Bybit review 2025: The rising star of crypto exchanges?

Key takeaways 

• Bybit has grown into the world’s second-largest crypto exchange, serving over 60 million users globally.
• The exchange offers spot, margin, futures, options trading and advanced automation tools, such as trading bots and copy trading.
• Users benefit from low trading fees and robust security measures, including cold storage and multifactor authentication.
• Bybit has faced compliance hurdles in multiple regions, including France and the Netherlands, but remains committed to global regulatory standards.

Bybit, founded in 2018 by Ben Zhou, has rapidly ascended the ranks of cryptocurrency exchanges. Initially headquartered in Singapore, the company relocated its global headquarters to Dubai, United Arab Emirates in 2023.

As of early 2025, Bybit has achieved a significant milestone, boasting over 60 million users worldwide and establishing itself as the world’s second-largest crypto exchange by trading volume. The platform offers trading services for over 650 cryptocurrencies across various markets, including spot, margin, futures and options.

However, Bybit has faced regulatory challenges in several regions. For example, in December 2024, the exchange temporarily adjusted its operations within the European Economic Area (EEA) to comply with the Markets in Crypto-Assets (MiCA) Regulation, ceasing general communications with EEA users while pursuing a MiCA license in Austria. 

Bybit operates in over 195 countries, serving a diverse global customer base. Notably, the exchange does not offer services to users in certain jurisdictions, including the United States, mainland China, Hong Kong, Singapore, Canada, France, the United Kingdom and several others, due to regulatory restrictions. 

Despite these challenges, Bybit continues to expand its services and user base, solidifying its position as a major player in the global cryptocurrency exchange market.

User experience

Bybit’s user experience mirrors that of most top-of-the-range cryptocurrency exchanges, offering accessibility across multiple platforms to accommodate different types of traders:

• Web interface: Users can access Bybit through a sleek and responsive web platform, which provides comprehensive tools for trading, portfolio management and market analysis.
• Mobile applications: Bybit’s mobile apps, available for both iOS and Android, allow users to trade on the go, manage their assets, and monitor market movements in real-time.
• API access: For developers and algorithmic traders, Bybit offers API connectivity, enabling integration with third-party applications and custom trading solutions.

Bybit is well-regarded for its intuitive and modern interface. The dashboard provides a clear snapshot of market trends, balances and recent transactions, ensuring that key information is easily accessible. Navigation is straightforward, with well-structured menus and an uncluttered layout. The mobile apps are designed to mirror the web experience, maintaining consistency and usability across devices.

Signing up on Bybit is quick and simple:

1. Sign-up: Users start by entering their email address and setting a secure password.
2. Email verification: A verification link is sent to confirm the email address.
3. Two-factor authentication (2FA): Users are encouraged to enable 2FA for enhanced security, typically through an authenticator app.

To comply with international regulations, Bybit enforces a Know Your Customer (KYC) verification process. The requirements generally include:

• Personal information: Users must provide their full name, date of birth and residential address.
• Identity verification: Submission of a government-issued photo ID, such as a passport or driver’s license.
• Proof of address: In some cases, a utility bill or bank statement may be required to verify residency.

The specific KYC requirements vary based on the user’s country of residence and local regulations. Bybit ensures that all submitted information is securely encrypted, following strict data protection standards.

Trading experience

Bybit supports over 650 cryptocurrencies, including major assets like Bitcoin (BTC) and Ether (ETH), as well as a variety of altcoins and emerging tokens. The platform provides a selection of trading pairs across various markets:

• Spot trading: Users can access numerous crypto-to-crypto pairs, facilitating direct exchanges between different cryptocurrencies.
• Derivatives trading: Bybit offers perpetual contracts and futures for major cryptocurrencies, allowing traders to speculate on price movements with leverage.
• Fiat-to-crypto pairs: Through its peer-to-peer (P2P) platform, Bybit supports over 300 cryptocurrencies and 70 fiat currencies, enabling users to trade directly with one another using a variety of payment methods.

Moreover, Bybit’s P2P platform supports over 70 fiat currencies, including the US dollar, euro, British pound and Japanese yen, among others. This allows users to buy and sell cryptocurrencies using their local currencies through various payment methods.

Lastly, the platform provides sophisticated tools such as a smart trading system that includes strategy alerts and the ability to set “take profit/stop loss” orders at entry.

Did you know? Bybit offers a high degree of customization, allowing traders to adjust chart layouts, rearrange widgets, and save multiple workspace configurations to suit their trading style.

Fees and execution

Regarding fees, Bybit is competitive. The fee structure, however, varies based on the trading product and the user’s VIP level:

• Spot trading: The base fee is 0.1% for both maker and taker orders. However, fees can be reduced based on the user’s VIP level, which is determined by trading volume and asset balance.
• Derivatives trading: For perpetual and futures contracts, the base maker fee is 0.02%, and the taker fee is 0.055%. Similar to spot trading, these fees can be lowered for users with higher VIP levels.
• Fiat-to-crypto trading: Fees for fiat-to-crypto pairs, such as USDT/EUR, start at 0.15% for maker orders and 0.2% for taker orders. VIP users can benefit from reduced fees based on their trading volume.

Withdrawal fees are slightly more complex. Bybit charges fixed withdrawal fees that vary depending on the specific cryptocurrency and network selected. These fees are designed to cover the costs associated with processing transactions on the respective blockchains.

For instance, as of February 2025, the withdrawal fee for Bitcoin (BTC) is 0.0005 BTC, while for Ether (ETH), it is 0.005 ETH. It’s important to note that these fees are subject to change based on network conditions and other factors.

In any case, Bybit is renowned for its ultra-fast matching engine, which is capable of processing up to 100,000 transactions per second.

Security

Fund security

Bybit employs robust measures to safeguard user assets. The majority of funds are stored in cold wallets and kept offline to prevent unauthorized access. The platform utilizes multisignature technology, which requires multiple approvals for transactions, enhancing security. 

An insurance fund is maintained to cover potential losses from unforeseen events, ensuring user assets are protected.

Account security

To protect user accounts, Bybit implements strict security protocols during the login process, including human-computer authentication, two-factor authentication (2FA), hardware authentication and encrypted data transmission. 

The platform offers anti-phishing codes to help users verify the authenticity of emails from Bybit, reducing the risk of phishing attacks. Real-time monitoring systems are in place to detect and respond promptly to suspicious activities.

Regulatory compliance

Like most exchanges, Bybit has had its fair share of regulatory challenges.

In 2024, Bybit was fined 2.25 million euros by the Netherlands’ central bank for operating without the required registration, violating the Anti-Money Laundering and Anti-Terrorist Financing Act. Bybit acknowledged the penalty and reiterated its commitment to regulatory compliance.

More recently, in January 2025, Bybit announced it would cease withdrawal and custody services for French users, effective Jan. 8, 2025, due to increased regulatory scrutiny from French authorities. Users were urged to withdraw their assets before the deadline.

Nevertheless, Bybit remains committed to adhering to global regulatory standards. The exchange has obtained the necessary licenses in various jurisdictions to operate legally and transparently. Bybit also aligns its operations with international frameworks, such as the Markets in Crypto-Assets (MiCA) Regulation, to ensure compliance.

Did you know? In February 2025, Bybit successfully registered with FIU-IND, reinforcing its regulatory compliance in India. The exchange addressed prior regulatory matters and settled associated fines.

Customer support

Support channels

Users can access 24/7 live chat support directly through Bybit’s website and mobile applications, providing real-time assistance for immediate concerns.

For more detailed inquiries, email support is available, allowing users to communicate complex issues or questions.

Additionally, Bybit maintains an active presence on various social media platforms, including Facebook, X, Instagram, YouTube, Reddit, LinkedIn, Telegram and Medium, where users can engage with the company and seek support.

Response time

The responsiveness of Bybit’s customer support has received mixed feedback.

While the 24/7 live chat feature is designed to provide immediate assistance, some users have reported delays, particularly during periods of high inquiry volume. Email support response times can vary, with certain users experiencing extended waiting periods before receiving a reply.

Help resources

Bybit provides a comprehensive help center that includes detailed guides, FAQs and user manuals to assist traders in navigating the platform and understanding its features.

For those seeking to deepen their knowledge of cryptocurrency trading, Bybit offers educational resources such as articles, tutorials and webinars, covering a wide array of topics from basic trading principles to advanced strategies.

User reviews

As with all crypto exchanges, there’s little to no motivation for a satisfied user to write a review.

The disgruntled minority, however, frustrated by being unable to access their funds, does have such a motive. 

Reports of delayed responses, particularly through email support, have been noted. Reviews range from 1.2 out of 5 stars on Sitejabber to around 2.14 out of 5 on Reviews.io.

Nevertheless, some traders appreciate the availability of multiple support channels and the depth of educational materials provided.

Additional services

Bybit distinguishes itself through a suite of unique features designed to enhance the trading experience.

• Options trading: Bybit provides options trading for cryptocurrencies like Bitcoin, Ether and Solana (SOL), with expiration dates ranging from daily to quarterly. The platform boasts a 30-day trading volume of $11.3 billion and a total open interest of $2.16 billion.
• Trading bots: To facilitate automated trading, Bybit offers various bots, including:
  • Futures grid bot: Trades futures contracts with leverage using a grid strategy.
  • Futures martingale bot: Doubles down in the event of a loss, anticipating market reversals for potential profits.
  • Futures combo bot: Creates and rebalances a portfolio of perpetual contracts.
  • Spot grid bot: Operates in the spot market employing a grid strategy.
  • DCA bot: Implements a dollar-cost averaging (DCA) investment approach.
• Copy trading: Bybit’s copy trading feature enables users to replicate the strategies of experienced traders in real-time. Users can select from a list of top traders, filterable by metrics such as return on investment (ROI), profit and loss (PnL), trade win rate and stability index over various time frames.

• Bybit Finance: Beyond traditional trading, Bybit Finance offers products like high-yield crypto savings accounts and crypto loans. The Bybit Earn program includes flexible and fixed-term savings plans, allowing users to earn interest on their crypto holdings. Additionally, Bybit provides crypto loans, enabling users to lock up one type of crypto asset as collateral to borrow another, which can be used for trading or other purposes.
• Gold, forex and commodities trading: Through Bybit’s MetaTrader 5 platform, users can trade assets beyond cryptocurrencies, including gold, forex and commodities like oil. The platform offers 24/7 trading, leverage up to 500x, over 100 trading pairs and advanced charting tools, catering to traders interested in a diverse range of markets.

Did you know? Bybit’s CEO, Ben Zhou, declined requests to list Pi Network’s token, citing concerns over potential controversy and past experiences with investor backlash.

Pros and cons

The table below summarizes the pros and cons of trading crypto on Bybit:

Final thoughts 

Bybit’s ability to outpace long-established exchanges such as Bitstamp, Bitfinex and Kraken speaks to its strong appeal among traders who value advanced derivatives markets, low fees and innovative features, such as options trading, trading bots and copy trading. 

Binance may still hold the top spot, but Bybit is quickly closing in. Its steady growth, focus on user experience and introduction of innovative trading features have helped it secure a strong position in the market. 

As the crypto exchange continues to address its shortcomings, it’s becoming an even more attractive choice for traders. With its commitment to innovation and a trader-first approach, Bybit is on a path to becoming an even bigger force in the crypto industry in the years to come.

FAQs

1. What is Bybit, and why is it popular?

Bybit is a major cryptocurrency exchange, offering a range of trading options like spot, margin, futures and options. It’s the second-largest crypto exchange globally by trading volume, with over 60 million users. Bybit is popular for its advanced features, low fees and security measures.

2. Is Bybit safe to use?

Yes, Bybit takes security seriously. It employs robust measures like cold storage for user funds, multifactor authentication (MFA) and encryption for all sensitive data. These features help protect users from hacks and unauthorized access.

3. What are Bybit’s trading fees?

Bybit is known for its competitive trading fees. Spot trading fees start at 0.1% for makers and 0.1% for takers, with reductions for higher trading volumes. Margin trading and futures contracts also have competitive fees, making them attractive for active traders.

4. Is Bybit available in all countries?

No, Bybit is restricted in several regions due to regulatory requirements. It does not offer services in the US, mainland China, Hong Kong, Singapore, Canada, the UK and other jurisdictions where regulations prevent operation.

5. How do I sign up and verify my account on Bybit? 

To sign up, users need to provide an email address, set a secure password, and complete email verification. It’s recommended to enable two-factor authentication (2FA) for additional security. Bybit also requires Know Your Customer (KYC) verification, which involves submitting a government-issued ID and proof of address, depending on your country.

6. What cryptocurrencies can I trade on Bybit?

Bybit supports over 650 cryptocurrencies, including major coins like Bitcoin (BTC) and Ether (ETH). It also offers a variety of altcoins, enabling users to diversify their portfolios across multiple markets.

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