Bybit has risen to household status in Nigeria’s crypto scene, earning mention alongside giants like Coinbase and Binance.

But does its new-found fame mean it’s the right platform for you?

If you haven’t used Bybit before, skepticism makes sense.

That’s why, in this Bybit review, we discuss if the platform is the right choice for Nigerians. Keep reading to decide whether it’s time to jump in or proceed with caution. 

What Is Bybit and How Does It Work?

If you feel like Bybit seems a bit new, that’s because it is.

The platform was founded in 2018 in Singapore by Ben Zhou. Now, Bybit is the second-largest exchange with over 70 million global users. It offers tons of crypto-related services.

These services include spot trading, derivatives, margin trading, copy trading, trading bots, staking, and even fiat-to‑crypto peer-to-peer (P2P) services.

Bybit also has tools such as TradingView charts and token launchpads. It is rich in features, making it stand out in the crowded crypto market. 

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Bybit Review: Key Features 

Bybit reviews

Bybit has gained popularity thanks to its features. Here, we go over the features Bybit offers in 2025. 

1. User Interface & Web Platform

Bybit offers a clean, modern, and intuitive interface powered by TradingView graphics and real-time market metrics. You can customize the dashboard with widgets that display balances, positions, and live order books.

Also, the platform has a streamlined menu navigation, making it accessible for both advanced traders and those new to derivatives.

Improvements in 2024–25 focused on better contrast, simplified layouts, and enhanced accessibility features like more keyboard-friendly navigation. 

2. Leverage & Margin Options

Bybit supports over 650 spot currency pairs and derivatives.

Most USDT pairs offer up to 10× margin on spot trades and up to 100–125× leverage on futures contracts.

Flexible isolated vs. cross margin, automated risk tools, such as stop-loss and take-profit, and iceberg orders give advanced control to seasoned traders.

Plus, there are lower futures fees which follow a maker/taker model: 0.02% maker, 0.055% taker, with volume-based VIP reductions. 

3. Copy Trading & Trading Bots

Bybit’s Copy Trading module hosts thousands of verified “master” traders and two selectable modes:

4. Smart Copy Mode

Auto follow with fixed risk ratios and CopyGuard protection for downside limits.

5. Advanced Copy Mode

Enables users to set custom order parameters. Followers benefit from shared statistics like ROI, win rate, and followers count, with no extra fees aside from standard trading charges.

Newcomers also get up to $100 USDT loss compensation on their first copied trade. Trading bots (like TradeGPT) further automate strategy execution.

6. Bybit Earn: Staking, Savings & Launchpool

Bybit Earn offers both flexible and fixed-term yields on assets including USDT, USDC, ETH, ADA, SUI, TON, and more.

Fixed terms range from a few days to several months. ETH staking typically locks for 45 days.

They also offer dual-asset investments and Launchpool token events, with APYs typically between 1–5%.

The platform frequently partners with Layer-2 projects or DeFi protocols to offer boosted APYs periodically.

Bybit is dedicated to offering passive crypto income. It is what it is best known for. 

6. Mobile App Performance

The Bybit app is available on iOS and Android with over 10 million downloads. It mirrors the website.

The interface is rated around 4.5–4.9 stars and boasts near-zero crash rates and supports quick trade execution.

The app’s performance includes real-time updates and other features ideal for traders on the go.

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Bybit Review: What are Users saying about it?

Bybit exchange review

One way to gauge a platform’s performance is by peaking into what users are saying about it.

Bybit review shows that has a fairly decent user rating

of 3.4 out of 5 stars. The reviews are a mix of both good and bad ones.

Here, we take a look at a couple of them: 

Good Customer Service 

“I’m enjoying their services, especially the Bybit customer care service.”

“My experience with the customer support was awesome, quick to respond to situations and trustworthy for sure. Had a pending deposit after mistakenly using an unsupported method (smart contract) but all was resolved fast.”

“Customer support is responsive and helpful, even when I had some specific questions about my account.”

Good UI interface and P2P section

The most complete and easiest UI out there. I never had any bad experience with Bybit 4 years of trading and 2 years of P2P

Transact speed, efficient p2p trade, and almost no charges on major trades such as spot. 

I’ve been using Bybit for a while and I’m genuinely impressed. The interface is clean, intuitive, and fast. Orders execute smoothly, and I’ve never had issues with deposits or withdrawals.

Locked/Frozen Accounts 

“My account has been blocked for a long time and I can’t withdraw my money for ridiculous reasons! I still sent documents but they didn’t take any action.”

“My account has had 25,102 USDT frozen for more than 30 days. I received no clear explanation, no proper notification, and support hasn’t responded with anything meaningful.”

Lagging Services

Nicely done Bybit with your shitty and lacking and lagging service… malfunctioning systems for over months and now it’s a little bit fixed. We cannot trade anymore for over 2 months in Holland


Bybit Debit Card 

I’ve had the absolute worst experience with the Bybit debit card, and I want to warn others to steer clear of it.

I funded my card with 30 USD, but I am still receiving emails saying that my transaction of only 0.13 USD to PayPal failed due to “insufficient spending power.” How is this even possible when my card is funded?

Bybit reviews on Trustpilot is a mix of good and bad, while leaning towards the bad side. Over 40% of the reviews are 1 star. 

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Pros and Cons of Using Bybit

Like most platforms, Bybit has its good and not-so-good sides.

Here is a look at the pros and cons of using Bybit for a better informed decision: 

Pros  Cons
Bybit features low fees. The platform’s futures maker fees are as low as 0.01% and spot trading at 0.1%. There are few direct bank on-ramps and fiat deposits through third-party providers only in selected regions.
High-performance trading engine,  minimal downtime even during high volatility. This ensures fast trade execution and low slippage. Not available in many jurisdictions. It is restricted in the U.S., UK, Canada, Singapore, and other countries as a result of regulatory limitations.
Supports advanced trading tools, futures, and options It can be overwhelming for new traders. Bybit has a complex interface for beginners in derivatives and high-leverage trading. 
New users get loss protection and transparent trader stats. Reports of customer support delays, account restriction cases, slow dispute resolution, and frequent user complaints. 
Has a strong security infrastructure, including cold wallet storage, 2FA, risk monitoring, insurance fund, and Proof-of-Reserves transparency. There is no user-deposit insurance even with Bybit’s robust reserves.

Bybit Review: Security and Regulation

Bybit is generally regarded as a legitimate and secure cryptocurrency exchange, with strong measures in place.

However,  accessibility and trust vary by region.

Let’s have a closer look:

  • Cold Wallet Storage: The majority of funds are stored in offline, air-gapped cold wallets. It also uses multi-signature protocols and threshold signature schemes (TSS) to further layer security for fund access. 
  • 2FA and Enhanced User Controls: Two‑factor authentication, withdrawal address whitelisting, and anti‑phishing codes are available to reinforce account protection. 
  • KYC Requirements: To access higher withdrawal limits and fiat services, Bybit requires identity verification. KYC levels enable daily withdrawal limits up to 2 million USDT. 
  • Audits and Incident Response: The platform undergoes regular third-party security audits,  bug bounty programs, and continuous monitoring. The February 2025 Bybit hack worth $1.4 billion was reimbursed within 72 hours through emergency funds from partners.

Bybit Review Takeaway: Who Should & Who Shouldn’t? Use It?

So, should you use Bybit? Let’s find out. This section discusses those who should and shouldn’t use Bybit. Stick around. 

Who Should Use Bybit

Here are those that can use Bybit in 2025: 

1. Intermediate to Advanced Traders

Bybit is built for users familiar with strategies like margin trading, perpetual futures, and options.

With up to 100× or 125× leverage, stop-loss, and TradingView-powered charts, it suits those needing precision tools.

2. Active, High-Volume Traders

Bybit review also shows that the crypto exchange has a competitive tiered fee structure and deep liquidity.

This ensures low slippage and consistent pricing for large orders.

3. Followers Leveraging Copy Trading

Bybit’s Copy Trading platform offers Smart and Advanced Copy Modes, plus community-vetted master traders.

Followers can mirror strategies with built-in protection and transparent stats ideal for those seeking semi-passive trading. 

4. Users Interested in Yield Farming

Bybit Earn is a feature on the platform that allows  users to stake assets, such as Ethereum and Cardano.

Also, you can participate in dual-asset investments and Launchpool projects.

Bybit APYs are also pretty attractive, ranging between 1–5%. 

5. Mobile-First & Tech-Savvy Users

Bybit’s mobile app mirrors the desktop experience (margin, bots, copy trading, staking, wallet) rated 4.5–4.9 stars and user reports say it has a  stable performance.

Who Shouldn’t Use Bybit

Here is a list of those who shouldn’t use Bybit in 2025 and possibly opt for an alternative: 

1. Absolute Beginners

While the UI is polished, the platform’s heavy focus on derivatives, leverage, and advanced tools.

All these features can overwhelm novice traders. Educational resources exist, but many first-time users take longer to find basic functions. 

2. Users Prioritizing Simple Buy/Sell Only Experiences

Those wanting a basic wallet-style platform with fiat-to-crypto simplicity may prefer platforms like Breet.

Bybit focuses more on derivatives and trading features than seamless onramping.

Using Bybit for buying and selling is equivalent to using a tractor to mow a lawn. It works, but there are better platforms tailored to that experience. 

3. Residents of Restricted Jurisdictions

Bybit is not available in regions like the USA, UK, Canada, Singapore, or Hong Kong.

It also has restricted operations in India, Nigeria, and Japan. Users in these regions must seek localized alternatives.

Fiat on-ramping is limited to certain countries via P2P or third-party platforms.

Direct bank deposit options are sparse or unavailable in many markets. 

4. Risk-Averse or Regulatory-Conscious Users

While Bybit maintains strong security and has an insurance fund, it lacks formal deposit insurance. Also, it has faced past regulatory scrutiny including a major hack in February 2025.

People who prioritize traditional financial protections or fully regulated exchanges may feel uneasy.

Instead opt for more grounded options like the Breet App, where you don’t have to worry about  regulations or crypto hacks. 

Related:

Breet: The Best Alternative to Bybit in Nigeria

Trusted by over 250,000 users, Breet is a Nigeria-focused crypto app that makes it fast and easy to turn crypto into Naira and to spend crypto on everyday things.

Breet 3.0 added features like in-app bill payments, swaps, and quicker offramp flows to bank accounts, which makes it useful for people who need fast access to cash rather than advanced trading tools.

Breet also low or zero transaction fees and standard security measures such as bank-grade encryption.

Benefits of Breet:

  • Fast crypto-to-cash: Every transaction on Breet takes 287 seconds or less
  • Built for Nigerians: Direct Naira payouts and local features like airtime and bill payments.
  • Easy for beginners: simple sell, swap, and pay flows with mobile apps on iOS and Android.
  • Zero transaction fees: Enjoy zero transaction fees, get the full value of your crypto coin
  • Best Rated Crypto App: With over 4.6 reviews on play store, Breet is one of the best-rated Crypto apps in Nigeria.
Feature Breet (Best for Nigerians) Bybit (Best for traders)
Primary focus Instant crypto-to-cash and local spend (Naira, bill payments). Global spot and trading with advanced order types.
Speed to cash Very fast, users report cashouts in minutes. Supports fiat purchases but withdrawals to local banks can take longer.
Local support for Naira Yes. Built-in Naira payouts and bill payments Limited; fiat rails vary.
Fees for basic crypto-to-cash Low or zero transaction fees on key flows, competitive spreads. Competitive trading fees, but fiat on/off ramp fees may apply.
Best for Everyday Nigerians who need quick access to cash and easy spending. Active traders who want low spot and derivatives fees.

Conclusion on Bybit Review

Bybit is a reputable platform that has risen to its level of popularity thanks to what it brings to the market.

If you are a fan of big trades and derivatives, Bybit is the one of the best picks as a Nigerian. But as we learnt in this Bybit review, the platform is not for everyone.

For simple crypto-to-cash and crypto-to-crypto transactions, you might want to consider Breet. 

Breet 3.0 is built for African crypto users, especially Nigerians. You don’t have to deal with unknown peers, delayed settlements, or hidden fees. It is just instant OTC cash-outs directly to your bank account in under 5 minutes hitch-free. 

If you’re looking for speed, transparency, and peace of mind in converting crypto to cash, Breet isn’t just an option.

It’s the smartest route for Nigerians and Ghanaians getting real-world value from crypto.

Author

  • Olajide ayomide

    Helping the crypto community to better understand cryptocurrency and related concepts one article at a time.