Exploring Bybit Supported Cryptocurrencies
Exploring Bybit Supported Cryptocurrencies
Bybit is a prominent cryptocurrency exchange known for its robust derivatives trading platform, though it has significantly expanded its offerings to include a wide range of spot trading options. This overview is designed to be a neutral, beginner-friendly introduction to the platform and its supported assets.
Core Features of Bybit
Bybit initially gained popularity due to its high-performance derivatives engine, but it now offers a comprehensive suite of services:
- **Derivatives Trading:** Offers perpetual and quarterly futures contracts with high leverage options.
- **Spot Trading:** Allows users to buy, sell, and trade a growing list of cryptocurrencies directly.
- **Earn Products:** Staking, lending, and savings products for passive income generation.
- **NFT Marketplace:** A dedicated platform for trading Non-Fungible Tokens.
- **Advanced Trading Tools:** Features like the order book, charting tools, and API access.
Fees Structure
Bybit employs a standard maker-taker fee model. Fees vary depending on whether you are trading spot or derivatives, and your VIP level (which is determined by trading volume and asset holdings). Generally, Bybit aims to keep its fees competitive within the industry.
| Trading Type | Maker Fee (Example) | Taker Fee (Example) |
|---|---|---|
| Spot Trading | 0.10% | 0.10% |
| Derivatives Trading | 0.02% | 0.05% |
Supported Assets
Bybit supports a diverse selection of digital assets, ranging from major cryptocurrencies to newer altcoins and stablecoins. The selection is constantly updated.
- **Major Cryptocurrencies:** Bitcoin (BTC), Ethereum (ETH), Solana (SOL), etc.
- **Stablecoins:** USDT, USDC, and others, used for collateral and trading pairs.
- **Altcoins:** A large selection of tokens available for spot trading, often including new listings vetted by the exchange.
Spot vs. Futures Trading Basics
Bybit clearly separates its trading environments:
- Spot market: This involves the direct exchange of one asset for another (e.g., trading BTC for USDT). You own the underlying asset.
- Futures Trading: This involves trading contracts that derive their value from an underlying asset, rather than owning the asset itself. This is often used for speculation or hedging, typically involving leverage. Users should understand the mechanics of the Bybit Liquidation Engine when trading with leverage.
Order Types Available
Understanding order types is crucial for managing risk and executing trades precisely:
- Limit Order: Allows a user to set a specific price at which they wish to buy or sell.
- Market Order: Executes immediately at the best available current price in the order book.
- Stop orders (Stop-Limit, Stop-Market): Used to automatically trigger an order once a specified price is reached, often employed for risk management.
Liquidity and Markets
Bybit is recognized for having deep liquidity, particularly in its derivatives markets. High liquidity ensures that large trades can be executed without significantly moving the price, leading to tighter spreads between buy and sell orders. Users can analyze market depth and activity by exploring metrics like volume and open interest, as detailed in Exploring Open Interest and Volume Profile in Crypto Futures Analysis.
Security Practices
Security is a primary focus for Bybit. Key practices include:
- Two-Factor Authentication (2FA) for logins and withdrawals.
- Cold storage solutions for the vast majority of user assets.
- Regular security audits.
KYC and Limits
Know Your Customer (KYC) requirements vary based on the services a user wishes to access.
- **Unverified Accounts:** Typically have lower withdrawal limits.
- **Verified Accounts (KYC Level 1/2):** Offer significantly higher daily and monthly withdrawal limits, and access to certain advanced features.
Funding and Withdrawals
Users fund their accounts via cryptocurrency deposits or fiat on-ramps (where available). Withdrawals are processed regularly, though processing times can depend on network congestion. It is important to adhere to the established withdrawal limits based on KYC status.
Mobile and Web User Experience (UX)
Bybit offers both a comprehensive web interface and dedicated mobile applications (iOS and Android). The web platform is generally favored for complex analysis and derivatives trading, while the mobile app provides convenient access for monitoring positions and executing quick trades.
Risks and Responsible Trading
Trading cryptocurrencies, especially derivatives with leverage, carries substantial risk. Leverage magnifies both potential gains and potential losses. It is essential to only trade with funds you can afford to lose and to fully understand margin requirements, as discussed in guides like Step-by-Step Guide to Trading Cryptocurrencies Safely Using Margin. Always start small and use stop-loss orders.
First Steps Checklist
To begin trading on Bybit, follow these initial steps:
- Complete the registration process: Register here.
- Enable Two-Factor Authentication (2FA).
- Complete basic identity verification (KYC) if higher limits are required.
- Deposit supported cryptocurrency or use fiat on-ramp services.
- Familiarize yourself with the Spot market interface before attempting derivatives.
See also (on this site)
- Bybit Spot Trading Explained Simply
- Understanding Bybit Futures Contracts
- Bybit Account Setup First Steps
- Navigating the Bybit Mobile App
Recommended articles
- Quantum Computing and Cryptocurrencies
- Bybit Native Token
- Exploring Hedging Strategies Using Perpetual Contracts in Crypto
- Bybit Overview
- Exploring Arbitrage in Perpetual vs Quarterly Crypto Futures Contracts
Recommended Futures Trading Platforms
| Platform | Futures perks & welcome offers | Register / Offer |
|---|---|---|
| Binance Futures | Up to 125× leverage, USDⓈ-M contracts; new users can receive up to 100 USD in welcome vouchers, plus lifetime 20% fee discount on spot and 10% off futures fees for the first 30 days | Sign up on Binance |
| Bybit Futures | Inverse & USDT perpetuals; welcome bundle up to 5,100 USD in rewards, including instant coupons and tiered bonuses up to 30,000 USD after completing tasks | Start on Bybit |
| BingX Futures | Copy trading & social features; new users can get up to 7,700 USD in rewards plus 50% trading fee discount | Join BingX |
| WEEX Futures | Welcome package up to 30,000 USDT; deposit bonus from 50–500 USD; futures bonus usable for trading and paying fees | Register at WEEX |
| MEXC Futures | Futures bonus usable as margin or to pay fees; campaigns include deposit bonuses (e.g., deposit 100 USDT → get 10 USD) | Join MEXC |
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