Bybit Review 2025

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Bybit Security

Security and Safety

Cold and Hot Wallets: Bybit has taken significant strides in enhancing user security in 2024. They introduce the “Wallet-as-a-Service” feature focused on asset safety, utilizing multi-party computation (MPC) technology to provide top-tier protection. Multi-party computation is like a vault that requires multiple unique keys held by different people to open. The platform continues to segregate funds into cold and hot wallets, with the majority stored offline. 

Two-Factor Authentication (2FA): Bybit encourages users to enable 2FA, a crucial security feature. Adding an extra layer of security through a secondary device or application (typically a mobile device) ensures that even if someone knows a user’s password, they would still require a second verification code to access the account.

Withdrawal Whitelist: Bybit allows users to set a withdrawal whitelist, meaning funds can only be withdrawn to pre-approved addresses. This is a safeguard against unauthorized withdrawals in case an account is breached.

Risk Management: Given its nature as a derivatives exchange, Bybit provides several tools to manage trading risks. These include setting stop losses, take profit points, and using trailing stops to lock in profits. It also regularly updates its insurance fund to cover potential auto-deleverage situations.

Customer Support and Assistance

Bybit takes pride in its 24/7 customer support. They offer multiple channels, including:

• Live Chat: Immediate support for users with urgent issues.
• Email Support: For more detailed inquiries or less urgent matters.
• FAQ Section: Extensively covers various topics from account management to trading intricacies.
• Bybit Learning Hub: A newer addition, this is a repository of articles, tutorials, and videos to help traders get acquainted with both the platform and derivatives trading.

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Deposits and Withdrawals

• Fiat galore: Bybit used to be a crypto-to-crypto platform, meaning it did not directly support fiat deposits or withdrawals. Things have changed quite a bit. As of 2024 September, it accepts over 65 fiat currencies, including USD, EUR, or JPY.
• Timings: While deposits are processed almost immediately once the required network confirmations are achieved, withdrawals are processed in batches at designated times. This might cause minor delays but is also a security measure.
• Debit Card: a Mastercard debit card offers secure and convenient access to your crypto finances and is accessible to qualified countries within the EEA, with the exception of Croatia, Iceland, Ireland, Liechtenstein, and Romania, as well as to residents of Switzerland.

  

   

   

Regulation and Compliance

Being based in UAE, Bybit operates in one of the most reputable financial centers in the world. However, the exchange has faced challenges in navigating the rapidly evolving landscape of crypto regulations. With several other exchanges, Bybit recently exited Canada and got a warning from the Japanese regulator.

But it has recently obtained a Crypto exchange and custody license from Cyprus, which is a statement to its dedication to comply with the markets where it operates.

Users should always check if Bybit is available and compliant in their jurisdiction before using the platform. Some regions may have restrictions or prohibitions against using crypto derivatives platforms.

Opening an Account and Trading

Opening an Account on Bybit

Opening an account on Bybit is easy and incredibly fast compared with most other crypto exchanges, as most KYC (Know your customer) requirements are not needed right from the start.  Registering on Bybit requires an email address, phone number, and password. A confirmation code is sent post-registration to verify the email/phone number. After logging in, Bybit offers deposit bonuses to augment initial trading funds.

1. Navigate to Bybit’s website and click on the ‘Register’ button.
2. Enter the necessary details and complete the email verification.
3. Depending on your jurisdiction, further KYC might be required.
4. Once verified, you can deposit crypto and start trading

Sign up for Bybit

Deposits on Bybit

Crypto: Bybit started as a crypto-to-crypto platform, meaning it did not directly support fiat deposits or withdrawals. Users can deposit cryptocurrencies like BTC, ETH, XRP, or EOS. 

Fiat Currency Deposit: Bybit now supports deposits in fifteen fiat currencies, allowing traders to easily fund their accounts in USD, EUR, etc. To deposit fiat:

• Navigate to “Buy Crypto.”
• From the options, choose “Fiat Deposit.”
• Upon successful deposit, the amount will reflect in your Funding account, enabling you to buy cryptocurrencies using the fiat balance.

Crypto Acquisition via P2P Trading: Bybit’s P2P Trading platform facilitates the buying and selling of cryptocurrencies, including USDT, using a variety of currencies through P2P trading. With support for over 30 payment methods, users can transact with USDT based on their preferred payment mode from the available advertisers. To engage in P2P Trading:

• Go to “Buy Crypto.”
• From the options presented, pick “P2P Trading.”

Professional P2P traders on Bybit add an approximate 5% fee. Payments are facilitated directly within the Bybit platform via an engaging chat-like feature. While fiat transfers occur externally, such as through Wise to the Gmail address of the trader, P2P participants maintain a verifiable history and positive reviews to bolster trust. Furthermore, Bybit vets these traders to minimize potential risks.

Withdrawal Process

Bybit ensures a smooth withdrawal process for its users. After selecting the desired asset for withdrawal, users are prompted to enter their wallet address. For added security, two-factor authentication (2FA) is required to confirm the transaction over a very generous USDT 20,000. Other KYC levels and their withdrawal limits are highlighted below:

* Daily withdrawal limit updated every 12AM (midnight) UTC

** Monthly withdrawal limit will reset at 12AM (midnight) UTC on the first day of each month

Bybit fees

The platform has very detailed fee information to describe different actions a user could do and the fees they must pay. It also includes a detailed comparison between exchanges, positioning Bybit as a leader in its class.

Here are some additional fees that might be beneficial for the novice users

Deposit USD Fees

• Advcash wallet 0%
• Quickpay 1.50%

Deposit EUR Fees

• Sepa 0.19%
• Easy Bank Payment 0.30€ (Opened to selected banks from Austria, Belgium, Germany, Estonia, Spain, France, Latvia, Italy, Hungary, Portugal)=

Buy USDT with USD Fees

• 0.99% Advcash
• 1.96% Freedom Bank, Jusan Bank, Wise
• 2.91% AirTM, Monobank, Payeer, Privat Bank, Revolut, Zelle
• 3.85% Bank of America, NETELLER, Perfect Money, Raiffeisenbank, Rosbank, Tinkoff, ZEN
• 4.15% Credit Card
• 4.76% Bakai Bank, VakifBank, Ziraat
• 7.41% Bank Transfer, Skrill, SWIFT, Western Union
• 8.26% Uzcard
• 35.48% Cashapp

Trading on Bybit, some of the most advanced features in the industry

In 2024, Bybit has rolled out new trading features that enhance the user experience. The platform now offers an improved demo trading environment, allowing users to simulate trading scenarios more effectively before risking real funds. Advanced traders can benefit from updated tools and customizable leverage options. Bybit’s fee structure remains competitive, with transparent fees that often undercut major competitors like Binance and Coinbase. The exchange has also introduced new user incentives and promotions, making it even more attractive for traders.

For the well-versed crypto trader looking to delve into derivatives, Bybit is an excellent platform. However, the very nature of leveraged trading can be risky, especially for a beginner. As always, it’s crucial to research, understand the platform, and only trade what you can afford to lose. Given its complexities, Bybit might not be the best fit for the risk-averse beginner, but for those willing to learn and understand, it’s one of the top contenders in the derivatives space. For a drill-down on features, read our in-depth post here.

Innovations and Additional Features

ToolsGPT: According to Coindesk, Bybit is introducing an AI tool powered by ChatGPT, named ToolsGPT, to its trading platform for automated market data analysis. This AI chatbot allows users to request technical analysis, review historical price data, and access crucial metrics. Traders on Bybit can leverage this tool to forecast price trends using past data and technical indicators.

Mutual Insurance: A unique feature that allows traders to buy insurance for their open positions, protecting them from adverse market moves.

Trading Competitions: Bybit frequently hosts trading competitions, allowing users to showcase their trading skills and earn prizes.

Copy Trading: Bybit stands out in crypto copy trading with robust features for beginner and advanced traders. Offering multiple margin modes, subaccount trading, a comprehensive risk management toolkit, and streamlined fund transfers, it’s tailored for an efficient and versatile trading experience.

Mobile Apps: Bybit offers mobile applications for both iOS and Android. The app retains most functionalities of the desktop version, including advanced charting and order management. Users can set price alerts and receive push notifications. The app also features advanced order forms, a rarity among mobile trading apps. 

Trading Platform: Bybit offers a user-friendly and intuitive trading platform. The interface is designed to cater to both novice and experienced traders. Real-time price charts, order books, and recent trade listings are prominently displayed. The platform also provides advanced charting tools, allowing traders to analyze market trends and make informed decisions.

Leverage: Bybit offers leverage on their contracts, allowing traders to deposit only a fraction of the trade’s value as collateral. The leverage is adjustable, even after a position is opened. Their perpetual contracts are unique in size, with each contract being worth only 1USD. Bybit also offers futures contracts for Ripple (XRP) and EOS with a maximum leverage of 25x.

Bybit’s Earn Program: This program allows users to earn interest on idle cryptocurrency holdings. By lending out their crypto, users can generate a passive income. The interest rates and terms vary depending on market demand and the type of cryptocurrency.

Bybit Launchpad: The Bybit Launchpad is a platform for new cryptocurrency projects. It allows users to participate in token sales of promising projects vetted by Bybit. This feature allows traders to diversify their portfolios and invest in emerging projects.

Bybit NFTs: Users can trade, mint, and showcase their NFTs on the platform. Bybit aims to create a vibrant NFT marketplace, bridging the gap between cryptocurrency trading and digital art.

API: For algorithmic traders and developers, Bybit provides a robust API. This allows for integrating Bybit’s trading features into third-party applications, trading bots, and platforms.

Bybit Reward Hub: Loyal users are rewarded through the Bybit Reward Hub. Users can earn bonuses and rewards by completing certain tasks or participating in promotions. This initiative aims to engage the community and incentivize trading.

Bybit’s Demo Environment: Bybit provides a demo trading environment for users to practice and hone their trading skills. This environment, often referred to as a “testnet,” allows users to:

• Demo Trade: Users can simulate real trading experiences without risking actual funds.
• Starting Balance: Bybit offers a generous starting balance of $100,000 in demo funds for users to experiment with.
• Purpose: This platform is ideal for beginners to familiarize themselves with its features and for seasoned traders to test new strategies.
• The process to access testnet funds is more developed compared to other platforms.

Bybit’s demo environment is a valuable tool for both new and experienced traders to explore the platform and refine their trading techniques without any financial risk.

Enhanced User Experience

Bybit has made notable UX/UI improvements in 2024. The web platform boasts a cleaner design with intuitive navigation, and the mobile app has been optimized for better performance. Users can now enjoy faster load times, customizable dashboards, and enhanced accessibility features. These updates ensure that both new and experienced traders can navigate the platform with ease.

Conclusion

Bybit continues to innovate and adapt in the dynamic crypto market of 2024. With enhanced security measures, a broader range of trading features, and a commitment to user experience, it stands out as a top choice for traders worldwide. However, potential users should be aware of regulatory restrictions and ensure that Bybit operates legally in their jurisdiction.

Bybit Supported Currencies

EUR, USD, MXN, CRC, PEN, GBP, UAH, VND, KZT, TRY, BRL, ARS, PLN, COP, UYU