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Our Verdict

Founded in 2018, Bybit quickly became one of the leading cryptocurrency exchanges. The platform allows users to trade over 650 cryptocurrencies across spot, margin, futures, and options markets. Bybit accepts users from over 180 countries and supports over 60 different fiat currencies through its P2P trading, making the exchange accessible to users worldwide.

Bybit’s emphasis on trading, with a full-featured desktop trading platform and some of the lowest fees in the industry, makes it ideal for derivatives traders, day traders, and algorithmic traders. The exchange supports high-frequency trading and is compatible with MetaTrader4, catering to various trading needs.

Bybit Pros and Cons

Pros Cons
  • Very low fees for spot, margin & futures
  • Over 650 cryptocurrencies offered
  • Offers spot, margin, futures & options trading
  • All customer assets backed 1:1 
  • Lack of free deposit options
  • No  insurance on customer deposits
  • Lack of licensing in many regions
  • Poor customer service 

Is Bybit Right for You?

Not all traders are the same. Some seek easy apps for trading on the go, while others look for advanced features like leverage or social trading. When reviewing exchanges, we cater to all types of traders, from occasional to frequent. We divided all traders into seven main target groups.

Our thorough yet straightforward method ensures a clear understanding of trading strategies and their requirements. By assessing, ranking, and recording key factors, we determine how well the exchange meets the needs of each target group. We use three types of rankings: perfect match, good choice, and not recommended. Here’s our verdict:

Casual Traders: Perfect Match

Bybit is a perfect match for casual traders, offering competitive trading fees and access to a wide array of cryptocurrencies. Although Bybit has a lower liquidity score compared to top exchanges like Binance and Coinbase, this was not an issue during my testing. The platform’s features, such as the launchpad, trading bots, and copy trading provide casual traders with a variety of options for exploring different trading strategies and opportunities.

Pros Cons
  • 1:1 reserve of all customer assets
  • Intuitive, easy-to-use mobile & desktop platforms
  • Over 650 cryptocurrencies offered
  • Low trading fees
  • P2P, demo account, copy & bot trading available
  • Launchpad available
  • No insurance coverage for user assets
  • Lack of free deposit options
  • No dedicated Lite platform
  • Poor customer service 
  • Lower liquidity score than competitors

Hodlers & Position Traders: Perfect Match

Bybit is a perfect match for hodlers, offering user-friendly, intuitive desktop and mobile platforms. The ability to stake assets, earn passive income, and borrow and lend makes Bybit a solid choice for users looking to hold and grow their crypto portfolios. Bybit’s 1:1 reserve of all customer assets means users can hold their assets on the exchange without having to worry about potential insolvency.

Pros Cons
  • Intuitive, easy-to-use platform
  • Ability to stake assets for passive income
  • Over 650 cryptocurrencies offered
  • 1:1 reserve of all customer assets
  • No insurance coverage for user assets
  • Lack of free deposit options
  • No dedicated Lite platform
  • Poor customer service 

Bot, Social & Copy Traders: Perfect Match

Bybit is a perfect match for traders looking to take advantage of trading bots or copy trading. The platform offers a wide variety of trading bots, ranging from DCA and Grid bots to futures bots programmed by Bybit’s Aurora AI. Additionally, Bybit provides numerous copy traders to follow, with the added benefit of 100 USDT compensation if your first copy trading order is lost.

The lack of social trading features may be a drawback for those who want to leverage community insights and interactions into their trading.

Pros Cons
  • Wide selection of different trading bots
  • Availability of AI-programmed trading bots
  • 100 USDT loss coverage for copy trading
  • Low trading fees
  • No social trading 
  • No insurance coverage for user assets
  • No free deposit options
  • Lack of licensing in many regions

DCA Investors: Perfect Match

Bybit is a perfect match for DCA (Dollar-Cost-Averaging) investors due to the wide variety of cryptocurrencies available on the platform and the integrated DCA investment tool, which can be configured for recurring orders based on time. In my experience, the fast fiat deposit process and the option for a one-click buy using credit/debit or Apple/Google Pay further appeal to DCA investors. The main downside is that the DCA tool requires you to manually deposit fiat currency and convert it to USDT or USDC.

Pros Cons
  • Over 650 cryptocurrencies offered
  • Ability to stake assets for passive income
  • Intuitive, easy-to-use platform
  • P2P trading, supporting more fiat currencies
  • No insurance coverage for user assets
  • Lack of free deposit options
  • Lack of licensing in many regions
  • No automatic purchase from the card

Algorithmic Traders: Perfect Match

Bybit is a perfect match for algorithmic traders looking for an exchange with API access and support for high-frequency trading. Bybit’s rate limit on calls per second is higher than competitors like Kraken. However, capping API trading volume for VIP-level contributions may be a drawback for some.

Pros Cons
  • API access with sandbox testing environment
  • High rate limit on calls per second
  • High-frequency trading support
  • Only 20% of API volume contributes to 30-day volume for VIP levels
  • No dedicated backtesting environment
  • Lower liquidity score than competitors

Day Traders: Perfect Match

Bybit is a perfect match for day traders, offering an advanced desktop trading platform with various tools and features for a seamless trading experience. Margin traders can also benefit from higher leverage options compared to some competitors. However, Bybit has received a lower liquidity score than some competitors.

In my experience, the desktop trading platform makes Bybit an ideal option for day traders. Despite the lower liquidity score, I did not experience any issues related to liquidity or order execution when trading spot, margin, or derivative markets.

Pros Cons
  • Advanced desktop trading platform
  • Low fees
  • TradingView integration
  • Availability of derivatives & options trading
  • Lower liquidity score than competitors
  • Lack of insurance on customer deposits
  • Currently unlicensed in many regions

Leverage & Derivative Traders: Perfect Match

Bybit is a perfect match for leverage and derivative traders. It offers a desktop platform equipped with all the tools needed for advanced technical analysis and trading strategies. Bybit was created with traders in mind, providing a seamless and comprehensive trading experience through various tools and integrations.

In my experience, the integration of TradingView enhances technical analysis options and offers a familiar interface for traders switching from other platforms. MetaTrader4 integration makes it easy for traders to transition from traditional forex brokers and prop firms, making Bybit a versatile choice for sophisticated trading.

Pros Cons
  • Advanced desktop trading platform
  • Low fees
  • TradingView integration
  • Up to 100x leverage
  • Complex trading tools can be overwhelming for new traders
  • Lack of insurance on customer deposits
  • Currently unlicensed in many regions

Supported Countries and Regions

Bybit accepts users from over 180 countries and more than 200 regions. However, users from the US, UK, and Canada are restricted from using Bybit, which is disappointing since competitors like Coinbase and Kraken support these regions.

While the number of supported regions is not the highest, it is on par with many competitors. Although Bybit accepts users worldwide, specific features, such as one-click buy and fiat services are restricted in some regions.

Bybit Bonuses and Special Offers

Bybit offers various promotions for both new and existing users.

Referral program: The Bybit referral program allows you to invite friends and earn up to 1,710 USDT in rewards for completing certain tasks, plus a 30% commission on trading fees collected from referred users.

Affiliate program: Influencers and content creators can join the Bybit affiliate program, which offers up to 50% commission on trading fees collected from referred clients. Affiliates also benefit from dedicated account managers and invitations to networking events worldwide.

Rewards: The Bybit rewards hub features regular promotions and offers for existing users. Daily gifts are available to reach specific daily trading volumes, with prizes ranging from 5 USDT to 1 ETH.

Bybit Background

Bybit was launched in March 2018 by CEO Ben Zhou, a University of Pennsylvania graduate with 7 years of experience at one of the largest forex brokers. The exchange aims to improve security and transparency within the industry whilst delivering a seamless trading experience.

Security & Transparency

Bybit excels in security measures, adhering to industry-standard safety protocols and maintaining a long history without any security breaches or loss of customer funds. Bybit’s commitment to security is reflected in positive ratings from respected third-party websites. However, a notable drawback is the lack of insurance coverage on customer deposits.

Bybit Security Overview Details
Proof of Reserves (PoR) ≥100% reserve ratio across 40 assets
Insurance No coverage
KYC Verification KYC is mandatory
Security Audits Conducted monthly
Account Security Support for 2FA (Google Authenticator & YubiKey) and MBA (Fingerprint scanning & FaceID)

Proof of Reserves

Bybit performs monthly proof of reserve audits and maintains a 1:1 reserve of all user assets on the platform. As of June 2024, Bybit maintains reserve ratios ≥100% across 40 different assets, with popular ones like USDC held at over 200%. Compared to its competitors, Bybit leads in transparency and comprehensiveness regarding proof of reserves.

Account Security

User accounts on Bybit can be secured with two-factor authentication (2FA) using YubiKey hardware authentication keys, the Google Authenticator app, and biometric authentication through fingerprint scanning or FaceID. However, biometric authentication is only available on the mobile platform, requiring desktop users to enter their password and 2FA code each time they log in.

I personally secured my account with Google Authenticator for 2FA and FaceID on my phone. Configuring Google Authenticator was quick and easy, taking just a few minutes. Setting up biometric authentication on mobile was even faster, as it only required me to authorize Bybit to use the biometric scans already stored on my phone.

Independent Security Rankings

Bybit has received positive ratings from leading independent exchange ranking websites, scoring highly among competitors for safety and security. Despite this, Bybit does not provide any insurance on crypto or fiat deposits, which could concern some users.

Ranking Score 
CoinMarketCap  7.6
Skynet CertiK  A Security  AA
CoinGecko Trust 10
CryptoCompare  AA

General Reliability

Bybit is headquartered in Dubai, UAE, and registered as Bybit Fintech FZE in the British Virgin Islands. Bybit has established its headquarters in a country poised to become a hub for crypto innovation, thanks to its forward-thinking policies and already thriving crypto sector.

The exchange complies with regulatory requirements in all its jurisdictions, even though it doesn’t hold official licenses in every jurisdiction. Bybit is currently licensed by Dubai’s Virtual Assets Regulatory Authority and Cyprus’ regulatory authority.

Bybit maintains a perfect safety record, having never suffered a security breach or loss of customer funds. This can be attributed to its bug bounty program, which encourages users to report platform vulnerabilities. However, the rewards for this program are significantly lower than those offered by some competitors.

Is Bybit Safe to Trade With?

Our findings show that Bybit is a solid option if you prioritize the safety and security of your assets. The exchange is at the forefront of transparency within the industry, maintaining 1:1 reserves of all customer deposits and conducting monthly audits to confirm proof of reserves. With a long history of operations without any loss of customer funds, Bybit is actively seeking to obtain licenses in more jurisdictions.

Some drawbacks exist, such as the lack of licensing in certain regions and the absence of insurance coverage for customer deposits. Despite these concerns, Bybit’s commitment to transparency and security, evidenced by its stellar security track record, makes it a reliable choice for users.

Trading Experience

Bybit is ideal for active traders. It features an advanced yet intuitive platform that offers various trading instruments, including spot, margin, derivatives, and options, on both mobile and desktop. While it doesn’t have a dedicated Lite version for beginners, Bybit compensates with trading bots and demo trading to help new users learn the ropes and refine their skills. Although it lacks social trading features, Bybit offers Peer-to-Peer (P2P) and options trading, which are unavailable on platforms such as Coinbase or Kraken.

Trading options and additional features Availability
Conditional orders
  • Limit Order
  • Stop Loss
  • Take Profit
  • Trailing Stop
  • Chase Limit Order
  • TWAP
  • Iceberg
  • Scaled Order
  • Post Only
  • OCO (One-Cancels-the-Other)
  • GTC (Good-till-Canceled)
  • IOC (Immediate-or-Cancel)
  • FOK (Fill-or-Kill)
  • Webhook Trading Signal
Derivatives Trading Yes
Lending & Borrowing Yes
Leverage Trading Yes (up to 100x) 
Options Trading Yes
Staking  Yes 
Copy Trading Yes 
Social Trading No Integration Yes
Auto Trading (Bots) Yes
API Access  Yes 
P2P Trading Yes
OTC Trading Yes
Demo Account Yes 
Pro & Lite Versions No
Token Launchpad Yes
NFT Marketplace Yes

Trading Test

For our trading test, we thoroughly evaluated the ByBit platform. Our process included signing up, completing the KYC (Know Your Customer) verification, logging in, depositing funds, and making withdrawals. We also tested the trading functionalities by exploring different trading pairs and conversions and assessed the associated fees for transfers and withdrawals. This comprehensive test allows us to provide an informed and reliable review of the exchange’s usability, features, and actual costs. Here’s our detailed analysis:

Step 1: Setting Up and Funding Your Account

Signing up for Bybit was quick and easy. You can use an email address or a third-party sign-in (Apple or Google account).

Bybit Sign-up Page

KYC is mandatory on Bybit, and you can verify your identity using the following:

  • A passport
  • A driver’s license
  • An ID card
  • A residence permit

Bybit offers a wider range of accepted documents compared to exchanges like BingX or Kraken. The KYC process is fairly quick; my account was verified within 3 hours.

Bybit KYC Page

Depositing crypto assets to your Bybit account using crypto networks is quick and easy. A wide variety of assets and networks are supported for deposits.

Initiating a Deposit via Crypto Network

During my testing, I transferred LTC from Binance, which charged a 0.0001 LTC fee. Bybit did not charge any transaction or wallet creation fees, and there is no minimum deposit amount. Deposits using the Litecoin network require 6 confirmations and have an estimated 20-minute processing time. It took over 10 minutes to confirm my LTC deposit.

Step 2: Trading

My trading experience on Bybit was straightforward. I quickly placed a market order to sell LTC for USDT, which was executed instantly and cost just over 0.05 USDT.

Executing Sell Orders on Bybit

Opening new positions was super simple. I selected the LTC/USDT trading pair and placed a market order to buy LTC with a tight stop loss configured. The order was executed instantly and cost me 0.058 USDT. As the market was trending down, my stop loss was triggered exactly at the trigger price, minimizing potential losses.

Step 3: Withdrawal and Review

During my testing, I withdrew LTC over the Litecoin network back to Binance. Bybit charged a withdrawal fee of 0.001 LTC ($0.08), notably higher than Binance’s 0.0001 LTC ($0.008) fee. However, Bybit processed the withdrawal quickly, and the LTC reached my Binance wallet in just under 10 minutes, as Binance requires only 3 network confirmations for LTC deposits, compared to 6 on Bybit.

Crypto Withdrawal Process

I also tested the fiat withdrawal process on Bybit. After exchanging my crypto assets for EUR, I initiated a SEPA transfer to my bank account. SEPA withdrawals have a minimum withdrawal amount of 5 EUR and incur a 2.60 EUR fee. The funds reached my bank account in less than a minute. It’s worth noting that fiat withdrawals can only be made to bank accounts that have already been used to deposit funds to your Bybit account, but this does mean that you don’t have to enter any bank details.

Fiat Withdrawal Process

Desktop Version

The Bybit desktop platform features an organized and intuitive layout, making it suitable for both new and experienced traders. The platform performed smoothly during testing on Safari, Google Chrome, and Firefox, delivering a seamless trading experience without any issues.

Bybit’s desktop interface is visually similar to many of its competitors, clearly displaying price data, order book data, and recent trades. Open positions, pending orders, order forms, and account balances are also clearly visible, allowing you to manage existing trades or open new trades without having to navigate away from the charts. The desktop platform is fully customizable, with modules that you can rearrange to suit your preference.

Bybit Desktop Trading Platform

Experienced traders will appreciate the integrated TradingView, which has become standard within the industry, Bybit also allows traders to link their accounts to TradingView, enabling them to place and manage trades directly within the TradingView app.

To switch between markets, simply click the trading pair in the top left to open a dropdown menu displaying all available markets. You can quickly filter markets by categories such as top, trending, new, AI, memecoins, and more, allowing you to explore the variety of markets available on Bybit.

Desktop Market Search Dropdown

Placing Trades

Placing trades on Bybit is straightforward. The order forms are easy to use while still offering a high level of customization. They are consistent across the desktop and mobile platforms, ensuring a seamless trading experience, and they are used for spot, margin, and futures trading.

Tools for Active Traders Availability
Order Book Depth Yes
Advanced Charting Yes
Technical Indicators Over 100 indicators
Drawing Tools Yes
Watchlist Yes 
MetaTrader 4/5 Support Yes

My Key Takeaways After Testing Bybit Desktop

My experience trading on the Bybit desktop platform was seamless due to several factors including:

  • An intuitive user interface suitable for all users
  • A platform that is easy to use, making it ideal for beginners
  • Advanced trading tools for detailed technical analysis, perfect for experienced traders

Overall, the platform ranks well against competitors and ranks highly among them.

Mobile App

For traders who want to manage their trades on the go, Bybit offers a mobile app for iOS and Android. During my testing, both the iOS and Android versions of the app performed smoothly and provided a problem-free trading experience.

The mobile app offers largely the same functionality as its desktop counterpart, allowing traders to continue trading while on the move. The app features charting tools and order forms designed to look and feel just like the desktop platform.


Bybit Mobile User Interface & Order Form

Managing open positions and placing new orders is straightforward. All open positions are clearly displayed, with options to manage or close them. New positions can be opened using the order form that is almost identical to the desktop version.

The mobile app supports the same conditional orders as the desktop platform. However, the main drawback is the lack of TradingView integration, meaning you won’t be able to perform the same level of technical analysis as on a desktop.

Price Alerts

The Bybit mobile app lets you easily configure push notifications for various cryptocurrency price criteria:

  • Price alerts trigger when the last traded price moves above or below a specified alert price
  • Price spike/plunge alerts if the price changes by more than a certain percentage within 5 minutes
  • Open interest alerts if open interest changes by more than a certain percentage within a specific period
  • Funding fee reminders about predicted funding rates 30 minutes prior to funding settlement

These alerts ensure you don’t have to stay glued to the charts, allowing you to take time away from the screen with the reassurance that you will be notified if the price reaches a key level.

Bybit’s AI signals also provide alerts when certain indicators suggest a buy or sell indication. However, keep in mind that these AI-generated alerts are not always perfect, so I would not recommend trading solely based on these alerts.



Bybit AI Trading Signals

Portfolio Clarity

Bybit’s portfolio overview screen clearly displays your total account balance as well as your individual balances across funding, unified trading, and inverse derivative accounts. Recently, Bybit redesigned its portfolio overview page to also display a chart showing the change in total account balance over time, which helps visualize your progress over the previous weeks and months.

Bybit Portfolio Overview

My Key Takeaways After Testing Bybit on Mobile

Bybit’s mobile app perfectly complements the desktop platform with a variety of useful features such as:

  • Identical trading instruments & conditional order options to support various trading strategies
  • Support easy fiat deposits
  • One-click buy using a credit/debit card or Apple/Google Pay

In my experience, the mobile app worked flawlessly, enabling seamless trading away from my desktop without any issues. While the mobile app is perfectly capable of acting as a standalone trading platform, I find it performs best when used in tandem with the desktop platform. The only downside is the lack of TradingView integration, which limits the ability to conduct technical analysis to the same extent as on the desktop platform.


Bybit’s fees are some of the lowest in the market. The fee depends on whether you are trading spot (maker/taker system), futures, or options and on your VIP level.

Spot trading fees start at 0.10% for both maker and taker orders. For fiat deposits, Bybit charges a small fee ranging from 0.08% to 2%, depending on the method used. They support bank transfers and various third-party payment providers.

You can unlock discounted rates by increasing your VIP level, which depends on your trading volume and account balance.

Bybit Spot Maker/Taker Fees

Pricing Tier Maker/Taker Fee Industry Average
Up to $10k 0.10% / 0.10% 0.41% / 0.51%
Up to $100k 0.10% / 0.10% 0.33% / 0.37%
Up to $500k 0.10% / 0.10% 0.25% / 0.29%

In our review of spot fees, we examine spot fees across three distinct tiers. Our focus is on the fees for different trading volumes. We spotlight the basics and the possible savings through native tokens and other discount schemes. We developed this method to ensure a clear look at the fee structures and savings avenues for traders of all experiences. Additionally, we compare these fees to industry standards to show how each exchange ranks in terms of affordability.

Bybit Spot Trading Fee Structure

Deposit Fees

Payment Method Deposit Fee
Bank Transfer 0.08% – 2%
SEPA Transfer 0.19%
FPS Transfer 0.22%
Third-Party Payment Providers 0.0% – 1.22%
Crypto Free

Bybit offers a variety of fiat deposit options. Unlike some competitors offering free deposits, Bybit charges a small fee for all fiat deposits. On the plus side, most deposit methods are immediate, except for Faster Payment Service (FPS) deposits using GBP, which can take 1-3 working days.

Withdrawal Fees

Payment Method Fee for Withdrawing $10k
Bank Transfer Free*
SEPA Transfer 2.60 EUR
FPS Transfer 1.00 GBP
Third-Party Payment Providers Free**
Crypto Vary depending on the token/network selected

* The only exception to this is MXN bank transfer, which has a 0.5% fee

** The only exception to this is RON withdrawals using Zen, which have a 10 RON flat fee

Bybit maintains low withdrawal fees across most supported fiat currencies, with a few exceptions like RON and MXN, which incur small fees. SEPA and FPS withdrawals are charged a flat fee, but Zen can be used as a free alternative for both GBP and EUR withdrawals.

I found Bybit’s withdrawal fees to be competitive compared to other exchanges. However, the selection of supported currencies is smaller, with Bybit not supporting major currencies such as USD, CAD, and CHF.

Leverage and Futures Trading Fees

Margin Fees

Bybit’s margin trading fees mirror those of spot trading for opening and closing positions. In addition to the standard trading fees, margin traders pay interest on borrowed assets, which are charged hourly. Interest rates vary depending on the asset being traded, with specific interest rates detailed on Bybit’s website.

I found Bybit’s margin trading fees to be highly competitive compared to the market. The trading fees for opening and closing positions are among the lowest, and the daily interest rates are also extremely competitive. Margin trading on Bybit is ideal for traders looking to move up from spot trading without taking on the additional risk of futures trading.

Bybit Margin Trading Fee Structure

Futures Fees

Experienced futures traders benefit from highly competitive trading fees on Bybit. The futures trading fee structure follows the same Maker-Taker model but with different percentages to accommodate the larger position sizes enabled by higher leverage.

I found Bybit’s futures trading fees to be among the lowest in the industry. Trading $100 worth of margin at 10x leverage cost me just $2 in trading fees when using limit orders to take advantage of the lower maker fees. Regarding funding fees, Bybit’s funding fees are average, neither the highest nor the lowest, and are generally in the middle range across the majority of assets.

Bybit Futures Trading Fee Structure

30-Day Volume Maker Fee Taker Fee
$0 – $100,000 0.020% 0.055%
$100,001 – $1,000,000 0.020% 0.055%
$1,000,001 – $5,000,000 0.020% 0.055%
$5,000,001 – $10,000,000 0.020% 0.055%
$10,000,001 – $20,000,000 0.018% 0.040%
$20,000,001 – $50,000,000 0.016% 0.0375%
$50,000,001 – $100,000,000 0.014% 0.035%
> $100,000,001 0.012% 0.032%

Fee Discounts

Bybit does not currently offer any discounts on trading fees outside of the discounts based on 30-day trading volume, account balance, and 30-day net borrowing. This is unlike competitors like Binance and Kucoin, which offer up to 25% discounts on trading fees when holding their native tokens to pay fees.

Are Bybit Fees Competitive?

Bybit’s fees are really competitive. Spot and margin trading fees are among the lowest in the industry, while futures trading fees are on par with competitors.

Fees for purchasing crypto with fiat currency using Apple/Google Pay, bank cards, or third-party payment providers are industry standard. However, Bybit does charge a small fee for almost all fiat deposits, whereas some competitors like Kraken offer free fiat deposits via bank transfer.

To minimize fees, I recommend taking advantage of the lower maker fees by using limit orders wherever possible. This is particularly beneficial for futures traders, as there is a noticeable difference between the maker and taker fees when trading futures. Trading larger position sizes can help you accumulate significant trading volume and unlock lower fee tiers. However, be cautious with excessive leverage, which will incur additional interest and funding fees.

Cryptocurrencies Available on Bybit

Bybit offers one of the largest selections of assets available to trade, with nearly 650 cryptocurrencies for spot trading and over 350 markets for futures trading. The exchange offers everything from major tokens, like BTC and ETH, to the latest memecoins like WIF, PEPE, and SLERF. The exchange’s token launchpad also makes Bybit ideal for traders looking to profit from early investments in upcoming tokens.

Bybit’s extensive offerings across both spot and futures markets place it ahead of the competition when it comes to the variety of assets offered. This makes Bybit a top choice for traders seeking diverse trading opportunities.

Deposits & Withdrawals

Bybit’s deposit and withdrawal options are a bit limited compared to other exchanges. But from my experience, the methods they offer are quick and straightforward. You can use bank transfers or third-party payment providers like Zen. Some currencies have local payment options like SEPA for EUR, FPS for GBP, BLIK for PLN, and PIX for BRL.

Bybit doesn’t support fiat deposits with credit/debit cards or Apple/Google Pay, but you can use these for one-click crypto purchases.

While there is a variety of supported currencies, Bybit lacks support for major currencies, including:

  • USD
  • CAD
  • AUD
  • CHF
  • JPY

This makes the exchange less convenient for users from countries like Australia, Switzerland, and Japan as their local currencies are not directly supported. However, P2P trading makes up for this with support for 63 different fiat currencies, including all the major currencies not directly supported by the exchange.

Bybit Deposit Options

Payment Method Accepted Fiats Fee Processing Time
Bank Transfer EUR, GBP, ARS, MXN, PEN, UYU 0.5 – 2.0% Instant 
Easy Bank Transfer EUR, GBP 0.08% EUR / 0.40 GBP Instant – 55 minutes 
SEPA Transfer EUR 0.19% Instant
FPS Transfer GBP 0.22% Instant – 3 working days
BLIK PLN 0.91% + 0.5 PLN Instant
PIX BRL Free Instant
Zen EUR, GBP, PLN, RON 0.92 – 1.22% Instant 
P2P 63 currencies Vary by provider 15 minutes
Cash Deposit N/A N/A N/A
Debit/Credit Card N/A N/A N/A
Apple/Google Pay N/A N/A N/A
E-Wallets N/A N/A N/A

Peer-to-peer service: P2P trading makes the exchange more accessible for users outside the supported fiat regions, simplifying fund deposits. Bybit users can exchange crypto and fiat with each other using various payment methods not directly supported by Bybit, like Wise or Revolut.

Bybit P2P Trading Interface

Minimum and maximum deposit amounts: vary depending on the payment method and currency. Typically, the minimum deposit amount ranges from 5-10 EUR equivalent, while the maximum deposit amount ranges from 15,000-45,000 EUR equivalent.

My experience depositing fiat currency to Bybit was positive. I deposited EUR via SEPA transfer, and the funds were credited to my Bybit account in less than 10 minutes. Bybit has streamlined the deposit process, making all the necessary information easy to copy and paste into your banking app. I recommend choosing the deposit method with the lowest fees, as all the methods were fairly quick in my experience.

Bybit Withdrawal Methods

Payment Method Accepted Fiats Fee Processing Time
Bank Transfer EUR, GBP, BRL, ARS, MXN, PEN, UYU 0.0 – 0.5%  Instant – 3 working days 
Easy Bank Transfer N/A N/A N/A
SEPA Transfer EUR 2.60 EUR Instant – 3 working days
FPS Transfer GBP 1.00 GBP Instant – 3 working days
PIX BRL Free Instant
Zen EUR, GBP, PLN, RON Free Instant 
P2P 63 currencies Vary by provider 15 minutes
Cash Deposit N/A N/A N/A
Debit/Credit Card N/A N/A N/A
Apple/Google Pay N/A N/A N/A
E-Wallets N/A N/A N/A

The withdrawal process on Bybit is just as straightforward as the deposit process, with the same transfer methods and currencies available. The only exceptions are Easy Bank Transfers and BLIK transfers, which cannot be used for withdrawals. However, it’s a positive note that Bybit supports third-party payment providers, a feature not all competitors offer.

The minimum withdrawal amount for most withdrawal methods is around 5 EUR equivalent. This will vary for P2P trading, as individual providers set minimum transaction amounts.

My experience withdrawing fiat from Bybit was just as smooth as the deposit process. After converting my crypto assets to EUR, I initiated a SEPA transfer that credited my bank account in just over a minute. Transaction speeds and fees will vary depending on currency and region. Again, I recommend choosing the withdrawal method with the lowest fees for the best experience.

Bybit Daily Withdrawal Limits

Method Availability Daily Withdrawal Limit (Crypto) Daily Withdrawal Limit (Fiat)
Crypto (USDT) Yes $1,000,000 equivalent for non-VIP, up to $30,000,000 for PRO 5 $1,000,000 equivalent for non-VIP, up to $30,000,000 for PRO 5
Cash/Fiat (USD, EUR, etc.) Yes $5,000 for Identity Verification Lvl. 1, up to $200,000 for VIP 5 with Identity Verification Lvl. 2 $5,000 for Identity Verification Lvl. 1, up to $200,000 for VIP 5 with Identity Verification Lvl. 2
ACH Cash Yes $5,000 for Identity Verification Lvl. 1, up to $200,000 for VIP 5 with Identity Verification Lvl. 2 $5,000 for Identity Verification Lvl. 1, up to $200,000 for VIP 5 with Identity Verification Lvl. 2

Daily withdrawal limits on Bybit vary based on your level of verification and VIP level. These limits increase with higher VIP levels, and a detailed breakdown of crypto withdrawal limits and fiat withdrawal limits is available on the Bybit website.

I found Bybit’s crypto withdrawal limits to be higher than those of its competitors, while the fiat withdrawal limit was significantly lower compared to competitors like Kraken, which offers a base fiat withdrawal limit of $500,000. Additionally, Bybit imposes a limit on the amount that can be withdrawn in a single order, a restriction not enforced by competitors like Kraken.

Customer Service

Bybit provides 24/7 customer support in 14 languages via a virtual assistant and email. I tried both and found them lacking. The wait times were long, and I couldn’t contact an actual person. The virtual assistant kept pointing me to the FAQ section, and I didn’t get the detailed help I needed.

Live Chat Phone Email Languages
24/7 N/A 24/7 14 – English, Chinese (Traditional & Simplified), Japanese, Korean, Russian, Spanish (International, Mexico, Argentina), Portuguese, Turkish, Ukrainian, Vietnamese 

Bybit Customer Service Test

During my testing, I found Bybit’s customer support lacking compared to top-tier crypto exchanges. The live chat connects you to a customer support agent only at certain times. Sometimes, you can only interact with a bot that can’t answer specific questions. When there is a high volume of queries, live chat with customer support agents is disabled, leaving only the chatbot or email support option available.

When I asked the chatbot about the security of funds and whether they are held in segregated accounts, it couldn’t provide an immediate answer and prompted me to open a ticket, which takes 5-7 days for a response. I had to wait over 20 minutes to talk to a human agent and get my questions answered.

Bybit Customer Support via Live Chat

In contrast, other exchanges like Kraken can always connect you with a human representative, getting answers right away. Adequate customer support is crucial when choosing an exchange, especially if you are new to crypto. Unfortunately, Bybit doesn’t meet this standard.

BybitUser Reviews

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Foundation Year2018
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