ByBit Indonesia: key features and benefits
Founded in 2018 and headquartered in Singapore, ByBit is a cryptocurrency derivatives exchange. Although ByBit is a relatively young exchange it does well to compete with larger crypto exchanges. It has grown its success because of simplicity and technology. It delivers a simple-to-use online platform supporting trading and investment in crypto.
ByBit trading platform is proprietary with elements of technical and graphical analysis powered by TradingView. They also offer transparent, understandable without multilevel differentiation depending on the trading volume. At first glance, the trading rules might seem confusing, but once you get the hang of the basics everything falls into place.
It is important to note that Bybit has drawn mixed reviews and there is some uncertainty concerning its legitimacy and safety, especially among crypto traders in Indonesia. To clarify this, we have researched if it’s safe and legal to use ByBit in Indonesia for your convenience.
ByBit – Basic Facts
Bybit is primarily a derivatives trading exchange. The platform supports both spot and derivatives trading with a leverage of 100x Bitcoin and up to 50x for other supported coins. They are regularly expanding the platform's assortment of tools and technological competencies.
The trading fees are pretty competitive; users are charged 0.05% of each transaction in maker-taker fees and above 0.2% in spot trading fees. Moreover, deposits are free while a small fee is charged on withdrawal.
-
💰 Account currency:
Cryptocurrencies
-
🚀 Minimum deposit:
From USD 1
-
⚖️ Leverage:
Up to 1:100
-
💱 Spread:
From USD 1
-
🔧 Instruments:
BTC/USD, ETH/USD, crypto/USD, EOS/USD and BTC/USDT, USDT pairs — ETH/USDT, LINK/USDT, LTC/USDT, XTZ/USDT
-
💹 Margin Call / Stop Out:
No
Is ByBit Legal in Indonesia
ByBit is available globally except for service-restricted countries and regions including The United States, Mainland China, North Korea, Crimea, Iran, Ontario (Canada), Quebec (Canada), Sudan and Syria. Because Indonesia is not on the list of excluded jurisdictions, Bybit is legal to use within the country.
For the benefit of those who might not know, derivatives (also known as contracts) are financial instruments that base their value on an underlying asset. In this case, the asset is cryptocurrency. How trading derivatives works is that you don’t own the asset, but rather you own a contract to buy or sell that asset at a specific time in the future. Crypto derivatives exchanges such as ByBit allow users to buy and sell these contracts.
ByBit is ideal for Indonesian traders who are familiar with advanced trading features as well as beginners. The user-friendly and intuitive platform makes it simple enough for traders of all kinds to succeed. Moreover, it’s worth noting that ByBit offers one of the best customer support services in the industry in more than 13 languages. You can comfortably trade crypto derivatives within Indonesia without worrying about doing anything illegal.
ByBit Indonesia Pros and Cons
ByBit has numerous advantages and at the same time, it has a couple of downsides. Let’s take a quick look at the pros and cons of the exchange.
👍 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 of up to 100,000 transactions per second and no downtime.
• Top-level security features and measures with multiple layers of authentication, and use of cold wallet storage.
• Available risk-free testnet environment where beginners can create demo accounts and
• familiarize themselves with the platform before risking any real money.
• 24/7 effective customer support with multiple language support.
• Generous affiliate and referral program that pays up to $20 for every referral.
👎 Cons:
• Limited spot trading pairs, although spot trading is quite a new ByBit product offering.
• ByBit doesn't support the deposit and withdrawal of fiat currency. Users can use credit or debit cards to purchase crypto, however.
How to Withdraw crypto from ByBit
ByBit offers immediate withdrawal from the platform, not to be confused with instant withdrawal. The withdrawal request might take some time due to its multi-signature and vetting process, as well as the network traffic speed at the time.
Here are the steps to withdraw crypto from ByBit:
1. Login to Your ByBit Account
The first step is to log in to your ByBit account. Once logged in, click the 'Assets' button on the home page. On the browser version, it's 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.
ByBit
2. Pick the Cryptocurrency to Withdraw
You can only make withdrawals on ByBit 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 will be 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 verify the request and release the funds to the wallet. It is important to note that when withdrawing crypto, ensure you add the crypto Tag for transfer to avoid unnecessary delays in processing.
FAQs
H3 Is ByBit Safe?
Even though it is a non-regulated exchange, ByBit has employed multiple security such as multiple layers of authentication. ByBit also stores client funds in cold wallet storage and manually reviews all withdrawal requests to prevent any theft.
Can you make money trading futures?
Traders can potentially make huge profits through trading futures. However, similar to other forms of crypto-based investments, trading futures contracts can be risky. Because of its high leverage, some even consider it riskier than equity trading.
Is ByBit Illegal in Indonesia?
No, ByBit is completely legal in Indonesia and there’s no need to worry when using the exchange in Indonesia.
Should I work with an exchange if I have doubts about its reputation?
No. Always choose cryptocurrency exchanges that have a good reputation.
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.