Bybit exchange profile

Profile of Bybit: exchange information, markets and recorded details on GradeMarket.

Bybit is the second-largest cryptocurrency exchange in the world by trading volume and demonstrated remarkable resilience by remaining fully operational even after the largest cryptocurrency hack in history—an event that many competitors might not have survived. Its spot trading fees are 0.10% for both makers and takers, while futures trading fees start at approximately 0.02% maker and 0.055% taker. According to Bybit's official Terms of Service, Iran is listed as a restricted jurisdiction. Bybit is particularly well suited for futures traders and users seeking advanced trading tools, rather than those whose primary goal is the lowest possible spot trading fees.

The Night the Largest Crypto Hack in History Targeted Bybit

On February 21, 2025, during a routine transfer from a cold wallet to a hot wallet, hackers linked to North Korea's Lazarus Group compromised the user interface of the Safe multisignature wallet. The manipulation caused Bybit's authorized signers to unknowingly transfer control of the exchange's Ethereum wallet to the attackers.

The result was the theft of approximately $1.5 billion, making it the largest cryptocurrency theft ever recorded.

What distinguished this incident, however, was Bybit's response. CEO Ben Zhou addressed the situation publicly and, within 72 hours, restored the entire shortfall in customer assets through a combination of bridge loans, over-the-counter (OTC) purchases, and assistance from institutional partners including Galaxy Digital and Wintermute.

An independent audit conducted by Hacken later confirmed that the exchange maintained more than 100% reserves for its major customer assets following the recovery.

Key Features

• The world's second-largest cryptocurrency exchange by trading volume, serving more than 60 million users
• Advanced futures trading tools, including perpetual and expiry contracts
• VIP program offering genuine maker rebates at higher trading tiers
• Pre-Market trading platform for newly launched tokens
• Regular Proof of Reserves reports introduced following the 2025 security incident

Fees and Costs

For spot trading, Bybit charges a standard fee of 0.10% for both makers and takers.

For futures trading, the base fee structure is approximately:

• Maker: 0.02%
• Taker: 0.055%

Users with higher trading volumes or larger account balances can qualify for VIP tiers, where maker fees may become negative, allowing them to earn rebates.

Security and Trust

The February 2025 attack was the most significant security event in Bybit's history.

According to investigations by the FBI and independent cybersecurity firms, the compromise occurred through the third-party Safe wallet infrastructure rather than a direct breach of Bybit's internal systems.

Most importantly, no customers lost funds, as the exchange fully replenished the missing assets within three days.

Following the incident, Bybit began publishing regular Proof of Reserves reports, independently verified by Hacken, to provide greater transparency regarding customer asset backing.

Support for Iranian Users

According to Bybit's official Restricted Services policy, Iran is explicitly listed among the prohibited jurisdictions, and the exchange does not provide services to residents of Iran.

Since 2023, identity verification (KYC) has been mandatory for all users. The verification process includes checking the issuing country of identity documents, meaning that simply using a VPN or changing your IP address is insufficient to bypass these restrictions.

Because Bybit periodically updates its list of restricted jurisdictions, the policy could change in the future. However, as of 2026, the platform is not officially available to Iranian users.

Pros and Cons

Pros

• Excellent liquidity, particularly in the futures market
• Transparent and effective response to the 2025 security incident, with no customer losses
• Regular Proof of Reserves reports independently verified by Hacken

Cons

• Officially restricts users from Iran under its Terms of Service
• Experienced the largest cryptocurrency hack in history, albeit without customer losses
• Unavailable in the United States, Canada, Singapore, and several other major jurisdictions

Compared with Competitors

For spot trading fees, Bybit is broadly comparable to Binance and OKX.

In futures trading, its 0.055% taker fee is slightly higher than OKX's 0.05%, although the difference is relatively minor for most traders.

Bybit's greatest strengths are its deep futures market liquidity and the reputation it earned through its professional handling of the 2025 crisis. Many users cite the exchange's swift and transparent response as a key reason for their continued trust in the platform.

How to Sign Up in Three Steps

1. Register on the official Bybit website or mobile app using a valid email address or a non-Iranian phone number.
2. Upload valid identity documents to complete the mandatory KYC verification process.
3. Fund your account and choose between spot or futures trading.

Frequently Asked Questions

Does Bybit work for Iranian users?

No. Under Bybit's official Terms of Service, Iran is listed as a restricted jurisdiction.

Is Bybit safe after the 2025 hack?

Yes. The exchange restored all missing customer assets within 72 hours and now publishes regular independently verified Proof of Reserves reports.

What are Bybit's trading fees?

At the base tier, spot trading fees are 0.10% for both makers and takers, while futures fees are approximately 0.02% maker and 0.055% taker.

Final Verdict and Rating

• Security: 7/10
• Fees: 7/10
• Persian-language Support: 1/10

Bybit is an excellent choice for futures traders seeking deep liquidity, sophisticated trading tools, and a platform that demonstrated resilience during one of the industry's largest crises. However, because it officially restricts users from Iran, it is not a practical option for Iranian residents.

This review is based on information available as of 2026. Exchange policies, fees, supported jurisdictions, and regulatory requirements may change over time. Always verify the latest information on Bybit's official website before creating an account.