BYBIT is one of the leading cryptocurrency exchanges, reducing spot and futures trading. It is among the top 10 exchanges in the world by daily cryptocurrency trading volume.
Official website: https://www.bybit.com/
Main parameters of the exchange
| Year of foundation | 2018 |
| Country of origin | Singapore |
| Number of exchange users | More than 58 million. |
| Founder of the exchange | Ben Zhou |
| Financial reserves of the exchange | 8.80 billion$ |
| Volumes for 24 hours | 11.51 billion$ |
| Number of coins added | 695 |
| Exchange commission | 0% – 0.2% |
| Exchange token | $MNT (former $BIT) |
| Maximum leverage | 100x |
| Exchange application for phone | Eat |
A Brief History of BYBIT
Bybit was founded in March 2018 by Ben Zhou. The international platform specialized in crypto derivatives, involving traders in trading perpetual contracts. Initially registered in the British Virgin Islands as Bybit Fintech Limited, the company moved its headquarters from Singapore to Dubai in 2022.
In 2019, Bybit hosted the BTC Brawl, a Bitcoin trading competition that attracted over 8,000 participants. The platform’s BTC trading volume was 10% of the Exchange’s, making it the 4th-largest cryptocurrency platform in the world!
Since 2020, Bybit has hosted the World Series of Trading (WSOT) competition annually. In 2020, the exchange announced a partnership with Borussia Dortmund, with daily trading volume exceeding $4 billion.
In May 2021, Bybit launched ByFi Center, which was later renamed Bybit Earn, giving users access to simplified DeFi products. In July 2021, Bybit contributed to the BitDAO treasury, a decentralized autonomous organization (DAO).
Bybit began offering spot trading on July 15, 2021. In August of the same year, the company signed esports deals with NAVI, Virtus.pro, Astralis, and Alliance. That same year, Bybit debuted the Bybit Launchpad platform, with the first token listed on the platform being BitDAO ($BIT) in September. The exchange’s trading volume reached an all-time high of $35 billion.
In March 2022, Bybit joined the VerifyVASP Alliance to improve compliance with the Rules and adhere to the recommendations of the Financial Action Task Force (FATF).
In December 2022, Bybit introduced a Proof of Reserves system that allows the company’s assets to be directly verified. The system uses a Merkle tree to allow users to quickly verify their deposited data and ensure that Bybit assets hold all user assets in full, 1 to 1.
Also in 2022, the Formula 1 team became a guest partner of the Bybit Exchange, making this partnership the largest annual sponsorship by a crypto company in sports.
The deal was worth $150 million over 3 years of cooperation. As part of the contract, the crypto exchange will teach the sports community crypto literacy and digital economy.
Pros and cons of the BYBIT exchange
| Pros | Cons |
|---|---|
| Confirmed Exchange Reserves | Mandatory Identity Verification (KYC) |
| Low trading fees compared to other exchanges | |
| Wide range of trading instruments | |
| P2P service available in rubles |
Promo code when registering on BYBIT
We have partnered with Bybit exchange to offer you an exclusive promotion with the highest deposit and trading volume rewards. To receive the bonus, simply enter the promo code when creating a new account in the “Ref. Code” section.
- Promo code: BONUS30000RU
Using it you will receive a welcome bonus of up to $30,000
This will subsequently help you save tens and hundreds of commission dollars!
