Bybit Review 2024 – Features, Fees, Assets & More

Bybit Overview

Bybit was launched by Ben Zhou in 2018. The crypto exchange quickly became one of the largest global players, with over 40 million users as of 2024. Currently, Bybit headquarters are located in Dubai with a MVP license granted by the Virtual Assets Regulatory Authority (VARA).

In this Bybit review, we will uncover all the key details you must know before using the crypto exchange. 

 

Bybit Pros & Cons

✅ Bybit Pros	❌ Bybit Cons
Very user-friendly	Not available in the US
600+ supported cryptos	Lacks fiat support
Low fees	Very complex platform
Extremely powerful futures trading
24/7 live chat support

 

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Bybit Products & Services

Bybit is one of the largest crypto exchanges with tons of products and features. Traders can access spot and futures trading for over 600 assets. With over $20 billion in daily trading volume, it is safe to say that Bybit is one of the top global players.

The crypto derivatives market on Bybit is one of the best of its kind with low fees, 300+ futures contracts, and lightning fast order execution. For professional crypto futures traders, Bybit offers up to 100x leverage.

A great feature on Bybit is the copy trading feature, which allows you to automatically copy the trades of experienced traders. In fact, we consider Bybit to have some of the best copy traders in the crypto industry. You can also copy trading bots from other people to earn passive income.

Other passive income ways on Bybit are staking and liquidity providing.

If you don’t own cryptos yet, you can easily deposit funds on Bybit using your credit/debit card or bank transfer. Over 20 fiat currencies are supported. What we like about Bybit is its comprehensive fiat support, which allows you to deposit and withdraw funds seamlessly. 

Bybit users with a big audience on YouTube or Twitter can join the referral or affiliate program. The Bybit affiliate program is one of the most popular partner programs among crypto exchanges. By inviting new users, they can earn over 33% commissions from their invitees’ transaction fees.

For mobile users, Bybit offers an app. The app is available for Android and iOS phones with a 4.7/5 star rating. After testing over 50 crypto exchange apps, we consider the Bybit app to be the best mobile app for crypto traders looking to trade on the go.

 

Bybit Trading Features

Spot Trading

Bybit offers spot trading for over 690 different coins. Overall, Bybit is very well-designed, user-friendly. With integrated real-time TradingView charts, you can do your analysis directly on Bybit.

 

Futures Trading

Bybit offers a high performance derivatives trading platform with futures contracts trading for over 300 different cryptos. The maximum leverage is 100x on selected assets such as Bitcoin or Ethereum.

What we love about Bybit is its well-designed interface, which ensures a seamless trading experience for beginners and professionals alike.

One special feature about Bybits futures platform is the inverse swap option where you can use cryptos as margin instead of stable coins.

 

Copy Trading

Bybit offers crypto copy trading for the futures market. You can analyze the historical performance of experienced traders. With just a few clicks, you can set up a copy trading account, which automatically takes the exact same trades as your selected trader.

You can even follow popular traders from twitter like Dark Crypto Lord.

 

Bybit Fees & Costs

Spot Trading Fees

Bybit spot trading fees start at 0.1% maker and 0.1% taker. Based on your 30-day trading volume you can reduce your Bybit fees to as low as 0.005% maker and 0.015% taker.

 

Futures Trading Fees

Bybit futures trading fees start at 0.02% maker and 0.055% taker.

Based on your monthly trading volume, you can reduce your Bybit trading fees to as low as 0% maker and 0.025% taker.

 

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Bybit Deposits & Withdrawals

Deposits

Bybit supports multiple networks for crypto deposits without fees, including:

• TRC20
• BEP20
• ERC20
• TIA
• SOL
• DYM
• And many more

For fiat purchases, Bybit supports 20+ fiat currencies, including EUR, GBP, or USD, through multiple payment methods:

• Credit/Debit card
• Bank transfer
• Zen.com
• Google and Apple Pay
• Advcash
• P2P Trading

Fiat deposit fees range from 1% to 3% based on your fiat currency and payment method.

 

Withdrawals

Bybit supports multiple networks for crypto withdrawals, including:

• TRC20
• BEP20
• ERC20
• TIA
• SOL
• DYM

The Bybit withdrawal fees are dynamic and are based on the respective network capacity. Some cheap options are TRC20 and BEP20, which cost around $1 per transaction.

For fiat withdrawals, Bybit supports 20 currencies including EUR, GBP, BRL, RUB, and more. The withdrawal methods include:

• SEPA transfer
• Advcash wallet
• Zen.com

 

Bybit Customer Support

Bybit offers 24/7 live customer support via live chat. The average response time is 1 minute. Overall, Bybit staff seems to be knowledgeable and helpful.

Additionally, Bybit offers email support and a comprehensive help center with tons of articles and guides.

 

Bybit Security

Bybit stores customer funds in multisig cold storage wallets. While we consider Bybit to be a secure crypto exchange, we advise you to store your cryptos in a personal wallet.

Additionally, Bybit provides proof of reserves, meaning that all customer assets are backed by Bybit with at least 100%.

 

Bybit Signup & KYC

Bybit requires KYC verification. Without KYC verification, you can not use Bybit. In order to verify your identity, you must submit personal details:

• Personal Details
• Government-issued ID
• Selfie
• Proof of address

Higher KYC levels unlock higher withdrawal limits on Bybit.

 

Bybit Review Summary

Bybit is one of the best crypto derivatives exchanges in the world. The exchange offers crypto traders a high performance platform to execute their trades in real time.

On top of that, Bybit offers low fees and deep liquidity, ensuring a smooth trading experience.

The 24/7 live chat support is reliable and quickly assists when encountering an issue. Overall, we consider Bybit to be a top choice for crypto traders.

 

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FAQ

Is Bybit legit?

Yes, Bybit is a legitimate crypto exchange with over 25 million users.

 

Does Bybit require KYC?

Yes, Bybit requires KYC verification. Without identification, you can not use Bybit.

 

Is Bybit available in the US?

No, Bybit is not available to US citizens due to regulatory issues.

 

What are Bybit fees?

Bybit spot fees are 0.1% for makers and takers. Bybit futures fees are 0.02% maker and 0.055% taker.