However, Bybit’s reputation has recently been tested due to a cybersecurity incident in February 2025. Hackers targeted the platform, leading to a security breach that affected user funds. While the company took immediate steps to address the issue and enhance security, the incident raised concerns about the overall safety of funds on the exchange.
Despite these challenges, Bybit continues to grow, attracting new users with its innovative features and trading opportunities. The following review provides an in-depth analysis of Bybit’s offerings, fees, security measures, and user experience to help traders make informed decisions.
Company Overview
Bybit was founded in 2018 by Ben Zhou and has since evolved into one of the most recognized cryptocurrency trading platforms worldwide. Originally focusing on derivatives trading, the exchange later expanded to include spot trading, options, and other financial products. Its rapid growth has been fueled by a commitment to innovation, competitive trading fees, and a robust trading infrastructure.
The company is headquartered in Dubai, UAE, a region that has emerged as a global hub for cryptocurrency businesses. Bybit serves millions of traders across over 160 countries, offering multi-language support and a diverse range of trading pairs. However, due to regulatory restrictions, the platform is unavailable in certain regions, including the United States and China.
As of October 2021, Bybit reported over 6 million registered users, a number that has likely grown significantly since then. The exchange continues to enhance its services, introducing new features such as AI-powered trading tools and institutional-grade liquidity.
Trading Features and Services
Bybit offers a wide range of trading products designed to cater to both beginner and professional traders. The platform provides access to spot trading, derivatives (including perpetual contracts and futures), and options trading. With a focus on speed and reliability, Bybit ensures low-latency order execution and deep liquidity across its markets.
Trading Instruments
- Spot Trading – Users can buy and sell cryptocurrencies instantly with real asset ownership.
- Derivatives Trading – Includes perpetual contracts and futures with leverage up to 100x.
- Options Trading – Advanced instruments for hedging and strategic trading.
- Copy Trading – Allows beginners to follow and replicate the strategies of experienced traders.
| Trading Type | Maker Fee | Taker Fee |
| Spot Trading | 0.10% | 0.10% |
| Derivatives | 0.01% | 0.06% |
| Options Trading | 0.03% | 0.03% |
Compared to competitors like Binance and OKX, Bybit’s fees are relatively competitive, especially in derivatives markets. Traders with high volumes or VIP status can access fee discounts and rebates.
Bybit’s trading platform is designed for both manual and automated trading. It integrates seamlessly with TradingView, providing advanced charting tools and technical indicators. Additionally, the platform supports API trading, allowing institutional traders and bots to execute strategies efficiently.
Security Measures
Security is a crucial aspect of any cryptocurrency exchange, and Bybit implements several protective measures to safeguard user funds and data. However, the platform recently faced a cybersecurity breach in February 2025, raising concerns about its overall security framework.
Recent Security Incident
In February 2025, Bybit experienced a significant hacking attempt that resulted in unauthorized access to user funds. Although the exact amount of stolen assets remains undisclosed, reports suggest losses in the tens of millions. Bybit promptly responded by freezing affected accounts, launching an internal investigation, and strengthening its security protocols. Despite these efforts, the incident negatively impacted the platform’s reputation and raised questions about its vulnerability to future attacks.
Security Protocols
Bybit employs multiple security measures to protect its users:
- Cold Wallet Storage – The majority of user funds are kept in offline cold wallets to prevent unauthorized access.
- Two-Factor Authentication (2FA) – Users must enable 2FA for account logins and withdrawals.
- Withdrawal Whitelisting – Allows users to restrict withdrawals to pre-approved addresses.
- Real-Time Monitoring – AI-driven systems detect suspicious activities and block unauthorized transactions.
Regulatory Compliance and Risks
Bybit operates without a major financial regulatory license, making it less restricted by government authorities but also riskier for traders in regulated markets. The exchange has taken steps to comply with Know Your Customer (KYC) policies, but its lack of strong regulatory oversight remains a point of concern for some users.
User Experience and Feedback
Bybit has built a strong reputation for its intuitive interface, fast order execution, and competitive trading environment. However, user feedback highlights both strengths and areas for improvement, particularly regarding platform stability and customer support.
Positive Aspects
Many traders praise Bybit for the following features:
- User-Friendly Interface – The platform is easy to navigate, even for beginners.
- Advanced Charting Tools – Integration with TradingView provides traders with detailed technical analysis options.
- High Liquidity – Order books remain deep, even during volatile market conditions.
- Fast Order Execution – Bybit’s trading engine ensures minimal latency, making it ideal for high-frequency trading.
Common Issues and Complaints
Despite its advantages, Bybit has received criticism in key areas:
- Connectivity Problems – Some users report occasional outages, especially when accessing Bybit through TradingView.
- Customer Support Delays – While support is available 24/7, response times can be slow during peak trading hours.
- KYC Requirements – Recent KYC policy changes have frustrated long-term users who previously traded anonymously.
Overall User Sentiment
The following table summarizes user feedback based on reviews from trading communities and forums:
| Feature | Positive Feedback (%) | Negative Feedback (%) |
| Interface & Usability | 85% | 15% |
| Trading Execution | 90% | 10% |
| Security Measures | 70% | 30% |
| Customer Support | 60% | 40% |
While Bybit remains a favorite among many crypto traders, addressing issues like connectivity and customer support responsiveness could further improve user satisfaction.
Bybit has established itself as a leading cryptocurrency trading platform, offering a diverse range of trading products, competitive fees, and an intuitive user experience. Its advanced trading tools, deep liquidity, and seamless integration with TradingView make it an attractive choice for both beginner and professional traders.
However, recent challenges, including the February 2025 cybersecurity breach, have raised concerns about the platform’s security. While Bybit has responded with enhanced security measures, the incident serves as a reminder of the risks associated with trading on centralized exchanges. Additionally, connectivity issues and occasional delays in customer support remain pain points for some users.
Pros and Cons of Bybit
| Pros | Cons |
| Competitive trading fees | Security concerns after 2025 hack |
| Wide range of trading options | Limited availability in some countries |
| Advanced trading tools | Occasional platform outages |
| High liquidity | Slow customer support response times |
For traders seeking a feature-rich and high-performance exchange, Bybit remains a strong contender. However, users should stay cautious about security risks and ensure they enable all available safety features, such as two-factor authentication (2FA) and withdrawal whitelisting.Ultimately, Bybit is best suited for traders who prioritize low fees, leverage trading, and advanced tools but are willing to navigate potential risks associated with security and regulation. As the exchange continues to evolve, improvements in these areas could further solidify its reputation as a top-tier trading platform.