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Must read: Hackers steal $1.5 billion from exchange Bybit
Hackers linked to North Korea’s Lazarus Group, a state-sponsored hacking collective, hacked cryptocurrency exchange Bybit and stole roughly $1.5 billion in digital assets, CNBC reported on Friday, February 21, 2025. The hack compromised Bybit’s cold wallet and is estimated to be the largest crypto heist in history. According to Bybit, its “1:1 reserve guarantee ensured that client assets remained fully intact.”
Our take on Bybit
Bybit is globally recognized as one of the most popular derivatives exchanges. It has over 5 million registered users and consistently ranks in the top 10 for derivatives trading volume.
The exchange is secure and has never been hacked. Private keys are held in cold storage wallets and 2FA is supported – KYC is recommended for additional security.
Bybit offers low trading fees for both spot and derivatives trading.
Some downsides to the exchange are that it isn't available to US residents, derivative products are difficult and risky to use and the number of trading pairs is less extensive than some competitor exchanges.
Bybit could be right for you if:
You are a seasoned trader who understands the risks of trading with leverage
You want to take advantage of low trading fees
You want to use the exchange's risk-free testnet service to practice trading crypto derivatives before using real funds
4
Finder Score
★★★★★
Supported cryptocurrencies
★★★★★
Transferring money or assets
★★★★★
Fees and costs
★★★★★
Ease of use
★★★★★
Customer service
★★★★★
Features
★★★★★
Staking/earn
★★★★★
Trustworthiness/security
★★★★★
Our best crypto exchanges are those our editors have evaluated to be the best for certain product features or categories,
Finder's editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform's strengths and weaknesses. You can read our full methodology here.
Our rating and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards, updated by our editorial team throughout the year to reflect changes in the market.
Bybit pros and cons
Pros
Up to 100x leverage
Low trading fees
Testnet platform offers environment to practice risk-free leveraged trades
Extensive educational materials
Private keys are kept in multi-signature cold storage wallets
Cons
Not available in the US
Offers derivative products that are difficult for beginners to use
Fewer spot trading pairs than some competitor exchanges
Not completing KYC requirements can put your account and funds at risk
Leveraged trading is highly risky
How Bybit works
Bybit offers traders many features, including NFT trading, an earn platform and hundreds of spot market pairs. Due to its vast range of several hundred perpetual and quarterly futures trading contracts, it is best recognized as a crypto derivatives exchange.
Futures contracts are financial derivatives that allow traders to speculate on an underlying asset’s price movement without holding the asset itself – this opens up the possibility to trade using leverage.
Leverage or “margin trading” allows you to borrow from a broker and open a position larger than your account balance – Bybit supports up to 100x leverage.
Key points of leverage trading:
Leveraged buy trades are known as long positions
Sell trades are referred to as short positions
The broker holds your assets as collateral
Liquidation (broker seizing assets) occurs if the price goes against you and hits a maintenance margin
Perpetual futures never expire – trades can be held indefinitely
Quarterly futures contracts can be held up to 3 months
Leverage trade example:You open a long position on BTC/USDT. You use $100 USDT and leverage it 10x, purchasing $1,000 worth of BTC – remember, you are not holding BTC, merely a contract speculating on its future price.
If BTC rises 10%, you stand to make $100 (10% of your initial investment * 10x leverage). However, if BTC falls drastically and your maintenance margin is hit, the position will be liquidated and you will be left with nothing.
Leverage trading is considered high-risk and not recommended for beginners.
Listed Bybit crypto exchange assets
Bybit supports over 280 cryptocurrencies. In total, Bybit carries 18 of the top 20 cryptos by market cap.
Popular assets on Bybit
Bybit supports
Avalanche (AVAX)
Bybit supports
Binance USD (BUSD)
Bybit supports
Bitcoin (BTC)
Bybit supports
BNB (BNB)
Bybit supports
Cardano (ADA)
Bybit supports
Cosmos Hub (ATOM)
Bybit supports
Dai (DAI)
Bybit supports
Dogecoin (DOGE)
Bybit supports
Ethereum (ETH)
Bybit does not support
LEO Token (LEO)
Bybit does not support
Lido Staked Ether (stETH)
Bybit supports
Polkadot (DOT)
Bybit supports
Polygon (MATIC)
Bybit supports
Ripple (XRP)
Bybit supports
Shiba Inu (SHIB)
Bybit supports
Solana (SOL)
Bybit supports
Tether (USDT)
Bybit supports
TRON (TRX)
Bybit supports
USD Coin (USDC)
Bybit supports
Wrapped Bitcoin (WBTC)
BTC
ETH
XRP
BCH
EOS
LTC
ADA
XLM
TRX
XEM
USDT
ETC
ICX
QTUM
BNB
OMG
ZIL
BTG
ZRX
SC
DCR
WAVES
MKR
DOGE
DGB
BAT
LRC
BNT
LINK
HOT
NEXO
MANA
THETA
ZEN
ENJ
REN
TEL
RVN
DAI
STX
DICE
TIME
DOT
TRUMP
ATOM
IMX
SLG
LUNA
UNI
HERO
SCRT
DLC
XTZ
KRL
FTT
FTM
USDC
GPT
PLY
ANKR
MATIC
MIX
ALGO
ONE
VRA
QNT
CEL
HBAR
SNX
WAXP
WBTC
PAXG
BIT
CAPS
NKN
BUSD
CHZ
ARB
SOLO
OP
APT
CRAFT
COMP
MNZ
COCOS
BAR
XDC
MX
COT
KLAY
AVA
KSM
SOL
KDA
MCT
TWT
RPL
JST
AR
INSUR
PLT
UMA
YFI
SRM
CRV
AVAX
HNT
SUSHI
SAND
RUNE
EGLD
FIL
AAVE
BEL
CAKE
INJ
NEAR
WEMIX
ROSE
AXS
SLP
WOO
ACH
JUV
PSG
GRT
1INCH
CELO
FLOW
FXS
ACM
PERP
XYM
FIDA
CFX
ICP
SHIB
NFT
XAVA
KOK
XCAD
MASK
RNDR
XEC
MINA
AGIX
JASMY
TRIBE
CORE
TON
C98
GALA
LDO
RACA
STETH
SPELL
OBX
CITY
DYDX
MOVR
SFUND
XWG
AGLD1
THN
SAITAMA
SSV
FLOKI
ENS
SHILL
PEOPLE
GODS
SIS
PSP
BICO
BOBA
INTER
PTU
GMX
DPX
HIGH
IZI
FLR
KMON
CWAR
LFW
SOS
VINU
LOOKS
RAIN1
GLMR
KASTA
CTC1
ACA
MAGIC
ERTHA
T
PSTAKE
POKT
CUSD
KUNCI
FAME
DOME
RSS3
MTK
APE
MELOS
SD
SYNR
MV
GMT1
STG
VPAD
IME
TAP2
REAL1
GST1
DEVT
SON1
LGX
ELT1
GENE1
ZAM
SIDUS1
TRVL1
GM1
MBS1
ZBC1
SUN1
1SOL
DFL1
BTT2
CBX1
GGM
CULT
EVER
FITFI
APEX
USDD
LUNC
FORT
WWY
GNS
GAL1
ORT
MOVEZ
WLKN
XETA
GALFT
AZY
AFC
KON
FB
ETHW
CMP
SWEAT
CHRP
STAT
LING
MPLX
DEFY
GSTS
ID
HFT
PUMLX
ECOX
KCAL
MCRT
HOOK
RDNT
OAS
BONK
PRIMAL
BLUR
ACS1
MDAO
PRIME
AGLA
CO
GCAKE
HVH
MELANIA
Depositing funds to Bybit
You can deposit funds into Bybit in two different ways:
You can transfer crypto assets into your Bybit account from another crypto wallet.
You can deposit funds through a bank, wire transfer or third-party payment provider. Please note that you must complete the KYC process to deposit most fiat currencies.
Bybit fees overview
Maker fee
Taker fee
Spot trading pairs
0.10%
0.10%
Derivatives contracts
0.01%
0.06%
These fees are reduced if you become a VIP member of the platform.
Bybit exchange features
Express buys – The interface for express buys is simple. You choose your payment method, choose the digital asset you’d like to buy and then in one click you can confirm your digital asset purchase.
Spot market trading – This feature allows you to create bids and asks for digital assets you’d like to purchase. This type of trading is done in a peer-to-peer manner.
Derivatives trading – Derivative contracts allow traders to speculate on an underlying asset’s price movement without holding the asset itself. Both profits and losses are amplified when trading with leverage.
Earning features – Bybit offers a number of earn products, some more complex than others. For example, there is the “USDC Bybit Savings” product, which allows you to earn yield on the USDC that you stake with the platform.
There are also “Dual Asset Short Term High Yield” products that come and go quickly on the site. Dual asset products may involve DeFi operations to generate yield, and as such should be considered high risk.
Please keep in mind that when you lend or stake assets on a centralized platform, you are adding counterparty risk. This means you are trusting the platform to manage your assets responsibly.
NFTs
Bybit’s NFT marketplace supports the minting, listing and trading of NFTs on the Ethereum blockchain and the listing and trading of NFTs on the Solana blockchain.
Is Bybit easy to use?
Certain features of Bybit are easier to use than others. For example, the express buy feature is quite easy to use while the derivatives trading platform is a bit more complicated.
Express buys
Derivatives trading
Customer support
Bybit has an extensive help section that provides guides on how to use a number of features on the platform.
It gives you instructions on how to submit a query around an issue you’re having and how to reset your two-factor authentication (2FA).
The platform also has a frequently asked questions section and a customer support email. You should receive a response within one business day.
Bybit does not offer phone or live chat support.
Is it safe to use Bybit?
Bybit could be safe to use for the following reasons:
Private keys are kept in cold storage
The exchange has never been hacked
The exchange offers two-factor authentication
It’s safer to use Bybit once you complete the KYC process.
Bybit KYC requirements
While KYC isn’t required to use Bybit, you are opening yourself up to risks by not going through the KYC process. Risks include:
Potentially having your account flagged and frozen by authorities
Potentially violating anti-money laundering (AML) laws or other laws like it
Not being able to withdraw large sums of crypto
Non-KYC platforms are typically not registered with local regulators
Financially, Bybit can be dangerous to use, as trading crypto derivative products is risky and the chance of losses is higher than spot trading.
Past hacks – Bybit has never been hacked.
Security audits – Bybit has disclosed which security audits it has undergone, and the exchange’s CEO, Ben Zhou, has gone on the record saying that cryptocurrency exchanges should work with “reputable security firms to carry out security audits” according to CoinTelegraph.
Insurance fund – Bybit’s insurance fund is a reserve pool that the exchange can use to help protect traders from entering negative equity territory – or going below the bankruptcy price – on a trade.
Cold storage – 100% of the private keys to assets on the Bybit platform are held in multi-signature cold storage wallets.
Alternatives to Bybit
If you are looking for margin trading in the US on a trusty exchange and already have a high net worth:Kraken began to allow customers who can certify that they have $10 million in assets to use 5x leverage on the exchange. These customers have to complete the required paperwork to become an Eligible Contract Participant.
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Frequently asked questions
Bybit is currently headquartered in Dubai. It was founded in Singapore in 2018 but moved its HQ to Dubai in 2022. It also has offices in Hong Kong and Taiwan.
Bybit is available to customers globally, excluding a handful of countries such as the US, Singapore, mainland China, Iran, North Korea, Syria and Sudan. It is also banned in Quebec, Canada.
Bybit is best known for crypto derivatives trading, while Coinbase is best known as a crypto broker and exchange. It's difficult to argue which one is better, as the two platforms specialize in different aspects of crypto trading.
It depends on what you are looking for. Bybit and Binance offer a number of the same crypto derivatives products including futures contracts, options and leveraged tokens.
Binance caps the amount of leverage you can use depending on the specific coin chosen and which country you are located in. Bybit caps it at 100x for all users.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Frank Corva is business-to-business (B2B) correspondent for Bitcoin Magazine and formerly the cryptocurrency writer and analyst for digital assets at Finder. Frank has turned his hobby of studying and writing about crypto into a career with a mission of educating the world about this burgeoning sector of finance. He worked in Ghana and Venezuela before earning a degree in applied linguistics at Teachers College, Columbia University. He also taught writing and entertainment business courses in Japan and worked with UNICEF in Namibia before returning to the US to teach at universities in New York City. Earlier in his career, he spent years working as a publicist and graphic designer for record labels like Warner Music Group and Triple Crown Records. During that time, he was also a music journalist whose writing and photography was in published in Alternative Press, Spin and other outlets. See full bio
Billy Endres was a cryptocurrency writer for Finder. His background in software development helped open the door to the world of decentralised technologies, financial markets and technical writing. See full bio
Billy's expertise
Billy has written 11 Finder guides across topics including:
Web3 and decentralised technologies
Front-end development
Cryptocurrency futures trading and technical analysis
Kraken is one of the best exchanges for advanced traders, offering a wide range of useful features and gaining many positive user reviews.
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