📖 Bybit: Real Trader Feedback and Key Risks
Bybit is a leading cryptocurrency exchange featuring an advanced trading terminal, native TradingView charts, high volumes, and a broad product lineup (spot, derivatives, P2P, Earn, copy trading, and more). User feedback is distinctly polarized: many traders praise speed and ergonomics, while others report P2P disputes, lengthy compliance reviews, and rare yet painful incidents. We synthesized firsthand experiences—from Trustpilot and TradingView to Reddit, X, and YouTube—to present a balanced, practical view of where Bybit excels and where extra care is warranted.
Goal of this guide: help you decide whether Bybit is right for you. We review overall sentiment, interface and execution speed, liquidity, the mobile app, support performance, security (including headline incidents), fees and withdrawals, and bonus programs and competitions. Each section includes practical recommendations and ready‑to‑use checklists.
General information about the exchange
Quick profile
- Scale: founded in 2018; serves tens of millions of users worldwide (officially “60+ million”). The exchange ranks among the largest by trading volume.
- Products: spot, perpetuals and futures with leverage, options, P2P exchange, Earn/staking, copy trading, card products, and integrations.
- Terminal: native TradingView charts, advanced order types, a fast matching engine, and customizable workspaces.
- Apps: full‑featured iOS/Android clients with notifications, biometrics, and access to core functionality.
- Fees: spot — baseline ≈0.1% (lower at VIP tiers); derivatives — typical retail levels around 0.06% taker and 0.01% maker (decrease as status rises).
- Verification: KYC is mandatory (for trading and withdrawals; see “Support & Compliance”).
Summary of user ratings
The landscape is polarized: general‑purpose review sites show many 5★ and 1★ posts, whereas the active trading community skews more positive.
| Platform | Rating | Tone notes |
|---|---|---|
| Trustpilot | ≈3.4/5 (6.4k+ reviews); 5★ ~42%, 1★ ~45% | Common themes: P2P disputes, withdrawal delays during reviews, but also many long‑term “everything works” reports. |
| TradingView | ≈4.7/5 (≈19.4k ratings) | Focus on the terminal, execution, and liquidity; sporadic complaints about disputed liquidations and isolated glitches. |
| Social (Reddit/X) | No aggregate | Plenty of concrete cases—both positive and negative—especially around P2P and bonus terms. |
📊 Review distribution: score and reason
1–2 stars
- 🚫 Delays or withdrawal holds (manual KYC/AML checks; status shows “completed” while funds are still processing on the network/bank side).
- 🚫 Contentious P2P disputes (chargebacks; arbitration decisions that do not favor the good‑faith party).
- 🚫 Account restrictions after atypical transactions or sudden turnover spikes; requests to prove source of funds.
- 🚫 Slow or canned support responses; limited transparency into ticket status.
- 🚫 Distrust following high‑profile security incidents and reputational controversies.
3 stars
- 😐 The interface and fees appeal, but service stability can be inconsistent.
- 😐 Deposits/withdrawals are usually fast, yet occasional manual reviews cause delays.
- 😐 P2P is generally smooth with vetted merchants, though concerns about potential disputes remain.
- 😐 Bonuses help cut costs, though terms are complex and not always obvious.
4–5 stars
- 👍 User‑friendly interface, deep TradingView integration, fast terminal.
- 👍 Competitive fees and tight spreads on liquid pairs.
- 👍 High liquidity, quick execution, broad coin coverage, timely listings.
- 👍 Robust mobile apps; years of trouble‑free withdrawals for many users.
| ⭐ Rating | 📊 Approximate share | 💬 Main reason |
|---|---|---|
| 1–2 stars | ≈45–50% | 🚫 Withdrawal/lock issues and contentious P2P rulings; slow or canned support |
| 3 stars | ≈8–12% | 😐 Mixed experience: strong interface and fees, but delays and stability concerns |
| 4–5 stars | ≈40–45% | 👍 Friendly interface, low fees, high liquidity and quick execution; successful trading and withdrawals |
Methodology: how we gathered reviews
In short: we analyzed recent reviews on Trustpilot (mass audience), TradingView (active traders), Reddit/X (detailed cases), and YouTube (video reviews), grouped them by theme, and cross‑checked the findings against the exchange’s rules and documentation.
Sources: public review pages and the exchange help center, prioritizing primary sources and moderated platforms.
Approach: emphasis on recurring motifs (interface/speed, liquidity, P2P, support/compliance, security, fees/withdrawals, bonuses/promos).
Limitations: ratings and terms change; one‑off stories don’t always reflect the average. We provide context and flag where volatility is likely.
Overall impression from reviews
Bybit presents “two realities.” The first is day‑to‑day trading: the interface is convenient, charts and orders are fast, spot and derivatives cover most scenarios, and withdrawals are routine—these users often leave 5★ ratings and stay for years. The second is non‑standard situations: a P2P dispute, a non‑obvious chargeback, an atypical deposit/withdrawal, a compliance investigation. Here, delays and stress are more common, producing sharp 1★ reviews. The net effect is “average” ratings on mass platforms and “high” ratings among active traders.
What this means for users
- If you trade “by the exchange’s rules” (KYC completed, careful P2P, transparent sources of funds), your odds of a positive experience are high.
- If you often encounter contentious cases (especially on P2P) or handle large sums, expect reviews and temporary restrictions.
Interface and convenience
Bybit’s terminal is among the most refined on centralized exchanges (CEXs): a clean workspace, flexible panel layout, quick access to orders and the order book, and dark/light themes. A major plus is deep TradingView integration: indicators, drawing tools, and one‑click trading from the chart. Desktop and mobile clients support notifications, “post‑only,” and fine‑grained order settings. Negative remarks appear occasionally (e.g., “executed orders aren’t visible on the chart” or certain mobile‑chart limits) but aren’t statistically dominant.
Trading process and liquidity
Bybit has long been strong in derivatives: the engine is fast, order books on liquid pairs are deep, and slippage on major pairs is usually low. On spot, there’s a wide coin list and steady volumes in top markets. Occasional complaints center on disputed liquidations at high leverage (e.g., due to the mark price or local “wicks”); however, these are inherent to derivatives markets and their risk mechanics rather than unique to Bybit.
Mobile app
Bybit’s mobile clients cover nearly all daily needs: charts (including TradingView), orders, P2P, notifications, and security (2FA/biometrics). Users report fast performance and stable connectivity; constraints include less chart “depth” on a phone screen and rare high‑volatility bugs addressed by updates. A common workflow: analyze on desktop, execute quickly on your phone.
Support, KYC, and compliance
Support operates 24/7 via chat and email; publicly, the exchange responds promptly to negative posts. Complex cases (KYC/AML, source of funds, fraud investigations), however, often take weeks: they’re handled not by front‑line agents but by a compliance team that works within a regulatory framework and requires a complete set of documents.
What to prepare in advance
- Complete basic KYC immediately after registration.
- Keep source‑of‑funds documentation ready (statements, contracts, receipts, etc.).
- For P2P — decide in advance on compliant payment rails and limits.
Security: platform and user‑side
Account security. All essentials are available: 2FA, anti‑phishing code, email confirmations, withdrawal address whitelists, and a PIN for critical actions. The rare account‑compromise cases typically stem from phishing, device malware, or human error; according to reviews, users sometimes dispute causes and event logs with support.
Platform‑level incidents. In 2025, the exchange experienced a high‑profile breach in which significant funds were stolen from one wallet. The company stated that client balances were protected and operations continued, with withdrawals delayed due to heavy load. After the incident, the exchange tightened defenses and cooperated with law enforcement and on‑chain analytics providers.
Security architecture (general)
Asset storage
Hot/cold wallets, multi‑signature (multisig), movement limits, and 24/7 transaction monitoring. Post‑incident — additional internal controls on fund movements.
Access control
2FA, anti‑phishing code, withdrawal whitelists, anomaly‑detection heuristics, and manual withdrawal pauses when warranted.
Procedures
Audits, bug bounty, incident‑response drills, and cooperation with on‑chain tracing providers.
P2P: convenience and risks
Bybit’s P2P platform streamlines fiat on‑/off‑ramps via local payment rails. Many trades are seamless, especially with vetted merchants. The main sources of negative feedback are counterparties’ fraud schemes (forged confirmations, reversals/chargebacks, pressure to “go off‑platform”) and contentious arbitration outcomes in complex cases. In practice, the stronger your evidence pack, the better your chances of a favorable ruling.
P2P safety checklist
- Choose vetted merchants: high rating, many completed trades, verified status.
- Keep all communication on‑platform: any off‑Bybit proposal is a red flag — cancel the trade.
- Record the payment: receipts, screenshots, and—if possible—a video of the transfer process.
- Do not release escrow until funds actually arrive in your account.
- Avoid risky payment methods that enable chargebacks without adjudication.
- Split large sums into several trades — easier to arbitrate and lowers risk.
- Prepare an “evidence folder” in advance: scans, screenshots, and a timestamped chronology.
What to do if a dispute arises
- Open a dispute from the specific order window and clearly describe the issue.
- Attach evidence (bank statements/receipts, chat history, payment video).
- Respond on time and stay on topic; don’t take the discussion off‑platform.
- If needed, escalate via support and file a “complaint against the counterparty” from the P2P interface.
- After resolution, leave feedback on the counterparty to help others.
Fees, deposits, and withdrawals
Spot: baseline maker/taker ≈0.1% at entry tiers, reduced at VIP levels. Derivatives: typical retail ≈0.01% maker and ≈0.06% taker (exact rates vary by status/product and periodic updates). There have been policy shifts: in 2022 the exchange discontinued legacy maker rebates, which drew criticism from some HFT/algo traders.
Deposits/withdrawals: crypto withdrawals usually process quickly; delays arise during manual reviews (anomalous activity, large sums, data mismatches). P2P offers cost‑effective fiat conversion but demands caution (see the checklist above).
Bonuses, promotions, and competitions
Bybit actively runs promos: welcome packs, fee coupons, bonus credits, and tournaments (including large team events). It’s crucial to understand the mechanics: bonus funds themselves are not withdrawable, but profits earned using them are—subject to conditions (minimums, deadlines). A realistic stance is to treat bonuses as “fuel” for testing ideas, not “free money.”
Terms that often appear in reviews
KYC: mandatory identity verification for access to trading and withdrawals. Usually a passport/ID and a selfie; for large turnover — additional documents.
2FA: two‑factor authentication — a second step to confirm logins/operations (e.g., an app code).
Mark price: a reference price on derivatives used to calculate liquidations; it smooths out “wicks” but may differ from the last trade.
Escrow: temporary “freezing” of coins in P2P until payment is confirmed; disputes are settled by arbitration.
Withdrawal whitelist: a pre‑approved list of addresses for withdrawals; improves security.
Metrics and observations from reviews
Ratings
Marked polarization on Trustpilot (many 5★ and 1★) and high scores on TradingView among active traders.
Recurring themes
Praise: interface, speed, liquidity, convenient apps. Complaints: P2P disputes, lengthy compliance checks, bonus‑related expectations.
Dynamics
After headline events (e.g., security incidents) negative reviews spike, then gradually fade as cases are resolved and updates roll out.
Pros and cons from reviews
✅ Pros
- Intuitive interface and deep TradingView integration; fast terminal.
- High liquidity on major markets; quick order execution.
- Broad toolset: spot, derivatives, options, P2P, Earn, copy trading.
- Competitive baseline fees; VIP discounts and coupons.
- Full‑featured mobile apps with notifications and biometrics.
❌ Cons
- P2P risks and contentious cases (especially when user evidence is weak).
- Compliance reviews can be lengthy; some functions are limited during that period.
- A major security incident in 2025 — reputational damage despite continued platform operations.
- Bonus marketing can inflate expectations; terms are complex and not always clear to newcomers.
- Fee/terms changes (e.g., discontinuation of maker rebates in 2022) frustrated parts of the pro audience.
❓ Frequently Asked Questions (FAQ)
Is Bybit reliable and can it be trusted?
Bybit is a large platform with millions of users and a strong technical foundation. As with any CEX, there’s no absolute guarantee: in 2025 there was a high‑profile security incident. The exchange stated that client funds were protected and operations continued, with some withdrawal delays. For long‑term storage, use personal wallets; for trading, maintain strict security hygiene (2FA, whitelists, anti‑phishing code).
What are the fees and how can I reduce them?
On spot — ≈0.1% maker/taker at entry tiers; on derivatives — ≈0.01% maker and ≈0.06% taker. Fees decline with higher VIP tiers and volume, and via coupons. Use “post‑only” and limit orders to target maker rates.
Is verification (KYC) required?
Yes. KYC is mandatory for access to products and withdrawals. Without KYC, strict limits or holds are possible until verification completes, especially with large sums or atypical flows.
How can I stay safe on P2P?
Choose vetted merchants, keep all communication on‑platform, record your payment, and don’t release escrow until funds arrive. Split large amounts and prepare evidence (receipts, statements, chat logs, video) in case of a dispute.
Can I withdraw bonuses?
No. Bonus funds aren’t withdrawable; only profit earned with them can be withdrawn if conditions are met (minimums, deadlines). Treat bonuses as tools for trading and discounts, not cash.
Why could my position be liquidated “at a price that didn’t exist”?
On derivatives, liquidation is calculated from the mark (reference) price, not the last trade. It smooths “wicks” but may differ from the visible chart price.
What should I do if my account is restricted or withdrawals are “on pause”?
Check KYC, prepare source‑of‑funds documents, open a ticket with a clear chronology and files, mirror it in live chat, and escalate politely through public channels if needed. Update the ticket every 48 hours without spamming.
Are bonuses and tournaments worth it?
Yes—if expectations are realistic. Bonuses help lower costs and test ideas; tournaments suit competitive traders. Don’t treat promos as “free cash”; read the terms.
✅ Conclusion
Bybit is a robust platform for active trading with an intuitive interface, high liquidity, and rich functionality. Hence the many “5★ everything works” reviews among traders. Negatives cluster around P2P risks, lengthy compliance checks, and marketing‑driven expectations about bonuses. These risk zones can be narrowed substantially with discipline and preparation.
Practical formula: KYC—immediately; 2FA + whitelists—always; P2P—only with vetted merchants and a complete “evidence folder”; long‑term capital—kept in personal wallets. With this setup, the odds of a positive experience are materially higher according to real‑world reviews.