On one hand, U.S. President Donald Trump and industry experts are praising the global adoption of cryptocurrencies, paving the way for crypto-friendly steps like creating a ‘Crypto Reserve’ and hosting debut ‘White House Crypto Summit’, while on the other, we are witnessing rugpulls, scams and hacks, that shake investors’ confidence in the crypto market.
The 2025 hack against Bybit, one of the world’s most popular crypto exchanges, raised numerous questions over the platform’s safety protocols and transaction security.
The heist stands as the largest exploit on record, surpassing previous high-profile exchange breaches and raising serious concerns about safety protocols.
Bybit has suffered a massive security breach. However, the exchange is believed to have fully restored the stolen ETH and ensured that all client assets remain backed 1:1. The initiative aimed at providing protection to the users from any sort of loss. Though Bybit has survived the hack, it has developed trust issues among its users.
Similarly, in July 2024, WazirX crypto exchange suffered a hack that led to a loss of $234.0 million. However, both the scenarios were different. For the past six months, the WazirX management has locked the remaining funds of its 4.4 million users in India.
Neither the exchange communicated properly with its users, suspending its operations. Its management had even lied about the ownership of WazirX and tried to pass on responsibility to Binance.
In this article, we will know about Bybit exchange in detail, its key features and services, and pros and cons. We will also understand its security protocols and customer care services.
Bybit Exchange: Overview
Dubai-based Bybit is one of the biggest exchanges in the crypto world, founded in March 2018 by Ben Zhou, an entrepreneur from Singapore. Initially, this exchange was developed as a platform for cryptocurrency derivatives which offers perpetual contracts on various crypto pairs and slowly emerged as a comprehensive trading platform.
The exchange operates globally excluding some countries like the US, mainland China, Singapore, Quebec (Canada), and a few others. In October 2021, it crossed 10 million registered users across the globe.
Bybit Trading Features
Bybit offers mainly four main types of trading services – spot trading, derivatives trading, P2P trading, and trading bots. The features are explained in detail below:
Spot Trading
There are mainly three types of trading in Bybit:
- Spot markets: Through spot markets, Bybit offers a wide range of cryptocurrencies for trading which helps users to buy and sell crypto at current market prices. This platform supports various trading pairs that are suitable for both major cryptocurrencies and emerging altcoins.
- Margin Trading: This feature is for traders who want to increase their investing limit and take a strong position. With margin trading, users can borrow funds to purchase more cryptocurrency than they can afford. This can increase their profit. However, margin trading is also very risky which many times leads to heavy losses.
- Pre-Market Trading: This is a unique feature of Bybit exchange that allows users to place orders at predetermined prices before the official listing of the coin. Under pre-market trading transactions, the fee rate is specific to the total order value and varies based on the traded token.
Derivative Trading
Under derivative trading, Bybit provides the following contracts:
- Perpetuals: Bybit’s perpetual contracts are its flagship derivative instrument that enables users to speculate on cryptocurrency price movements without holding the underlying asset. This contract does not have an expiration date, which permits users to hold positions for an indefinite time.
- Futures: Bybit’s futures trading feature allows traders to speculate on crypto prices by entering contracts to buy or sell crypto assets at predetermined prices on future dates. These contracts are settled in USDC. Traders can maintain their positions to increase their gains or losses. Bybit provides various future contracts which include inverse and USDC futures with expiry dates, ranging from daily to quarterly.
- Options: Bybit offers unique European style, cash-settled options trading where traders speculate on the future price movements of cryptocurrency. These options contracts are margined and settled in USDC and USDT, providing investors with flexibility in trading. It gives choice to traders to select from various expiration dates, such as daily, weekly, and monthly options.
P2P Trading
Traders can experience peer-to-peer (P2P) trading which means that users can directly buy and sell cryptocurrencies among themselves at mutually agreed prices.
P2P is a popular trading feature of Bybit exchange because it provides zero transaction fee structure and has multiple payment methods. It also provides security measures, including KYC verification and fraud detection protocols that ensure secure trading.
Trading Bots
It is a distinctive feature of Bybit that integrates artificial intelligence into trading. These bots are automated tools to execute cryptocurrency trades based on predefined strategies and eliminate the need for human interference.
It offers several options like Grid Bots. These bits provide traders with automated precision in executing buy and sell orders according to present parameters and within a price range to capitalize on market volatility. Another alternative is Dollar-cost averaging (DCA) bots, which invest fixed amounts in the market at regular intervals regardless of asset price.
Bybit trading bots are very popular because they can trade 24/7, even when traders are not available. These bots are also helpful for new investors as they can provide expert trading strategies.
Bybit Additional Services
Other than these trading features, Bybit has numerous other services. They are as under:
- Launchpool: Launchpool allows users to stake their cryptocurrencies to earn new tokens for free. With Launchpool, users can redeem their staked assets anytime, providing flexibility and promoting traders to participate in new token launches.
- Copy Trading: This is a unique product mainly developed for beginners. Under this type of trading, users can copy the trades executed by top-performing crypto traders (experts) in real-time. This helps new traders to earn good returns without having expertise and market knowledge.
- Leveraged Tokens: Bybit’s leveraged tokens give users the leveraged exposure to underlying assets without the risk of liquidation. These tokens adjust positions automatically to maintain target leverage which eases the trading process for investors.
- OTC Trading: Over-the-counter (OTC) trading lets users do large crypto trades directly with another party by avoiding public exchange order books.
This method is very helpful for substantial transactions as it prevents significant market fluctuations that could arise from large orders. To avail this service, users must have completed at least individual KYC level 1 verification. - Demo Trading: It is the most unique product of Bybit exchange which is helpful for new users where they can practice crypto trading with market-like conditions without using real money which attracts new users towards crypto trading.
- Bybit Earn Program: The Bybit earn program offers various earning products like savings and staking for users to grow their crypto assets. Under this program, Bybit provides opportunities to earn extra income through flexible and fixed-term investments.
- Airdrops: It is an occasional event of the Bybit exchange to advertise new cryptocurrencies by distributing their free tokens to eligible crypto users through airdrop. It mainly rewards users who are actively participating in the activities of the Bybit exchange.
- Launchpad: It is a token launch platform that gives users an opportunity to get early access to new crypto projects. Under this, participants can commit assets to earn allocations of new tokens before they become public.
- Crypto Loans: It is an additional feature of Bybit exchange for traders who want to invest but lack funds. Under this, Bybit offers crypto loan services to them by collateralizing their existing crypto assets which provide liquidity without the need to sell their holdings.
Bybit Deposits
Bybit currently offers mainly two types of deposit options that is Crypto Deposits and Fiat Deposits:
- Crypto Deposits: It means the transfer of crypto assets from an external crypto wallet or other exchange to your Bybit account. However, make sure to read instructions before depositing crypto because each coin has different deposit requirements. For example, minimum deposit amount or deposit method (smart contract).
- Fiat Deposits: Bybit provides traders with the facility to deposit fiat currencies on Bybit exchange so that they can use their fiat currency to purchase crypto directly on the platform. Here is the list of supported fiat currencies:-
| Supported Fiat Currencies | Available Payment Methods |
|---|---|
| BRL (Brazilian Real) | – PIX |
| RUB (Russian Ruble) | – Local Bank Card |
| EUR (Euro) | – Easy Bank Payment – SEPA service is only supported for users in certain EU countries. You may encounter an ‘IP Restricted’ message if your country does not support this service. – Zen.com – iDEAL is only available to users from the Netherlands using Bybit Powered by SATOS. |
| GBP (Great British Pound) | – Zen.com – FPS (Faster Payment Service) |
| USD (US Dollars) | – QuickPay is only available to users from El Salvador. – SWIFT |
| COP (Colombian Peso) | – Bank Transfer will be processed through PSE. |
| MXN (Mexican Peso) | – Bank transfer will be processed through SPEI. |
| PLN (Polish Zloty) | – Zen.com – SWIFT – BLIK service is only supported for users that are from European Economic Area (EEA) regions. You may encounter a restriction message if your country does not support this service. There is a special deposit limit for PLN currency via the BLIK payment method which is ≤ 850 per order and ≤ 5k lifetime. If you plan to deposit more than the limit, you will be prompted to provide additional documents for further review. If the review is approved, you will be allowed to deposit up to the standard deposit limit. If your review is rejected, you will be advised to try other payment methods. |
| PEN (Peruvian Nuevo Sol) | – Bank Transfer |
| CRC (Costa Rican Colon) | – Bank transfer will be processed through Sistema Nacional de Pagos (SINPE). |
| ZAR (South African Rand) | – Bank transfer will be processed through electronic funds transfer (EFT). |
| UYU (Uruguayan Peso) | – Bank Transfer |
| ARS (Argentine Peso) | – Bank Transfer |
| RON (Romanian Leu) | – Zen.com |
| CHF (Swiss Franc) | – SWIFT – Zen.com |
| HKD (Hong Kong Dollar) | – SWIFT |
| IDR (Indonesian Rupiah) | – BI-FAST transfer is only available to users from Indonesia. |
| VND (Vietnamese Dong) | – VND bank transfer is only supported for users who have completed Vietnamese KYC. – There is a special deposit limit for VND currency via the bank transfer payment method: – First Deposit: 25,000,000 VND – Second and third deposits: 50,000,000 VND – Subsequent Deposits: Follow the limit displayed in the input field. |
| HUF (Hungarian Forint) | – Zen.com |
| CZK (Czech Koruna) | – Zen.com |
Bybit Withdrawals
There are various withdrawal options available on the Bybit exchange. The popular options include on-chain crypto withdrawals, internal transfers, and fiat withdrawals.
- On-chain Crypto Withdrawals: It is a withdrawal method that allows traders to withdraw their cryptocurrencies to external crypto wallets or other crypto exchanges.
- Internal Transfers: It is a transfer of an amount without any fee from your one Bybit account to another Bybit account. For example, from your spot account to your funding account.
- Fiat Withdrawals: It is a withdrawal of fiat currencies from your Bybit account to your bank accounts via different methods like Society for Worldwide Interbank Financial Telecommunication (SWIFT), local bank transfers, or Single Euro Payments Area (SEPA).
Some fiat currencies are available for deposits but not for withdrawals including RUB, COP, PEN, CRC, ZAR, UYU, RON, and HKD.
Pros of Using Bybit Exchange
- Bybit offers various trading features to its users with tools like high leverage, customizable strategies, and derivative market which is helpful for new investors as well as for experienced investors.
- The Bybit exchange has a user-friendly interface that ensures easy navigation and makes it accessible for each type of trader.
- The transaction fee at Bybit exchange is low as compared to other crypto exchanges. Hence, providing cost-effective trading opportunities for traders.
- An all-in-one crypto platform with a diverse set of features and markets.
Cons of Using Bybit Exchange
- Bybit exchange supports only a few types of fiat currency deposits and withdrawal options which causes inconvenience for users who prefer to trade directly with fiat currencies.
- The exchange is not available in major crypto hubs like the United States of America and Singapore which limits its access for traders.
- Bybit offers various advanced trading features which increases complexity for new traders unfamiliar with complex trading strategies.
Bybit Security Measures
On the night of February 21, Bybit faced an unprecedented cyberattack, resulting in the theft of 400,000 ETH and stETH worth more than whooping $1.5 billion to North Korean hackers.
The hackers attacked a multi-signature cold wallet of Bybit that was guarded by a third party.
“Total hacked funds of USD 1.4 billion- around 500k ETH, 77% are still traceable, 20% has gone dark, and 3% has been frozen. Recoverable,” said Ben Zhou, CEO of Bybit, in his update on Twitter.
Bybit’s swift and transparent crisis management maintained operational stability and reassured users about the safety of their assets.
Let us understand in detail about the exchange’s security protocols:
- Regulatory Compliance: Bybit is actively complying with regulatory frameworks that adhere to global financial regulations and also obtaining various licenses.
- Platform Safety: Bybit is safeguarding its platform by using advanced security protocols which include Multi-Signature Wallets, Trusted Execution Environment (TEE), and Threshold Signature Schemes (TSS). This prevents unauthorized access.
- Fund Security: In the recent Bybit hack, the hackers stole $1.5 billion worth of Ethereum from Bybit exchange. But because Bybit had its crisis management plan activated, the exchange secured emergency funding from firms like Galaxy Digital, FalconX, and others. It maintained a 1:1 reserve which guaranteed the user assets were protected.
Bybit Customer Support Services
The exchange offers strong customer support services to assist users with their trading experience. The platform provides 24/7 customer support which ensures that a user will get his problem solved at any given time.
Further, Bybit’s help centre facilitates multiple resources including FAQs, guides, and tutorials to users to understand the platform properly.
Bybit also gives email support for any personal assistance which helps users to deal with any specific concern or inquiry directly with the support team. Bybit is also actively available on social media platforms which provide users with modern-day-alternatives and stay updated on the latest developments.
Conclusion
The adoption of the cryptocurrency industry is growing with the support of U.S. President Donald Trump and industry leaders, but the hacks and scams are raising concerns for users.
Bybit is one of the major crypto exchanges that offers advanced features, strong security measures, and diverse trading options. Despite its hack in 2025, it has recovered fast and reassured its users by protecting their funds.
