About Bybit
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Bybit Fintech Limited, known as Bybit, is a centralized cryptocurrency exchange (CEX) launched in March 2018 by entrepreneur Ben Zhou, who currently is the CEO. Initially headquartered in Singapore, the platform moved its base to Dubai in 2022, aligning with the city’s evolving role as a crypto hub [1]. Over the past few years, Bybit has become one of the fastest-growing exchanges in the industry, counting over 60 million users worldwide across 160 countries, with a daily average trading volume of more than 36 billion dollars. Hence, as of 2025, it ranks as the second-largest derivatives exchange globally by trading volume [2][3].
While many platforms start with spot markets and expand into derivatives, Bybit did the opposite: it made its name by specializing in high-leverage perpetual futures and derivatives contracts, offering up to 100x leverage. Its original focus on a professional, high-speed trading engine and minimal downtime helped it attract active traders, especially those moving away from platforms with reputational or performance issues [2]. Though Bybit has since expanded into spot markets, its identity remains tightly associated with derivatives trading [3].
In recent years, Bybit has diversified significantly to appeal to a broader user base. Through a single platform, it now offers access to an integrated ecosystem of trading and investing services, including:
- Spot and Margin Trading, covering a broad range of crypto pairs
- Derivatives Markets, including perpetual futures with up to 100x leverage and options for more advanced strategies
- Bybit Earn, where users can earn passive income through a full suite of financial products such as Bybit Savings, Dual Assets, Liquidity Mining
- Launchpad, a platform for early access to token launches via Bittokens and USDT commitments
- NFT Marketplace, which enables minting, trading, and collection of NFTs on multiple supported chains
- Copy Trading, allowing beginners and seasoned traders to replicate the trading strategies of “Master Traders” in real time
- Web3 Wallet and dApp browser, part of its Web3 integration suite for decentralized finance access
- Bybit Card, a crypto debit card solution for spending digital assets directly [2][4]
Trading fees
Users can enjoy higher trading fees discounts according to different VIP levels. Levels go from VIP 0 to Pro 6 and the commissions get lower according to your level. Starting from VIP level 0 both for makers and takers the fees is 0.1%, and on level VIP 5 it becomes for taker 0.05% and for maker 0.04%. While on Level Pro 6 it gets as low as 0.015% for takers and 0.0050% for makers. You can find all information on trading fees at this Bybit link:
http://bybit.com/en/help-center/article/Trading-Fee-Structure
The platform has also rolled out Proof of Reserves reporting, aiming to reinforce transparency. According to their statements, all user funds are held 1:1 and verifiable through on-chain wallet addresses and third-party attestations [5].
Bybit places a strong emphasis on Web3 development, collaborating with top blockchain protocols to support infrastructure growth and foster innovation across decentralized ecosystems, making the platform serve as a bridge between traditional finance and decentralized finance [2].
Bybit’s rise has not been without challenges. In February 2025, it suffered one of the largest crypto security breaches to date, with an estimated $1.5 billion in digital assets stolen. The breach was attributed to a North Korean-linked hacker group, according to a U.S. Department of Justice and FBI investigation [6]. Bybit responded swiftly, fully reimbursing affected users within 72 hours and implementing a series of upgraded security protocols. This incident, though severe, ultimately served to improve Bybit’s resilience and user trust moving forward [6][7].
Restricted Countries
Bybit’s services are available in most countries worldwide, with the exception of jurisdictions subject to regulatory restrictions. These include the United States, United Kingdom, mainland China, Hong Kong, Singapore, Canada, North Korea, Cuba, Iran, Uzbekistan, Syria, and certain regions of Ukraine currently affected by conflict, such as Crimea, Donetsk, and Luhansk [2].
From its roots as a derivatives-first platform to its evolution into a full-service crypto exchange and Web3 gateway, Bybit has positioned itself as a major player in the global digital asset landscape. Its commitment to innovation, product expansion, and a pro-user approach continues to attract both institutional and retail traders worldwide.
Sources
- ByBit - About Us
- Coinmarketcap - ByBit
- Forbes Advisor – ByBit Review 2024
- ByBit - Earn
- ByBit - Proof of reserves
- WSJ – How the Biggest Crypto Hack Ever Nearly Destroyed the World's No. 2 Exchange
- Reuters – FBI Confirms North Korea Responsible for Bybit Hack
- ByBit - Everything You Need to Know to Get Started on Bybit