Bybit: A Comprehensive Analysis for 2025

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Bybit stands out as a prominent cryptocurrency exchange, recognized for its derivatives trading capabilities, particularly in perpetual contracts across a range of digital assets. Founded in 2018 and based in Dubai, Bybit has rapidly become one of the most sought-after cryptocurrency exchanges globally. It is especially popular among professional traders, thanks to its sophisticated trading tools, attractive fee structure, and dependable platform performance. This review comprehensively examines Bybit, covering its features, fee structure, security measures, customer support, and overall trading experience.

Key Features

Bybit offers a variety of features that make it an attractive choice for traders:

Derivatives and Spot Trading

• Perpetual contracts on cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and other altcoins.
• USDT-margined contracts and inverse perpetual contracts.
• Spot trading with a growing list of supported assets.

Leverage Trading

• Up to 100x leverage on BTC/USD contracts.
• Adjustable leverage levels allow traders to manage their risk accordingly.

User-Friendly Interface

• Intuitive trading dashboard with customizable layouts.
• Advanced charting tools powered by TradingView.

Order Types

• Market, limit, and conditional orders.
• Take-profit and stop-loss features for risk management.

Liquidity and Speed

• High liquidity ensures smooth trade execution.
• A matching engine capable of processing 100,000 transactions per second.

Security

• Cold wallet storage system for enhanced security.
• Two-factor authentication (2FA) and withdrawal whitelists.

Mobile and API Trading

• Fully functional mobile app for iOS and Android.
• API access for algorithmic trading and bot integration.

Educational Resources

• Bybit Learn provides guides and tutorials for new and experienced traders.

Advantages and Disadvantages

Advantages

• Excellent liquidity and rapid trade execution.
• Competitive trading fees, including maker rebates.
• Sophisticated trading features and a variety of order types.
• Robust security protocols.
• Attentive customer support.

Disadvantages

• Not accessible in specific regions, such as the U.S.
• Restricted options for fiat on-ramps.
• Historically focused on derivatives, with no traditional spot trading available until 2021.

Step-by-Step Guide to Opening an Account on Bybit

Visit the Bybit Website

• Go to Bybit’s official website.

Click on Sign Up

• Locate and click the “Sign Up” button on the homepage.

Enter Your Email or Phone Number

• Provide a valid email address or phone number.

Create a Strong Password

• Ensure your password is strong, containing at least 8 characters with a mix of letters, numbers, and symbols.

Referral Code (Optional)

• If you have a referral code, enter it to receive bonuses.

Agree to Terms and Conditions

• Read and accept Bybit’s terms of service.

Complete Email or Phone Verification

• A verification code will be sent to your email or phone. Enter it to confirm your registration.

Set Up Two-Factor Authentication (2FA)

• Enable Google Authenticator or SMS verification for added security.

Complete Identity Verification (KYC)

• Upload a valid government-issued ID and a selfie for verification.
• This step is required for higher withdrawal limits and compliance with regulations.

Deposit Funds and Start Trading

• Add funds via cryptocurrency deposits or supported fiat payment methods.
• Begin trading by selecting spot or derivatives markets.

Trading Fees

Bybit employs a competitive fee structure, broken down as follows:

1. Spot Trading Fees

• Maker Fee: 0.10%
• Taker Fee: 0.10%
• Spot trading fees apply when buying or selling cryptocurrencies directly.

2. Derivatives Trading Fees

• Maker Fee: -0.025% (rebate, meaning market makers earn a small reward)
• Taker Fee: 0.075%
• Applied when trading perpetual contracts.

3. Funding Fees

• Applied every 8 hours on perpetual contracts.
• The rate depends on market conditions and varies between long and short positions.

4. Withdrawal Fees

• BTC: 0.0005 BTC
• ETH: 0.005 ETH
• USDT (ERC-20): 10 USDT
• USDT (TRC-20): 1 USDT
• Withdrawal fees vary depending on the asset and blockchain network.

5. Deposit Fees

• Bybit does not charge deposit fees; however, blockchain network fees may apply.

6. Fiat Deposit and Withdrawal Fees

• Fees depend on the payment method and third-party providers (e.g., credit card purchases may have extra fees).

Bybit vs Other Exchanges

Binance vs Bybit

• Fees: Binance spot trading fees start at 0.10%, similar to Bybit. However, Binance offers discounts for BNB holders.
• Trading Pairs: Binance supports a much wider range of cryptocurrencies than Bybit.
• Features: Binance offers staking, lending, and an NFT marketplace, which Bybit lacks.
• Security: Both have strong security, but Binance has faced major hacks in the past.

FTX vs Bybit (Before FTX’s collapse)

• Fees: Both platforms had competitive derivatives trading fees, but FTX had lower taker fees.
• Leverage: Bybit offers 100x leverage, whereas FTX was previously capped at 20x.
• User Interface: Bybit has a simpler UI, whereas FTX caters more to professional traders.

KuCoin vs Bybit

• Fees: KuCoin spot fees are slightly lower at 0.08% compared to Bybit’s 0.10%.
• Features: KuCoin has more altcoins and passive income options like lending and staking.
• Liquidity: Bybit has higher liquidity for derivatives trading.

Kraken vs Bybit

• Regulation: Kraken is heavily regulated in the U.S., while Bybit operates with fewer restrictions.
• Security: Kraken has never been hacked, making it one of the safest exchanges.
• Trading Options: Bybit excels in derivatives, whereas Kraken is stronger in spot trading.

Security Protocols

At Bybit, security is of utmost importance. The platform implements the following measures:

• Cold Storage: A significant portion of user assets is kept offline.
• Withdrawal Safeguards: Large withdrawals undergo manual verification.
• Two-factor authentication: Mandatory for both withdrawals and changes to security settings.
• Regular Security Assessments: Conducting security audits and penetration tests.

Customer Support

Bybit provides round-the-clock customer support via live chat and email. The response times are typically swift, and the support team is well-equipped to address both technical and account-related questions.

Conclusion 

Bybit stands out as a premier platform for trading cryptocurrency derivatives, featuring strong capabilities, substantial liquidity, and a secure trading atmosphere. Although it may not be ideal for novices due to its emphasis on leverage and derivatives, seasoned traders will find its advanced tools and competitive pricing appealing. As the platform continues to grow, it remains a leading option for professional cryptocurrency traders globally.

Recent Hack

On February 21, 2025, Bybit suffered a major security breach, leading to the loss of roughly 400,000 Ethereum tokens, which were worth approximately $1.5 billion. This event is regarded as the most substantial hack of a cryptocurrency exchange to date.

The vulnerability in Safe{Wallet}, a security company linked to Bybit, was exploited by hackers to gain access to the exchange’s cold wallet storage. Blockchain analytics companies Arkham Intelligence and Elliptic, in collaboration with the U.S. Federal Bureau of Investigation (FBI), have identified the Lazarus Group, a hacking organization backed by the North Korean government, as responsible for the attack.

Bybit’s Statement on this

Bybit has obtained 447,000 ether tokens in emergency funding from companies including Galaxy Digital, FalconX, and Wintermute to restore its reserves within a 72-hour timeframe. The exchange has guaranteed users that all client assets are held at a 1:1 ratio, ensuring solvency despite the incurred losses.

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