Bybit — Cryptocurrency Exchange Review: Fees, KYC, Trading, and Security

Bybit is one of the largest centralized cryptocurrency exchanges, focused on spot and derivatives trading. The platform offers high liquidity, advanced trading tools, and competitive fees for both beginners and active traders.

General Information about the Bybit Exchange

Bybit started operations in March 2018, gradually evolving from a platform specializing in derivative financial instruments into a full-fledged crypto exchange with a wide range of products.

Owner

The exchange is owned by Bybit Fintech Limited – a private company founded by entrepreneur Ben Zhou, who also serves as CEO.

Registered Location

The company is registered in the British Virgin Islands (BVI). The headquarters and main operational centers are located in Dubai, UAE, following a relocation from Singapore in 2022–2023.

Number of Users

Bybit serves tens of millions of registered users worldwide. As of 2025, the number of registered accounts exceeds 60–70 million users, placing the platform among the largest in terms of audience reach.

Daily Trading Volume

Bybit regularly ranks among the top crypto exchanges by trading volume. According to analytical aggregators, the daily trading volume on the spot market reaches several billion dollars, and combined across all markets — tens of billions of dollars per day, making it one of the most liquid platforms in the market.
Key Facts.

Indicator	Value
Year of Establishment	2018
Founder / CEO	Ben Zhou
Legal Registration	British Virgin Islands
Head Office	Dubai, UAE
Users	~60–70 mln+
Daily Trading Volume	$20–30 bn+ (all markets)

Registration and KYC on Bybit:

• registration form (email / phone);
• KYC window (without personal data).

Is KYC Required

Bybit has a mandatory KYC (Know Your Customer) policy. Without completing verification, access to most platform features is limited.

In practice:

• trading, deposits, and withdrawals are available only after KYC;
• requirements comply with the exchange’s internal rules and regulatory restrictions by country.

Limits without KYC

Currently:

• there are no full limits without KYC;
• accounts without verification cannot use the main features of the exchange.

📌 This means that completing KYC is a mandatory step for active use of Bybit.

Complexity and Verification Steps

The KYC procedure on Bybit is considered standard and consists of several steps:

1. Specify country of residence.
2. Upload an identity document: passport, ID card, driver’s license (depending on the country).
3. Face verification (selfie or short video).
4. Verification time: from a few minutes up to 24 hours in most cases.
5. Difficulty level: medium, does not require additional documents for a basic account level.

Country Support and Regional Restrictions

Bybit is available in most countries worldwide, but there are a number of restrictions:

• the exchange does not serve users from certain jurisdictions, including the USA and some other countries;
• the list of supported countries may be updated depending on regulatory requirements.

📌 Before registering, it is recommended to:

• select your country of residence in the registration form;
• review the current terms of service on the official Bybit website.

Bybit complies with its own KYC rules and legal requirements. The information in this review is provided for informational purposes and is not a recommendation to bypass exchange restrictions or rules.

Trading Opportunities on Bybit

Bybit offers a wide range of trading tools aimed at both retail users and active traders. The platform started as a derivatives exchange but over time expanded functionality to cover most popular forms of crypto trading.

Spot Trading

The Bybit spot market supports trading of major cryptocurrencies and stablecoins:

• classic buying and selling of crypto assets;
• market and limit orders;
• high liquidity on major trading pairs;
• suitable for long-term holding and short-term trading.

Futures

Futures trading is one of the key areas of Bybit:

• perpetual contracts (USDT- and USDC-margined);
• support for cross and isolated margin;
• advanced order types;
• high liquidity in popular markets.

📌 Futures are intended for experienced users and require understanding of risks associated with margin trading.

Margin Trading

Bybit supports margin trading on select markets:

• trading with borrowed funds;
• risk level adjustment via margin;
• suitable for short-term strategies.

The availability of specific pairs and conditions depends on the region and account level.

P2P Trading

Bybit provides a built-in P2P platform that allows:

• buying and selling cryptocurrency directly between users;
• using local payment methods (depending on the country);
• trading without exchange fees.

📌 Terms and available payment methods depend on the user’s region.

Options

Cryptocurrency options are available on the platform:

• options on select popular assets;
• tools for hedging and complex trading strategies;
• interface oriented towards experienced traders.

Copy Trading

Bybit offers a Copy Trading feature that allows:

• automatically copying trades of selected traders;
• viewing statistics, history, and strategy risks;
• managing limits and stopping the copy process.

📌 This tool may be interesting for beginners, but results depend on the chosen trader and market conditions.

Availability of Trading Instruments

Trading Type	Available
Spot	✅
Futures	✅
Margin Trading	✅
P2P	✅
Options	✅
Copy Trading	✅

This set of trading opportunities makes Bybit a versatile platform, suitable for both classic spot trading and working with derivatives.

Bybit Fees

Bybit’s fee policy is considered competitive on the market and especially beneficial for active traders. The fee size depends on the type of trading, order role (maker / taker), and account level.

Main Fees.

Operation Type	Fee
Spot Trading	0.1%
Futures (maker)	0.01%
Futures (taker)	0.06%
Deposit	free
Withdrawal	depends on the network

📌 Cryptocurrency withdrawal fees are set individually for each network and may change depending on blockchain load.

Discounts and VIP Levels

Bybit uses a VIP level system that allows for reduced trading fees:

• the level depends on the trading volume over 30 days and/or account balance;
• the higher the turnover, the lower the maker and taker fees;
• VIP statuses are aimed at active and professional traders.

📉 For users with large trading volumes, fees can be significantly lower than the base rates.

Exchange Token

Bybit uses its own ecosystem token BIT (Bybit Token):

• used for participation in certain promotions and programs;
• can provide additional benefits within the ecosystem;
• terms of token use depend on the current rules of the exchange.

📌 Holding the token is not mandatory for trading, but it can be useful for active platform users.

Fees and conditions may change. Before starting trading, it is recommended to check the current rates in the fees section on the official Bybit website.

Supported Cryptocurrencies on Bybit

Bybit supports a wide range of cryptocurrencies and trading pairs, allowing the platform to be used both for basic trading of popular assets and for working with less liquid altcoins.

Main Cryptocurrencies

The exchange features leading digital assets with the largest capitalization and liquidity, including:

• Bitcoin (BTC).
• Ethereum (ETH).
• BNB.
• Solana (SOL).
• XRP.
• Cardano (ADA).
• Avalanche (AVAX).
• Polkadot (DOT).

These assets are available on spot and/or derivatives markets depending on the instrument.

Stablecoins

Bybit actively uses stablecoins as a settlement currency:

• USDT.
• USDC.
• DAI.
• TUSD.

Stablecoins are used for:

• spot trading;
• futures and options;
• holding funds in the account without high volatility.

Number of Trading Pairs:

• total number of trading pairs — 300+ (spot and derivatives);
• new tokens and markets are regularly added;
• pairs with USDT, USDC, and base cryptocurrencies are supported.

📌 The exact list of available assets and pairs may change depending on market conditions and the user’s region.

Popular Trading Pairs

📊 TOP Pairs by Liquidity and Volume.

Trading Pair	Market
BTC / USDT	Spot / Futures
ETH / USDT	Spot / Futures
SOL / USDT	Spot / Futures
XRP / USDT	Spot / Futures
BTC / USDC	Futures
ETH / USDC	Futures

This set of cryptocurrencies and trading pairs makes Bybit a versatile platform for most popular trading strategies — from long-term investing to active trading.

Deposits and Withdrawals on Bybit

Bybit supports both cryptocurrency and fiat methods for deposits and withdrawals. Specific methods and conditions depend on the user’s country and chosen operation method.

Deposit Methods

Cryptocurrency:

• deposits via blockchain (on-chain);
• support for popular networks (BTC, Ethereum, TRON, BNB Chain, etc.);
• funds are credited directly to the exchange wallet.

Fiat:

• purchase of cryptocurrency with fiat via bank cards;
• third-party payment providers;
• P2P platform (depending on region).

📌 Direct bank transfers are not available in all countries and depend on local restrictions.

Deposit and Withdrawal Fees.

Operation	Fee
Cryptocurrency Deposit	free
Fiat Deposit	depends on the provider
Cryptocurrency Withdrawal	depends on the network
P2P Transactions	no exchange fee

📌 Withdrawal fees are set individually for each network and displayed before confirming the transaction.

Transaction Speed:

• Cryptocurrency deposit: from a few minutes until network confirmation.
• Cryptocurrency withdrawal: usually 5 to 30 minutes after processing by the exchange.
• Fiat transactions: from a few minutes to several hours (depends on the payment method).

⏱ Delays are possible during high network load or additional security checks.

Fiat and Cryptocurrency

Bybit is not a traditional fiat bank, but it allows:

• purchasing cryptocurrency with fiat through partner services;
• storing and transferring cryptocurrency within the platform;
• using stablecoins as an alternative to fiat currencies.

Before depositing or withdrawing funds, it is necessary to:

• ensure the correct network is selected;
• consider minimum limits and fees;
• check account status and verification level.

Security on Bybit

Bybit pays great attention to the security of user funds and data. The platform uses modern protection technologies and risk management procedures, which is especially important for trust and stable operation of the exchange.

Two-Factor Authentication (2FA):

• Support for Google Authenticator and SMS-2FA.
• 2FA is mandatory for account login, withdrawals, and important operations.
• Enhances protection against unauthorized access.

Cold Storage:

• Most customer funds are stored in cold wallets (offline).
• Minimizes the risk of theft in case of exchange server hacks.
• Hot wallets are used only for daily transactions.

Insurance Fund:

• Bybit uses an insurance fund that covers client losses during high volatility or position liquidations.
• Serves as additional protection for traders in the futures market.

Anti-Phishing:

• Ability to set an anti-phishing code, which appears in official emails from Bybit.
• Helps distinguish fake emails from legitimate platform messages.

Hack History:

• As of 2026, Bybit has not experienced major hacks that led to loss of user funds.
• The platform regularly undergoes internal audits and vulnerability tests.
• Users are recommended to enable 2FA and use unique passwords themselves.

Bybit combines multiple layers of protection: two-factor authentication, cold storage, insurance fund, and anti-phishing, making the platform one of the safest in the market.

Platform and Convenience

Bybit pays great attention to user convenience and interface quality. The platform is designed to provide comfortable trading on any device — from browser to smartphone.

Web Platform

The web version of Bybit is a modern and functional interface suitable for both beginners and experienced traders. The platform supports the main types of trading: spot, futures, and margin trading. All tools are intuitively arranged, allowing quick order placement, portfolio tracking, and chart analysis.

Mobile App

The Bybit mobile app is available for iOS and Android devices. It fully replicates the functionality of the web platform: users can trade spot and futures, manage deposits and withdrawals, and receive notifications about important market events. The app interface is simple and logical, which is especially important for beginners and allows quick adaptation to the trading process.

Interface Languages

Bybit supports over 10 languages, including English, Russian, Chinese, Korean, and Spanish. This makes the platform convenient for users worldwide, regardless of their English proficiency.

UX for Beginners

Bybit’s user experience (UX) focuses on simplicity and convenience. Key functions, such as placing an order, depositing funds, or viewing trade history, are accessible within a few clicks. The platform also offers built-in tips and educational subsystems to help beginners quickly master trading.

Switching between spot and futures trading happens smoothly, without extra steps, reducing the likelihood of errors.

Quick Reference Table

Platform	Available Features	UX Features
Web	Spot, Futures, Margin	Intuitive interface, quick access to orders
iOS	Spot, Futures, Notifications	Simple navigation, fast order entry
Android	Spot, Futures, Notifications	Matches iOS, stable operation, convenient interface

Bybit User Support

Customer support is an important aspect of any crypto exchange, and Bybit offers several channels to resolve user issues.

Support Channels:

• Online chat on the website and mobile app — available 24/7.
• Email support — for more detailed or non-standard inquiries.
• Help Center — knowledge base with instructions, FAQ, and guides for all main platform features.
• Social media and Telegram channels — additional channels for news and updates.

Support Languages:

• English.
• Russian.
• Chinese.
• Spanish.
• Turkish.
• Other popular languages depending on the region.

📌 The mobile app and web platform also support interfaces in these languages, making interaction with the exchange easier for international users.

Response Speed:

• Online chat: responses usually arrive within a few minutes, especially for standard queries.
• Email: processing requests can take from a few hours up to 24 hours, depending on question complexity.
• FAQ and knowledge base: resolution of typical questions is instant, without waiting for support response.

Bybit support provides 24/7 assistance via chat and email, supports multiple languages, and ensures quick responses to standard inquiries. This enhances user convenience and trust in the platform.

Pros and Cons of Bybit

For a clear understanding of the platform’s strengths and weaknesses, it is convenient to use a pros and cons table. It helps users quickly assess whether the exchange suits their goals.

Pros	Cons
Low fees on spot and derivatives	No EU license
High liquidity on major pairs	KYC required for most features
Wide range of trading instruments (spot, futures, options, Copy Trading)	Access restrictions in certain countries
Reliable security system (2FA, cold storage, insurance fund)	Complex for absolute beginners in futures markets
Mobile app and convenient web interface	Withdrawal fees depend on the network
Support for multiple languages and 24/7 customer service	No direct fiat bank account available in all countries

Bybit combines professional trading capabilities with a high level of security, but requires KYC and has country restrictions. The table allows users to quickly compare pros and cons before registration.

Who Bybit Is Suitable For

Bybit offers a wide range of tools and services, making the platform versatile, while different categories of users can use it in different ways.

Beginners:

• Suitable for learning basic cryptocurrency trading on the spot market.
• Simple limit and market orders are available.
• Copy Trading can be used to follow strategies of experienced traders.
• It is recommended to carefully study basic guides and FAQs before active trading.

Traders:

• Suitable for active trading of futures, options, and margin.
• High liquidity on major pairs and advanced orders (stop, take profit, conditional) allow building complex strategies.
• VIP level system and low fees are beneficial for professionals with high volumes.

Arbitrage:

• Suitable for traders working with price differences between markets.
• High liquidity and fast order execution simplify arbitrage operations.
• Availability of multiple trading pairs and stablecoins facilitates fund transfers between markets.

Long-term (HODL):

• Spot trading allows holding cryptocurrency for a long period.
• The ability to store assets in stablecoins reduces volatility risk.
• Support for cold storage and insurance fund increases security for long-term investors.

Bybit is suitable both for beginners who want to learn about the cryptocurrency market and for experienced traders looking for a platform with advanced tools, low fees, and high liquidity.

Bonuses and Promotions on Bybit

Bybit regularly conducts user incentive programs, including registration bonuses, promo codes, and tournaments. These promotions aim to attract new users and encourage activity on the platform.

Registration bonus:

• New users are sometimes given bonuses upon registration or making their first deposit.
• The amount and conditions of the bonus depend on the current promotion and the user’s region.
• Bonuses can be used for trading on spot or futures markets within the terms of the promotion.

Promo codes:

• Bybit periodically issues promo codes that provide additional privileges—discounts on fees, bonus funds for trading, access to exclusive tournaments.
• Promo codes are entered in the personal account during registration or account top-up.

Tournaments and competitions:

• The platform hosts trading tournaments where users compete based on profit or trading volume.
• Prizes may include cryptocurrency, bonuses, or NFTs.
• Tournaments allow active traders to test their strategies in a competitive environment.

Final Conclusion about Bybit

Bybit is a cryptocurrency exchange with a wide range of tools, high liquidity, and competitive fees. The platform is suitable for both spot trading and working with derivatives, including futures, options, and margin trades.

Who should definitely register:

• Active traders — for working with futures, options, and advanced orders.
• Beginners — for safely exploring the cryptocurrency market through spot trading and Copy Trading.
• Arbitrage traders — thanks to high liquidity and fast order execution.
• Long-term investors (HODL) — the ability to store cryptocurrency on the platform with cold storage and an insurance fund.

Bybit Alternatives

If for some reason Bybit is not suitable (for example, due to country restrictions or KYC requirements), consider other exchanges with similar capabilities:

• Binance — one of the largest exchanges in the world, with extensive spot and derivatives options.
• KuCoin — supports a large number of altcoins and offers a P2P platform.
• OKX — a competitor in derivatives and margin trading with international coverage.
• Kraken — a European exchange with licenses and a high level of security.

Bybit will be useful for users ready to complete KYC and use cryptocurrency tools at a professional level. For beginners, the platform provides safe ways to explore the market, and for professionals — competitive trading conditions.

General comparison table of CEX

Exchange	Year	24h Volume	Users	Spot	Futures	Spot (M/T)	Futures (M/T)	Bonus	Best for
Bybit ★	20182018	3.2~$3.2B	08585+M	0464~464	0410~410	0.10% / 0.10%	0.01% / 0.06%	30000up to $30,000	Professional futures trading + bots
BingX	20182018	1.4~$1.4B	035~35M	0855~855	0260~260	0.10% / 0.10%	0.02% / 0.05%	08000up to $8,000 + airdrop	Copy trading and beginners
Binance	20172017	15~$15B+	200200+M	0400~400	0638~638	0.10% / 0.10%	0.02% / 0.04%	00000Stocks	Maximum liquidity
OKX	20172017	6~$6B	05050+M	0350~350	0310~310	0.08% / 0.10%	0.02% / 0.05%	10000up to $10,000	Advanced traders
MEXC	20182018	1.5~$1.5B	0—	31003100+	0800~800+	0% / 0.02%	0% / 0.02%	05000up to $5,000	Meme coins and new listings
KuCoin	20172017	2~$2B	04141+M	0930~930	0560~560	0.10% / 0.10%	0.02% / 0.06%	03000up to $3,000	Beginners + wide selection

Frequently Asked Questions about Bybit