Bybit is a cryptocurrency exchange of the highest order, with a sophisticated platform designed and developed for traders of all walks of experience. If you are a new trader, consider the Bybit cashback offer we provide in the following article to experience this quality exchange.

Introduction to Bybit Exchange

Overview of Bybit

Founded late in 2018, Bybit is already one place to cryto and derivates trade exchange. And within that timeframe, it has very swiftly gone ahead and established itself as one of the leading exchanges, in the same light as Binance or Coinbase. Suddenly, the user base of Bybit increased to more than 20 million users worldwide.

The strongest point for Bybit is the user-friendly interface and advanced trading tools, which speak to newbies as well as advanced traders. The platform supports a wide range of trading pairs, including many of the popular and trending cryptocurrencies. The traders are thus set up to be the future beneficiaries of new emerging market trends.

Bybit relocated its headquarters from Singapore to Dubai in 2022 and is managed by Bybit Fintech Limited, which is domiciled in the British Virgin Islands. Indeed, everyone on the Bybit team is an experienced professional in both blockchain technology and finance, with experience not only within large institutions but also with Morgan Stanley and Tencent. The CEO, Ben Zhou, made a presence in the blockchain community by being the China General Manager for XM, a forex and CFD broker.

Bybit is more known to offer perpetual futures products with up to 100:1 leverage, making it a good competitor to the already established exchanges such as BitMEX and Deribit. It services a global audience with multilingual support, excluding excluded jurisdictions limited to the USA, Syria, and Quebec in Canada.

The reputation of the exchange has been built upon targeting security, user experience, and innovative features. Its advanced tools can be a bit challenging for beginners, but the fact that it offers leverage trading, utmost tight security, and amazing user support make it the right option for most traders. For that respect, Bybit is well-positioned to adapt as the maturation and diversification of the cryptocurrency space take place.

Key Features of Bybit

Bybit is a leveraged exchange that enables digital cryptocurrency margin trading, thus allowing traders to make trades with a relatively small percentage of the desired initial position exchange. It’s an innovative approach backed by a set of features developed to boost the user trading experience. In addition, Bybit also offers unique features such as:

• Smart Trading: The trading system of Bybit is characterized by user-friendly strategy alerts, take profit, and stop-loss orders placed at the point of entry. The take-profit and stop-loss tools at the point of entry support traders well while managing their positions effectively to avoid potential big losses.
• Fast Matching Engine: Underneath the platform lies a matching engine that ensures speed at a processing rate of 135,000 transactions per second. As a result, it prevents overloading and facilitates effortless trading even under huge volumes.
• HD Cold Wallet: It offers an HD cold wallet to ensure top security of cryptocurrency trading. This all-in-one solution provided by the platform gives an exchange instrument and a cold wallet together, which ensures that coins are stored safely.
• Non-Stop Operation: Another feature available within Bybit relates to reliability, which is rendered through the system’s 99.99% uptime. All activities of the exchange seem to take place seamlessly and without delay.
• Two-Price Mechanism: Bybit has a dual-price mechanism that wards off wrongful liquidations to create fairness, saving traders from undue losses.

User Interface and Experience

Immediately, one gets the feeling that the user interface for Bybit is user-friendly and, therefore, more accessible than most other cryptocurrency exchanges out there. Bybit borrowed a leaf from the wildly popular, user-friendly Binance interface.

Bybit is very flexible with its interface, and dark and normal modes, which makes the user comfortable. It is this adaptability that will further enhance the user experience, thus helping traders be in a vantage position to navigate and manage all their activities with ease.

Its focus on user-friendly design, reminiscent of Binance, moves it to be a force to reckon with in cryptocurrency exchange markets at the ease of use and access for users.

Supported Cryptocurrencies and Trading Pairs

What Makes Bybit a Good Choice

Bybit is slowly being recognized for its very advanced, secure, and user-friendly platform in the digital currency space. It serves both retail and institutional traders, touting the capacity to hold a high volume of transactions per second, thus outperforming many of its rivals.

From 2018, Bybit grew a lot and developed. Since then, it has been focusing on two most important areas: user-friendliness and security of the platform. Emphasizing user experience, safety, and a robust platform, Bybit is set to conquer the competitive cryptocurrency market.

Noticeably, Bybit has never had a system overload or faced system downtime, which speaks much to how well the platform is built, building trust with traders. With continuous innovation, Bybit will no doubt be better placed to win more market share in 2024.

Global accessibility is another major advantage. Open to almost every trader in the world, Bybit is translated into English, Chinese, Korean, Japanese, and Russian, among many others. This Singapore-based exchange is aggressively taking over to see many more under its umbrella.

Fee Calculation Mechanism of Bybit

Types of Fees on Kucoin

Trading Fees (Maker and Taker fees)

Bybit uses the taker-maker fee model, in which traders pay a fee whenever they remove liquidity from the order book but get a rebate when adding liquidity.

The fees on Bybit are dynamic, depending on the VIP level of a user and, in turn, on their trading volume. That said, it is competitive in the market. For instance, maker and taker fees, both pegged at a very low 0.1%, ensure the company receives both long-term and short-term traders. Besides, Bybit has a few tiers of fees that are accommodating of various trading strategies and volumes.

Withdrawal and Deposit fees

Bybit, initially a crypto-to-crypto exchange, earlier on only had cryptocurrency deposits available. Users could not fund their accounts with any fiat currencies, such as USD or EUR. No sooner did the Singapore-based exchange start extending its capabilities than it began supporting deposits in no less than fifteen different fiat currencies, including USD and EUR.

On the part of deposits, Bybit does not charge any fees for cryptocurrency deposits. Users should be aware that cryptocurrency withdrawals can include a miner or “network” fee, which is standard practice in the blockchain industry.

How Fees Are Calculated

Explanation of the Maker-taker Model

Fees in trading cryptocurrency are usually divided into maker and taker fees. The maker fees go to traders who open a new order in the market—in simple words, people looking to sell or buy. On the opposite side, the taker fees apply on behalf of those traders fulfilling existing orders and taking other people’s positions.

Often, these are simply referred to as “maker/taker” fees. Maybe the naming convention is indicative of no middlemen being involved, much like banks or brokers. To replace them, cryptocurrency exchanges make use of something called smart contracts—automated agreements executed across a distributed ledger of computers worldwide. As such, this lets traders deal directly with each other and removes third parties from the process, making trading considerably easier.

Factors Affecting Fee Calculations

Bybit holds different fee structures for different trades. Most professional P2P traders on the platform charge an approximate 5% additional fee to their orders or sell/buy prices.

Bybit differentiates maker and taker fees depending on the execution time of an order. Taker orders are those in which the market order will execute immediately at the current prevailing price in the market. A limit order, on the contrary, is one placed at a certain price, which only gets executed when the market price changes to or above the set limit.

The timing of execution classifies the limit orders into maker or taker orders. If a limit order gets executed immediately after it’s placed, then it’s classified as a taker order. Otherwise, it’s an order for a maker if it stays open until the market price hits the set limit.

The fees received for both of these orders are dynamically attained as follows:

• Taker Fee: Order Value × Taker Fee Rate
• Maker Fee: Order Value × Maker Fee Rate

Ways to Reduce Fees on Bybit

Bybit VIP Programs

Bybit VIP Program is a program designed to keep improving the overall trading experience of their traders by adding a myriad of VIP exclusive benefits and perks to their trades.

Benefits and Perks

• Dedicated VIP Ambassador: Traders at VIP Level 2 and above receive a dedicated VIP Ambassador to cater to their needs.
• Priority Customer Support: VIP members enjoy priority access to Bybit’s customer support live chat, ensuring swift assistance.
• Welcome and Birthday Gifts: VIP members are treated to special welcome gifts and birthday gifts as a token of appreciation.
• Exclusive Trading Fee Rates: VIP members benefit from reduced trading fees, enhancing their trading efficiency.
• Exclusive Fiat Transaction Fees: VIP members enjoy lower transaction fees for fiat transactions.
• Privileged Fiat Services and Coupons: Access to exclusive fiat services and coupons tailored for VIP members.
• Early Product Access: VIP members receive early access to new product launches, complete with a one-on-one introduction and private walkthroughs.
• Special Event Invitations: VIP members receive exclusive invites to special events and campaigns organized by Bybit.
• Tailored Crypto Loans: Customized loan amounts and terms are available to VIP members, designed to meet their specific needs.

Applying Bybit Cashback Code

Bybit cashback codes offer rewards like trading fee discounts and bonuses. You can apply codes during registration or transactions to receive attractive cashback.

How to Transfer Your KYC to Another Account on Bybit

Step 1: Create a new account using the link https://partner.bybit.com/b/coincu (Website) or referral code COINCU (Mobile) to receive Cashback up to 35% from Bybit

Step 2: Complete the reCAPTCHA verification and enter the verification code sent to you.

• If you chose Email, you’ll get the code in your email inbox.
• If you chose Mobile, you’ll get an SMS code on your phone.

Step 3: Go to Identity Verification and click Verify Now.

Step 4: Click on the Identity Transfer button in the upper right corner of the Identity verification page.

Step 5: For security, complete some verification of your current account, like facial recognition or a security code.

Step 6: Acknowledge the Terms and Conditions in the pop-up window and click Continue.

Step 7: Enter the registered email address or mobile number of the target account and click Continue.

Step 8: Complete the Security Verification by entering the verification code sent to your target account.

Step 9: After passing the verification, your identity information will be transferred to the target account. Your current account will return to unverified status.

Conclusion

The Bybit cashback code is a great incentive for you to join the exchange at the most economical cost possible. Enjoy your experiences at Bybit with the code provided by Coincu.

FAQs

Does the Bybit cashback code expire?

We always update the latest codes for you, so rest assured that you will always receive Bybit cashback offers.

Can I use this Bybit cashback code twice?

No, the Bybit cashback code is limited to one use per main account.

Can Bybit cashback code be used to reduce withdrawal fees?

No, the code can only be used for refunds based on your transaction.