Bybit Wallet Review 2025
- Excellent integration with Bybit exchange
- Supports both custodial and non-custodial wallets
- Wide access to staking and dApps
Bybit is the world’s second-largest crypto exchange with more than 70 million users around the world. Every Bybit exchange account includes access to Bybit Wallet, a multi-type hot wallet that you can use to store tokens and connect to Web3.
Many crypto users never really think about Bybit Wallet, but it’s important to consider it as an option if you’re considering using Bybit as your primary exchange.
In our Bybit Wallet review, we’ll cover everything you need to know about this wallet’s features, security, fees, and more based on our own extensive testing.
Bybit Wallet: Our Verdict
Bybit Wallet is a user-friendly crypto wallet offering both custodial and non-custodial wallets. It offers a solid range of features, including support for staking pools and connectivity to dozens of Web3 dApps. It also integrates effortlessly with the Bybit exchange and doesn’t require a separate app, which is really convenient for Bybit customers.
Based on our Bybit Wallet review, we believe this wallet is best suited for existing Bybit users and new cryptocurrency traders interested in using Bybit as their primary exchange. For users of other cryptocurrency exchanges, Bybit Wallet may feel limiting or inconvenient because it requires downloading the Bybit app and doesn’t allow connectivity to decentralized applications (dApps) outside of Bybit’s ecosystem. Bybit Wallet also lacks some features that other wallet platforms offer, such as an NFT marketplace or access to new crypto projects.
Bybit Wallet does not offer a cold storage option, and it has been losing features in recent months as Bybit streamlines its operations. The wallet is also locked to the Bybit exchange, so you can’t easily export your wallet to another platform.
Pros
- Custodial and non-custodial wallets available
- No fees for transferring between Bybit wallets
- Web3 marketplace with large selection of dApps
- Decentralized staking pools with generous APYs
- Integrated token swap with competitive fees
Cons
- Cloud Wallet and Keyless Wallet are locked to Bybit
- NFT marketplace and IDO marketplace have been removed
- Security varies between wallet types, no cold storage available
What is Bybit Wallet?
Bybit Wallet is a hot crypto wallet developed by Bybit, the world's second-largest crypto exchange. We explore the exchange in greater depth in our ByBit review.
The wallet was originally launched in 2018 at the same time as Bybit, although it's changed a lot since then and now incorporates a wide range of Web3 features.
Importantly, Bybit Wallet actually includes three different types of wallets in one platform: Cloud Wallet, Keyless Wallet, and Seed Phrase Wallet. Let's take a closer look at each of these wallet options.
Cloud Wallet
Cloud Wallet is a custodial wallet integrated with your Bybit account. It's very similar to the custodial wallets provided by most of the best centralized exchanges.
Bybit manages the security for the Cloud Wallet, and you must have a Bybit account with Know Your Customer (KYC) verification to use this wallet. It is fully supported by both the Bybit web platform and mobile app.
Keyless Wallet
Keyless Wallet is a non-custodial wallet that uses multi-party computation (MPC) security to keep your crypto assets safe. It relies on two key shares, one controlled by you and the other by Bybit. Your key is backed up with a recovery password.
The Keyless Wallet is exclusive to Bybit, and assets cannot be exported to another MPC wallet (although they can be transferred on-chain). You must have a Bybit account to use Keyless Wallet, but you don't need to go through Bybit's KYC process.
Seed Phrase Wallet
Seed Phrase Wallet is a non-custodial wallet that uses a seed phrase, also known as a private key, to secure your assets. You can access your wallet on a device it's already installed on using a password, but the only way to access your wallet on a new device is to enter the wallet's seed phrase.
Bybit is not involved in managing your seed phrase, and you don't need a Bybit account to use this wallet. You are fully responsible for the security of assets in the Seed Phrase Wallet. You can import other cryptocurrency wallets into this wallet or export it to a third-party wallet.
Is Bybit Wallet Safe?
The safety and security of Bybit Wallet vary depending on the version of the wallet you're using.
Custody wallets like Cloud Wallet are relatively vulnerable because Bybit manages their security. If the exchange were to suffer a hack or declare bankruptcy, funds in Cloud Wallet could be at risk. That said, Bybit backs all customer assets 1:1 and has insurance, so the probability of the exchange taking funds from Cloud Wallet accounts is low.
Keyless Wallet is relatively more secure because Bybit cannot access your funds without your key. However, you also can't access the funds without Bybit's key, so you are dependent on Bybit continuing to operate and keeping its key for your wallet safe.
The Seed Phrase Wallet is the most secure version of Bybit Wallet, as only you have access to your seed phrase. However, it's very important to keep your seed phrase safe, since an attacker who gains access to it would have full control over your wallet.
All versions of Bybit Wallet benefit from two-factor authentication (2FA).
Bybit suffered one of the largest hacks in cryptocurrency history in 2025, which targeted the exchange's internal system for transferring digital assets. However, this hack did not impact Bybit Wallet, which operates using a completely separate security system.
Bybit Wallet Supported Coins and Networks
Bybit Wallet supports over 30 blockchains, including Bitcoin, Ethereum, BNB Smart Chain, Solana, Avalanche, TON, Sui, and more. It also supports Layer-2 networks, including Arbitrum, Base, and Optimism. Plus, you can also add any Ethereum Virtual Machine-compatible coins as custom tokens to the wallet.
Bybit Wallet connects to Bybit's centralized exchange, its decentralized exchange Apex Pro, and hundreds of decentralized exchanges across multiple blockchains. So, you'll find options for swapping any of the wallet's supported tokens.
Bybit Wallet Features
Bybit Wallet provides a range of features to help you manage your tokens and navigate the Web3 ecosystem. Let's take a closer look.
Self-custody
Bybit Wallet provides self-custody for your digital assets through the Keyless Wallet and Seed Phrase Wallet features. Both of these wallet types are non-custodial, meaning you control the keys required to access your cryptocurrencies (although in the case of the Keyless Wallet, you also need a key from Bybit).
This is important for security. Bybit cannot access your assets in the event of an exchange or liquidity crisis. Notably, neither the Keyless Wallet nor the Seed Phrase Wallet requires KYC checks, so you can also use them anonymously.
Web3 Integration
Bybit Wallet is part of Bybit Web3, a marketplace for decentralized apps (dApps) across dozens of blockchains. You can explore the full library and connect to any Bybit-supported dApps, including decentralized exchanges, NFT marketplaces, DeFi projects, crypto games, and more.
Bybit's Web3 integration also enables you to participate in initial decentralized exchange offerings (IDOs), participate in token airdrops, and engage in crypto staking.
NFT Marketplace
Bybit shut down its NFT Marketplace in April 2025, but you can still buy and sell NFTs through Bybit Wallet by connecting to supported marketplaces like OpenSea and Rarible. Bybit Wallet supports all popular NFT formats.
Apex Pro
Apex Pro is Bybit's partner decentralized exchange, which operates within the Bybit Wallet for token swaps. It supports thousands of tokens across multiple blockchains, including Ethereum, Solana, and BNB Smart Chain. Apex Pro boasts $94 billion in daily cryptocurrency trading volume, ensuring great liquidity on this exchange.
Token Swaps
Bybit Wallet features its built-in token swap, allowing you to quickly and easily swap one token for another. The swap aggregates trade data from more than 400 decentralized exchanges to find you the best price and liquidity for your order.
You can also connect to any major decentralized exchanges across supported blockchains for token swaps.
Bybit Wallet Staking
Bybit Wallet provides access to a vast array of staking pools through its Web3 marketplace. The wallet features top, vetted staking pools for you to explore, allowing you to get started quickly. There are single-token and multi-token staking pools available, as well as pools for stablecoins like USDT and USDC, and liquid staking pools for re-staking tokens.
Some of the coins available to stake include BTC, ETH, SUI, GLP, NAVX, and TON. There is a significantly wider selection than what is available for centralized staking through the Bybit exchange platform. APYs as of mid-2025 are up to 3.21% for BTC and 49.91% for ETH.
Solana owners can also take advantage of Bybit's SOL liquid staking, which offers up to 8% APY. Liquid SOL staking gives you bbSOL tokens, which you can use across Bybit Wallet's Web3 ecosystem while earning interest on your SOL tokens.
Bybit Wallet previously offered a token launchpad, allowing users to earn profits from new cryptocurrency projects. However, the IDO platform has been discontinued.
Bybit Wallet Fees
Bybit Wallet charges no fees for depositing tokens into your wallet. There's also no fee for using the wallet itself. The only fees you'll pay are related to cryptocurrency trading and withdrawals.
Bybit Wallet's token swap charges a flat fee of 0.1%, which is competitive with the fees charged by most of the best decentralized exchanges. If you use Apex Pro to trade, you can expect to pay 0.02% for trades that create liquidity and 0.05% for fees that take liquidity.
Bybit doesn't charge withdrawal fees for transfers between Bybit Wallet addresses, meaning you can move tokens between the Cloud Wallet, Keyless Wallet, and Seed Phrase Wallet with zero fees.
However, if you want to move your tokens off of Bybit entirely, you'll pay withdrawal fees that vary by token. To give you a sense of how much these fees cost, Bybit currently charges 0.005 ETH for Ethereum withdrawals.
For all withdrawals, including between Bybit Wallet addresses, you're responsible for paying any blockchain network fees for your transaction.
Is Bybit Wallet User-Friendly?
Bybit Wallet has a user-friendly interface and a minimal learning curve. This makes it suitable for first-time crypto investors and traders as well as more experienced traders who want a Bybit-linked wallet.
Bybit Wallet is available through the Bybit app (iOS and Android). It doesn't require a separate app download, which is a significant advantage if you're using Bybit as your primary cryptocurrency exchange. It's also available as a Chrome extension, although extensions aren't currently available for other browsers.
The Cloud Wallet requires KYC verification to set up, but the Keyless Wallet and Seed Phrase Wallet don't. The Keyless Wallet is incredibly easy to get started with, as all you need to do is download and save a key. In contrast, the Seed Phrase Wallet requires writing down and re-entering your wallet's seed phrase.
Once your wallet is set up, it's really easy to start managing your assets and interacting with Web3. Bybit does a good job of organizing the wallet's features, making it easy to find the token swap, staking pools, and dApp marketplace. New dApps and featured staking pools are highlighted in the dashboard so you always know the best way to put your crypto to work.
The only drawback to Bybit Wallet's design is that the different types of wallets aren't well-delineated. It would be nice to have different background colors or similar options for the various wallet types, so you don't accidentally store highly valuable cryptoassets in a less secure Cloud Wallet.
Bybit Wallet Customer Support
Bybit offers 24/7 customer support via live chat and email. The support availability for Bybit Wallet is the same as that for Bybit exchange, and in fact, it uses the same customer service team.
We found Bybit's customer service team to be very responsive and helpful. However, be aware that some users have reported that support channels can become congested.
Bybit's online help center features a dedicated section for Bybit Wallet, which contains around a dozen articles that provide in-depth explanations on how to use the wallet. However, there are no walkthrough tutorials or videos, so while there is quality customer service, the online support isn't quite as easy as what you get with other wallets.
Bybit Web3 Wallet Limitations
While there's a lot to like about Bybit Wallet, it's essential to acknowledge its drawbacks as well.
First, Bybit has been actively removing features from Bybit Wallet since the exchange fell victim to a hack in early 2025. Bybit has stated that this is due to waning demand for these features, allowing it to focus on its core business. In recent months, Bybit Wallet's NFT marketplace and IDO marketplace were both removed, and the number of staking options has been decreased.
Another drawback to Bybit Wallet is that the Cloud Wallet and Keyless Wallet are locked to the Bybit Exchange. You can only connect to dApps that are available within Bybit's Web3 ecosystem, and there's no way to export your wallet to a third-party wallet software. These limitations don't apply to the Seed Phrase Wallet, which can be exported to another wallet platform.
It's also important to keep in mind that Bybit Wallet (whichever version of it you use) is a hot wallet. It will never be as secure as a cold storage wallet or hardware wallet. For this reason, we don't recommend storing highly valuable crypto assets in Bybit Wallet.
How to Get Started With Bybit Wallet
Getting started with Bybit Wallet is easy. Here's how the process works.
Step 1: Download the Bybit App
To begin, download the Bybit app from Google Play or the Apple App Store and install it on your device.
Step 2: Create Wallet
Open the Bybit app and log in if you already have a Bybit account. If you don't have an account, tap Skip and then tap Go to Web3. Tap Create a Bybit Wallet to create a Seed Phrase wallet.
Step 3: Write Down Your Seed Phrase
Bybit will display your seed phrase. Write this down in a secure location and store it in a safe place. Never store your seed phrase online or in cloud storage.
Bybit will then ask you to enter three words from your seed phrase to confirm you wrote it down correctly.
Now you're ready to start using Bybit Wallet. You can import tokens from another wallet or use the Discover tab to browse Web3 dApps.
Bybit Review Conclusion: Who Is It Best For?
Bybit Wallet is an easy-to-use crypto wallet that's closely integrated with the Bybit exchange. It offers both custodial and non-custodial wallets and enables you to easily transfer your crypto assets between them for flexible management. Additionally, Bybit Wallet enables you to engage with Web3 through a dApp marketplace, staking pools, and a robust token swap.
Bybit Wallet is ideal for first-time crypto users and anyone who plans to use Bybit as their primary exchange. However, keep in mind that the Cloud Wallet and Keyless Wallet are locked to Bybit, so you may encounter difficulties if you wish to use dApps outside of Bybit's ecosystem.
Visit Bybit WalletOur Methodology: How We Tested and Reviewed Bybit Wallet
To begin with, we tested the Bybit Wallet by downloading the Bybit app and trying it out for ourselves. We went through the entire process of creating a new wallet, enabling us to see firsthand how streamlined the process is.
Once our wallet was set up, we explored all the features of Bybit Wallet, including staking pools and the dApp library. We also contacted Bybit’s support team and pored through the online help center to fully understand the technical limitations of Bybit Wallet.
FAQs
What type of wallet is Bybit Wallet?
What coins does Bybit Wallet support?
Is it safe to keep my crypto on Bybit Wallet?
Is Bybit Wallet available in the US?
Do I need KYC to use Bybit Wallet?
References
- How the Biggest Crypto Heist in History Went Down (New York Times)
- Bybit shuts doors on NFT marketplace as interest wanes (CryptoSlate)
- Bybit shuts NFT, IDO services weeks after $1.46B hack (Bitcoin Insider)
