Bybit

A Dubai-based cryptocurrency exchange known primarily for its derivatives trading platform, offering perpetual contracts, futures, and options alongside spot trading. Not available in the United States.

Founded: 2018
Headquarters: Dubai, UAE
KYC: Required
Mobile app: Yes (iOS, Android)

Payment methods

Bank transfer
Credit/debit card
P2P trading
Crypto deposit

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Overview

Bybit was founded in 2018 by Ben Zhou, a former forex executive, with a focus on building a fast, reliable derivatives trading platform. Originally headquartered in Singapore, the company relocated its primary operations to Dubai, where it obtained a Virtual Asset Service Provider license. Bybit has grown into one of the largest cryptocurrency derivatives exchanges by volume, attracting traders who prioritize speed, liquidity, and advanced order types.

While Bybit began as a derivatives-only platform, it has steadily expanded its offerings. The exchange now supports spot trading across hundreds of cryptocurrency pairs, a peer-to-peer marketplace, earn products, an NFT marketplace, and a Web3 portal. Despite this diversification, derivatives remain the platform's core strength. Bybit offers perpetual contracts, standard futures, and options across a wide range of assets, with leverage options that appeal to experienced traders.

The trading engine is one of Bybit's most frequently cited advantages. It is built to process a high number of orders per second with minimal latency, which matters significantly for active traders and those running algorithmic strategies. The platform also provides an integrated copy trading feature that allows less experienced users to replicate the positions of successful traders on the platform.

Bybit has established itself in the competitive landscape through sponsorship deals and community building, including partnerships with professional sports teams and esports organizations. The platform runs regular trading competitions with prize pools that help attract and retain active users.

It is important to note that Bybit is not available in the United States. The platform restricts access from the US and several other jurisdictions due to regulatory constraints. Users should confirm that their country of residence is supported before creating an account.

Getting Started

Setting up a Bybit account is straightforward for users in supported regions. The process is designed to get traders onto the platform quickly.

Step 1: Visit bybit.com or download the Bybit app for iOS or Android. Register using your email address or phone number and create a password.
Step 2: Complete identity verification (KYC). Bybit requires KYC for all users. You will need to upload a government-issued ID and complete a facial recognition check. Verification is typically processed within minutes but may take longer during peak demand.
Step 3: Fund your account. Deposit cryptocurrency from an external wallet, purchase crypto using a credit or debit card through integrated third-party providers, or buy from other users via the P2P marketplace. Depositing crypto directly is generally the most cost-effective method.
Step 4: Choose your trading market. For straightforward buying and selling, use the spot market. For leveraged positions on price movements, navigate to the derivatives section and select from perpetual contracts, futures, or options. Beginners should start with spot trading before exploring leveraged products.
Step 5: Manage your positions and withdrawals. Bybit provides detailed portfolio tracking tools. When you are ready to withdraw, transfer assets to your funding account and initiate a withdrawal to an external wallet address.

Fees & Limits

Bybit uses a maker/taker fee structure for both spot and derivatives markets. Fees decrease at higher volume tiers, rewarding active traders with progressively better rates. Maker orders, which add liquidity to the order book, are charged lower fees than taker orders, which remove liquidity.

Derivatives trading fees follow a similar tiered model. The fee structure is competitive relative to other major derivatives platforms, which is one reason Bybit has attracted a large share of the global derivatives trading volume.

Purchasing cryptocurrency with a credit or debit card involves third-party payment processors, which charge their own fees on top of the transaction. These costs are typically higher than trading directly on the spot market. P2P purchases may offer more competitive rates depending on the seller and payment method.

Withdrawal fees are set per asset and are adjusted periodically to reflect current network conditions. Bybit publishes its fee schedule on its website. Internal transfers between Bybit users are free. Deposit of cryptocurrency does not carry any platform fee, though standard network transaction fees apply.

Account limits for trading and withdrawals are determined by your KYC verification level. Higher verification tiers unlock larger daily withdrawal limits. VIP and institutional accounts benefit from custom fee arrangements and elevated limits.

Security

Bybit uses a combination of cold and warm wallet infrastructure to protect user assets. The majority of funds are held in cold storage using multi-signature wallets, which require multiple authorized parties to approve any transaction. Hot wallets hold only enough funds to cover normal withdrawal activity.

The platform has maintained a clean security record with no reported breaches of its core wallet infrastructure. In February 2025, however, Bybit suffered a major security incident in which sophisticated attackers compromised the process used to authorize transfers from one of its cold wallets, resulting in a significant loss of Ethereum. Bybit responded by covering all losses from its reserves and partner commitments, ensuring no users were affected. The company subsequently overhauled its cold storage authorization procedures.

On the account level, Bybit supports two-factor authentication through Google Authenticator, anti-phishing codes to help users identify legitimate communications, and withdrawal address whitelisting. The platform also provides a fund password that must be entered before any withdrawal or transfer can be executed.

Bybit conducts regular security audits and publishes proof-of-reserves reports that allow users to verify that the platform holds sufficient assets to cover all customer deposits.

Pros & Cons

Pros

Strong derivatives platform: Bybit is one of the top exchanges for cryptocurrency derivatives by volume, with deep liquidity, low latency, and a wide range of contract types.
High-performance trading engine: The matching engine is built for speed, making it well-suited for active and algorithmic traders.
Copy trading: The integrated copy trading feature allows newer users to follow experienced traders, lowering the barrier to participation in derivatives markets.
Competitive fee structure: Trading fees are competitive with other major derivatives exchanges, and the tiered model rewards higher-volume traders.
Proof of reserves: Regular proof-of-reserves reports provide transparency about the platform's solvency.

Cons

Not available in the US: American residents cannot use Bybit, which limits the platform's accessibility for a large segment of the global market.
2025 security incident: The major cold wallet breach in early 2025, though handled without user losses, raised questions about the platform's security procedures.
Derivatives risk: The platform's emphasis on leveraged trading products means inexperienced users can incur significant losses if they do not understand the risks involved.
Limited fiat on-ramps: Direct bank deposit options are limited in many regions. Users often need to rely on third-party card processors or P2P trading to fund their accounts with fiat currency.
Regulatory uncertainty: Operating from Dubai, Bybit holds some regional licenses but is not regulated in many of the markets where its users reside, which introduces jurisdictional risk.