Should You Use Bybit? An Honest Look at Fees, Safety and Sign-Up
A complete, honest walkthrough of opening a Bybit account — its real track record and crisis-tested security, how to register and verify step by step, exactly where to enter referral code 5ZGKX#0, country availability, fees, and how Bybit compares to Binance, Gate, KuCoin and MEXC.
Updated June 2026 · Nakta
Quick answer
- Bybit is one of the world’s largest crypto exchanges — founded in 2018, the #2 platform by volume, with 60M+ users and a full spot, derivatives and copy-trading lineup.
- Bybit referral code: enter 5ZGKX#0 (including the “#0”) at sign-up to attach the current new-user rewards — shown on the sign-up page. Honestly, we couldn’t verify a single fixed bonus, so we won’t print one; the code can’t be added after registration.
- Best known for deep liquidity and a fast, professional trading app — Bybit is especially strong on derivatives, but works perfectly well as a spot-only exchange if you keep things simple.
- Sign-up takes ~10–15 minutes: register → enter the code → verify ID (KYC) → enable authenticator-app 2FA → deposit and buy on the exchange.
- Strongly regulated now (UAE SCA + VARA, EU MiCAR across 29 EEA, India FIU, Kazakhstan, Georgia) — but not available to U.S. residents or ~16 other jurisdictions.
- In practice, most individual losses come from phished accounts and one-tap leverage — not the exchange itself — so keep 2FA on and stay on spot.
What this guide covers
1. Quick answer: signing up for Bybit (and the referral code)
2. Is Bybit legit and safe? An honest review — including the 2025 hack
3. Bybit at a glance
4. Bybit pros & cons
5. What you need before you sign up
6. How to sign up for Bybit — step by step
7. How to enter referral code 5ZGKX#0 (and what it actually does)
8. How to verify your identity (KYC — mandatory)
9. How to secure your Bybit account
10. How to deposit & buy your first crypto on Bybit
11. Bybit fees explained (and how to pay less)
12. Bybit features overview (what to use, what to avoid)
13. Is Bybit available in your country? (the U.S. answer is no)
14. Common sign-up problems & how to fix them
15. Bybit vs Binance, Gate, KuCoin and MEXC
16. Is Bybit right for you?
17. Next steps
1. Quick answer: signing up for Bybit (and the referral code)
2. Is Bybit legit and safe? An honest review — including the 2025 hack
3. Bybit at a glance
4. Bybit pros & cons
5. What you need before you sign up
6. How to sign up for Bybit — step by step
7. How to enter referral code 5ZGKX#0 (and what it actually does)
8. How to verify your identity (KYC — mandatory)
9. How to secure your Bybit account
10. How to deposit & buy your first crypto on Bybit
11. Bybit fees explained (and how to pay less)
12. Bybit features overview (what to use, what to avoid)
13. Is Bybit available in your country? (the U.S. answer is no)
14. Common sign-up problems & how to fix them
15. Bybit vs Binance, Gate, KuCoin and MEXC
16. Is Bybit right for you?
17. Next steps
1. Quick answer: signing up for Bybit (and the referral code)
Bybit is one of the world’s largest cryptocurrency exchanges — founded in 2018 and now the world’s #2 exchange by volume, with 60+ million users and a full range of spot, derivatives, options and copy-trading products. Signing up takes about 10–15 minutes: register with your email, verify your identity, enable two-factor authentication, and you’re ready to trade.
There’s one thing you can only do during registration, so it’s worth knowing before you start:
Bybit referral code: enter 5ZGKX#0 in the “Referral code” field when you sign up. This attaches your account to the new-user rewards Bybit is running — and, honestly, the exact reward changes by region and over time, so we won’t print a fixed number here. The sign-up page always shows the current new-user offer; the code can only be entered during registration, never after, and using it costs you nothing extra.
This guide covers the whole journey honestly: Bybit’s real track record — including the February 2025 hack that was the largest in crypto history, and the crisis response that, unusually, ended with no user losing a cent — how to create and verify your account step by step, exactly where the code goes, how to secure the account, deposits and your first purchase, how fees work, which countries Bybit serves (the U.S. is out — we explain why), and how it compares to Binance, Gate, KuCoin and MEXC.
2. Is Bybit legit and safe? An honest review — including the 2025 hack
Before handing any platform your ID and money, ask the hard question: is Bybit legit — and how did it handle the worst day in its history? Here’s the honest version.
Is Bybit legit? Yes. Bybit launched in 2018, reports more than 60 million users, and is consistently ranked the world’s second-largest crypto exchange by volume. It is regulated as a Virtual Asset Platform Operator in the UAE (a full SCA licence, plus Dubai’s VARA), holds a MiCAR licence in the EU (via Austria’s FMA, passported across 29 EEA countries), and is registered with India’s FIU, Kazakhstan’s AFSA and Georgia’s national bank.
The defining test — the February 2025 hack (the biggest in crypto history):
| What happened | The details |
|---|---|
| 21 February 2025 (~$1.5B) | Attackers (the FBI attributes this to North Korea’s Lazarus group) compromised a routine cold-wallet transfer — the signing interface showed a legitimate transaction while malicious code redirected roughly $1.5 billion in Ethereum to their own addresses. It remains the largest theft in crypto history. |
| How Bybit responded | CEO Ben Zhou went public within hours, on a live stream, and guaranteed every withdrawal. Withdrawals never stopped. Within about 72 hours Bybit closed the gap using emergency loans and large deposits from firms like Galaxy Digital, FalconX and Wintermute, and a Hacken proof-of-reserves audit confirmed all major assets were back above 100% collateralization. |
| The outcome | No user lost any funds. Bybit absorbed the entire loss itself, kept the platform running through the panic, and launched a 10% recovery bounty (lazarusbounty.com) to trace the stolen ETH. As exchange-crisis responses go, this is now a textbook example of doing it right. |
The honest bottom line: the hack itself was a genuine, record-breaking security failure at the signing layer — that part is not spin, and Bybit has tightened its custody and signing process since. But the measure of an exchange is what happens to your money when something goes wrong, and on that test Bybit passed about as well as any exchange ever has: full transparency, uninterrupted withdrawals, the loss absorbed by the company, and users made whole. We tell you both halves so you can judge for yourself. As always: long-term holdings belong in a wallet you control, and most individual losses come from phishing, not exchange failures.
3. Bybit at a glance
A quick snapshot of what you’re signing up for:
| Bybit — at a glance | |
|---|---|
| Founded | 2018 (headquartered in Dubai, UAE) |
| Size | 60M+ users (self-reported); consistently the #2 exchange by volume |
| Products | Spot, perpetual futures, options, copy trading, Earn, launchpad — a derivatives-strong platform |
| Spot trading fee | From 0.1% maker/taker (lower at VIP tiers); derivatives fees are lower still |
| Referral code | 5ZGKX#0 — attaches the current new-user rewards shown on the sign-up page (no fixed % we could independently verify) |
| Proof of reserves | Regular third-party (Hacken) attestations; reserves were restored above 100% within days of the 2025 hack |
| Licences/registrations | UAE SCA + Dubai VARA · EU MiCAR (Austria FMA, 29 EEA markets) · India FIU · Kazakhstan AFSA · Georgia |
| KYC | Mandatory for trading, deposits and withdrawals |
| Apps | iOS, Android, desktop and web — fast, trader-focused interface |
| Best for | Active traders who want deep liquidity, derivatives and copy trading in one account |
| Watch-outs | Not available in the U.S. and ~16 other jurisdictions; derivatives/leverage are high-risk and not for beginners |
4. Bybit pros & cons
No exchange is perfect. The balanced view before you commit:
| Pros 👍 | Cons 👎 |
|---|---|
| World’s #2 exchange by volume — deep liquidity and tight spreads, especially on majors | Derivatives-first culture: leverage is everywhere and wipes out beginners fast |
| Handled the largest hack in history with zero user losses, uninterrupted withdrawals, and full transparency | That hack still happened — a record-breaking ~$1.5B signing-layer breach in Feb 2025 |
| Strongly regulated now: UAE SCA + VARA, EU MiCAR (29 EEA), India FIU, Kazakhstan, Georgia | Not available to U.S. residents, or in ~16 jurisdictions (China, Hong Kong, Singapore, Canada and more) |
| One account spans spot, futures, options, copy trading and Earn | The breadth of products makes it easy for newcomers to wander into high-risk tools |
| Fast, polished app that serious traders rate highly | New-user reward is region/time-dependent — no single fixed bonus we could verify |
Beginner takeaway: Bybit is a powerful, deep-liquidity exchange that happens to be very good at derivatives — which is exactly the part beginners should ignore at first. If you sign up with 5ZGKX#0, keep 2FA on, stay on the spot market, and leave leverage alone, it’s a strong first or second account in supported countries.
5. What you need before you sign up
Signing up is quick. Have these ready and the whole process takes about 10–15 minutes:
- An email address (or phone number) — to create the account.
- A strong, unique password — not reused anywhere; a password manager helps.
- A government-issued ID — passport, national ID, or driver’s licence. KYC is mandatory on Bybit for trading, deposits and withdrawals.
- Your phone — for an authenticator app (the secure form of two-factor authentication).
- The referral code 5ZGKX#0 — entered during sign-up so your account attaches to the current new-user rewards.
One safety rule before you start: only reach Bybit by typing bybit.com yourself (EU residents are served by the MiCAR-licensed Bybit EU) or via the official app-store listing — never from an ad, email, or DM. Fake exchange login pages are the classic phishing trap. Note the code carefully: it is 5ZGKX#0, including the “#0” at the end — you must enter all of it.
6. How to sign up for Bybit — step by step
The full step-by-step. Step 4 is where the referral code attaches your new-user rewards.
- Go to the official Bybit website or app. Type bybit.com yourself, or install the app from the official App Store / Google Play listing and check the developer name.
- Click “Sign up.” Choose email (or phone) registration.
- Enter your email and create a strong password. Long, unique, never reused.
- Enter the referral code. On the registration form there’s a “Referral code (optional)” field — tap it to reveal the box if it’s folded away. Type 5ZGKX#0 there (all of it, including #0). This attaches your account to the new-user rewards, and it can only be done now.
- Verify your email. Bybit sends a confirmation code; enter it.
- Complete identity verification (KYC). Upload your ID and pass the selfie/liveness check (next section). Approval usually takes minutes.
- Turn on two-factor authentication (2FA) immediately — an authenticator app rather than SMS where possible.
- Deposit and make your first purchase.
Tip: registering in the app and can’t find the referral field? Look for “Referral code (optional)” before submitting. Once the account exists, the code can’t be applied retroactively — a platform rule on Bybit, Binance, Gate and every major exchange.
7. How to enter referral code 5ZGKX#0 (and what it actually does)
The part people most often miss, on its own. Bybit referral code: 5ZGKX#0 (enter all of it, including the “#0”). Typing it at sign-up attaches your account to whatever new-user rewards Bybit is currently running — at no cost to you.
Honesty note: for Gate and KuCoin we print exact, verified numbers (10% and 5% off fees for life) because we confirmed them in those referral dashboards. For Bybit we could not independently verify a single fixed bonus or fee discount — the new-user reward genuinely varies by country, time and promotion. So rather than copy a number from another website, we tell you the truth: enter the code, then read the reward the sign-up page actually shows you.
| Question | Answer |
|---|---|
| What is the code? | 5ZGKX#0 (include the “#0”) |
| What do I get? | The current new-user rewards shown on Bybit’s sign-up page (region/time-dependent) |
| Where do I enter it? | The “Referral code” field on the registration screen |
| When? | During sign-up only — it cannot be added after the account is created |
| Does it cost me anything? | No — it never raises your costs |
You can also scan the QR below to open the official Bybit sign-up with the referral already applied:
Bybit
Code: 5ZGKX#0
Installing the app directly? Enter 5ZGKX#0 in the “Referral” field at sign-up — that’s how your benefit (and our credit) attaches.
Official sign-up · code 5ZGKX#0 · new-user rewards shown on the page
Affiliate disclosure: some links are partner links. We may earn a commission at no extra cost to you. This is not investment advice.
Want a verified, fixed fee discount instead? That’s an honest reason to compare: our Gate code gives 10% off fees for life and our KuCoin code gives 5% — both verified. Bybit’s edge is liquidity and product depth, not a guaranteed fee number. We print both honestly and you choose.
8. How to verify your identity (KYC — mandatory)
Identity verification (KYC) is mandatory on Bybit — you can’t trade, deposit or withdraw without it, and as a regulated platform (UAE SCA, EU MiCAR) it takes this seriously. It works like every serious exchange:
- Open Verification (your profile → Identity Verification, or the prompt right after sign-up).
- Enter your personal details exactly as they appear on your ID.
- Upload your government ID — passport, national ID card, or driver’s licence. Clear photos, no glare, whole document in frame.
- Complete the selfie/liveness check — follow the on-screen prompts.
- Wait for approval. Automated review usually completes within minutes; busy periods can stretch to hours.
Tips for fast approval: photograph the physical document (not a screenshot), use good lighting, match your name exactly, keep the whole document visible. Rejections are almost always a blurry or cropped photo — retake and resubmit.
9. How to secure your Bybit account
Do this right after signing up, before depositing anything meaningful. The most common way people lose crypto is a phished or hijacked account — not an exchange collapse.
| Security setting | Why it matters |
|---|---|
| Authenticator-app 2FA | Turn on two-factor authentication with an authenticator app rather than SMS where possible (SIM-swap risk). The single most important setting on any exchange. |
| Anti-phishing code | Set a personal code that genuine Bybit emails will display; fakes won’t have it. |
| Withdrawal address whitelist | Restrict withdrawals to addresses you pre-approved, so a thief can’t send funds anywhere new. |
| Fund password / passkeys | Add Bybit’s extra authentication layers where offered — a second wall even if your login is compromised. |
| Unique password + manager | Never reuse passwords across sites. |
The rules that stop account theft: Bybit will never ask for your password or 2FA code; real support never DMs you first; nobody legitimate needs remote access to your device or to “help you trade.” Anyone breaking these rules is a scammer — the full catalogue is in our crypto scams guide. For long-term holdings, use a wallet you control.
10. How to deposit & buy your first crypto on Bybit
With the account verified and secured, you can fund it and buy your first crypto. Methods vary by country:
| Method | How it works | Notes |
|---|---|---|
| Crypto deposit | Transfer crypto you already own (e.g., USDT) from another exchange or wallet | Free on Bybit’s side; match the network exactly and send a small test first |
| Card purchase | Buy crypto with a debit/credit card (One-Click Buy) | Fast; processing fees are higher than other routes |
| P2P trading | Buy from other users with local payment methods, escrowed by Bybit | Useful where card/bank rails are limited; check seller ratings |
| Bank/third-party providers | Integrated on-ramp partners and regional bank transfers | Convenience varies by region — compare the quoted total |
For your first purchase: most beginners deposit USDT and buy on the exchange, or use One-Click Buy for Bitcoin or Ethereum. On the spot market, a market order fills instantly at the current price — that’s all you need at the start. Stay on “Spot,” not “Derivatives.”
Start small. Run one tiny end-to-end cycle — deposit, buy, withdraw a little to your wallet — before committing real money. New to all of this? Start with our complete beginner’s guide to crypto.
11. Bybit fees explained (and how to pay less)
Bybit’s fees are competitive, especially for active traders. What you’ll actually pay:
| Fee type | What it is |
|---|---|
| Spot trading fee | Around 0.1% maker/taker at the standard tier, falling at higher VIP volume levels. Example: a $100 spot trade costs about $0.10. |
| Derivatives fees | Lower than spot — perpetual futures run around 0.02% maker / 0.055% taker at entry tiers. Cheaper to trade, but leverage makes them far riskier. |
| Referral code | Code 5ZGKX#0 attaches the current new-user rewards (varies by region/time — shown on the sign-up page). We don’t print a fixed % because we couldn’t verify one. |
| Deposits/withdrawals | Crypto deposits are free; withdrawals cost a network fee that varies by coin and chain. Card purchases carry processing fees. |
How to pay the least: sign up with 5ZGKX#0 (the only step you can’t do later), trade on the exchange rather than “instant buy,” pick cheap networks when withdrawing, and check the official fee page for current numbers — fee schedules change.
12. Bybit features overview (what to use, what to avoid)
You don’t need most of this on day one — but it’s worth knowing what one Bybit account can do, and what to leave alone.
| Feature | What it’s for | Beginner? |
|---|---|---|
| Spot trading | Buy/sell coins outright on the open market | ✅ Start here (market orders) |
| One-Click Buy / P2P | On-ramp from local currency | ✅ Where available |
| Earn | Yield on idle assets (flexible/fixed) | ⚠️ Read terms; yields vary and carry risk |
| Copy trading | Mirror another trader’s positions automatically | ⚠️ You inherit their losses too — past performance ≠ future results |
| Perpetual futures / Options | Leveraged derivatives | ❌ High risk — beginners should avoid entirely |
| Launchpad / new listings | Early access to new tokens | ⚠️ Popular but speculative — research every project |
Honest warning: Bybit is, at heart, a derivatives exchange — leverage is one tap away on almost every screen, and it is the single biggest reason beginners lose money. Most “I lost everything on an exchange” stories are leverage stories, not hacks. Stay on spot, treat copy trading as risky, and avoid futures and options until you genuinely understand them (start with how blockchains work).
13. Is Bybit available in your country? (the U.S. answer is no)
Bybit sign-up is open in 160+ countries — and here’s the key point: crypto deposits work no matter where you live. Send coins from another exchange or wallet into Bybit and you can buy the tokens listed there. So if the coin you want is on Bybit, you can almost certainly use it.
| Region | Status (2026 — verify current rules on the official site) |
|---|---|
| Fund with crypto (most common) | Move coins you already hold elsewhere into Bybit and trade right away — just match the network. This works the same regardless of country. |
| EU / EEA · UAE · UK | Fully licensed: Bybit EU under MiCAR (Austria’s FMA, 29 EEA markets), the UAE under SCA + Dubai’s VARA, and the UK re-opened in late 2025 via a regulated partnership (Archax). Standard sign-up. |
| Most of Asia, Latin America, Africa | Available on the global platform in 160+ countries; the local-currency on-ramp varies, and a card or P2P usually covers it. (A few markets such as mainland China and Hong Kong are excluded — starting sign-up confirms instantly.) |
| United States | Bybit doesn’t serve U.S. residents — if you’re in the U.S., use a U.S.-licensed exchange instead. |
The fastest path: if you already hold crypto on another exchange or in a wallet, send it to Bybit and start trading — crypto deposits and withdrawals work everywhere. Only the local-currency on-ramp varies by country. Compare options in our exchanges guide.
14. Common sign-up problems & how to fix them
Most sign-up issues have quick fixes:
| Problem | Fix |
|---|---|
| KYC rejected | Almost always a photo issue: retake in good light, full document in frame, physical ID (not a screenshot), name matching exactly. |
| No email code | Check spam, wait a minute, resend; confirm the address; whitelist Bybit’s domain. |
| “Invalid referral code” | Re-type 5ZGKX#0 exactly — include the “#0” and no spaces. If the field misbehaves, the QR/button in this guide opens sign-up with the referral pre-applied. |
| Forgot the code | It cannot be added after registration — platform rule, not a bug. Sign-up only. |
| Country not selectable for local deposits | Fund Bybit by sending crypto from another exchange or wallet instead — crypto deposits work everywhere, so you can trade right away. |
| Locked out / lost 2FA | Use the official account-recovery flow only. Anyone DMing you “support” is a scammer. |
| Deposit not credited | Crypto needs network confirmations; check the transaction hash in a block explorer first. Wrong-network deposits are the classic cause. |
15. Bybit vs Binance, Gate, KuCoin and MEXC
How does Bybit actually stack up? The honest one-line answer: Bybit wins on liquidity and derivatives depth; Binance is the only one bigger; Gate and KuCoin give larger verified fee discounts via their codes.
| Exchange | Known for | Verified referral benefit here |
|---|---|---|
| Bybit | World #2 by volume; deep liquidity, derivatives, options and copy trading; handled the 2025 record hack with zero user losses | 5ZGKX#0 — new-user rewards shown at sign-up (no fixed % we could verify) |
| Binance | World #1 by volume and liquidity, broadest fiat rails | CRYPTONAKTA — 10% off spot fees (verified) |
| Gate | 3,800+ coins (the altcoin library), 120%+ proof of reserves — see our full Gate guide | VFIWUQTAUQ — 10% off fees, lifetime (verified) |
| KuCoin | Beginner-friendly app + 700+ coins — see our full KuCoin guide | CXEM4JP5 — 5% off fees, lifetime (verified) |
| MEXC | 0% spot maker fee, fast new listings | 43zJH — new-user benefits shown at sign-up |
We print a fixed number only when we’ve verified it in the actual referral dashboard — which is exactly why we don’t print one for Bybit. Choose Bybit for liquidity and product depth, Binance for the deepest market, Gate or KuCoin for the biggest verified fee discounts. Full comparison: our best crypto exchanges guide.
16. Is Bybit right for you?
To keep it honest — Bybit isn’t automatically right for everyone. The quick read:
| Bybit is a great fit if you… | Consider an alternative if you… |
|---|---|
| Want deep liquidity and a fast, serious trading platform in supported countries | Live in the U.S. or another excluded jurisdiction (not available) |
| Value how it handled the 2025 hack — uninterrupted withdrawals, full transparency, users made whole | Weigh the fact that the record-breaking hack happened at all — a fair position; we laid out both halves |
| Are happy to stay on spot and ignore the derivatives that surround you | Know you’d be tempted by one-tap leverage — a simpler, spot-first exchange may protect you better |
| Don’t mind that the new-user reward isn’t a fixed, verified number | Want the biggest verified code discount — Gate’s 10% or KuCoin’s 5% are printed and confirmed |
Our take: for active traders in supported regions who want top-tier liquidity — or a strong second account alongside Binance — Bybit earns its place, and its 2025 crisis response is genuinely reassuring. Sign up with 5ZGKX#0, enable 2FA before depositing, stay on spot, and start small.
17. Next steps
You now have the full picture: Bybit’s record hack and the crisis response that protected users, how to register and verify, exactly where to enter referral code 5ZGKX#0 (and the honest reason we don’t print a fixed bonus), how to secure the account, and whether your country is served. The best next move is small and practical — finish sign-up with the code, turn on authenticator-app 2FA before depositing, stay on the exchange, and run one tiny deposit-buy-withdraw cycle to learn the flow. As holdings grow, move long-term funds to a wallet you control and learn the traps in our crypto scams guide. New to crypto entirely? Start with the complete beginner’s guide, understand Bitcoin, Ethereum and how blockchains work, and compare every major platform — including Gate and KuCoin — in our best crypto exchanges guide. Start small, secure the account, and learn as you go.
Frequently asked questions
Q. How do I sign up for Bybit, step by step?
1) Register with your email or phone on the official Bybit site or app. 2) Complete identity verification (KYC). 3) Enable app-based 2FA for security. 4) Enter referral code 5ZGKX#0 in the referral field at sign-up to get a sign-up fee benefit. Where direct fiat deposit is limited, buy a coin or stablecoin on a local exchange and transfer it in, or use P2P.
Q. Is there a Bybit referral code?
Yes. The Bybit referral code is 5ZGKX#0 — enter all of it, including the “#0”. Type it in the “Referral code” field during sign-up and your account attaches to the new-user rewards Bybit is currently running. It must be entered during registration — it cannot be added afterward — and using it costs you nothing extra.
Q. How much does the Bybit referral code give me?
Honestly, we won’t print a fixed number. Unlike Gate (10% off fees for life) and KuCoin (5%), which we verified in their dashboards, Bybit’s new-user reward genuinely varies by country, time and promotion, and we couldn’t independently confirm a single figure. Enter code 5ZGKX#0 at sign-up and read the reward the official sign-up page shows you — that’s the accurate answer.
Q. Where do I enter the Bybit referral code?
On the registration form, in the “Referral code (optional)” field — tap it to reveal the box if it’s folded away. Type 5ZGKX#0 there (including the “#0”) before completing sign-up. After the account exists, the code can no longer be applied.
Q. Is Bybit legit and safe?
Bybit is a real exchange operating since 2018, ranked the world’s #2 by volume, with 60M+ users, regular Hacken proof-of-reserves audits, a UAE SCA licence plus Dubai’s VARA, and an EU MiCAR licence covering 29 EEA markets. Its defining test came in February 2025, when it suffered the largest hack in crypto history — and passed: withdrawals never stopped, reserves were restored within days, and no user lost funds. The breach was real; so was the textbook response.
Q. Has Bybit ever been hacked?
Yes — on 21 February 2025, attackers attributed by the FBI to North Korea’s Lazarus group stole roughly $1.5 billion in Ethereum by compromising a routine cold-wallet transfer. It was the largest theft in crypto history. Bybit’s response is now widely cited as a model: the CEO disclosed it publicly within hours, withdrawals were never halted, emergency loans and deposits restored reserves above 100% within about 72 hours (confirmed by a Hacken audit), the company absorbed the entire loss, and no user lost any money.
Q. Did Bybit users lose money in the 2025 hack?
No. Bybit absorbed the full ~$1.5B loss itself, kept withdrawals running throughout, and restored reserves above 100% within days. Customer balances were unaffected. It also launched a 10% recovery bounty to trace the stolen funds. The measure of an exchange is what happens to your money when something goes wrong — and on that test, users were protected.
Q. Is Bybit available in the United States?
Bybit is available in 160+ countries, but not the United States — it doesn’t serve U.S. residents (a handful of other markets such as mainland China and Hong Kong are also excluded). If you’re in the U.S., use a U.S.-licensed exchange instead. Almost everywhere else you can sign up and fund your account by sending crypto from another exchange or wallet.
Q. Do I have to verify my identity (KYC) on Bybit?
Yes — KYC is mandatory for trading, deposits and withdrawals, in line with Bybit’s UAE SCA and EU MiCAR regulation. Have a passport, national ID or driver’s licence ready; automated approval usually takes minutes.
Q. Is it free to create a Bybit account?
Yes — registration and verification cost nothing. You pay fees only when trading (spot from about 0.1%) and small network fees when withdrawing crypto.
Q. What are Bybit’s trading fees?
Spot fees are around 0.1% maker/taker at the standard tier and fall at higher VIP volumes. Derivatives are cheaper (perpetual futures around 0.02% maker / 0.055% taker at entry tiers) but far riskier because of leverage. Fee schedules change — check the official fee page for current numbers.
Q. Is Bybit regulated?
Increasingly, yes. Bybit holds a full UAE SCA Virtual Asset Platform Operator licence plus Dubai’s VARA licence, an EU MiCAR licence via Austria’s FMA passported across 29 EEA countries, and registrations with India’s FIU, Kazakhstan’s AFSA and Georgia’s national bank. It is not licensed in — and does not serve — the United States.
Q. Is Bybit good for beginners?
It can be, with discipline. Sign-up, KYC and simple spot buying are straightforward, and liquidity is excellent. The catch is that Bybit is a derivatives-first platform — leverage is one tap away on most screens and is the biggest reason beginners lose money. If you stay on the spot market, keep 2FA on, and ignore futures, options and copy trading at first, it’s a solid choice in supported countries.
Q. I forgot to enter the referral code — can I add it later?
No. On Bybit (and every major exchange) referral codes only work during registration and can’t be applied retroactively. If you haven’t registered yet, enter 5ZGKX#0 in the referral field before finishing — that’s the only window.
Q. What is copy trading on Bybit?
Copy trading lets you automatically mirror the positions of another trader. It sounds easy, but you inherit their losses as well as their gains, past performance doesn’t predict future results, and many “lead traders” use leverage. Treat it as a high-risk product, not a shortcut — and never allocate money you can’t afford to lose.
Q. Should I keep my crypto on Bybit?
Active trading amounts, yes — and Bybit’s proof of reserves plus its 2025 record of protecting users are reassuring. Long-term holdings are safer in a wallet you control (“not your keys, not your coins”). Our crypto wallet guide covers setting one up properly.
Q. Bybit or Binance — which should I choose?
Both are top-tier for liquidity (Binance #1, Bybit #2). Binance has the broadest fiat rails and a verified 10%-off code (CRYPTONAKTA); Bybit is strong on derivatives, options and copy trading. For a verified fixed fee discount, Binance, Gate (10%) or KuCoin (5%) print confirmed numbers, while Bybit’s reward varies by promotion. Many active traders keep more than one account.
This article is for information and education only and is not investment, financial, or legal advice. Crypto is high-risk and you can lose money — and on Bybit, one-tap leverage makes that risk much larger. Exchange features, fees, availability and policies change over time and vary by country — always verify current details on the official Bybit site and confirm what’s legal where you live. Bybit does not serve U.S. residents. The referral code attaches the new-user rewards shown at sign-up; because those vary by region and promotion, we deliberately do not state a fixed bonus — confirm the exact benefit on the registration page. Security and legal-history details, including the February 2025 hack, reflect public reporting as of June 2026. Some links are partner links: using them costs you nothing extra and never changes what we recommend.
