This article will discuss on Bybit exchange review. Bybit exchange is an excellent crypto exchange platform that allows for trading activities on different crypto assets by traders and investors.
About Bybit Exchange
Bybit exchange is an exchange platform that was created in 2018 to provide various traders and investors with a professional platform where they can conduct their trades.
The platform, which Ben Zhou, the current CEO, co-founded, has excellent customer service and much community support for users.
It is fast becoming the most used platform with over 6 million registered users, which shows the legit status of the platform.
Where is Bybit Registered?
The exchange platform Bybit was established in March 2018 and registered in the British Virgin Islands (BVI).
When Did Bybit Start?
Bybit is an excellent exchange platform that allows investors and traders to make various trading decisions. The platform started its operational activities in March 2018.
Is Bybit Legit or a Scam?
Bybit is an exchange that offers traders and investors a wide range of trading tools for usage. The platform is rated high and has tight security and a very stable trading avenue, but it is not available in the US. Bybit is legit and trusted to trade your cryptocurrencies.
Is Bybit a Safe Exchange?
Bybit is a good exchange that allows traders to handle various trading activities. The platform is considered safe and secured by users who conduct various trades. Also, it has the best features, which assist traders in effectively making their trades.
Is Bybit Illegal?
Bybit is a trading platform where various trading activities can be carried out. The platform is legal for usage but not available to all traders.
Currently, it is not accessible in the U.S. as the platform decided to restrict users from the U.S due to the lack of clarity regarding their regulations on cryptocurrencies.
Pros of Bybit Exchange
The exchange platform has some benefits that traders can take advantage of when using it for their trading activities. The pros of Bybit exchange include:
- It is easy to use for trading.
- Its application is available on PC and mobile devices.
- The exchange has an insurance fund guaranteed to mitigate and cover losses.
- There is access to multiple order types, including market, limit, and partial orders.
- There are bonuses offered by the exchange platform.
- Their fees are relatively affordable.
- Bybit has a high leverage level with good trading fees.
- Educational Resources.
- Risk-Free Testnet Environment.
Cons of Bybit Exchange
There are some issues or negatives attached to using the platform, which include:
- The number of trading pairs offered by the exchange is quite limited.
- U.S. citizens are restricted from using the exchange for trading activities.
- There is no access to verifying trading volume.
How to Open a Bybit Account
To open a Bybit account, you can either use your web browser to visit this link on your device to create your account. By using the above link, you will be eligible to earn some bonus when you trade or deposit in your account.
#1. Using Web Browser
- To use a web browser, click here to get started, and then “Sign up” option on the home page.
- Once you click on the “Sign up” option, you will be taken to the registration page, enter your email address or phone number, create a password and put your referral code if available.
- After reviewing your details, click “Continue” to go to the next step. At this point, you would be sent a verification code to your email or number, which you originally submitted.
- Retrieve the code and go back to the platform and submit it. You will get a message indicating that your account has been successfully registered.
#2. Using The Bybit App
- Get to Google PlayStore or App Store to download the app.
- Click on the option “Register” on the homepage.
- Fill the registration form and click on the “REFERRAL CODE” the enter 37147 as your referral code so be eligible for multiple bonuses,
- Once you have done that, continue with other process.
How to Verify your Bybit Account
Bybit normally requires users to verify their account with the platform. This verification requires various documents to be uploaded. To verify your Bybit account, simply adhere to the below-listed steps.
• KYC 1 – Individual Lv.1
- Go to the Bybit application on your device or head to the website and sign in to your account.
- Select “Account and Security” on the platform’s home page.
- Click “Verify Now” under the account information in the identity verification column.
- Click on “Verify Now” under Lv.1 Basic Verification.
- Then, submit your passport or ID on the platform and conduct the facial recognition screening.
Ensure your documents are clear and display your name and date of birth.
• KYC 2 – Individual Lv.2
Once the KYC 1 verification process is accepted, simply move to the next phase with the individual Lv.2
- Click on the “Account and Security” option on the home page of your Bybit account.
- Click “Verify Now” in the identify verification column.
- Click on “Verify Now” under Lv.2 Residency Verification.
- Then submit your proof of residential address, which could be your bank statement or utility bill.
Once your documents have been accepted and your account verified, you will get an approval notification in your email and can now use the platform easily for deposits and withdrawals.
How to Fund Your Bybit Account
To fund your Bybit account, you can either transfer a crypto asset from your wallet to the exchange or use fiat currency to purchase crypto on the platform.
• To Transfer Crypto Asset
If you intend to deposit a crypto asset, simply login to your Bybit account and click on the bottom right-hand corner of the home page.
Then select the “Deposit” option and pick your specific asset to move to the next step. Once you have selected your crypto asset, you will be directed to your Bybit deposit address, which you can copy and transfer your crypto asset from your wallet.
• Purchasing Assets Through Fiat Currency
Users of the platform can purchase crypto-asset using fiat currency; you would use the Bybit’s Fiat Gateway. Simply click “Buy Crypto” on the left side of the navigation bar to get to the Fiat Gateway deposit page.
Here, you can start the fiat currency deposit process. Select the fiat currency you intend to pay, select the crypto asset you intend to receive, enter the amount, pick from the list of service providers, and select the “Buy” option.
A piece of information will pop up that you would need to read before clicking on the “Ok” button.
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How to Cash Out from Your Bybit Account
To withdraw from the Bybit platform, click on the option “Assets” on the home page. After this, click “Withdraw” and select the crypto asset to get to the next step.
Withdrawals on Bybit are normally made through Spot account, so if your asset is in your Derivatives account, you would need to transfer them to your Spot Account.
Before requesting a withdrawal, you must have linked your withdrawal wallet address to your Bybit account. Click on the “Add” option to set your withdrawal address, then follow these steps.
- Select the chain type for the crypto asset to be withdrawn.
- Click on “Wallet Address” and select the receiving wallet address.
- Enter the worth of the crypto asset you intend to withdraw.
- Click on the option “Submit”.
Ensure to enter the right network to avoid loss of funds. After clicking the “Submit” button, you will be directed to verify the withdrawal.
You would be required to verify through email and Google Authenticator code. Once you conduct this verification, your withdrawal request will be successfully sent.
How to Secure Your Bybit Account
Traders and investors can easily secure their Bybit accounts through the below-listed steps.
• Secure your account with a strong code
You can easily use an 8-character combination of letters and numbers to secure your Bybit account on your device.
• Don’t reveal your account details
Another good way to secure your Bybit account is by not revealing your account details to anyone. Ensure to keep it personal and out of anyone’s reach.
• Bind your account with Google Authenticator (2FA)
Using a Google Authenticator to bind your account is another secured and safe way of protecting your Bybit account.
• Do not save your login details on your browser
Ensure not to save your Bybit login details on your browser, as it could help prevent someone from accessing your account.
• Remember to log out
Always log out after making and use of your Bybit account; this way, no one would be able to access previous activities.
Below are the fees for activities on the Bybit exchange platform:
- Deposit Fees: No fees on deposits made to the platform exist.
- Withdrawal Fees: The fees on withdrawal do not remain fixed as users would need to check the network conditions constantly.
- Spot Trading: There’s a Maker Fee of 0.10% and a Taker Fee of 0.10%.
- Derivatives Contracts: There’s a Maker Fee of 0.01% and a Taker Fee of 0.06%.
Bybit Crypto List
Bybit exchange has over 174 listed crypto assets with 183 trading pairs available for traders and investors’ usage. Below is a list of some of the supported crypto assets on the Bybit platform.
• Bitcoin (BTC)
• Ethereum (ETH)
• Cardano (ADA)
• Chain Link (LINK)
• XRP (XRP)
• Avalanche (AVAX)
• Sandbox (SAND)
• Dogecoin (DOGE)
• Aave (AAVE)
• Maker (MKR)
• Metal (MTL)
• Waves (WAVE)
• Sola Token (SOLA)
• Apecoin (APE)
• Green Satoshi Token (GST)
• Axie Infinity (AXS)
• Stellar (XLM)
• Acala Token (ACA)
• Binance USD (BUSD)
• Binance Cash (BNB)
Bybit Supported Countries (Legal Countries)
Bybit does not offer trading services to some countries where their policies and regulations on crypto asset trading are unclear.
But there are many countries where its services are available for traders and investors but I’ll mentioned some few countries where Bybit are not supported. Below is a list of some some Bybit unsupported countries.
- Mainland China
- North Korea
- United States of America
Bybit exchange is an excellent exchange platform for traders and investors. Ensure to follow the above-discussed steps to utilize the exchange platform easily.
We hope this article will provide you with enough information on the platform. Kindly visit our comment section for all your questions and clarifications.
Watch the video below to know more about the ByBit Exchange:
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