Bybit: A Comprehensive Exchange Review in 2025 — Fees, Security, Feedback

Bybit is one of the largest cryptocurrency exchanges, founded in 2018 by former Forex trader Ben Zhou. Initially, it became known as a platform for derivatives (cryptocurrency futures) offering high leverage, competing with industry giants like BitMEX. Over the course of several years, Bybit evolved into a universal exchange: spot trading for hundreds of cryptocurrencies, perpetual futures, options, staking, and even NFTs are now available. By 2025, Bybit ranked among the world’s top three exchanges by trading volume, serving tens of millions of users worldwide. Moreover, in March 2024, Bybit surpassed Coinbase to become the second-largest exchange in the world by market share of trading volume, behind only Binance. This rapid surge in popularity is no coincidence: at the end of 2023, the approval of the first Bitcoin ETFs triggered a surge in activity on centralized exchanges, and Bybit seized this market rally to its greatest advantage.

However, 2025 also brought challenges to Bybit’s reputation. In February, the largest hacker attack in crypto history took place: around $1.4–1.5 billion in cryptocurrency was stolen from Bybit’s wallets. This incident raised questions about the exchange’s reliability and the security of client funds. Nonetheless, Bybit’s management promptly attracted emergency funding (about 447,000 ETH from partners Galaxy Digital, FalconX, Wintermute) to restore reserves and assured users that their assets were protected. Meanwhile, the exchange intensified its work with regulators: Bybit is already registered in friendly jurisdictions (British Virgin Islands, Dubai) and aims to obtain a full license in the UAE, while also expanding operations in India, Kazakhstan, Turkey, and other countries.

Bybit’s History, Scale, and Regulation

Brief History and Reputation of the Exchange

Bybit began operations in March 2018. It was founded by a team of Wall Street and Forex-industry enthusiasts led by Ben Zhou. In its early days, Bybit focused on crypto derivatives — particularly perpetual futures contracts with leverage up to 100x on Bitcoin and Ether. At a time when BitMEX dominated this market, Bybit attracted traders with a powerful matching engine (capable of processing 100K transactions per second without overload) and a user-friendly interface. The platform quickly earned the trust of experienced speculators, who noted its high liquidity and lack of outages even during sharp price swings.

Starting in 2020–2021, Bybit expanded its services: it launched spot trading (initially for a few top coins, then continuously growing the list) and margin trading. In 2022, the exchange became one of the first to offer crypto options (USDC-based options), thus entering a niche previously occupied by specialized platforms like Deribit. By 2023, Bybit had evolved into a multiproduct ecosystem: in addition to trading, it introduced passive-income sections (staking, deposits, DeFi mining), its own Launchpad for new tokens, an NFT marketplace, as well as copy-trading and bot services. This swift growth in functionality had a positive impact on the exchange’s volumes and popularity. According to Kaiko analytics, from October 2023 to March 2024, Bybit’s monthly trading volume increased by 264% — above the market average. Bybit managed to attract a substantial share of new users during the market uptrend: the exchange’s share of the global spot market reached about 9.6% by March 2023, nearly equaling OKX (~9%) and second only to Binance (~60%). By mid-2024, Bybit confidently maintained its status as the world’s second-largest cryptocurrency exchange.

Geography and Legal Status

Bybit was originally registered in Singapore but later re-registered in the British Virgin Islands and opened a headquarters in Dubai (UAE). The choice of jurisdictions was driven by the desire to operate within legal frameworks conducive to crypto businesses. Bybit positions itself as a global platform, accessible to users worldwide except for certain countries with regulatory restrictions. Specifically, it does not serve traders from the USA, the UK, mainland China, Singapore, Canada, North Korea, Iran, Cuba, and the regions of Crimea, DPR/LPR in Ukraine. These exclusions are due to local regulations and sanctions risks. For instance, in 2021–2022, Bybit voluntarily withdrew from the UK and Canadian markets after stricter regulatory requirements for crypto exchanges.

Nevertheless, Bybit strives to build relationships with regulators. In March 2023, Traders Union named Bybit the best crypto exchange of the year, highlighting its reliability and efficiency. In 2023, the company received a temporary VASP license in Dubai (from the local VARA regulator) and by early 2025 was in the final stages of obtaining a full license from the UAE Securities and Commodities Authority (SCA). This will allow Bybit to legally offer trading services to both retail and institutional investors in the Middle East. In parallel, the exchange is expanding in other regions: it returned to the Indian market (after paying fines and registering a local branch), opened offices in Georgia and Kazakhstan, and is actively working in Southeast Asia and Latin America. For users from Russia and the CIS, Bybit is particularly appealing because it has not imposed any sanctions against Russian residents and provides a Russian-language interface. Many traders from Russia switched to Bybit after Binance introduced restrictions, noting that the platform offers full functionality with no geographical prohibitions.

Bybit’s reputation within the community is somewhat mixed. On one hand, the exchange is associated with reliability and innovation: it sponsors the Formula 1 team Red Bull Racing and other sports projects, actively runs the educational Bybit Learn blog, and organizes major tournaments (WSOT — World Series of Trading with prize pools in the millions of dollars). Bybit boasts 99.99% platform uptime and promotes transparency: following the FTX collapse, the exchange began regularly publishing reserve data (including the addresses of cold wallets containing BTC, ETH, USDT, and other assets worth billions of dollars). On the other hand, some users express distrust due to the lack of regulation in strict jurisdictions. The February 2025 hack also took a toll on the exchange’s image: hackers stole about $1.5 billion in Ether from Bybit’s wallet, which was considered “cold” (offline). It was the largest theft in the entire history of cryptocurrency, more than double the previous record. In an official statement, CEO Ben Zhou admitted that funds were stolen from an Ethereum storage wallet used as cold storage and described the incident as a “terrible lesson.” As a result, Bybit reinforced its security measures (detailed below) and fully compensated the losses from its own reserves and partner assistance so that clients would not lose money. Nonetheless, some traders remain cautious about the platform’s security — we’ll examine this aspect in detail in the security section.

Bybit Trading Services: Spot, Futures, Margin Trading

Available Markets and Instruments

By now, Bybit provides a complete range of trading opportunities for both novice investors and professional traders. Let’s look at the main trading areas on the exchange:

• Spot Cryptocurrency Trading. Bybit launched its spot market in 2021, and today the platform offers more than 100 different cryptocurrencies and over 300 trading pairs. These include all leading coins (BTC, ETH, XRP, SOL, TON, DOGE, DOT, MATIC, etc.), stablecoins (USDT, USDC, DAI), and numerous popular altcoins. Users can easily swap one cryptocurrency for another at market or limit prices. Spot fees are competitive (discussed in the next section). For newcomers, spot trading is the simplest way to purchase cryptocurrency without leverage, merely using fiat or another coin. Notably, Bybit also supports fiat deposits/withdrawals: the exchange runs a P2P platform for buying/selling crypto directly for rubles, hryvnias, dollars, and dozens of other currencies. Payment via bank cards and third-party services (Mercuryo, MoonPay, etc.) is available, with commissions and rates varying by provider. There’s no minimum deposit — you can start trading with any amount, which is a distinct advantage compared to some competitors.
• Margin Trading. The Bybit spot market includes margin functionality: traders can trade with borrowed funds secured by their deposit. Bybit supports both isolated and cross-margin. The leverage varies by pair — typically up to 3x–5x on altcoins. Margin trading suits experienced participants as it amplifies potential gains but also increases risk. Bybit offers convenient risk management tools: adjustable leverage, auto-deleveraging (ADL), and an insurance fund to protect against margin shortfalls on the opposing side of a trade. For example, a user can open a long position with 3x leverage on BTC/USDT, effectively trading three times their own capital. However, it’s crucial to monitor margin levels to avoid position liquidation.
• Derivatives (Futures and Swaps). Derivatives are what initially put Bybit on the map. The platform offers perpetual futures and futures with expiration dates for popular cryptocurrencies. There are inverse contracts (settled in the base currency, e.g., BTC/USD with BTC as margin) and linear contracts (settled in USDT or USDC). The maximum leverage is up to 100x on the most liquid markets (BTC, ETH), while for altcoins it’s lower (usually 20x–50x). Bybit employs a maker-taker fee model to encourage liquidity provision: makers (order creators) pay nearly zero or even receive a rebate, while takers (order matchers) pay slightly more. The standard rate for beginners is 0.01% for makers and 0.06% for takers on futures. As a result, active futures trading on Bybit is often cheaper than on many other exchanges. Bybit is second only to Binance in terms of derivatives trading volume worldwide. Traders appreciate Bybit’s market depth — high liquidity ensures minimal slippage and tight spreads. Even during sudden price movements, the system operates smoothly with no lag — 99.99% uptime means no extended technical halts.
• Options and Other Instruments. In 2022, Bybit launched an options market based on the USDC stablecoin. Options are derivative contracts granting the right to buy or sell an asset at a set price in the future. Bybit provides European-style options on BTC, ETH, and several other leading crypto assets, with settlement also in USDC. Options are a more complex instrument, requiring understanding of volatility and time decay, but experienced traders have welcomed this offering. For example, user Tatyana noted: “Their options platform is amazing! Market makers provide tight spreads.” Besides options, Bybit offers leveraged tokens — tokens with built-in leverage tied to the base asset’s price. This allows traders to gain the effect of margin trading without the risk of position liquidation, though a rebalancing fee applies for that convenience.

Trading Interface and Features

The Bybit platform is known for its user-friendly and customizable interface. Charts are provided by TradingView, giving traders access to dozens of indicators, drawing tools, and various timeframes. All order types are available: market, limit, conditional (stop-loss and take-profit). Moreover, Bybit allows you to set take-profit and stop-loss at the moment you open a position — this is part of the “smart trading system,” which helps manage risk. Trailing stops are also supported. Bybit’s engine can reportedly handle up to 100,000 transactions per second and withstand peak loads without overload. Users confirm that “the engine doesn’t freeze even during major volatility spikes.” The interface is accessible via the web platform and mobile apps (Android/iOS). Feedback on the mobile app is mixed: some praise its convenience and functionality, while others point out minor flaws (e.g., lack of a dark mode or occasional bugs). Overall, though, the app allows you to do everything you need: trade, deposit/withdraw funds, and participate in Earn programs, etc.

Note: Beginners may find Bybit complex, particularly the derivatives section. However, the platform endeavors to be user-friendly. It features a comprehensive Help area with guides in both Russian and English, and it regularly hosts educational webinars. Additionally, Bybit introduced copy trading and trading bots (more on these in the “Additional Features” section), enabling newcomers to gain experience by following professionals or using preset strategies. Hence, Bybit caters to both novices and experienced traders, which explains its broad user base.

Bybit Fees: Detailed Analysis and Comparison with Competitors

Trading Fees (Spot and Futures)

Bybit employs the classic Maker-Taker fee model, differentiating orders that add liquidity (makers) from those that take liquidity (takers). The fee is charged in the quote currency of the trade (e.g., for BTC/USDT, the fee is in USDT). Bybit’s standard fee rates are as follows:

• Spot Market: 0.1% for makers and 0.1% for takers of the trade volume. In other words, buying or selling Bitcoin worth $1,000 costs you $1 in fees. This base rate is roughly on par with Binance and KuCoin (0.1%), though some competitors offer slightly lower maker fees (e.g., OKX — 0.08%). Bybit occasionally runs zero-fee promotions on specific markets. For instance, from February 2023, trading USDC pairs had temporarily no fees in order to boost volume on those markets. Additionally, Bybit has a loyalty program: with a high monthly trading volume, you can achieve VIP status and reduce fees. The highest tier (Pro 3) offers a zero maker fee and a 0.02% taker fee on spot, but requires hundreds of millions in monthly volume.
• Futures and Derivatives: Bybit historically attracted traders with very low futures fees. The current standard rate for perpetual and expiring futures is 0.01% maker / 0.06% taker. The maker fee is practically symbolic — one-hundredth of a percent, and for higher-volume VIP traders, it can even be negative (a rebate) up to 0.005%, meaning you get paid for providing liquidity. The taker pays a bit more, but 0.06% is still among the lowest in the industry. For comparison, Binance Futures charges 0.02% maker / 0.04% taker (with BNB discount) for new users, OKX Futures about 0.02% / 0.05%, and KuCoin Futures 0.02% / 0.06%. Thus, Bybit’s futures fees are on par with or even better than many competitors, especially given the lack of a native token requirement: Bybit doesn’t mandate holding an exchange token to enjoy discounts, unlike Binance (BNB) or OKX (OKB). All users get low base rates, and high trading volumes automatically push them to VIP tiers. Analysts at Kaiko suggest that this low-fee strategy helped Bybit quickly grow its user base.

Below is a table comparing Bybit’s trading fees with other major exchanges:

Note: Figures above reflect base levels without considering potential discounts for high-volume traders. As shown, Bybit holds its own on fees. Its spot rates match those of leading platforms (Binance, KuCoin — 0.1%) and are more attractive than American exchanges such as Coinbase (where fees are significantly higher). On futures, Bybit ranks among the best: only Binance can match or marginally beat its rates at higher VIP tiers. While fees aren’t everything, they’re undeniably significant. If you trade actively, even a 0.01% difference per transaction can greatly impact your monthly bottom line.

Other fees: beyond trading fees, users should also keep in mind:

• Withdrawal Fees. Bybit does not charge for crypto deposits (you only pay the blockchain network fee). For crypto withdrawals, the exchange applies a fixed fee depending on the coin to cover network expenses. For instance, withdrawing BTC costs around 0.0005 BTC, ETH around 0.005 ETH (these numbers are approximate). These fees are adjusted periodically based on network load. Fiat withdrawals (if you sold crypto via P2P) depend on the particular buyer’s terms — the exchange itself takes no additional commission. Keep in mind that depositing fiat via card may involve a payment gateway fee (2–5%), which goes to the intermediary, not Bybit.
• Funding Rate (futures). Perpetual futures trades incur a funding payment every 8 hours between long and short positions. This rate fluctuates, reflecting demand imbalance: if the majority is long, they pay shorts, and vice versa. Bybit clearly displays the current funding rate for each pair. Typically it is minor (<0.01%), though it can spike in a strong trend. Understanding the funding mechanism is crucial for traders holding futures positions long-term.
• Loan Interest (margin). If you borrow funds for margin trading on the spot market, the exchange charges interest on the borrowed amount. Rates vary by currency and market conditions. While Bybit’s rates are generally competitive, costs can add up if you hold a margin position for a long period.
• Other charges. Bybit has no inactivity fee for dormant accounts — your balance remains intact if you’re not trading. There is no hidden fee for internal transfers between different wallets on the platform. Certain premium features (e.g., high-frequency API access) have request limits, but Bybit does not directly charge for API usage.

Overall, Bybit’s fee structure is among the most attractive in the market. The exchange deliberately chose not to launch a native token for discounts, instead offering already low rates and promotional zero-fee campaigns (like the one on specific pairs). This lowers the entry barrier for newcomers — there’s no need to buy a certain token to reduce fees. Such a strategy helped Bybit grow volumes rapidly; Kaiko analysts note that the platform’s aggressive low-fee policy contributed to its rising market share. Of course, alongside fees, traders also care about security and reliability — which we’ll discuss next.

Security and Asset Protection on Bybit

How Does Bybit Safeguard User Assets?

Security took center stage after the major 2025 incident. Let’s examine the measures the exchange takes to protect client assets and data:

• Cold Storage of Cryptocurrencies. Like most large exchanges, Bybit stores the majority of user assets in cold wallets that are not connected to the internet, minimizing the risk of external hacking. Only a small portion is held in hot wallets to facilitate withdrawals and ongoing operations. According to Bybit, 99% of funds are kept offline under multisig protection. However, the February hack demonstrated that even “cold” storage can be compromised if internal keys are exposed. The 2025 attack occurred during a transfer between a cold and a hot ETH wallet, leading to the theft of about $1.5 billion in ETH. The investigation (involving the FBI) tied the theft to the North Korean hacking group TraderTraitor, which allegedly gained access to a developer’s device to retrieve private keys. Bybit’s response included immediately freezing deposits/withdrawals, conducting an emergency security audit, and, within days, announcing full reimbursement using the exchange’s reserves and help from partners. Clients did not lose any funds — crucially important. Subsequently, Bybit introduced additional security protocols: tighter access control to wallets, multi-level transaction approval, and thorough audits of smart contracts (for custodial solutions). The exchange also launched an updated Proof-of-Reserves system with independent auditors to rebuild user trust. This hack undoubtedly impacted Bybit’s reputation, yet transparency and swift compensation played in its favor. While many competitors either shut down or partially compensated after breaches, Bybit took full responsibility.
• Insurance Fund and Risk Management. For derivatives, Bybit has an Insurance Fund designed to cover shortfalls if a liquidated position lacks sufficient collateral to pay out to the counterparty. This prevents losses from spilling over to other traders (avoiding Auto-Deleveraging). The size of the insurance fund is published regularly on Bybit’s site; it’s funded by a portion of fees and liquidation penalties. Additionally, Bybit maintains deposit protection funds for Earn products — if a given product (e.g., DeFi staking) incurs losses, the exchange may reimburse participants from its reserves (within reason). However, remember that deposits on a centralized exchange are not state-insured like bank deposits. Bybit is not part of programs like FDIC in the US or equivalents elsewhere. Therefore, users must evaluate risks themselves and avoid storing more on the exchange than needed for active trading.
• Technical Security. Bybit employs standard industry cybersecurity practices: two-factor authentication (2FA) for logins and withdrawals (via Google Authenticator or SMS), an anti-phishing code in emails (to ensure authenticity), and the option to set a withdrawal whitelist (withdrawals only possible to pre-approved addresses). All connections are encrypted via HTTPS, and passwords are stored as hashed values. There have been no reports of user account compromises due to a platform vulnerability; past account breaches occurred through user error (phishing, malware, etc.). Consequently, enabling 2FA and practicing good password hygiene is strongly advised.
• KYC and AML Compliance. Bybit initially allowed trading without identity verification (KYC) up to certain limits, appealing to privacy-focused users. But since summer 2023, responding to global trends, Bybit made KYC mandatory for all. Currently, you must verify your identity for withdrawals and full functionality — uploading a passport/ID and a selfie. Verification usually takes minutes to a day. Bybit explains it as a regulatory requirement and a security measure: KYC helps prevent fraud and illicit activities. For instance, suspicious accounts may be frozen pending an investigation — a source of negative feedback from users who claim “freezing without reason.” In reality, 99% of such freezes involve T&C violations or questionable transactions. For most traders, KYC provides benefits: higher withdrawal limits and access to all features. Still, privacy-minded users dislike this step.
• Past Incidents. No major hacks were recorded before the 2025 breach. In 2019–2020, there were standard “API attacks” targeting individual users (where unscrupulous bots with open API keys caused forced liquidations), but the exchange addressed it by adding advanced API restrictions. In 2021, Bybit briefly halted ETH withdrawals over a vulnerability in one token’s smart contract — user funds were not harmed. In 2023, regulators in Japan and Brazil warned Bybit about unlicensed operations, leading the exchange to restrict access for users in those regions and ask them to withdraw funds. These examples show that Bybit, like any big platform, faces threats yet generally demonstrates accountability in responding to them.

Bybit invests heavily in security — multi-layered wallets, strict access control, and an in-house cyber division. However, the recent hack is a reminder that no centralized custody is 100% immune in crypto. Users should remain cautious: it’s wise to keep large sums in personal cold wallets and only keep on the exchange what’s required for active trading. Bybit itself has become more transparent post-incident: it publishes proof-of-reserves data (as of early 2025, the exchange holds roughly $11 billion in BTC, ETH, USDT, etc., exceeding user balances), promptly notifies about any technical issues via social media, and compensates users for losses caused by the exchange. For example, when a technical glitch in spring 2024 caused some orders to fill at incorrect prices, Bybit canceled those trades and refunded the balances. Such an approach builds trust. Ultimately, it’s each user’s decision whether to entrust their assets to a particular exchange. By industry standards, Bybit demonstrates a high level of reliability, as evidenced by Traders Union naming it a “reliable and secure platform” for crypto trading in late 2023.

Real Bybit Reviews: Pros and Cons According to Traders

No review is complete without hearing from actual users. We analyzed hundreds of Bybit reviews on various sites: Trustpilot, Reddit, forums (Bits.Media, Smart-Lab), plus Russian-language platforms (Wellcrypto, Otzovik, Crypto.ru). Opinions are wide-ranging — from enthusiastic praise to scathing critiques. Below is a balanced overview of Bybit’s reputation, highlighting recurring positives and negatives cited by traders.

Positive Reviews and Bybit’s Strong Points

Many clients commend Bybit for its well-thought-out functionality and favorable conditions. Key pros mentioned by users include:

• Low Fees and Profitable Trading. Traders appreciate that Bybit charges minimal fees, especially on futures. Some experienced market participants note that there are even maker rebates, effectively letting them earn more. “The platform offers minimal fees (they even pay a bonus for placing limit orders),” reads one review. Also frequently cited are tight spreads on derivatives. Collectively, this makes Bybit extremely lucrative for active scalpers and market makers.
• High Liquidity and Fast Matching Engine. According to reviews, orders fill instantly with no lag, even at peak volatility. Derivatives traders say, “the platform never lags even during extreme price movements,” “the engine doesn’t freeze on wild spikes,” “no downtime even on big candle moves.” Bybit is indeed recognized for its technical infrastructure, and user feedback affirms this. Consequently, the exchange is ideal for algo traders and participants in trading tournaments, where accuracy and speed are crucial.
• Wide Range of Instruments. Users value the diverse markets on Bybit. Many praise the platform for not only spot and futures but also options, perpetual swaps, and leveraged tokens. One trader writes, “Their options platform is amazing! Market makers offer tight spreads... new spot pairs with margin are ideal for scalping.” Essentially, professionals can implement almost any strategy on Bybit — from basic altcoin buying to complex option structures.
• Beginner-Friendliness. Despite its array of advanced products, Bybit strives to remain accessible. Positive feedback highlights the intuitive interface and wealth of educational materials. The Russian-speaking community specifically notes that the site and app are translated into Russian, and the Help Center is filled with guides. “It’s oriented towards beginners. The Help section is packed with manuals and tutorials,” one user reports. Newcomers also like the copy-trading feature — following signals from seasoned traders. “Has anyone tried copy-trading yet? Curious about the experience,” someone asks, reflecting interest in that function. Overall, feedback suggests Bybit is suitable for both pros and novices, providing tools for learning and growth.
• Passive Income and Bonuses. Many appreciate that, in addition to active trading, Bybit offers passive earning options: staking, farming, and deposit products. They particularly mention the ByFi Center (now Bybit Earn), which includes flexible staking and even dual mining. “Their ByFi section offers unique mining options, including flexible staking and the possibility of mining two crypto assets simultaneously.” Yields are competitive (10–15% APY on stablecoins during promotions). Additionally, Bybit often runs bonus giveaways, airdrops, and trading competitions. Users mention the WSOT tournaments, where some have won significant prizes: “I won $5k in the last tournament... next time I’m aiming for the top!”; “Won 2 BTC in the last trading competition.” Such success stories inspire the community.
• Reliability and Support. Despite the hacking episode, many reviews continue to trust Bybit, noting that all funds remain intact and withdrawals function properly. Account security is also praised: with 2FA, people rarely face issues, and verification is quick. The 24/7 support is another point of mention: “24/7 support,” one user states succinctly. Bybit offers multi-language support, including Russian. This doesn’t mean complaints never occur (see the cons below), but overall, support tends to be favorably reviewed.

Of course, positive reviews can be enthusiastic, but the fact that multiple users repeatedly point out the same advantages is telling. In sum, Bybit’s strengths include low fees, robust performance and liquidity, wide-ranging features, and a user-centric focus. The exchange has established a reputation as a modern, reliable platform that many claim is now their primary venue. Its user base has soared to tens of millions, supporting this status. It’s no accident that so many have switched from other exchanges.

Negative Reviews and Common Complaints

Now for the flip side. Not everyone is pleased with Bybit — the exchange faces substantial criticism on certain sites. What triggers user dissatisfaction?

• Claims of Unfair Practices and Frozen Accounts. On platforms like Trustpilot, negative comments dominate, with Bybit scoring an average 2.6 out of 5. Chief complaints include account and fund freezes without explanation and allegations of manipulation. One angry reviewer labels Bybit “a scam exchange set up by a Chinese fraudster... they manipulate prices and take positions against you to make you lose in futures.” These are serious accusations. Bybit denies them, and no hard evidence has surfaced. Most commonly, accounts are frozen due to rule violations (multi-accounts, illicit funds) or KYC issues. Reddit also contains cautionary tales: “Be careful with your funds on Bybit — they can freeze your money.” Others respond that everything is fine if you comply with the rules: “Just complete KYC, you’ll be okay. I’ve been trading on Bybit without problems.” Still, there’s no denying that the internet abounds with negative anecdotes. Some could be posted by competitors or disgruntled traders who lost money and blame the exchange. Nevertheless, it’s a reminder to strictly follow the platform’s terms to avoid compliance flags.
• The Hack and Related Fears. After the 2025 breach, many users felt uneasy about fund security. On social media, some asked, “If even Bybit’s cold wallet can be hacked, where’s the guarantee for our BTC?” While Bybit reimbursed users, the incident left a mark. Some still hesitate to hold large amounts on Bybit, preferring to withdraw to personal wallets after trading. Reviews often recommend “not storing more on the exchange than you can afford to lose.” Although this advice applies to all CEXs, it has become especially relevant for Bybit. Fortunately, no similar hacks have occurred since February 2025, and Bybit frequently publishes security updates, emphasizing that they’ve strengthened defenses and hired external firms for code audits. Nonetheless, trust eroded for some, and it may take time to fully rebuild confidence.
• Regulatory and Legal Uncertainty. Negative reviews mention that Bybit operates offshore and is not overseen by strict regulators. Some see this as a plus (fewer formalities), while others worry about lacking legal recourse. For instance, a user in the US or EU might feel vulnerable without the consumer protections offered by local licensed exchanges. There was also a wave of EU policy tightening in 2023, with some European banks blocking transfers linked to Bybit due to it being unlicensed locally. Bybit warns about operating in jurisdictions where it lacks full licensing, advising such users to refrain. For Russians, it’s actually a benefit that Bybit isn’t under sanctions, but on a global scale, unregulated status can cut both ways. Some negative comments reference a lack of transparency in certain areas. For example, one reviewer complained, “Some important information is not publicly available — you have to email support and wait a day for a reply.” Possibly they meant financial statements or metrics that a stricter regulatory environment would mandate. So there’s room for Bybit to increase transparency.
• Complexity for Beginners. Although Bybit tries to be user-friendly, some newcomers are intimidated by the multitude of features. Negative feedback sometimes mentions an overloaded interface and excessive pro-level jargon. Some users don’t understand the difference between order types or why their futures position was liquidated (lack of knowledge about margin mechanics). Of course, this is more about user inexperience than the platform per se. Still, it suggests that Bybit is less intuitive for absolute novices than, say, Coinbase or Binance Lite. Many advise, “Start small and learn first” or “Try the demo account” (Bybit does have a testnet, though it’s not widely publicized).



• Customer Support — Not Always Perfect. While the majority of support reviews are positive, there are complaints. Some users cite slow or generic responses. For instance, on Smart-Lab, one user claimed that a platform glitch caused them losses and support “acted unprofessionally” and refused compensation. Such incidents are rare but frustrating for those affected. One must remember that support operates within company policies. If they refused reimbursement, Bybit likely found no fault on its side. Overall, reviews suggest Bybit’s support is better than many competitors’ (e.g., Binance’s notoriously slow support), and having Russian-speaking agents is a big plus in the CIS market.
• Other Drawbacks. Minor points in user reviews include shortcomings in the mobile app (e.g., the lack of a dark mode, inconvenient for the eyes), limited direct fiat withdrawal methods (P2P is the main option, some users want direct bank payouts), sporadic wide spreads on obscure tokens (when liquidity is low), and mandatory KYC (loss of anonymity). Some also mention the interface being cluttered with promotional banners, which can be distracting, though that’s subjective.

In summary, negative reviews primarily revolve around risks: frozen accounts, hacking, personal losses from inexperience. Complaints of “the exchange trading against users” or “scamming” also appear, yet there’s no concrete proof of such misconduct (like insider trading or failure to honor withdrawal requests) akin to what befell bankrupt exchanges in the past. It’s crucial to filter these reviews carefully: satisfied users seldom post, whereas dissatisfied traders do. Our analysis indicates that if you follow Bybit’s rules and understand how its products work, most are satisfied. However, some criticisms — especially about security and regulations — are valid and underscore the importance of not idolizing any platform.

Conclusion: Bybit’s advantages significantly outweigh its drawbacks for its core audience of active crypto traders. But if you prioritize complete peace of mind and governmental oversight, you might lean toward more conservative alternatives. For those ready to tap into the benefits of a cutting-edge exchange, Bybit offers genuinely extensive capabilities, provided you understand the risks and manage them accordingly.

Registration and Verification on Bybit: A Step-by-Step Guide

Creating an Account

If you’ve decided to try Bybit, you’ll need to register an account and complete any required checks. Registration and identity confirmation on Bybit are quite straightforward:

Go to the official site Bybit.com or open the Bybit mobile app. Click Sign Up / Register. You can sign up using your email or phone number. Enter a valid email (or phone) and create a password. Make sure your password is secure: at least 8 characters, preferably with uppercase letters, digits, and special characters. If you have a referral code from a friend or promotion, enter it during registration for possible benefits (like a fee discount or a small USDT deposit bonus).

Confirming Email/Phone

Bybit will send a confirmation code to the email or phone you provided. Enter it on the site to verify. Then your account is created. You can enable 2FA at this stage (Bybit will prompt you to set up Google Authenticator, which is highly recommended).

Setting Up Your Profile and KYC

Upon logging in, you’ll land in your personal dashboard. You’ll be prompted to complete KYC. As of 2025, KYC is mandatory, so it’s best done right away to avoid restrictions. Click “Verify Identity.” Choose your region and upload scans of your documents: passport, national ID card, or driver’s license (from the supported list). You’ll also be asked for a selfie photo or a short video to confirm the document is yours. Bybit uses automated solutions (e.g., SumSub), so most verifications take a few minutes to an hour; some require manual review up to a day. Your verification status will appear in your profile. Once approved, your account reaches Level 1, allowing withdrawals of up to 100 BTC per day. That’s more than enough for most users. Important: provide accurate information, or your withdrawals could be blocked. If your passport uses Cyrillic, it’s best to submit an international version or one that includes a Latin transcription of your name.

Enabling Security

In your account settings, confirm that you have 2FA enabled for logins and withdrawals. Link Google Authenticator: scan the QR code and enter the generated code — this activates 2FA. Store the backup code safely in case you lose your phone. You can also set up an anti-phishing code: a word or phrase displayed in all official Bybit emails so you know they’re authentic. We also strongly recommend enabling email/SMS withdrawal verification — each withdrawal request requires a confirmation code. These measures take a few minutes but greatly enhance the security of your funds.

Funding Your Account

With registration complete and your account verified, you’re ready to trade. First, you need to deposit funds. Click “Deposit.” Bybit will generate a wallet address for each cryptocurrency. Select the desired coin (for instance, USDT on TRC-20 for lower network fees) and send it from your external wallet. If you don’t already have crypto, you can buy it on Bybit with fiat: via P2P (choose an offer and pay the seller directly to receive USDT to your balance) or via bank card (Visa/MC) through third-party gateways. Fees and rates vary by provider. After the deposit is confirmed (usually within a minute or after the required network confirmations), your funds will appear in your Spot Account. If you plan to trade derivatives, simply transfer the required amount from your spot wallet to your Derivatives Account internally (instant and free).

That’s it — you’re ready to trade on Bybit. Click “Trade” to open the trading interface, pick your market (spot, USDT perpetual, options, etc.), pair, and place orders.

Some tips for registration and account management:

• Monitor your email. Bybit sends critical notices: logins from new devices, withdrawal confirmations, security alerts. If you receive a login notice you didn’t initiate, immediately change your password and contact support — your credentials might be compromised.
• New user bonuses. Bybit frequently offers welcome rewards: for initial deposits, certain trading volumes, or completing quizzes (in the Rewards Hub). Check current promotions — you might receive a USDT bonus or reduced fees on initial trades.
• Verification levels. Beyond basic KYC (Level 1), Bybit offers Level 2 verification requiring proof of address (e.g., a utility bill). This allows very high withdrawal limits (up to $2M) and may expedite dispute resolution. Most normal traders don’t need it, but large investors might.
• Support. If you encounter any issues (for example, if KYC remains pending too long), contact support (the “Support” chat button at the bottom of the site). Usually, they’ll resolve the problem quickly, advising on any missing steps or documents.

All in all, Bybit’s sign-up process is comparable to other exchanges and is quite user-friendly. Even beginners can complete registration within 10–15 minutes by following these steps. Just remember to prioritize security — the crypto world places personal responsibility on each participant. Fortunately, Bybit’s features make safeguarding your account straightforward. Once set up, you can explore the exchange’s vast functionality (discussed next).

Igor Lementov - Financial Expert and Analyst at Trading-Today.net