Bybit Review: Fees, Features & Safety

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🔑 Key Takeaways

• World’s largest crypto hack (2025): $1.5B stolen in February 2025. Bybit covered every dollar within 72 hours. No user lost funds.
• World’s #2 derivatives exchange: Second only to Binance on perpetuals volume. Deep liquidity on 600+ pairs.
• Best copy trading ecosystem: One of the most mature copy trading platforms — both spot and futures strategies available.
• No native token required for fee discounts: 0.1% spot and 0.02%/0.055% futures fees without needing to hold any exchange token.
• UAE VARA licensed: One of the best-regulated large non-US exchanges — cleaner regulatory standing than Binance post-DOJ settlement.

The biggest crypto exchange hack in history happened to Bybit. On February 21, 2025, $1.5 billion in ETH was stolen — attributed to North Korea’s Lazarus Group. Bybit covered every dollar within 72 hours. No user lost funds. Withdrawals stayed open throughout.

That’s the most important thing to know about Bybit in 2026. Whether the full reimbursement earns back your trust — or whether the scale of the security failure disqualifies the platform — is a decision only you can make.

Here’s what’s also true: Bybit remains the world’s second-largest derivatives exchange. Its copy trading infrastructure, 600+ coin selection, and UAE VARA regulation still make it the strongest Binance alternative for non-US traders.

How We Rate Bybit: Scoring Methodology

The $1.5 Billion February 2025 Hack: Full Story

On February 21, 2025, North Korea’s Lazarus Group compromised a Safe (Gnosis Safe) multisig wallet interface used by Bybit for cold storage. Attackers manipulated the signing process during a routine transfer — causing authorized signers to unknowingly approve draining the wallet.

Approximately $1.5 billion in ETH and liquid staking tokens was stolen. It’s the largest crypto exchange hack in history — more than double the $625M Ronin Bridge hack (2022).

Bybit’s response: CEO Ben Zhou confirmed solvency within hours. Emergency loans from institutional lenders covered the gap. Proof-of-reserves attestations were published within 72 hours showing 1:1 user fund backing. Withdrawals were never paused. All users were fully covered.

The key question for you: does “full reimbursement with no user impact” restore trust? Or does the underlying cold storage security failure change your risk assessment permanently? There’s no universal answer.

Fee Structure: Competitive Without Native Token Requirements

Bybit’s 0.1%/0.1% spot fees match Binance’s base rate — without needing to hold BNB. That’s a meaningful distinction. Many exchanges charge full fees unless you hold and use their native token. Bybit doesn’t play that game.

Futures: 0.02% maker / 0.055% taker. VIP tiers (based on 30-day volume) reduce fees further — VIP 5+ reach 0% maker on futures. For high-volume traders, Bybit’s fee trajectory is excellent.

Copy Trading: Why Bybit Leads the Market

Bybit’s copy trading platform is the most liquid in the category. Lead traders display full historical stats — drawdown, win rate, profit factor, follower count. As a follower, your account mirrors trades automatically with proportional sizing.

The key advantage over competitors like Bitget: Bybit’s higher derivatives volume means larger copy trades execute with less slippage. For retail-sized positions, the difference is minimal. For positions above $50,000, Bybit’s liquidity depth is meaningfully better.

How to Start Trading on Bybit: 5-Step Guide

1. Sign up at bybit.com — Enter email and create a password. Verify your email with the confirmation code sent.
2. Complete KYC verification — Upload government ID. Standard verification takes 10–30 minutes. Required for full trading and withdrawal access.
3. Deposit funds — Use P2P (local bank transfer), credit/debit card, or crypto deposit. P2P is fee-free for most payment methods.
4. Choose your trading product — Spot (buy and hold), Derivatives (perpetuals with leverage), or Copy Trading (follow a lead trader). Start with spot if you’re new to Bybit.
5. Place your first trade — Select pair, choose order type (limit recommended for maker fees), confirm. Enable the built-in grid bot if you want automated range trading without manual management.

Who Should Use Bybit?

You’re a strong candidate if: You’re a non-US derivatives trader who wants 0.02%/0.055% futures fees with deep liquidity. You want copy trading with a verified professional track record system. You’ve assessed the February 2025 hack context and the full reimbursement response satisfies your risk tolerance. You hold 600+ assets and want one platform for spot, derivatives, and earn products.

This exchange probably isn’t right for you if: The $1.5B hack makes Bybit’s cold storage architecture unacceptable regardless of reimbursement. You’re in the US. You want broader fiat on-ramp access — Kraken (7 fiat currencies) is better. You need copy trading with a clean 2025 security record — Bitget had no major 2025 incident.

Pros and Cons

Bybit vs Top Alternatives

Frequently Asked Questions About Bybit

Was the Bybit February 2025 hack the biggest in crypto history?

Yes. The $1.5 billion stolen from Bybit’s cold wallet in February 2025 is the largest single crypto exchange hack on record, surpassing the $625 million Ronin Bridge hack of 2022. All losses were covered by Bybit within 72 hours with no user losing funds.

Does Bybit have copy trading?

Yes — Bybit has one of the most developed copy trading platforms in the industry. It covers both spot and futures strategies. Lead traders display verified performance stats including maximum drawdown, win rate, and profit factor. As a follower, your trades are automatically mirrored with proportional position sizing.

What regulation does Bybit operate under?

Bybit holds a Virtual Assets Service Provider (VASP) license from Dubai’s VARA (Virtual Assets Regulatory Authority). VARA requires AML/KYC programs, capital adequacy, and ongoing regulatory examination — meaningfully more rigorous than offshore-only registration. Post-hack, Bybit’s VARA license remained intact with no enforcement action taken.

Is Bybit better than Bitget for copy trading?

Both are excellent. Bybit wins on derivatives liquidity depth — larger positions execute with less slippage. Bitget wins on 2025 security record (no major incident) and a slightly larger verified lead trader database. For retail-sized copy positions (under $10,000): the difference is minimal. For larger positions: Bybit’s liquidity advantage matters. See our full Bitget review for the complete comparison.

What built-in trading bots does Bybit offer?

Bybit includes spot grid bots, futures grid bots, and DCA (Dollar Cost Averaging) bots natively — no additional subscription required. Grid bots automate buying low and selling high within a defined price range. DCA bots automatically purchase assets at regular intervals regardless of price. Both work for active traders who want systematic strategies without manual execution.

How We Review Exchanges

We score exchanges on fees (30%), security and regulation (25%), coin selection (20%), user experience (15%), and customer support (10%). All fee data is verified from official exchange schedules. Security history researched from primary sources. We don’t accept payment to alter verdicts.