Bybit

Who it actually fits

Bybit is built derivatives-first, spot second: that shows up in how prominently the futures interface is positioned and in the order-book depth on BTC and ETH perpetuals. If you’re trading perpetual futures on major pairs and care about tight spreads and being able to move size without moving the book, Bybit is a reasonable place to do that; its futures liquidity consistently ranks among the top handful of exchanges globally, trailing only Binance and OKX by most volume measures. It’s also one of the more mature copy-trading platforms around, with a longer track record and more built-out tooling than exchanges that added copy trading as an afterthought.

It’s a weaker fit if you want a simple spot-only experience, if you’re in a jurisdiction where its derivatives products aren’t available (see below), or if you’d rather trade somewhere with a longer regulatory history and domestic licensing: Kraken or Coinbase are the more conservative choices there.

Security and custody

Bybit supports standard account-security tools (SMS and email 2FA, authenticator-app 2FA, and withdrawal address whitelisting) and says the bulk of user funds sit in cold, multi-signature storage, with periodic proof-of-reserves attestations for major assets. That’s a fairly standard posture among large exchanges, not a differentiator by itself.

What’s worth addressing directly is the February 2025 hack, one of the largest thefts in crypto exchange history. Attackers compromised the signing process during a routine transfer between Bybit’s cold and warm Ethereum wallets, manipulating what multisig signers saw on screen so they approved a transaction that redirected roughly $1.5 billion in ETH to attacker-controlled addresses. It targeted the signing workflow rather than a smart-contract bug or a stolen key outright, and has since been attributed by multiple investigators to North Korea’s Lazarus Group. The response matters more than the incident itself for judging the platform today: Bybit didn’t pause withdrawals, confirmed client assets remained backed 1:1, and secured bridge financing and large loans within days to cover the shortfall. Withdrawals kept processing normally throughout, genuinely to Bybit’s credit, since plenty of exchanges have handled smaller incidents worse. But it’s also a reminder that even security-conscious exchanges aren’t immune to attacks on their internal processes, and no exchange’s custody claims should substitute for not leaving more than you need on any platform.

Copy trading

This is where Bybit’s product is genuinely more built-out than most competitors. Master traders apply to the program and, once approved, get a public track record (win rate, ROI, drawdown, trade history) that followers can review before allocating funds. Followers can copy in either the spot or derivatives modes, cap their allocation per trade or overall, and set their own stop-loss on the copied position independent of the master trader, which is a real risk control most copy-trading products don’t expose. Master traders are paid through a profit-share commission (commonly up to a double-digit percentage of the profit generated for followers, tiered by the trader’s own performance history) rather than a flat subscription, so they’re only paid when followers actually profit.

The realistic framing: a public track record summarizes what already happened, not what happens next, and a strong multi-month run on a leveraged account can unwind in a single bad week if the sizing behind it was aggressive rather than skillful. A master trader’s maximum drawdown and typical leverage deserve at least as much scrutiny as their headline ROI before you allocate to them: see the linked guide below for a fuller walkthrough.

Deposits, withdrawals, and fees

Crypto deposits and withdrawals settle on-chain within the receiving network’s normal confirmation time, though new accounts and unusually large withdrawals can get held for review. Fiat access varies by region: where supported, users can buy crypto by card, bank transfer through third-party partners, or Bybit’s peer-to-peer marketplace, which lets users trade directly with each other on local payment rails and is often the cheapest on/off-ramp where it’s available. Withdrawal fees are set per network rather than as a percentage, and move with on-chain conditions.

The published fee schedule is tiered by 30-day trading volume (and, under the unified account, sometimes asset holdings too), with lower-volume accounts paying a modest maker/taker spread and higher-volume or market-maker tiers reaching zero or negative maker fees, effectively a rebate for adding liquidity. The maker/taker spread is generally wider on spot than on derivatives, typical since derivatives schedules are usually built to compete on the products driving most of an exchange’s volume. As on every exchange in this category, tier thresholds and promotions change periodically, so verify the current number at sign-up rather than relying on any figure here.

Platform experience

Bybit’s account structure centers on what it calls a Unified Trading Account, pooling spot, margin, derivatives, and options balances so they share collateral rather than sitting in separate wallets. Practically, an unrealized gain on one position can free up margin for another. That’s convenient, but it also means a loss on one position can eat into the margin cushion available elsewhere, in a way that’s less likely under an exchange with fully separated spot and futures balances. Know which margin mode your account is using before opening a leveraged position rather than assuming isolation that may not exist by default. The mobile app is generally well-regarded and carries most of the desktop platform’s functionality, including TradingView charting, though the sheer number of order types and settings on the futures screen takes some getting used to.

Regulatory footprint

Bybit operates offshore rather than under a single primary regulator, and its derivatives products aren’t available to US persons. Access has also been restricted or withdrawn at various points in other jurisdictions, including parts of Europe and Asia, as local requirements changed (a pattern across most offshore derivatives-first exchanges, not unique to Bybit), but worth checking directly rather than assuming based on past availability. Bybit has picked up some regional licenses over time, including in parts of the Middle East and Europe, but it doesn’t carry the long, broad regulatory track record that Kraken or Coinbase can point to.

Customer support

Support is available 24/7 through in-app live chat, but the first response is largely automated or script-based, and reaching a human for anything beyond a routine question can take a while. Account verification issues and withdrawal holds (which do happen, particularly on newer or unusually large accounts) tend to be the slowest cases to resolve, based on how often users report exactly that. It’s serviceable day-to-day but not a strong point of the platform.

Who should look elsewhere

If you want spot-only with a longer regulatory track record and don’t need derivatives or copy trading, Kraken or Coinbase are more conservative choices. If you’re in the US or elsewhere Bybit’s derivatives products aren’t offered, this isn’t the platform to build a strategy around regardless of its other strengths. And if the February 2025 hack (even with Bybit’s transparent handling of it) is a dealbreaker for how much you’re comfortable leaving on an exchange, that’s a reasonable line to draw; keeping only active trading capital on any exchange, Bybit included, is the more general lesson to take from it.

Full walkthrough referencing this exchange: see How to Evaluate a Trader Before You Copy Them.