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Bybit
Exchange · Centralized exchange (CEX)
A large centralized exchange: custodial, KYC, many assets and deposit methods. No scores — how it works, fee layers, and verifiable security facts.
✓ Verified 27 Aug 2026
Objective data
Official sitebybit.com
TypeCentralized exchange (CEX)
Deposit
Assetsaround 400 · current number — on the service's site
How it works
Bybit is a large centralized exchange with a wide range of assets and deposit/withdrawal methods. But there is no best exchange in general — it all depends on your task and your country. So below is not a score, but a breakdown of how the service works and what to look at yourself.
- Type — a centralized exchange (CEX). The company matches buyers and sellers and holds the funds itself.
- Control of funds — custodial. While the coins are on the exchange, Bybit controls the keys, not you (“not your keys, not your coins”, see what is a private key). For holding larger amounts it is better to withdraw to your own wallet (see how to store crypto).
- KYC — yes: identity verification is required; its extent and limits depend on country and account level. Registration is required.
- Launch and headquarters. Operating since 2018; headquartered in Dubai (UAE).
- Assets and networks. Supports many coins and networks; the exact list changes.
- Fiat rails. Deposits by card, bank transfer and P2P — availability depends on the country.
Who it suits, who it doesn’t
- Suits: someone who wants a large service with a wide choice of assets — understanding that funds are under the exchange’s control.
- Suits less: if full control of the keys matters (then — self-custody), or if the service is restricted or unavailable in your country.
Fees
1
Depositing money
Card is usually more expensive; bank transfer or P2P is cheaper.
2
Trading / swapping
A trade fee (maker/taker); it drops at high volumes.
3
Withdrawing crypto
A network fee that depends heavily on the chosen network. For a beginner the deposit method (card is dearer) and the withdrawal network matter most; actual figures change — where to check: Bybit's fees page.
Security
!
A major hack (February 2025)
On 21 February 2025, about 401,000 ETH (roughly $1.5 billion) was stolen from a Bybit Ethereum wallet — the largest crypto theft to date at the time; the company said it remained solvent and covered all user losses through its own funds and a bridge loan. A two-sided flag: the incident was large — but users were made whole.1
How to judge for yourself
- Licenses in your country — and what they actually cover.
- The history of incidents and how the exchange closed them.
- Whether it publishes reserves — not someone else’s “trust rating”.
Compare with others
Back to the choice: objective slices and why there is no "best overall".
Sources
Every fact-flag is verified separately. We don't publish changing rates — we link to "where to check".
1
Law-firm analysis: on 21 Feb 2025 ~401,000 ETH (~$1.5B) was stolen from Bybit — the largest theft at the time; the company stayed solvent and covered user losses Paul Hastings · archive secondary ↩ Verified 27 August 2026