Bybit is a cryptocurrency exchange[1] founded in 2018.[2] Bybit is headquartered in Dubai, United Arab Emirates.[3]
History
The company was founded in March 2018, registered in the British Virgin Islands with Ben Zhou as one of the co-founders.[4] As of 2021, the Bybit exchange was blocked from operating in the United States,[5] and in 2021 Bybit received warnings from the regulators in Japan and Canada.[6][7]
In November 2019, the company organized a Bitcoin trading competition called "BTC Brawl".[8] In 2020 and 2021, Bybit ran a trading competition called "World Series of Trading".[9] In February 2021, the company sponsored Red Bull Racing.[10]
Bybit started spot trading on July 15, 2021.[11] In August 2021, Bybit announced sponsorship deals with esports organisations NAVI,[12] Virtus.pro,[13] Astralis and Alliance.[14]
Features
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KYC compliance
As of May 2023, the most basic account level must undergo Know your customer compliance to utilize all financial services on Bybit. The level 1 KYC requirement includes submitting a government-issued ID and a facial image.[15]
Funding
Bybit does not accept funding by fiat deposits. To fund an account, one must send cryptocurrency to their Bybit account wallet. Although there is no direct withdrawal fee, upon moving funds from an account to a personal wallet, Bybit charges a ‘miner fee.’ The miner fee covers the transaction cost inherent to the specific network. However, these fees are fixed values, typically costing the user more than the real network transaction fee.[citation needed]
DeFi
Along with Spot trading, Bybit’s primary offerings are perpetual futures, which allow traders to buy or sell a cryptocurrency at a predetermined price without a specified expiration date. This contrasts with futures contracts, which also have a prominent presence on the platform and come with an expiration date. These instruments can be traded with up to 100x leverage on particular perpetual derivative pairings such as BTC/USDT.[16]
Bybit offers defi-related crypto services such as project launchpad initial coin offerings, yield farming, and recently NFT minting and curation.[17]
Trading fees
Bybit uses a maker-taker fee model for its trading fees. The ‘Maker Fee’ applies to orders that provide liquidity to the market: ‘limit’ orders that aren't immediately filled. On Bybit, the maker fee can sometimes be negative, rebating traders for these orders. The ‘Taker Fee’ applies to orders that take liquidity from the market: ‘market’ orders that get filled immediately. This fee is higher than the maker fee. It is important to note that the exact fee rates are relative to a specific service.[18]
API
Bybit provides a RESTful- and WebSocket-based application programming interface (API) enabling programmatical access and interaction with the platform.[19]
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