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Key Takeaways
What You'll Learn in This Review
- Bybit's spot and futures fee structure and VIP discount methods
- Security standards and analysis of the 2025 hack incident
- 900+ supported coins and the advantages of its derivatives-focused platform
- Detailed look at copy trading, trading bots, Bybit Earn, and more
- Comparison with other exchanges and suitability for beginners vs. advanced traders
As of 2026, Bybit has over 40 million registered users across more than 160 countries. It consistently ranks among the top three exchanges globally by daily derivatives (futures) trading volume, making it extremely popular among active traders who favor leveraged trading. On the spot market, Bybit supports over 900 cryptocurrencies and more than 1,200 trading pairs, and is well-known for its rapid pace of new coin listings.
Bybit goes well beyond a simple trading platform, offering copy trading, trading bots, Bybit Earn (savings, staking, Launchpool), Bybit Card, a Web3 wallet, P2P trading, Launchpad, and options trading — all within a single ecosystem. With an intuitive interface and fast order execution (processing 100,000 transactions per second), it has built a broad user base spanning beginners to professional traders.
Founding and Growth
Bybit founder Ben Zhou is a finance industry veteran who was born in China and raised in New Zealand. He served as General Manager of the forex division at XM Group, where he developed a deep understanding of the derivatives trading market. In 2018, recognizing the potential of the Bitcoin market, he founded Bybit with the goal of building a crypto derivatives-focused exchange.
Initially, Bybit launched with an extremely simple offering — just a single BTC/USD perpetual futures contract. However, its fast execution speed and stable server performance quickly earned it a strong reputation within the trading community through word of mouth. In 2020, it introduced spot trading and began its transition into a comprehensive exchange. During the 2021 crypto bull market, its user base surged, propelling it into the ranks of major global exchanges. It later relocated its headquarters from Singapore to Dubai, signaling a full-scale push into the Middle East and global markets.
Dubai Relocation and Global Expansion
In 2022, Bybit moved its global headquarters to Dubai. With the UAE offering a crypto-friendly regulatory environment, Bybit successfully obtained a full license from the Dubai Virtual Assets Regulatory Authority (VARA). This decision was widely seen as a symbolic move demonstrating Bybit's commitment to regulatory compliance.
Since then, Bybit has secured licenses and registrations in multiple jurisdictions, including Kazakhstan's AFSA (Astana Financial Services Authority) and Cyprus's CySEC, expanding its legitimate operational footprint. The exchange has also significantly boosted brand recognition through high-profile sports marketing partnerships, including an official partnership with the Red Bull Racing F1 team and a sponsorship deal with the Argentine Football Association.
Bybit Fee Structure
Bybit's trading fees are at or slightly below the industry average, with a particularly competitive fee structure for futures trading. The VIP tier discounts are substantial, making the platform increasingly cost-effective as your trading volume grows. Understanding and leveraging the fee structure can lead to significant cost savings over time.
Spot Trading Fees
The base spot trading fee is 0.1% for both Maker and Taker, which is on par with major exchanges like Binance and Bitget — essentially the industry standard rate. Bybit operates multiple VIP tiers from VIP 1 through Pro 3, based on 30-day trading volume and asset holdings, with fees decreasing progressively at each level.
| VIP Tier | Maker | Taker | 30-Day Volume Requirement |
|---|---|---|---|
| Regular | 0.1% | 0.1% | – |
| VIP 1 | 0.06% | 0.08% | $1M+ |
| VIP 2 | 0.04% | 0.06% | $5M+ |
| VIP 3 | 0.02% | 0.05% | $10M+ |
| Pro 1 | 0.018% | 0.04% | $25M+ |
Futures Trading Fees
Bybit's futures trading fees are 0.02% for Maker and 0.055% for Taker at the regular tier. The 0.02% Maker fee matches Binance and is highly competitive for futures traders. By using limit orders, you'll always pay the lower Maker fee — a small exercise in patience that can save you a considerable amount over time.
| VIP Tier | Maker | Taker |
|---|---|---|
| Regular | 0.02% | 0.055% |
| VIP 1 | 0.018% | 0.04% |
| VIP 2 | 0.01% | 0.035% |
| VIP 3 | 0.006% | 0.03% |
| Pro 1 | 0.004% | 0.025% |
With Bybit futures offering up to 100x leverage, even small fee differences can translate into significant amounts. For example, opening a $10,000 position at 100x leverage with a 0.055% Taker fee means $5.50 in fees. By using a limit order at the 0.02% Maker rate instead, you'd pay just $2 — saving more than half.
Deposit & Withdrawal Fees
Crypto deposits are free, while withdrawal fees vary depending on the coin and the blockchain network you choose. For example, withdrawing USDT via the Ethereum (ERC-20) network incurs high gas fees, but selecting a low-cost network like Tron (TRC-20) or Arbitrum can significantly reduce withdrawal costs.
For fiat deposits, bank transfers and P2P trading can be used with zero fees. You can also purchase crypto directly with a credit or debit card, though this incurs a third-party payment processor fee (typically 2–3.5%). If minimizing costs is a priority, P2P trading is the most cost-effective route.
Tips to Save on Fees
💡 Use Limit Orders: By placing limit orders instead of market orders, you'll always pay the lower Maker fee. This habit is especially important in futures trading, where the gap between Maker and Taker fees is significant.
💡 Level Up Your VIP Tier: VIP tiers are determined by your 30-day trading volume. Even reaching VIP 1 drops your spot fees to 0.06% Maker and 0.08% Taker — check if you qualify for a tier upgrade.
💡 Take Advantage of Promotions: Bybit regularly runs fee discount events, trading competitions, and deposit bonus promotions. Follow their announcements and social media channels to make sure you don't miss out on savings.
💡 Withdraw via Low-Cost Networks: Many coins support multiple blockchain networks. Choosing low-fee chains like TRC-20, Arbitrum, or Optimism can minimize your withdrawal costs significantly.
Security & Safety
Bybit operates a multi-layered security infrastructure to protect user assets, including cold wallet storage, multi-signature (Multi-Sig) technology, two-factor authentication (2FA), and Proof of Reserves (PoR) — meeting or exceeding industry standards. However, the massive hack in February 2025 exposed vulnerabilities in Bybit's security, and we cover that incident in detail below.
Key Security Features
Cold Wallet Storage
The majority of user assets are stored in cold wallets that are physically isolated from the internet. Only the minimum funds needed for routine withdrawal processing are kept in hot wallets, minimizing potential losses in the event of a breach.
Multi-Signature
Withdrawal approvals require signatures from multiple administrators. This prevents any single administrator from unilaterally moving funds, strengthening defenses against insider threats and single-point-of-access attacks.
2FA (Two-Factor Authentication)
Bybit supports multiple 2FA methods including Google Authenticator, SMS verification, and email verification. 2FA can be enforced for logins, withdrawals, and security setting changes, significantly reducing the risk of account takeover.
Proof of Reserves (PoR)
Bybit operates a Merkle tree-based Proof of Reserves system, transparently demonstrating that user assets are held at a 1:1 ratio. It is regularly verified through third-party audits, and users can independently confirm that their assets are included.
Withdrawal Address Whitelist
This feature restricts withdrawals to pre-registered wallet addresses only. Even if an account is compromised, funds cannot be sent to unregistered addresses.
Anti-Phishing Code
Official emails from Bybit include a user-defined anti-phishing code, making it easy to distinguish legitimate emails from phishing attempts.
February 2025 Hack Incident Analysis
In February 2025, Bybit suffered the largest hack in cryptocurrency exchange history. Approximately $1.5 billion worth of Ethereum was drained from a cold wallet, with North Korea's Lazarus Group widely suspected as the perpetrators.
The attackers reportedly identified a vulnerability in Bybit's multi-sig cold wallet signing process and combined it with sophisticated social engineering techniques to induce signers to approve the transactions. Technically, it was not a structural flaw in the cold wallet itself, but rather an attack that targeted the human element within the signing process.
Bybit's response to the incident was relatively swift. CEO Ben Zhou immediately disclosed the breach and pledged full reimbursement for affected users. Bybit covered the stolen assets through its own reserves and bridge loans from partners, maintaining normal operations without disrupting user withdrawals. Nevertheless, the incident served as a stark reminder that no exchange is entirely immune to hacking. Bybit has since conducted a comprehensive overhaul of its security infrastructure.
Key security enhancements implemented by Bybit following the hack include:
Supported Cryptocurrencies
Bybit supports over 900 cryptocurrencies and more than 1,200 trading pairs. Beyond major coins like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA), and Dogecoin (DOGE), you can trade a wide range of altcoins across sectors including DeFi, GameFi, AI, and meme coins.
One of Bybit's greatest strengths is the speed of new coin listings. It frequently lists promising projects before Binance, which is one reason traders looking to get in early on new coins prefer the platform. Bybit also offers opportunities to participate in projects from their earliest stages through its Launchpad and Launchpool programs.
The futures market also features an extensive selection of trading pairs. In addition to large-cap coins like BTC and ETH, futures pairs for mid- and small-cap altcoins are rapidly added, allowing you to take leveraged positions across a diverse range of assets. However, with such a large number of listings, some note that Bybit's listing standards may be less stringent than Binance's — making it important to do your own research (DYOR) before investing.
Bybit Key Services — Detailed Analysis
Bybit has evolved well beyond its origins as a futures exchange, growing into a comprehensive crypto platform encompassing spot and derivatives trading, asset management, payments, and a Web3 wallet. With multiple services available within a single app, you can address most of your needs without switching between platforms.
Futures Trading (Derivatives)
Futures trading is Bybit's core service and greatest strength. It offers three types: USDT Perpetual, USDC Perpetual, and Inverse Perpetual contracts. Maximum leverage of 100x is available, with both isolated margin and cross margin modes to choose from.
Bybit's matching engine can process over 100,000 orders per second, meaning order delays and slippage are rare even during extreme price volatility. This fast execution speed is a major advantage for scalpers and short-term traders. Advanced order types including Conditional Orders, Trailing Stop, and TP/SL (Take Profit/Stop Loss) are also supported.
- USDT Perpetual: The most popular futures type, using USDT as collateral. Supports over 300 pairs with straightforward P&L calculations.
- USDC Perpetual: Uses USDC as collateral. Preferred by traders who view USDC as a more transparent stablecoin.
- Inverse Perpetual: Contracts that use crypto assets like BTC or ETH as collateral. Useful for hedging while holding the underlying coin.
Options Trading
Bybit also supports options trading for BTC and ETH. These are European-style options that can only be exercised at expiration. USDC is used as collateral, and with various expiry dates and strike prices available, you can construct complex options strategies (spreads, straddles, etc.). Fees are approximately 0.03%.
Copy Trading
Bybit's copy trading service automatically replicates the strategies of experienced master traders. It's a useful feature for beginners or those who don't have time to actively trade.
You can transparently view each master trader's historical ROI, win rate, maximum drawdown (MDD), track record duration, and follower count, then select a trader and set up auto-copy. Followers pay a profit-sharing fee (typically 10–15%) only on generated profits, with no separate subscription charges. You can also set loss limits to manage risk and automatically stop copying if a master trader's strategy isn't performing.
Trading Bots
Bybit offers its own trading bot service completely free of charge. You can create and manage bots directly from the app or web platform without installing any third-party software.
- Grid Bot: Automatically buys low and sells high within a set price range. Supports both spot and futures grids. Particularly effective in sideways markets, and the AI-recommended settings make it easy for beginners to get started.
- DCA (Dollar Cost Averaging) Bot: Executes recurring purchases at fixed intervals for a dollar-cost averaging strategy. Ideal for long-term investors who want to avoid timing the market.
- Martingale Bot: Adds to positions as prices drop and takes profit on rebounds. Useful for lowering your average entry price in volatile markets, but exercise caution as sustained downtrends can amplify losses.
Bybit Earn (Asset Management)
- Savings: Available in Flexible and Fixed products. Flexible savings allow withdrawals at any time, while Fixed products (7, 14, 30 days, etc.) offer higher rates in exchange for locking up assets. Supports major coins including USDT, USDC, BTC, and ETH.
- Staking: Earn rewards by depositing PoS (Proof of Stake) coins and participating in network validation. Supports staking for ETH, SOL, ATOM, and more. Liquid staking options are also available, allowing you to utilize your assets even while staked.
- Launchpool: Deposit assets like BNB or USDT to earn free allocations of newly launched tokens. Popular due to the absence of principal loss risk while gaining exposure to new project tokens.
- Dual Asset: A structured product that offers higher yields by setting target prices and maturities. Since the asset you receive at maturity may vary depending on the market price, it's important to fully understand the product structure before investing.
- Liquidity Mining: Deposit assets into DEX-style liquidity pools and earn a share of trading fees as rewards.
Launchpad
Bybit Launchpad is an IEO (Initial Exchange Offering) platform where you can purchase new project tokens at a discount before they are listed. Many projects launched through Bybit's Launchpad have posted substantial returns immediately after listing, attracting users who create Bybit accounts specifically for Launchpad access. Participation requires holding a certain amount of assets (typically BIT or USDT) and completing KYC verification.
P2P Trading
Bybit P2P is a marketplace where users can buy and sell crypto directly with each other. Trading fees are 0%, and it supports a variety of payment methods including bank transfers and mobile payments. An escrow system ensures that the seller's coins are locked until the buyer completes payment, at which point the coins are automatically released. For users who cannot directly deposit fiat currency, P2P is one of the most practical ways to fund a Bybit account.
Bybit Card
The Bybit Card is a crypto debit card issued in partnership with Mastercard. When you make a purchase at a regular store, your crypto holdings are automatically converted to fiat for the transaction. It offers up to 10% cashback and can be used at any Mastercard-accepting merchant worldwide. The service is currently available to residents of the European Economic Area (EEA).
Bybit Web3 Wallet
The Bybit Web3 Wallet is a self-custodial wallet powered by MPC (multi-party computation) technology. Accessible directly within the Bybit app, it allows you to create and manage wallets securely without a seed phrase. It supports multiple networks including Ethereum, BNB Chain, Solana, Polygon, and Arbitrum, and connects directly to DEX token swaps, NFT marketplaces, and DeFi protocols.
The key advantage is the ability to seamlessly move between centralized exchange (CEX) and decentralized (DeFi) ecosystems within a single app. You can participate in IDOs (Initial DEX Offerings), claim airdrops, mint NFTs, and engage in other Web3 activities without needing a separate external wallet.
User Interface & Usability
Web Trading
Bybit's web platform features a clean, intuitive design. A dark theme is applied by default, reducing eye strain during extended trading sessions. It integrates the TradingView charting engine with over 100 technical indicators and drawing tools. Compared to Binance, Bybit's menu structure is more streamlined and better organized, allowing new users to get up to speed relatively quickly.
The futures trading interface is particularly well-crafted. The order panel, position overview, margin information, and funding rate timer are efficiently laid out on a single screen, giving you an at-a-glance view of all the information needed for complex derivatives trading. Enabling One-Click Trading lets you place orders instantly without confirmation pop-ups — a significant advantage for scalping.
Mobile App
Both the iOS and Android apps faithfully deliver all core features of the web version. Spot and futures trading, P2P, Earn services, copy trading, trading bots, and the Web3 wallet are all available in a single app. It supports real-time price alerts, biometric login, and widget functionality, with both dark and light mode options. The app is generally praised for its fast response times and stability.
Customer Support
Bybit offers 24/7 live chat customer support with multilingual assistance. Live chat is accessible via the chat icon at the bottom right of the app or website, with typical wait times of just a few minutes.
In addition, Bybit maintains an extensive FAQ library, Bybit Learn (an educational content hub), and community channels (Telegram, Discord). Bybit Learn offers a wide range of free educational materials from crypto basics to advanced trading strategies, helping lower the learning curve for beginners. However, like Binance, direct support via phone or email is not available.
Regulation & Licensing
Since relocating its headquarters to Dubai, Bybit has been actively pursuing regulatory compliance. The exchange has secured official licenses in several jurisdictions to establish a legitimate operational foundation. As of 2026, its key license holdings are as follows.
| Country/Region | License Type | Notes |
|---|---|---|
 Dubai (UAE) | VARA License | Global HQ location, key regulatory base |
 Kazakhstan | AFSA License | Astana Financial Services Authority approval |
 Cyprus | CySEC Registration | European base |
 Netherlands | DNB Registration | Dutch Central Bank VASP registration |
 Turkey | MASAK Registration | Financial Crimes Investigation Board |
 Australia | AUSTRAC Registration | Digital Currency Exchange registration |
While Bybit still holds licenses in fewer countries than Binance, obtaining the VARA license itself involved passing rigorous scrutiny, lending significant credibility from a regulatory standpoint. Dubai's VARA is widely regarded as one of the most comprehensive virtual asset regulatory frameworks in the world.
That said, Bybit's services are blocked in the United States. It is also not registered as a VASP in South Korea, meaning it does not offer a KRW market. While South Korean residents can still access Bybit, regulatory changes could affect accessibility in the future, so it's advisable to stay up to date on relevant regulations.
Bybit Pros & Cons
Here's a balanced assessment of Bybit's strengths and weaknesses, based on real-world usage and objective data.
👍 Pros
- Best-in-Class Futures Trading — With 100,000 TPS execution speed, diverse order types, and up to 100x leverage, it offers an optimized environment for derivatives traders.
- Competitive Fees — Futures Maker fee of 0.02% is among the industry's lowest, with additional discounts available through VIP tiers.
- Extensive Coin Selection — Over 900 coins with 1,200+ trading pairs and a fast pace of new listings.
- Intuitive Interface — A cleaner, more organized UI than Binance, making it relatively easy for newcomers to get acclimated.
- Rich Ecosystem of Services — Copy trading, trading bots, Earn, Launchpad, Web3 wallet, and P2P all available on a single platform.
- 24/7 Multilingual Live Chat — Multilingual customer support with reasonably fast response times.
👎 Cons
- $1.5B Hack in 2025 — The largest hack in crypto history dealt a significant blow to its security reputation. While security has since been strengthened, caution is warranted.
- Lower Volume vs. Binance — Falls behind Binance in liquidity, and some altcoin order book spreads can be wider.
- Limited Regulatory Footprint — Holds licenses in fewer jurisdictions than Binance, which may concern some investors.
- Not Available in the U.S. — U.S. residents cannot use Bybit.
- No Direct KRW Deposits — South Korean users must fund accounts via P2P or by transferring crypto from a local exchange.
How to Sign Up for Bybit (Step-by-Step Guide)
Signing up for Bybit takes just five minutes. Follow the steps below.
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Visit the Bybit Website
Signing up through the referral link below grants you a trading fee discount. Always verify that you're on the official site (bybit.com) by checking the URL. Phishing sites are regularly reported, so make it a habit to double-check the address bar.
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Create an Account with Email or Phone Number
Enter your email address (or phone number) and password. We recommend setting a strong password of at least 12 characters combining uppercase and lowercase letters, numbers, and special characters. Confirm that the referral code has been auto-filled.
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Complete KYC Identity Verification
Submit a photo of your ID (passport or government-issued ID) and a selfie to complete identity verification. Level 1 verification is typically auto-approved within minutes, and completing it unlocks full deposit, withdrawal, and trading functionality. Completing Level 2 verification (proof of address) further increases your daily withdrawal limit.
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Set Up 2FA Security
Enable two-factor authentication via Google Authenticator to protect your account. Setting up an anti-phishing code as well will help you distinguish official emails from phishing attempts. Once setup is complete, you're ready to deposit funds and start trading.
Sign Up for Bybit (Fee Discount) →
Bybit vs. Other Exchanges
Here's a side-by-side comparison of Bybit with its major competitors across key metrics. Use this to help determine which exchange best fits your trading style.
| Category | Bybit | Binance | Bitget | OKX |
|---|---|---|---|---|
| Founded | 2018 | 2017 | 2018 | 2017 |
| Spot Fees | 0.1% | 0.1% | 0.1% | 0.08–0.1% |
| Futures Fees | 0.02/0.055% | 0.02/0.05% | 0.02/0.06% | 0.02/0.05% |
| Supported Coins | 900+ | 500+ | 800+ | 350+ |
| Max Leverage | 100x | 125x | 125x | 125x |
| Key Strength | Derivatives-focused, fast listings | Highest volume & liquidity | #1 in copy trading | Web3 wallet integration |
If you're focused on futures trading or want early access to new coins, Bybit is the way to go. If maximum volume and liquidity are your priority, Binance is the better fit. If you want to follow other traders' strategies, Bitget leads the pack. And if you're interested in DeFi and Web3, OKX is your best bet. Check out our recommended exchange comparison page for a more detailed analysis. Since each exchange has different strengths, it's smart to choose a primary exchange that matches your trading style while using multiple platforms as needed.
Frequently Asked Questions (FAQ)
Is Bybit safe?
Bybit has industry-standard security infrastructure including cold wallets, multi-signature technology, 2FA, and Proof of Reserves (PoR). However, it did suffer a ~$1.5B hack in February 2025. The exchange has since overhauled its security and fully reimbursed all affected users. Since no exchange is 100% secure, we recommend storing large holdings in a personal wallet for diversified custody.
What are Bybit's fees?
Base spot trading fees are 0.1% for both Maker and Taker. Futures fees are 0.02% Maker and 0.055% Taker. Fees decrease as your VIP tier increases, and using limit orders ensures you always pay the lower Maker fee.
Is KYC verification required on Bybit?
Yes, KYC identity verification is required for trading and withdrawals. Level 1 verification requires just an ID and selfie and is usually approved within minutes. Completing Level 2 verification (proof of address) significantly increases your withdrawal limits.
Can I use Bybit from South Korea?
Yes, South Korean residents can use Bybit. However, direct KRW deposits are not available, so you'll need to fund your account via P2P trading or by transferring crypto from a domestic exchange. Accessibility may change with future regulatory developments, so stay updated on relevant laws.
What is Bybit's maximum leverage?
Bybit futures trading supports up to 100x leverage. However, high leverage amplifies both gains and losses, so we strongly recommend starting with low leverage (2–5x) if you're inexperienced.
How do I use Bybit copy trading?
Navigate to the copy trading section in the Bybit app or website to browse the list of master traders. Compare stats like ROI, win rate, and MDD, then select a trader and follow them to have their trades automatically copied. There's no subscription fee — profit sharing (10–15%) only applies when profits are generated.
What benefits does the WawaCoin referral code offer?
Signing up through WawaCoin's referral link entitles you to a trading fee discount. It's automatically applied during registration with no separate code entry required.
Are Bybit trading bots free?
Yes, all of Bybit's built-in trading bots (Grid Bot, DCA Bot, Martingale Bot, etc.) are completely free to use. No subscription fees — just set them up in the app or on the web, and only standard trading fees apply.
Which is better: Bybit or Binance?
Both are excellent exchanges with different strengths. Bybit has the edge in futures trading UI, execution speed, and new coin listings, while Binance leads in overall trading volume, liquidity, and regulatory coverage. Many traders use both exchanges in parallel.
How do I contact Bybit customer support?
Bybit offers 24/7 live chat support with multilingual assistance. Click the chat icon in the app or on the website to start a conversation immediately. Phone and email support are not available.
Conclusion
Bybit is a global cryptocurrency exchange offering a powerful derivatives-focused trading environment, support for 900+ coins, rapid new listings, and an intuitive UI. Its 100,000 TPS order processing speed and competitive 0.02% Maker futures fee make it highly attractive for active traders. The comprehensive ecosystem — encompassing copy trading, trading bots, Bybit Earn, Launchpad, and a Web3 wallet all on one platform — adds further appeal.
The $1.5B hack in February 2025 undeniably dented its security reputation. However, the swift disclosure, full user reimbursement, and subsequent comprehensive security overhaul were positively received by the industry. Bybit also holds multiple regulatory licenses, including Dubai's VARA license, demonstrating a clear commitment to compliance.
We recommend Bybit for active traders focused on futures and derivatives, those looking to invest early in new coins, and users seeking passive returns through copy trading. Its intuitive interface also makes it relatively accessible for newcomers to overseas exchanges. That said, for storing large amounts of assets, we recommend diversifying custody with a personal hardware wallet.