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⚡ Bybit Review — Quick Summary (2026)
| Our Rating | ⭐⭐⭐⭐ (4/5) |
| Best For | Non-US derivatives traders wanting deep liquidity + copy trading |
| Spot Fee | 0.1% maker / 0.1% taker |
| Futures Fee | 0.02% maker / 0.055% taker |
| Coins Listed | 600+ |
| US Available | ❌ No |
| Regulation | Dubai VARA license |
| ⚠️ Security Event | $1.5B hack Feb 2025 — all losses fully covered within 72 hours |
🔑 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.
| Field | Details |
|---|---|
| Founded | 2018 (Ben Zhou, CEO) |
| Spot Fee | 0.1% maker / 0.1% taker |
| Futures Fee | 0.02% maker / 0.055% taker |
| Options Fee | 0.02% per contract |
| Coins | 600+ |
| Leverage | Up to 100x (perpetuals) |
| US Available | ❌ No |
| Regulation | Dubai VARA license (VARA) |
| Copy Trading | Yes — spot and futures strategies |
| ⚠️ Feb 2025 Hack | $1.5B ETH stolen — fully reimbursed within 72 hours |
Table of Contents
How We Rate Bybit: Scoring Methodology
| Criteria | Weight | Score | Notes |
|---|---|---|---|
| Fees | 30% | 4.5/5 | 0.1% spot, 0.02%/0.055% futures — competitive without token requirements |
| Security | 25% | 3/5 | $1.5B 2025 hack is largest ever; full recovery is positive signal |
| Coin Selection | 20% | 4.5/5 | 600+ coins — better than Binance (350+) for altcoins |
| User Experience | 15% | 4/5 | Clean interface; copy trading well-designed |
| Customer Support | 10% | 3.5/5 | Decent during normal times; slower during incidents |
| Overall | 100% | 4/5 | Best Binance alternative — post-hack security context is real |
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.
💡 Expert Tip: When selecting a copy trader on Bybit, don’t just sort by highest return percentage. Filter by minimum 3-month track record AND maximum drawdown under 20%. A trader with 40% returns but 50% drawdown will eventually wipe your allocation. Long consistent performers beat short-term high-return traders every time in copy trading.
How to Start Trading on Bybit: 5-Step Guide
- Sign up at bybit.com — Enter email and create a password. Verify your email with the confirmation code sent.
- Complete KYC verification — Upload government ID. Standard verification takes 10–30 minutes. Required for full trading and withdrawal access.
- Deposit funds — Use P2P (local bank transfer), credit/debit card, or crypto deposit. P2P is fee-free for most payment methods.
- 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.
- 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
| ✅ Pros | ❌ Cons |
|---|---|
| World’s #2 derivatives exchange — deep liquidity | $1.5B hack (Feb 2025) — largest in crypto history |
| 0.1% spot, 0.02%/0.055% futures — no token staking required | No US access |
| 600+ coins — better altcoin coverage than Binance | Cold storage architecture failure is ongoing risk signal |
| Best-in-class copy trading ecosystem | Fiat on-ramp options limited vs Kraken or Bitstamp |
| UAE VARA license — strong regulatory standing | Customer support can slow during incidents |
| Built-in grid bots and DCA bots — no extra subscription | Proof-of-reserves frequency varies |
Bybit vs Top Alternatives
| Feature | Bybit | Binance | Bitget | BingX |
|---|---|---|---|---|
| Spot Fee | 0.1% | 0.1% (0.075% BNB) | 0.1% (0.08% BGB) | 0.1% |
| Futures Fee | 0.02% / 0.055% | 0.02% / 0.05% | 0.02% / 0.06% | 0.02% / 0.05% |
| Copy Trading | ✅ Deep ecosystem | Basic | ✅ Strong | ✅ Social focus |
| 2025 Security | $1.5B hack (covered) | No 2025 incident | No 2025 incident ✅ | No 2025 incident ✅ |
| Regulation | UAE VARA | DOJ settlement | Seychelles | UAE + others |
| US Available | ❌ No | ❌ No | ❌ No | ❌ No |
| Review | This article | Click here | Click here | Click here |
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.
🏁 Bottom Line: Is Bybit Worth Using in 2026?
Bybit is still the strongest Binance alternative for non-US derivatives traders. Deep liquidity, competitive fees, excellent copy trading, UAE VARA regulation — the fundamentals remain intact. The February 2025 $1.5B hack changes the security narrative permanently. The full user reimbursement is a positive signal of financial resilience.
Use Bybit if: you’re a non-US derivatives trader who’s assessed and accepted the post-hack security context. Choose Bitget instead if you want copy trading with a clean 2025 security record. Choose Kraken if you’re US-accessible and want the best regulatory safety.
