What is Bybit?
ByBit Exchange has come a long way since its establishment all because of its unique features and security and safety measures. Established in March 2018, and currently ranking as the largest foreign cryptocurrency Exchange in Korea as well as in other parts of the world including Pakistan.
In this Bybit review, we are going to rundown ByBit Exchange for Pakistani users including its advantages, disadvantages, special features, and more. So, if you are a Pakistani and interested in a details analysis of ByBit Exchange then this article is worth reading.
Bybit Exchange basic features at-a-glance
| Information | Details |
|---|---|
| Bybit Establishment | 2018 |
| Spot Trading Fees | Market Price (Taker):0.1%, Limit Price (Maker):0.1% |
| Derivative Trading Fees | Market Price (Taker):0.06%, Limit Price (Maker):0.01% |
| Cryptocurrency Available for Trading | 269 coins |
| Cryptocurrency Wallet Safety Device | HD Cold wallet |
| App Dedicated to the Exchange | Available |
| Customer Support | 24-hour customer service centre |
Pros and Cons of Bybit Exchange for Pakistani users
Bybit Pros
- One of the most user-friendly interfaces
- Foreign exchange has the most Pakistani community activity
- Affordable cryptocurrency transaction fees and high discounts % through promotion codes
- Establishment of a copy-trading system that follows the trades of professional traders from Pakistan and other parts of the world
- KYC: Ability to conduct leverage derivative trading without identity verification
- Designated as an exchange where cryptocurrency assets can be withdrawn from domestic exchanges such as Upbit and Bithumb
- Direct deposit of PKR (Pakistani Native Currency) available via P2P
Bybit Cons
- No Pakistan native language (Urdu) service is available (requires Google Translation)
- Some cryptocurrencies withdrawal will not be available at all times (for such cases, withdrawals can be made a total of three times a day.
- Low spot market orders, vulnerable to slippage trading bots
Coin-Labs signed an agreement in 2021 to become the official business partner of Bybit. Therefore, when you sign up for Bybit through the Coin-Labs website, you will be able to experience Pakistan’s top commission benefits and also become eligible to participate in an event to receive up to Rs57,000 in bonuses.
Services provided by Bybit exchange as of 2023
1. Spot Asset Trading
Bybit Exchange first announced the launch of the spot trading platform on August 20, 2021, and has been providing the highest quality token and coin trading services. Bybit’s motto is ‘We do our best to make it easy for users to approach their preferred cryptocurrency!” We are constantly striving to evolve into an exchange that fulfils such a motto.
Today, the Bybit spot exchange has grown into a spot market where 349 different cryptocurrencies can be traded in over 500 different pairs.
2. Derivative Market Trading
Bybit Exchange essentially started its service as a derivative exchange similar to BitMEX. However, unlike other exchanges, Bybit derivatives exchange is famous for not experiencing malfunctions such as exchange server crashes (overload) due to heavy orders. Bybit derivatives exchange provides services ranging from the classic transaction form in the “Inverse Perpetual BTCUSD Futures Contracts” to the recently trending “USDT Perpetual BTCUSDT Futures Contracts”.
An Inverse Perpetual contract refers to a futures transaction with cryptocurrency held as collateral, and a USDT Perpetual contract refers to a futures transaction with Tether as collateral.
3. Future Derivative Trading
Currently, there are 162 virtual currencies available for futures derivative trading services at Bybit. Both short selling and margin buying with leverage are available for the 162 different cryptocurrencies.
Major cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Link (LINK), Litecoin (LTC), Tezos (XTZ), Cardano (ADA), Polka Dot (DOT), Uni (UNI), Aave (AAVE), Sushiswap (SUSHI), Nem (XEM), Ripple (XRP), and EOS, and Dogecoin (DOGE).
4. NFT Marketplace for Pakistan
The NFT Marketplace on the Exchange is a platform for listing and trading non-fungible tokens (NFTs). The marketplace encompasses NFTs used in digital art, collections, game-related products, and metaverse, and its biggest feature is that the current transaction structure is commission-free.
Unlike the OpenSea Exchange, Bybit has a more convenient interface and intuitive trading UX as its advantage. Users from Pakistan are allowed to participate in NFTs auction and even sell their own NFTs.
5. Earn with Mining Features
Bybit launched the Ethereum Cloud Mining Service back in May 2021. Cloud mining allows investors to participate in cryptocurrency mining and realize profits without actual virtual currency mining equipment. Bybit is considered one of the safest exchanges among a variety of cryptocurrency cloud mining companies.
DeFi mining for instance, which provides Governance Token (CRV) for mining through Curve Finance, is a highly speculative, but nonetheless popular investment product.
6. Exchange Copy Trading
It’s a new concept in the market but gain much popularity because of its advantages for both professional traders and investors. The Exchange Support team manually selects a professional trader registered with Bybit and trades are automatically fulfilled real-time to shadow the professional trader’s cryptocurrency purchases and sales. While the cryptocurrency used in the transaction is kept in the user’s wallet, the trading position is shared through the Bybit copy trading process. Users can see the historical transactions of professional traders, their returns, and winning rates over the past seven days. Consequently, users will be able to directly identify and select the risks, strengths, and weaknesses of the traders.
Professional traders registered with Bybit receive 10% of the net profit from copy trading from users who follow their trades. There is a maximum limit of 500 users to follow a single professional trader
Bybit fees information for Pakistani users
The Bybit fees are the costs incurred based on the amount of assets traded and the number of transactions made in the Exchange. The Bybit fees must be paid not only for trading cryptocurrency on the exchange, but also for various situations, including but not limited to deposits and withdrawals of cryptocurrency, funding commission fees for derivative positions, and other deposit fees. For more information, please refer to the Bybit Fees Information page.
If you sign up for Bybit with the promotion codes from the Coin-Labs website, you will be able to get discounts in this area and other benefits.
Deposits & Withdrawals method for Pakistani investors
Ways to deposit cryptocurrency into the Bybit Exchange consist of transferring cryptocurrency to the Platform’s account wallet and cryptocurrency express purchases through card payments. For Pakistani users, the only secure available method is purchasing cryptocurrency from a P2P option and transferring funds to a spot wallet. Users can also make purchases instantly with credit cards but the risk of getting their card blocked by centralized banks will be high. So, it’s better to use P2P for trading.
Bybit Exchange provides security through its dual authentication protection. Users can choose to use Authy, Google Authenticator, or SMS security authentication. Security authentication is required in order to withdraw cryptocurrency.
Bybit stores users’ assets in an offline cold wallet, rather than a hot wallet with weak security, by connecting the wallet to the Internet. Ultimately, this is a very effective method to prevent hacking.
Conclusion
The platform did not gain much popularity at the time of its establishment due to the presence of BitMEX including in Pakistan and other countries. Nevertheless, Bybit has continued to evolve to provide the most user-friendly interface to its users and has been recognized for its reliability evidenced by its lack of a single incident or accident during the five-year service period. As a result of such efforts, more than 6 million users around the world now have subscribed to the service.
In Conclusion, we would say ByBit is worth trading platform for crypto traders in Pakistan both Professionals and newbies. With features such as futures trading, spot trading, more than 350 listed cryptocurrencies for trading, and a multi-layer security system you’ll never run out of trading options.
FAQs
Is Bybit Exchange a secure cryptocurrency exchange for Pakistani traders?
Yes, it’s safe to trade cryptos on ByBit from Pakistan. Exchange uses offline cold wallets to secure users’ cryptocurrency assets from being stolen. However, it’s mandatory for users to set strong passwords along with a 2FA Authentication system to assure their account security.
Can I use Bybit Exchange in Pakistan?
Yes, of course, you can! Officially, Platform has not been regulated as an Exchange under the laws and regulations of Pakistan but users from Pakistan can access all its features, participate in any ByBit event and trade crypto assets freely. Users from Pakistan can also trade in Local currency (PKR) via P2P for purchasing and selling cryptocurrencies. In short, Pakistanis are resting assured, regarding the deposit & withdrawal of cryptocurrency on the Bybit exchange.
