What is Bybit
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Bybit is a global cryptocurrency exchange, founded in 2018 by Ben Zhou. (Wikipedia)
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The company is now headquartered in Dubai, United Arab Emirates. (Cointelegraph)
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As of 2025, Bybit claims to serve more than 60 million users worldwide, and is among the biggest crypto exchanges globally by trading volume. (Cointelegraph)
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On the platform, users can buy, sell, and trade cryptocurrencies — including major ones like Bitcoin (BTC), Ethereum (ETH), and many others (Bybit reportedly offers over 650 different crypto coins/tokens). (Cointelegraph)
So in short — Bybit is a major exchange that markets itself as a place to “buy Bitcoin & crypto,” with global reach and a large user base.
What are the Pros — What Bybit Does Well
✅ Wide Cryptocurrency Options & Features
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Bybit provides a broad selection of cryptocurrencies (hundreds of coins/tokens), giving users many choices for investing or trading. (Cointelegraph)
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It supports multiple kinds of trading: spot trading (buy/sell crypto directly), margin trading, futures, derivatives — features that appeal to more advanced traders. (Cointelegraph)
✅ Large User Base & Global Presence
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With millions of users worldwide and operations in many countries, Bybit has scale and liquidity — which can help with ease of trading, quicker order execution, and a wide peer base. (Cointelegraph)
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For many users, the platform’s interface (mobile or web) and trading capabilities are regarded as “good enough” for regular crypto transactions. (Webopedia)
✅ Some Level of Transparency & Audit Reporting
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According to recent reviews, Bybit publishes audit or security reports for user review — which helps build some degree of transparency. (Webopedia)
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For certain users who abide by the rules and follow KYC/AML procedures properly, Bybit appears to function smoothly (i.e. deposits, trades, withdrawals go through without major issues). (Webopedia)
What are the Cons / Risks — What Users Complain About
⚠️ Mixed User Feedback, Trust Issues
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On review platforms like Trustpilot, Bybit’s average rating is moderate (roughly 3.3 – 3.5 / 5), with many users complaining about serious issues: sudden fund freezes, withdrawal problems, support delays. (Trustpilot)
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There are recurring reports of heated experiences: people saying their funds got frozen or locked for KYC / “compliance” issues — sometimes even after they had already completed KYC. (trading-today.net)
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According to some reviewers, the P2P (peer-to-peer) system or fiat-related methods (for buying crypto with local currency) have been troublesome or unreliable. (Trustpilot)
⚠️ Complex Interface & Learning Curve — Not Ideal for Beginners
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For first‑time users or people new to crypto, navigating Bybit can be difficult: many trading features, advanced tools, and default settings oriented toward high-risk trades. (BTCC)
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This steep learning curve can be risky, especially since crypto markets are volatile — users unfamiliar with margin/futures may accidentally take excessive risks. (BTCC)
⚠️ Regulatory & Regional Restrictions
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Although Bybit claims global reach, it does not offer services in certain regions due to regulatory restrictions. (Cointelegraph)
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For users in places with stricter regulation (or unclear regulation regarding crypto), there could be legal or compliance uncertainties which add risk. (Cointelegraph)
⚠️ Security Incidents — Serious Red Flag
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In February 2025, Bybit suffered a major hack. Attackers reportedly stole about US$ 1.5 billion worth of cryptocurrency from one of Bybit’s wallets — making it one of the largest crypto thefts ever recorded. (Wikipedia)
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Even though Bybit claims some losses were covered (or will be covered) and assures users that “customer assets remain safe,” the incident understandably shakes trust and highlights the inherent risks in centralized crypto exchanges. (Webopedia)
What It Means — Should You Use Bybit?
Using Bybit can be a mixed bag. Here are some balanced takeaways, especially thinking from a user’s perspective (and possibly from India, like you):
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If you are experienced in crypto and understand trading (spot, margin, derivatives), Bybit offers many features, good liquidity — could be a suitable platform.
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But if you are new to crypto, or expect simple buy‑and‑hold of Bitcoin / Ethereum — you need to be careful. The interface and risk tools are heavy; mistakes in leverage or misunderstanding withdrawal/KYC could cause big losses.
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Always treat assets on any centralized exchange (including Bybit) as requiring caution. Given past hacks and user complaints, it’s wise to keep crypto holdings small or move them to your own secure wallet after purchase.
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Before using, check latest status: whether Bybit supports users from your region (India), what the fee / KYC / withdrawal policies are, and how customer support is currently functioning.
Conclusion — Bybit Is Powerful but Risky
Bybit started as a promising global crypto exchange — with wide coin support, advanced trading features, and a growing user base. That makes it attractive for many crypto‑interested people.
However, recent security incidents (like the 2025 hack), repeated user complaints about frozen funds or support issues, and a complex interface mean that Bybit is far from a “set and forget” platform.
If you choose to use Bybit (or any major exchange), treat it as a tool — not a guarantee. Know the risks, stay alert, and consider transferring assets to a secure personal wallet if you’re not actively trading.