Bybit Review

Overview

Bybit is a centralized crypto exchange best known for its derivatives business. Industry guides describe it as one of the leading perpetual-futures venues in Asia and the Middle East and a frequent destination for traders in regions where Binance Futures is not offered. It offers spot markets as well, but its identity is built around leveraged contracts, fast order matching and low trading fees.

Regulation and safety

Bybit's licensing is concentrated outside the traditional Western financial centres. It holds a licence from Dubai's Virtual Assets Regulatory Authority (VARA) and an authorisation from the Astana Financial Services Authority (AFSA) in Kazakhstan. Users in the European Economic Area are served through a separate, locally licensed Bybit entity rather than the global platform, which means EEA customers deal with a different legal counterparty and may see a different product set.

The most significant negative event in Bybit's history is the large hack it suffered in early 2025. Reporting on the aftermath shows that in March 2025 the North Korea-linked Lazarus Group was moving roughly $100 million of the stolen funds through a decentralised exchange aggregator operated by OKX, which temporarily suspended that service.

The attack took place on 21 February 2025, when hackers intercepted a scheduled transfer from a Bybit cold wallet and took roughly 400,000 ETH, worth about $1.4 billion to $1.5 billion, the largest exchange theft on record. The FBI attributed it to North Korea. The attackers had compromised a developer machine at the multisig provider Safe{Wallet}.

Bybit said it restored its reserves within 72 hours using emergency funding of about 447,000 ETH, with liquidity from firms including Galaxy Digital, FalconX and Wintermute.

Compared with Coinbase or Kraken, Bybit has fewer licences from long-established regulators such as US or UK authorities, and that is the main reason its safety score is lower in our rubric.

Fees and costs

Bybit is competitively priced. Third-party fee comparisons citing Bybit's published schedule list non-VIP spot fees of 0.10% for both makers and takers. For perpetual futures, two independent sources quote 0.02% maker and 0.055% taker for non-VIP users, while a third lists 0.01% and 0.06%; fee schedules change periodically, so check the official page before trading.

Perpetual positions also incur funding payments every few hours, which can add or subtract from returns depending on market conditions. Spread and slippage on thinly traded pairs can outweigh the headline fee, so it pays to check order-book depth before trading less popular tokens. One 2026 fee comparison describes Bybit's derivatives charges as very low and shows VIP maker rates on spot falling toward zero, which benefits high-volume traders more than occasional users.

Products and markets

Bybit's core offering is perpetual futures with leverage of up to 125x, across more than 300 derivatives markets according to one industry guide. Spot trading complements the derivatives venue. Leverage of this size can wipe out a position after a small adverse move, so it is a tool for experienced traders who use stop-losses and size positions carefully.

Beyond trading, Bybit offers copy trading, staking and other earn products, plus crypto borrowing and lending; availability of each product varies by country, so check the official site for what is offered where you live. Bybit also publishes proof of reserves using a Merkle tree, and its 11th attestation in June 2024, verified by Hacken, showed reserves above 100% for 40 major assets.

Platforms and tools

Bybit provides web and mobile trading interfaces and API access aimed at active and algorithmic traders. Its BTCUSDT spot market is listed on TradingView under the BYBIT prefix, so traders can chart Bybit's own price feed and compare it with other venues. Derivatives traders will find the usual risk tools such as isolated and cross margin, take-profit and stop-loss orders, and position-level leverage settings.

Deposits and withdrawals

Crypto deposits and withdrawals are the main way to fund a Bybit account, and Bybit lists spot trading in more than 650 cryptocurrencies. Fiat funding depends on your region and can include bank transfer, SEPA, FPS, BLIK, PIX, Zen, third-party payment providers and a P2P marketplace covering 63 currencies; cards and Apple or Google Pay are used for one-click crypto purchases rather than fiat deposits.

Identity verification is mandatory and uses a passport, ID card, driving licence or residence permit, with Level 1 and Level 2 tiers determining withdrawal limits. Options and minimums vary by which Bybit entity serves you, so review the payment section on Bybit's website before depositing.

Practical safety checklist

• Confirm which Bybit legal entity will hold your account and which regulator supervises it in your country.
• Enable authenticator-app or hardware-key two-factor authentication and set a withdrawal address whitelist.
• Keep only trading capital on the exchange and move long-term holdings to self-custody.
• Start with low leverage and always attach a stop-loss to derivatives positions.

Who it suits

Bybit fits experienced derivatives traders who want low fees, high leverage and liquid perpetual markets, particularly in the Middle East, Central Asia and other regions where it is licensed. It is less suitable for beginners, for investors who want a long track record under top-tier Western regulators, or for users who prioritise a spotless security history.

Residents of the United States should not expect access to the global platform, and anyone in a country with strict derivatives rules should check whether leveraged products are permitted locally before signing up. Traders who mainly buy and hold spot assets may get better value and stronger protections at a more heavily regulated venue.

Verdict

Bybit delivers on its core promise of cheap, deep, highly leveraged futures markets, backed by licences in Dubai and Kazakhstan and a dedicated entity for European customers. The 2025 hack and a thinner roster of major regulators keep its score below the most conservative exchanges. Always confirm fees, licences and product availability for your country on Bybit's official website before opening an account, and treat high leverage with great caution.