Bybit

Crypto trading has become a serious business over the last few years. With the market expanding rapidly, exchanges have popped up left and right, some good and some… well, let's just say I wouldn't trust them with my lunch money. Today, I'm diving into Bybit, an exchange that's been making waves since 2018. Is it worth your time and crypto? Let's find out.

The Bybit Basics: What Sets It Apart?

When I first stumbled across Bybit, I was immediately struck by its clean interface. Unlike some exchanges that seem designed to confuse you into making bad trades (we've all been there), Bybit offers a relatively straightforward experience.

Established in March 2018, Bybit has grown into a significant player in the crypto exchange landscape. According to recent data, it ranks impressively as the #5 platform for spot trading with $406M in daily volume and stands even stronger at #2 for derivatives trading with a whopping $4.9B volume. Those aren't small numbers by any measure.

One user who shared their experience particularly praised Bybit's unified trading account feature. This lets you manage spot, margin, futures, and options all in one place – no more annoying internal transfers that waste time and sometimes incur fees. As someone who's juggled multiple account types on other exchanges, I can appreciate how much of a headache this solves.

Trading Features That Actually Matter

Bybit's strength clearly lies in derivatives trading. The platform offers perpetual contracts with funding fees collected every 8 hours – a standard approach that helps maintain price alignment with the spot market, as detailed in their contract summary.

What caught my eye was the leverage options – up to 125x on certain pairs. That's either exciting or terrifying depending on your risk tolerance. Remember though, with great leverage comes great potential for your account to be obliterated. I've seen too many friends get liquidated after one unexpected market move.

Their AI-powered Trade GPT feature is an interesting addition for market analysis. While I'm generally skeptical of AI trading assistants (they can't predict black swan events any better than humans can), having another perspective doesn't hurt.

The Security Situation: That Major 2025 Hack

Let's address the elephant in the room – security. While many users have praised Bybit's security measures, including two-factor authentication and proof of reserves, the exchange suffered a catastrophic $1.5 billion ETH hack in February 2025, which Chainalysis reported as the largest crypto heist to date. The hack was linked to North Korean hackers, which frankly isn't surprising given their track record in the crypto space.

This incident serves as a sobering reminder: even established exchanges aren't immune to security breaches. The "not your keys, not your coins" mantra exists for a reason. I personally never keep more on any exchange than I'm willing to lose completely.

Regulatory Landscape: Complicated at Best

Bybit's regulatory journey has been… interesting. They've secured licenses in Dubai through the Virtual Assets Regulatory Authority (VARA) and in Cyprus, but operate in regulatory gray areas in many jurisdictions according to Bitdegree's analysis.

In a positive regulatory development, Bybit was removed from France's AMF blacklist in February 2025, potentially opening the door for them to pursue a MiCA license for expanded European operations.

However, they've faced scrutiny in Japan (2023) and Malaysia (2025), with fines in India for AML violations. This patchwork regulatory compliance means your experience might vary significantly depending on where you live.

KYC Requirements: The Privacy Tradeoff

In May 2023, Bybit implemented mandatory KYC requirements, restricting non-verified users to 20,000 USDT daily withdrawals. This move aligns with the industry's general direction toward greater compliance but might disappoint users who prioritize privacy.

As one reviewer noted, the identity verification process was longer than expected. My take? KYC is becoming unavoidable in the crypto world if you want to use major exchanges. The days of complete anonymity on large platforms are largely behind us.

User Experience: Mixed Reviews

Bybit offers over 1,000 cryptocurrencies – the fourth-largest selection among major exchanges. This variety is great for those looking to trade beyond the top 10 coins, though liquidity can vary significantly for smaller-cap tokens.

The platform seems to divide users based on experience level. Intermediate traders praise its intuitive design, while beginners report feeling overwhelmed by the numerous options. One consistent complaint I've noticed is about steep withdrawal fees for certain assets – always check these before depositing anything substantial.

Is Bybit Right for You?

After sifting through all this information, here's my take:

Bybit makes sense if you're:

• An intermediate to advanced trader interested primarily in derivatives
• Looking for a wide selection of cryptocurrencies
• Comfortable with navigating a feature-rich platform
• Living in a jurisdiction where Bybit operates legally

It might not be ideal if you're:

• A complete beginner (though their learning resources help)
• Primarily interested in fiat trading pairs
• Extremely concerned about regulatory clarity
• Someone who values absolute security above all else (given the 2025 hack)

The crypto exchange landscape changes rapidly, and what's true today might not be tomorrow. While Bybit has established itself as a major player, always do your own research before committing significant funds.

Remember – no exchange is perfect. The best one is the one that meets your specific needs while minimizing your exposure to unnecessary risks. And please, wherever you trade, use strong passwords and 2FA. Your future self will thank you.