What Is Bybit?
Bybit is a fast-growing cryptocurrency exchange that was established in 2018 by a team of professionals with expertise in investment banking. The company is headquartered in Singapore and registered in the British Virgin Islands.
Bybit aims to create a global economy by providing a fast, secure, and transparent trading system. It envisions building the next-gen financial ecosystem powered by innovative and advanced blockchain technology. The platform has more than 1.6 million users worldwide and is available in over 160 countries in more than 16 languages.
Both retail and professional clients praise Bybit crypto exchange for providing the best user experience. If you want to learn more, check out the rest of our 2023 Bybit review below.
How to Create an Account at Bybit
To create an account at Bybit, users can either register using the website or the mobile app. To register using the website, users should follow these steps:
- Go to the official website (www.bybit.com) and navigate to the registration page;
- Fill in the required details in the registration form;
- Read and agree to the terms and conditions and click on “Create Account;”
- Verify the code sent to your email address/mobile number;
To register using the mobile app, users should follow these steps:
- Download the Bybit app and select “Assets” in the bottom right corner;
- Click on the “Login” tab;
- Click on the “Register” tab in the top right corner;
- Register either through the email or mobile option;
- Click on the “Sign Up” tab;
- Verify a code sent to the email/account’s registered mobile number.
Unfortunately, Bybit review found that not everyone can enjoy the benefits of this crypto exchange as there are some countries restricted from using it. These include the United States, mainland China, North Korea, Cuba, Iran, and a few others.
Therefore, users should first check for eligibility before attempting to create an account. They can find this information in the website’s terms and conditions section.
How to Buy Cryptocurrency on Bybit
Bybit takes the security of its users very seriously and provides several measures to ensure that users’ data and funds are protected. The crypto exchange offers various security features, including:
- Two-factor authentication (2FA): Bybit requires users to set up Google 2FA authentication for login, withdrawals, password reset, and change of security settings.
- Anti-phishing code: Bybit recommends users set up an anti-phishing code to appear in all official emails to prevent phishing attempts.
- Fund password: Bybit requires users to set up a fund password for security verification and withdrawals.
- YubiKey authentication: Bybit also offers YubiKey authentication as an additional layer of security for its users. YubiKey security key is a physical device that generates a unique code for each login attempt.
- Withdrawal address whitelist: This feature allows users to create a list of pre-approved withdrawal addresses. Withdrawals made to addresses on this list will not require 2FA verification.
- Withdraw via address book: Once this feature is enabled, users can only withdraw to addresses saved in their address book. This helps prevent them from accidentally sending funds to the wrong address.
These security measures demonstrate Bybit’s commitment to providing a safe and secure platform for its users. By taking advantage of them, users practice safe online behavior and can better protect their accounts and assets.
Bybit provides a number of options for personalizing and administering user accounts. Subaccounts, API administration, TradingView notifications, and account preferences are all covered in this portion of our 2023 Bybit exchange review.
- Bybit customers can set up sub-accounts for more granular control over their trading operations. For skilled traders who must keep track of several trading techniques, this is an invaluable addition.
- Using Bybit’s API management, users can generate, modify, and delete API keys as needed. Those who want to trade utilizing automated trading bots or algorithmic trading techniques may find this function especially beneficial.
- Using its integration with TradingView, a widely used charting and trading analysis software, Bybit can send notifications whenever there is activity on TradingView. TradingView users can now receive alerts and notifications via the Bybit app.
- Bybit’s flexible account settings let traders tailor every aspect of their cryptocurrency exchange. Included in these options are a choice of language, an anti-phishing code, and more stringent security measures such as two-factor authentication and a financial password.
Bybit offers a simple and cost-effective fee structure for its users. The platform charges maker and taker fees, with the rate varying based on the user’s VIP level. The VIP program has recently been updated in order to offer better trade price rates for traders.
For spot trading, the price rates start at 0.10% for non-VIP users and can go as low as 0.02% for Pro 3 VIP users.
For Bybil futures and perpetual trading, the derivatives for non-VIP users are 0.06% for taker and 0.01% for maker orders.
The trade fees for taker orders can be as low as 0.03% for Pro 1 VIP users, and maker orders can be as low as 0% for Pro 1 VIP users.
Additionally, Bybit offers a loyalty program that rewards users with price discounts based on their trading volume. The program is separate from the VIP program and can offer up to 10% fee discounts for high-volume traders.
Overall, Bybit trading fees are competitive and beneficial for traders of all levels. With the recent VIP and loyalty program update, users can expect even better rates for their trading activities.
Bybit provides round-the-clock service via several channels. You can contact a representative using the website’s live chat, email, or by sending a ticket through the support page. The website also includes a comprehensive FAQ section that covers a variety of issues, such as account administration, trading, and security.
One distinguishing characteristic of Bybit’s platform for crypto exchanges is its multi-language support, which includes English, Chinese, Korean, Japanese, Spanish, Russian, Vietnamese, and a few more languages, making it simpler for merchants from other countries to connect with them.
If you go through the web databases, you’ll see a mix of favorable and bad Bybit reviews. Bybit has received the best marks from clients for its user-friendly interface, high leverage, and quick and straightforward registration procedure. Several traders have also praised the quick trade execution and a vast selection of trading tools and indicators.
Meanwhile, several consumers have experienced platform difficulties. They complained about poor customer service response time, occasional trading issues, and withdrawal difficulties. It is crucial to remember, however, that these unfavorable ratings reflect just a small percentage of Bybit’s client base.
As this Bybit exchange review comes to an end, we can confirm that Bybit is a user-friendly cryptocurrency exchange that offers powerful trading tools, high leverage, low fees, and high-level security. Notwithstanding some negative online comments, the platform has proven to be a safe and secure choice for traders all around the world.
Bybit’s continued success as a crypto trading platform can be attributed to the company’s dedication to technological advancement and client happiness. So, if you’re seeking a safe and trustworthy place to trade your currencies, Bybit should be on your list.
Who owns Bybit?
Bybit is owned by Bybit Fintech Limited, a company headquartered in Singapore and registered in the British Virgin Islands.
Can I withdraw money from Bybit?
Yes, users can withdraw their funds from Bybit. These are the steps:
- Click on “Assets” at the top right-hand corner of the home page for web users, or click “Assets” at the bottom right-hand corner of the page for app users;
- Click “Withdraw” in the column of the cryptocurrency you want to withdraw;
- Select “Chain Type;”
- Click on “Wallet Address” and select the address of your receiving wallet;
- Enter the amount you want to withdraw, or click the “All” button to make a complete withdrawal;
- Click “Submit.”
Why can’t Americans use Bybit?
As previously mentioned in our 2023 Bybit review, Americans can’t use this platform. Bybit is not registered with the SEC and doesn’t comply with US regulatory laws. Snce Bybit does not follow US laws, using the platform in the US is illegal.
Can Bybit be trusted?
Bybit is a popular cryptocurrency exchange that has gained a reputation for being trustworthy and reliable. Bybit offers a secure trading environment and uses advanced security measures to protect user funds and personal information, along with competitive trade prices, and high leverage trading options.
Is Bybit withdrawal safe?
The exchange offers fast withdrawal time and has a reputation for processing every withdrawal quickly. Bybit also offers a variety of withdrawal options to suit the needs of its users. Additionally, Bybit has implemented advanced security measures to protect user funds during the withdrawal process.