Bybit Review 2026: Fees, Safety After the Hack, KYC & Countries
Bybit is one of the cheapest large exchanges for spot trading — 0.1% maker and 0.1% taker at the regular tier — but it isn't for everyone. It doesn't serve the US, the UK, Canada, Australia, Japan, Singapore or New Zealand, and without Standard KYC (an ID and a face scan) you can't deposit or trade. Its biggest test came on 21 February 2025, when about $1.5 billion in Ether was stolen from one of its cold wallets in an attack the FBI attributed to North Korea's Lazarus Group; Bybit said client funds were safe, covered the gap with help from partners and kept operating. Since 2025 it serves the EU as Bybit EU under a MiCA license from Austria's financial regulator, and it publishes Proof of Reserves audited by Hacken. Pick Bybit for low fees and P2P where it works; in the US, UK, Canada and Australia, use Kraken or another licensed exchange.
Bybit review 2026: 0.1% spot fees, KYC levels and limits, the February 2025 hack and how it was covered, the EU license, and who can't use Bybit.
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PROS
- Spot fees 0.1% maker / 0.1% taker at the regular tier
- Proof of Reserves with a Merkle tree, audited by Hacken
- EU MiCA license through Bybit EU (Austria)
- P2P market for local-currency deposits and cash-outs
- 1 million USDT a day in withdrawals after Standard KYC
CONS
- Not available in the US, UK, Canada, Australia, Japan, Singapore, New Zealand
- No deposits or trading without Standard KYC
- Feb 2025: about $1.5B stolen from a cold wallet (client funds covered)
- Welcome rewards are task-based coupons, not cash
Bybit Fees
Bybit's spot order book charges 0.1% to both makers and takers at the regular (non-VIP) tier, per its Help Center page updated in June 2026. On a $500 market order that is $0.50 — among the lowest of the large exchanges. Convert, the one-tap swap, has no separate fee, but its margin is built into the quote, so the order book is cheaper for anything but small swaps.
Crypto withdrawals cost a network fee that depends on the coin and the network; Bybit shows it, with the minimum, on the withdrawal screen before you confirm.
KYC: What Works Without Verification
Bybit requires verification for almost everything. Without KYC you can only withdraw existing funds — up to 20,000 USDT a day and 100,000 a month. Standard verification (a government ID and a face scan) unlocks deposits, spot and derivatives trading, P2P, card purchases and Earn, with withdrawals of up to 1 million USDT a day. Advanced verification adds a proof of address and raises the limit to 2 million USDT a day; it's also required for the Bybit Card.
Is Bybit Safe? The February 2025 Hack
On 21 February 2025, attackers manipulated a routine transfer from one of Bybit's Ether cold wallets and took about $1.5 billion — the largest crypto theft on record. The FBI attributed it to North Korea's Lazarus Group. Bybit said client funds were safe and that other cold wallets were unaffected, covered the gap with a bridge from partners, and kept processing withdrawals.
Bybit publishes Proof of Reserves built on a Merkle tree, so you can check that your balance is included; the audits are run by Hacken, and the latest, on 23 September 2026, reported a reserve ratio above 100%. In the EU, Bybit operates as Bybit EU from Vienna under a MiCA license from Austria's Financial Market Authority, announced in May 2025, with Bybit.eu live since July 2025.
Where Bybit Works — and Where It Doesn't
Bybit doesn't serve residents of the US, the UK, Canada, Australia, Japan, Singapore, New Zealand or the Isle of Man, nor sanctioned countries such as Iran, Cuba, North Korea, Syria and Sudan. In the EU, residents use Bybit EU. If you live in one of the excluded countries, a licensed local option — Kraken in the US, UK, Canada and Australia — is the realistic choice.
Bybit vs Kraken: Which Should You Pick?
Where both serve you, Bybit is cheaper per trade: 0.1% against Kraken Pro's 0.40% / 0.80% at the entry tier. Kraken's $10 in Bitcoin for new users outweighs that difference on a first purchase of up to about $1,400, and Kraken's record has no customer-fund losses. For frequent trading and P2P, Bybit; for a first purchase, the bonus or the longer record, Kraken. Our crypto calculator shows what each exchange gives you for your exact amount and country.
Quick Comparison
| At a glance | Bybit | Kraken |
|---|---|---|
| Spot fee, regular / entry tier (maker / taker) | 0.10% / 0.10% | 0.40% / 0.80% |
| Instant buy | Convert: margin built into the quote | App: 1% + spread |
| New-user bonus | Task-based coupons, not cash | $10 in BTC ($100 deposit + $100 traded) |
| US / UK / Canada / Australia | No / No / No / No | Yes (not NY) / Yes / Yes / Yes |
| EU license | MiCA, Austria (2025) | MiCA, Ireland (2025) |
| Proof of Reserves | Yes, audited by Hacken (Sept 2026) | Yes, since 2014 |
| Biggest incident | Feb 2025: ~$1.5B ETH stolen from a cold wallet; client funds covered | Jun 2024: ~$3M of Kraken's own funds via a bug; returned |
Step-by-Step Instructions
Frequently Asked Questions
Is Bybit safe after the 2025 hack?
Client funds were covered: after about $1.5 billion in Ether was stolen from one of its cold wallets on 21 February 2025, Bybit filled the gap with a bridge from partners and kept processing withdrawals. It publishes Proof of Reserves audited by Hacken; the latest, on 23 September 2026, showed reserves above 100% of client balances.
What are Bybit's fees?
Spot trading costs 0.1% maker and 0.1% taker at the regular tier. Convert has no separate fee but a margin built into the quote. Withdrawal fees depend on the coin and network and are shown on the withdrawal screen.
Is Bybit available in the US or the UK?
No. Bybit doesn't serve the US, the UK, Canada, Australia, Japan, Singapore or New Zealand. EU residents use Bybit EU, which holds a MiCA license from Austria.
Do I need KYC on Bybit?
Yes, for practically everything. Without Standard KYC (an ID and a face scan) you can't deposit, trade, use P2P or buy crypto — only withdraw up to 20,000 USDT a day.
Is Bybit regulated in the EU?
Yes. Bybit EU, based in Vienna, holds a MiCA license from Austria's Financial Market Authority, announced in May 2025, and Bybit.eu has served EEA residents since July 2025.
Is Bybit cheaper than Kraken?
Per trade, yes: 0.1% against Kraken Pro's 0.40% / 0.80% at the entry tier. But Kraken gives new users $10 in Bitcoin after a $100 deposit plus $100 traded, which covers the difference on a first purchase of up to about $1,400 — and Bybit isn't available in the US, UK, Canada or Australia.
Does Bybit have a sign-up bonus?
Bybit runs welcome rewards for new users, but they are task-based coupons (fee credits and similar), not cash, and the amounts change with each campaign — check the current terms on Bybit before counting on them.
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