Bybit Review 2025 – Pros, Cons and Pricing

Bybit is the best-known crypto exchange for its advanced trading features and user-friendly platform. It is among the most popular exchanges, with over 60 million cryptocurrency holders worldwide using its platform. The platform provides advanced blockchain tools like TradePT, trading bots, unique analytic tools, competitive trading fees, trading opportunities, and strong security.

Beyond this, the exchange has an excellent reputation for empowering users to unlock the full potential of Web3.

This Bybit review dives into products and services, fees, and user experience to help you decide if it’s the right platform for your trading needs.

Bybit Overview

Bybit is a popular exchange and has become a hub for full-time traders, serving a global community of over 60 million users. Founded in 2018, Bybit redefines the decentralized world by creating a simpler, open, and equal ecosystem for everyone. By 2019, they had achieved 10% of the global Bitcoin volume. In 2020, Bybit surpassed $4 million in daily trading, while today’s trading volume exceeds $6 million, placing the exchange as the second crypto exchange on CoinMarketcap based on trading volume, traffic, and liquidity. Their global headquarters is in Dubai, and the exchange recently opened its first European office in the Netherlands.
Known for its diverse marketplaces and user-friendly experience, Bybit now focuses on Web3. The platform partners strategically with leading blockchain protocols to drive on-chain innovation and onboarded 10 million users to the Bybit Wallet.

Bybit’s Products and Services

Our Bybit review has tested the many products and services offered by Bybit and the Bybit app, and here are our findings. 

Bybit Trading

Options

Bybit Options offers European-style, cash-settled options contracts that are margined and settled in USDC. These options give traders the right, but not the obligation, to buy or sell an underlying asset at a predetermined strike price on a specific expiration date. Bybit provides three trading tools—Option Explore, Easy, and Pro—catering to different experience levels. It supports various types of options orders, including call and put options, offering traders the flexibility to profit from rising and falling markets.

P2P Trading

Bybit’s P2P platform is an easy, secure, and fee-free option for peer-to-peer trading. It’s important to note that Bybit does not provide buy and sell offers on the P2P page. The key advantages of Bybit’s P2P platform include zero fees, high security, and competitive trading limits, which position it among the best P2P trading platforms.

Derivatives

The platform offers crypto derivatives trading, allowing users to trade contracts with up to 50x leverage. The platform has a 24-hour trading volume of approximately $23.3 billion and is trusted by around 65.2 million users. You can open a position in two ways: 

• by using the Quick Trading functions on the Trading Chart
• by placing basic and advanced orders in the order zone

Spot

Bybit also supports spot trading. To get started, users should first select their trading pairs. They can find them on the left side of the page, along with the Last Traded Price and the 24-hour change percentage of the underlying trading pair. Then, they should place their order using the several available order types. To execute spot trading, users must be in the Spot tab and decide whether to Buy or Sell an asset. Then, they enter their order value or quantity. 

Bybit Convert

This feature allows users to convert hundreds of verified and new cryptocurrencies quickly with instant execution and no Bybit fees. Users can check their conversion history in the upper right corner of the Bybit Convert page. Different coins have different minimum and maximum transaction limits. 

Bybit Earn

Bybit Earn provides diverse financial products for crypto investors to grow their assets. Every Bybit exchange review notes its offerings include Dual Asset, Bybit Savings, Liquidity Mining, and ETH 2.0 Liquid Staking. Users can earn yields by staking the best staking coins through Launchpool, offering free token rewards with flexible unstaking. Wealth Management enables professional portfolio strategies, while Discount Buy and Double-Win maximize market opportunities. Bybit Earn stands out for its flexibility, allowing users to generate passive income while leveraging advanced trading and investment strategies to enhance their crypto holdings.

Bybit Trading Bot

Bybit provides several code-free and pre-configured trading bots, allowing users to use effective trading strategies that save time and improve investment returns. The ByBit Trading Bots are free, making it a cost-effective option among the best crypto bots. Bots include Grid Bot, DCA Bot, and Martingale Bot.

Bybit Card

This Mastercard debit card allows simple and easy access to your digital and fiat funds. Users can spend with their card to earn 10% cashback, up to $300. The card supports only one fiat currency – USD. Then again, supported cryptocurrencies include ETH, BTC, XRP, USDT, TON, USDC, BNB, and MNT, with more options on the way.

Bybit Wallet

This is a custodial crypto wallet with a proven track record when it comes to security. With the Bybit wallet, users get the function of keeping their funds safe and are granted access to the Web3 world of GameFi, DeFi, and NFTs. Users should create the wallet by clicking on ‘Connect Wallet’ in the upper right corner of the Bybit Web3 page and choosing ‘Bybit Wallet.’ They can add the wallet addresses they want to observe to the watch-only wallet list.

Bybit Fees and Commissions

By bit, spot trading fees vary based on the user activity level and trading method, and the fee structure is clearly listed on the platform. Market makers are incentivized to help add liquidity to the platform and are rewarded with lower fees. Fee structures can change, so double-check on Bybit’s website before trading.

The Bybit trading fees on both perpetual futures and options are cheaper than those on spot trading. The fee structure has many different tiers that vary based on the amount you trade and your Bybit VIP level.

Bybit Availability

Supported Countries

Bybit is available in 160 countries worldwide. It does, however, maintain a list of service-restricted countries, including:

• United States of America
• Canada (including Québec)
• Singapore
• Cuba
• Crimea
• Sevastopol
• Iran
• Mainland China
• North Korea
• Syria
• Sudan

Supported Cryptocurrencies and Payment Methods

Bybit accepts a number of different payment methods to fund your account. First, you can deposit crypto from another exchange or wallet into your newly created Bybit account. You can do this through the Bybit website or the Bybit app.

Second, you can buy crypto directly on Bybit. Users looking to make a purchase right away can connect their debit or credit cards and click on One-Click Buy. Bybit also accepts bank transfers, Paysera, SEPA, Google Pay, Maestro, Revolut, Advcash, and many more.

Bybit accepts deposits in 16 different fiat currencies. This list of fiat currencies consists of but is not limited to GBP, USD, EUR, CRC, KZT, TRY, ARS, PLN, UYU, PEN, VND, UAH, MXN, ZAR, BRL, and COP.

Bybit has listed 1,736 assets, including the most popular cryptocurrencies like Bitcoin and Ethereum.

In addition to the more than 300 currencies available in the spot market, over 200 perpetual and quarterly futures contracts are also available to trade.

Bybit Customer Support and Online Reviews

Bybit maintains a robust support center that offers answers and guides to most users’ questions. It also offers live chat and email support.

Bybit states that its customer support channels are available 24/7.

We were thoroughly impressed with Bybit’s speed when dealing with queries about its platform. The live chat function is fully operational on the website, responding to my question in seconds, and it appeared to be dealt with by an actual human, not just an auto-reply chatbot.

The query was dealt with in less than a minute and was very helpful.

On Trustpilot, Bybit only has a 1.6 rating, which does not look good, but the page seems clogged with fake reviews. This low Trustpilot rating gives us some pause and is the reason for the mixed reviews. However, the mobile app has a rating of 4.7 with 10+ million downloads on a much more active Google Play Store. That’s impressive and gives us a lot of assurance in the platform’s performance across mobile and web. On the Apple App Store, Bybit has a rating of 4.7. For those of you wondering if there was a mobile app from Bybit download the app on your phone’s app store.

Additionally, Bybit has an active social media presence and a large Reddit community, making for a confidence-inspiring service.

Get Started With Bybit

Let’s review the steps to get started with Bybit:

1. Visit the official Bybit website or open the Bybit app, click ‘Sign Up,’ and register for an account. You can do that by providing your email address or phone number.

2. Complete identity verification and advanced protection, as there’s a Bybit KYC process.

3. Deposit Crypto. If you already have crypto in another wallet, you can deposit it into your Bybit account.

4. Buy Crypto. Bybit supports different methods, including Bybit P2P, one-click buy, and fiat deposits.

5. Explore the beginner-recommended products. Some of them are spot or copy trading, Bybit Earn, and Launchpad.

Bybit Pros and Cons

Bybit Security: Is Bybit Safe?

Security is a key concern and focus for Bybit. Security is always a top concern for crypto exchanges, and Bybit is no different. Bybit takes the usual steps of guarding users’ funds in offline cold storage wallets and minimizing their use of hot wallets. Additionally, Bybit publishes Proof-of-Reserves, which breaks down the amount of funds held and proves that they hold the crypto that is credited in users’ accounts. That goes a long way to giving users trust that Bybit is legit and not doing anything shady with users’ funds.

Here are the strategies the exchange has been employing to safeguard the security of users’ crypto assets:

• User funds are stored securely offline in cold wallets.
• Bybit protects them from unauthorized online access through a combination of advanced multi-signature, Trusted Execution Environment (TEE), and Threshold Signature Schemes (TSS).
• They conduct regular Proof of Reserves audits and publish them to the public with transparency.
• Bybit integrates a privacy-first philosophy into all its products and services.
• Data is encrypted in storage and transit using desensitized query interfaces.
• Bybit’s risk controls monitor and analyze user behavior in real-time.
• As soon as suspicious activity is identified, withdrawals will be subject to strengthened authentication measures.
• Bybit’s system is security-first, designed with a secure development life cycle, rigorous security testing, and ongoing bug bounty programs.
• Bybit offers Two Factor Authorization 2FA to users.

Important Note: On 21 February 2025, ByBit became a target of a successful security breach that resulted in $1.5 billion of lost customer funds. We do not recommend Bybit at this time and recommend users take self-custody using a wallet like Best Wallet.

Conclusion

As outlined in our Bybit review, the platform has gained popularity for derivatives trading, particularly futures and perpetual contracts. It offers much more, including a convert option, Bybit Earn, Launchpad, a trading bot, and a wallet. Bybit fees are competitively low, and the platform is available in many countries. It offers a mobile trading app, a user-friendly design, and helpful customer service.

However, some of the things worth considering are that the exchange may be challenging for beginners, and the United States is one of the countries where Bybit is restricted.

Despite these drawbacks, the exchange provides a wide range of trading tools and features, strong security measures, and innovative blockchain options, and it is a great choice.

FAQs