Bybit Exchange Reviewed in 2025: Features, Benefits, and More

The world of cryptocurrency can feel like a maze, especially with over 2,000 exchanges available today, according to Blockspot.io. For newcomers, the options can be overwhelming.

Each exchange offers its own blend of features, trading pairs, and fee structures, so it’s important you take the time to evaluate your choices before diving in. Key factors like security, user experience, liquidity, and the variety of assets on offer are crucial for creating a safe and efficient trading environment.

With security breaches and regulatory hurdles popping up frequently, assessing an exchange's reliability is paramount. It's not just about safety, either — having a diverse range of trading options, a user-friendly interface, and responsive customer support can greatly enhance your trading experience.

Bybit is one exchange that checks all of these boxes.

In this review, we will cover how Bybit’s fee system works in practice, including VIP tiers, maker/taker basics, funding, and hidden costs like slippage and conversions. We will also look at what you can trade: spot markets, derivatives, options, copy trading, Aurora AI suggestions, and built-in bots. Finally, we will compare Bybit with Binance, Coinbase, Kraken, and more, to see how it stacks up on access, tools, and costs.

If you are new, we will keep things clear and easy to follow. If you are an experienced trader, we will dive into the details that impact profits and losses. By the end, you will know whether Bybit is a good fit for your trading style.

2025 Developments & Critical Updates

Regulatory Status, Access and Compliance

• Jurisdictions and licenses (MiCA): Bybit EU obtained a MiCA license for spot trading in Austria in June 2025. Derivatives are limited under MiCA. The company is seeking a MiFID II license to offer regulated derivatives in Europe.
• Enforcement actions and responses: India’s FIU-IND imposed a penalty of $1.1 million in January 2025. Bybit later registered with FIU-IND and restored full access for Indian users after taking compliance steps.
• Feature and KYC implications: Expect EU spot under MiCA now, with derivatives possibly later. Access varies by region. Some countries remain restricted (including the U.S., U.K., Canada, Singapore, Hong Kong, and France), which affects available features and required KYC levels.

Market Position and Scale

• Rank and users: Bybit describes itself as the world’s second-largest exchange by trading volume and reports more than 75 million users as per its website today.
• Liquidity and TPS: Bybit advertises a 100,000 TPS matching engine across markets.
• Coverage: EEA users can access bybit.eu. The restricted countries list is maintained in the Help Center and updated periodically.

What Is Bybit Exchange?

Bybit is a Dubai-based centralized crypto exchange (CEX) founded in 2018 by CEO Ben Zhou, originally focused on derivatives and now offering a broader suite spanning spot, futures/perpetuals, options, P2P, and yield products.

Company Background & 2025 Evolution

Bybit was founded by Ben Zhou, a former forex guy, who’s still running the show as CEO. At first, it was operating out of Singapore, but later it moved its base to Dubai, chasing a friendlier regulatory setup. The UAE regulator, VARA, gave Bybit a kind of “provisional approval” in 2024 — not full clearance yet, but enough to say the exchange is welcome there for now. That set the stage for Bybit to pitch itself as one of the big names in the Middle East’s crypto scene.

The road hasn't been smooth. In February 2025, Bybit got hit with what turned out to be the biggest crypto hack ever. About $1.5 billion worth of ETH vanished during a wallet transfer. U.S. officials later pinned the blame on North Korea’s Lazarus Group. The company was quick to say customers weren’t hurt, stressing that it holds a one-to-one reserve. Soon after, Bybit trimmed down side projects — things like its NFT marketplace and other Web3 experiments — and started talking more about getting “back to basics” with core trading products.

The regulatory story has been uneven, too. Bybit left Canada and the UK in 2023 because of tighter rules there, especially around promotions and derivatives. In France, it was blacklisted by the French regulator AMF for a while, but was removed in 2025. The pattern is clear enough: stick around in places with clearer rules, pull back where things get too restrictive.

Despite all this, Bybit has more than 70 million users and still sits near the top of the leaderboard for derivatives trading volume.

Target Audience and Positioning

Who is Bybit designed for?

• Core: Derivatives/power users who value deep perps/options liquidity, tiered fees, and API connectivity. The platform’s features (copy trading, bots, unified margin, options) and fee ladder appeal to active traders.
• Also serves: Beginners via spot, P2P, and simplified Easy Earn—but the exchange’s derivatives emphasis means novices should beware leverage/complexity.

Differentiators vs Binance / Coinbase / Kraken

• Product breadth: Bybit leans hardest into derivatives + copy trading; Binance is broader globally (listings/ecosystem), Coinbase prioritizes regulatory compliance and fiat access in the U.S./EU, and Kraken emphasizes security, transparency, and U.S./EU licensing—with more conservative product listings. (Use this as positioning guidance; verify exact availability in your readers’ regions.)
• Fees: Bybit’s headline tiers (spot ~0.10%, perps 0.02%/0.055%) are competitive with Binance/Kraken entry pricing; total cost depends on VIP tier, promos and, for Binance spot, BNB discounts.
• Regulation: Coinbase/Kraken operate under extensive U.S./EU licensing; Bybit’s Dubai VARA path and mixed coverage (e.g., UK pause 2023, Canada exit 2023, evolving status in France/EU) make regional availability more variable.
• UX: Bybit’s trading UI is built for speed (derivatives screens, ladder trading, options), plus Copy Trading as an on-ramp for less-experienced users who still want exposure to pro flows.

Where Bybit Fits in 2025 (Post-Incident & Regulatory Shifts)

• Security credibility: The February 2025 hack is a defining event. Independent reports cite ~$1.5B stolen and FBI attribution to North Korea. Bybit asserted no client fund loss and 1:1 reserves, and publicly pivoted away from non-core Web3 to focus on trading.
• Regulatory footing: Dubai remains the strategic base (VARA path). In Western markets, coverage varies. Readers should verify local availability before onboarding
• Founding, leadership, HQ and expansions: Bybit launched in 2018 with a derivatives focus. It has since grown into a multi-product exchange and now operates an EU base in Vienna with a MiCA-licensed bybit.eu platform for spot services serving EEA users.
• Product evolution: Bybit started as derivatives-first, offering inverse and USDT or USDC perpetuals, then added options, spot, Earn, copy trading, bots and P2P. Its NFT and Launchpad pages were discontinued on April 8, 2025.
• Pro-trader and institutional traction: Bybit Institutional, OTC and block trading support large flows with deep liquidity, negotiated pricing, lower impact.

Platform Features

Bybit’s features range from simple spot trading to advanced derivatives and automation. Here’s a look at what you can actually use: order types, leverage rules, options, AI tools and bots, yield products, P2P, and Launchpad. Along the way, we’ll also highlight key things to watch out for, like funding rates, liquidation rules, and regional KYC requirements.

1. Spot Trading

Bybit offers a wide range of spot pairs with both simple and advanced order controls. You can place market, limit, and conditional orders, as well as TP/SL and OCO orders. Extra settings include post-only (ensures maker orders) and reduce-only (avoids increasing position size). Supported coins and pairs are listed in the app and on asset lists. Charts, depth, order book, and watchlists are built in.

2. Margin & Leverage

Leverage and margin requirements vary by asset and risk tier, and Bybit provides contract-specific details. If liquidation occurs, positions close near the bankruptcy price, and the Insurance Fund covers deficits when needed. Perpetuals include funding, charged or paid using a set formula (Position Value × Funding Rate). As a guide: at 10× leverage, a 1% price move equals about a 10% PnL change (before fees and funding).

3. Derivatives & Options (Core Strength)

Perpetuals are available in USDT- or USDC-margined and inverse formats. Settlement and indexing rules are explained in the derivatives section of the app. Bybit’s USDC/USDT options are European-style, cash-settled, and automatically exercised at expiry. The interface also shows Greeks and implied volatility. The matching engine is promoted at 100,000 TPS, which matters during fast-moving markets.

4. Aurora AI, Copy Trading & Bots (Advanced Features)

Aurora AI suggests preset bot parameters across different strategies and connects to Spot and Futures bot creation. Copy Trading lets you follow master traders with the same fee structure as derivatives, along with follower controls (modes, limits) and risk alerts. Pro mode shows drawdown and margin health signals. Built-in bots include Spot Grid, Futures Grid, DCA, and Martingale, with tutorials, templates, and backtests in the app. Always manage compounding and drawdown risk carefully.

5. Bybit Earn & Yield

“Easy Earn” offers flexible and fixed savings options, while Dual Asset provides short-term structured products. APRs change with market conditions and are displayed in-app. Bybit also supports on-chain staking via Earn/Web3. Be sure to read product details for lockup rules, early-redemption limits, and the risk of principal loss in structured products.

6. P2P, Launchpad, NFT & Extras

P2P trading requires KYC and supports multiple fiat and coins, with dispute and appeal processes. Launchpad participation also requires at least KYC Level 1 and works through USDT or MNT subscription, with snapshot, lottery, and defined distribution mechanics.

Note: Bybit Web3’s NFT marketplace and IDO pages were closed on April 8, 2025, as mentioned above.

Bybit’s toolkit leans pro derivatives, options, and automation, but also keeps accessible products like spot and Easy Earn. Most advanced features require higher KYC and vary by region. Speaking of KYC, do check out our guide on the importance of KYC and AML.

Bybit Fees

Bybit’s fees are structured in tiers, with discounts based on your trading volume or asset balance. The platform uses a maker/taker model across spot, derivatives, and options, with different fee ladders for retail and professional traders.

Below is a breakdown of how the VIP and Pro tiers work, followed by product-specific fees and other costs to be aware of.

VIP Tiers & Discounts (Maker/Taker)

(Qualify via either 30-day volume or asset balance; actual fee depends on your tier.)

Sources: Bybit Trading Fee Structure & VIP Program (rates, thresholds).

Pro Tiers (Pro 1–6) — Fee Ladder

Perps taker rates at Pro 3–5 depend on contract groupings (e.g., top USDT perps vs. other USDT perps vs. inverse).

Sources: Bybit Trading Fee Structure (Pro tab) and Bybit fee-structure update for Pro/MM notice.

Rebates & promos: Institutional makers can receive maker rebates via the Market Maker Incentive Program. Retail promos (Rewards Hub) sometimes include Fee Savers or Fee Discounts. Campaigns change, so check the respective pages.

Product-Specific Fees

(VIP discounts apply per your tier.)

Tip: Regions and products can have specific fee rules, so always verify in your My Fee Rates page before running calculators.

Hidden/Indirect Costs

• Network withdrawals: Fixed per-asset fee; Bybit may adjust miner fees to speed confirmations. Internal transfers between Bybit accounts are free.
• Market frictions: Slippage on thin books and perp/option premium/discounts vs. spot can dominate costs in volatile periods. Providing liquidity as a maker can reduce fees.
• Conversions: FX or crypto conversions (e.g., card payments, Web3 gas conversions) can add spread-based costs beyond trading fees.

Tip: Fees and eligibility vary by region and product. Always cross-check the Trading Fee Structure and your My Fee Rates page before using calculators.

Account Setup & Verification

Getting started on Bybit is straightforward. The platform makes it quick to create an account, test the features in demo mode, and then verify your identity through different KYC levels. Access and limits depend on your region and the tier you complete.

Registration Walkthrough

• Quick sign-up: Create an account on the website or app using your email or mobile number, set a password, and confirm with a code. Strengthen security right away by enabling 2FA, a fund password, an anti-phishing code, and secure approval prompts.
• Demo mode: New users can practice with Demo Trading using a simulated balance and live market data before risking real funds. You can switch between live and demo from the main menu at any time.

KYC Tiers & Unlocks

• Levels and documents: Bybit has three ID tiers: Standard, Advanced, and Pro. Standard requires a government ID and a liveness check. Advanced adds proof of address, while Pro requires extra details for higher limits. Step-by-step guides are built into the app.
• Timelines and limits: Bybit requires identity verification for most products and services. Each higher tier raises withdrawal limits and unlocks more features. Details are shown in the “Benefits of Different KYC Levels” section.
• Regional exceptions: Access depends on your country. Users in restricted regions, including the U.S., U.K., Canada, Singapore, Hong Kong, France, and others, from where you cannot use Bybit’s global platform.

Bybit Security & Safety

After 2025’s wake-up call, security is central to Bybit’s operations. Below, we cover how the platform says it protects funds, the tools you can enable yourself, what proof-of-reserves actually shows, and how licensing now affects which features you can access.

Current Security Stack

Bybit states that most client assets are stored offline in cold wallets, protected with multi-signature, TEE, and TSS controls. On the user side, security features include 2FA, passkeys (FIDO), Secure Transaction Approval that designates a primary device for confirmations, withdrawal address whitelists, and anti-phishing codes in official emails and SMS. For automated access, API keys offer detailed permission settings and IP allowlisting.

Proof-of-Reserves & Transparency

Bybit runs a Proof-of-Reserves program using a Merkle-tree system that lets you verify your balance. You can open the PoR page, retrieve your Merkle path, and compare it with the published reserve ratios and wallet snapshots. Third-party audit reports, such as those from Hacken, are posted periodically. In simple terms, PoR shows that assets are equal to or greater than liabilities for covered coins. However, it is not a guarantee of future solvency, so treat it as one of several transparency checks.

Trust & Regulatory Standing

Access depends on your jurisdiction. Bybit lists excluded regions such as the United States, United Kingdom, Canada, Singapore, Hong Kong, and France in its Help Center, and applies product restrictions through KYC. In the EU, Bybit EU in Vienna now operates with a MiCAR license through bybit.eu, offering spot services today, while derivatives will require additional permissions. This means EEA users can expect clearer rules, while the global platform stays restricted in listed regions.

After the 2025 incident, Bybit highlights cold storage, user-level security tools, and verifiable PoR, with compliance by region shaping which products are available. Always enable security protections and confirm your PoR inclusion regularly.

Derivatives Trading Tutorial

Perpetual futures can look intimidating until you understand what drives PnL and liquidations. This primer walks through how Bybit’s contracts work, covering mark price, funding, and cross versus isolated margin, along with the steps to open, adjust, and close a trade. It also includes a straightforward risk playbook so you avoid costly mistakes.

Perpetual Futures 101

Perps track a mark price (spot index ± basis), which determines PnL and liquidation, not the last traded price. You can choose Isolated margin, where collateral is ring-fenced per position, or Cross margin, where collateral is shared across positions. Switching is supported in the Unified Trading Account. Bybit updated margin rules in 2025 so that the mark price now factors more directly into initial and maintenance margin under Cross.

Funding is periodic and calculated as: Funding Fee = Position Value × Funding Rate. The rate comes from a Premium Index and is clamped to avoid extremes. If the Insurance Fund cannot absorb losses at the bankruptcy price, ADL may deleverage opposing positions.

Quick Walkthrough

1. Open: Pick leverage, set TP/SL on the order ticket, and use post-only for maker fills or reduce-only to avoid accidental size increases.
2. Adjust: Edit TP/SL or size in the position panel. Auto Margin Replenishment (AMR) can add margin before maintenance margin is breached on USDT perps in Isolated mode.
3. Close: Use market, limit, or TP orders. If liquidation occurs, the engine closes the trade near the bankruptcy price.

Realistic PnL & Liquidation

• A +2% move at 10× leverage equals about +20% return on margin (excluding fees, funding, and slippage).
• A +2% move at 20× equals about +40%, while a −2% move could wipe ~40%. Larger moves can trigger liquidation, especially in Isolated margin.

Use the in-ticket PnL Calculator for exact entry, target, and risk math.

Risk Management Playbook

• Sizing: Define your maximum loss per trade. For larger positions, widen risk limits to reduce ADL risk.
• Stops: Prefer stop-market orders for reliability in volatile markets, and use trailing stops if a trend continues.
• Hedging: Offset perp exposure with opposite perps or options. Cross margin can help balance positions at the portfolio level, but it increases correlation risk.

Tip: Always check funding timestamps, leverage caps, and risk limits on the specific contract page before entering a trade. Most importantly, do ready our exclusive guide on risk mitigation for safer trading.

Mobile App Review

If you trade on the move, Bybit’s mobile app is designed to be your pocket terminal. It provides watchlists, charting, order tickets, and position management without digging through menus. We will focus on what matters most day to day: placing and adjusting orders, managing risk, and handling funding or P2P on iOS and Android.

Interface & Navigation

The Bybit app mirrors the web platform on both iOS and Android. It uses clean tabs for Markets, Trade, and Derivatives, with watchlists, order book depth, and TradingView-powered charts.

Order Tickets & Position Management

Mobile tickets support market, limit, and conditional orders with TP/SL. You can edit or close positions directly from the position panel. TradingView strategy alerts can also be routed to the app for real-time notifications.

On-the-Go Features

You can deposit, withdraw, access P2P trading with over 60 currencies, launch Copy Trading, and create bots such as Spot Grid, Futures Grid, DCA, and Martingale directly from the app. Earn products are also accessible from the home menu.

Customizable Notifications & Risk Prompts

From the Notifications page, you can choose which alerts to receive, including deposit or withdrawal suspension alerts for specific coins or chains. Risk-warning prompts may appear automatically if unusual activity is detected.

The app comfortably covers routine trading and account management, including bots, copy trading, and alerts. Power users may still prefer a desktop for deeper analysis, but mobile is more than enough for entries, exits, and risk controls. Always enable biometrics and 2FA before trading on the go.

Customer Support & Community

Support and community become especially important during market stress. Here’s how Bybit manages help requests, what languages and channels are available, and what user feedback highlights most often.

Support Channels

Bybit provides 24/7 live chat and email support through its Help Center. Business KYC cases can also be directed to [email protected]. The Help Center contains step-by-step guides, while mobile users can enable service alerts for events like deposit or withdrawal suspensions. Official community channels on Discord, Telegram, and X share announcements and updates.

Languages, Coverage, Uptime

Bybit advertises 24/7 multilingual assistance. It also posts real-time deposit and withdrawal status, along with incident updates, when disruptions occur. Region-specific FAQs and access notes are maintained in the Help Center.

User Feedback Synthesis

User reviews are mixed but generally highlight some consistent themes. On platforms like Trustpilot and TradingView reviews, traders often praise Bybit’s liquidity, low fees, and advanced tools, which align with the exchange’s positioning.

However, frequent complaints include long KYC verification times and restricted regional access, both of which are confirmed in Bybit’s official restricted-country lists. After the February 2025 incident, communications focused on transparency, with status posts and updates published regularly in the Help Center.

Bottom Line: Start with the Help Center and live chat, keep your KYC documents ready, and follow official social channels for status updates. If you trade often, enable service alerts so you are not caught off guard by maintenance or regional access issues.

Referral, Rewards & Loyalty

Bybit’s incentive system has two main levers: bringing in new traders through referrals, and keeping trading volume high through VIP perks, promos, and competitions. Here’s how the benefits work and what to watch for.

Referral Mechanics

The Referral Program pays out in two ways: task rewards through the Rewards Hub and up to 30% commission on referees’ trading fees. Commissions usually apply for 365 days after a referee signs up with your code. To qualify, referees must meet deposit and trading milestones. Rewards are reviewed for abuse prevention and distributed from a daily or monthly pool, which you can track and claim in the Rewards Hub.

For convenience, your status and progress are visible in the Rewards Hub. Bybit may hold payouts for up to 14 days for checks before release. Bybit Pay referrals have separate task pages and crediting timelines.

VIP, Promotions & Competitions

VIP status unlocks lower fees, higher limits, concierge support, and other perks. High-volume makers can also qualify for rebates through the Market Maker program. Major promotions include the World Series of Trading (WSOT), a seasonal competition with published prize pools and set eligibility rules (for example, EEA users are excluded, and Pro 3+, market makers, and institutions are not eligible).

Referral rewards, VIP discounts, and promos can reduce trading costs meaningfully, provided you qualify and follow the rules. Always check the Rewards Hub or Help Center for the latest terms, eligibility, and timelines before relying on these benefits.

Bybit vs Competitors

To see where Bybit stands, here are quick side-by-side comparisons with Binance, Coinbase, Kraken, OKX, and Bitget. These figures are pulled directly from official fee schedules and product pages. Always confirm your live rates in My Fee Rate and check regional eligibility before trading.

Bybit vs Binance — Core Differences

Bybit vs Coinbase — Where They Differ Most

Bybit vs Kraken (& Others)

Where Each Wins

• Bybit: Best for derivatives breadth and built-in automation (copy/bots) with transparent VIP ladders.
• Binance: Strongest multi-product ecosystem including options, with broad VIP programs and extensive automation tools.
• Coinbase: Compliance-first UX with Advanced trading, perps for eligible non-US users, and simple recurring buys for beginners.
• Kraken: Clear fee schedules, futures for eligible clients, Pro order tools, and strong fiat rails.

Note: Fees and product availability depend on your region, verification level, and entity. Always check your live fee tier and eligibility on each exchange’s official page before trading.

Final Verdict — Should You Trade on Bybit in 2025?

Bybit is mainly built for traders who focus on derivatives. Beginners can start with spot trading, demo mode, or copy trading to practice before using leverage. Active spot traders benefit from competitive fees, especially with VIP discounts, and strong liquidity on major pairs. Derivatives traders will find the tools and automation useful, but must understand funding rates and liquidation risks. Institutions can also explore OTC and tailored services.

Choose Bybit if you want deep derivatives markets along with built-in bots and copy trading, and if you are comfortable completing full KYC and dealing with region-specific access rules. Look elsewhere if you mainly need the simplest fiat on-ramp or if you are in a restricted market.

Before funding your account, always confirm your region’s eligibility, check the latest Proof-of-Reserves, review your fee tier, and read the product terms. Protect your account with 2FA, passkeys, and withdrawal whitelists. Start with a small deposit and withdrawal test, and always set take-profit, stop-loss, and max-loss rules before trading.

Read

• Bybit Earn Program Review
• Bybit Products and Features
• Bybit Trading Guide
• Bybit Copy Trading Review
• Bybit Card Review
• Is Bybit Safe?
• How to Sign Up on Bybit

Exchange Comparisons

• Bybit vs OKX
• Bybit vs PrimeXBT
• Bybit vs Bitget
• Bybit vs Binance
• Bybit vs KuCoin