Bybit Review 2025: Is Bybit Safe? Pros and Cons

This Bybit review aims to provide objective information on what has become one of the most popular cryptocurrency exchanges in 2025.

Bybit Review 2025 Key Takeaways: 

• Bybit has grown to become one of the leading cryptocurrency exchanges for both spot and derivatives trading.
• One of the best Bitcoin futures exchanges in 2025.
• Despite being the victim of the largest hack in crypto history, Bybit recovered all users’ funds within 72 hours.
• Bybit maintains a real-time and public Proof-of-Reserves (PoR) system via Merkle Trees, but reports are not independently verified.
• Multiple user-oriented security features such as 2FAs, address whitelisting, anti-phishing codes, and session monitoring.
• Bybit remains committed to global regulatory standards, but has faced hurdles from regions such as the Netherlands and France.

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Bybit

Rating: 4.8/5

• Leading crypto derivatives exchange
• High leverage up to 100x
• Spot and perpetual futures
• Advanced trading tools and bots
• Strong security with PoR verification

• US users restricted
• Complex for beginners
• Some regional restrictions

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Bybit Overview: Introduction and How to Register

Founded in 2018 by the acting Chief Executive Officer Ben Zhou, Bybit has quickly become one of the leading cryptocurrency exchanges by multiple metrics, including daily active users (DAU), trading volume, and more.

Data from CoinMarketCap reveals that Bybit ranks number 2 in spot trading volume and number 4 in derivatives trading volume as of the time of writing this review in May 2025.

Bybit has managed to position itself as a serious contender to leading crypto exchanges such as Binance, Coinbase, Kraken, and others alike. It is worth noting, though, that the predominant focus has been on the derivatives side of the exchange. Things like a very effective and quick matching engine, a familiar and user-friendly trading interface, as well as competitive trading fees and a range of product offerings quickly made Bybit a preferred trading platform for many.

Who is this Bybit Review for?

This Bybit review is aimed at both new and inexperienced users and seasoned veterans as well. We take a comprehensive overview of multiple aspects of the exchange, including but not limited to:

• User experience and interface
• Security and trustworthiness
• Fees and costs
• Supported countries
• Customer support
• Pros, cons, and more.

What makes this Bybit Review different?

This review goes beyond the scope of a traditional overview and also provides a detailed step-by-step guide aimed at newer users who might not yet be familiar with many of the trading tools and operations.

How to Register on Bybit

Creating an account on Bybit is as easy as it gets. All you have to do is provide an email address and select a password. If you have followed the links above, they would have automatically input CryptoPotato’s special code, but if you haven’t done it, make sure to use CPOTATO as your affiliate code to enjoy all the promotions listed above, exclusively available to CryptoPotato.

Once you enter your email address and password, you will receive a confirmation code in your email. As soon as you enter that, your account will be registered.

Here’s where you need to take a few important steps to make sure your account is secured. Go to the “Account & Security” page of your profile, and make sure to turn the advanced protection tools on.

Step 1: Configure your Google Two-Factor Authentication

Step 2: Configure your Anti-phishing Code

Step 3: Set up your Fund Password.

You can also protect your account with a YubiKey security key.

Once you have completed this, you can look at the special promotions that you will be eligible for as a reader of CryptoPotato.

Find out more about them here.

Trading Experience: Breakdown of Bybit’s Core Features

Bybit offers a range of products for its users, catering to both experienced professionals and newcomers.

Trading Experience

The exchange supports more than 700 cryptocurrencies, which, of course, include major assets such as BTC, ETH, XRP, ADA, USDT, USDC, and more. However, Bybit is also relatively quick to add a variety of altcoins and many emerging tokens, creating markets and, therefore, opportunities.

That said, the platform offers various markets:

• • Spot trading: users are able to access a wide range of pairs, including crypto-to-stablecoins and crypto-to-crypto.
  • Derivatives trading: This is the bread and butter of Bybit. The platform offers perpetual contracts, as well as futures for major cryptocurrencies, allowing traders to engage with high-frequency derivatives trading at 100x leverage for select pairs.
  • Fiat-to-crypto trading pairs: Bybit has a peer-to-peer platform (P2P), where users can trade more than 300 cryptocurrencies and 75 fiat currencies directly.

Copy Trading and Social Features

Copy trading has become a popular feature that many cryptocurrency exchanges, including Bybit, integrate to simplify the user experience and provide novice traders with additional tools. Whether it’s worth it or not depends on the people you follow and how you balance your portfolio.

It can be defined as a portfolio management tool. It allows users to copy some or all of the trades carried out by market experts.

To access the feature, hover over “Tools” in the main navigation menu and select “Copy Trading.”

From here, you can choose the trader that you want to copy. Once you go to their page, you will see an introduction. Some of them describe their trading styles and also give recommendations, such as how much money you need to put in to make it worth it. Note that only USDT is supported.

You will also see how many people follow the investor, their AUM (assets under management = the investments of people who follow them), and their maximum drawdown and profit-sharing ratio.

Trading Bots and Automation Tools

Bybit offers multiple ways for users to automate their trading, mostly through trading bots. The exchange even allows you to create your own bot based on pre-set criteria such as focused asset, type of trading (spot or futures), and current bias (bullish, bearish, neutral).

Apart from that, users can create their bots using pre-made templates for:

• Futures grid bots
• Futures Martingale bots
• Futures combo bots
• Spot grid bots
• Dollar cost average (DCA) bots

Bybit Earn

Bybit Earn is a program designed for users to access a variety of investment and staking products. It’s a diverse platform that offers a wide range of financial products for investors, including:

• Bybit savings
• Liquid mining
• ETH 2.0 liquid staking
• Wealth management
• Dual assets, and more

The platform is geared towards both advanced users and beginners alike, much like most of the tools available on Bybit.

Bybit Card

The Bybit crypto debit card is a virtual debit card introduced by the exchange in partnership with Mastercard. It allows Bybit users to easily access their crypto funds.

It’s a way to off-ramp cryptocurrency or to simply integrate crypto into your everyday life. Those who order and use the Bybit crypto debit card can also enjoy certain benefits and bonuses.

The Bybit Launchpad

The launchpad that Bybit introduced is aimed at providing its users with access to pre-listing investing rounds, allowing them to earn new tokens directly on the platform. In essence, it introduces new projects that aim to raise funds through selling tokens and allows Bybit users to buy these tokens before they get listed for trading, hence delivering the opportunity for potential profits.

The launchpad works through a subscription model, and users need to have completed Identity Verification Lv. 1 or Business Verification. Users from restricted countries (see below) are not allowed.

User Experience & Interface: How to Trade on Bybit

As part of our Bybit review, we’ve spent a lot of time using the exchange to determine whether the user experience and overall interface are high-level. In the following section, you will find a step-by-step guide on how to trade on Bybit, as well as an explanation of its trading tools and features.

How to Trade on Bybit

For the sake of this guide, we will stick to perpetual contracts, or, as it’s most commonly referred to in the cryptocurrency industry – futures trading. Before we dive deeper into how to trade on Bybit, let’s provide some clarity on what perpetual futures contracts are. Keep in mind, though, that Bybit also offers spot trading, options trading, and others.

What is a perpetual futures contract?

A perpetual futures contract is a derivative product that represents a regular futures contract but has no expiry date. It allows you to open and close positions with leverage whenever you want to without having to deal with expiry dates.

The Bybit Trading Interface and Tools

Bybit has evolved into a very precise and efficient trading platform with multiple features that traders can tune to their advantage to optimize their experience. This is what the trading interface looks like:

The trading chart is central to the entire interface. Right above it, you can find essential information about the trading pair of choice, such as the current price, change during the past 24 hours, daily highs and lows, overall trading volume, open interest, and funding rates.

Next to it, you can find the order book, that can be tuned to different depth and views. On the right side, you will find the different trading tools such as the leverage bar, the margin type, order types, and more.

Adjusting Leverage

Adjusting your leverage is very easy. As soon as you hit the leverage button, you will find this pop-up:

You can set whatever leverage you want here. Bybit supports leverage of up to 100x on select cryptocurrency pairs.

However, trading with high leverage is incredibly risky. It significantly increases the chances of capital losses and it should only be exercised by seasoned veterans and traders with sufficient experience. Anything above 5x can be dangerous, so make sure to exercise with caution.

Adjusting Margin Modes

Once you have your leverage set up, you can also choose which type of margin mode you want to use. The button to adjust this is right next to the leverage one:

Bybit supports, like most exchanges, two types of margin modes:

• Isolated margin – it applies a specific amount of margin (i.e. the initial margin_) to a position. You can adjust this manually. However, in the event of a liquidation, you may lose only the applied margin to this specific position.
• Cross margin – all of your available balance of the corresponding account will be deployed to meet the maintenance margin requirements.

Different Order Types

Bybit provides a few different types of orders that cater to beginners and advanced traders.

• Market Order

This is the simplest order type. You select an amount of Bitcoin (for example) that you wish to buy or sell and then hit the Long or Short button, respectively. The order will be executed at the best available price of Bitcoin on the order book.

• Limit Order

With a limit order, you can set the price at which your order will be executed. For example, if Bitcoin is currently trading around $68,000 but you want to buy once the price declines to $67,000 – all you have to do is specify that in the order as a limit price:

• Conditional Orders

Traders tend to use these as a stop-limit or a take-profit type of orders. You are able to specify a future price called “trigger” price which, when reached, will automatically place the order that you want in the order book, at the specified order price.

There are a few other conditional orders, which are mostly designed for advanced traders:

• Chase limit orders
• TWAP
• Iceberg
• Scaled Orders
• Webhook Signal Trading

Opening and Closing a Position

Opening a position on Bybit is extremely easy, and you have multiple ways to do it, depending on the order type that you want to use. For the sake of this guide, we will use a simple market order for demonstration purposes. As you can see in the image below, we have set our leverage to be 5x and we are using Cross margin mode.

To specify the quantity of the order, we’ve simply hit the “50%” button, which takes half of our equity into the position. Below that, you can see that the cost of our position is $14, but the actual value is $71. That’s because of the 5x leverage. Depending on whether we want a long or short BTC position, we can choose between the two options. In our case, we want to long it so that we will press “Open Long.”

Once you hit any of the two buttons, you will see a confirmation window with a summary of your position. Review that and confirm.

After you’ve done so, your position will appear in a designated space below the center section of the interface, where you can monitor its performance.

Here, you can check important performance metrics such as your entry and current price, the liquidation price, your unrealized profit or loss, and so forth. You can also choose to add take profit or stop loss levels (TP/SL), and close your position by choosing one of three methods – Revers, Limit, and Market. These correspond to the order types that we’ve described above.

Supported Cryptocurrencies

Bybit supports a very wide range of tradeable assets for its spot and futures platform. The list is constantly updated as the exchange is adding (and removing) cryptocurrencies almost daily.

Spot exchange:

• BTC
• ETH
• SOL
• ADA
• XRP
• DOGE
• SHIB
• HYPE, etc.

Futures exchange:

It includes almost all of the assets supported on spot, but also features multiple other cryptocurrencies and the list is being updated very regularly. Examples include:

• VIRTUAL
• HBAR
• INJ
• PNUT
• PENGU
• TAO
• FARTCOIN, and many more

Security & Trustworthiness: is Bybit Safe in 2025?

Yes, Bybit is a safe cryptocurrency exchange to use in 2025, but there is more to that question.

The obvious elephant in the room here is the recent incident in which Bybit fell victim to the largest crypto hack in history. Back in February 2025, the exchange was hacked for $1.5 billion in ETH. The perpetrators were later revealed to be the infamous cybercriminal organization from North Korea, Lazarus Group.

Bybit’s CEO immediately confirmed the breach, saying that the exchange lost over 70% of its ETH holdings. While this may sound awful, it truly was, and how the company reacted to the incident determines whether or not users’ funds are safe.

First, it’s important to note that nobody lost a single cent because of the incident, except Bybit. All users were made full almost immediately. The company’s reaction was sharp, quick, adequate, and transparent. At no point were users left wondering whether or not their funds were at risk.

Beyond this incident, Bybit hasn’t suffered any other security breaches. Here is how they are keeping their users’ funds safe.

Although using a centralized exchange (like Bybit, Binance, Coinbase, etc) always carries counterparty risks, Bybit is considered to be a safe cryptocurrency exchange.

In terms of security, Bybit employs the so-called “360 platform security.” In simple words, the exchange takes the necessary measures to ensure the security of its users on all fronts. These include:

Asset Protection and Platform Security

Bybit stores user funds offline in cold wallets. To make sure that these wallets are protected from unauthorized access, they employ advanced multi-signature, Threshold Signature Schemes (TSS), and Trusted Execution Environment (TEE).

Privacy Protection

Users can find the extent of the data collected by Bybit in their terms, as well as the way the exchange uses it. In addition, Bybit integrates a privacy-first policy, which spans across all of its products and services.

Advanced Data Protection

Bybit encrypts user data both in transit and in storage. To do so, the platform uses desensitized query interfaces. All access to user data is subject to strict authorization controls. This is designed to guarantee that only users have access to their personal and private information.

Real-Time Monitoring

According to its user-protection page, Bybit also monitors and analyzes user behavior in real time. This means that as soon as there’s some sort of suspicious activity, the team can strengthen the authentication measures for withdrawals and other critical actions on the exchange.

All of the above have ensured that Bybit remains a safe and secure platform for trading. The exchange has never been hacked or exploited.

In addition, following the FTX fiasco back in 2022, Bybit, alongside a range of other exchanges, launched Merkle Tree-verified proof of reserves (PoR). This is available for both trading and funding accounts and adds another layer of transparency. This can also be monitored in real time.

Fees & Costs

There are no fees and costs associated with depositing and withdrawing funds from Bybit, other than network fees that are inherent to every blockchain-based transaction.

In terms of trading fees, here is a detailed chart breakdown of what you can expect:

Please check out the official page for fees associated with other features, such as the Bybit Card, Bybit Earn, Bybit Pay, Trading Bots, Copy Trading, and more.

Competitor Comparison: How does Bybit compare to other exchanges in terms of fees?

Bybit vs. Binance

When comparing Bybit and Binance in terms of trading fees, one should always take into account their tiered approach, which differs between the two exchanges. However, both charge fees up to 0.1%, so they are comparable.

Bybit vs. Coinbase

Coinbase has relatively higher trading fees, especially in its spot market, compared to Bybit. Fees can go up to 0.6%, while the maximum Bybit would charge is 0.1%.

Bybit vs. Kraken

Kraken has relatively higher trading fees, which can reach up to 0.4%. Bybit’s maximum trading fee is 0.1% for the lowest tiered users.

Supported Countries & Restrictions

Although available almost everywhere in the world, there are certain major regions that are not supported for any of Bybit’s services. These include the United States, Hong Kong, Singapore, Canada, France, the United Kingdom, North Korea, Cuba, Iran, Uzbekistan, and Russian-controlled regions of Ukraine.

In a restricted region? Our best crypto exchanges guide highlights region-friendly alternatives.

Customer Support & Community

Evaluating the customer support of Bybit is a critical part of this review because it’s essential for its broader user experience.

Bybit excels in this regard. In fact, the exchange even sets up private groups between its team members and high-volume traders to ensure their optimal experience.

For regular users, Bybit provides quick and actionable customer support through various means. The exchange has a live chat, which we have tested. The queue lasts no longer than a few minutes, which is well beyond industry standards.

There is also a very useful help center that answers a lot of the questions in advance.

User Reviews & Testimonials

As with most cryptocurrency exchanges, users who are satisfied with the services have little motivation to write a review.

That said, Bybit does boast a score of 3.1 on Trustpilot, despite the prevailing number of 1-star reviews. To compare, Binance has a rating of 1.4, Coinbase has a score of 3.9, while Kraken has a score of 1.4.

Frequently Asked Questions (FAQ)

Is Bybit legal in the US?

No, traders in the US are not allowed to open accounts with Bybit. There are other restricted regions, which include the United Kingdom, Canada, North Korea, mainland China, Cuba, Iran, Singapore, France, Uzbekistan, and Russian-controlled regions of Ukraine. This is stated in their Service Agreement.

At the same time, though, Bybit has also been granted a preparatory license in Dubai by its Virtual Assets Regulatory Authority. It also obtained a license in Cyprus to operate a crypto exchange and to offer custody services.

What are the Bybit fees?

The trading fees on Bybit vary depending on your VIP level, which is determined based on your trading volume. However, the Bybit fees tend to be more or less on par with that of the rest of the industry. Here’s a table for your reference:

You can find more information here.

Does Bybit require KYC?

If you simply want to register an account, you can do it without passing KYC.

If you want to trade, deposit, and withdraw on Bybit, you need to pass KYC. Here is a table that will help you identify what level of KYC you need to go through, depending on what you’re looking to do on Bybit:

More information can be found here.

Bybit vs. Binance: What’s the difference?

Bybit and Binance are two completely different cryptocurrency exchanges. They are separate companies owned and operated by different people.

Binance was founded in July 2017, whereas Bybit was founded a year later—in 2018. Both exchanges have stood the test of time and are currently among the top ones in the industry globally.

Bybit has a different overall trading experience compared to Binance, and both have their own pros and cons. They both support a massive range of cryptocurrencies, and you can trade spot and perpetual contracts on each one.

Does Bybit have a mobile app?

Yes, Bybit has a mobile app that’s available for both iOS and Android users. It can be downloaded from the App Store and from the Google Play store, respectively.

Final Verdict: Bybit Review 2025

To conclude the Bybit review, our final verdict is that the exchange is safe to use, functional, and offers deep liquidity for major cryptocurrencies. It is also very quick to add new altcoins, creating markets for emerging tokens. It listens to user feedback and is constantly adding new features, promotions, and tools for traders.

Bybit is suitable for both new traders, experienced professionals, as well as users looking for crypto on- and off-ramps through its fiat-to-crypto services.