You could almost mistake Bybit for Binance at first glance, but when you use their products and services, the difference is clear. Bybit is one of the top cryptocurrency exchanges that caters to investors and traders worldwide.
Bybit is among the leading crypto exchanges because it provides multiple ways to acquire crypto and boasts many advanced features, including trading bots and high-leverage futures trading. As such, it best suits experienced users seeking first-class trading capabilities and powerful, niche tools, like crypto options.
If you are wondering how good Bybit exchange is, read on. Throughout this Bybit review, we’ll explore its trading interface, features, fees, licenses, security, and more. We share our thoughts on the platform and provide insights on certain features from a user perspective.
Bybit Review: Pros and Cons
Pros
- Highly competitive trading fees (0.1%)
- Many advanced features, such as trading bots and crypto options
- Multiple ways to purchase crypto
- Users can trade spot, margin, futures, options, and P2P
- Proprietary and TradingView charting interfaces
- Cheap fiat deposits and withdrawals
Cons
- Suffered a significant hack in 2025
- The quantity of features could overwhelm beginners
- Prohibited in the USA, especially in New York and the UK
Visit Bybit Terms & Conditions
Bybit’s Background and Reputation
Company Overview
Bybit is one of the world’s top cryptocurrency platforms for investing and trading. It handles the second-highest volume of any platform, behind Binance. It was founded in 2018 by Ben Zhou, who is still the company’s CEO today. Bybit is headquartered in Dubai and has more than 70 million users, making it one of the most widely used exchanges on the market.
Regulation & Licensing
As an international crypto services company, Bybit must comply with specific rules impacting its operations and the data it collects from users. Unlike other platforms, Bybit doesn’t list the authorities regulating it transparently.
We know that Bybit holds a Markets in Crypto-Asset Regulation (MiCA) license in Austria, which enables it to offer regulated services within 29 countries of the European Economic Area. It also holds a Cyprus Securities and Exchange Commission (CySEC) license and one with Kazakhstan’s Astana Financial Service Authority (AFSA)
While Bybit is a regulatory-compliant exchange that works with national authorities to ensure the legality of its operations, it is unavailable in a few notable countries in which Bybit is unavailable. Residents of the UK, USA, Canada, France, and Singapore are prohibited from using the exchange.
Trust & History
Bybit is one of the most popular crypto trading platforms in the industry. Until 2025, there had been no confirmed reports of a hack impacting Bybit customers. Yet, in February, Bybit was the victim of the largest crypto hack ever, which resulted in around $1.5 billion in losses. Attackers perpetrated it using social engineering and malicious code injections.
In response to the attack, which was conducted by the North Korean hacking group, The Lazarus Group, Bybit overhauled its security process, secured emergency loans to cover user withdrawals, released its proof-of-reserves, and announced a 10% reward for any assets recovered from the hack, which contributed to around 3.54% of the funds being recovered.
Despite being the victim of the largest crypto hack, Bybit maintains transparency. It’s overcollateralized and regularly updates its proof of reserve data. The exchange is also regularly audited, and the reports are displayed for users to review. Although the hack was a significant blow, Bybit continues to maintain transparency and prioritize users.
User Reviews
Despite being one of the most popular exchanges, Bybit’s user reviews are mixed and lean toward the negative. It’s important to note that people are much more likely to share negative experiences when reviewing an exchange.
Bybit averages a 3.4/5 rating on Trustpilot, with people saying the UI is good and the exchange is comprehensive, but their accounts have been blocked. Users on Reddit complain of poor customer support responses and express concern about the $1.5 billion hack. However, others praise it for absorbing losses and making users whole.
On mobile, Bybit holds much more acclaim. The exchange commands a 4.56/5 rating on the Google Play Store based on over 1.3 million reviews. On iOS, it has a 4.7/5 rating based on 41,000+ reviews. Users were pleased with its efficiency and trading capabilities, but expressed that they had difficulty with P2P transactions and Know-Your-Customer (KYC) verification.
How to Sign Up for Bybit
Registering with a new platform and verifying your account can be challenging if you don’t have much experience with exchanges or have previously used platforms designed differently. Below, we explain how to use Bybit in a simple step-by-step format.
Step 1: Create an Account and Verify Email
Before you can use one of the best crypto exchanges for traders, you’ll need to complete the Bybit sign-up process. Thankfully, it’s straightforward. Head to the Bybit website and click the orange ‘Sign-Up’ button in the top right corner.
You can register with Google, Apple, or Telegram. Alternatively, enter an email address or mobile number. Unlike other platforms, you don’t immediately need to choose a password. First, you must verify your email by inputting a code sent to your address. Then, you can choose a password. We recommend using a password that you have not used on other exchanges.
Step 2: Know-Your-Customer (KYC) Verification
While you can create a Bybit account without providing any documents for KYC verification, you cannot trade on the spot exchange or Peer-to-Peer (P2P) marketplace. Bybit will prompt you to complete verification with a banner just below the navigation bar, so it’s easy to locate. The process is fast. Verification usually takes a few minutes but can take up to 24 hours.
To complete verification, you must provide a photo ID (passport, driving license, residence permit, ID card) and a selfie to confirm your identity. The photo must be live, not a screenshot. It’s important to note that certain countries, like the United Kingdom, are prohibited from using Bybit; therefore, IDs from these places are not accepted.
Step 3: Funding Your Bybit Account
To fund your account, click the orange ‘Deposit’ button, select an asset from Bybit’s supported coins list, choose the relevant network, and transfer the crypto to complete your deposit. Alternatively, click ‘Fiat Deposit’, choose a currency, select a processor, pick a payment method, and follow the on-screen instructions. Deposit times vary but are usually under one hour.
Step 4: Trade Crypto
Once your deposit has been processed, you can experience Bybit’s advanced crypto trading features. Under the ‘Trade’ tab, you can access the spot or futures markets. Then, search for an asset, enter your purchase amount, and press the green ‘Buy’ button. Outside of its centralized exchange, Bybit offers P2P trading for privacy and one-click buys for convenience.
Initial Setup & User Experience
If you’re looking for a crypto exchange for beginners or prefer not to waste time getting to grips with a new platform, then a simple setup process and a convenient user experience are essential. Here’s how Bybit performed:
Ease of Use
Bybit boasts an intuitive interface and color scheme that simplifies navigation and finding key features. Menus are displayed in white text, and key areas are accented in orange, creating good contrast. During testing, we found Bybit’s menus to be relatively cluttered. Some have eight options and more submenus, which could confuse beginners.
Bybit’s large number of features makes it a top crypto investment platform. However, the tools could overwhelm beginners or people familiar with exchanges that offer only basic crypto trading capabilities. Overall, Bybit is well-designed, and navigation is straightforward, but the quantity of features could cause trouble for crypto novices.
Display & Buttons
Bybit is well-designed and boasts an easy-to-navigate interface. Key sections are clear and eye-grabbing, so identification is simple. Moreover, buttons are responsive, and pages open quickly, which is convenient. However, sometimes particular objects take a second or two extra to load, disrupting the user experience when quickly swapping between sections.
While Byibt offers many features, they’re clearly explained via guides displayed within the same section as the feature, which makes onboarding more straightforward. Moreover, each section is well-thought-out, with key data points shown in an interpretable and digestible format.
Mobile App Review
The Bybit mobile app is impressive. Thanks to a persistent bottom menu bar, navigation feels familiar and intuitive. Sections like profile settings and customer support are where you’d expect, and the app has been well-optimized for mobile. Features load quickly, charts are responsive, and swapping between assets is almost instant.
Despite being easy to use on mobile devices, our Bybit app review determined that almost every feature from the web platform is available, save for MetaTrader 5 integration. Users can enable Bybit’s Web3 mode, set up crypto trading bots, access staking/structured earn products, and have TradingView charts for in-depth analysis.
Users agree that the Bybit app is solid. Based on over 41,500 reviews, it commands a 4.7/5 rating on the App Store. Similarly, it boasts 4.5/5 on the Google Play Store, with over 10 million downloads and 1.3 million reviews. Users praise its design and diverse feature set, but share issues with occasional errors and difficulty getting rewards from tasks.
Bybit’s Key Features & Services
The best crypto exchange will offer a solid variety of trading and investing features tailored to different experience levels. This enables the platform to support users throughout their entire lifecycle, from beginner to professional. Throughout our Bybit review, we found it to be a particularly feature-rich exchange. Here’s how it performs:
Buying & Selling Crypto
In addition to being a secure crypto exchange, Bybit offers a solid variety of assets. Users can trade 515 crypto assets, including majors like Bitcoin, Ethereum, and XRP, as well as lesser-known altcoins like AI16Z, Humanity Protocol, and PopCat. It also offers a variety of stablecoins, such as USDT, USDC, USDE, DAI, and PYUSD, providing plenty of options.
Bybit is an excellent platform for buying and selling crypto. Multiple methods are available, catering to different use cases. Users can access a one-click buy/sell tool that supports dozens of currencies, which is ideal for beginners. They can also deposit fiat directly, and trade on the spot market.. A Peer-to-Peer (P2P) marketplace enables decentralized trading with locals.
Bybit’s deposit methods are varied. People can fund their accounts with bank transfers (including SEPA), buy Shiba Inu and other cryptos with a bank card, or access the P2P market to use regional payment methods.
The Bybit withdrawal limits differ by verification and VIP level. Non-verified users can withdraw up to $20k USDT daily, while verified users have limits between $1 and $4 million. Higher VIP tiers offer greater withdrawal volume. Fait withdrawals follow a similar structure:
| Verification Level | Withdrawal Limit (Per Order) | Withdrawal Limit (Daily) | Withdrawal Limit (Weekly) | Withdrawal Limit (Monthly) |
|---|---|---|---|---|
| ID Verification LVL 1 | $5,000 | $5,000 | $5,000 | $5,000 |
| ID Verification LVL 2 | $10,000 | $20,000 | $50,000 | $100,000 |
Beginners could be put off by Bybit offering multiple ways to acquire or trade cryptocurrency. However, after taking the time to understand the benefits of each method, they find having access to various options convenient. People without trading experience can use the one-click buy tool, while those with more knowledge can deposit fiat and spot buy, providing versatility.
Trading Platform
The Bybit web platform, like its mobile app, is well-designed and intuitive but busy. The menu categories are well-thought-out, so finding features is simple, while its color scheme makes navigation straightforward. However, menus are busy, and many tools could confuse novices, so while Bybit suits those with moderate to high experience, it can overwhelm beginners.
Access to various order types can make entering and exiting a position more efficient or help to minimize losses if the market flips. Bybit features nine order types:
| Order Type | How it Works |
|---|---|
| Limit | Set a specific price for order execution |
| Market | Executes at the current price |
| Take Profit / Stop Loss | Close the whole or partial position at a certain price |
| Conditional | The order is placed only after a certain price is achieved |
| One-Cancels-the-Other | Two orders are placed, with one being canceled when the other executes |
| Trailing Stop | A trailing stop loss adjusts the stop price as the asset moves in a positive direction |
| Iceberg | Divides large orders into smaller ones to minimize market impact |
| TWAP | Time-Weighted Average Price (TWAP) executes in lots over a defined period |
| Scaled Order | Automatically creates multiple limit orders within a defined price range |
If you want to buy Cardano or trade other digital assets, Bybit is an excellent option. It has an advanced charting interface with proprietary and TradingView-powered charts, as well as a liquidity depth chart. Users can access ample drawing tools, timeframes, and technical indicators, making it possible to plot complex strategies and perform in-depth analysis.
As a versatile trading platform, it makes sense that Bybit provides access to multiple markets. Users can trade hundreds of assets on the spot market, boost their position size with margin, and access up to 100x leverage with futures trading. Bybit also offers crypto options, providing an additional way to trade.
Bybit is one of the largest crypto exchanges in terms of trading volume. It handles nearly $6 billion daily spot volume, contributing to its extensive liquidity. The exchange commands an average liquidity score of 699 on CoinMarketCap, indicating that users can place significant orders without impacting prices, a fact backed up by Bybit’s order book.
Supported Wallets & Custody
Bybit users can store assets that the exchange supports directly on the platform in a free exchange wallet. The wallet is custodial, meaning Bybit controls the wallet’s private keys, unlike a non-custodial wallet that keeps users in control. Only assets on Bybit are supported, but there are no minimum requirements for opening a wallet (like having a certain amount of tokens).
The exchange also offers a Decentralized Application (dApp)-enabled browser extension wallet. It supports importing seed phrases and multiple blockchains, including Ethereum, Bitcoin, TON, and Solana, but the exact number isn’t publicly available. Throughout our Bybit crypto wallet review, we found that it can connect to many dApps, but users complain of difficulty logging in.
Earning & Lending
One of the most significant advantages of using Bybit to buy Ethereum and other similar assets is that the exchange offers a wide array of crypto staking and structured earn products, enabling users to earn rewards from their holdings. There are multiple products for earning interest on crypto, some tailored for beginners and others for advanced users:
- Easy Earn (Beginner): Ideal for people new to staking, Easy Earn provides fixed and flexible terms. APRs vary from 0.3% to 200% based on the asset.
- On-Chain Earn (Beginner): If you prefer traditional staking, On-Chain Earn is for you. It lets you contribute to Proof-of-Stake (PoS) blockchain networks and offers APRs between 1% and 17.67%.
- Liquidity Mining (Moderate): You can earn rewards for providing liquidity to specific trading pairs, like BTC/USDC. It’s higher risk, and APRs vary daily but range from 0.7% to 411.3%.
- Dual Asset (Advanced): Users can earn APR while targeting certain buy/sell prices with Dual Asset. They can set a target price, expiration date, and whether they want to buy or sell. Rates change constantly but range from 0.91% to 1008%.
The Bybit loans tool enables users to use their crypto holdings as loan collateral, allowing temporary cashouts without triggering taxable events. The Bybit lending service lets users lend crypto and dictate the duration and APR they want, allowing borrowers to choose an offer that suits them. It shows an average market rate, which varies by asset from 2.9% to over 150%
While testing the platform’s services for our Bybit review, we found that it offered some more user-specific crypto staking/earn products. It lets users stake Solana with margin to boost earnings. The Double-Win tool lets users earn interest based on BTC’s current and future price. There is also a Smart Leverage tool enabling leverage trading without liquidation risks.
Security Measures
Crypto exchanges handle our personal information, finances, and banking details, so security is essential. Exchanges typically employ a mixture of account and platform-centric measures to enable comprehensive protection.
The most basic and essential Bybit security measure is Two Factor Authentication (2FA). Users must input an additional login code to prevent unauthorized account access. The exchange offers SMS and authenticator app (recommended) 2FA. It also enables users to set passkeys to protect their accounts and a special fund password to enter for trades or withdrawals.
Is Bybit legit? Many people ask this question. The exchange is transparent regarding its proof-of-reserves. It displays its current reserve ratio (always overcollateralized) and is audited for validation. It’s worth noting that firms have audited Bybit’s proof of reserves, not the exchange itself. Bybit uses cold storage segregated from company funds to store user deposits.
After researching for our Bybit review, we determined that while it lacks a traditional insurance policy protecting holdings, the exchange has created an insurance fund to protect traders who get liquidated. It covers excess losses if a trade’s closing price is lower than the bankruptcy price, preventing additional losses.
For extra safety, Bybit uses Multi-Party Computation (MPC) wallets, which eliminate seed phrases by splitting private keys into multiple shares. Moreover, Bybit features a withdrawal address whitelist, requiring users to withdraw to specific wallet addresses. They can also set anti-phishing codes to be shown on official Bybit communications.
Payment Methods & Fees
Having cryptocurrency fees explained is crucial when selecting a new trading platform or conducting a crypto exchange review. Some charge excessive rates, eroding profits, while low-fee crypto exchanges provide more value.
As trading fees go directly to the exchange, there is no benefit to paying over the odds. Bybit charges 0.1% (spot), 0.055% (taker) / 0.02% (maker) derivatives, 0.03% / 0.02% (options), and 0.2% / 0.15% for fiat-denominated pairs. Bybit’s interest rates are hourly and vary by asset.
There are no fees for crypto deposits when funding your Bybit account. However, if you buy crypto with fiat, the service provider will apply a variable charge that differs by asset, volume, and purchase currency. P2P transactions are free, but sellers charge a premium above current spot prices.
Bybit’s fees for withdrawals vary by asset. They’re used to cover gas fees, but are priced slightly higher than standard network costs. For example, BTC withdrawals cost 0.00011 BTC, around $13, but network fees are around $0.90 to $1.20. Fiat withdrawals vary by currency and payment method. We’ve outlined a few below:
| Currency | Payment Method A | Payment Method B |
|---|---|---|
| GBP | Faster Payments Service (FPS): £1 | Zen.com: £1.50 |
| EUR | SEPA: €2.60 | Zen.com: €1.60 |
| CHF | Zen.com: 1.50 CHF | N/A |
Bybit is a low-fee crypto exchange that’s transparent regarding its pricing. There are no hidden fees (although it charges a variable commission for staking user assets), so people can trade without worrying about excess charges.
Minimum deposit amounts are asset-specific. If you want to buy Bitcoin and deposit it to Bybit, the minimum is 0.000006 BTC, or roughly $0.70. Ethereum has no such limits. Minimum withdrawal fees are higher. Bitcoin is 0.00027 BTC ($32), and Ethereum is 0.0015 ETH ($5.50). Fiat deposits/withdrawals require a minimum of 10 of the currency (e.g., £10 or €10).
Customer Support
Whether you’re using a centralized or decentralized exchange (DEX), you’ll need access to efficient and knowledgeable support at some point. The best crypto exchanges will offer multiple support channels, including a help center for basic issues, a live chat or phone number for tailored support, and a chatbot for platform information and directing users to relevant articles.
Bybit has established a solid variety of support avenues. Users can browse the Bybit help center to find articles explaining common issues and how the exchange functions. They can also speak with the chatbot to receive article recommendations. Live chat is available for people with more complex problems who need to talk with a human agent.
The Bybit customer support team is available 24/7 to assist with questions and provide help. When we tested the service for our Bybit review, we received a response in around 5 minutes. However, the live chat team can only assist with certain issues. Complex cases must be submitted as email tickets, with replies taking roughly 5 to 7 days.
Geographical Availability
Bybit is available worldwide, meaning most people can buy Solana or other cryptocurrencies and start trading without issue. However, due to regulatory restrictions, users from certain countries cannot sign up for Bybit. These regions include:
- USA
- UK
- Canada
- Singapore
- France
- China
- Russia
- Iran
While unregulated in many countries, Bybit holds licenses from some notable authorities. For example, it has a Markets in Crypto Assets Regulation (MiCA) in Austria, which is required for exchanges to operate in the EU.
To prevent tax avoidance and terror financing, Bybit must abide by strict Know-Your-Customer (KYC) and Anti-Money Laundering (AML) guidelines. It must report transactions over a certain threshold, so using tax software to ensure you pay the correct amount is crucial for avoiding fines or legal action.
Other Bybit Products and Services
We’ve discussed Bybit’s most essential features and tools, but the platform offers much more. Some of its most intriguing services include:
Crypto Trading Bots
While it lacks Bitcoin mining pools, which are popular on some exchanges, Bybit offers automated crypto bots as an alternative way of passively boosting your holdings. To ensure the feature is widely accessible regardless of technical know-how, Bybit lets people create their own bots or browse tried-and-tested user-created alternatives.
Users can view statistics like APR, drawdown ratio, volatility, bot type, asset, and leverage amount to decide which suits them. Bybit facilitates the creation of many types of bots, including futures grid, futures martingale, futures combo, spot grid, and Dollar-Cost-Average (DCA). As such, while primarily suited to experienced users, Bybit’s crypto bots are highly versatile.
Crypto Debit Card
An underutilized feature Bybit offers is its crypto debit card. Available in European countries, Mexico, Argentina, Australia, and the AFIC and Asia Pacific regions, the card is funded with cryptocurrency or fiat stored on Bybit. Mastercard issues it, and it works anywhere that accepts the payment processor (although certain retailers do not accept virtual cards).
The Bybit card is available as a physical or virtual card that users can add to Apple Pay for online purchases. While highly convenient and valuable for quickly cashing out or using crypto to buy everyday goods and services, it comes with a few extra fees. Users will pay 0.5% to 7% for foreign currency exchanges and a 0.5% to 0.9% premium for crypto conversions.
Demo Trading
While Bybit offers many advanced features to enhance the trading experience, it also provides tools to help new traders and investors. One such feature is demo trading. Bybit lets people trade with virtual funds, allowing them to practise and develop their strategies and skills without risking real money, a significant advantage for people aiming to become professional traders.
Bybit vs Other Crypto Exchanges
Here is how Bybit stacks against other top crypto exchanges in the market
| Crypto Exchange | Top Choice For | Trading Fees (Maker / Taker) | Products and Offerings | Standout Features |
|---|---|---|---|---|
| Bybit | People seeking advanced trading capabilities | 0.1% / 0.1% | Spot, margin, and futures trading, staking, crypto debit card, trading bots, demo accounts, P2P | Futures trading with 100x leverage, many staking products, and crypto bots |
| Coinbase | New traders seeking a simple but robust exchange | 0.60% / 1.20% | Simple swaps, fiat on-ramp, staking, derivatives | Simple interface, highly regulated |
| Youhodler | Crypto loans | 0.2% hourly rollover fee | Crypto loans, cascading loans, leverage trading | Turbocharge tool for cascading loans |
| OKX | International traders or investors | 0.08% / 0.1% (varies by country) | Futures, options, trading bots, copy trading, P2P marketplace, DEX | Low spot fees, DEX with thousands of assets |
| Nemo.Money | People wanting to invest in crypto and stocks on one platform | Variable spread | Crypto CFDs, stock trading, Nemes | Tailored to mobile, Nemes (bundles of assets) |
Who is Bybit Best Suited For?
Bybit is a versatile crypto exchange that caters to users of many experience levels. When we conducted a Bybit review, testing and researching its various tools and services, we found it was packed with features, geared largely toward experienced traders. It offers futures, crypto bots, options, crypto loans, and high leverage limits.
With Bybit offering many features that enhance the trading experience, it’s ideal for frequent or professional traders seeking advanced features and competitive fees. While beginners could be overwhelmed by the quantity of tools, the trading bot market and demo trading services make it more accessible and suitable for new users or beginners aiming to learn how to trade.
Read Next
Conclusion & Final Verdict
Bybit is an industry-leading crypto exchange and trading platform. It boasts a robust selection of cryptocurrencies and more earning/staking products than is typically available, making it a solid choice for investors looking to boost their holdings. Similarly, I was impressed by Bybit’s trading and charting tools; they assist with complex analysis and enable precise entries.
While using the platform and researching for our Bybit review, we found that it has a few features that can assist beginners and novice traders. Demo accounts are excellent for practising trading, while the one-click buy tool simplifies investing. However, as Bybit boasts many advanced tools, like crypto bots and options, it best suits intermediate to advanced traders or investors.
FAQs (Frequently Asked Questions)
Bybit is one of the largest and best-known crypto exchanges on the market. The platform handles billions of dollars daily and is generally considered safe. It has transparent proof-of-reserves, 1:1 or greater backing of customer to corporate funds, and segregates user and company funds. However, Bybit suffered the largest ever crypto hack, losing $1.4 billion.
Bybit earns revenue by charging users a fee for opening or closing positions. When a user places a buy or sell trade, Bybit receives 0.1% of its volume (0.055% / 0.02% for futures). These funds enable Bybit to operate and fund its crypto reserves. The exchange also charges a variable service fee for using on-chain earn (staking) services.
Bybit offers a significant variety of staking and structured earn products, which provide passive income opportunities. Still, risk is involved, and while passive for users, Bybit actively manages your funds. The exchange offers regular staking, crypto lending, and high-risk, high-reward structured products, providing versatility for various experience levels.
Profits earned on Bybit are subject to taxes, depending on where you reside. Rates and responsibilities vary by country, earnings, and whether you’re a casual or professional user. Failing to pay taxes or filing incorrect amounts can lead to fines or even criminal sentences. As such, you should consult a tax professional to ensure your filing is accurate and valid.
Know-Your-Customer (KYC) guidelines require crypto exchanges like Bybit to gather information on their customers, such as their names and addresses. Anti-money laundering (AML) regulations are designed to prevent the illicit laundering of funds or the financing of illegal organizations. Governments set these regulations, so Bybit must abide by them to operate.
