Bybit

Founded in March 2018, Bybit has established itself as a prominent player in the cryptocurrency exchange market. The platform aims to serve crypto traders with fast execution, reliable customer support, and a range of trading options. Let's take a closer look at what Bybit offers, its features, security measures, and recent developments.

Trading Features and Capabilities

Bybit's derivatives trading platform stands out with its powerful features designed for serious traders. The exchange supports leverage trading up to 100x, giving experienced users the ability to amplify potential returns (though this also increases risk). Traders can use advanced order types including TWAP (Time-Weighted Average Price) and Iceberg orders that help manage large positions without significantly impacting market prices.

For those looking to trade Bitcoin against USDT, the minimum order size is 0.002 BTC for perpetual contracts. This relatively low entry point makes the platform accessible to traders with varying capital levels.

What sets Bybit apart from many competitors is its ultra-fast matching engine that processes derivatives orders with minimal latency. This speed advantage is crucial during volatile market conditions when execution timing can significantly impact profitability.

The platform also employs market protection mechanisms to prevent manipulation. Orders that deviate beyond ±5% of the mark price are automatically adjusted, helping maintain market integrity and protecting users from extreme price swings.

KYC Requirements and Withdrawal Limits

Since December 2022, Bybit has implemented tiered KYC (Know Your Customer) requirements that directly impact withdrawal capabilities. Non-verified users face significant restrictions, with daily withdrawal limits of 20,000 USDT and monthly limits of 100,000 USDT.

Completing Level-1 KYC verification substantially increases these limits to 1 million USDT daily with no monthly cap. For businesses or users requiring even higher limits, Level-2/Business KYC verification allows withdrawals of up to 2 million USDT daily.

VIP users who complete Advanced KYC enjoy default withdrawal limits of 2 million USDT, providing additional flexibility for high-volume traders.

It's worth noting that KYC verification isn't just for withdrawals – it's also mandatory for NFT transactions and claiming rewards on the platform.

Bybit Card and Payment Solutions

The Bybit Card offers users a way to spend their crypto assets in everyday transactions across multiple currencies. The card supports fiat transactions in over 15 currencies, with crypto conversion fees up to 0.9%. For ATM withdrawals, users get their first 100 EUR/USD monthly without fees, after which a 2% fee applies.

There are some limitations to be aware of – the minimum crypto conversion amount for card transactions is 10 EUR/USD equivalent. This means smaller transactions may not be practical using this service.

For those looking to fund their accounts without fees, Bybit's P2P trading feature offers zero-commission deposits through bank transfers and digital wallets. This can be particularly valuable for users in regions where traditional banking connections to crypto exchanges are limited.

Internal transfers between Bybit accounts incur no withdrawal fees, making it efficient to move funds between different users on the platform.

Security Challenges and Response

February 2025 marked a significant challenge for Bybit when it experienced a $1.5 billion hack attributed to North Korea's Lazarus Group. This security breach, one of the largest in cryptocurrency history, resulted in approximately $5.5 billion in outflows as users rushed to withdraw funds.

During this crisis, about $3 billion in USDT reserves were temporarily inaccessible due to Safe wallet suspensions, complicating the exchange's response. The recovery process involved manual signature verification through custom Etherscan-based tools to restore operation.

Following this security incident, Bybit revised its security protocols, notably removing Safe wallet integrations from its cold storage solutions. This demonstrates the exchange's commitment to learning from security challenges, though the hack understandably raised concerns among users.

Fee Structure and Costs

Bybit maintains dynamic withdrawal fees that update in real-time based on network congestion. This approach helps users optimize transaction costs during periods of high blockchain activity.

For derivatives trading, fees vary based on user level and market conditions, with the platform's matching engine optimizing execution to minimize slippage.

Card users should be aware of the conversion fees of up to 0.9% when converting crypto to fiat for purchases. While competitive, these fees can add up for frequent users.

Customer Support and Community

One area where Bybit has invested heavily is customer support. The exchange offers 24/7 multilingual customer service through live chat and email channels. This commitment to accessibility helps address user concerns promptly, particularly valuable in the fast-moving crypto market where timely support can make a significant difference.

The platform has also developed multilingual community support to serve its global user base, making it more accessible to traders from different regions and language backgrounds.

Final Thoughts

Bybit offers a comprehensive trading platform with powerful features for both experienced and novice crypto traders. Its ultra-fast matching engine, extensive order types, and leverage options make it particularly attractive for derivatives trading.

However, potential users should carefully consider the security history, including the major 2025 hack, and ensure they understand the KYC requirements that will affect their withdrawal limits. The recovery from the security incident demonstrates resilience, but also highlights the inherent risks in cryptocurrency exchanges.

For those looking to actively use their crypto assets, the Bybit Card offers practical functionality, though with associated conversion fees that should be factored into overall costs.