Bybit is a Dubai-based cryptocurrency exchange where you can buy, sell, or trade over 500 cryptocurrencies. It claims to serve 75+ million people globally via its desktop site and mobile app.

Although Bybit gained initial popularity for its advanced services like derivatives trading – betting on crypto price changes without actually owning any crypto – it has since evolved into a full-service exchange. Today, Bybit offers a wide array of features, designed for everyone from beginners to advanced-level traders. 

[Note: Bybit was hit by a $1.5 billion Ethereum hack in February 2025, but no users lost funds; they’ve since added stronger security.]

Bybit: Key Points

• Regulated in UAE and Europe (MiCAR); unavailable in US/UK
• Lost nearly $1.5 billion of Ethereum assets to a hack in Feb 2025; no users affected
• Provides both basic and advanced crypto services
• Facility of a Demo Account to practice trading with virtual money 
• Requires KYC (ID verification) for complete access

History of Bybit

Bybit was founded in 2018 in Singapore by former forex trader and current CEO Ben Zhou. At a time when most exchanges only offered buys and sells, he wanted to create a platform that also offered advanced crypto trading tools for everyone. So Bybit began operations with derivatives, prioritizing speed and user-friendliness.

The exchange grew fast, acquiring 10 million users by 2021, however, regulatory hurdles prompted a move out of Singapore to crypto-friendly Dubai in 2022. 

By October 2025, Bybit had secured UAE’s full federal Virtual Asset Platform Operator License, allowing it to provide a complete suite of crypto services across the region. It also acquired a MiCAR (Markets in Crypto-Assets Regulation) license to serve 29 European countries. 

While Bybit claims to operate across 241 countries, this isn’t strictly true. Its services are restricted in many countries due to regulatory issues. These include the US, China, Singapore and the UK. 

Bybit: Functions and Services

Bybit offers several tools for beginners to explore the crypto world. Let’s talk about some of them below:

• Buy crypto (fiat deposits): Intended for beginners, this service enables you to make instant crypto purchases through ‘One-Click Buy’, using fiat (conventional) money such as USD or EUR.
• Spot trading: Considered the most basic form of trading, this feature allows you to exchange one crypto for another at the immediate market price. On offer are hundreds of crypto pairings, enabling easy swaps between 500+ coins, at a low 0.1% fees. 
• Derivatives trading: Bybit’s bread-and-butter service, this one involves betting on crypto price movements via contracts like perpetuals, futures and options. You can use up to 100x leverage, meaning you can borrow up to 100 times of your own funds to amplify your exposure. 
• Bybit earn: Ideal for users looking for passive crypto earnings, this service allows you to deposit your crypto into savings-style accounts. You could earn regular interest through features like ‘Easy Earn’ (earn interest, withdraw anytime) or ‘On-Chain Earn’ (stake or in other words lock-up funds for higher rewards).
• Copy trading: Designed for starting-out traders, ‘Copy Trading’ lets you automatically mirror the trades of successful professionals.
• Trading bot: Bybit’s trading bot is an AI-powered tool that can automate your buys or sells. For instance, you can set it up to buy $10 worth of BTC per week.

Is Bybit safe to use in 2025? 

Bybit’s relatively safer than many platforms to buy, sell and trade your crypto – especially for people who follow good security practices like maintaining no large balances in exchange wallets and using two-factor authentication (2FA) and strong passwords. 

In February 2025, a North Korean criminal entity named ‘Lazarus Group’ hacked one of ByBit’s suppliers during a routine transaction and secretly changed the recipient’s wallet address to redirect 401,000 Ether (ETH) coins. Nearly $1.5 billion worth of ETH were stolen. However, the exchange quickly froze accounts impacted by the theft, reimbursed all affected users, and implemented multiple security upgrades.

Bybit now stores 95% of its funds in cold wallets (offline, like a digital safe), shares proof-of-reserves online and uses AI tech to check suspicious logins. Anti-phishing codes, 2FA, whitelisting (sending crypto to only approved addresses), and strict Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols provide an additional safety net. 

Bybit FAQs

How do I sign up for Bybit?

Visit Bybit exchange’s official website or mobile app, enter your email, set a password, and verify via an emailed code. Alternatively, you can login straight with your Google, Apple, or Telegram account.

Can I set up a demo account on Bybit?

Yes, you can set up a demo account on Bybit and practice risk-free trading with virtual funds. Hover over ‘Tools’ on the website’s top navigation bar, and click ‘Demo Trading’ from the dropdown menu. On the mobile app, switch to ‘Pro’ mode and tap ‘More’ in the ‘Home’ section. You’ll see ‘Demo Trading’ as one of the ‘Services,’ under ‘Trade.’

Does Bybit provide customer support?

Yes, Bybit exchange provides customer support via multiple channels. You can request 24/7 live chat support in different languages, via their bot assistant. Besides that, it has a self-service help center with several guides & FAQs, and the option to submit a request using an email id as well. 

What are the fees on Bybit exchange?

Bybit’s fees are low – 0.1% for spot trading and 0.02%/0.055% for derivatives. While deposits are free, withdrawals attract network fees. There are no extra fees for staking service.

How do I withdraw funds from Bybit? 

Withdrawing funds is simple – go to ‘Assets’ > ‘Withdraw’, and select the coin you’d like to withdraw. Enter the wallet address and confirm via 2FA.