ByBit Malaysia review
Cryptocurrencies have taken the world by storm. More and more people are joining the trend and accepting crypto as an investment and, in some cases, legal tender. However, you must first choose a good platform for your exchanges.
Bybit is a leading cryptocurrency exchange platform accepted in various countries globally, such as Canada. However, it is only accepted in some countries. In this article, our Traders Union analysts look at if you can use Bybit in Malaysia. They’ll look at its legality in Malaysia and go over the pros and cons of the platform.
ByBit Malaysia- Main Features
Bybit is an online crypto trading platform founded in 2018 with headquarters in Dubai and recently Singapore. It is an entity in the sense that it must be registered to operate within a jurisdiction. The only license that ByBit has is a Virtual Asset Licence in Dubai.
It allows users to buy, sell, and trade cryptos using derivatives and spots. The platform is accepted within many jurisdictions except a few like Cuba, Iran, Syria, Sudan and North Korea.
ByBit - Main Information
The ByBit crypto exchange platform features inverse and perpetual futures contracts with up to 1;200 leverage and supports multiple coins. These coins include BTC, BCH, ADA, LINK, DOGE, ETC, ETH, DOT, SOL, and XRP.
One advantage of using the platform is that it provides insurance against sharp price movements that can put your investment at risk. It also has a low entry threshold, meaning that individuals with various
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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:
BTC/USD, ETH/USD, XRP/USD, EOS/USD and BTC/USDT, USDT pairs — ETH/USDT, LINK/USDT, LTC/USDT, XTZ/USDT
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💹 Margin Call / Stop Out:
No
Is ByBit Legal in Malaysia?
It is important to ensure that whatever activity you carry out is legal within your jurisdiction. This is crucial in crypto since using cryptos in areas they are not allowed may result in penalties, and you can’t find help if something goes wrong. So remember, while many countries have rules and regulations governing the use of crypto, some still don’t.
Crypto is legal in Malaysia. However, they are not considered legal tender, and all cryptocurrency exchanges must register with the Malaysian Securities Commission(MSC). The digital assets are viewed as securities and tokens hence the regulation by MSC under the authority of the Capital Markets and Services Act 2007. The registration process requires meeting a set of rules, and the registered exchanges must abide by AML/CFT guidelines.
While most cryptocurrencies are not illegal in Malaysia, the exchange platforms you may prefer may be unregulated. So it is also vital to ensure that your chosen platform has a financial license.
ByBit Malaysia Pros and Cons
Here are a few advantages and disadvantages of using ByBit Malaysia.
👍 Pros:
• High focus on security with the presence of multiple verification layers
• It has a very low entry threshold with a minimum deposit of USD 1
• It has millions of worldwide users making it a highly liquid crypto exchange platform
• It offers a browser version of the platform, meaning users with various operating systems can use it without any problems
• Allows you to open long and short positions with possible mutual recalculation
• It provides a demo account through Tesnet for users to familiarise themselves before using the platform
👎 Cons:
• It uses terminologies and formulas that beginners find hard to grasp
• Fiat withdrawal is not supported
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
Can I trust ByBit for my crypto exchange?
Bybit is regulated by some authorities worldwide and has over 2 million users. However, it is important to ensure that the regulators are well-trusted around the globe and that they offer the best security. Since ByBit is legal in several countries, it is safe to put some trust in the platform.
How secure is my investment in ByBit?
ByBit offers users various security measures to protect their digital assets. You’ll need to undergo two-factor authentication and answer security questions while providing additional passwords to access the accounts and withdraw from their platform. You should also ensure that you keep all your passwords, including google and email passwords, private.
Which exchange platform is the best?
Each trading platform has its pros and cons. Additionally, each has a reputation among crypto users. So look for an exchange platform with the best reputation and user reviews. Ensure you read and go through various reviews before making a decision.
How long does it take to withdraw from ByBit?
ByBit allows immediate withdrawals that take between half an hour and an hour, depending on the traffic and blockchain. If there is a lot of traffic, the process may take longer.
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.