Overview
Bybit launched in 2018 with a singular focus: derivatives trading for serious users. Founded by Ben Zhou, a former Forex executive, the platform was built from the ground up for traders who care about execution speed, deep liquidity, and advanced order types. That foundation served Bybit well — by 2026, it has grown into one of the top three exchanges globally by derivatives volume, with a credible spot business added on top.
Bybit relocated its headquarters to Dubai in 2022 and obtained a full operational license from the Virtual Asset Regulatory Authority (VARA) in 2023. It now serves over 60 million users in 160+ countries, though notably not the United States, United Kingdom, or Canada.
The platform faced its biggest test in February 2025, when an attacker exploited a vulnerability in a third-party multi-sig provider to drain approximately $1.4 billion in ETH from a Bybit cold wallet. Bybit responded rapidly: the company fully reimbursed all affected users within 72 hours using its own reserves and arranged loans from partner firms. The incident accelerated Bybit’s adoption of new custody infrastructure and is widely regarded as a textbook example of how an exchange should handle a major breach.
Fees
Bybit’s fee structure is competitive across all product categories:
- Spot trading: 0.10% maker / 0.10% taker at base tier
- USDT perpetuals: 0.02% maker / 0.055% taker
- USDC perpetuals: 0.01% maker / 0.04% taker
- Inverse contracts: 0.02% maker / 0.055% taker
VIP volume discounts are aggressive — VIP 1 starts at $250,000 in 30-day volume and offers meaningful reductions. The highest tiers can access negative maker fees (rebates) on certain contracts.
Holding MNT (Mantle’s token, in which Bybit has investment exposure) does not provide direct fee discounts in the way Binance’s BNB does. Bybit doesn’t operate a traditional “exchange token” model.
Bybit’s Bybit Card (a Mastercard-branded debit card) is available in select regions and provides cashback on purchases. Card fees and exchange rates are reasonable.
Security
Bybit’s pre-2025 security record was strong, with no major exchange-level breaches in its first 7 years of operation. The February 2025 incident changed that narrative, but Bybit’s response was exemplary:
- All affected user funds reimbursed within 72 hours — no haircuts, no withdrawals freezes
- Bybit immediately raised loans from market partners to maintain 1:1 backing while drawing on its own reserves
- Custody infrastructure was overhauled, with multi-party computation (MPC) replacing the compromised third-party multi-sig provider
- Independent security audits were commissioned and results published
Standard security features include:
- 95%+ of customer assets held in cold storage post-2025 reforms
- Proof of Reserves audited monthly by independent third parties
- Two-factor authentication (mandatory for withdrawals)
- Withdrawal whitelisting, anti-phishing codes, biometric login
- Bug bounty programme with significant payouts
While the 2025 incident genuinely hurt Bybit’s score in our security category, the response demonstrated that the platform has the operational maturity and capital reserves to handle worst-case scenarios. That’s worth more than a clean record at a smaller exchange that might collapse if hit by the same exploit.
Supported Assets
Bybit has aggressively expanded its spot listings, supporting 1,200+ trading pairs with 800+ unique tokens as of mid-2026. Coverage spans every major coin plus a strong selection of altcoins, meme coins, and newer launches. Bybit tends to list trending tokens quickly but with somewhat better filtering than Gate.io or MEXC — fewer outright scams.
The platform’s derivatives offering is even broader: 200+ perpetual contracts, including USDT-margined, USDC-margined, and inverse (coin-margined) versions. Options markets cover BTC, ETH, and SOL with weekly, monthly, and quarterly expiries.
Trading Experience
Bybit’s interface is purpose-built for active traders:
Spot interface: Clean, fast, with full order book depth and TradingView charts. Conditional orders, OCO (one-cancels-other), and iceberg orders are all available.
Derivatives interface: Among the most powerful in the industry. Sub-account isolation, cross/isolated margin modes, hedging mode, and a full suite of order types. Latency is consistently low, which matters for scalpers and arbitrageurs.
Copy Trading: Bybit’s copy trading platform features over 100,000 verified traders, with transparent performance metrics, risk scores, and follower counts. Following a trader costs nothing extra (the trader earns a profit share from successful copy trades). This is one of Bybit’s standout features and is widely considered best-in-class.
Trading Bots: Free grid bots, DCA bots, and a martingale bot. Less sophisticated than OKX’s offering but functional.
Web3 Wallet: Bybit Wallet is a multi-chain non-custodial wallet integrated into the app, with DEX aggregation and NFT support.
The mobile apps are excellent. The desktop platform is dense but responsive, with customisable layouts and saved workspaces.
Customer Support
24/7 live chat support is available in multiple languages. Response times are usually under 10 minutes for verified users but can stretch during high-volume periods (market crashes, major announcements). The help centre is comprehensive and includes video tutorials.
Bybit also maintains an active blog, learning portal, and webinar schedule. For high-volume traders, a dedicated VIP support manager is assigned.
Restrictions
Bybit is not available to users in the United States, United Kingdom, Canada, France, Singapore, mainland China, or several smaller jurisdictions. KYC verification is required for fiat services and most advanced features.
Who Should Use Bybit
Bybit is the strongest choice for:
- Derivatives traders outside the US who want deep liquidity and competitive fees
- Copy traders seeking the broadest verified leader board in crypto
- Active spot traders wanting a fast, modern platform
- Asia-Pacific users who benefit from local language support
- Crypto card users in supported regions
Avoid Bybit if you:
- Live in the US, UK, or Canada (it’s not legally accessible)
- Are extremely security-conservative (the 2025 incident may give you pause despite the strong response)
- Are a beginner (the interface assumes some trading experience)
Verdict
Bybit took a serious hit in 2025, but its response showed why it remains a top-tier exchange. The platform’s combination of derivatives depth, copy trading quality, and trading infrastructure makes it one of the most capable platforms for active traders.
If you’re outside the US and you trade actively — particularly derivatives or via copy trading — Bybit deserves a place on your shortlist. The 2025 incident is a cautionary tale, but Bybit’s response is exactly what users need to see from an exchange when things go wrong.