Last reviewed: 2026-06-29

Key facts

Overview

Bybit is a large global exchange best known for crypto derivatives, deep liquidity and low fees. In February 2025 it suffered the largest crypto theft on record (~$1.5B in Ethereum from a hot wallet) but covered customer funds and continued operating. It is unavailable in the US and lightly regulated relative to onshore peers. KYC is required for most features.

Availability

Bybit is available in: Global (many). Restricted or excluded: United States, United Kingdom (retail restrictions). Always confirm availability for your country on the official site, as regional support changes. Availability, regulation and tax treatment vary by country. Check your local laws before trading, and confirm current details on the official site. Regional note — India: Indian residents face 30% tax on crypto gains and 1% TDS on transactions above ₹50,000 per the Finance Act 2022.

Fees deep-dive

Bybit's standard spot fees are 0.10% maker / 0.10% taker, with derivatives fees materially lower and tiered from roughly 0.01% to 0.06% depending on maker/taker status and VIP level. As with other large offshore exchanges, fee discounts scale with 30-day trading volume and/or holdings of Bybit's native token, and frequent promotional fee rebates and zero-fee trading pairs are a recurring feature of Bybit's marketing, which can meaningfully lower the effective cost for an engaged trader who follows current promotions. Withdrawal fees are set per asset and network and are generally in line with the underlying blockchain's real transfer cost. There is no separate crypto deposit fee. Against Binance, Bybit's headline spot fee is identical, so the practical difference for a spot trader is discount programme structure rather than base rate; against OKX, the two are again close on spot, with Bybit's edge traditionally being in derivatives-specific fee tiers and its trading-engine performance under high load. Bybit does not currently offer full-service fiat on-ramps in as many markets as Coinbase or Kraken, so card/bank-funded users may face third-party ramp fees on top of exchange fees depending on their country. All figures should be checked on Bybit's own fee schedule, which — like every exchange in this category — changes without much advance notice.

Security architecture

Bybit's central security fact to weigh is the February 2025 breach: attackers compromised a multisig cold-wallet transfer process and stole roughly $1.5 billion in Ethereum and related tokens from a Bybit hot wallet — the largest cryptocurrency theft on record at the time. Bybit covered the resulting shortfall from its own balance sheet and bridge loans, remained solvent, and continued normal withdrawals throughout, which is a materially better outcome than exchanges that have frozen withdrawals or become insolvent after a comparable breach — but the underlying incident is real and severe, and is the single largest factor weighing down Bybit's security score here. Since the breach, Bybit has stated it strengthened its multisig transaction-verification process and cold-wallet operational controls, though the exchange has not published the same level of recurring, independently verifiable Proof of Reserves detail that OKX or Bitget publish monthly. Standard account-level protections are present: authenticator-app and hardware-key 2FA, withdrawal address whitelisting, and anti-phishing codes. Bybit is not comprehensively regulated by a tier-one financial regulator and operates under licences in select individual jurisdictions rather than one unifying framework. Given the 2025 incident, users should treat Bybit as a capable but higher-operational-risk venue and avoid holding more than necessary on the platform rather than in self-custody.

KYC & verification

KYC is required for the large majority of Bybit's functionality, including fiat channels, higher withdrawal limits and derivatives access. Standard verification requires a government-issued photo ID plus a selfie/liveness check and is typically processed quickly (minutes to a few hours in most cases). A higher verification tier, needed for larger withdrawal limits, may additionally require proof of address. As with other large exchanges, exact tiers, limits and required documents vary by the country the account is registered in and are subject to change as compliance requirements evolve, so the current requirements for a specific country should be checked directly on Bybit's own verification page rather than assumed.

Mobile app

Bybit's mobile app is well-rated on both major stores — roughly 4.6 out of 5 on Google Play (from over a million reviews) and roughly 4.7 out of 5 on the Apple App Store (from tens of thousands of reviews) as of September 2026, among the stronger showings in this category; ratings and review counts move over time and should be checked on the live store listing. The app covers spot and derivatives trading, copy trading, earn/staking products and a built-in Web3 wallet. Bybit's interface is generally regarded as fast and capable for derivatives-focused traders, with a trading engine that has held up well under high-volume conditions, though — as with OKX — the sheer number of product tabs can be a lot for a first-time user compared with a deliberately minimal app like Coinbase's. Biometric login and hardware-key 2FA are supported.

Customer support

Bybit offers 24/7 live chat, which is generally described as the fastest way to reach a human, alongside email support (support@bybit.com) for account-security issues such as reporting unauthorised access, an extensive self-serve help centre, and active social-media channels (X/Twitter, Instagram, Meta) used for both announcements and support triage. There is no published fixed SLA for free-tier response times, and — consistent with most exchanges this size — the most common user complaints concern slower resolution on funds-related or account-verification disputes rather than routine trading questions, which live chat generally handles promptly.

Who it is for

• Best for: Derivatives traders comfortable with an offshore exchange.
• Avoid if: You require a fully regulated, onshore platform.

Verdict

A capable derivatives venue; factor in the 2025 hack and lighter regulation before committing funds.

Alternatives

• OKX — Comparable fees and offshore positioning, with monthly cryptographic Proof of Reserves and no comparable 2025-scale breach on record.
• Binance — Deeper liquidity and broader product range, also unavailable to US users.
• Kraken — Materially more conservative choice with a long breach-free track record, at the cost of Bybit's derivatives depth.

User reviews

Real reader reviews — separate from FlixoCrypt's own editorial rating above. Every submission is moderated before it appears here.

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Bybit FAQ

What is Bybit? +

Bybit is a large global exchange best known for crypto derivatives, deep liquidity and low fees. In February 2025 it suffered the largest crypto theft on record (~$1.5B in Ethereum from a hot wallet) but covered customer funds and continued operating. It is unavailable in the US and lightly regulated relative to onshore peers. KYC is required for most features.

Is Bybit safe? +

Bybit is lightly regulated or non-custodial. February 2025: ~$1.5B Ethereum hot-wallet hack (largest crypto theft to date); Bybit covered customer funds and remained solvent. As with any platform, use strong security and only hold what you need on it.

Does Bybit require KYC? +

Yes — identity verification (KYC) is required for most features.

What are Bybit's fees? +

Bybit fees: maker 0.10% spot (0.01%–0.06% derivatives), taker 0.10% spot; withdrawals: Varies by asset. Always confirm current fees on the official site, as crypto fees change often.

Is Bybit available in my country? +

Available globally, with some regional restrictions. Restricted/excluded: United States, United Kingdom (retail restrictions). Availability, regulation and tax treatment vary by country. Check your local laws before trading, and confirm current details on the official site. Regional note — India: Indian residents face 30% tax on crypto gains and 1% TDS on transactions above ₹50,000 per the Finance Act 2022.

What is Bybit best for? +

Derivatives traders comfortable with an offshore exchange.

When should you avoid Bybit? +

Avoid Bybit if: You require a fully regulated, onshore platform.

What are the main pros and cons of Bybit? +

Pros: Strong derivatives platform and liquidity; Low fees and frequent promotions; Fast, capable trading engine. Cons: Suffered the largest exchange hack on record (Feb 2025); Not available to US users; Lighter regulation than US peers.

Is Bybit regulated? +

No / limited. Limited; licensing in select jurisdictions

When was this Bybit review last verified? +

This review was last verified on 2026-06-29 against the official site.

Sources

• Bybit — official site — verified 2026-06-29