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Wallet app:



Number of cryptocurrencies:



Mobile app:



Account minimum:



Editorial Rating

Bybit Logo

Editorial Rating

Bybit Review

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Wallet app:



Number of cryptocurrencies:



Mobile app:



Account minimum:



Accepts Fiat:





0.075% (market takers), -0.025% (market maker)

Annual revenue:


$3.42 million

Regulated by:



Bybit Logo

Editorial Rating

With cryptocurrency taking the world by storm, we decided to do this Bybit review and see what this trading platform is really about. Unlike other trading platforms that may offer crypto trading, Bybit is dedicated solely to it. It boasts more than 1,600,000 registered users, which is an impressive number. It also does many promotions regularly where you can earn cash, make your transactions free of charge, and more.

Bybit has been delisted from the FCA (its previous regulatory body) for providing services without its authorization. After asking Bybit’s customer support if it has any security measures, they couldn’t answer our questions. Furthermore, its terms and conditions don’t provide any assurance that the site and accounts are secured.

Let’s dive into this review and get to know Bybit a bit better to conclude if it’s a platform worth doing business with.

Note: FCA (its previous regulatory body) delisted Bybit for providing services without its authorization.

What Is Bybit?

Established in 2018, Bybit is a Singapore-based cryptocurrency trading platform. Ben Zhou, the founder and CEO of Bybit exchange, is a former general manager at XM, one of the biggest forex and CFD brokerages. Behind him, there’s a team of industry enthusiasts who have previously worked for big names such as Morgan Stanley and Tencent. Currently, the only field Bybit deals with is perpetual contracts on cryptocurrencies. So, if you’re looking to trade stocks, check out our article on the best online stock brokers.

How to Use Bybit

If you have little-to-no experience with crypto trading platforms like this one, don’t worry. In this Bybit exchange review, we’ll try to explain how things work in a way that’s easy to understand. Let’s begin by covering Bybit regional restrictions.

According to its terms and conditions, if you’re from the USA or the UK, you won’t be able to make an account because both countries are restricted; and they’re not the only ones. For the full list of restricted locations, you’ll have to check out Bybit’s terms. Since you can’t trade crypto via Bybit in the USA, you can take your pick from our list of the best cryptocurrency exchange platforms and check out some alternatives.

Bybit doesn’t have any account requirements — you can create an account and trade BTC without any documentation. This means that you can be totally anonymous and not share any personal information. There are two ways to create an account, with an e-mail address or with a phone number; you can pick whichever you like.

How to deposit money

While doing research for this Bybit review, we encountered several discrepancies in the information about the depositing process.

Firstly, Bybit says that there are no initial deposit requirements; but, when you go to its FAQ, you’ll find contradictory information. Bybit doesn’t accept fiat deposits, and the process is done via the Fiat Gateway service. This service does have minimum deposit requirements, and they vary depending on the currency. The same applies to the account requirements. The main site promises that there aren’t any, but the FAQ explains the use of Fiat Gateway means you’ll have to go through a KYC procedure with a third-party service provider. This isn’t great for people who want to give their personal information to as few parties as possible.

Fiat deposits are handled only through Bybit’s fiat gateway partners: Banxa, XanPool, MoonPay, and Mercuryo. Any fees for fiat deposits will be displayed depending on the provider you choose. The fiat Bybit deposit time can take from two to three hours. You can make a deposit via electronic fund transfers, Visa/Mastercard credit and debit cards, and cash deposits.

What can you trade?

As of now, there are a few trading options available. The platform offers inverse perpetual contracts, linear perpetual contracts, and inverse futures contracts. Let’s break down each one and tell you the available cryptos.

  • Inverse perpetual contracts — BTC, ETH, XRP, and EOS
  • Inverse futures contracts — BTCUSD, quarterly

You can also day trade ETH, BTC, or anything else on it with no additional deposit requirements. The pattern day trader rule that usually applies for stocks doesn’t affect crypto trades. Additionally, if you’re looking for well-rounded platforms to day trade on, check out our list of the best day trading platforms.

Bybit Promotions

The Bybit welcome bonus and its many promotions are probably the two most distinctive features about it. It has several welcome bonuses, and each gives you bonus cash for a total of $70. You get them by depositing for the first time, depositing BTC, and following its social media.

Bybit also offers weekly promotions available to everyone and doesn’t have any special requirements, i.e. a week with no fees. Other promotions include seven-day challenges, cash giveaways, and physical rewards such as phones. Additionally, there’s a Bybit referral program that can get you up to $500.

How to trade with Bybit

The Bybit desktop platform is pretty straightforward and works similarly to other cryptocurrency trading platforms. However, Bybit lets you customize your client portal to your liking. After depositing cash, you need to decide what kind of crypto exchange you’re going to do.

The next step is an order type. You can choose between limited, market, or conditional. Each has its own strengths, so the choice depends on your preference. To keep things safe, you can use stop-loss or take-profit options as well. Then, you can pick between a cross and an individual margin; a cross is usually riskier than an individual margin because it drains your stash. Another thing to consider is the leverage ratio — Bitcoin has a x100, the rest have a x50 ratio.

Afterward, you can start Bybit trading by buying long or selling short. If you take a look at the charts, you’ll notice that most cryptocurrencies, especially Bitcoin, are on the rise. Therefore, investors nowadays tend to take advantage of long buying rather than short selling.

Bybit Fees

A trade happens between a maker and a taker, and in this situation, both are charged Bybit trading fees. A maker, as the name suggests, is a person who makes an order in the book, while a taker is a person who places the maker’s order. The makers provide the liquidity, and the takers are the ones who take it off the book by matching their order with the maker’s. Furthermore, market orders are executed as takers, whereas limit orders can be executed either way.

Here’s a table with all Bybit fees:

Deposit fees None
Inverse perpetual contracts
(for all currency exchanges)
Taker’s fee


Maker’s Rebate


BTC/USDT Contracts Taker’s fee


Maker’s Rebate


Assets exchange fee 0.1%
Withdrawal fees BTC — 0.0005
ETH — 0.01
XRP — 0.25
EOS — 0.1
USDT — 10

Additionally, the Bybit withdrawal time is not instant, but it’s as fast as two hours after the request approval. Furthermore, there’s a Bybit withdrawal limit for each crypto that resets daily.

Individual account limits are as follows:

  • BTC — 500 BTC
  • ETH — 10,000 ETH
  • EOS — 1,000,000 EOS
  • XRP — 2,000,000 XRP
  • USDT — 1,000,000 USDT

There’s a minimum withdrawal too:

  • BTC — 0.001 BTC
  • ETH — 0.02 ETH
  • EOS — 0.2 EOS
  • XRP — 20 XRP
  • USDT — 10 USDT

Bybit Mobile app

If you’re looking for a Bitcoin app where futures trading is available too, Bybit’s mobile app is a good choice. It has the same Bybit exchange fees as the web version. You can find them on Google Play and the App Store.

When you install it, you’re greeted with a home button where you can see general statistics about the contracts. Besides that, you can make a deposit, check alerts, invite friends and manage your rewards hub. Next to it is the chart button, which works similarly to the web version and has the same features as well. Then comes the Bybit trading button, and luckily, inverse perpetual, inverse future and USDT perpetual are all available on the app. There’s also a strategy alert and a wallet button where you can see all your available cryptos.

Other things you can do are change the theme and language and chat with Bybit’s customer service.

Bybit Customer Service

Bybit offers a few types of support to its clients. If you’re a relatively new investor or have forgotten what some terms mean, you can check out Bybit Glossary. Its FAQ is pretty extensive but a bit all over the place; however, there’s a search bar to help out. Bybit support offers a 24/7 live chat, but we wouldn’t recommend it. Upon contacting its agents a few times, they were pretty slow and couldn’t answer most of our questions. It’s not possible to contact Bybit customers support via phone at the moment.

Bybit Alternatives

How does Bybit compare to the industry leaders? Continue reading this Bybit exchange review to find out if Bybit outshines competitors like Coinbase and Binance.

Bybit vs Coinbase

There’s no doubt that both Bybit and Coinbase are both well-rounded platforms, so let’s see who comes out as a winner. Both are used to exchange Bitcoin, but Coinbase offers trading with more cryptos than Bybit.

You can open an account in the US and the UK with Coinbase, whereas Bybit has restricted those locations. Coinbase recommends you make an initial deposit of $50, and Bybit doesn’t have any minimum requirements. Bybit rewards its users with a Bybit deposit bonus, many giveaways, and other promotions, and Coinbase has Coinbase Earn, a program that rewards users for watching guides.

When it comes to fees, Bybit has a flat -0.025% maker’s rebate and a 0.075% taker fee. On Coinbase, if you’re in the “under $10,000” pricing tier, there’s a 0.50% maker’s rebate and 0.50% taker’s fee too. These values scale down to 0.00% maker’s rebate and 0.04% taker’s fee as the price tier increases.

Bybit vs Binance

Another interesting comparison to look at is Bybit and Binance. Binance has a ton of available cryptos for trading, whereas Bybit only supports the most popular ones. We already mentioned that Bybit doesn’t do business in the UK and the US, while Binance is available in a lot of countries, with a special dedicated US site. Furthermore, neither of the platforms requires a minimum deposit.

Bybit and Binance both have a similar rewards program, both host giveaways, and tournaments pop up sometimes. Fees at Coinbase are 0.075% for both takers and makers. However, this percent decreases the higher the BTC amount is. In contrast, Bybit has a set -0.025% maker’s rebate and 0.075% taker’s fee.

Wrap Up

Wrapping this Bybit review up, our general thoughts on it are positive, with some caveats. It has an average fee rate for takers and makers, but compared to the competition, there’s room for improvement. Its reward program is definitely a plus for any investor, but its customer service is lackluster. Compared to others, it’s definitely a notable cryptocurrency trading platform.


  • Futures trading
  • Reward program
  • Reliable mobile apps


  • Underwhelming customer service
  • Not available in the US
  • Below-average fees
Bybit Logo

Editorial Rating


Can US citizens use Bybit?

No, Bybit is not available in the US. There’s no way to create an account if you live in the US because of regulatory issues.

Where is Bybit located?

Bybit is a limited liability company located in Singapore, but it’s registered in the British Virgin Islands. Besides these two locations, Bybit doesn’t have other offices.

Is Bybit legal in Canada?

You can use Bybit in Canada. However, you can’t open an account if you’re located in Québec.

How to trade on Bybit?

The trading process is process straightforward, and the interface is simple. Pick the contract type, choose the leverage and click the right buy or sell option in the interface and you’ve made a trade. You can also make stop-loss or take-profit orders to fine-tune and automate the trading experience.

How to deposit on Bybit?

As we noted earlier in our Bybit review, you can deposit fiat through Bybit’s third-party partners, Banxa, XanPool, MoonPay, and Mercuryo. You can also deposit crypto by clicking My Assets and then Deposit on your desired cryptocurrency. There are no minimum crypto deposit requirements, so you can deposit as much or as little as you want.