Is ByBit Safe and Legit in 2024?
Based in Singapore, ByBit is a trading platform that works as a well-known exchange for crypto derivatives. However, many people believe that ByBit is not safe or legal. This is because the platform is not approved by FCA (Financial Conduct Authority), and it also shares user data with varying third parties located inside and outside The European Economic Area.
So, Is ByBit legit? This article explores some key facts to help you deal with all the misconceptions you might have regarding this exchange.
ByBit is a fully legit crypto exchange with a headquarter in Singapore and registration in the British Virgin Islands. To secure users' assets ByBit stores all assets offline in cold storage, support two-factor authentication and strict security rules.
How Is ByBit Protecting Your Money?
ByBit is one of the safest platforms for protecting your money. The exchange contains many different security measures designed to protect your assets at all costs.
For instance, ByBit stores all your assets offline in cold storage. One of the benefits of cold storage wallets is that they are difficult to hack. Moreover, the platform reviews every withdrawal request to prevent any chances of unauthorized withdrawals.
What's more, ByBit is a part of a unique Bug Bounty program designed to encourage ethical hackers to communicate any loophole in the system. ByBit also makes sure that every employee goes through a background check before joining the platform. As a user, you can benefit from the two-factor authentication for any security information and withdrawals changes.
How Is ByBit Regulated by Governments?
Unfortunately, ByBit is not regulated by anyone. However, despite that, the platform has a broad customer base.
While it has its headquarter in Singapore, the company got its registration in the British Virgin Islands. This is one of the reasons why the platform attracts many clients from Asia.
Without any regulation, this platform is prone to crime. However, ByBit ensures that its strong security policies and checks prevent that from happening.
Has ByBit had Security Compromises?
No, there haven't been any incidents of security compromises yet. This is because ByBit takes cybersecurity quite seriously.
These are a few of the things that the platform proudly owns:
Multi-signature cold wallet storage that keeps funds safe from threat attacks
Zero-trust architecture to apply the management of software lifecycle
A partnership with white hat hackers to detect any cybersecurity vulnerabilities pretty early
Extra authentication layers, which include fingerprint recognition to pattern lock
Is ByBit Working With My Country Residents?
ByBit is available for the citizens of all countries except the United States of America, Iran, Syria, China, Québec, Hong Kong, Singapore, Cuba, Crimea, Sevastopol, North Korea, Taiwan, Macau, or Sudan.
Is ByBit Legit in the US?
Unfortunately, the citizens of the United States can't use ByBit. This is because America doesn't have adequate clarity regarding regulations. Moreover, the chances of ByBit being sued by the SEC or any other regulator are pretty high.
Anyone using an American IP address will be banned from using the exchange. To combat that, many users use VPN, but that has its own risks. In such cases, if ByBit discovers that an account is American and uses VPN to trade, the platform doesn't hesitate to freeze the trader's account and block their funds.
Where Is ByBit Located?
ByBit's headquarter is in Singapore, but the platform doesn't offer its services or products in the country.
ByBit Security Rules
Here are some ways in which ByBit security rules can help secure your account on this exchange:
ByBit assigns cold storage wallets to its traders. The deposit addresses complete withdrawals and asset consolidations through offline signatures. Every withdrawal request on ByBit goes through a strong manual review three times every day.
This exchange has a robust internal system controlled by cybersecurity consultants. Every employee at ByBit goes through a background check before being hired by the exchange.
ByBit's security rules support two-factor authentication. As a user, you will only pass through one level of authentication before you register on this platform. However, if you want to reset the password or withdraw money, the system will require you to create different combinations of Google and SMS authentication.
Besides, ByBit's own security rules, the exchange also requests its users to follow a few simple steps to protect their accounts. For instance,
ByBit requires users to create a strong password with unique components.
Additionally, the exchange requests all its users to turn on two-factor authentication before withdrawing money or creating an account.
ByBit Background
Formed in 2018, ByBit is a relatively new trading platform for cryptocurrency futures. This exchange is registered in the British Virgin Islands and deals with swap futures as their only products.
That said, ByBit doesn't have an FCA approval. Moreover, the company plans to shut down all its operations in the UK.
ByBit allows the exchange of currencies available on its platform. However, the company doesn't support customers who use fiat payment to purchase any chosen cryptocurrencies.
The company's limited focus on swap futures benefits ByBit in many ways. For instance, last year, the company experienced a substantial increase in its trading volume.
ByBit has two main competitors,Bitmex and FTX, also cryptocurrency derivative platforms. However, one of the best things about this company is that it hasn't experienced any cyber attack yet.
This is because ByBit prioritizes customer security above all other things. From two-factor authentication to regular background checks on employees, these security measures are vital to combat any degree of cybercrime.
ByBit Pros and Cons
Like any other similar cryptocurrency trading platform, ByBit has its good and bad points. Below we have curated a list of some prominent pros and cons.
👍 Pros
• Since ByBit doesn't demand any KYC (know your customer), the registration process is relatively easy and quick.
• One of the best things about ByBit is its intuitive mobile app, which makes trading quite convenient.
• ByBit offers cold storage wallets to store funds. Cold wallets are far safer than hot ones.
• There are very few exchanges that offer the trading of swap futures, and ByBit is among them.
•You can easily trade on ByBit with high leverages.
• The affiliate and referral programs offered by ByBit are pretty generous.
•Since ByBit deals with many different order types, this platform is quite suitable for advanced investors and traders.
👎 Cons
• ByBit only supports four coins, and it doesn't plan to include any more coins shortly.
• Other than the USA, ByBit is not available in many different countries, which restricts the number of people who can benefit from this platform.
• ByBit is not a supporter of fiat exchange payment, which is also a huge limitation.
Is ByBit Good For Beginners?
ByBit is a very safe platform, making it quite convenient for beginners. Moreover, since it supports low trading fees, people with limited budgets or experience can try their luck.
What's more, this platform's app or user interface is relatively simple-to-use. So even if you aren't a tech-savvy person, ByBit will make sure that you understand all its nitty-gritty details within a few applications.
Summary-Is ByBit Safe to Use?
Designed with many unique security features, ByBit is a legit and safe-to-use platform. It does have some limitations, but ByBit ensures that whoever uses its services is provided all kinds of security required to keep their funds safe.
What's more, the platform is approachable from different parts of the world, making it accessible for its users. Things that ByBit can improve include having a stringent policy for KYC and implementing a solid ID verification procedure to enhance its legitimacy.
Top 10 ByBit Reviews
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Comment
The Bybit designed for every level of crypto traders. the simple user interface has been helpful. I only have one concern but I cannot say it is an issue at the moment. This has to do with when i reached out with the customer care to inquire if i can trade futures. The response that i can trade a range of USDC-settled contracts including both USDC Perpetual and USDC Futures Contracts came, but when it did i was off my screen and attending to other things. Can't say if the slow response is due to network or other external issues. I don't know if it is too early to conclude that the customer service is slow.
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Comment
Guys, it is normal to see trading as a game of chance. Nonetheless, iif you can learn how to use analyze financial markets using tools like line charts, indicators, and other trading tools, you will minimize the rate at which you lose out on profitable trades when you trade with real money. When you register on a platform like Bybit, get familiar with the various trading tools available and how to use them. There are also useful tools you can use to see what will happen if a trade goes your way or against you. Just like the one tool I use daily before I open a trade position which is the pre order calculator. I use this tool to calculate and know the possible profit and loss and ROI if I open trade with any strategy I created
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Comment
At first I doubted whether to work with Bybit. The conditions here are favorable, but I was still afraid to work with the company I knew nothing about. But I decided to try with small amounts and realized that the broker works well. The money was withdrawn quickly and the fee was minimal, so I stopped being afraid. I’ve been a grateful client of this company for six months now!
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I was looking for a reliable exchange and paid attention to Bybit, which has long been on the market and has a good reputation. My friend, who has been trading on Bybit for many years, also recommended this company. Now, after a few years I consider myself a more experienced trader and I am sure that I chose the right one. I am pleased with Bybit’s work, although the income is not too high, but stable. Withdrawals are very fast, but everything depends on the chosen payment system.
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I have never had any problems with this company. I will even say that this is the best thing that I have seen in the last year. They try to please everyone. I can only praise.
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I can't really say anything bad about ByBit. I trade cryptocurrencies here. and another company. Regarding the withdrawal of money, everything is fine here, but trading is sometimes lame)
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I think that ByBit is one of the best exchanges in the crypto market. I have been trading with them for a very long time. From the moment I came to them, they have grown a lot. I keep BIT, I have high hopes for it no matter what. I advise everyone to trade here, as this is the quality.
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Comment
I registered here because I was interested in couples with a dollar. There is a good choice here. In general, it is clear that the company is ahead of the rest. This is noticeable both in terms of conditions and in terms of the quality of service. Not so long ago NFT was added. Now I am studying.
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Comment
I think that the ByBit exchange is not intended for beginners. This marketplace is likely to be useful for professional traders and cryptocurrency investors. ByBit has many solutions for good trading. But it will be difficult for a beginner to understand. I recommend this exchange for those who already have experience in trading with cryptocurrency.
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Comment
ByBit gladly put 5 points. I would like to note the advantages: the conclusion of a transaction in one click, the reversal option, if necessary, short and long can be opened simultaneously on one contract, even if there is a different leverage, commissions are charged. The fact that there is a demo account is also a plus. I recommend this company!
FAQs
Here are some common questions that can help you explore ByBit further.
Is ByBit legit?
Yes, ByBit is legit and safe to use, even for beginners. In addition, the platform has a website that makes it accessible for any user to explore this trading platform.
Does ByBit have any fees?
ByBit has many different fee options on its platform. Some of the fees that a user might have to pay include withdrawal fees, taker fees, funding fees, and asset recovery fees.
How can a beginner use this platform?
If you are a beginner exploring ByBit for the first time, you should first understand the registration, deposit, and withdrawal procedures. Once done, you can then select the suitable order type before exploring the different features on this platform.
Can you trust ByBit?
Yes, you can. The platform has many security measures that make it quite secure. Besides, ByBit reviews all requests manually before approving them.
Team that worked on the article
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
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.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.