Bybit stands as one of the world's largest cryptocurrency exchanges, supporting over 430 digital assets with strong liquidity and rapid trade execution. This platform offers a balanced suite of features, including spot and derivatives trading, copy trading, and various financial services.
While Bybit's trading fees are average—neither the cheapest nor the most expensive—some spot trading pairs offer zero-fee transactions. The exchange provides detailed proof of reserves with Nansen dashboard integration and publicly available wallet addresses. However, its safety infrastructure has notable gaps, including lack of regulatory licensing and real-time Merkle tree verification.
This review covers Bybit's functionality, security measures, fee structure, deposit/withdrawal options, and overall user experience to help you navigate the platform effectively.
What Is Bybit Exchange?
Founded in 2018 by a Shanghai-based startup team led by CEO Ben Zhou, Bybit is registered in the British Virgin Islands with its headquarters in Singapore. It also maintains operational presence in Hong Kong and Taiwan.
Ranked highly on CoinMarketCap—4th in spot trading and 2nd in derivatives—Bybit supports a wide array of cryptocurrencies. Its spot and futures markets are highly liquid, with fast order matching and minimal price slippage on standard orders (though stop-loss orders may experience slippage).
Trading fees are competitive, and USDC spot pairs currently feature zero fees. The platform also offers copy trading, trading bots, and other financial services with professional-grade interfaces.
However, Bybit's security framework is a mixed bag. It lacks formal regulatory oversight and a user protection fund. While it has not suffered major hacking incidents, its proof-of-reserves shows only 42% in stablecoins, with over 20% in platform tokens and less common altcoins—a potentially risky allocation.
Is Bybit Safe and Legitimate?
Bybit is not a scam. It has operated since 2018 and grown into a top global exchange. However, its security measures require careful consideration.
Limited Regulatory Oversight
Bybit currently holds no major government licenses. It recently resumed services in India after paying a fine, but it remains unlicensed in most jurisdictions. It has been flagged as "unauthorized" in Hong Kong and suspended services in France and the UK due to regulatory pressures.
Proof of Reserves and Transparency
Bybit provides proof-of-reserve data via Nansen and publishes wallet addresses for independent verification. However, its asset composition includes only 32% stablecoins, with 28% in other cryptocurrencies—exposing users to market volatility.
Merkle Tree Audit Limitations
Like many exchanges, Bybit uses Merkle tree audits but does not support real-time balance verification. User funds are only recorded during audit snapshots.
No Investor Protection Fund
Bybit lacks a protection fund to cover user losses from security breaches or operational failures. Customer support states that losses due to system vulnerabilities would be addressed, but no specific fund exists.
Response to Security Incidents
In February 2025, Bybit experienced a significant security breach resulting in a loss of approximately $1.5 billion in ETH. The exchange responded swiftly, resuming withdrawals within 12 hours with support from other exchanges and market makers. CEO Ben Zhou announced full reimbursement of affected funds shortly after.
Account Security Features
Bybit enforces KYC verification for trading and requires two-factor authentication (2FA) for withdrawals. Additional security options include:
- Anti-phishing codes
- Withdrawal whitelist
- Device management
- Login history monitoring
Bybit User Experience and Features
Bybit offers a user-friendly interface across web and mobile platforms, with robust functionality for both beginners and advanced traders.
Supported Cryptocurrencies
With 430+ listed coins, Bybit covers major assets like BTC and ETH, along with popular memecoins. Liquidity is strong, with market and limit orders executing quickly and without price discrepancy in testing.
Spot Trading
The spot trading interface includes:
- Quick filtering for zero-fee pairs, memecoins, and more
- One-click market buying/selling
- Leveraged trading up to 10x
- Price alerts and charting tools (more advanced in mobile app)
Limitations include limited technical indicators on mobile and no drawing tools in the web platform.
Contract Trading
Bybit offers diverse derivatives:
- USDT and USDC perpetual contracts
- Inverse perpetual and delivery contracts
- USDC options
- Leverage up to 125x
The trading interface provides advanced tools like profit/loss calculators, visual stop-loss lines, and quick order placement from charts. Stop orders may experience slippage.
Copy Trading and Bots
Bybit’s copy trading platform features 8,000+ traders, with detailed performance metrics like ROI, win rate, and maximum drawdown. Users can auto-follow strategies with custom stop-loss settings.
Grid and DCA bots are available, with pre-built strategies for free copying. AI-generated strategies can also be customized.
Financial Services
Bybit offers:
- Earn products: Flexible savings (1%-8% APY), fixed terms (1.5%-20% APY), dual investment (5.31%-448.20% APY), liquidity mining (1.39%-27.10% APY)
- Crypto loans: Up to 70% loan-to-value ratio
- Bybit Card: Available only to European users
Bybit Fees and Slippage
Bybit’s fee structure is moderate. Standard rates are:
- Spot trading: 0.1% for both makers and takers
- Contract trading: 0.02% for makers, 0.055% for takers
Zero-fee trading is available for USDC pairs, USDC/USDT, and other select markets. VIP users enjoy reduced fees based on trading volume and asset balance.
In tests, both market and limit orders for BTC spot and futures executed without slippage, though stop-loss orders had minor slippage.
Funding rates for perpetual contracts varied during testing, with some periods generating income for long positions.
Deposits and Withdrawals
Taiwan Dollar Deposits
- Credit/debit cards: 3%-6% fee, 5-30 min processing
- P2P trading: Variable rates, minimal fees (but counterparty risk)
Taiwan Dollar Withdrawals
Not directly supported. Users must convert crypto to TWD via P2P or transfer to a local exchange.
Crypto Withdrawal Fees
- BTC: 0.0005 BTC
- ETH: 0.00015 – 0.0019 ETH
- USDT: 0.3 – 5 USDT
- USDC: 0.2 – 5 USDC
Daily withdrawal limits range from 1M to 12M USDT based on KYC level and VIP status.
Customer Support
Bybit offers 24/7 live chat support. Responses are honest but sometimes slow, especially during peak hours. Basic queries are handled well, but complex issues may require escalation.
Taiwan PTT Community Feedback
Opinions on Bybit among Taiwanese users are mixed:
- Some praise its contract trading tools.
- Others criticize mandatory KYC and account freezes for small transactions.
- Several users advise caution due to lack of regulation.
Frequently Asked Questions
Is Bybit available in Taiwan?
Yes, but it is not regulated by Taiwanese authorities.
Is Bybit a scam?
No. It is a legitimate exchange operating since 2018.
What licenses does Bybit have?
Bybit currently holds no major financial licenses.
Is KYC mandatory?
Yes, for trading and withdrawals. Google Authenticator is required for crypto withdrawals.
How safe is Bybit?
User account security is strong, but the exchange lacks regulatory oversight and has a mixed asset reserve composition.
How do I contact customer support?
Use the live chat feature on the website or app. Type "human agent" twice to connect.
Is Bybit suitable for beginners?
Yes. Its interface is intuitive, with quick-trade options and default leverage settings to reduce risk.
What’s the best way to deposit TWD?
Credit card payments are convenient but costly. P2P trading or transferring crypto from local exchanges like MAX is cheaper.
👉 Explore secure trading platforms
Can I trade without fees?
Yes, on select pairs like USDC trading pairs.
What are the risks of copy trading?
Even top traders can incur losses. Use stop-loss orders and diversify to manage risk.
How does Bybit compare to Binance?
Bybit has better copy trading and some contract tools, but Binance offers more coins and advanced charting.
Are there hidden fees?
Withdrawal and blockchain fees apply, but trading fees are transparent.
What happened in the 2025 security incident?
Bybit lost ETH in a hack but reimbursed users fully and restored reserves within days.
Can I use Bybit without a mobile app?
Yes, the web platform offers full functionality.
Conclusion
Bybit is a feature-rich exchange with strong liquidity and innovative products like copy trading and diverse derivatives. Its user interface is suitable for traders of all experience levels.
However, its lack regulatory compliance and uneven asset reserves pose risks. The platform's response to the 2025 hack was commendable, but users should remain cautious and employ all available security settings.
For those seeking a versatile trading platform with advanced tools, Bybit is worth considering—but always prioritize security and due diligence.