The Ultimate Bybit Review – 2023


Are you in search of a dependable and user-friendly platform to engage in cryptocurrency exchange? Bybit might just be the solution you’re looking for. In this article, we’ll be conducting a thorough review of ByBit and sharing our own firsthand experience with this renowned exchange. Regardless of whether you’re new to the world of crypto or an accomplished trader, we’ll provide you with all the relevant information you require to make an informed decision regarding Bybit as your preferred exchange.

So, without further ado, let’s dive in and explore all that Bybit has to offer!

The following Bybit review is a comprehensive look at the Bybit exchange from a retail trader’s perspective.

The Ultimate Bybit Review - 2023 - - 2023

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Founded in 2018 and headquartered in Dubai, Bybit is a prominent cryptocurrency exchange that serves a global user base of over 10 million clients.

CoinMarketCap currently ranks Bybit as a top-10 cryptocurrency exchange both in their Spot and Derivatives rankings. They offer a deep menu of trading instruments, including spot, margin, options, futures, and perpetual contracts. They also offer multiple additional products and services, including a market data center, a token launchpad, an NFT marketplace, multiple savings and financial products, the ApeX Pro decentralized exchange, and a Web3 wallet.

Bybit’s product and selection menu indicates that the exchange is primarily tailored towards a global retail audience. Beginners can benefit by using Bybit’s “One-Click Buy”, a feature that allows them to quickly purchase crypto with a Visa or Mastercard. Bybit’s “Learn”, help center, and 24/7 customer support can also assist, as beginners gain more crypto experience. Intermediate and expert users will appreciate Bybit’s deep menu of trading instruments, order types, and custom trading options.

Bybit Review: Quick Glance

  • Top 10 Crypto Exchange by CoinMarketCap
  • +10M Global Users
  • Spot 24h Trading Vol.: $474M
  • Derivatives 24h Trading Vol.: $6.5B

What we like:

  • Large selection of trading instruments, order types, and additional features
  • Competitive fees
  • Solid security features
  • No KYC available
  • 24/7 customer support

What we don’t like:

  • Not available in multiple countries
  • Fiat deposits and withdrawals can be limited, depending on currency and jurisdiction
  • Some aesthetic imagery is “gamified”, not consistent with sophistication of product offerings
bybit review 2023 - comparison table


For our Bybit review we have to start with the security of the platform. It’s probably the most important factor when choosing which platform you want to use as a crypto investor.

Bybit has arguably one of the best security in the crypto exchange business. Here’s a breakdown of how Bybit protects against third-party theft, and a user’s risks from exchange freezes, locks, and data leaks.

Protection Against Third-Party Theft

Bybit has industry-leading protection from third-party thefts. In fact, Bybit has a PCI-DSS Service Provider Level 1 Certification, which means the exchange is compliant with platform security best practices.

bybit review - screenshot

Bybit offers multiple features and options in regard to security from third-party thefts, including:

  • Customizable 2FA settings for login, withdrawal, password reset, change of security settings, and API management.
  • User funds are stored offline in a state-of-the-art cold storage system.
  • Automated internal monitoring service that analyzes account behavior in real-time. Suspicious account activity triggers additional withdrawal authentication requirements and notifications to users’ email or SMS.
  • User security dashboard showing all account activity, including device, browser, login, trading, and withdrawals.
  • Optional Address Book or Whitelistings for withdrawals.
  • Users can block account access to specific devices used for login.
  • Optional Fund Password and YubiKey security.
  • Optional anti-phishing code protection.
  • Ongoing Bug Bounty Program.
  • Customer Support available 24/7/365.

Risks of Exchange Freezes or Locks

During times of market volatility or systematic contagion risks, certain exchanges have frozen or locked large swaths of users’ funds. Exchanges do this to protect their capital requirements. For obvious reasons, their clients hate this.

The good news is that so far, it appears Bybit has never taken such an action. And there is technically zero risk of this ever occurring with Bybit’s ApeX Pro Exchange.

Risks of Data Leaks

Bybit users can reduce their data leak risks to close to 0% if they use Bybit with no KYC. That’s because Bybit can be used by only providing an email address. Users of the ApeX Pro Exchange have a 0% risk of damage from a data leak because there’s no user data available!

But for those who do elect to use KYC, all user data on the platform is encrypted, and tiered internal authorization controls are in place to help prevent data theft from insiders.

Ease of Access, Control, and Use

For a proper review of Bybit we have to talk about the ease of access and UX. So here are the details with regard to Bybit’s regional availability, opening an account, and deposits and withdrawals.


Bybit is available everywhere except in the following countries: USA, China, Singapore, Canada (Quebec & Ontario), North Korea, Cuba, Iran, Sevastopol, Sudan, Syria, and Uzbekistan. VPN armies unite! ApeX Pro is available everywhere.

Opening an Account

A breeze.

Users can open a Bybit account in less than two minutes, given the system does not* require any KYC. Only an email is required. I love it. And only a Web3 wallet is needed to connect to ApeX Pro.

how to open an account with bybit. Accessibility review of bybit

However, Bybit does require KYC for users wanting to withdraw more than 20K per day or 100K per month. There’s no KYC ceiling for ApeX Pro.

*As of August of 2022, KYC information is required for all Russian and Korean citizens, regardless of the withdrawal amount.

Deposits and Withdrawals

Bybit is an excellent crypto in / crypto out exchange. Crypto and stablecoin rails have a habit of being free and clear 24/7/365. So have at it. When it comes to fiat on and off ramps, Bybit does offer several options, but it really all comes down to the specific currency and jurisdiction.

The fastest way to get fiat into Bybit is by using the “One-Click Buy” feature. With this, users simply select their preferred currency, the amount to spend, which crypto to purchase, and the payment rail. Over 50 currencies are available, including USD, EUR, GBP, HKD, and JPY. All the major cryptos, stables, and prominent altcoins are available for purchase. There are multiple payment rails available, including Visa and Mastercard payments.

Fiat deposits and withdrawals depend on the particular fiat and jurisdiction. This is always changing as the regulatory landscape shifts. Most of the major fiats are available. But please refer to Bybit’s direct site with regards to a specific currency and jurisdiction in relation to fiat deposits and withdrawals.


Bybit fees are competitive when compared to other major exchanges. Here’s the details:

crypto deposits and withdrawal table of our bybit review article
Bybit review 2023

Bybit uses the maker / taker fee model. Market makers are those whose trade orders are not immediately filled (e.g. limit buy or limit sell orders). Market takers are those whose trade orders are immediately filled (e.g. market buy or market sell orders).

The fees above are for non-VIP members. A non-VIP member is one who, within a 30-day trading period, has less than $1M in spot trading, $10M in derivatives trading, or $5M in USDC options trading. Fee rates drop as a member’s tier rank increases. Also, interest payments or liquidation fees with regards to options and futures is not included in the information above.

For a more comprehensive overview of Bybit’s fees, please see their direct information center here.

Supported Trading Instruments, Orders, and Tools

One of Bybit’s major strengths is that the platform offers a wide variety of trading instruments, orders, and tools. In fact, Bybit’s offerings in this category likely rival or surpass the offerings from any other exchange.

Trading Instruments

Here’s a running list of all the trading instruments Bybit currently has to offer:

  • Peer-to-Peer
  • Spot
  • Spot Convert
  • Margin
  • Leveraged Token
  • Perpetual
  • Futures
  • Options
  • Inverse

Trading Orders and Tools

Here’s a running list of all the trading orders and tools the exchange has to offer.

  • Market
  • Limit
  • Take Profit
  • Stop Loss
  • Conditional Market
  • Conditional Limit
  • TradingView Charts
  • Full List of Indicators
  • Grid Trading
  • DCA Trading
  • Copy Trading with Leader Boards
  • MetaTrader 4

Unique & Additional Features

Bybit offers a large set of additional features for their users. These features include market information, financial products, and Web3 integrations. Again, these offerings are either competitive to or surpasses that of other exchanges.

With Bybit, users have multiple ways to dig into the crypto-universe and increase their exposure to various investment opportunities. In fact, after reviewing Bybit’s entire menu of options, it appears that they’re working to build a one-stop-shop, a place where users can experience nearly everything that the crypto economy has to offer.

Market Overview, Market Data, and Launch

Bybit offers an entire section dedicated to the crypto market, including a market overview, macro data, and new token launches. Why bother with the hassle of tabbing over to additional websites when you can get everything at your exchange.

Shows Bybit's macro data presentation.
  • Market Overview: Think CoinMarketCap. Spot and derivatives price action, along with top gainers, trending coins, and new listings. Multiple ways to slice up the data.
  • Market Data: Second order market macro data. Sentiment, market caps, distribution, volatility, and social media trending data.
  • Launch: ByBit’s new ICO launchpad program. Developers can launch their new tokens on Bybit and users can get early, exclusive access to these new tokens.

Financial Products

Bybit offers a very large selection of financial products. Here’s the breakdown.

Bybit's financial products.
  • Earn / Savings Product: allows users to deposit multiple assets for fixed or flexible lockup periods, and earn interest payments. 18 cryptos / stables are available for deposit.
  • Liquidity Pool Investing: users can add liquidity pairs to trading pools and receive returns via trading fees. This product essentially allows individuals to become market makers. Users can also apply leverage to further increase returns. 25 pools are currently available.
  • Dual Asset / Investment: users can earn high returns in low-volatility markets if they can predict the short-term price movement of an asset within a predefined short-term period.
  • Crypto Loans: users can borrow one type of crypto asset when they use another as collateral. Funds can be used for anything. Loan terms between 7 and 180 days. Bybit offers a 75% loan to value (LTV) ratio with a 95% liquidation ratio.
  • Bybit Card: a Bybit / Mastercard crypto debit card that allows users to liquify their crypto instantly with millions of global retailers.


Bybit has a high-quality selection of Web3 products. These products serve as a great portal into Web3, both for experts and beginners. Here are the details.

  • Bybit Web3 Wallet: a Web3 wallet that allows users to custody their own keys and access the world of Web3 dApps.
  • NFT Marketplace: a full-functioning, respectable NFT marketplace that allows users to buy, sell, and mint a growing selection of NFTs. 6 blockchains are supported, including Ethereum, Polygon, and Solana.

Bybit’s ApeX Pro Exchange

In late 2022, Bybit launched the ApeX Pro Exchange, an on-chain perpetual DEX. It’s a non-custodial, permission-less, and decentralized exchange that incorporates an order book trading model. The exchange operates on the Ethereum, BNB, Polygon, and Arbitrum blockchains.

ApeX Pro Exchange.

ApeX offers traders access to perpetual contracts for 13 cryptos, with up to 30X leverage. Maker and taker fees are 0.02% and 0.05%, respectively.

In practical terms, ApeX Pro is a DEX that feels like a centralized exchange (because it uses the familiar order book trading interface). Thus, users get the benefits of decentralization (no central custodian and complete privacy) with the insights and trading optionalities that only the order book model can provide. The Bybit Web3 wallet and all the other major Web3 wallets are compatible with ApeX Pro.

Supported Cryptocurrencies

While this number is constantly changing, Bybit offers more than 350 cryptocurrencies. Users will find all the major blue chips here.

Aesthetic Experience

Maybe you wouldn’t think of aesthetics as an important factor when choosing a crypto exchange, but it actually has a huge influence on your experience. So we had to include this in our Bybit review.

Bybit’s user interface mostly features black and white backgrounds with overlays of orange and other vibrant colors. The design seems to target more of a retail trader and investor audience. Some of the imagery strikes us as a bit gamified. I would prefer a more sophisticated presentation, but criticism concerns a relatively unimportant issue.

Bybit's trading desk.

Most of a user’s time will be spent at the trading desk, and it’s here that Bybit scores an aesthetic home-run. Bybit’s trading desk features a beautiful, silky charcoal-black background. The data, charting and text overlays are sharp and 3-dimensional. The segmenting between the chart area, order-book, and order creation is logical and appropriate.

Final Thoughts on our Bybit Review

Bybit is a very solid exchange. It’s not perfect, but it makes sense that CoinMarketCap ranks ByBit as a top-10 exchange, given its high marks in terms of security, fees, trading options, and other features.

While beginners might like the “One-Click Buy” option, I personally use Bybit as a crypto in / crypto out exchange. This allows me to avoid intrusive KYC regulations. Bybit’s menu gives me so many options that I rarely need to go elsewhere for services that I can’t find here. And some of Bybit’s additional products allow me to put my crypto to work for passive income. In this sense, Bybit can act as a one-stop-shop, a place to trade and then invest for further gains. I’m also a fan of Bybit’s ApeX Pro Exchange. I believe on-chain, perpetual DEXs like ApeX are the future. And so far, I’ve not been disappointed here.

While there are a few drawbacks, my overall Bybit review tells me that Bybit is a staple exchange for the beginner as well as expert crypto traders and investors.

Interesting read: Bybit vs Binance and Bybit vs Coinbase

The Ultimate Bybit Review - 2023 - - 2023

Next Level Reliability, Products & Opportunities

0% MAKER FEES & $30,030 BONUS

The Ultimate Bybit Review - 2023 - - 2023

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By Lark Davis

Combining cutting edge insider insights and done-for-you market analysis to deliver crypto investors the best opportunities to grow their wealth, stay ahead of the curve, and avoid costly mistakes! We cover DeFi, NFTs, Altcoins, Technical Analysis and more!