Bybit

As of May 2023, the most basic account level must undergo Know your customer compliance to utilize all financial services on Bybit. The level 1 KYC requirement includes submitting a government-issued ID and a facial image.[15]

Bybit does not accept funding by fiat deposits. To fund an account, one must send cryptocurrency to their Bybit account wallet. Although there is no direct withdrawal fee, upon moving funds from an account to a personal wallet, Bybit charges a ‘miner fee.’ The miner fee covers the transaction cost inherent to the specific network. However, these fees are fixed values, typically costing the user more than the real network transaction fee.

Along with Spot trading, Bybit’s primary offerings are perpetual futures, which allow traders to buy or sell a cryptocurrency at a predetermined price without a specified expiration date. This contrasts with futures contracts, which also have a prominent presence on the platform and come with an expiration date. These instruments can be traded with up to 100x leverage on particular perpetual derivative pairings such as BTC/USDT.[16]

Bybit offers defi-related crypto services such as project launchpad initial coin offerings, yield farming, and recently NFT minting and curation.[17]

Bybit uses a maker-taker fee model for its trading fees. The ‘Maker Fee’ applies to orders that provide liquidity to the market: ‘limit’ orders that aren't immediately filled. On Bybit, the maker fee can sometimes be negative, rebating traders for these orders. The ‘Taker Fee’ applies to orders that take liquidity from the market: ‘market’ orders that get filled immediately. This fee is higher than the maker fee. It is important to note that the exact fee rates are relative to a specific service.[18]

Bybit provides a RESTful- and WebSocket-based application programming interface (API) enabling programmatical access and interaction with the platform.[19]