As Binance retreats from futures markets in certain regions, Bybit has emerged as a leading platform for cryptocurrency derivatives trading. But is Bybit safe? Is it trustworthy? And what makes it stand out in the competitive crypto exchange landscape?
This comprehensive review dives into Bybit’s background, product offerings, security measures, fee structure, deposit and withdrawal methods, user benefits, and overall strengths and weaknesses — giving you a clear, balanced perspective on whether Bybit is right for your trading journey.
What Is Bybit?
Bybit is a global cryptocurrency exchange founded in March 2018 by Ben Zhou, who previously served as the Greater China Regional Manager at XM, a well-known forex brokerage. Headquartered in Singapore and registered in the British Virgin Islands, Bybit serves users across more than 100 countries — including Taiwan, Hong Kong, Japan, and parts of Europe and North America.
With over 8 million registered users, Bybit has carved a niche by focusing on margin-based crypto derivative contracts, inspired by platforms like BitMEX. It supports multiple languages, including English, Simplified Chinese, and Traditional Chinese.
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Is Bybit Safe? Addressing Scam Concerns
One of the most common questions new users ask is: Is Bybit a scam? The short answer is no — there is no evidence that Bybit operates as a fraudulent platform.
Regulatory Status and Transparency
While Bybit is not regulated in major jurisdictions like the U.S., Singapore, or the EU, it complies with local restrictions and does not serve users from prohibited regions (including mainland China and the United States). Although lacking formal licensing, Bybit emphasizes transparency through initiatives like the BitUniverse Exchange Transparency Project, allowing users to verify real-time on-chain asset reserves.
Security Measures
Bybit employs industry-standard security protocols:
- Two-Factor Authentication (2FA)
- KYC verification (optional but increases withdrawal limits)
- Cold wallet storage with multi-signature technology
- SSL encryption to protect data transmission
Importantly, since its launch in 2018, Bybit has never suffered a major security breach or reported theft of user funds — a strong indicator of its robust infrastructure.
Withdrawal Process: Security Over Speed
Unlike some exchanges offering instant withdrawals, Bybit processes crypto withdrawals three times daily — at 9 AM, 5 PM, and 1 AM (UTC+8). This time-limited withdrawal system, borrowed from BitMEX, enhances security by enabling manual review and reducing automated attack risks.
While this may reduce convenience for some traders, it significantly lowers the chance of unauthorized fund movement.
“The trade-off between speed and safety favors long-term trust,” says one veteran trader. “Bybit chooses caution.”
Additionally, Bybit maintains an Insurance Fund to cover traders’ negative balances during extreme market volatility — similar to stop-loss protection in forex trading. This means you can’t lose more than your initial investment.
Core Features of the Bybit Platform
Bybit stands out with several innovative features tailored for both novice and experienced traders.
1. Diverse Trading Products
Bybit offers three main categories:
- Spot Trading: Buy and sell over 100 cryptocurrencies like BTC, ETH, LTC, and USDT.
- Derivatives: Perpetual and futures contracts with up to 100x leverage.
- Finance & Earning: Staking, liquidity mining, and DeFi yield opportunities.
It also includes NFT marketplace access and options trading, making it a full-service crypto ecosystem.
2. First Crypto Exchange with MT4 Integration
Bybit made headlines by becoming the first crypto exchange to integrate MetaTrader 4 (MT4) — a favorite among forex traders. This allows users to apply automated Expert Advisors (EAs), custom indicators, and advanced order types when trading crypto derivatives.
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This bridge between traditional finance and digital assets appeals strongly to traders transitioning from forex to crypto markets.
3. Copy Trading (Social Trading)
Bybit’s Copy Trading feature lets users mirror the trades of experienced investors. As a follower, you can automatically replicate a leader’s portfolio in real time. Leaders earn 10% of their followers’ net profits, incentivizing performance transparency.
This social trading model encourages community-driven growth and lowers the learning curve for beginners.
4. Generous Promotions and Bonuses
True to its forex roots, Bybit runs aggressive marketing campaigns:
- New users can receive welcome bonuses worth up to $4,000
- Referral programs offer ongoing rewards
- Limited-time events include free trading credits and cashback
Note: While bonus funds cannot be withdrawn, any profits generated using them are fully withdrawable.
How to Register and Deposit Funds on Bybit
Getting started on Bybit is straightforward:
Step-by-Step Account Setup
- Sign Up: Use your email or phone number.
- Enable 2FA: For enhanced account security.
Complete KYC (Optional):
- Without KYC: Daily withdrawal limit = 2 BTC
- With Level 1 KYC: Limit increases to 50 BTC
Deposit Funds: Choose from:
- Credit/debit card (supports TWD, USD, EUR, HKD, etc.)
- P2P trading (ideal for stablecoin purchases like USDT)
- Direct crypto transfer (e.g., from another exchange)
P2P is often the best option for Taiwanese users seeking low spreads when converting TWD to USDT.
To withdraw funds back to fiat, transfer crypto to a local exchange like MAX (Taiwan) and convert to TWD for bank transfer.
Customer Support
Bybit provides 24/7 live chat support in Chinese and English. You can also submit help tickets via email at [email protected] or explore the Help Center for FAQs on deposits, trading rules, and account management.
Bybit Fees: Competitive Rates Across Markets
| Fee Type | Maker | Taker |
|---|---|---|
| Spot Trading | 0% – 0.1% | 0.02% – 1% |
| Contract Trading | 0% – 0.01% | 0.03% – 0.06% |
These tiered fees depend on your 30-day trading volume. High-volume traders enjoy lower costs — especially beneficial in perpetual contract markets.
Frequently Asked Questions (FAQ)
Q1: Can I use Bybit in Taiwan?
Yes. Bybit supports users from Taiwan with localized language options, TWD deposits via P2P, and responsive customer service.
Q2: Does Bybit require ID verification?
No — KYC is optional. However, completing KYC raises your daily withdrawal limit from 2 BTC to 50 BTC.
Q3: Are there any hidden fees?
No hidden charges. Credit card purchases may carry slight premiums due to third-party processing fees.
Q4: What happens if I lose money on a leveraged trade?
Thanks to the Insurance Fund, you won’t owe additional funds — losses are capped at your margin balance.
Q5: How does Bybit compare to Binance?
Binance leads in spot liquidity and global regulation efforts. But in derivatives trading — especially for MT4 users — Bybit offers stronger niche advantages.
Q6: Is the $20 sign-up bonus real?
Yes. New users can claim experience funds through referral links. Profits made with these funds are withdrawable.
Pros and Cons of Using Bybit
| ✅ Advantages | ❌ Limitations |
|---|---|
| First crypto exchange with MT4 integration | Experience bonuses not directly withdrawable |
| Up to 100x leverage on futures contracts | Lower spot market liquidity compared to top-tier exchanges |
| Copy trading with profit-sharing incentives | Limited direct TWD banking options |
| Strong security with no history of hacks | Not regulated in major financial jurisdictions |
| Generous promotions for new users | Restricted access in the U.S., China, and Singapore |
Who Should Use Bybit?
Bybit is ideal for:
- Traders interested in high-leverage futures contracts
- Forex veterans comfortable with MT4 platforms
- Beginners looking to benefit from sign-up rewards
- Those exploring automated or copy trading strategies
However, if you prioritize regulatory oversight or rely heavily on spot trading with deep liquidity, larger exchanges like Binance or OKX may better suit your needs.
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Final Verdict
Bybit has rapidly grown into one of the most influential players in the crypto derivatives space. Its fusion of forex-style features — such as MT4 support and copy trading — with modern crypto infrastructure makes it particularly appealing to intermediate traders.
While it lacks formal regulation and has lower spot liquidity than market leaders, its strong security track record, innovative tools, and generous incentives make it a compelling choice — especially in regions where Binance no longer offers futures services.
Always remember: Crypto trading involves high risk. Never invest more than you can afford to lose.
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