ByBit India Review
Bybit is a cryptocurrency derivatives exchange that offers top-level futures trading for advanced traders while it offers a very simple UI with zero trading fees for new crypto users. Founded in 2018 in the British Virgin Islands, ByBit has become one of the top crypto exchanges globally within the fairly short duration they have been in business.
In India, ByBit is considered as a reliable crypto exchange and has also made a mark worldwide by its high focus on security and commitment to keeping client funds safe. ByBit also has zero spot trading fees and high liquidity, all alluring conditions for both seasoned and novice crypto investors.
As a fairly new crypto exchange, it’s common for traders to ask the question: is ByBit legit and legal in India? Let’s find out in this article.
ByBit – General Information
Although ByBit was originally registered in the British Virgin Islands, they moved their headquarters to Singapore until January 2023 when they moved operations to Dubai. This was informed by the service restrictions in Singapore. Apart from Singapore, other restricted countries and regions include The United States, Iran, Syria, North Korea, Mainland China, Sudan, Sevastopol, Cuba, Crimea, United Kingdom, Quebec (Canada) and Ontario (Canada).
ByBit is generally a crypto derivatives trading exchange. It supports both spot and derivatives trading with a leverage of 100X on Bitcoin and up to 50X for other supported coins. To remain a top exchange, ByBit is regularly expanding its arsenal with innovative tools and technology.
The platform offers educational resources to help individuals new to trading learn the ropes. They also have a risk-free testnet platform where users can create a demo account and trade using virtual money without risking any real funds. This is great for beginners and even seasoned traders who want to try out new trading techniques.
All deposits are free on ByBit, but clients are charged a small fee when making withdrawals.
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💰 Account currency:
Cryptocurrencies
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🚀 Minimum deposit:
From USD 1
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⚖️ Leverage:
Up to 1:100
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💱 Spread:
From USD 1
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🔧 Instruments:
300+ crypto assets
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💹 Margin Call / Stop Out:
No
Is ByBit Legal in India?
Yes, ByBit is completely legal and safe to use in India. As we mentioned earlier, ByBit is available for users globally except for a few service-restricted countries and regions. To sign up for ByBit, you must first confirm your location, and if your IP is found in any of the restricted countries then you cannot use the platform. Because India isn't on the list users can enjoy the benefits of the intuitive platform. The exchange prides itself on over three million users worldwide and over 10 billion USD worth of transactions every day.
Although ByBit isn’t a regulated exchange, they have put in numerous measures to guarantee the safety of client funds. ByBit has multiple layers of authentication and they store their client funds in multi-signature cold wallet storage. The team also manually reviews all withdrawal requests to prevent any fraud. It is worth noting that ByBit has one of the best customer services with 24/7 support in more than 13 languages. This is a frequently requested feature in the Indian market, and ByBit has done exceptionally well.
The platform makes overall community support very effective thanks to its offers and regular competition. Their affiliate program is also very attractive and has helped the exchange grow its users tremendously. ByBit has paid out more than 200 BTC in commission rewards and bonuses to date, a testament to how committed they are to their affiliate program.
ByBit India Pros and Cons
Like all things, ByBit has its upsides and shortcomings. Let’s quickly highlight some of the pros and cons of ByBit.
👍 Pros:
•Offers high leverage, up to 100x with Bitcoin and up to 50x with other cryptocurrencies.
•It is a simple and easy-to-use platform with advanced trading tools.
• Amazing system functionality with fast transaction speeds and 99.9% uptime.
• Top-level safety features with multiple layers of authentication.
• Available risk-freetestnet environment where traders can create demo accounts and familiarize themselves with the platform using virtual money before putting in any real money.
• 24/7 operational customer support with multiple language support.
• Generous affiliate and referral program that pays up to $20 for every referral.
👎 Cons:
•Lacks strict ID verification and Know Your Customer (KYC) policy.
• ByBit doesn't support the deposit and withdrawal of fiat currency. Users can use credit or debit cards to purchase crypto, however.
• Limited spot trading pairs, although spot trading is quite a new ByBit product offering.
How to Withdraw crypto from ByBit
ByBit offers immediate withdrawal, not to be confused with instant withdrawal. Payments are processed 3 times a day so it might take some time before your funds are disbursed.
Here are the steps to withdraw crypto from ByBit:
1. Login to Your ByBit Account
First, log in to your ByBit account. After logging in, click on the 'Assets' tab on the home page. On the browser version, you’ll find it on the top right-hand side of the page while on the mobile version it's on the bottom right corner of the home page.
How to Withdraw crypto from ByBit
2. Pick the Cryptocurrency to Withdraw
On ByBit, you can only make withdrawals from the ‘spot’ wallet. Select withdraw on the spot wallet after which a list of available assets pops up. Choose your crypto.
3. Enter Wallet Address and Amount to Withdraw
After you choose crypto as the crypto you want to withdraw from the drop-down menu, you’ll also need to enter the unique withdrawal wallet address of the receiving wallet, the chain type, and the amount. The withdrawal fees will be displayed. Click on submit to proceed to the next step.
4. Enter the Confirmation Code and Complete the Process
Once you click the submit button, you’re redirected to the withdrawal verification page. Click on ‘get code’ on the next page and the ByBit team will send a withdrawal request code to your registered email address. Enter the code and click submit to complete the process. It will take some time for the team to validate the request and release the funds to your wallet.
FAQs
Is ByBit Legit or Scam?
ByBit is a legitimate crypto derivatives exchange headquartered in Dubai. Although ByBit isn’t regulated, they have invested in high security and transparency with their clients.
Is ByBit Legal in India?
Yes, ByBit is 100% legal for use in India since India doesn't fall on the list of service-restricted countries and regions.
Should I work with an exchange if I have doubts about its reputation?
No. Always choose cryptocurrency exchanges that have a good reputation such as ByBit.
Can you make money trading futures?
Traders can potentially make huge profits through trading futures. Like other forms of crypto-based investments, trading futures contracts can be risky.
Team that worked on the article
Andrey Mastykin is an experienced author, editor, and content strategist who has been with Traders Union since 2020. As an editor, he is meticulous about fact-checking and ensuring the accuracy of all information published on the Traders Union platform. Andrey focuses on educating readers about the potential rewards and risks involved in trading financial markets.
He firmly believes that passive investing is a more suitable strategy for most individuals. Andrey's conservative approach and focus on risk management resonate with many readers, making him a trusted source of financial information.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.