Bybit Review (2026) – Fees, Security, Pros & Cons
Capital at risk. Crypto is not FSCS protected. We may earn a commission.
What is Bybit?
Bybit is a fast-growing cryptocurrency exchange founded in 2018, originally specialising in derivatives trading before expanding into spot markets, copy trading, and a broad range of crypto financial products. It has grown to serve over 50 million users worldwide and is particularly popular with active traders who want access to advanced tools and tight spreads.
UK users should be aware that Bybit is not currently registered with the FCA. This means it does not hold UK regulatory authorisation and operates as an offshore platform for British users. While many UK investors use Bybit without issue, the absence of FCA registration is an important factor to consider, particularly regarding consumer protections.
Despite its offshore status, Bybit has invested heavily in security infrastructure and provides a well-designed platform with features ranging from simple spot purchases to copy trading — where you can automatically mirror the trades of experienced investors.
Capital at risk. Crypto is not FSCS protected. We may earn a commission.
Pros and Cons
- Very low 0.10% spot trading fees
- 400+ cryptocurrencies available
- Copy trading feature — mirror experienced traders automatically
- High liquidity and tight spreads
- Advanced charting and order types for active traders
- Strong mobile app with clean interface
- Proof of Reserves published regularly
- Not FCA registered — no direct UK regulatory oversight
- Not suitable for UK users who prioritise regulated platforms
- GBP deposits require third-party payment providers
- Derivatives not available to UK retail customers
- Less beginner-friendly than some competitors
Bybit Trading Fees
Understanding fees before you invest is essential. Here is a breakdown of what you can expect to pay on Bybit.
| Fee Type | Interface | Cost | Good For |
|---|---|---|---|
| Spot Maker Fee | Trading Platform | 0.10% | Limit orders |
| Spot Taker Fee | Trading Platform | 0.10% | Market orders |
| GBP Deposit | Via third party | Varies | Check current rates |
| Card Purchase | Express Buy | ~2% | For convenience |
| BTC Withdrawal | Both | 0.0005 BTC | Fixed network fee |
Supported Cryptocurrencies
Bybit supports 400+ cryptocurrencies, giving UK investors access to a wide range of digital assets. Below are some of the most popular coins available on the platform.
Security
Security is one of the most important factors when choosing a cryptocurrency exchange. Here is how Bybit protects your funds.
Cold Storage
The majority of customer funds are kept in offline cold storage — completely disconnected from the internet and unreachable by hackers.
Two-Factor Authentication (2FA)
All accounts can be protected with 2FA. Even if someone knows your password, they cannot log in without a second code from your phone or authenticator app.
Proof of Reserves
Regular reserve audits allow users to verify that the exchange holds sufficient funds to cover all customer balances.
Account Security Tools
Features such as withdrawal address whitelisting, anti-phishing codes, and login notifications help protect your account from unauthorised access.
Proof of Reserves
Bybit publishes regular Proof of Reserves reports, allowing users to independently verify that customer funds are fully backed by the exchange's holdings.
Ease of Use
Bybit is primarily designed with active traders in mind, and the full trading platform reflects this — it offers a feature-rich interface with live charts, multiple order types, and a comprehensive derivatives suite. For newer users, this can initially feel complex.
To address this, Bybit has introduced an Express Buy feature that simplifies purchases for beginners. You can buy cryptocurrency directly with a card or bank transfer without needing to navigate the order book. Copy trading is also available, which lets you follow experienced traders and replicate their positions automatically.
Bybit's mobile app is consistently rated among the best in the industry for design and responsiveness, making it a strong option for investors who prefer managing their portfolio on the go.
How to Open a Bybit Account
Opening a Bybit account is straightforward and typically takes 10 to 15 minutes.
Visit the Website
Go to the exchange website and click 'Create Account'. Enter your email address and choose a strong, unique password.
Verify Your Email
Check your inbox for a verification email and click the confirmation link to activate your account.
Complete Identity Verification (KYC)
Upload a valid photo ID (passport or driving licence) and proof of address. As a regulated platform, identity verification is required by law.
Wait 24 Hours (FCA Cooling-Off Period)
UK regulations require new users to wait 24 hours after registering before placing their first trade. Use this time to explore the platform.
Deposit Funds
Transfer GBP from your UK bank account using Faster Payments where available — it is usually free and arrives within minutes.
Enable Two-Factor Authentication (2FA)
Before trading, turn on 2FA in your account security settings. This is one of the most important steps you can take to protect your funds.
Start Buying Cryptocurrency
Search for a coin, enter your amount in pounds, review the fee shown, and confirm your purchase. Start small — there is no rush.
Capital at risk. Crypto is not covered by FSCS. InvestCompareUK may earn a commission.
Crypto Tax in the UK
HMRC treats cryptocurrency as a capital asset. If you sell crypto for more than you paid, you may owe Capital Gains Tax on the profit. For the 2025–26 tax year, the annual CGT allowance is £3,000. Gains above this threshold are taxed at 18% for basic-rate taxpayers or 24% for higher-rate taxpayers.
From January 2026, all FCA-registered exchanges are required to report transaction data to HMRC automatically under the Crypto Asset Reporting Framework (CARF). Keeping your own records is still strongly recommended. Many investors use dedicated crypto tax software to calculate their liability accurately.
Final Verdict
Bybit is a highly capable exchange with strong tools for active traders, a wide coin selection, and competitive fees. Its copy trading feature in particular sets it apart from many competitors, making it interesting for investors who want to benefit from the expertise of experienced traders.
The key consideration for UK investors is Bybit's lack of FCA registration. If you prioritise direct UK regulatory oversight, platforms such as Kraken or Gemini would be a safer choice. If you are comfortable with an offshore platform and want advanced trading tools at low cost, Bybit is worth considering.
Compare Bybit with all other options in our full UK crypto exchange comparison.
Capital at risk. Crypto is not covered by FSCS. InvestCompareUK may earn a commission if you open an account via our link.