Key Stats
Pros & Cons
Pros
- Over 280+ cryptocurrencies supported
- Derivatives trading and spot trading available
- Margin trading with up to 100x leverage
- Mobile app for iOS and Android
- Fiat gateway for easy deposits
Cons
- Only crypto withdrawals supported, no fiat withdrawals
- Not available to US citizens
What Is Bybit?
Bybit is a crypto exchange I've been using that offers both spot and derivatives trading. What makes it stand out is its focus on margin trading — you can use up to 100x leverage on BTC/USD and ETH/USD pairs, which can lead to big gains if you know what you're doing.
The company started back in March 2018 in Singapore. It's got a team made up of people from finance, tech, forex, and early blockchain circles. It's registered in the British Virgin Islands, and they've got over 30 million users — so it's not some small-time operation.
My Overall Thoughts on Using Bybit
I've got to say, Bybit has been great — especially if you've already got some experience trading crypto and want more advanced tools. That said, it's not overly complex, so even if you're newer to the space, the interface won't totally overwhelm you.
1. Low Fees, Especially If You Trade a Lot
Spot trading fees are just 0.1%, and if you're trading derivatives, it's 0.02% for makers and 0.055% for takers. If you're active enough, those fees can get even lower — so the more you trade, the more it adds up in your favour.
2. Over 280+ Coins to Trade
There's a big selection of cryptocurrencies on there. I've never had trouble finding pairs I want to trade, whether it's something mainstream or a bit more niche.
3. A Really Solid Trading Platform
This is what keeps me coming back. Bybit has everything from spot to derivatives, and margin trading with serious leverage (up to 100x). They've even added copy trading, which is useful if you want to follow more experienced traders. The charts and trading interface are packed with features, but somehow still easy to use once you get the hang of it.
Key Features
Spot Trading & Derivatives (with Big Volume)
Bybit started out focusing on derivatives, and it's still one of the biggest names in that space — over 30 million users, and daily trading volume often over $10 billion. That kind of liquidity makes it easy to get in and out of trades without much slippage.
There are a few different contract types:
- Inverse Perpetuals (like BTC/USD and ETH/USD) — these use the actual coin as collateral.
- USDT Perpetuals — 20+ pairs using USDT as collateral (BTC/USDT, ETH/USDT, ADA/USDT, etc).
- Inverse Futures — longer contracts (up to 6 months) on BTC and ETH, using the coin itself as collateral.
They added spot trading in mid-2021. It started small, but now you've got over 70 trading pairs to pick from.
Margin Trading with Up to 100x Leverage
If you're into more advanced trading strategies, Bybit's margin trading is a big draw. You can trade with up to 100x leverage, which means you can control a much larger position than what you actually put in. Some exchanges cap this at 5x, so 100x is pretty generous.
Of course, it's not all upside. With that kind of leverage, even a tiny move in the wrong direction can wipe out your position — and fast. You can actually lose more than your original investment if you're not careful. Margin trading isn't something to dabble in lightly. I'd only recommend it if you really know your way around technical analysis and understand the risks.
Insurance Fund
Because Bybit allows up to 100x leverage, things can get volatile fast. Their insurance fund is like a buffer — if a trade goes so far south that the losses exceed a user's initial margin, the fund kicks in to cover that gap. That way, no one's on the hook for someone else's blown-up trade.
Testnet for Practising
Before you risk real money, Bybit lets you practise on their Testnet (a demo version of the main site). It works just like the real platform, but you're using pretend cryptocurrency. It's a great way to get comfortable with the interface or try out strategies before jumping in for real.
Fiat Gateway for Easy Deposits
You can't directly deposit fiat like USD or GBP into your Bybit account, but they do have a fiat gateway. You go to the "Buy Crypto" section, choose your currency and how much you want to convert, then pick the crypto you want (BTC, ETH, or USDT). They show you a few payment providers (credit/debit cards, Apple Pay, Google Pay, bank transfer), and you complete the transaction through one of their partner sites.
24/7 Live Chat Support
Bybit has a live support chat built into the platform. You click the yellow support button in the bottom corner, and if the FAQs don't help, you can start a chat with a real person. First time I tried it, I was second in the queue and waited 18 minutes. Second time, only waited 8 minutes. Not instant, but better than exchanges that make you wait days for an email reply.
Mobile App (iOS & Android)
Their mobile app is solid — available for both iOS and Android. On Google Play, it's rated 4.7 stars with over 10 million downloads. I downloaded it just to test it out, and it's nearly as good as the desktop version. You've got full access to charts, indicators, trading tools, and even conditional orders.
Fast, Reliable Trading
Something I've appreciated about Bybit is how stable the platform is, even during major market swings. Their matching engine can handle up to 100,000 trades per second, and they update market data every 20 milliseconds. They also claim 99.99% uptime, and from what I've seen, it holds up.
Take Profit & Stop-Loss Orders
Bybit lets you set both Stop-Loss and Take Profit orders. Stop-loss: set a price where you want to cut your losses, and if the coin dips to that level, it sells automatically. Take profit: set a target price, and if the coin hits it, the platform sells and locks in your profit. These tools help automate your strategy and remove a lot of the emotional guesswork.
What I Don't Like
No Fiat Withdrawals
Bybit doesn't support fiat withdrawals. If you're looking to cash out directly to your bank, you can't do that straight from Bybit. What I usually do is withdraw my crypto to another exchange that supports fiat withdrawals, and from there send it to my bank. It adds one extra step, but it's easy enough once you've done it once or twice.
Not Available in the USA
If you're in the US, Bybit isn't officially available because of regulations. Some users have found workarounds, but be aware of the rules and do your own research if you're in that situation.
Bybit Fees
Fees aren't the most exciting part of trading, but they can add up. Overall, I've found Bybit's fees to be pretty reasonable — especially compared to some of the other big exchanges.
| Fee Type | Amount | Notes |
|---|---|---|
| Crypto Deposits | Free | No fees for depositing crypto |
| Fiat Deposits | Varies (via gateway) | Bybit doesn't charge, but partner providers (Banxa, MoonPay, etc.) take a cut |
| Spot Trading (Maker & Taker) | 0.1% | Volume discounts available for high-volume traders |
| Derivatives (Maker) | 0.02% | Limit orders that add liquidity |
| Derivatives (Taker) | 0.055% | Market orders that remove liquidity |
| Crypto-to-Crypto Conversion | 0.1% | Converting one coin to another inside your account |
| Crypto Withdrawals | Standard network fee | Varies by coin and blockchain congestion |
| Fiat Withdrawals | Not available | Must withdraw crypto to another exchange to cash out |
Fees accurate as of February 2026. Always verify current fees on the Bybit website.
How Does Bybit Compare?
| Feature | Bybit | CoinSpot | Swyftx | Digital Surge | Coinstash |
|---|---|---|---|---|---|
| Trading Fee | 0.1% spot / 0.02–0.055% deriv. | 0.1%–1% | 0.6% | 0.1%–0.5% | 0.85% |
| Coins | 280+ | 530+ | 440+ | 400+ | 1,000+ |
| Fiat | AUD, USD, GBP, EUR, NZD + more | AUD | AUD, NZD | AUD | AUD |
| Deposits | Visa, Mastercard, Apple Pay, Google Pay, PayID, Crypto | PayID, Bank, Cash, Card, Crypto | PayID, OSKO, Bank, Card | PayID, Bank | Bank, PayID |
| Leverage | Up to 100x | None | None | None | None |
| AUSTRAC | No | Yes | Yes | Yes | Yes |
Comparison reflects our editorial assessment. Fees and features may change — always verify with the exchange.
Open Bybit Account →Is Bybit Legit?
I know a lot of people wonder if Bybit is actually legit — especially after reading mixed reviews online. So I decided to test it out myself.
First off, the basics: Bybit is a legit exchange, based in Singapore and registered in the British Virgin Islands. They've been around since 2018, have over 30 million users, and regularly do over $10 billion in daily trading volume.
To see if there was anything sketchy going on, I deposited some USDT into my Bybit account and started trading. I used both the spot market and set a few conditional orders (including stop-loss and take profit). Everything went through exactly as expected — market orders, limit orders, and my conditional trades were all filled. No glitches, no funny business.
Then I tested a withdrawal of USDT. The funds landed in my crypto wallet within minutes. Bybit says instant withdrawals can take up to 15 minutes, and that seems accurate.
A lot of the negative reviews come from people who made mistakes and didn't understand what went wrong — for example, choosing the wrong blockchain (ERC-20 vs TRC-20) when withdrawing USDT. Also, there are fake Bybit websites out there designed to scam people, so always double-check you're on the official Bybit site.
Frequently Asked Questions
Is Bybit safe to use?
What are Bybit's trading fees?
Can I use Bybit in Australia?
Is Bybit available in the USA?
Does Bybit have a mobile app?
Our Verdict
In my experience, Bybit is 100% legit. It's actually my #1 recommendation for margin trading — mainly because of the 100x leverage, the huge variety of contracts (perpetual, futures, and spot), and the fact that the platform is feature-packed but still easy to navigate once you get the hang of it.
The only real downsides are the lack of fiat withdrawals (you need to send crypto to another exchange to cash out) and that it's not officially available in the US. But if you're outside the US and want a powerful trading platform with low fees, Bybit is hard to beat.
If you want to compare Bybit with other exchanges, check out our comparison of the best margin trading platforms.
The above is general guidance only and does not constitute personal financial advice. Consider your own circumstances before making any investment decisions. Margin and derivatives trading carry significant risk — you can lose more than your initial investment.
