Exploring Supported Cryptocurrencies on Bybit
Exploring Supported Cryptocurrencies on Bybit
Bybit is a popular cryptocurrency exchange that offers a wide range of trading products, including spot trading, derivatives (futures), and other financial services. This overview provides a beginner-friendly look at what the platform offers, focusing on supported assets, trading mechanics, and key operational aspects.
Core Features of Bybit
Bybit is known for its high performance, robust security, and focus on derivatives trading, although its spot market has expanded significantly.
Key features include:
- High transaction speed and matching engine capabilities.
- A variety of trading products (Spot, USDT Perpetual, Inverse Contracts).
- Support for staking, lending, and other Earn products.
- Advanced charting tools available on both web and mobile platforms.
Trading Fees Structure
Trading fees on Bybit are generally competitive, following a maker-taker model. Fees vary depending on whether you are trading on the Spot market or the derivatives market, and your VIP trading tier.
A simplified view of maker/taker fees for standard users:
| Market Type | Maker Fee | Taker Fee |
|---|---|---|
| Spot Trading | 0.10% | 0.10% |
| Derivatives Trading (USDT Perpetual) | 0.02% | 0.05% |
Note that these fees can be reduced through promotions or by achieving higher trading volumes (VIP tiers).
Supported Assets and Markets
Bybit supports a large and growing selection of cryptocurrencies. The available assets dictate what you can trade in the Spot market or use as collateral/underlying assets for derivatives.
Spot Trading
The Spot market allows users to buy and sell cryptocurrencies immediately for delivery. Supported assets typically include major coins like Bitcoin (BTC), Ethereum (ETH), BNB, and hundreds of altcoins. Trading pairs are usually denominated against USDT, USDC, or BTC.
Derivatives Trading
Bybit is particularly well-known for its derivatives offerings, primarily Futures contract trading. This includes:
- USDT Perpetual Contracts (settled in USDT).
- Inverse Contracts (settled in the underlying asset, e.g., BTCUSD futures settled in BTC).
- Options trading on select pairs.
For information on how to automate trades, you can explore Understanding API Integration for Automated Trading on Exchanges Bybit. For detailed futures information, consult the Bybit Futures Help Center and review Exploring Crypto Futures Regulations: What Traders Need to Know About Exchange-Specific Features and Compliance.
Order Types Available
Understanding order types is crucial for managing risk and executing trades precisely.
- Limit order: Allows setting a specific price at which you wish to buy or sell. This order sits in the Order book until filled.
- Market order: Executes immediately at the best available current price.
- Stop orders (Stop Limit, Stop Market): Used for managing risk, triggering an order only once a specified price (the stop price) is reached.
- Conditional Orders: More advanced types allowing for complex trigger conditions.
Liquidity and Market Depth
Bybit generally maintains high liquidity, especially across its major perpetual futures pairs (like BTCUSDT and ETHUSDT). High liquidity ensures that large trades can be executed without causing significant price slippage. Users can assess market depth by viewing the Order book.
Security Practices
Security is a paramount concern for cryptocurrency exchanges. Bybit employs several measures:
- Cold storage for the vast majority of user assets.
- Two-Factor Authentication (2FA) for logins and withdrawals.
- Advanced encryption protocols.
- Regular security audits.
KYC and Account Limits
Know Your Customer (KYC) verification levels determine the withdrawal limits and access to certain products.
- **Level 1 (Basic Verification):** Usually requires basic identity information and allows for moderate daily withdrawal limits.
- **Level 2 (Advanced Verification):** Requires more detailed documentation and significantly increases daily withdrawal capacity.
Users who do not complete KYC may face lower limits or restrictions on certain services.
Funding and Withdrawals
Deposits (funding) of supported cryptocurrencies are typically free, though network transaction fees (gas fees) apply.
Withdrawals involve a fixed network fee set by the exchange based on current network congestion. Processing times vary depending on the cryptocurrency and network confirmation times.
User Experience (UX)
Bybit offers both a comprehensive web platform and dedicated mobile applications (iOS and Android).
- **Web UX:** Feature-rich, suitable for detailed analysis and complex derivatives trading.
- **Mobile UX:** Optimized for on-the-go monitoring, quick trades, and checking balances.
Risks and Responsible Trading
Trading cryptocurrencies, especially derivatives like futures, involves substantial risk. Leverage magnifies both potential gains and losses. Traders should only invest funds they can afford to lose and must employ risk management techniques such as setting stop-loss orders.
First Steps Checklist
To begin trading on Bybit:
- Complete the registration process Register here.
- Enable Two-Factor Authentication (2FA) immediately.
- Complete the necessary KYC verification level for your intended trading volume.
- Fund your account via cryptocurrency deposit or fiat on-ramp.
- Practice using the Testnet environment if you plan to trade derivatives.
- Start with small trades on the Spot market before exploring leveraged products.
See also (on this site)
- Bybit Spot Trading Explained Simply
- Understanding Bybit Futures Contracts
- Navigating Bybit Account Security
- Bybit Deposit and Withdrawal Process
Recommended articles
- Bybit Testnet Guide
- Top Tips for Beginners Exploring Crypto Futures in 2024"
- Bybit exchange review
- Exploring Energy Futures: Crude Oil and Natural Gas
- Exploring Customer Support Options on Crypto Futures Exchanges
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 |
Join Our Community
Follow @startfuturestrading for signals and analysis.