Bybit
Founded 2018 by Ben Zhou
The derivatives king turned full-service exchange — fast, powerful, and beginner-friendly.
Quick Overview
What is Bybit?
Bybit is one of the fastest-growing crypto exchanges in the world, founded in 2018 by Ben Zhou, a former executive at the forex brokerage XM. Originally a pure derivatives exchange, Bybit has evolved into a full-service platform with spot trading, staking, NFTs, and more.
What sets Bybit apart is its derivatives trading platform, which is considered the second-best in the industry after Binance. With perpetual futures, quarterly contracts, and options trading, it's the go-to for traders who want leverage and advanced order types.
But Bybit isn't just for pros. Their copy trading feature lets beginners follow experienced traders and automatically mirror their trades. You can see each trader's track record, win rate, and risk metrics before following them — making it a great way to learn while earning.
The platform supports 600+ cryptocurrencies — more than most competitors — and offers a selection of trading bots including grid trading, DCA, and martingale strategies that run 24/7 without manual intervention.
Bybit is known for generous promotions. Their welcome package can reach up to $30,000 in bonuses, and they frequently run trading competitions with large prize pools. The Bybit Card (Mastercard) lets you spend your crypto like cash anywhere in the world.
Important to know: Bybit is not available in the United States or United Kingdom. The exchange relocated its headquarters to Dubai in 2022 and has been actively pursuing regulatory licenses. They earned significant trust after the FTX collapse by quickly publishing Proof of Reserves and having zero exposure to FTX.
Bybit Bonuses & Promotions
Current offers available to new and existing users.
Welcome Package
New users can earn up to $30,000 USDT in deposit bonuses and trading rewards.
Requires completing tasks: deposit, first trade, volume targets. Maximum bonus for large deposits.
Referral Program
Earn up to $500 referral bonus per friend and ongoing commission.
Commission rate depends on the friend's trading activity.
Mystery Box
Receive mystery boxes with crypto rewards for completing activities.
Rewards range from $0.10 to $100 per box.
Weekly Trading Competitions
Compete with other traders for USDT prize pools up to $100K+.
Various competitions running each week.
Products & Features
Everything Bybit offers — from simple buying to advanced trading.
Spot Trading
Trade 600+ crypto with competitive fees and deep liquidity.
Derivatives
Perpetual and quarterly futures with up to 100x leverage.
Bybit Earn
Staking, savings, liquidity mining, and dual asset vaults.
Copy Trading
Follow expert traders and automatically mirror their positions.
Trading Bots
Grid bot, DCA bot, and martingale strategies — fully automated.
Bybit Card
Mastercard debit card — spend crypto like cash worldwide.
Launchpad
Early access to new token launches — participate with BIT or USDT.
NFT Marketplace
Buy, sell, and create NFTs on multiple blockchains.
Options Trading
Trade BTC and ETH options for hedging and advanced strategies.
Bybit Fees
Spot Maker Fee
0.10%
Standard tier — lower with volume
Spot Taker Fee
0.10%
Standard tier — lower with volume
Futures Maker
0.02%
Very competitive for derivatives
Futures Taker
0.055%
Standard tier — lower with VIP
Crypto Deposits
Free
No deposit fees for crypto
Crypto Withdrawal
Varies
Competitive network-based fees
Security & Safety
Bybit has maintained an excellent security track record since launch — they have never been hacked. They use a multi-signature cold wallet system, regular penetration testing, and were one of the first exchanges to implement a comprehensive Proof of Reserves system after the FTX collapse.
Payment Methods
Pros & Cons
Pros
- + Massive coin selection: 600+ cryptos
- + Excellent derivatives platform (#2 globally by volume)
- + Copy trading with detailed trader statistics
- + Built-in trading bots (grid, DCA, martingale)
- + Very generous welcome bonuses
- + Clean, intuitive mobile app
- + Never been hacked — strong security record
- + Competitive fees with VIP tiers
- + Active community and educational content
Cons
- − Not available in the US or UK
- − Derivatives can be extremely risky for beginners
- − Website can feel overwhelming at first
- − Welcome bonus requires significant trading volume to unlock
- − Customer support wait times during busy periods
- − Regulatory status still evolving in some regions
- − Fiat deposit options vary significantly by country
Bybit Timeline
Founded by Ben Zhou, a former forex executive. Launched as a crypto derivatives exchange.
Quickly grew to become a top 5 derivatives exchange. Known for 100x leverage on BTC/USDT.
Expanded product lineup. Handled the March 2020 crash without downtime — gained industry respect.
Launched spot trading, staking, and expanded to a full-service exchange. Sponsored Formula 1 teams.
Published Proof of Reserves after FTX collapse. Grew despite crypto winter. Moved HQ to Dubai.
Launched Bybit Card, copy trading, and trading bots. Reached 20M+ users.
Expanded to 600+ coins. Became #2 derivatives exchange after Binance. Strong Asia presence.
Reached 40M+ registered users. Continues to innovate in derivatives and copy trading.
Our Verdict
Bybit has transformed from a derivatives-focused exchange into a serious all-rounder. With 600+ coins, competitive fees, copy trading, and trading bots, it offers incredible versatility. The derivatives platform is second only to Binance, and the welcome bonuses are among the most generous in the industry. It's a great choice for traders who want advanced tools without sacrificing ease of use. Not available in the US/UK, but for everyone else, Bybit is a top-tier option.