Bybit review

Bybit is one of the largest crypto exchanges by derivatives volume and, since 2025, also holds a MiCA licence for its European entity. It is also the exchange that suffered the largest theft in crypto history, in February 2025. This Bybit review looks at the platform as of October 2026: who can use it, how it is regulated, what it costs, what the 2025 hack changed, and how it compares with its rivals.

Bybit at a glance

Bybit was founded in 2018 by Ben Zhou, its CEO, and made its name with perpetual futures before adding spot trading, options, copy trading, savings products and a crypto card. The group is headquartered in Dubai. In Europe it operates through Bybit EU GmbH, based in Vienna, which runs a separate website, bybit.eu, with its own product range.

Regulation and licences

• European Union: Bybit EU GmbH received a MiCA licence from Austria’s Financial Market Authority (FMA) on 28 May 2025. According to ESMA’s interim MiCA register, it covers custody, exchange of crypto for funds and for other crypto, placing and transfer services, passported to almost all EEA countries. Before that, France’s AMF had added Bybit to its blacklist of unregistered providers in 2024; the MiCA licence now lets Bybit EU serve French clients legally.
• United States: Bybit does not serve US residents.
• United Kingdom and Canada: Bybit left Canada in 2023, and its offer to UK residents has been restricted by the FCA’s financial promotion rules; check what is available before signing up.
• Elsewhere: the global platform operates from Dubai and serves many countries in Asia, Latin America, the Middle East and Africa, with local restrictions.

Bybit’s European licence does not extend to derivatives, which MiCA does not cover. EU clients of Bybit EU therefore see a narrower offer than users of the global site. Our guide to MiCA regulation explains the difference.

Bybit fees

Bybit’s base fees are low, especially for derivatives makers. The rates below come from the official fee structure, last updated on 2 September 2026. Bybit notes that the actual rate may vary by region.

Product (VIP 0)	Maker	Taker
Spot, crypto pairs	0.10%	0.10%
Perpetual and futures contracts	0.02%	0.055%
Options	0.02%	0.03%

A $1,000 spot purchase costs $1 in fees. On derivatives, a $10,000 position opened with a market order costs $5.50 at entry, before funding payments. Fees decrease with VIP level, determined by your 30-day volume or your asset balance. Card purchases through partners and P2P trades have their own costs, and crypto withdrawals carry network fees.

Security record: the 2025 hack

On 21 February 2025, attackers stole about $1.5 billion in ether from a Bybit cold wallet by compromising the multi-signature signing process used for transfers. Five days later the FBI attributed the attack to North Korea, in a group it tracks as TraderTraitor. Bybit said client assets remained fully backed, kept withdrawals open and covered the gap within days through loans and purchases, then launched a bounty programme to trace the stolen funds.

The episode shows two things: Bybit had the balance sheet to absorb an enormous loss, and even a cold wallet can be drained when the signing infrastructure around it is compromised. Bybit publishes a Merkle-tree proof of reserves that lets users check their balance is included. It is a useful signal, not a guarantee. For savings you do not trade, a cold wallet under your own control remains the safer option.

Products

• Spot trading on about 390 coins on the global platform as of October 2026; Bybit EU lists fewer.
• Perpetual and dated futures, options, copy trading and trading bots on the global platform.
• Savings, staking and launchpool products, plus a Bybit card in some regions.
• A self-custody Web3 wallet.

Leverage and liquidation: what beginners should know

Most of Bybit’s volume comes from perpetual futures, which let you trade with borrowed money. Leverage multiplies gains and losses: with 10x leverage, a 10% move against your position wipes out your margin and triggers liquidation. On top of trading fees, perpetuals charge or pay a funding rate every few hours, which adds up on positions held for days. Copy trading does not remove these risks; it simply lets someone else take them on your behalf. If you are new to crypto, start with spot purchases and small amounts, and treat derivatives as a separate skill to learn slowly.

Support and app

Bybit’s 24/7 live chat answers in many languages, and its help centre is detailed, with step-by-step guides for every product. The mobile app is fast and complete, and advanced traders get TradingView charts, an API and sub-accounts. As with any exchange, support will never ask for your password, your two-factor codes or your seed phrase: anyone who does, on Telegram or by email, is a scammer impersonating Bybit.

Deposit and withdrawal methods

Bybit EU clients can fund their accounts by SEPA transfer and card. On the global platform, users can deposit crypto, buy with a card through partners, or use the P2P marketplace in local currencies. Crypto deposits are the fastest and cheapest route for most users.

Opening an account

Sign-up needs an email or phone number, then identity verification (KYC). Your country of residence decides whether you are directed to Bybit EU or to the global platform. Enable two-factor authentication and a withdrawal allowlist before depositing.

Who Bybit suits, and who it does not

Bybit suits experienced derivatives traders outside the US who want low maker fees, deep perpetual futures markets and good tools, and European users who want a MiCA-licensed spot platform. It does not suit US residents, beginners attracted by leverage, or anyone who wants a long, incident-free security record.

How Bybit compares

Against OKX, Bybit has similar fees and products, but OKX has a cleaner record on customer funds and an earlier MiCA licence. Binance is cheaper on spot and larger, but has no MiCA licence. Kraken and Coinbase cost more but serve the US and have stronger security histories. Bybit’s appeal is derivatives; its weak point is the 2025 hack.