Bybit Reviews 2025: Features, Fees, Safety, Pros & Cons

Bybit launched in 2018 as a crypto derivatives platform and became one of the biggest futures markets in the world. Although it’s known as a derivatives-oriented platform, the exchange also has a spot market and supports P2P trading.

Bybit is an off-shore exchange, and it’s not registered or regulated by any financial authority. It’s available in around 160 countries but not in the United States, Quebec, or Ontario (Canada). If you’re a US-based trader, you can’t trade on Bybit.

Bybit didn’t require KYC verification from customers for a long time, but the company announced they would have customers complete identity verification as of December 2022.

In this Bybit review, we’ll discuss the platform’s features and the pros and cons of using the exchange.

Pros & Cons of the Bybit Exchange

Pros

• Margin trading with up to 100x leverage
• Futures and options trading
• Low fees
• Copy trading and trading bot tools

Cons

• Unregulated exchange
• The exchange isn’t available to US-based users

About Bybit

Bybit is a global cryptocurrency exchange founded in 2018. The exchange is registered in the British Virgin Islands, headquartered in Singapore, and is said to have offices in Hong Kong and Taiwan.

Bybit is one of the top-ranking cryptocurrency exchanges, according to CoinMarketCap. The platform specializes in futures and derivatives trading but also offers spot trading and simple buy and sell features.

Bybit only offers around 100 digital assets and 300 trading pairs for spot trading. Derivatives products include USDT perpetuals, inverse perpetuals, inverse futures, USDC perpetuals, USDC options, and leveraged tokens.

The trading platform offers crypto loans and several earn products.

Crypto Assets Available on Bybit

Bybit supports more than 100 digital assets, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC),  Cardano (ADA), Tether (USDT), Solana (SOL), Avalanche (AVAX), Polygon (MATIC), Chainlink (LINK), Dogecoin (DOGE), and Polkadot (DOT).

Fiat Currencies Supported on Bybit Cryptocurrency Exchange

Fiat currencies supported on Bybit vary depending on which feature you’re using. 

For example, if you are using a one-click buy, you can purchase crypto via third-party payment operators like Banxa, MoonPay, XanPool, E-check, Mercuryo, Legend Trading, Capitual, and Simplex. 

Once you perform KYC with your preferred service provider, they’ll transfer the crypto to your account. You can deposit 172 different currencies to buy crypto with one click, including USD, GBP, CAD, and AUD. You can buy BTC, ETH, and USDT through a one-click buy.

The P2P platform supports many fiat currencies, including USD, AUD, and JPY.

Finally, Bybit exchange supports the EUR, GBP, TRY, BRL and RUB. However, you can only withdraw TRY, BRL, and RUB from the platform, as GBP and EUR withdrawals are not yet supported.

You can only buy select cryptocurrencies with your fiat balance, including BTC, ETH, ADA, USDT, USDC, SOL, AVAX, MATIC, LINK, DOGE, DOT, DAI, TRX, ATOM, ETC, EOS, and XRP.

Fiat deposit and payment methods include bank transfer, SEPA transfer, local e-wallet, Advcash, and PIX. Bank transfers may take 1 to 3 days to process. You can also purchase USDT with debit and credit cards. Bybit supports all 3D secure enabled Mastercard and Visa cards.

Remember that you must complete KYC verification to deposit RUB, EUR, USD, and TRY to the platform.

Countries Supported on Bybit

Bybit is available in 160 countries, but it isn’t available to US and Canadian (Quebec and Ontario) based users. Since Bybit is an unregulated platform, it may cease services in different countries depending on the crypto regulations.

Bybit Trading Fees

Bybit trading fees are generally competitive. There are a few different fee schedules. Let’s see different fees on the exchange.

Buy/Sell Fees

When you use the one-click buy feature, the third-party provider charges a spread between 0.10% to 5%. The spreads can vary. Most payment providers charge a 1% fee, but you’ll have to check the price to be sure.

Spot Trading Fees

Bybit normally charges a starting fee of 0.1% on all spot trades. However, as of September 2022, the exchange suspended all spot trading fees until further notice. You can check the Bybit fees on their website to learn more.

Derivatives Fees

Derivatives fees for USDC perpetual trading, USDT & Inverse contracts trading start at 0.06% for takers and 0.01% for makers. USDC options trading fees start at 0.03% for makers and takers.

You can also receive fee discounts based on your 30-day derivatives trading volume.

Here is a fee table to see it all together:

VIP	Spot Trading		USDT & Inverse Trading		USDC Perpetual Trading		USDC Options Trading
	Taker Fee	Maker Fee	Taker Fee	Maker Fee	Taker Fee	Maker Fee	Taker Fee	Maker Fee
Non VIP	0.1%	0.1%	0.06%	0.01%	0.06%	0.01%	0.03%	0.03%

Withdrawal Fees

Fiat Currency	Payment method	Fee
BRL	Pix Key  Bank Transfer	2 BRL
RUB	Advcash	0 RUB
TRY	Bank Transfer	0 TRY

Main Features of the Bybit Crypto Exchange

Bybit offers many features for traders including an Earn program, copy trading, and bot trading services.

Leveraged Trading / Margin Trading

In the Forex industry, trading with a loan is also known as leveraged trading. ​​Bybit provides many leveraged trading opportunities to customers, though in the crypto sphere, the concept is known as margin trading. 

You can collateralize your funds in your spot account to borrow a loan from Bybit to start margin trading.

Margin trading can be very risky because, essentially, you’re betting with money you don’t have. On the other hand, it can be very profitable.

Liquidation Insurance Fund for Leveraged Trading

Bybit has an insurance fund to prevent Auto-Deleveraging (ADL). If your order is closed at a lower price than the bankruptcy price, Bybit uses the insurance fund to make up for the gap. However, the insurance fund balance may not cover the gap, in which case ADL is triggered.

Leveraged Tokens

Leveraged tokens represent perpetual contract positions. When you trade leveraged tokens, you invest in a basket of perpetual contracts for a digital asset with leverage. As you can guess, leveraged tokens amplify both profits and losses.

Trading Bots

Bybit offers three trading bots you can configure to automate your trades. The bots are pre-configured, but you can change certain metrics based on your trading strategy.

Bybit offers a spot trade grid bot for buying digital assets for buying low and selling high. DCA bot makes regular trades at certain intervals. There is also a futures grid bot to automate your derivatives trading.

How Easy Is It to Open a Bybit Account?

Opening a Bybit account is pretty easy. Register with your email and password, and follow the link in your email to log in to your account. You can’t change your email address, so don’t use a throwaway one.

You have to complete KYC verification to use Earn products, rewards, one-click buy, and the P2P service or to deposit fiat.

You must provide the following documents to complete the ID verification:

• Personal details such as your full name (as it appears on your ID) and date of birth.
• A form of ID. This can either be your passport, passport card, or driver’s license.
• Proof of address (as stated on your utility bill, for example).
• A selfie that matches your ID.

Once you submit all this, you must wait for the Bybit support team to review your documentation. This may only take a few minutes or a day or two. Your withdrawal limits increase when you complete KYC verification.

KYC Level	Non KYC	Individual KYC Lv. 1	Individual KYC Lv. 2
Daily Withdrawal Limit	≤ 20K USDT	≤ 1M USDT	≤ 2M USDT
Monthly Withdrawal Limit	100K USDT	No Cap	No Cap

How Secure Is Bybit?

Bybit implements industry-standard security measures like two-factor authentication. They also employ zero-trust architecture, ethical hacker partnerships.

You will be asked to carry out two-factor authentication whenever you withdraw money, change your password, or edit your security settings. You can use Google Authentication, SMS authentication, or e-mail authentication.

Bybit works closely with ethical hackers – sometimes referred to as ‘white hat hackers’ – to try and identify website areas that are particularly vulnerable. Once a white hat hacker successfully identifies an area of weakness, Bybit works to resolve the security issue.

Everyone employed by the company goes through a rigorous Bybit review process where full background checks will be performed.

Has Bybit Ever Been Hacked?

Bybit hasn’t been hacked to date.

Is Bybit a Regulated Exchange?

Bybit isn’t a regulated exchange and isn’t available to users from the US and parts of Canada.

How Does Bybit Compare to Other Crypto Exchanges?

Let’s see how Bybit compares to Binance. For a more in-depth look at Binance, check out our Binance review.

Fees

Bybit and Binance have similar fee structures. Both platforms have an easy buy feature that charges a varying spread and a more advanced spot trading platform with cheaper fees.

Both Binance and Bybit spot trading fees start at 0.10%. While Bybit canceled all spot trading fees until further notice, Binance offers zero-fee BTC/ETH and ETH/USD trading pairs.

Features

Bybit and Binance both offer derivatives products, including futures contracts, leveraged trading, and options trading. Binance has a larger user base and offers more markets, so if you’re looking for variety, it might be the better choice.

Does Bybit Have an App?

Bybit has an app that works on both iOS and Android, downloadable from the Apple App Store and the Google Play Store.

Bybit Review: Final Thoughts

Bybit is known as a derivatives exchange, and the platform is usually preferred by those who participate in margin trading, futures trading, and perpetual contracts.

While derivatives trading is more suited to experienced and professional traders, beginners can take advantage of the Bybit spot market, a one-click buy feature, and the P2P market. Overall, Bybit offers competitive fees, especially for the spot market, as the company initiated a zero-fee spot trading event.

Bybit is not regulated by any authority, and the company is based on an offshore island, meaning there are no safety guarantees when it comes to trading on the platform. On the bright side, the exchange hasn’t disclosed any security breaches or hacks since its launch.

To learn more about other cryptocurrency exchange platforms, check out our post on the Best 22 Crypto Exchanges and 8 Alternatives.

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