In-Depth Bybit Review: Pros, Cons, Pricing & More (2025)

Welcome to this complete Bybit review for 2025. Choosing a cryptocurrency exchange can feel overwhelming. There are hundreds of options, each with different features, fees, and rules. Bybit has rapidly grown into one of the largest and most popular exchanges in the world. But is it the right choice for you?

This article will simply break down everything you need to know about Bybit. We will look at its strengths (pros) and weaknesses (cons). We will explain its pricing clearly. We will also cover its features for both beginners and advanced traders. By the end, you should have a clear idea if Bybit is a good fit for your crypto journey.

What is Bybit?

Bybit started in 2018. At first, it was known almost exclusively for derivatives trading. Derivatives are special types of contracts that let you speculate on the future price of a cryptocurrency (like Bitcoin or Ethereum) without actually owning it. This includes products like “perpetual futures,” which are popular with advanced traders.

Because it focused on this, Bybit built a reputation for being extremely fast and reliable. Its trading engine (the technology behind the scenes) is famous for not overloading during busy market times. While other exchanges would freeze or crash during a price surge, Bybit kept working. This made it a favorite for serious traders.

However, Bybit has changed a lot since 2018. It is no longer just a platform for experts. It has expanded massively to become a full-service crypto hub. Today, Bybit offers:

• Spot Trading: This is the simple buying and selling of actual cryptocurrencies. You buy Bitcoin, you own the Bitcoin. This is what most beginners start with.
• Bybit Earn: A way to earn passive income (like interest) on the crypto you hold. You can “stake” your coins or lend them out to earn a yield.
• NFT Marketplace: A place to buy, sell, and trade Non-Fungible Tokens (digital collectibles).
• Launchpad: A platform where you can get early access to new crypto projects and tokens before they are listed publicly.
• Options Trading: Another form of derivatives that gives you the *option* (but not the obligation) to buy or sell an asset at a set price in the future.

Bybit is now headquartered in Dubai, UAE, which is becoming a major global hub for cryptocurrency companies. It serves millions of users across the globe. It has also made a big effort to be regulated, creating separate, compliant entities like Bybit EU for users in the European Union.

Core features explained

Let’s look at Bybit’s main products in more detail. This will help you understand what you can actually *do* on the platform.

Spot trading

This is the most straightforward feature. It’s like a normal market. You can buy Bitcoin with USDT (a stablecoin pegged to the US dollar) or sell your Ethereum for USDC (another stablecoin).

Bybit’s spot market is easy to use. The interface is clean. You can place different order types:

• Market Order: Buys or sells your crypto *immediately* at the best available price. It’s fast, but you might not get the exact price you wanted.
• Limit Order: You set the *exact price* you want to buy or sell at. Your order will only be filled if the market reaches your price. This gives you control.

Bybit lists hundreds of different cryptocurrencies, from the largest (like Bitcoin and Ethereum) to smaller, newer “altcoins.” This gives you plenty of options to build a diverse portfolio.

Derivatives trading (Futures & Options)

This is the area where Bybit truly shines. It is one of the top exchanges in the world for derivatives volume. Warning: Derivatives trading is high-risk and not suitable for beginners. You can lose your money very quickly, especially with leverage.

What is leverage? It’s like borrowing money from the exchange to make a much larger trade. For example, with 10x leverage, a $100 deposit can control a $1,000 position. This means your potential profits are 10x bigger. But, your potential losses are also 10x bigger. A small price move against you can wipe out your entire $100 deposit (this is called “liquidation”).

Bybit offers:

• Perpetual Futures: These are the most popular product. They are contracts that bet on the future price of a coin, and they *never expire*. You can hold them for as long as you want (as long as you don’t get liquidated).
• Options: These contracts give you the right (but not the duty) to buy or sell a coin at a specific price on a future date. They are a more complex tool used by advanced traders to hedge risk or speculate.

The key takeaway is that Bybit’s platform for this type of trading is world-class, fast, and stable.

Bybit Earn

If you are not a trader and just want to hold your crypto (or “HODL”), Bybit Earn is a very useful feature. It lets you put your idle crypto to work to earn passive income.

It includes products like:

• Savings: Very simple. You deposit your coins (like USDT, Bitcoin, etc.) and earn a daily interest rate. It’s often flexible, meaning you can withdraw your money at any time.
• Staking: Some cryptocurrencies (like Ethereum) use a system called “Proof of Stake.” You can “stake” (lock up) your coins to help secure the network. In return, you receive rewards, similar to interest.
• Liquidity Mining: A more advanced (and higher risk) way to earn. You provide your crypto to a “liquidity pool” that other people use to trade. You earn a share of the trading fees, but you can also be exposed to “impermanent loss.”

For most users, the simple Savings and Staking options are a great way to grow their holdings without the stress of trading.

Pros: The good things about Bybit

Every exchange has its strengths. Here is what makes Bybit stand out from the competition.

1. Excellent performance and reliability

This is Bybit’s biggest advantage. The exchange can handle up to 100,000 transactions per second. What does this mean for you? It means the platform does not freeze, lag, or crash when the market gets crazy. When prices are moving fast, the worst possible thing is being unable to close your trade or take profit. Bybit users rarely have this problem. A key finding of our Bybit review is its stability.

2. Low and competitive trading fees

Bybit has some of the lowest fees in the industry, especially for derivatives. Trading fees are split into two types:

• Maker Fee: You pay this fee if you *add liquidity* to the market. This happens when you place a limit order that doesn’t fill immediately. You are “making” the market.
• Taker Fee: You pay this fee if you *take liquidity* from the market. This happens when you place a market order that fills instantly. You are “taking” an existing order.

Bybit’s fees are very low, and for derivatives, the maker fee is often 0% or even negative (meaning you get paid a small rebate to trade). This is fantastic for active traders. We will look at the exact numbers in the pricing section.

3. Great user interface (UI) and mobile app

Despite being a powerful platform, Bybit is surprisingly easy to use. The desktop site and the mobile app are both clean, modern, and well-designed. It’s easy to find what you’re looking for, whether you want to make a simple spot trade or check your “Earn” portfolio. The app is fully featured, allowing you to do almost everything you can do on the website.

4. Wide range of products

As mentioned earlier, Bybit is a “one-stop-shop.” You don’t need one exchange for spot trading and another for derivatives. You can do it all here. The addition of the Bybit Earn, NFT Marketplace, and Launchpad means it has features for every type of crypto user, from the long-term investor to the daily trader.

5. Strong liquidity

Liquidity refers to how easy it is to buy or sell an asset without causing a big change in its price. Bybit has very high (or “deep”) liquidity. This means there are always lots of buyers and sellers. For you, this results in a low spread (the small difference between the buying and selling price) and low “slippage” (when your order gets filled at a worse price than you expected). This is crucial for traders of all sizes.

Cons: The bad things about Bybit

No platform is perfect. Here are some of the downsides and risks you should be aware of before signing up.

1. Regulatory challenges

This is Bybit’s biggest “con.” Because it started as an unregulated derivatives exchange, it has faced problems with regulators in several countries. Bybit is not available in the USA. It has also been forced to stop services in other countries, like the UK and parts of Canada.

While Bybit has worked hard to fix this (by getting licenses in Dubai and the Netherlands), you must always check if Bybit is allowed in your country. Regulations are constantly changing, and this creates uncertainty.

2. Mandatory KYC (Identity verification)

In the past, Bybit was popular because you could trade without verifying your identity (KYC – Know Your Customer). Those days are over. Today, Bybit requires KYC for almost all services, including deposits, trading, and withdrawals. You will need to provide a photo of your ID (like a passport or driver’s license) and a “selfie.”

This is a “pro” for security and regulation, as it helps prevent money laundering. However, for users who value privacy, this is a significant “con.” If you are looking for a no-KYC exchange, Bybit is no longer the answer.

3. Overwhelming for absolute beginners

While the simple “Spot” trading is easy, the platform’s main focus is still on advanced trading. New users can easily get confused by terms like “USDT Perpetual,” “Funding Rate,” and “Leverage.” The platform actively promotes these high-risk products, and a new user could accidentally wander into the derivatives section and lose a lot of money very quickly. If you are a beginner, stick to the “Spot” and “Earn” sections.

4. Fiat on-ramp fees can be high

“Fiat” is traditional money, like USD, EUR, or GBP. An “on-ramp” is how you buy crypto with that money. Bybit itself doesn’t always handle these transactions. It often uses third-party partners (like MoonPay or Simplex). These partners can charge high processing fees (3-7%) when you buy crypto with a credit card. This is much more expensive than doing a bank transfer to an exchange like Coinbase or Kraken.

Tip: The cheapest way to use Bybit is to buy your crypto (or a stablecoin like USDT) on another exchange with low bank transfer fees, and then send that crypto to your Bybit wallet.

Bybit pricing and fees

No Bybit review would be complete without a deep dive into the costs. Bybit’s fees are structured in a “tier” system. The more you trade (your 30-day volume), the lower your fees become. Most users will start at the “Non-VIP” or “VIP 1” level.

Spot trading fees

For spot trading (simply buying and selling coins), the fees are very straightforward. Here is a table for the standard user tiers.

A 0.10% fee is very competitive. It’s the same as Binance and much lower than exchanges like Coinbase (which can be 0.60% or higher). This means for every $1,000 you trade, you pay $1 in fees.

Derivatives trading fees (Futures)

This is where Bybit’s low fees really stand out. These fees are even lower than spot fees.

These are extremely low. A 0.02% maker fee is tiny, and for high-volume traders, it even goes to zero. This structure is built to attract serious, active traders.

Other fees to know

• Deposit Fees: Bybit does not charge any fees to deposit crypto. If you send Bitcoin to your Bybit wallet, you pay zero fees (other than the standard Bitcoin network fee, which Bybit does not control).
• Withdrawal Fees: Bybit charges a flat fee for withdrawing your crypto. This fee is different for each coin and network. For example, withdrawing USDT on the Tron (TRC20) network is very cheap (around $1), while withdrawing it on the Ethereum (ERC20) network can be expensive ($5 – $20+). Tip: Always check which network you are using to save on withdrawal fees.
• Funding Rates: This is not a fee, but it’s a cost in futures trading. To keep the futures price close to the real (spot) price, traders pay each other a small “funding rate” every 8 hours. If you are “long” (betting the price goes up) and the rate is positive, you pay. If you are “short” (betting it goes down), you get paid. This is a standard part of all futures exchanges.

Security: Is Bybit safe?

This is one of the most important questions. In this section of the Bybit review, we cover safety. An exchange is useless if your money isn’t safe. Bybit takes security very seriously and has a strong track record. It has never had a major, successful hack that resulted in users losing their funds.

Here are the key security features Bybit uses:

1. Proof of Reserves (PoR)

After the collapse of the FTX exchange, “Proof of Reserves” became essential. This is a way for an exchange to prove that it actually holds all the crypto that its users have deposited. It shows they are not secretly lending out or losing customer funds.

Bybit regularly publishes its Proof of Reserves. Users can even check for themselves that their own funds are included in the audit. This provides excellent transparency and peace of mind. Bybit consistently shows it holds 100% (or more) of all user deposits.

2. Cold storage

Bybit stores the vast majority of user funds in cold storage. This means the crypto is held in wallets that are completely offline. They are not connected to the internet. This makes them impossible for a hacker to access remotely. Only a small percentage of funds are kept in “hot wallets” (online) to process daily withdrawals. This offline system is the industry standard for high security.

3. User-side security features

Bybit also gives you the tools to protect your own account:

• Two-Factor Authentication (2FA): This is a must-have. You must use an app like Google Authenticator. It generates a new 6-digit code every 30 seconds. A hacker would need both your password *and* your physical phone to log in.
• Withdrawal Whitelisting: You can create a “whitelist” of crypto addresses that you trust. When this is on, you can *only* withdraw funds to those pre-approved addresses.
• Anti-Phishing Code: You can set a unique code that will appear in every official email from Bybit. If you get an email that *looks* like it’s from Bybit but doesn’t have your code, you know it’s a fake “phishing” scam.

Verdict on security: Bybit is one of the safer exchanges on the market. Its commitment to Proof of Reserves and its use of cold storage are excellent.

Customer support

Good customer support is crucial when your money is on the line. Bybit offers 24/7 live chat support, which is the most important feature. You can connect with a real person in just a few minutes, any time of day.

In addition to live chat, Bybit has an extensive “Help Center.” This is a searchable database of articles and guides that explain how to use the platform, what fees are, and how to troubleshoot common problems. For most simple questions, the Help Center is faster than contacting support.

Overall, Bybit’s support is considered good for a large crypto exchange. The 24/7 live chat is a major advantage over smaller platforms.

Bybit EU vs. Bybit Global: A critical difference

This is extremely important. Due to new regulations in Europe (called MiCA), Bybit had to create a separate, fully regulated platform for users in the European Union. This platform is called Bybit EU and is operated from the Netherlands.

Here is what you need to know:

• If you live in the European Union (e.g., Germany, France, Spain, Poland): You must sign up for Bybit EU. You will not be able to use the main Bybit Global platform.
• If you live outside the EU (e.g., in Asia, Latin America, Africa): You will use the standard Bybit Global platform (operated from Dubai).

What are the differences? Bybit EU is fully compliant with European laws. This is good for safety and long-term stability. However, it also means it may have more restrictions. For example, Bybit EU might:

• Offer fewer cryptocurrencies (some altcoins may not be approved).
• Have lower leverage limits for derivatives trading.
• Have fewer “Earn” products.

Bybit Global generally offers the full range of products with higher leverage. It is crucial to sign up for the correct platform for your location. Our links in the promo boxes will guide you to the correct one.

Bybit referral codes (BYBIT31 & BYBIT3K)

Like many exchanges, Bybit offers a “Referral Program” to attract new users. By using a referral code when you sign up, you can get significant welcome bonuses.

These bonuses often come as “mystery boxes,” trading fee rebate vouchers, or deposit bonuses. The rewards can be worth up to $30,000, but this requires making very large deposits and trades. For a normal user, a bonus of $20 to $100 is more realistic and still a great start.

It is important to use the correct code for your region:

• Bybit Global (Non-EU Users): Use referral code BYBIT31
• Bybit EU (EU Residents): Use referral code BYBIT3K

Make sure to enter the code during the sign-up process to be eligible for the welcome rewards.

Conclusion: The final verdict

To conclude this Bybit review, Bybit has successfully evolved from a niche derivatives platform into a top-tier, all-in-one crypto exchange. Its biggest strengths are its rock-solid performance, high speed, and extremely low trading fees. For active traders, especially those interested in futures, Bybit is one of the best choices available.

For beginners, the platform is a mixed bag. The “Spot” and “Earn” sections are easy to use and competitive. However, beginners must be very careful to avoid the high-risk leverage products that the platform heavily promotes.

The main weakness is the regulatory uncertainty. It is not available in the USA, and the split between “Global” and “EU” can be confusing. However, its commitment to security with Proof of Reserves is a massive point in its favor.

So, should you use Bybit in 2025?

• Yes, absolutely, if you are an active trader looking for low fees, high liquidity, and a platform that won’t crash.
• Yes, if you are a “HODLer” who wants a secure place to store your crypto and use “Bybit Earn” to get good interest rates.
• No, if you live in the USA or another restricted country.
• Maybe, if you are an absolute beginner. It’s a good platform, but you must be careful and stick to the “Spot” section.

Overall, Bybit is a powerful, secure, and competitive exchange that rightly deserves its place as one of the best in the world.