos
- Perform facial scan (no hats or masks)
💡 Verification usually takes less than 24 hours.
How to Deposit Funds on Bybit
You can fund your account via fiat or crypto transfers.
💳 Option 1: Fiat Deposit (Credit Card, Bank Transfer, Apple Pay, etc.)
Fast but may include higher fees and less favorable exchange rates.
Steps:
- Tap "Assets" → "Deposit"
- Select currency (e.g., USDT)
- Choose payment method (credit card, LINE Pay, etc.)
- Enter amount and confirm purchase
Some banks block crypto-related transactions — check compatibility first.
🔗 Option 2: Crypto Transfer (From Another Exchange or Wallet)
Lower fees and better rates. Popular method: transfer from MAX Exchange.
Steps:
- In Bybit, go to "Deposit" → select USDT
- Choose network (e.g., ERC-20)
- Copy your deposit address
- On MAX, buy USDT with TWD and send to your Bybit address
⏳ Blockchain transfers take 10–60 minutes depending on network congestion.
How to Trade on Bybit
- Tap "Spot" on the homepage
- Select trading pair (e.g., BTC/USDT)
Choose order type:
- Limit Order: Set your price
- Market Order: Buy instantly at current price
- Enter amount → Confirm trade
Advanced traders can explore futures, options, and leverage up to 125x.
How to Withdraw Funds from Bybit
Bybit doesn’t support direct bank withdrawals. Use:
🔄 Crypto Transfer to Another Exchange (Recommended)
Example: Withdraw to MAX for TWD conversion.
Steps:
- In MAX, go to "Wallet" → "Receive" → copy USDT address (e.g., ERC-20)
- In Bybit, go to "Withdraw"
- Paste address + select correct network
- Confirm withdrawal
⚠️ Double-check address and network — mistakes mean irreversible loss!
💬 Option: P2P Trading
Sell USDT directly for TWD via trusted buyers.
- Go to "More" → "P2P Trading"
- Click "Sell"
- Choose buyer with good ratings and fair rate
Key Features That Make Bybit Stand Out
🔹 Copy Trading
Perfect for beginners or busy traders. Follow top-performing traders and automatically mirror their positions.
- Over 959K users use copy trading
- More than 150K expert traders available to follow
Evaluate performance history before copying.
🔹 Derivatives & Futures Trading
As the world’s second-largest derivatives exchange:
- Offers perpetual contracts in USDT, USDC, and over 442 coin-margined pairs
- Up to 125x leverage
- Weekly, monthly, quarterly futures
- Options on BTC, ETH, SOL (USDC-settled)
🔹 Launchpool: Earn New Tokens
Stake existing assets during project launches to earn free tokens.
- Withdraw staked coins anytime
- Rewards prorated by time held
Great way to participate in early-stage projects.
🔹 Dual Asset Investment
A short-term yield product based on price direction prediction.
- Choose from 21 token pairs
- Higher returns if prediction matches settlement price
- Not principal protected — high volatility risk
🔹 TradeGPT: AI-Powered Trading Assistant
Leverage artificial intelligence for smarter decisions:
- Market summary reports
- Technical indicator analysis
- Strategy suggestions
- Real-time Q&A support
Ideal for data-driven traders looking for an edge.
Bybit Fee Structure Explained
Fees depend on your VIP level, determined by either:
- 30-day trading volume
- Account balance
| Tier | Spot Maker | Spot Taker | Contract Maker | Contract Taker |
|---|---|---|---|---|
| None | 0.100% | 0.100% | 0.020% | 0.055% |
| VIP1 | 0.0675% | 0.080% | 0.018% | 0.040% |
| VIP3 | 0.0625% | 0.075% | 0.0139% | 0.0349% |
| VIP5 | 0.040% | 0.050% | 0.010% | 0.032% |
Higher tiers mean lower fees — ideal for active traders.
👉 Compare fee structures across top exchanges and start trading smart today.
Frequently Asked Questions (FAQ)
❓ Is Bybit legal in Taiwan?
Yes, Bybit operates legally in Taiwan and supports TWD deposits via various methods including P2P and third-party processors.
❓ Can I lose money on Bybit?
Absolutely. All crypto trading involves risk — especially leveraged products like futures and options. Only invest what you can afford to lose.
❓ Does Bybit offer customer support?
Yes — 24/7 customer service via live chat and help center articles in multiple languages.
❓ What’s the difference between Launchpad and Launchpool?
- Launchpad: Participate via bidding or lottery for new token sales.
- Launchpool: Stake tokens to earn new project tokens over time; withdraw anytime.
❓ Can I trade without KYC?
Limited functionality — you can trade small amounts without verification, but deposits/withdrawals require KYC completion.
❓ Is TradeGPT free to use?
Yes — TradeGPT is completely free for all Bybit users.
Final Thoughts: Why Traders Choose Bybit
Bybit combines powerful tools, deep liquidity, strong security, and user-friendly design — making it ideal for both beginners and pros.
From spot trading and copy trading to AI-powered analytics and high-leverage derivatives, it offers everything modern traders need — all under one roof.
Just remember:
🛑 Crypto markets are volatile — never invest more than you’re willing to lose.
Use trusted platforms, enable two-factor authentication, and stay informed.
Start your journey with confidence — and trade smarter today.
This article is for educational purposes only and does not endorse any specific investment.