Bybit Review | Is Bybit Exchange Reliable?

1. Platform Background and Development History

Bybit , founded in 2018 and headquartered in Dubai , is a registered entity called Bybit Fintech Limited . It is a globally renowned cryptocurrency exchange specializing in contract trading, with over 20 million users worldwide.

Development highlights:

• 2018 : Bybit was officially launched, focusing on perpetual contract trading.

• 2019 : The number of users exceeded 1 million, and gradually entered the Southeast Asian, European and American markets.

• 2020-2021 : Become one of the top 5 contract exchanges in the world, with an average daily trading volume exceeding US$10 billion.

• 2022 : The headquarters will be moved to Dubai, UAE, and a temporary license will be obtained from the local Virtual Asset Regulatory Authority (VARA).

• 2023-2024 : The number of users will exceed 20 million, and spot trading, staking, Launchpad and other businesses will be expanded.

👉 Official website: https://www.bybit.com

2. Trading Account and Trading Conditions

Bybit offers a wide range of trading products, including spot trading, contracts, options, financial management, and copy trading :

🔑 Features:

• High leverage contracts : up to 1:125, attracting professional traders.

• Low Fees : Contract fees are relatively low (0.01% for maker orders, 0.06% for taker orders).

• USDC Options : One of the few exchanges in the world that offers stablecoin options.

III. Supervision and Compliance

Bybit's compliance has gradually improved, but it has not yet entered markets such as the United States and the United Kingdom.

Reference Links:

• Dubai VARA official website

• Bybit Official Announcement

⚠️Comparison :

• Binance : There are restrictions in many countries, but it is gradually becoming compliant.

• Coinbase : A US-listed company with the highest level of compliance.

• Bybit : Efforts are underway to achieve compliance, but regional restrictions still exist.

IV. Trading Products and Market Coverage

• Spot market : 400+ currencies, covering mainstream currencies and emerging tokens.

• Contract market : perpetual and delivery contracts, supporting hundreds of currencies including BTC and ETH.

• Options : Provides USDC-settled options contracts, suitable for institutional investors.

• Financial services : Bybit Earn, supports stablecoin staking and DeFi financial management.

• Launchpad : Provides a listing and subscription platform for new projects.

5. Trade Execution and Technical Performance

• Matching engine : Officially stated to support 300,000 transactions per second.

• Latency : Order latency is less than 10ms, ranking among the highest in the world.

• APP experience : comprehensive functions, supporting quick trading and one-click copy trading.

• API interface : suitable for quantitative users, with low latency and strong stability.

📌 Comparison:

• Bybit's contract performance is close to that of Binance and OKX, with better depth and slippage control.

VI. Fund Security and Risk Control Measures

• Fund custody : cold wallet + multi-signature mechanism.

• Proof of Reserve (PoR) : Bybit will announce the results of a partial reserve audit in 2023.

• Risk control mechanism : liquidation protection and forced liquidation mechanism.

🔗 Reference: Bybit PoR Announcement

7. Deposit and Withdrawal

• Deposit : Supports cryptocurrency deposits, but fiat currency channels are limited.

• Withdrawal : Generally arrives in 30 minutes – 2 hours.

• KYC requirements : Withdrawal limit is limited (2 BTC/day) without real-name verification, and higher limit is available after real-name verification.

⚠️ User feedback: Withdrawal efficiency is high, but large amounts of funds still require KYC review.

8. Customer Service and Support

• Supported languages : Chinese, English, Korean, Vietnamese, Spanish and more than 20 languages.

• Support channels : 24/7 online chat, ticket, email ( [email protected] ).

• Educational content : Bybit Learn provides a large number of encryption knowledge articles.

🔗 Reference: Bybit Learn

IX. Media and User Reviews

International media comments

• Bloomberg: Bybit is “one of the fastest-growing contract exchanges.”

• Cointelegraph: Calls it "strongly competitive in options and contracts."

User reputation

• Positive reviews : Great contract experience, low fees, and fast withdrawals.

• Negative reviews : Insufficient compliance, access restricted in some countries.

10. Risk Warning

• Regulatory risks : Has not entered the United States and the United Kingdom and may be restricted in the future.

• Financial risk : Although there is PoR, transparency is still limited.

• Market risk : Highly leveraged contracts carry an extremely high level of risk.

11. Multi-dimensional scoring (out of 10 points)

• Regulation and Security : 7/10 — Compliance is progressing, but not fully covered.

• Trading Conditions : 8/10 — Low fees and flexible leverage.

• Product richness : 9/10 - comprehensive contracts, options, and Launchpad.

• Technology and Flow : 9/10 – Excellent performance and great flow.

• Customer Service and Service : 8/10 — Multilingual customer service and extensive educational resources.

📊Overall rating: 8.2/10
Bybit is one of the most competitive contract exchanges in the world, suitable for mid- to high-level users, but its compliance coverage still needs to be strengthened.

12. Conclusion

Bybit has become a leading global contract exchange, winning market share with its low fees, high-performance trading system, and product diversity .

• Advantages : Leading contract experience, innovative options and Launchpad.

• Disadvantages : Insufficient compliance, cannot be used in some countries.

👉 Official website: https://www.bybit.com