Exploring Bybit Supported Cryptocurrencies
Exploring Bybit Supported Cryptocurrencies
Bybit is a major cryptocurrency exchange established in 2018, known primarily for its robust derivatives trading platform, though it has significantly expanded its offerings to include spot trading and various other financial products. This overview provides a beginner-friendly look at what Bybit offers regarding supported assets and core functionalities. You can visit the main site via this Bybit link.
Core Features
Bybit offers a comprehensive suite of services catering to both novice and experienced traders:
- **Derivatives Trading:** Historically focused on perpetual swaps and futures contracts, offering high leverage options.
- **Spot Trading:** Allows users to buy and sell cryptocurrencies directly for immediate settlement.
- **Earn Products:** Staking, flexible savings, and other yield-generating products.
- **NFT Marketplace:** A dedicated area for trading Non-Fungible Tokens.
Supported Assets and Markets
Bybit supports a wide array of digital assets. The selection is generally categorized based on the trading venue: Spot or Derivatives.
Spot Market Assets
The Spot market supports trading pairs involving major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), alongside numerous altcoins across various sectors (DeFi, Layer 1s, etc.). Assets are typically paired against USDT, USDC, or sometimes BTC.
Derivatives Markets
The derivatives section focuses heavily on perpetual contracts for major pairs (BTC/USDT, ETH/USDT) and a selection of popular altcoins. Understanding concepts like Open Interest is crucial here; for further reading, see Exploring Open Interest and Volume Profile in Crypto Futures Analysis. For more on futures trading specifically, refer to Futures Trading on Bybit.
Trading Basics: Spot vs. Futures
Traders must distinguish between the two primary trading environments:
- **Spot Trading:** Involves the direct exchange of one asset for another. If you buy 1 BTC on the Spot market, you own 1 BTC.
- **Futures Trading:** Involves contracts that derive their value from an underlying asset. These contracts allow speculation on future prices, often utilizing leverage, without owning the actual underlying asset. A Futures contract specifies the terms of the agreement.
Order Types
Bybit supports several order types to manage entry and exit points in the Order book.
| Order Type | Description |
|---|---|
| Limit order | Sets a specific price at which you wish to buy or sell. |
| Market order | Executes immediately at the best available current price. |
| Stop Order | Triggers an order (limit or market) once a specific stop price is reached. |
| Conditional Order | Executes only when certain market conditions are met. |
Fees and Liquidity
Bybit generally operates on a tiered fee structure based on trading volume and VIP level, distinguishing between Maker (adds liquidity) and Taker (removes liquidity) fees. Spot trading fees are typically lower than derivatives trading fees.
Liquidity is generally very high across major pairs due to the high volume the exchange processes, contributing to tight spreads in the Order book.
Security Practices
Security is paramount for any exchange. Bybit employs several standard security measures:
- Two-Factor Authentication (2FA).
- Cold storage for the majority of user assets.
- Anti-phishing codes.
Users are strongly encouraged to enable 2FA immediately upon registration.
Account Verification (KYC) and Limits
Bybit implements Know Your Customer (KYC) procedures to comply with regulatory requirements and manage risk. Limits on withdrawals and trading volume are directly tied to the level of verification completed.
- Level 1 Verification (Basic KYC) usually allows for higher daily withdrawal limits than unverified accounts.
- Advanced verification unlocks the highest limits.
Funding and Withdrawals
Deposits (funding) can be made via cryptocurrency transfer or fiat on-ramps (where available). Withdrawals are processed regularly, though processing times can vary based on network congestion and internal security checks. Always check the current withdrawal fee schedule before initiating a transfer.
User Experience (UX)
Bybit offers a consistent user experience across its platforms:
- **Web Interface:** Feature-rich, designed for complex trading strategies, especially on the derivatives side.
- **Mobile App:** Highly rated for usability, allowing full management of spot, derivatives, and Earn products on the go.
Risks and Responsible Trading
Cryptocurrency trading, especially leveraged trading on derivatives, involves substantial risk. Prices are highly volatile, and leverage magnifies both potential gains and losses. Traders should only invest capital they can afford to lose and must understand the mechanics of margin calls and liquidations before engaging in Futures contract trading.
First Steps Checklist
To begin trading on Bybit, follow these steps:
1. Register an account using Register here. 2. Enable Two-Factor Authentication (2FA). 3. Complete necessary KYC verification based on your intended trading volume. 4. Deposit your preferred cryptocurrency or fiat currency. 5. Familiarize yourself with the Spot market interface before attempting leveraged trades.
See also (on this site)
- Bybit Spot Trading Explained Simply
- Understanding Bybit Futures Contracts
- Navigating Bybit User Interface
- Bybit Account Verification Process
Recommended articles
- Bybit fee page
- Link to Bybit Learn
- Exploring Interest Rate Futures: A Beginner’s Guide
- Exploring Hedging Strategies in Bitcoin and Ethereum Futures
- Bybit Contract Specifications
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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