Quick Review
Judging by key metrics that traders look for, Bybit is a capable exchange. It supports over 650 cryptocurrencies, offers advanced derivatives and copy trading tools, and an Earn section. But all that matters less when safety becomes a primary concern. Losing $1.5 billion to a hack showed deeper security flaws than anything else. For an exchange of Bybit’s size, security ought to be a given. The hack showed that Bybit relied on a compromised third-party service, putting users at risk.
Aside from that, Bybit has a messy regulatory record. The crypto exchange has left key markets like Japan and the US. Plus, some users have complained about unexplained account freezes, which is not something to ignore. Overall, Bybit has good features. But there are serious structural risks that these features cannot compensate for.
CoinGape Review on Bybit
Bybit ticks the box in terms of product breadth, which includes tools like automated bots, P2P, spot, copy trading, the Earn section, and P2P marketplace. Fees are also decent, while the interface is generally considered clean.
However, Bybit’s 2026 review is incomplete without addressing the February 2025 hack. The hack was the largest crypto theft in history, and it occurred on a platform used by 80 million people, which raises serious concerns.
It is commendable that Bybit covered the losses through loans and internal funds. But despite that, the issue of broken trust remains. The kind gesture does not answer the question: how did an exchange of this size and stated security standards lose $1.5 billion in a single attack exploiting a third-party interface?
Beyond the hack, Bybit isn’t doing so well on the regulation front, which explains its absence from the US, China and other key markets. In 2026, using a regulated exchange is one of the biggest security moves traders can make, and Bybit isn’t doing so well there.
Bybit scores 2.8/5. The product works, but the trust deficit is real.
Fees & Trading Costs
Bybit’s fee structure is one of its genuine strengths. Spot trading fees start at 0.10% for takers and 0.10% for makers at the base tier, reducing significantly for VIP users. Derivatives fees are among the more competitive in the market. Taker fees are at 0.055% for perpetuals, and lower rates are available through the VIP tier system.
There are no deposit fees for crypto. Fiat deposits are available through P2P and bank transfer in supported regions. However, P2P isn’t available in all regions. Traders should be aware that Bybit has a 1% foreign exchange fee on the Bybit Card and a 0.9% crypto conversion fee when using the card for payments. These costs are standard for crypto-linked cards but accumulate for active users.
Key Fee Points:
- Spot taker fee: 0.10% (base tier)
- Derivatives taker fee: 0.055% (perpetuals)
- No crypto deposit fees
- VIP tiers available for high-volume traders
- FX fee on Bybit Card: 1%
- Crypto conversion fee on Bybit Card: 0.9%
- No deposit insurance on user funds
Security, Regulation & Trust
The February 2025 Hack, Largest Crypto Theft in History: Bybit suffered a hack that wiped off $1.5 billion in Ethereum. The FBI said North Korea’s Lazarus Group was behind the hack. Studies showed that hackers compromised a third-party service that Bybit used to transfer Ethereum from cold storage to a warm wallet.
What the Hack Revealed: The breach exposed a structural vulnerability beyond what’s regular on crypto exchanges. It proved that Bybit’s use of multisignature wallets and cold storage was insufficient when paired with a compromised third-party operational workflow. The breach showed that Bybits processes had serious gaps.
Regulatory Exits: Bybit has a messy relationship with regulators. Japan’s Financial Services Agency (FSA) issued formal warnings to Bybit in 2021, 2023, and November 2024 for operating without a domestic license. By late 2025, reports emerged that the exchange plans to carry out a phased departure from the Japanese market. As a result, existing users had to undergo additional KYC or lose access to their accounts. Japan’s Apple App Store blocked Bybit’s app for Japanese users during this period.
Banned in 15 Countries: Bybit is unavailable in the United States, China, and 11 additional jurisdictions. This is a combined restriction that covers hundreds of millions of potential users and signals ongoing challenges in achieving global regulatory compliance.
Trading & Platform Experience
Bybit’s trading environment is what really works for it. The crypto exchange supports spot, derivatives, options, copy trading, automated grid and DCA bots, and P2P trading. Bybit offers access to over 650 cryptocurrencies, 100x leverage on select derivatives pairs, and a depth of liquidity that makes it a genuine competitor for professional traders.
However, new users still find Bybit complex. The bulky features and product categories can be a real barrier for new users. Plus, KYC requirements have gotten more intense since the hack, which presents onboarding friction. Some features are not available in restricted regions, which includes key markets in North America and Asia.
Asset & Market Support
Bybit supports over 650 cryptocurrencies across spot and derivatives markets. It also offers access to futures, perpetuals, and options on major and mid-cap assets. Users can enjoy fiat support through Bybit’s P2P in 80+ payment methods and 60+ fiat currencies. However, availability depends largely on region.
Bybit has a lot working for it in this area. The breadth of asset and market support outperforms much of the industry. The selection is also good enough for traders who want variety.
Customer Support & Reliability
Customer support is a documented weak point for Bybit. Independent review platforms and user forums consistently report slow response times, automated or templated replies, and unresolved account issues that stretch across weeks.
There’s been recorded complaints about unexplained account freezes and withdrawal restrictions, which are alarming for an exchange of Bybit’s size. Some users have even reported accounts being locked with no clear communication about timelines or resolution criteria.
These complaints are beyond minor operational inconvenience. When an exchange restricts account access and fund withdrawals without clear explanation or timely resolution, it largely affects users who depend on access to their holdings.
Bybit does offer live chat support and a Help Center. Industry observers praised its publicly transparent communication during the February 2025 hack, which included a detailed timeline and FAQ. However, day-to-day support quality at scale remains inconsistent.
Reputation
Reputation is a big factor to consider when reviewing crypto exchanges, and Bybit gives mixed feelings in this area. Although it scores highly in app review, the exchange struggles in public relations. This is most likely influenced by its below-par customer experience and conflict resolution timelines.
Bybit’s reputation also suffered serious damage after the 2025 hack. Although the exchange covered the losses, it still carries the weight of a security breach on its shoulders
Innovation, AI, & Ecosystem
Bybit has made impressive moves in product development, including copy trading, automated bots, and an Earn section. All of these show efforts to build beyond spot and derivatives offerings.
However, shutting down its NFT marketplace in April 2025 signaled reduced Web3 ambitions rather than expansion. While there are several applaudable innovations. Bybit seems to be consolidating rather than pushing deeper into Web3.
Who Should Use Bybit?
Bybit is not recommended for:
- Users in the United States, Japan, China, or any of the 15 restricted jurisdictions
- Anyone who requires deposit insurance or formal regulatory protection
- Beginner traders who may struggle with platform complexity and KYC friction
- Users who have experienced unexplained account restrictions and need responsive support
- Anyone whose primary concern is security after the largest hack in crypto history
Bybit may be considered by:
- Experienced derivatives traders in supported regions who are aware of and accept the risk profile
- High-volume traders seeking competitive fees and deep liquidity
- Traders who independently assess the post-hack security improvements and find
- Broad asset selection: 650+ cryptocurrencies across spot and derivatives markets.
- Competitive fees: Derivatives taker fees at 0.055% are among the more competitive in the market.
- Advanced trading tools: Copy trading, automated bots, options, and TradingView integration.
- Covered hack losses: Bybit covered the $1.5 billion breach using internal funds without passing losses to users.
- MiCA compliance in EU: Bybit EU operates under MiCAR licensing via Austria for EEA users.
- Largest crypto hack in history: $1.5 billion in Ethereum stolen in February 2025, attributed to North Korean state hackers.
- Security gap via third-party: The breach exploited a third-party wallet management service, exposing a huge vulnerability in in Bybit's security system.
- Unavailable in 15 countries: Unavailable in the US, Japan, China, and 12 other jurisdictions.
- Full withdrawal from Japan: Regulatory pressure from Japan's FSA forced a complete market exit in 2026, leaving existing users with restricted access.
- Account freeze complaints: Multiple users have reported unexplained account bans and withdrawal restrictions with no clear resolution timelines.
- Weak customer support: Independent reviews consistently cite slow response times, templated replies, and unresolved support tickets.
- Platform complexity: Feature density creates friction for beginners and users navigating KYC requirements.
Final Verdict
Bybit is a platform that has built real capabilities, including strong trading infrastructure, competitive fees, and a wide range of assets. It is not a fraudulent or negligent operation in the way some exchanges have proven to be. But in 2026, Bybit carries the weight of the largest cryptocurrency theft ever recorded. There’s also a history of regulatory exits across multiple major markets, documented patterns of complaints about account freezes. All of these are too heavy to ignore when reviewing Bybit.
The February 2025 hack is more than just bad history for the crypto industry. For Bybit in particular, it showed a serious need to step up its security structure and rebuild trust. Trust is the gold of the digital assets market. Right now, Bybit lacks enough of that.
Until Bybit demonstrates improved security systems through independent audits, insurance mechanisms, and transparent operational reviews, users should weigh these risks carefully before committing significant funds to the platform.
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Our Review Methodology
At CoinGape, we take our review methodologies seriously. Our recommendations are based on hands-on testing and objective evaluation criteria, with a clear separation between editorial analysis and commercial relationships.
Each platform included in this guide is reviewed using a consistent framework designed to reflect how crypto payment gateways perform in real-world business use cases.
1. Hands-On Testing
We create merchant accounts and process real transactions on every gateway we review. This allows us to evaluate onboarding, checkout experience, settlement flow, and overall usability from a business perspective.
2. Fee Verification
All fees are verified directly through official documentation and test transactions. We assess percentage-based fees, fixed charges, conversion costs, and note any hidden or conditional fees where applicable.
3. Security Assessment
We evaluate security features, custody models, compliance certifications, and platform track record. This includes reviewing publicly reported incidents, regulatory positioning, and available security controls.
4. Support Testing
We contact customer support with real queries to assess response times, clarity, and effectiveness across available channels such as email, live chat, or documentation.
Frequently Asked Questions (FAQs)
Can ByBit be trusted?
+Of all the things an exchange user should think about, one of the most crucial ones is security. As a result, when performing this assessment, we examined the Bybit exchange's security from the perspectives of risk management, user security tools, and coin management.
Who owns ByBit?
+Ben Zhou co-founded Bybit and is the company's CEO at the moment. Zhou oversaw a retail FX brokerage for about ten years before founding Bybit.
Is it safe to use ByBit in the US?
+Bybit does not provide service to some restricted countries, including the US and the UK.
Which is better, Binance or ByBit?
+With an aggregate score of 9.8, Binance has a higher rating than Bybit, which came in at 8.6. In this comparison of Binance vs. Bybit, it is evident from the simplicity of use that Binance offers a more seamless and better user experience than Bybit.
