Bybit Review 2024: Review of Its Security, Fees, and Features (2024)

Bybit is one of the more reputable centralized exchanges (CEXs), perfect for almost every type of crypto trader. With access to over 400 tradable cryptocurrencies, spot and derivatives support, Earn products, NFT marketplace, and more, Bybit checks off every crypto theme there is. But is it the right exchange for you? Find out in this comprehensive Bybit review.

Throughout the next few sections, we explore every aspect of the Bybit exchange, including its features, regulatory posture, trading fees, security implementations, and customer support. Here’s what you need to know.

Bybit review: Overall assessment

Want to make a quick call regarding the Bybit trading platform? Here’s a quick snapshot of our assessment.

What is Bybit?

Bybit is a global cryptocurrency exchange headquartered in Dubai. In the UAE, it operates under the Bybit Fintech FZE tag, adhering to the local regulatory guidelines. The company itself operates as the Bybit Fintech Limited and is registered in the “British Virgin Islands.”

While there are many aspects to Bybit, the most interesting has to be its presence as a popular derivatives exchange. Even though Bybit offers spot trading, advanced traders can work with a remarkable collection of contracts, which also support leveraged trading of up to 100x for specific cryptocurrencies.

History

Bybit was founded by Ben Zhou in 2018. Zhou, a forex trader himself, used his TradFi experience to address the stability and even the liquidity issues initially faced by Bybit. What worked for Bybit was its dual-price setup, which relied on standardized and set global prices for asset liquidations. In the years since it was founded, the Bybit trading platform has made a name for itself in the crypto space and boasts a 10+ million user base.

Bybit has been served rather well by the 100k transactions per second engine, which is one of the more popular order-matching resources. Bybit ensures zero downtime and the quickest possible order matching between buyers and sellers.

Since its inception, every year has been remarkable for Bybit in one way or the other. For instance, in 2018, it launched BTC perpetual contracts; in 2019, it entered the top five list of global exchanges. In 2020, the platform partnered with Borussia Dortmund, a soccer team, and in 2021, it launched the “spot trading” functionality, moving beyond its derivatives-only tag.

2022 saw the launch of USDC-margined SOL and ETH options, and 2023 was the year when the company moved to its Dubai-based global HQ.

How to sign up for Bybit in November 2024?

Getting started with cryptocurrency trading on Bybit is a fairly easy experience. The platform offers an intuitive registration process, ensuring quick and easy onboarding for new users. Here’s how to sign up in a few simple steps:

Step 1: Click on the “Sign Up” button on the top right corner of the official Bybit home page.

Step 2: Select your preferred registration method, either using your email or mobile. Enter the required information as prompted. Keep in mind that entering a referral code is optional.

Step 3: After reviewing and accepting Bybit’s Terms of Service and Privacy Policy, select “Create Account.” A window displaying restricted countries and regions will appear. If your country isn’t on the list, simply select “No” to proceed.

Step 4: Lastly, finish the reCAPTCHA validation and input the verification code sent to you via your chosen registration method.

Numbers: trading volume, pairs, and more

As of 2024, Bybit has a pretty sizable user base of 15+ million and a spread across 160 countries. The global spot and derivatives exchange offers access to over 200 contracts, quarterly and perpetual contracts, to help traders amplify their profits and trading skills.

How does Bybit compare to others?

How does Bybit stack up against its competition? Here’s a quick snapshot of a few rival exchanges.

As a crypto spot and derivatives exchange, Bybit has much to offer regarding trading tools and features. Let us explore the most important ones:

Before we advance to the features, Bybit Markets deserves special mention. While most crypto trading exchanges have dedicated “markets” sections, Bybit’s offering includes several additional elements, such as a market sentiment indicator, the ability to check trending sectors, a peek into the market data, and more.

The entire “Trading” suite

At its heart, Bybit is a crypto trading platform. From a credible spot trading ecosystem to derivatives support — allowing you to hedge and speculate long-term trades — there is no trading angle Bybit doesn’t explore.

As for spot trades, you can even get a margin of up to 10x for select cryptos. However, the presence of Bybit as a derivatives exchange steals the show. With over 180 contracts, access to USDT and USDC perps, inverse perpetual and futures, USDC options, and more, there is no derivatives-specific trading instrument that evades the Bybit eye.

Besides standard spot and derivatives support, Bybit lets you access the “crypto convert” feature, helping you quickly move from one crypto to another. Then, you get access to leveraged tokens that have the derivatives flavor built within. Leveraged tokens are meant for users who do not want to stress over going long or short with assets. Instead, they can simply trade the leveraged tokens with long or short positions built in, along with built-in leverage.

It is worth noting that leveraged tokens are much like crypto CFDs or Contracts for Difference, where you need not own the asset but can still speculate on the price movements. However, Bybit doesn’t directly support CFDs.

Quick buy

Besides standard trading, Bybit also lets you quickly buy crypto via the one-click buying option. The idea is simple — you only need to choose the fiat you want to use to buy the crypto. Once done, you can choose the crypto you want to exchange the fiat for — USDT, BTC, ETH, or anything else. Once selected, you only need to zero in on the payment method and quickly buy the preferred crypto.

This one-click approach holds even if you want to sell crypto quickly.

Besides the entire trading suite and quick buying (selling) options, Bybit also allows peer-to-peer trades, fiat deposits, and incremental purchases in the form of auto-invest.

Copy trading

One of the lesser-known functionalities of Bybit is its copy-trading feature. This way, you can copy the trading strategies of successful traders by tracking their 30-day, 90-day, or other time-specific ROIs. You can even choose traders based on their Bybit ranking. The trader whose strategy you copt takes a certain percentage of the profits if you make rewarding trades.

Bybit Card

Bybit is one of the few exchanges to offer a highly functional and usable card. The card itself works like a standard MasterCard debit, allowing users to make payments directly using any crypto in their Bybit funding account. Just as you would expect with any other card, Bybit supports seamless card management, and over 90 million global merchants accept the card itself.

From getting 5% to 10% cashback on transactions to earning more with card referrals or simply enjoying the VIP card benefits, Bybit Card holders enjoy a number of enticing perks.

Bybit Earn

As one of the more popular centralized exchanges, Bybit isn’t just known for its trading suite. Instead, you can rely on Bybit’s passive earning feature, allowing you to do more with your crypto assets. For each asset, say BTC, ETH, or more, you can choose between fixed term, dual asset, flexible savings, liquidity mining, and other earning strategies, depending on your preferences.

Trading bots

Bybit has a set of pre-built trading bots you can align and customize based on your requirements. For setting up a bot for futures trading, dollar cost averaging, or anything else, there is a wide range of options to choose from.

Bybit Wallet

Bybit’s web3 presence is further validated by the intuitive Bybit Wallet, which acts as a bridge between web2 and web3. From hosting Bybit staking to token swaps to flipping NFTs, there isn’t much Bybit’s web3 wallet cannot do. The wallet itself offers multi-chain interactions and takes security very seriously.

Besides the described features, Bybit offers crypto-based lending services, crypto loans — letting users borrow against crypto — GPT-powered trading support, early access to new products via Launchpad, and more.

User experience: is there a Bybit mobile app?

Using Bybit is anything but complex. Firstly, the web interface is easy to work with. And if you want to use the Bybit mobile app, you have the luxury of trying out both Android and iOS options. Here are some of the notable traits of Bybit’s mobile app:

1. Access to real-time market data, charts, and indicators, courtesy of an interactive Bybit user interface.
2. A comprehensive trading platform
3. High-level security, bolstered by two-factor authentication
4. The ability to set up notifications and alerts

Bybit review: The fee structure

Bybit, like any other leading exchange, has different fee tiers — spot, derivatives, institutional tiers, etc. Let us take a closer look at the most important ones:

The standard spot trading fee bracket starts at 0.1% for both the maker and the taker. You can get additional rebates on spot trading fees if you move up the VIP level with sizable 30-day trading activity or volume. For derivatives and futures trading via contracts, the maker and taker fee brackets start at 0.02% and 0.055%, respectively.

And for options trading, the fee brackets start at 0.03% for both maker and taker. Compared to other crypto exchanges like Coinbase, Kraken, and Huobi, Bybit has a more competitive and affordable fee structure.

Bybit deposit and withdrawal methods

When onboarding an exchange, it is important to be privy to the associated deposit and withdrawal limits. Bybit supports both crypto and fiat deposits and withdrawals. As for the limits, without KYC verification, you can neither deposit crypto nor fiat. Withdrawals, however, are allowed to the tune of 20K USDT daily for non-KYC registered customers.

Upon KYC verification, level one and level two, the deposit limit moves to unlimited, whereas withdrawal limits reach as high as 2 million USDT.

Bybit review: Unpacking the security standards

Bybit is one of the more secure cryptocurrency exchanges. Some of the most notable elements of the exchange, in regards to safeguarding user info and user funds, include:

1. The usage of a multi-signature wallet system for user funds.
2. High-end 2FA implementation for mobile apps
3. Advanced encryption strategies
4. Withdrawal whitelisting
5. Insurance funds
6. Periodic security audits

Bybit pros and cons

Still on the fence about trying Bybit out? Here is a quick list of pros and cons:

Pros

1. Offers high leverage, up to 100x for specific crypto trades
2. A haven for crypto derivatives trades
3. Robust trading and charting tools
4. Ultra-fast transaction speeds, going as high as 100K per second.
5. A diverse selection of educational resources

Cons

1. It might be a tad complex for beginners
2. Some regulatory concerns, especially in the U.S.

Customer support

Customer support has to be one of the important aspects of evaluating any trading platform. And even though Bybit promises prompt customer support and issue resolution, the offerings are more of a mixed bag.

For starters, Bybit has an efficient live chat functionality, letting you receive quick responses for most user concerns. If you have a more detailed issue, you can always raise a ticker or submit a case. In most cases, Bybit responds in under 24 to 48 hours.

Other aspects of Bybit customer support include significant educational resources as part of Bybit Learn, a detailed knowledge base/help center, multilingual support, and multi-channel community engagement.

However, Bybit’s customer support setup has had its share of criticisms, including a higher response time, limited support over the phone, frequent issues with chatbots, and more. However, we didn’t notice any pressing issues while testing these offerings, with our queries answered promptly.

How we have tested Bybit

We thoroughly tested this platform over a number of months. The process included:

• Trying out the entire trading suite, with an emphasis on unique features like copy trading and innovative trading bots.
• Utilizing tools specifically meant for reviewing transaction histories and generating in-depth reports.
• Evaluating the practicality and utility of the Bybit wallet, focusing on overall user experience.
• Trying the platform on multiple device types
• Scrutinizing the strength and reliability of the security measures and protocols that were in place.
• Raising questions with customer support via multiple channels.

Regulatory compliance and safety

Bybit’s regulatory posture involves adherence to the DFSA or the Dubai Financial Services Authority, especially with the global headquarters now in Dubai. In Singapore, Bybit is compliant with the Monetary Authority of Singapore or MAS. Plus, the exchange even adheres to the AML and CTF standards.

For U.S. traders, Bybit, as of 2024, doesn’t extend its services to the mainland. Also, Bybit’s U.K. presence is in flux:

“Compliance is Bybit’s first priority, Regarding the UK new crypto regulation, we are in talks with the regulator to find the best solution moving forward, no final agreement has been made yet, we will keep our communities informed.”

Ben Zhou, CEO of Bybit: Twitter

Invest responsibly

Bear in mind that investing and trading come with inherent risks, leading to potential monetary losses. Consequently, always ensure you’re only risking what you’re genuinely prepared to part with. Additionally, while this Bybit review sheds light on the Bybit exchange, it doesn’t serve as an official endorsem*nt. As always, consider your financial standing and conduct thorough research before making any investment choices.

Is Bybit the right exchange for you?

This detailed Bybit review shows that if you are into crypto derivatives trading and advanced leveraged trading, Bybit might just be the right exchange for you. And it’s just not about the features. Bybit also has one of the best spot and derivatives trading fee brackets on the market, helping you keep most of the trading profits.Ultimately, the exchange you choose will depend on your own personal preferences and requirements.