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Bybit Review 2024: Are They Safe & Legit – Or a Scam?

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Bybit
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  • Leverage with BTC, ETH, GMT, XRP, and more
  • 0.88% APY interest on the BTC flexible savings account
  • Deposit from as low as $10
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T&Cs apply, 18+
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User Reviews

Make sure that you read our Bybit review to see what this leveraged crypto trading site is all about. Perfect for seeing how you can make good use out of your digital assets!

Is Bybit legit? We think so and it looks like lots of other people do too. After all, it has a massive trading volume and it’s clearly a professional operation. So we’ve prepared this handy guide that shows you how you can execute leveraged crypto trades at Bybit. Keep reading to see what we discovered in our Bybit review!

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ByBit: Pros & Cons
  • Quality margin trading
  • Dozens of cryptos
  • 24/7 customer support
  • Trusted, secure site
  • Unavailable in US
Payment Methods
Mastercard
Visa
License
CNMV - Comisión Nacional del Mercado de Valores
Company
Bybit Fintech Limited
Founded
2018
Website
bybit.com
Available Languages
EN
ES
+
Customer Support
Email Support
Phone
(284) 494-2423
Overall Rating
Rating follows
  • Usability, Look & Feel
    3.8/5
  • Payment Methods
    3.8/5
  • Customer Service
    3.9/5
No review posted yet.
User Rating
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Last Updated on 02/07/2024

Security, usability, look & feel

Our Bybit review found that this is a nicely designed website. It is designed to give you a fast and accurate picture of the marketplace. This can be seen in the fact that you’ll constantly be shown real-time market data that allows you to use Bybit’s market liquidity to get the best price for your trades.

There is also an excellent Bybit app for iOS and Android devices that does a good job of fitting all of the crypto trading options into the palm of your hand. It carries across the sophisticated dark themes of the website and is well worth downloading.

We really liked the fact that the Bybit site had a few different trading strategies you could use depending on your level of experience. Other cool features on the Bybit site include prize pools for trading certain crypto pairings, special bonuses applied to first-time deposits, and even some races that give you prizes for carrying out certain kinds of trading.

How to trade at Bybit 

It’s very easy to start trading at Bybit. The first thing that you need to do is to create an account. Here you just have to tap on the Sign Up icon and you can start the process by typing in your email address and then creating a secure password. From here, you’ll need to add some funds to your account.

You should know that your first deposit at Bybit won’t be subject to any KYC verification as long as it is under $300. However, if it’s more than this or you go on to make a second deposit, you’ll need to reach level one of the KYC procedure. This usually means having to provide some kind of passport ID along with facial recognition screening. The good news is that this KYC procedure normally only lasts around 15 minutes.

Once your account is set up, you can head over to the Markets page where you’ll see the full list of crypto pairings. It’s a matter of looking at the price movements and using the available tools to make accurate predictions of where the pairing could be heading next. When you’re ready, you can hit the Trade icon and this will take you through to the main trading area. From here, it’s just a matter of stating the quantity of the asset you are speculating on and identifying the margin of the price movement.

Payments - Trusted payment methods found in our Bybit review

Depending on your location, you may be able to buy coins at Bybit with a variety of ewallets and local bank cards such as Visa and Mastercard. Fiat currencies accepted here include euros, US dollars, British pounds, Australian dollars, Canadian dollars and more. Bear in mind that there will be fees for making card payments such as a 1.1% fee per transaction if the card was issued in the EU.

Bybit offers an instant withdrawal facility that factors in the limits described in our Limit section below. While these withdrawals claim to be instant, you should factor in a 30 minute time for processing. Following this, you should allow between one to two hours for the withdrawals to land back in your wallet.

Customer service - Quality customer care found in this Bybit review

We were pleased to see that Bybit offers you excellent customer support that you can access all around the clock, each and every day. This customer care features a variety of different languages and you can expect to get a fast and friendly response. You can simply hit the live chat icon in the corner of the site and it’ll bring up a range of topics that help to answer your query. From here you can eventually find your way through to getting a response from a Bybit customer service agent.

Beyond this we saw that you can send Bybit an email to its customer care email address, although it doesn’t look like there is any telephone support. You should definitely check out the help center that has a bunch of articles relating to subjects like buying cryptos, getting started and so on. We should also note that Bybit is active on a range of social media channels including Facebook, Twitter, Instagram and so on.

License & security - Is Bybit safe?

Bybit is a major crypto leverage platform and this is something that can be seen in the fact that its 24-hour trading volume regularly exceeds $12 billion. Such is the competitive market liquidity of Bybit that it will be pretty much continuously open so that you can execute your trades even in volatile market sessions.

It’s good to see that Bybit uses a robust KYC procedure to ensure that it is only you who gets to access your account. Plus Bybit has plenty of assurances in place to make sure that your personal data stays safe on the fully encrypted trading platform. This can be seen in the two-factor authentication method and Bybit uses an industry-standard multi-signature cold wallet to securely store your assets.

Reputation and customer feedback – Looking at other kinds of Bybit review 

We were pleased to see that we’re not the only ones who think that Bybit is a quality crypto leverage trading platform. After all, it has won awards for things like Most Reliable Trading Platform and there are plenty of recommendations for Bybit among experienced crypto traders.

The prevailing opinion seems to be that Bybit is one of the better crypto leverage trading platforms. That said, there have been some criticisms about the order book depth being hidden and some people find the lack of initial KYC protocols a little disturbing. But on the whole, Bybit enjoys a healthy reputation for its online trading service.

Overall, Bybit is generally considered a safe cryptocurrency exchange with a solid reputation for security and reliability in the trading community. It employs standard industry security. Negative experiences, such as withdrawal issues or account problems, can occur, but they do not appear to be widespread or indicative of a scam.

Cryptocurrencies - Top trading service found in our Bybit review

So our Bybit review found that this is a leveraged crypto trading platform. ‘What is leverage in crypto trading?’ we hear you ask. Well, Bybit offers a kind of trading that lets you speculate on the price movement of a cryptocurrency. For example, you could bet on the value of Bitcoin to fall relative to the US dollar, or the value of Ethereum to rise compared to Tether. This means that you can make a return even if the value of the asset falls, as well as rises. There are dozens of cryptos featured here including BTC, ETH, GMT, XRP, DOGE and so on.

What’s best is that this kind of derivatives trading means that you don’t have to go through the whole process of actually owning the underlying asset. Plus you’ll be able to speculate on fractions of cryptos which is especially useful given the high price of Bitcoin. However, it’s important to know that such margin trading can be risky as the losses made can be just as significant as the gains. Despite this, it still offers you an excellent way of making much better returns despite having a relatively small opening investment.

Other trading – Plenty more trading options found in this Bybit review

Alongside the above example of derivatives trading, Bybit also lets you try crypto spot trading. This is where you buy and sell cryptos according to their current market price and then sell them if their value rises later on.

We also saw that there was a Bybit Earn package. This offers you a way of getting a yield from your digital assets. These feature a range of flexible savings accounts that give you interest that varies according to the crypto you are using. For example, using the Bitcoin flexible savings account will give you a 0.88% APY whereas this amount rises to 3.00% for USDT. Not the most generous crypto savings interest rates that we’ve seen, but a good way to get a little extra passive income.

Jurisdictions and limits – An interesting part of this Bybit review

Every online trading platform will be bound by laws that govern where it operates. This is definitely true of Bybit. By looking through the brand’s terms of service we can see that Bybit isn’t allowed to offer its services or products to customers in the US, China, Singapore, parts of Canada, as well as countries like Iran, Cuba and North Korea.

You’ll be able to make deposits from $10 at a time and the maximum deposit limit is $10,000 per transaction.  It’s also important to note that there are withdrawal limits at Bybit. The maximum instant withdrawal will depend on what kind of wallet you are using. For example, if you are using the Wallet 2.0 technology, you’ll be allowed to instantly withdraw less than 5.0 BTC at a time. However, if you use Wallet 1.0, this minimum withdrawal limit rises up to 5.0 and more. The same principle applies to instant withdrawals for other cryptos like ETH, EOS, XRP, USDT and so on.

The maximum withdrawal limits depend on what kind of KYC verification level you have reached. If you don’t have any KYC verification, your withdrawals will be kept at just two BTC, but this could rise up to 100 BTC if you reach KYC level two.

Fees – Fair fees discovered in our Bybit review

While there are some fees at Bybit, they are rarely any more severe than any found in our PrimeXBT review. For example, there are fees on the withdrawals that you make and these will be added on after the indicated withdrawal amount. While such fees might be annoying, Bybit only puts them in place to make sure that you get the fastest possible withdrawal times.

In terms of the actual trading, you’ll find that you have a standard taker fee for margin trading of 0.06%. Conversely, the maker fee rate will be 0.01%. What’s best is that these fees will decrease the more time that you spend on the Bybit site. So that by climbing up the VIP ladders to reach the Pro levels, your fees will be dramatically reduced.

Product summary – Key points of our Bybit review

Bybit offers you a professional yet user-friendly way to speculate on the price movements of digital assets like cryptocurrencies. The overall range of cryptos featured here is impressive and the leverage rates are competitive. We realize that leverage trading might not suit all people, and we’ve even got a guide that answers questions like, ‘Is crypto leverage trading halal?’

Plus we appreciated the fact that there are further options to make a return from your crypto investments including getting interest from staking, as well as spot trading. All of which means that you should register an account at Bybit and take your first steps in the world of crypto trading.

Bybit review FAQ

🔐How do I get a Bybit login?

Read our Bybit review to see how you can sign up to this crypto trading site and get your login. The good news is that it is a similar signing-up process as that found in our Phemex review. This means that it shouldn’t take you too long to get your login so that you can start crypto trading with extra leverage without too much delay!

💵 What Bybit fees are there?

Make sure that you read our Bybit review to see what fees there are at this leveraged crypto trading platform. While no one wants to have to pay fees, it’s a small price to pay considering that you are getting an excellent way to enjoy Bitcoin trading with leverage. Plus we have to say that all of the associated costs shouldn’t put too large a dent in whatever returns you make.

❓What Bybit crypto trading options are there?

We found a wealth of leveraged crypto trading options when we carried out our Bybit review. So make sure that you read our review to see whether this includes Ethereum trading with leverage or whether you will be kept to just Bitcoin trading. All of which should help you see whether Bybit is the crypto leverage trading platform for your needs.

📱Is there a Bybit app?

Be sure to read our Bybit review to see whether this brand has its own leveraged crypto trading app or whether you will have to execute your trades from the browser of your device. After all, crypto trading with leverage gets a lot more enjoyable when you can access the 24/7 crypto markets from the convenience of your smartphone or tablet.

⭐What is the Bybit KYC procedure?

Like all good decentralized leverage trading sites, Bybit has taken big steps to ensuring that both your crypto deposits and your personal data stay safe. So be sure to check out our Bybit review to see what kind of KYC procedure is in place. This will reveal what you have to do to verify your account and you’ll see just how secure Bybit is at keeping your digital assets safe.

Overall conclusion - Highlights from this Bybit review

It’s easy to see why so many people have signed up to Bybit. After all, it offers you some of the highest leverage crypto trading around, and the whole package feels safe and professional. It’s relatively easy to get started at Bybit and the website and app felt nicely designed and secure.

We appreciated the fact that Bybit has a generally good reputation and it has all of the security features in place to safeguard your data and deposits. The lack of KYC on initial deposits is interesting and it’s a matter of personal preference as to whether you think that this is a good thing or not. But few people would argue with the fact that Bybit offers you plenty of ways to start investing in the success of cryptocurrencies. So why not sign up to Bybit and try your first leveraged crypto trades?

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Crypto Exchange
Bybit
Favicon
Rating follows
  • Leverage with BTC, ETH, GMT, XRP, and more
  • 0.88% APY interest on the BTC flexible savings account
  • Deposit from as low as $10
-
T&Cs apply, 18+
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Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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