Bybit Review: Facilitating Crypto Futures and Leverage Trading in 2025

By Alexander Reed

Last Updated: Feb 4, 2025

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Bybit is a cryptocurrency exchange that was launched in 2018 and maintains its global headquarters in Dubai. It has quickly become one of the more popular cryptocurrency exchanges around. This Bybit crypto exchange review will cover the company’s services, fees, and overall pros and cons.

Bybit Overview

bybit review - logo

Bybit was founded in 2018 by first launching BTC perpetual contracts. By 2019, they had achieved 10% of the global Bitcoin volume. In 2020, their daily trading volume surpassed $4 billion. Fast-forward to today: Their global headquarters is in Dubai, they have 50 million users worldwide, and their daily trading volume has eclipsed $25 billion.

CEO and co-founder Ben Zhou has rapidly grown the company since he started in 2018.

“We are solving real problems facing our clients and the industry at large. This is a call to action for every Bybit team member, from customer support to product development, to think like leaders and innovators.”

bybit review - stats overview

Visit Bybit

Bybit Key Features

  • Vast Selection of Tradeable Assets– Trading instruments include derivatives, spot, and one-click instant buy/sell options
  • Professional Grade Platform– Bybit is known for its professional trading & matching engine for fast and seamless trades
  • High Leverage Available
  • Bybit crypto debit card
  • Multilingual Support
  • Bybit Copy Trading
  • NFT Marketplace
  • Crypto Loans

Bybit Pros and Cons

Pros

  • Competitive trading fees
  • 24/7 highly-responsive support
  • Up to 100x leverage
  • Tons of advanced trading tools
  • Good security protocols
  • Ability for trading bots
  • Bybit copy trading (demo trading)

Cons

  • Not especially beginner-friendly
  • Not available in the US or UK
  • Mixed customer reviews

That’s Bybit in a nutshell. If you want a complete review of the company and its services, keep on reading.

Bybit’s Services

Bybit is a crypto exchange that offers a full suite of products and services, including the ability to trade perpetual futures. “What are derivatives and perpetual futures?” I hear you ask. Before using the platform, it is crucial to fully understand perpetual futures, also known as perpetual swaps.

Before we get into the advanced services offered on the Bybit platform, it’s important to mention that they provide a full suite of products, no matter your level of cryptocurrency expertise. Bybit started as a Bitcoin futures exchange but has grown to add numerous products and services for every type of trader.

Bybit offers spot trading of over 300 spot trading pairs. They have more than 200 contracts of perpetual futures. They offer a one-click buy of crypto and a P2P trading platform. They offer staking, lending, and crypto loans. There are a Bybit Wallet, NFT marketplace, and Web3 products as well. For those of you who would like to take your crypto trading on the go, there is also a Bybit app for mobile devices.

 


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 offers access to over 300 different cryptocurrencies, including the most popular:

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 Fees

Bybit spot trading fees are clearly listed on the platform. It runs a maker-taker fee structure. 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.

Bybit Trading Fees
Bybit Fees | Maker & Taker

The Bybit trading fees on both perpetual futures and options are even 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. Check out their dedicated fee page to find your exact fee level for each type of trading.


Bybit Supported Countries

Bybit is available in 160 countries worldwide. It does, however, maintain a list of service-restricted countries. Rather than go down the long list of countries Bybit is available in, here are some of the Bybit restricted countries:

The United States, the United Kingdom, mainland China, Singapore, Canada, North Korea, Cuba, Iran, Uzbekistan, Russian-controlled regions of Ukraine (currently including the Crimea, Donetsk, and Luhansk regions), and Syria.

Unfortunately, one of the most Googled queries “Is Bybit available in the US?” is a no. We all hope there is a future Bybit USA in the works. For users based in the US, we recommend Kraken.


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.

Bybit help center page screenshot
24/7 Bybit Customer Service

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.


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.

Bybit Security Guarantee
Bybit Security Commitment

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

Pro Tip: When using cryptocurrency exchanges, it is always important to set up two-factor authentication. Any type of two-factor authentication is better than not using 2FA at all; however, authenticator apps like Google Authenticator are the best form to use.

Bybit KYC Process

The Bybit KYC (Know Your Customer) process consists of two levels of verification, which help enhance security and unlock additional features on the platform.

Level 1 (Basic Verification): You need to provide personal information such as name, date of birth, and country of residence, along with a valid government-issued document like a passport, ID, or driver’s license. Additionally, you’ll complete facial recognition to confirm your identity.

Level 2 (Residency Verification): This step requires a proof of address document (such as a utility bill or bank statement) further to increase withdrawal limits and access exclusive platform features.

Completing both levels increases your daily crypto withdrawal limits and gives you access to promotions and events.


Conclusion

Bybit is a well-built platform that delivers what it promises, including a reported 99.99% uptime. It rarely, if ever, goes offline during high demand and protects traders with an insurance fund. It also offers many advanced trading products, specifically leverage trading and derivatives trading, which have pros and cons. Advanced and experienced traders have access to the tools and leverage they seek, but inexperienced traders can easily get tripped up and liquidate trading products above their skillset.

Coin selection to stake contracts is wide enough to suit most traders, including Bitcoin and the Tether (USDT) stablecoin. Fees are set at the industry standard for futures exchanges, with market makers incentivized to add liquidity to the platform.

The international platform is available in most countries, although US-based customers and those from the UK still can’t use the service due to domestic regulations.

Most seemed satisfied with their customer experience, and there is a loyal community of Bybit users across the web. Of course, where there is money at stake, there will always be a disgruntled trader. Still, overall, Bybit is a worthy and legitimate force in the cryptocurrency exchange and futures trading world.

Visit Bybit

FAQs

Is Bybit Legit?

Is Bybit Safe?

Does Bybit Require KYC?

Can You Use Bybit In The US?

Is Bybit Legal In Canada?

Bybit

9.2

Fees

9.2/10

Ease of use

9.0/10

Coin Support

9.2/10

Reputation

9.3/10

Pros

  • Full suite of cryptocurrency services
  • 24/7 highly-responsive support
  • Up to 100x leverage on futures
  • NFT marketplace
  • Trading bots

Cons

  • Not available in the US or UK
Disclaimer Icon
Disclaimer
Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.
Alexander Reed
Alexander Reed
Editor

Having delved into futures trading in the past, my intrigue in financial, economic, and political affairs eventually led me to a striking realization: the current debt-based fiat system is fundamentally flawed. This revelation prompted me to explore alternative avenues, including... Read More

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