Our review of ByBit crypto platform: 4.4/5

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ByBit in brief

Our opinion of ByBit

Bybit stands out with its advanced trading tools, particularly in high-leverage derivatives and futures markets, making it a strong choice for experienced traders. The low trading fees, with maker fees starting at 0.01%, offer significant cost savings compared to many competitors. With over 400 cryptocurrencies available, the platform provides a wide selection of digital assets, surpassing most Canadian exchanges. The trading engine processes up to 100,000 transactions per second, ensuring fast order execution even during high market volatility.

The Bybit Earn program expands earning opportunities beyond trading, offering options like staking, lending, and yield farming. The NFT marketplace adds another layer of investment possibilities, seamlessly integrating into the platform. The mobile app is well-designed, providing full functionality for trading, portfolio tracking, and security features, making it convenient for on-the-go traders.

However, we found that the lack of direct CAD deposits and withdrawals adds unnecessary steps for Canadian users, requiring conversions through third-party services or stablecoins. The absence of regulatory approval in Canada raises concerns for those who prioritize compliance with IIROC or FINTRAC oversight. Additionally, customer support response times can be inconsistent, with some users reporting delays in resolving their issues.

Bybit excels in trading features, asset selection, and cost-efficiency, but regulatory limitations and fiat on-ramp restrictions may be drawbacks for some Canadian users.

Who is ByBit best for?

Bybit is best suited for experienced crypto traders looking for advanced trading tools, low fees, and a wide selection of digital assets, but it may not be the ideal choice for beginners or those who prioritize direct fiat access.

Let's find out more about our test results on ByBit.

Reliability and Security 4/5

Bybit was founded in 2018 and has quickly become one of the largest cryptocurrency trading platforms in the world. With over 20 million registered users, the platform is known for its advanced trading tools, deep liquidity, and competitive fees. Bybit has gained international recognition and has partnered with prominent organizations, including Formula 1’s Red Bull Racing team, to strengthen its global presence.

Despite its popularity, Bybit is not registered with Canadian regulatory authorities such as the Ontario Securities Commission (OSC), the British Columbia Securities Commission (BCSC), or the Alberta Securities Commission (ASC). This means it operates in Canada without formal oversight from national or provincial regulators, which may pose a concern for traders who prioritize regulatory compliance.

Unlike platforms registered with the Investment Industry Regulatory Organization of Canada (IIROC) or FINTRAC, Bybit does not currently hold any licenses specific to Canadian financial laws.

However, the platform implements strong risk control measures, including:

• Cold storage for assets, keeping user funds secure from hacks.
• Multi-factor authentication (2FA) to protect accounts from unauthorized access.
• Anti-liquidation mechanisms, such as an insurance fund and risk management features for leveraged trading.
• Advanced order types, including stop-loss and take-profit orders, allowing traders to manage risk effectively.

Cryptocurrencies Available 5/5

Bybit positions itself as a leading exchange for traders looking for a wide selection of cryptocurrencies, offering more than just the most popular digital assets. With over 400 tradable cryptocurrencies, including Bitcoin, Ethereum, and a vast range of altcoins, Bybit surpasses many competitors in asset diversity.

The platform also provides access to derivatives trading, staking, and an NFT marketplace, making it a versatile option for traders who want exposure to different segments of the crypto market.

Below is a breakdown of the different types of assets available on Bybit compared to the market average:

Our opinion on ByBit's offerings

Bybit stands out for its vast selection of cryptocurrencies and altcoins, significantly exceeding the market average. The addition of NFT trading and diverse DeFi tokens further enhances its appeal for traders seeking a broad range of digital assets.

Services and Tools 4/5

Bybit offers a diverse range of services beyond traditional spot and derivatives trading, making it a comprehensive platform for crypto enthusiasts. Its suite of financial products allows users to earn passive income, engage in DeFi activities, and explore additional investment opportunities. Here’s an overview of the key services available:

• Lending: ✅ – Users can lend their crypto through Bybit Earn, generating interest on idle assets.
• Staking: ✅ – Bybit offers flexible and fixed staking options, allowing users to earn rewards on supported cryptocurrencies.
• Yield Farming: ✅ – Users can participate in liquidity mining and other DeFi farming strategies to maximize returns.
• Copy Trading: ✅ – Bybit allows traders to copy the strategies of experienced investors, making it easier for beginners to engage in advanced trading.
• Dual Asset Investments: ✅ – A structured product that provides returns based on market movements.
• Trading Bots: ✅ – Automated trading bots help users execute strategies efficiently.
• NFT Marketplace: ✅ – A dedicated NFT marketplace for trading digital collectibles.

Bybit offers a rich selection of services, from staking and lending to copy trading and DeFi tools. However, the lack of a crypto card prevents it from achieving a perfect score, as some competitors provide seamless crypto-to-fiat spending options.

Fees and Commissions 5/5

Bybit is known for its competitive trading fees, particularly in the derivatives and futures markets, where it offers lower rates than many competitors. Its maker fee of 0.01% and taker fee of 0.06% are among the best in the industry, making it an attractive choice for active traders. Unlike some exchanges that charge a spread on transactions, Bybit uses a transparent fee structure, which helps traders better manage costs.

Bybit’s trading fees versus the market average

Other Fees

• Deposit Fees: ❌ No fees for crypto deposits, but fiat deposits through third-party services may have fees.
• Withdrawal Fees: ✅ Varies by crypto (e.g., BTC: 0.0005 BTC, ETH: 0.005 ETH). Competitive but not the lowest on the market.
• Conversion Fees: ✅ Applies when swapping between different currencies, depending on market rates.
• Inactivity Fees: ❌ None – Bybit does not charge inactivity fees, unlike some traditional brokers.

Our opinion on ByBit's fees and commissions

Bybit’s low trading fees, absence of deposit fees, and no inactivity charges make it one of the most cost-effective platforms for active traders. While withdrawal fees vary, they remain competitive compared to other major exchanges.

Customer Reviews 2.8/5

Bybit has a Trustpilot rating of 2.8/5 based on 2,983 reviews, reflecting a mix of positive feedback on its trading features and criticisms related to customer support and withdrawal processes.

Here are some recent reviews from Canadian users:

• Ethan M (January 10, 2025): "I’ve been using Bybit for about a year now, mostly for futures trading, and I have to say the platform itself is solid. The order execution is fast, and the fees are much lower than what I was paying on other exchanges. However, I had an issue with a withdrawal that got stuck for almost 48 hours, and customer support was slow to respond. They eventually sorted it out, but the wait was frustrating. If they improved support, it would be a 5-star platform."
• Samantha R (December 5, 2024): "Bybit’s copy trading feature has been a game changer for me. As someone who doesn’t have time to analyze the market all day, I’ve been able to follow top traders and make decent profits. The app is easy to use, and the staking options are also a nice bonus. My only complaint is that funding my account as a Canadian isn’t as straightforward as on other exchanges. More direct CAD deposit options would make this a perfect platform."
• Jordan C (November 20, 2024): "I switched to Bybit from Binance after they stopped operating in Canada, and overall, I’ve had a good experience. The fees are low, and the selection of altcoins is way better than on Canadian exchanges like NDAX or Bitbuy. That being said, I was disappointed when I found out there’s no direct way to withdraw CAD. I had to convert to USDT first, which added extra steps and fees. It’s a great platform for traders but not the best if you need frequent fiat withdrawals."

How does ByBit compare to other Crypto brokers?

Bybit offers a robust selection of cryptocurrencies, advanced trading tools, and low fees, but it lacks certain features like direct CAD withdrawals and regulatory approval in Canada. Below is a comparison with three other well-known platforms:

Conclusion of our analysis of ByBit

Bybit is an excellent platform for active traders looking for low fees, advanced trading tools, and a large selection of cryptocurrencies. The platform’s strengths lie in its derivatives markets, copy trading, and passive income options.

However, the lack of direct fiat withdrawals, the absence of a crypto card, and its unregulated status in Canada make it less appealing for users seeking a more compliant and beginner-friendly experience. 

For experienced traders, the platform remains one of the most competitive choices, offering features that are difficult to find elsewhere.

Before opening an account on ByBit, compare the best crypto brokers and platforms in Canada:

What types of accounts are available with ByBit?

Bybit offers multiple account levels designed to cater to different types of traders, from beginners to high-volume professionals. Each account type provides access to specific features, trading limits, and benefits. Below is a breakdown of the different account types and their key characteristics:

Standard Account

A Standard Account is open to all users and requires no minimum deposit. It provides access to spot trading, derivatives trading, staking, and Bybit Earn. With trading fees of 0.01% for makers and 0.06% for takers, it offers competitive rates but lacks the benefits of VIP levels, such as reduced fees and personalized account management.

VIP 1 Account

A VIP 1 Account is available to traders who exceed 250,000 USDT in monthly trading volume. It offers lower trading fees (0.0075% maker, 0.055% taker) and enhanced withdrawal limits. VIP 1 users also get access to priority customer support and exclusive events and promotions.

VIP 2 Account

A VIP 2 Account is designed for high-frequency traders with a monthly volume exceeding 1 million USDT. It further reduces fees to 0.005% for makers and 0.05% for takers, making it one of the best options for serious traders looking to cut costs. VIP 2 members receive higher withdrawal limits and a dedicated account manager to assist with trading and platform-related inquiries.

Pro VIP Account

A Pro VIP Account is reserved for elite traders trading over 10 million USDT per month. It offers the lowest trading fees (0.002% maker, 0.045% taker) and the highest withdrawal priority with no restrictions. Pro VIP members receive premium customer service, personal account management, and invitations to exclusive trading events.

Good to know

Bybit’s tiered account system caters to both casual traders and professionals, with substantial benefits for those who trade in high volumes. The availability of reduced fees, account management, and increased withdrawal limits makes the VIP program attractive to serious investors.

How do deposits and withdrawals work with ByBit?

Bybit offers multiple deposit and withdrawal options, including crypto and fiat transactions through third-party providers. Below is a detailed comparison of the available methods, supported currencies, processing times, and fees:

Bybit offers a fast and flexible deposit system, especially for crypto transactions, where deposits are instant and free. However, fiat deposits and withdrawals rely on third-party providers, which can result in additional fees and processing delays.

Unlike some competitors that offer direct CAD bank transfers or Interac e-Transfers, Bybit does not yet provide a seamless fiat on-ramp for Canadian traders. This adds extra steps and costs for users looking to deposit and withdraw in CAD. While the platform excels in crypto transactions, it falls behind competitors that offer direct fiat banking integration.

Does ByBit offer crypto staking?

Crypto Staking on Bybit

Bybit offers a staking program through its Bybit Earn section, allowing users to earn passive income on selected cryptocurrencies. The platform provides both flexible and fixed-term staking options, giving users the choice between liquidity and higher rewards. The yields vary based on the asset and duration of the staking period.

Below is a summary of the staking options available on Bybit:

Bybit’s staking program supports a variety of cryptocurrencies, including major assets like BTC and ETH, as well as high-yield altcoins. The fixed-term staking options provide better returns but require locking up funds for a set period.

Crypto Lending on Bybit

Bybit also offers crypto lending services, allowing users to lend their digital assets to earn interest. Users deposit assets into Bybit Earn, where they are used for margin trading or lending pools. The interest rates depend on market conditions and demand.

Bybit’s lending services allow users to generate passive income with minimal effort, making it an attractive option for long-term holders. The short loan durations (7-30 days) provide flexibility, while the APYs are competitive compared to other platforms.

Bybit’s staking and lending features offer diverse opportunities for earning passive income, catering to both conservative investors and high-risk traders.

How are revenues generated by ByBit taxed?

In Canada, cryptocurrency trading is subject to taxation under the rules set by the Canada Revenue Agency (CRA). The tax treatment depends on the nature of the trading activity—whether it is considered capital gains or business income.

• Capital Gains Tax: If you trade occasionally and hold crypto as an investment, only 50% of the profit is taxable under capital gains. This applies to buying and selling crypto, swapping one cryptocurrency for another, and withdrawing crypto to fiat.
• Business Income Tax: If you engage in frequent trading, day trading, or operate as a professional investor, the CRA may classify your earnings as business income, meaning 100% of profits are taxable at your personal or corporate tax rate.

Declaring Crypto Income in Canada

• Track All Transactions: You must keep records of every trade, deposit, withdrawal, and staking/lending rewards. This includes transaction dates, amounts, and fair market values in CAD at the time of each transaction.
• Report on Tax Forms:
• Capital Gains: Report on Schedule 3 of your T1 tax return under “Capital Gains (or Losses).”
• Business Income: Report on the T2125 form as self-employment or business income.
• Staking and Lending Rewards: Treated as income at the time of receipt and reported in the other income section. If sold later, additional capital gains tax may apply.
• GST/HST Considerations: If you operate a crypto trading business earning over $30,000 per year, you may need to register for GST/HST and charge tax on certain transactions.

Crypto Tax Implications for Bybit Users

Since Bybit is not a regulated Canadian exchange, it does not automatically report transactions to the CRA. However, users must still declare their earnings. Canadian traders should use crypto tax software or work with a tax professional to ensure compliance, especially when dealing with complex transactions like derivatives, staking, and lending rewards.

Watch out!

Failing to report crypto income can lead to CRA audits, penalties, and interest charges. To stay compliant, it’s essential to track and declare all taxable crypto activities correctly.

Contact: How to contact ByBit customer service?

Bybit provides multiple ways for users to reach customer support, depending on their needs. Below is a breakdown of the available contact methods based on the type of request:

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.