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

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.

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.

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.

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.