Last Updated: February 2, 2026 by John Smith
Bybit is the world's second-largest cryptocurrency exchange by derivatives volume, serving 80 million registered users across 160+ countries. Bybit processed roughly $1.5 trillion in total volume during 2025, briefly overtook Binance in single-day spot volume in December, and holds a 10/10 CoinGecko Trust Score. This Bybit review covers everything on the Bybit site — from registration and sign-up to withdrawals, fees to copy trading — based on hands-on testing and verified data.
The Bybit exchange lists 480+ cryptocurrencies with spot fees of 0.10% and futures fees starting at 0.02% maker / 0.055% taker. Leverage reaches 125x on perpetual contracts, copy trading connects you to 13,000+ master traders, and the Unified Trading Account lets you manage spot, margin, futures, and options from one balance. Bybit also stands out with MT5 integration — 61 forex pairs, commodities, and stock indices tradable alongside crypto — a feature no other major exchange offers.
The honest picture: Bybit delivers deep liquidity and a wide product suite with competitive fees. But the February 2025 hack ($1.46B, largest in crypto history — fully recovered, zero user losses), persistent complaints about frozen accounts and P2P fraud, no native token fee discount (unlike Binance's 25% BNB or Bitget's 20% BGB), and restrictions in the US, France, and Japan mean the exchange deserves careful evaluation alongside the praise.
| Key Facts | Details |
|---|---|
| Founded | March 2018 |
| CEO | Ben Zhou (Co-founder) |
| Registered Users | 80+ million |
| Headquarters | Dubai, UAE |
| Supported Cryptocurrencies | 480+ |
| Spot Trading Pairs | 640+ |
| Futures Trading Pairs | 700+ |
| Spot Fees (Maker/Taker) | 0.10% / 0.10% |
| Futures Fees (Maker/Taker) | 0.02% / 0.055% |
| Native Token Fee Discount | None |
| Max Futures Leverage | 125x |
| CoinGecko Trust Score | 10/10 |
| Proof of Reserves | 100%+ (Hacken-audited monthly) |
| US Availability | Not available |
For Bybit referral code details and sign-up bonuses, see our Bybit referral code guide.
What Is Bybit
Bybit is a centralized cryptocurrency exchange founded in March 2018 by Ben Zhou, a former General Manager at XM (a forex brokerage). Bybit launched as a derivatives-only exchange specializing in BTC and ETH perpetual contracts, then expanded into a full-service trading platform. Bybit Fintech Limited is registered in the British Virgin Islands and operates its primary hub from Dubai through Bybit Fintech FZE.
Bybit's growth numbers are striking. Bybit started 2025 with approximately 50 million users and ended the year at 80 million — a 60% increase despite the February hack. Bybit processes roughly $1.5 trillion in annual volume and briefly surpassed Binance in single-day spot volume on December 22, 2025, recording $9.1 billion. On its peak day (April 9, 2025), Bybit's total volume hit $35.5 billion across all products.
Bybit's product range now extends well beyond its derivatives roots. Bybit offers spot trading across 480+ coins, perpetual futures and inverse contracts, USDC options, copy trading in three modes, trading bots with AI-powered recommendations, a Unified Trading Account that consolidates all products under one balance, MT5 integration for forex and commodities, a Visa/Mastercard debit card with 2 million users, and Bybit Earn products spanning flexible savings to on-chain staking.
The 2025 pivot. Following the February hack, Bybit shut down most of its Web3 services — including the NFT marketplace, Inscription marketplace, IDO platform, Cloud Wallet, and DEX Pro — by May 2025. The strategic decision refocused the company on its core exchange business and security infrastructure. In contrast, Bybit launched Byreal (a Solana-based DEX), xStocks (tokenized US equities), and 24/5 stock CFDs, signaling a move toward traditional financial products.
Sponsorships and visibility. Bybit's three-year, $150 million Oracle Red Bull Racing sponsorship concluded at the end of 2024 (replaced by Gate.io). The World Series of Trading (WSOT) 2025 generated $172.8 billion in trading volume across 520,000+ traders, earning a Guinness World Record. This kind of community engagement supports brand recognition, though it says nothing about the platform's underlying safety.
How to Register on the Bybit Site
Bybit registration takes approximately 5 minutes and requires only an email or phone number. Unlike Bitget, the Bybit site allows basic trading without completing KYC — unverified accounts can trade spot and futures and withdraw up to 20,000 USDT per day.
Step-by-step registration on Bybit:
- Navigate to bybit.com (the official Bybit site) or download the Bybit app from the App Store or Google Play
- Click "Sign Up" in the upper right corner of the page
- Choose email or phone number for your account
- Enter your email or phone and create a strong password (8+ characters with mixed case and numbers)
- Look for the "Referral Code" field — click to expand it if collapsed — and enter VJ35PW for access to up to $30,000 in welcome bonuses
- Complete the captcha and enter the verification code sent to your email or phone
- Set up two-factor authentication (2FA) immediately via Google Authenticator
Alternative sign-up methods. Bybit supports one-click registration via Google, Apple ID, and Telegram. These skip the email/password step but still allow you to add a referral code during the process.
The referral code matters. The code field is often collapsed under "Referral Code (Optional)" — easy to miss. Enter VJ35PW before submitting.
Bybit does not allow adding referral codes after registration completes — miss this step, and the welcome bonuses are gone permanently. One narrow exception exists: affiliate codes (different from referral codes) can sometimes be added within 14 days via the Rewards Hub, but this is promotion-dependent and unreliable.
Immediate security setup. After registration, go to Account & Security and enable 2FA. Bybit supports Google Authenticator, YubiKey hardware keys, biometric authentication, and FIDO Passkeys. Also set up the anti-phishing code — a personalized phrase that appears in all legitimate Bybit emails, helping you identify phishing attempts.
Bybit KYC Verification
Bybit's KYC policy is more flexible than Binance or Bitget. Unverified accounts can still trade spot and futures and withdraw up to 20,000 USDT per day — a meaningful allowance for privacy-conscious users. However, KYC is mandatory for fiat services, P2P trading, Bybit Earn, Launchpad participation, and the Bybit Card.
KYC levels and limits:
| Verification Level | Daily Withdrawal Limit | Requirements |
|---|---|---|
| Unverified | 20,000 USDT | None |
| Level 1 (Standard) | 1,000,000 USDT | Government ID + selfie |
| Level 2 (Advanced) | 2,000,000 USDT | Level 1 + proof of address |
The verification process. Navigate to your profile and select "Identity Verification." Bybit asks for a government-issued photo ID (passport, driver's license, or national ID) and a live selfie. The automated system typically approves Level 1 applications within 30 minutes. During high-traffic periods, manual reviews can extend processing to several hours.
What KYC unlocks: Fiat deposits and withdrawals (card purchases, SEPA, SWIFT), P2P trading, Bybit Earn products, Launchpad and Launchpool participation, the Bybit Card, and higher withdrawal limits. Without KYC, you are limited to crypto-only deposits/withdrawals and basic spot and futures trading.
Bybit Trading Fees
Bybit charges competitive base rates that sit at the industry average for spot and slightly above average for futures takers. The key difference from most competitors: Bybit has no native exchange token offering fee discounts. There is no equivalent to Binance's 25% BNB discount or Bitget's 20% BGB reduction.
Spot Trading Fees
| VIP Level | 30-Day Volume / Balance | Maker Fee | Taker Fee |
|---|---|---|---|
| VIP 0 (Base) | Default | 0.100% | 0.100% |
| VIP 1 | $10M vol OR $100K bal | 0.0675% | 0.080% |
| VIP 2 | $25M vol OR $250K bal | 0.065% | 0.0775% |
| VIP 3 | $50M vol OR $500K bal | 0.0625% | 0.075% |
| VIP 4 | $100M vol OR $1M bal | 0.050% | 0.060% |
| VIP 5 | $250M vol OR $2M bal | 0.040% | 0.050% |
| Pro 3 | Application required | 0.000% | 0.020% |
Futures/Perpetual Fees
| VIP Level | Maker Fee | Taker Fee |
|---|---|---|
| VIP 0 (Base) | 0.020% | 0.055% |
| VIP 1 | 0.018% | 0.040% |
| VIP 2 | 0.016% | 0.0375% |
| VIP 3 | 0.014% | 0.035% |
| VIP 4 | 0.012% | 0.032% |
| VIP 5 | 0.010% | 0.032% |
| Supreme VIP | 0.000% | 0.030% |
At Supreme VIP, Bybit futures maker fees drop to zero — but reaching that tier requires $500 million in monthly derivatives volume, placing it firmly in institutional territory. Most retail traders remain at VIP 0-2, where Bybit's futures taker fee (0.055%) sits slightly above Binance (0.05%) and BingX (0.05%).
Options Trading Fees
Bybit is one of the few exchanges offering crypto options alongside perpetuals. Options fees are 0.02% maker and 0.03% taker at the base level, with a delivery fee of 0.015% and liquidation fee of 0.20%. Underlying assets include BTC, ETH, and SOL with European-style, cash-settled contracts.
How Bybit Fees Compare to Competitors
| Exchange | Spot Maker/Taker | Futures Maker/Taker | Token Discount |
|---|---|---|---|
| Bybit | 0.10% / 0.10% | 0.020% / 0.055% | None |
| Binance | 0.10% / 0.10% | 0.020% / 0.050% | 25% (BNB) |
| OKX | 0.08% / 0.10% | 0.020% / 0.050% | Up to 40% (OKB) |
| Bitget | 0.10% / 0.10% | 0.020% / 0.060% | 20% (BGB) |
| BingX | 0.10% / 0.10% | 0.020% / 0.050% | None |
| MEXC | 0.00% / 0.05% | 0.000% / 0.020% | 20% (MX) |
| KuCoin | 0.10% / 0.12% | 0.020% / 0.060% | 20% (KCS) |
The bottom line on fees: Bybit's futures taker fee (0.055%) is slightly higher than Binance (0.05%) and BingX (0.05%), and notably above MEXC (0.02%). The absence of a native token discount is a genuine disadvantage — Binance users effectively pay 0.075% spot fees after BNB discount, while Bybit users pay the full 0.10%. For high-frequency futures traders, this premium adds up. The VIP tier system helps, but requires substantial volume or balance to unlock meaningful savings.
Copy Trading on Bybit
Bybit launched copy trading later than competitors like Bitget and BingX but has built a multi-mode system that offers more structural variety. Bybit copy trading supports three distinct modes — Classic, Pro, and TradFi — covering crypto futures, spot, and traditional markets through MT5.
Three Copy Trading Modes
Classic Copy Trading. The standard Bybit copy trading format. Browse the master trader marketplace, review performance statistics, and allocate 50-100 USDT minimum to automatically mirror futures trades.
Followers pay 10-15% profit share to the lead trader. Classic mode works best for users who want simple, hands-off position mirroring.
Pro Copy Trading. A more sophisticated mode requiring 500 USDT minimum. Lead traders earn up to 30% profit share, but Pro mode provides deeper analytics, longer performance histories, and typically attracts traders with larger track records and more consistent returns.
TradFi Copy Trading. Launched alongside Bybit's traditional markets expansion, this mode lets followers copy strategies across forex, commodities, and index trades through the MT5 integration.
Copy Trading by the Numbers
| Metric | Value |
|---|---|
| Master traders available | 13,000+ |
| Maximum traders to follow | 10 simultaneously |
| Minimum investment (Classic) | 50-100 USDT |
| Minimum investment (Pro) | 500 USDT |
| Profit share (Classic) | 10-15% |
| Profit share (Pro) | Up to 30% |
| Supported products | USDT/USDC Perpetual, Spot, Bots |
How Bybit Copy Trading Compares
Bitget dominates on raw scale — 200,000+ lead traders, $9.2 billion quarterly volume, and the deepest selection in the market. BingX leads on accessibility — 20 USDT minimum, no KYC required, and 400,000+ elite traders. Bybit's advantage lies in structural flexibility: three copy trading modes across crypto and traditional markets. If you want variety in how you copy rather than just who you copy, Bybit offers the broadest framework.
Trading Products on the Bybit Site
Bybit has evolved from a derivatives-only platform into a comprehensive multi-asset exchange offering 480+ cryptocurrencies across spot, perpetual futures, options, and trading bots. The Bybit site provides TradingView-powered charts, a Unified Trading Account for cross-margin management, and MT5 integration for forex, commodities, and stock indices — making Bybit one of the broadest trading platforms in the industry.
Spot Trading
480+ cryptocurrencies across 640+ trading pairs. The interface uses full TradingView integration with advanced order types including limit, market, stop-limit, conditional, post-only, and iceberg orders. Bybit's matching engine processes 300,000 transactions per second with 99.99% uptime — performance comparable to Binance's infrastructure.
Perpetual Futures
The core product. Over 700 futures pairs across USDT perpetual, USDC perpetual, inverse perpetual, and inverse futures contracts. Maximum leverage reaches 125x.
Both cross and isolated margin modes are supported. Funding rates settle every eight hours. Bybit holds approximately 19.7% of the global perpetual futures market share — second only to Binance.
Options Trading
USDC-settled European-style options on BTC, ETH, and SOL. Available expirations: daily, weekly, bi-weekly, monthly, bi-monthly, and quarterly. Bybit options are cash-settled — no physical delivery of the underlying asset. Options trading is relatively niche in crypto and positions Bybit alongside OKX and Deribit for options traders.
Trading Bots
Bybit offers six bot types, all free to use (standard trading fees apply). Bybit bots include Spot Grid Bot for sideways markets, Futures Grid Bot with up to 50x leverage for volatile conditions, DCA Bot for long-term accumulation, Futures Martingale for recovery strategies, Futures Combo for auto-rebalancing portfolios, and the Aurora AI Zone — an AI-powered recommendation engine that suggests bot configurations based on market conditions and risk profile.
Unified Trading Account (UTA)
Bybit's UTA consolidates spot, margin, USDT/USDC perpetuals, futures, and options into a single account. The key benefit: cross-collateralization. You can use 70+ cryptocurrencies as margin across all products, and unrealized profits from one position can serve as margin for new positions — without manual transfers between sub-accounts.
Three margin modes are available: Isolated, Cross, and Portfolio Margin. Interest-free borrowing limits vary by VIP tier. The UTA is free to activate and represents one of Bybit's genuine competitive advantages — Binance offers a similar unified margin system, but Bybit's implementation supports a wider collateral base.
MT5 Integration
Bybit became the first cryptocurrency exchange to integrate MetaTrader 5, the standard platform for forex and commodity traders. Through MT5, users can trade 61 forex pairs, 6 metals, 13 commodities, and 18 stock indices with up to 500x leverage on forex instruments. MT5 brings 90+ technical indicators and Expert Advisors (algorithmic trading bots) to Bybit users — a genuine bridge between traditional and crypto trading.
Bybit Earn and Passive Income
Bybit offers passive income products spanning flexible savings, fixed-term deposits, on-chain staking, dual asset bets, Launchpad/Launchpool, and margin-staked SOL — covering risk profiles from conservative stablecoin yields (1-5% APR) to aggressive structured products (up to 1,008% potential APY). All Bybit Earn products require completed KYC verification before access.
Flexible Savings. Deposit major assets (BTC, ETH, USDT) and earn variable yields with no lockup. Withdraw anytime. Current APRs fluctuate by market conditions, typically ranging from 1-5% on stablecoins.
Fixed Term. Lock assets for 2-90 days at higher rates, reaching up to 7%+ APY on select products. Principal is returned at term expiration.
On-Chain Staking. Stake proof-of-stake assets through Bybit — the platform handles gas fees and validator selection. Yields reach up to 11.5% depending on the asset. Bybit also offers liquid staking for ETH, issuing LST tokens that can be traded or used as collateral while continuing to earn staking rewards.
Dual Asset. A structured product offering 0.91%-1,008% potential APY based on price predictions. These are non-principal-protected — you can lose money if the underlying asset moves against your position. Treat these as directional bets structured as yield, not as savings products.
Launchpad and Launchpool. Bybit regularly lists new tokens through its Launchpad (buy-in) and Launchpool (stake-to-earn) platforms. Recent launches have distributed up to $40 million in rewards. Note: Bybit's NFT marketplace and IDO pages were shut down on April 8, 2025, as part of the post-hack strategic pivot.
Margin-Staked SOL. A unique Bybit product offering up to 13.61% APY — users earn staking rewards while simultaneously using SOL as margin for futures trading. Bybit's staking-as-margin approach differentiates Bybit from exchanges that force a choice between staking and trading.
Is Bybit Safe? Security Analysis
Security is the most debated aspect of Bybit. Bybit holds a 10/10 CoinGecko Trust Score and publishes monthly Proof of Reserves audited by an independent firm — but Bybit also suffered the largest hack in cryptocurrency history. Both facts deserve equal weight.
The February 2025 Hack
On February 21, 2025, hackers stole approximately $1.46 billion in Ethereum (roughly 401,000 ETH) from Bybit's cold wallet. The Bybit hack was the largest cryptocurrency theft in history — surpassing the Mt. Gox collapse, the Ronin Network exploit, and every other incident by a wide margin.
How it happened. The attack was not a brute-force breach of Bybit's systems. Instead, North Korean state-sponsored hackers (the Lazarus Group, confirmed by the FBI on February 26) compromised a developer at Safe{Wallet} — the third-party multi-signature wallet provider Bybit used. The attackers injected malicious JavaScript into Safe{Wallet}'s frontend, which altered what the transaction signers saw on their screens.
Multiple authorized Bybit signers approved what appeared to be a routine cold-to-warm wallet transfer. In reality, the signed transaction changed the smart contract logic, transferring wallet ownership to the attackers.
The supply-chain distinction matters for evaluating Bybit's security. The breach exploited a vulnerability in a third-party tool, not a flaw in Bybit's internal infrastructure. That said, Bybit chose Safe{Wallet} as a vendor and relied on visual verification of transactions — both decisions that contributed to the breach.
Bybit's Response and User Impact
Bybit's response was fast and transparent:
| Timeline | Event |
|---|---|
| Feb 21, ~10 PM | CEO Ben Zhou receives call about breach |
| Feb 21, ~10:30 PM | Zhou goes live on X (Twitter), confirms hack publicly |
| Feb 21-22 (10 hours) | 350,000+ withdrawal requests processed (99.994% cleared) |
| Feb 22 | Full withdrawal services restored; $4B liquidity support from partners |
| Feb 23 | New Proof of Reserves audit published by Hacken |
| Feb 24 | Bybit recovers $1.23B ETH, fully covering the deficit |
| Feb 26 | FBI officially attributes attack to North Korea |
User impact: zero funds lost. Throughout the crisis, every Bybit user who requested a withdrawal received their funds. Bybit maintained solvency through a combination of internal reserves and emergency bridge loans — including 40,000 ETH (~$105 million) from Bitget, interest-free, repaid within three days.
Recovery Status (Early 2026)
Of the stolen $1.46 billion, approximately 68.6% of the funds remain traceable, 27.6% have been laundered through mixers and become untraceable, and 3.8% have been frozen by cooperating exchanges and authorities. A total of $42.89 million has been frozen, and $2.18 million has been paid to bounty hunters who assisted in tracking the stolen assets.
Proof of Reserves
Bybit publishes monthly Proof of Reserves audited by Hacken, an independent blockchain security firm — a significant advantage over Bitget's self-audited reports. As of December 2025, Bybit had published 29+ consecutive PoR reports covering 65+ million users and $19.2 billion in exchange reserves.
Current reserve ratios (December 17, 2025):
| Asset | User Assets | Bybit Holdings | Ratio |
|---|---|---|---|
| USDT | $5.9B | $6.1B | 102% |
| USDC | $583.5M | $658.4M | 112% |
| BTC | 59,711 | 63,206 | 105% |
| ETH | 528,519 | 536,845 | 101% |
All ratios above 100% mean Bybit holds more assets than users have deposited. Users can individually verify their inclusion at bybit.com/app/user/proof-of-reserve.
Security Features
Post-hack, Bybit commissioned nine independent security audits and implemented 50+ new security measures. Current security infrastructure includes:
Authentication. Google Authenticator, YubiKey hardware keys, biometric login, and FIDO Passkeys. Bybit calls this "Triple-Layer Protection" — combining multi-signature, TEE (Trusted Execution Environment), and TSS (Threshold Signature Scheme) technologies.
Withdrawal protection. Address whitelist, 24-hour lock for newly added addresses, fund password requirement, and anti-phishing codes for all official communications.
Cold storage. The "vast majority" of user funds remain offline. After the hack, Bybit transitioned away from Safe{Wallet} to alternative custody solutions with additional verification layers.
No SAFU-Style Insurance Fund
Unlike Binance ($1 billion SAFU fund) or Bitget ($780 million protection fund), Bybit does not maintain a dedicated user insurance fund for security breaches. Bybit does maintain an insurance fund for derivatives trading — covering liquidation losses to prevent socialized losses — but this is a different mechanism. The derivatives fund requires $8 million minimum for new contract listings and maintains a $2-4 million portfolio pool for correlated contracts.
The absence of a dedicated security insurance fund is a genuine gap. The February 2025 incident proved Bybit can recover from a catastrophic breach, but the recovery relied on emergency measures rather than a pre-funded insurance mechanism.
The Safety Verdict
Bybit's security story is complex. The largest hack in crypto history happened here. That is an undeniable fact.
But the response — full user reimbursement within 72 hours, no customer lost a dollar, 50+ new security measures, monthly independent PoR audits — sets a new standard for crisis management in the industry. Whether the recovery outweighs the breach depends on your risk tolerance. What can be said objectively: Bybit's post-hack security infrastructure is substantially stronger than what existed before February 2025.
Bybit Regulatory Status and Licenses
Bybit has aggressively expanded its regulatory footprint since 2024, accumulating licenses at a pace that puts Bybit ahead of most mid-tier exchanges. Bybit holds a MiCA license (ahead of Binance), UAE SCA approval, and registrations across Kazakhstan, Cyprus, Georgia, the Netherlands, and India.
Confirmed Licenses and Registrations
| Jurisdiction | License Type | Status | Date |
|---|---|---|---|
| EU (Austria) | MiCA License | ✅ Approved | July 2025 |
| UAE (Abu Dhabi) | SCA Virtual Asset Platform Operator | ✅ Full | October 2025 |
| UAE (Dubai) | VARA License | ⏳ Provisional | September 2024 |
| Kazakhstan | AFSA Full Exchange License | ✅ Approved | 2024 |
| Cyprus | Crypto Exchange & Custody | ✅ Authorized | 2024 |
| Georgia | VASP Registration | ✅ Registered | November 2024 |
| Netherlands | VASP Registration | ✅ Registered | 2024 |
| United Kingdom | Via FCA-regulated Archax partnership | ✅ Active | December 2025 |
| India | FIU Registration | ✅ Registered | 2024 |
MiCA compliance. Bybit obtained its MiCA license through Austria in July 2025, putting Bybit ahead of Binance (which applied in January 2026 and is still pending). The MiCA license is a meaningful regulatory advantage for European users — Bybit can operate across the EU without uncertainty about its legal status past the July 2026 MiCA deadline.
UK re-entry. After being absent from the UK market, Bybit relaunched spot trading services in December 2025 through a partnership with Archax Ltd, an FCA-regulated digital securities exchange. The Archax partnership is a custody-based arrangement rather than a direct Bybit license.
Regulatory Warnings and Exits
| Event | Date | Details |
|---|---|---|
| France exit | January 2025 | Complete service termination; user assets converted to USDC and transferred to Coinhouse |
| Japan — third FSA warning | January 2026 | Bybit announced plans to exit Japan |
France details. In December 2024, Bybit announced a complete withdrawal from France. By January 8, 2025, all services including withdrawals and custody had ceased, with remaining user assets automatically converted to USDC and transferred to Coinhouse, a licensed French custodian. The exit was driven by regulatory scrutiny and a strategic decision to prioritize the MiCA compliance path through Austria instead.
What this means practically: Bybit's regulatory position is now stronger than BingX (two registrations), competitive with Bitget (registered in Italy, Poland, Lithuania, Bulgaria), and approaching OKX-level compliance in key markets. The MiCA license is a clear differentiator. However, the France exit and Japan warnings show that Bybit still faces friction in some major jurisdictions.
Where Bybit Is and Isn't Available
Bybit serves users in 160+ countries but is fully restricted in the United States, Canada, France, Japan, mainland China, Hong Kong, and Singapore. The Bybit site operates with full features across most of Europe (MiCA-compliant), the Middle East, Southeast Asia, Latin America, and Africa, with limited UK access through an FCA-regulated partnership.
Fully restricted (no access): United States, Canada, France (exited January 2025), mainland China, Hong Kong, Singapore, Japan (exit announced 2026), North Korea, Cuba, Iran, Syria, Sudan, and Uzbekistan. Russian-controlled regions of Ukraine (Crimea, Donetsk, Luhansk) are also blocked.
Partially available: United Kingdom — spot trading only, through Archax Ltd partnership (no derivatives, no margin). Full access: Most of Europe (MiCA-compliant through Austria), Southeast Asia (excluding Singapore), Latin America, Middle East (Dubai hub), Africa, India, Kazakhstan, and Oceania.
US residents specifically: Bybit is not available in the United States. Using a VPN to access the Bybit site from the US violates the Terms of Service, and accounts identified as US-based may be frozen with funds at risk. American users should consider Coinbase or Kraken for fully regulated alternatives.
Bybit Card
Bybit has issued over 2 million debit cards (Visa in Asia-Pacific, Mastercard in Europe), offering a free crypto-to-fiat bridge with 2-10% cashback depending on VIP tier. The Bybit Card supports spending in BTC, ETH, XRP, USDT, USDC, and TON with 0.90% conversion fees and free ATM withdrawals up to €100/month.
| Feature | Details |
|---|---|
| Card Networks | Visa (Asia-Pacific), Mastercard (Europe/EEA) |
| Cards Issued | 2 million+ |
| Annual Fee | Free ($0) |
| Physical Card | €5/£5 one-time |
| FX Fee | 0.50% |
| Crypto-to-Fiat Conversion | 0.90% (min 10 EUR) |
| ATM Withdrawal | Free first 100 EUR/month; 2% after |
| Supported Cryptos | BTC, ETH, XRP, USDT, USDC, TON |
Cashback by VIP tier: VIP 0 users receive 2% cashback (capped at 5,000 points/month), scaling up to 10% for Supreme VIP (300,000 points/month cap). Points convert to account credit for trading or withdrawals.
Bybit Card limitations. Multiple user reports on Trustpilot mention unauthorized charges, blocked cards without explanation, and frozen reward points. The Bybit Card is available in the EEA (excluding UK, France, Croatia, Iceland, Ireland, Liechtenstein, Romania), Switzerland, Australia, Argentina, Brazil, Mexico, and Kazakhstan — but not in the US, UK, or France. The card itself is a useful product, but operational reliability has been inconsistent based on user feedback.
Bybit Mobile App and Desktop Platform
Bybit's mobile app is the primary access point for most users, rated 4.7/5 on iOS (41,000+ reviews) and 4.56/5 on Google Play (1.3 million+ reviews). The Bybit app provides full feature parity with the desktop platform — spot trading, futures, options, copy trading, trading bots, Bybit Earn, and card management — all powered by TradingView charts and a 300,000 TPS matching engine.
Interface design. Bybit's app mirrors the full desktop experience: spot trading, futures, options, copy trading, trading bots, Bybit Earn, and the Bybit Card — all accessible from a single interface. TradingView-powered charts provide 100+ technical indicators. Bybit's matching engine delivers 300,000 TPS with 99.99% reported uptime.
Desktop and web. Bybit offers a downloadable desktop application alongside the web platform at bybit.com. The web interface requires no installation and includes all features. MT5 integration runs through the separate MetaTrader 5 application.
TradeGPT. Bybit's AI trading assistant, used by 5 million+ users, provides market insights and strategy suggestions within the Bybit app. TradeGPT is an informational tool, not an automated trader — TradeGPT cannot place orders on your behalf.
Deposits and Withdrawals
Bybit supports crypto deposits across 100+ networks with zero platform fees, card purchases via Visa and Mastercard (2-4% fee), bank transfers via SEPA and SWIFT, and P2P trading in 60+ local currencies. Bybit crypto withdrawals typically process within 30 minutes, while fiat withdrawals via SEPA take 1-3 business days under normal conditions.
Deposit Methods
Crypto deposits: Supported across 100+ networks. No deposit fees from Bybit — only the sending network's gas fee. Most major asset deposits confirm within minutes.
Card purchases: Visa, Mastercard, Apple Pay, and Google Pay through integrated processors. Fees typically range from 2-4%. Instant but expensive.
Bank transfers: SEPA (EUR), SWIFT, and local bank transfer options available in many regions. Processing times range from 1-5 business days.
P2P marketplace: Buy crypto directly from other users with 60+ local currencies and 300+ cryptocurrencies. Bybit escrows the crypto during the transaction. Requires completed KYC. Generally zero buyer fees.
Withdrawal Fees
| Asset | Network | Approximate Fee |
|---|---|---|
| BTC | Bitcoin (native) | ~0.0001 BTC |
| BTC | BSC (BEP20) | ~0.00000767 BTC |
| ETH | Ethereum (ERC20) | Dynamic (network-based) |
| USDT | TRC20 | ~1-2 USDT |
| USDT | BSC/Polygon/Arbitrum | Lower fees |
| USDT | ERC20 | Higher (dynamic) |
Withdrawal speed. Crypto withdrawals typically process within 30 minutes for verified accounts. Fiat withdrawals via SEPA take 1-3 business days under normal conditions, though user reports on Reddit and Trustpilot describe instances of SEPA transfers stuck in "Processing" for 19+ days — a serious concern.
Customer Support Quality
Bybit customer support operates 24/7 through live chat, email, and social media in 15+ languages, with a Trustpilot rating of 3.3/5 — significantly better than Binance (1.6/5), BingX (1.8/5), and Bitget (2.3/5). The rating is polarized: 42% of Bybit reviews are 5-star and 46% are 1-star, reflecting inconsistent service quality.
Common complaints. Account freezes under vague "compliance" justifications with minimal communication, P2P transaction fraud with inadequate platform intervention, generic chatbot responses failing to resolve complex issues, and withdrawal delays (particularly fiat) stretching beyond reasonable timeframes. Multiple users report Enhanced Due Diligence (EDD) reviews lasting 2-3 months and ending in rejection without clear reasoning.
Practical advice: For urgent security issues, use Bybit's "Freeze Account" feature immediately rather than waiting for support. For complex disputes, email support typically provides more substantive assistance than live chat. Document all interactions.
Who Is Bybit Best For?
Derivatives traders. Bybit's DNA is perpetual futures. The 700+ futures pairs, 125x maximum leverage, 0.02% maker fees, and deep liquidity make it a top-tier choice for anyone focused on leveraged trading. The derivatives market share (19.7% globally, #2) means you are trading in one of the most liquid futures venues available.
Multi-asset traders. The Unified Trading Account, MT5 integration, and options trading create an environment where you can manage crypto perpetuals, spot positions, forex pairs, and commodity exposure from a single platform. No other exchange offers this breadth of asset coverage under one roof.
EU-based traders. Bybit's MiCA license through Austria, obtained in July 2025 and ahead of Binance, provides regulatory certainty for European users. Combined with the Mastercard debit card and SEPA support, Bybit offers strong infrastructure for the European market.
Post-hack comfort seekers. If you believe that an exchange that survived and recovered from a $1.5B hack is actually safer than one that has never been tested, Bybit's post-incident security improvements (50+ new measures, nine independent audits, monthly Hacken PoR) create a compelling case.
Who should look elsewhere. If you need US access, Bybit is not an option (consider Coinbase or Kraken). If you want the lowest possible fees, MEXC charges zero maker fees. If native token discounts matter, Binance (BNB 25%) or Bitget (BGB 20%) offer better value.
If copy trading scale is your priority, Bitget ($9.2B quarterly volume) outscales Bybit significantly. If zero hacks is non-negotiable, Bitget's seven-year clean record may matter more than Bybit's recovery narrative.
Frequently Asked Questions
Is Bybit safe after the 2025 hack?
Bybit was hacked for $1.46 billion in February 2025 — the largest crypto theft in history. However, no user lost funds, the exchange recovered within 72 hours, and it has since implemented 50+ new security measures with nine independent audits. Monthly Proof of Reserves audited by Hacken shows 100%+ reserve ratios across all major assets. Whether this makes Bybit "safe" depends on your risk tolerance — the recovery was exceptional, but the breach happened.
What are Bybit's trading fees?
Spot trading fees are 0.10% maker and 0.10% taker at the base VIP 0 level. Futures fees are 0.02% maker and 0.055% taker. There is no native token discount — unlike Binance (25% BNB) or Bitget (20% BGB). Fees decrease with higher VIP levels based on 30-day trading volume or account balance.
Can US residents use Bybit?
No. Bybit explicitly blocks US users. Using a VPN violates the Terms of Service, and accounts identified as US-based may be frozen. American residents should consider Coinbase, Kraken, or Binance.US.
Does Bybit require KYC?
Not for basic use. Unverified accounts can trade spot and futures and withdraw up to 20,000 USDT per day. KYC is required for fiat deposits/withdrawals, P2P trading, Bybit Earn, Launchpad access, and the Bybit Card.
What happened in the Bybit hack?
On February 21, 2025, North Korean hackers (Lazarus Group) exploited a vulnerability in Safe{Wallet}, Bybit's third-party multi-signature wallet provider. The attackers injected malicious code that tricked Bybit's authorized signers into approving a transaction that transferred 401,000 ETH ($1.46B) to the attackers. Bybit processed 350,000+ withdrawals within 10 hours, restored full operations within 72 hours, and no user funds were lost.
How does Bybit copy trading work?
Browse the master trader marketplace on the Bybit site or app, review performance statistics, and allocate capital to follow traders automatically. Three modes are available: Classic (50 USDT minimum, 10-15% profit share), Pro (500 USDT minimum, up to 30% profit share), and TradFi (for forex and commodity strategies via MT5). You can follow up to 10 traders simultaneously.
Does Bybit have a native token?
No. Unlike Binance (BNB), Bitget (BGB), or OKX (OKB), Bybit does not have its own exchange token offering fee discounts. Bybit users cannot reduce fees through token holdings — all discounts come through VIP tier volume or referral codes.
What is the Bybit Unified Trading Account?
The Bybit UTA consolidates spot, margin, perpetual futures, and options into a single account. Users can use 70+ cryptocurrencies as cross-collateral, and unrealized profits from one position can serve as margin for new trades. Three margin modes are available: Isolated, Cross, and Portfolio Margin. The Bybit UTA is free to activate.
Is Bybit better than Binance?
Bybit offers a strong alternative to Binance with some advantages: MiCA license (Binance pending), MT5 integration (Binance doesn't have this), and Unified Trading Account flexibility. Binance wins on liquidity depth, product range, BNB discount (25%), SAFU insurance ($1B), regulatory breadth, and lower futures taker fees (0.05% vs 0.055%). For EU traders, Bybit's regulatory position is arguably stronger. For everything else, Binance remains the broader platform.
Does Bybit have a referral program?
Yes. New users can enter referral code VJ35PW during registration for access to up to $30,000 in welcome bonuses (realistically $50-100 for typical deposits). Bybit does not allow adding referral codes after account creation. See our Bybit referral code guide for the full tier breakdown.
What countries is Bybit restricted in?
Bybit is fully restricted in the United States, Canada, France, mainland China, Hong Kong, Singapore, Japan, North Korea, Cuba, Iran, Syria, Sudan, and Uzbekistan. The UK has limited access (spot only via Archax). Bybit operates with full features in 160+ other countries.
Final Verdict
Bybit has earned its position as the world's second-largest derivatives exchange through deep liquidity, a competitive fee structure, and a product range that extends beyond crypto into forex and commodities via MT5 — a feature no other major exchange offers. The Unified Trading Account, 700+ futures pairs, three copy trading modes, and MiCA compliance ahead of Binance make it a genuinely strong platform for active traders.
The concerns are real. Bybit has no native token fee discount, meaning users pay more than Binance (25% BNB) or Bitget (20% BGB) at equivalent tiers. The February 2025 hack — the largest in crypto history at $1.46 billion — was fully recovered with zero user losses, but the absence of a dedicated insurance fund means future incidents would rely on the same emergency measures. P2P fraud complaints, unexplained compliance holds, and promotional inconsistencies appear regularly in user reviews.
The regulatory picture is a net positive. The MiCA license, UAE SCA approval, and licenses across Kazakhstan, Cyprus, Georgia, and the Netherlands give Bybit a stronger compliance footprint than BingX or Bitget. The exits from France and Japan are counterpoints, but the overall direction is toward more regulation, not less.
What to do next: If Bybit operates in your region and the post-hack security profile is acceptable to you, registration takes five minutes. Enter referral code VJ35PW during sign-up for access to welcome bonuses, then complete KYC to unlock the full product suite. Enable 2FA and anti-phishing codes before depositing any funds. Start with a modest amount and test withdrawals before committing significant capital — this is good practice on any exchange, but especially relevant here.
