Bybit Review
Choosing the right cryptocurrency exchange can significantly impact your trading success and overall experience in the crypto market. With hundreds of platforms available, each offering unique features and fee structures, finding the perfect match for your trading style requires careful research. In this comprehensive Bybit review, we'll examine this popular crypto derivatives exchange, analyzing its key features, security measures, fee structure, and overall user experience to help you determine if it's the right platform for your trading needs.
Bybit Overview: What Is Bybit?
Founded in 2018 by Ben Zhou, Bybit has rapidly grown to become one of the leading cryptocurrency exchanges globally, now serving over 50 million users worldwide. Originally established in Singapore, the company later relocated its headquarters to Dubai, UAE, and is registered as Bybit Fintech FZE in the British Virgin Islands.
Bybit distinguishes itself as a crypto derivatives exchange, meaning that beyond standard spot trading, it specializes in futures contracts and other derivative products. This focus on derivatives trading has made it particularly popular among more experienced traders looking to leverage their positions and implement advanced trading strategies.
Bybit at a Glance
- Founded: March 2018
- Headquarters: Dubai, UAE
- Registered: British Virgin Islands
- Users: 50+ million worldwide
- Cryptocurrencies: 650+ supported
- Trading types: Spot, Futures, Options, Margin
- Maximum leverage: Up to 100x
- Mobile app: iOS and Android
While Bybit offers services to users in over 180 countries and regions, it's important to note that it's not available in several key jurisdictions, including the United States, United Kingdom, Canada, and mainland China. This restriction is primarily due to regulatory considerations in these regions.
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Sign Up for BybitKey Features of Bybit
Bybit offers a comprehensive suite of trading options and features designed to cater to both novice and experienced traders. Let's explore the platform's standout capabilities that have contributed to its growing popularity in the crypto trading community.
Trading Options
Bybit provides a diverse range of trading options, making it a versatile platform for various trading strategies:
Spot Trading
Buy and sell cryptocurrencies at current market prices with competitive fees starting at just 0.1% for both maker and taker orders.
Perpetual Futures
Trade perpetual contracts with no expiration date and leverage up to 100x, allowing for amplified exposure to market movements.
Options Trading
Access USDC options trading with competitive 0.02% fees for both makers and takers, offering more sophisticated trading strategies.
Margin Trading
Open larger positions by borrowing funds with up to 10x leverage, allowing for increased potential returns on successful trades.
Copy Trading
Automatically replicate the trades of experienced traders, making it easier for beginners to benefit from expert strategies.
Trading Bots
Utilize automated trading strategies with spot grid bots, DCA bots, and futures grid bots to execute trades based on predefined parameters.
Leverage and Risk Management
One of Bybit's most notable features is its high leverage options, allowing traders to amplify their potential returns. However, this also comes with increased risk, which Bybit addresses through several risk management tools:
- Adjustable Leverage: Traders can set leverage from 1x up to 100x on perpetual contracts, with the ability to adjust even after opening a position.
- Dual Price Mechanism: Bybit uses a dual price system (Mark Price and Last Traded Price) to prevent market manipulation and unfair liquidations.
- Insurance Fund: A dedicated fund helps protect traders from excessive losses during volatile market conditions.
- Auto-Deleveraging (ADL): System for managing risk when positions can't be liquidated at prices better than bankruptcy price.
Important: Trading with high leverage (up to 100x) carries significant risk and is recommended only for experienced traders. Even small market movements can lead to substantial losses or account liquidation when using high leverage.
Additional Features
Beyond its core trading functionality, Bybit offers several additional features that enhance the overall user experience:
Bybit Earn
Generate passive income through various products including savings, staking, liquidity mining, and dual asset investments.
Bybit Card
A digital Mastercard that allows you to spend your cryptocurrencies at over 90 million merchants worldwide, supporting EUR and GBP.
NFT Marketplace
Buy, sell, and trade non-fungible tokens on Ethereum and Solana blockchains with a 1% trading fee for sellers.
Bybit Wallet
A custodial wallet that provides easy access to decentralized applications in DeFi, GameFi, and NFT marketplaces.
Bybit Launchpad
Access token sales before they go public, allowing you to invest early in potentially promising blockchain projects.
TradeGPT
AI-powered tool that leverages real-time market data to offer insights and suggestions tailored to your trading strategies.
Bybit Security and Transparency
Security is a critical consideration when choosing a cryptocurrency exchange. Bybit implements several measures to protect user funds and maintain platform integrity, though it's worth noting that in February 2025, the exchange experienced a significant security breach resulting in the loss of approximately $1.5 billion worth of ETH. Despite this incident, Bybit was able to restore its reserves within 72 hours without pausing withdrawals.
Security Measures
- Cold Storage: The majority of user funds are stored in offline cold wallets to prevent unauthorized access.
- Multi-Signature Technology: Transactions require multiple approvals, enhancing security against potential breaches.
- Two-Factor Authentication (2FA): Additional layer of security for account access using Google Authenticator or YubiKey.
- Biometric Authentication: Support for fingerprint scanning and FaceID on mobile devices.
- Regular Security Audits: Monthly security assessments to identify and address potential vulnerabilities.
- Proof of Reserves: Monthly audits confirming a 1:1 reserve ratio across 40+ assets.
Security Note: While Bybit maintains strong security protocols, it's worth noting that the exchange does not provide insurance coverage on user deposits, unlike some competitors. Always practice good security hygiene by enabling all available security features and considering external wallets for long-term storage of significant crypto holdings.
Regulatory Compliance
Bybit operates in a complex regulatory landscape and has taken steps to ensure compliance in the jurisdictions where it operates:
- Licensed by Dubai's Virtual Assets Regulatory Authority
- Licensed by Cyprus' regulatory authority
- Implements mandatory Know Your Customer (KYC) verification
- Follows Anti-Money Laundering (AML) procedures
- Collaborates with law enforcement to combat cybercrime
However, it's important to note that Bybit is not licensed in many major jurisdictions, including the United States, United Kingdom, and Canada, which is why residents of these countries cannot use the platform.
Bybit Fees and Costs
Bybit offers competitive fee structures across its various trading options, making it an attractive choice for both casual and high-volume traders. Understanding these fees is essential for optimizing your trading strategy and maximizing potential profits.
Trading Fees
Bybit uses a maker-taker fee model, where market makers (who provide liquidity) typically pay lower fees than market takers (who remove liquidity). The fee structure varies depending on the type of trading:
| Trading Type | Maker Fee | Taker Fee | Industry Average |
| Spot Trading | 0.10% | 0.10% | 0.41% / 0.51% |
| Perpetual & Futures Trading | 0.02% | 0.055% | 0.03% / 0.06% |
| USDC Options Trading | 0.02% | 0.02% | 0.03% / 0.03% |
These fees are for VIP 0 level traders (the standard level). Bybit offers reduced fees based on your 30-day trading volume or asset balance, with fees decreasing as you progress through VIP levels up to Pro 6.
Deposit and Withdrawal Fees
Bybit's deposit and withdrawal fee structure varies depending on the method and currency used:
Deposit Fees
- Crypto deposits: Free
- Bank Transfer: 0.08% - 2%
- SEPA Transfer (EUR): 0.19%
- FPS Transfer (GBP): 0.22%
- Third-Party Payment Providers: 0.0% - 1.22%
Withdrawal Fees
- Crypto withdrawals: Varies by cryptocurrency and network
- Bank Transfer: Free (except MXN: 0.5%)
- SEPA Transfer (EUR): 2.60 EUR flat fee
- FPS Transfer (GBP): 1.00 GBP flat fee
- Third-Party Payment Providers: Generally free
Fee Optimization Tip: To minimize trading fees, consider using limit orders instead of market orders whenever possible to take advantage of the lower maker fees, especially for futures trading where the difference is more significant.
Bybit User Experience
The user experience is a crucial factor in determining whether a trading platform meets your needs. Bybit offers a range of interfaces and tools designed to accommodate traders of all experience levels, though it's particularly well-suited for those with some trading knowledge.
Trading Platforms
Bybit provides multiple platforms to access its trading services:
Web Platform
A comprehensive desktop trading interface with advanced charting tools, order book depth, and full functionality for all trading types.
Mobile App
Available for iOS and Android, offering nearly identical functionality to the desktop version with intuitive touch controls and push notifications.
API Trading
Robust API access for algorithmic trading with high rate limits and support for high-frequency trading strategies.
Interface and Usability
Bybit's interface is designed to balance functionality with usability, though it may present a learning curve for complete beginners:
Strengths
- Intuitive order forms with consistent design across platforms
- TradingView integration for advanced technical analysis
- Customizable dashboard with movable modules
- Clear position management and portfolio overview
- Comprehensive price alerts and notifications
- Demo account for practice trading without risk
Potential Challenges
- Steeper learning curve for complete beginners
- No dedicated "Lite" version for simplified trading
- Advanced features may overwhelm new users
- Mobile app lacks TradingView integration
- Some features hidden in nested menus
Customer Support
Bybit offers 24/7 customer support in 14 languages, though the quality and accessibility of support have received mixed reviews:
Support Channels
- Live Chat: Available 24/7, though often connects to a chatbot first
- Email Support: Available 24/7 with typical response times of 5-7 days
- Help Center: Comprehensive documentation and FAQs
- Social Media: Active presence on Twitter, Telegram, and Discord
Based on user feedback and our testing, Bybit's customer support can be inconsistent. During peak times, users may experience longer wait times to connect with human agents, with the chatbot being the primary point of contact. This is an area where Bybit could improve compared to competitors like Kraken that offer more reliable human support.
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Sign Up for Free DemoBybit Pros and Cons
After thoroughly examining Bybit's features, security, fees, and user experience, let's summarize the key advantages and disadvantages of using this cryptocurrency exchange:
Pros of Bybit
- Very Low Trading Fees - Bybit offers some of the lowest trading fees in the industry, with spot trading fees of 0.1% and even lower fees for futures and options trading.
- Extensive Trading Options - The platform provides a comprehensive suite of trading products including spot, perpetual futures, options, and margin trading with up to 100x leverage.
- Advanced Trading Features - Bybit offers professional-grade tools including TradingView integration, advanced order types, trading bots, and copy trading functionality.
- High-Performance Trading Engine - The platform's matching engine can process up to 100,000 transactions per second per contract, ensuring fast execution and minimal slippage.
- Strong Security Measures - Bybit implements cold storage, multi-signature technology, and regular proof of reserve audits to protect user funds.
Cons of Bybit
- Steep Learning Curve - The platform may be challenging for complete beginners due to its focus on derivatives trading and advanced features.
- Limited Availability - Bybit is not available in several major markets including the United States, United Kingdom, and Canada due to regulatory restrictions.
- No Insurance Coverage - Unlike some competitors, Bybit does not provide insurance on user deposits, which may concern security-conscious traders.
- Inconsistent Customer Support - Users have reported variable experiences with customer support, with potentially long wait times during peak periods.
- Security Breach History - The platform experienced a significant hack in February 2025, though it quickly restored reserves and maintained operations.
"Bybit offers an impressive array of trading options and some of the lowest fees in the industry, making it an excellent choice for active traders. However, its advanced features and focus on derivatives may be overwhelming for complete beginners."
Real User Experiences with Bybit
To provide a more comprehensive view of the Bybit experience, we've gathered testimonials from actual users across various platforms and forums. These real-world perspectives offer valuable insights into how the exchange performs in daily use:
"As a day trader, I've found Bybit's platform to be exceptionally responsive with minimal slippage. The low fees and high leverage options are perfect for my trading style, though I wish their liquidity was a bit higher during off-peak hours."
"The mobile app is intuitive and I love the copy trading feature as a beginner. It's helped me learn while still making some profits. Customer service was slow to respond when I had issues with verification though."
"Bybit's TradingView integration is fantastic for technical analysis. I've been using their grid trading bots with good results, averaging about 3-5% monthly returns in sideways markets. The platform is stable even during high volatility."
While individual experiences vary, common themes in user feedback include praise for Bybit's trading features and competitive fees, with some concerns about customer support responsiveness and the learning curve for new users.
How Bybit Compares to Competitors
To help you determine if Bybit is the right exchange for your needs, let's compare it to some of its major competitors in the cryptocurrency exchange market:
| Feature | Bybit | Binance | OKX | Bitget |
| Spot Trading Fees (Maker/Taker) | 0.1% / 0.1% | 0.1% / 0.1% | 0.08% / 0.1% | 0.1% / 0.1% |
| Futures Trading Fees (Maker/Taker) | 0.02% / 0.055% | 0.02% / 0.04% | 0.02% / 0.05% | 0.02% / 0.06% |
| Maximum Leverage | 100x | 125x | 100x | 125x |
| Number of Cryptocurrencies | 650+ | 350+ | 350+ | 500+ |
| Insurance Fund | Yes | Yes | Yes | Yes |
| User Deposit Insurance | No | Yes (SAFU) | No | Yes |
| Copy Trading | Yes | Yes | Yes | Yes |
| Trading Bots | Yes | Yes | Yes | Yes |
| US Availability | No | Yes (Binance.US) | No | No |
Bybit vs. Binance
Binance is the largest cryptocurrency exchange by trading volume and offers a similar range of products to Bybit. While both platforms have competitive fee structures, Binance has slightly lower futures trading fees and higher maximum leverage (125x vs. 100x). Binance also offers the SAFU fund for user deposit protection, which Bybit lacks. However, Bybit supports more cryptocurrencies and has a more intuitive interface for derivatives trading.
Bybit vs. OKX
OKX is another major competitor in the derivatives trading space. Both exchanges offer similar features and fee structures, though OKX has slightly lower spot trading maker fees. Bybit's advantage lies in its larger selection of supported cryptocurrencies and its more user-friendly interface. Both platforms are unavailable to US users and lack deposit insurance.
Bybit vs. Bitget
Bitget has gained popularity for its copy trading features and competitive fee structure. While Bitget offers higher maximum leverage (125x) and has a user protection fund similar to Binance's SAFU, Bybit counters with a larger selection of cryptocurrencies and a more established reputation in the derivatives trading market.
Selection Tip: When choosing between exchanges, prioritize the features that matter most for your trading style. If you're focused on derivatives trading with a wide range of assets, Bybit may be ideal. If deposit insurance and US availability are critical, consider alternatives like Binance.
Frequently Asked Questions About Bybit
Is Bybit safe to use?
Bybit implements strong security measures including cold storage for the majority of user funds, multi-signature technology, and regular security audits. The platform maintains a 1:1 reserve of all customer assets and conducts monthly proof of reserve audits. However, it's worth noting that Bybit experienced a significant security breach in February 2025, though it quickly restored reserves without interrupting operations. Unlike some competitors, Bybit does not offer insurance on user deposits.
Does Bybit work in the US?
No, Bybit does not currently support users from the United States due to regulatory restrictions. US residents are prohibited from creating accounts or using Bybit's services. Other restricted jurisdictions include the United Kingdom, Canada, mainland China, Singapore, and several others. Users from these regions should consider alternative exchanges that comply with their local regulations.
What are Bybit's trading fees?
Bybit offers competitive trading fees across its various markets. For spot trading, both maker and taker fees start at 0.1%. Futures and perpetual contract trading fees are even lower, with maker fees at 0.02% and taker fees at 0.055%. Options trading fees are 0.02% for both makers and takers. These fees decrease as your 30-day trading volume or account balance increases, with VIP users enjoying significantly reduced rates.
How much leverage does Bybit offer?
Bybit offers up to 100x leverage on perpetual futures contracts, allowing traders to open positions worth up to 100 times their initial margin. For spot margin trading, Bybit provides up to 10x leverage. It's important to note that trading with high leverage carries significant risk and is recommended only for experienced traders. The maximum leverage available may vary depending on the trading pair and your account level.
What cryptocurrencies can I trade on Bybit?
Bybit supports over 650 cryptocurrencies for spot trading and offers more than 350 markets for futures trading. The platform includes all major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), as well as a wide range of altcoins, DeFi tokens, and memecoins. New assets are regularly added to the platform, making Bybit one of the exchanges with the largest selection of tradable cryptocurrencies.
Does Bybit require KYC verification?
Yes, Bybit requires all users to complete Know Your Customer (KYC) verification. There are two verification levels: Level 1 is mandatory for all users and allows for daily withdrawal limits of up to 1 million USDT. Level 2 verification increases the daily withdrawal limit to up to 2 million USDT and provides access to the Bybit Card. KYC verification typically requires providing a government-issued ID and completing a facial recognition check.
How do I deposit funds into Bybit?
Bybit supports multiple deposit methods including cryptocurrency transfers, bank transfers, SEPA transfers (for EUR), FPS transfers (for GBP), and various third-party payment providers. Crypto deposits are free, while fiat deposits typically incur fees ranging from 0.08% to 2% depending on the method. Bybit also offers P2P trading supporting over 60 different fiat currencies, providing flexibility for users from various regions.
What is Bybit copy trading?
Bybit copy trading is a feature that allows users to automatically replicate the trades of experienced traders on the platform. There are two modes: Smart Copy Mode, which follows master traders with a fixed risk ratio based on your balance, and Advanced Copy Mode, which gives you more flexibility to customize your order settings. New users can receive up to 100 USDT compensation if their first copy trading order results in a loss, making it a lower-risk way to start trading.
Conclusion: Is Bybit Right for You?
After thoroughly examining Bybit's features, security measures, fee structure, and user experience, we can conclude that it's a powerful cryptocurrency exchange with particular strengths in derivatives trading. However, its suitability depends largely on your specific trading needs and experience level.
Bybit is ideal for:
- Experienced traders looking for advanced features and low fees
- Derivatives traders seeking high leverage options up to 100x
- Active traders who benefit from competitive fee structures
- Algorithmic traders requiring robust API access
- Traders outside restricted regions like the US, UK, and Canada
Consider alternatives if you are:
- A complete beginner to cryptocurrency trading
- Located in a restricted region like the US or UK
- Primarily focused on spot trading with minimal features
- Highly concerned about deposit insurance
- In need of consistent, rapid customer support
Bybit stands out for its comprehensive trading options, competitive fees, and advanced features like copy trading and trading bots. The platform's professional-grade trading engine ensures fast execution and minimal slippage, making it particularly attractive for active traders.
However, the platform's focus on derivatives and advanced features creates a steeper learning curve for beginners. Additionally, the lack of deposit insurance and its unavailability in major markets like the US are significant limitations for some users.
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Join over 50 million users worldwide and experience Bybit's professional-grade trading platform with low fees and advanced features.
Whether Bybit is the right choice for you ultimately depends on your trading goals, experience level, and geographic location. We recommend starting with the demo account to familiarize yourself with the platform before committing real funds, especially if you're new to derivatives trading or using high leverage.
