Bybit Exchange Review: Is It Safe and Legit to Buy and Sell Crypto in 2024?

Bybit is a popular cryptocurrency derivatives exchange with a powerful order-matching engine that can handle 100,000 transactions per second

Bybit is a popular cryptocurrency derivatives exchange with a powerful order-matching engine that can handle 100,000 transactions per second for each contract. It operates as one of the safest and highest-liquidity cryptocurrency trading platforms, with over 60 million users and 1,650 digital assets for trading.

In this review, we will cover what Bybit is, its best features, and trading fees. We will also discuss how to open a new account to buy and sell crypto on Bybit. Finally, we will answer the question, “Is Bybit safe and legitimate to buy and sell crypto in 2025?”

Bybit Overview

Founded in 2018 and operating out of Dubai, Bybit is a cryptocurrency exchange that has risen in popularity. It is fully licensed by the Virtual Assets Regulatory Authority (VARA) in Dubai and also regulated by Cyprus authorities.

The platform is recognized for its vast cryptocurrency selection, offering over 1,650 cryptocurrencies for spot trading. Bybit focuses on advanced trading tools, providing perpetual futures contracts, margin trading, copy trading, and trading bots.

The exchange is also highly secure, with no significant security breaches. It uses a cold wallet system to store assets and provides PoR data transparently. Beginners will find the user interface easy to navigate, and there’s plenty of educational content to get started. Plus, you can earn passive income through staking and liquidity mining.

Where Is Bybit Located?

Bybit is located in Dubai, United Arab Emirates, where it operates under a license from the Virtual Assets Regulatory Authority (VARA). It also holds regulation from the Cyprus Securities and Exchange Commission and the Astana Financial Services Authority in Kazakhstan. Bybit also opened its first European office in the Netherlands.

What Is The Pros of Bybit?

The pros of using Bybit are its advanced trading features, user-friendly interface, competitive fees, robust security measures, and many supported cryptocurrencies.

What Is The Cons of Bybit?

The cons of using Bybit are its limited fiat currency support (including no direct fiat-to-bank withdrawals in some countries) and the fact that it is unavailable in the US, Canada, and the UK.

What Is The Minimum Deposit For Bybit?

The minimum deposit for Bybit depends on the cryptocurrency and the deposit method used. However, in general, the minimum deposit amount is relatively low and easily manageable for most traders.

For example, the minimum deposit for Bitcoin (BTC) is 0.001 BTC, which is approximately $50 at the time of writing. For smaller cryptocurrencies like Litecoin (LTC) or Ethereum Classic (ETC), the minimum deposit can be as low as 0.1 or 0.01 units of the cryptocurrency, which would be around $5 to $10.

It’s important to note that these amounts may vary over time and are subject to change based on market conditions and the specific cryptocurrency being deposited. It’s always best to check the latest information on the Bybit platform before making any deposits.

How Many Cryptocurrencies Are Available on Bybit?

There are over 1,650 cryptocurrencies available for trading on Bybit, covering all popular sectors, including AI, NFTs, RWAs, layer-1, layer-2, metaverse, GameFi, meme-coins, and more.

Here are some popular cryptocurrencies available on the platform:

What Are The Best Features Of Bybit?

The best features of the Bybit exchange are Bybit derivatives trading, the Bybit trading bot, Bybit copy trading, the Bybit savings and earn program, the Bybit crypto card, and Bybit Launchpool and pre-market trading.

Here is a complete overview of each Bybit feature:

Bybit Derivatives Trading

Bybit futures trading is a way to invest in the price of cryptocurrencies without actually owning them. In derivatives trading, you’ll come across terms like USDT perpetuals, USDC perpetuals, and inverse perpetuals. These sound complicated, but they’re just different types of futures contracts.

USDT perpetual contracts are settled in USDT, a stablecoin pegged to the US dollar. USDC perpetual contracts are similar but use USDC instead of USDT for settlement.

Inverse perpetuals work differently – they are settled in the underlying cryptocurrency itself. For example, if you’re trading a BTC inverse perpetual, it’s settled in Bitcoin, not a stablecoin.

You can trade with up to 100x leverage on futures. This means that if you have $100, you can control a position worth $10,000.

Bybit offers different order types for futures trading:

Bybit also offers margin trading, which involves borrowing funds to increase your trading amount. You can use up to 10x leverage on Bybit when trading on margin.