Introduction: Bybit’s Promises vs. Reality
Founded in 2018, Bybit is a cryptocurrency derivatives exchange with its main office located in Dubai, United Arab Emirates. Bybit is renowned for its leveraged trading and offers an intuitive, user-friendly interface that has quickly attracted users from around the globe. However, there is not much trust behind Bybit’s polished facade – trust issues, a lack of regulations, and the confusion associated with the 2025 hacking event collectively drag down investor confidence in these types of platforms.
Bybit is likely an opportunity that has been shared with you, and it has also appeared in numerous emails, social media ads, and trading forums than you can count. But can you trust Bybit as a legitimate platform? Let’s take a look!
Bybit Overview
- Company Name: Bybit
- Website: https://www.bybit.com/
- Address: NA
- Regulation Status: Not Regulated
- Operating Since: 2018
Key Points of Review:
- How Does Bybit Operate and What Is It?
- Regulatory Oversight
- Is Bybit Safe?
- What if You’ve Lost Money with Bybit?
- How to Find a Safe Broker Instead
How Does Bybit Operate and What Is It?
Bybit provides services for trading crypto assets, which encompass:
- Bitcoin (BTC)
- Ethereum (ETH)
- Several altcoins
- Options for perpetual contracts (up to 100x)
To summarize, Bybit includes these features:
- Spot trading
- Margin trading
- P2P transfer
- Staking
These features are attractive, but they are risky (especially for trading platforms that don’t have regulatory earmark processes to protect you in cases of fuzziness).
The $1.5 Billion Hack in 2025: A Turning Point
Bybit was the target of one of the biggest cryptocurrency hacks ever in February 2025. An actor was able to gain access to an Ethereum hot wallet and siphoned approximately $1.4 – $1.5 billion in ETH without detection.
Why It Matters:
This hack brought to light:
- Faults in the security of their wallet systems
- Concerns over the adequacy of internal risk controls
- No user mechanism for recovery
Bybit’s credibility quickly deteriorated, and this realization pushed a lot of users back to re-evaluate platform usage.
User Reviews
With an average Trustpilot rating of ~3.4/5, it is safe to say that there are some mixed reviews.
Common Complaints:
- P2P scams and issues with payments
- Blocked accounts and long verification processes
- Unresponsive or unsuccessful customer support
- Surprise transaction fees and bugs in the app
While some appreciated the simplicity of the layout and clean interface, others argue that it obscures operations that are more costly and no longer transparent.
Regulatory Oversight: Or Lack Thereof?
Bybit is not regulated by reliable financial regulators like:
- U.S. SEC (Securities Exchange Commission)
- UK’s FCA (Financial Conduct Authority)
- Australia’s ASIC (Australian Securities and Investments Commission)
Why Regulation Matters:
- Ensures fair practice
- Provides a legal framework for disputes
- Accountable brokers
As yet, without more robust regulations, there are less chances of getting legal after something has gone wrong.
So, Is Bybit Safe?
We can’t say “scam” definitively, but there are risks to the average investor. Investors should be extremely careful when using peer-to-peer trading or leaving large amounts of funds on the exchange.
Final Thoughts from BrokersReviewer.com
At BrokersReviewer.com, we want to help you make informed decisions. Bybit may seem to be above board on the outside, but the 2025 hack, regulation, and user experience suggest otherwise.
Need Help?
If you have been impacted by issues with Bybit or a similar platform, we are ready to help. BrokersReviewer.com:
- Review online trading exchanges
- Monitor complaints and regulations
- Help users find the right assistance
Stay informed. Read broker reviews, compare platforms, and always verify licensing details.
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