Bybit Review: Scam & Fake or not?

Bybit is a well-known crypto exchange, also offering several other products such as staking, copy trading and loans.

But is Bybit a scam?

No, it is not: According to our experience and review, Bybit is a safe crypto exchange.

Sign up now at Bybit!

Read our in-depth review of Bybit to learn all the background.

If you have already had an experience with Bybit, you can share it here.

Key Takeaways

• Bybit proved to be a legit and safe platform, all possible due to the implementation of multiple safety features such as two-factor authentication, multiple identity verification processes, cold storage technology to protect assets and more
• Whether you’re a new or experienced trader, Bybit has a number of services and products for short and long-term investment
• Our full Bybit review explores every aspect of the exchange, allowing you to see for yourself the possibilities of using this platform

About the Company

Bybit is a popular cryptocurrency exchange company founded in March of 2018, registered in the British Virgin Islands by co-founder and CEO Ben Zhou. The exchange operates under Bybit Fintech Limited.

Bybit is a cryptocurrency exchange that continuously offers incentives to unite cryptocurrency holders worldwide.

This exchange is a conglomerate of professionals from different financial markets, like investment banks, firms related to technology, the forex industry and people formerly devoted to blockchain networks.

The headquarters of Bybit are in Dubai, UAE. Through the years, the exchange has achieved multiple milestones that have solidified its position in the cryptocurrency industry.

Just recently in 2023, the company announced a total of 20 million registered users on the platform.

Similarly, the company’s daily spot trading volume is $2,831,407,679.40, with $3,808,478,276.43 as total assets.

Since 2019, the exchange has hosted trading competitions like the BTC Brawl (2019), the World Series of Trading (2020, 2021) and the sponsorship of events like the Red Bull Racing (2021).

All of the events and milestones achieved by Bybit establish it as a solid, long-lasting and relevant crypto exchange company.

Safety and Regulation

Bybit uses Know Your Customer (KYC) and other security measures to guarantee utmost transparency in their service.

According to the company, these policies are in place to avoid funding terrorism, prevent money laundering and discard high-risk sources.

Currently, Bybit is not regulated by any entity or government.

The presence of this cryptocurrency trading platform and its services in different countries heavily depends on the government jurisdiction.

For example, the platform is not available in the United States since 2021.

Besides KYC, the exchange employs other features to protect your account.

For instance, Bybit works with cold storage technology to secure the sanctity of your funds. This feature offers protection against potential hacks and the company must review all withdrawal requests to detect and deny theft attempts.

There’s also the Bybit insurance fund. Upon the event of potential bankruptcy, ByBit will protect your unexpected trading losses and prevent the worst scenario.

Other features worth mentioning are the Two-Factor Authentication (2FA) and the capacity to enable biometric verification for payments made with Bybit cards.

As a result of these measures, you will have to use your email, phone and fingerprint to proceed with each transaction.

Last but not least, ByBit also offers an exclusive program called Bug Bounty.

While this program does not affect you directly, it does help increase the safety of the website. Basically, hackers join this program and find loopholes in the platform, which they must report to management.

It’s safe to say that Bybit is an excellent platform when it comes to safety and reliability.

Accepted Countries

Bybit is accessible in over 180 countries. While many countries accept it, Bybit is not available in some others.

Check out this list as we explore in which countries you can and cannot use this crypto trading exchange.

• Australia — Available but lacks license for crypto derivative product offerings. High-risk platform.
• Canada — Unavailable.
• Ghana — Available.
• Hong Kong — Available but limited due to regulations.
• India — Available.
• Ireland — Available.
• Kenya — Available.
• New Zealand — Available.
• Nigeria — Available.
• Pakistan — Available.
• Philippines — Available.
• Singapore — Unavailable.
• South Africa — Available.
• United Kingdom — Unavailable.
• United States — Unavailable.

Trading Offer

Bybit offers one of the fastest systems within the crypto industry, with the capacity to process over 135,000 transactions per second.

These transactions can be in crypto or FIAT, as the platform supports over 55 FIAT options and more than 100 cryptocurrencies.

You can pay using VISA and MasterCard, or Bitcoin, Ether, Tether and other popular cryptocurrencies to trade on Bybit.

Unlike other platforms, such as Binance, Bybit does not have an exclusive token.

However, the Bybit trading platform partners with BitDAO to offer and trade BIT tokens.

Additionally, Bybit supports and offers approximately 400 trading pairs. These include the most popular, like BTC/USDT, ETH/USDT, BNB/USDT, or MATIC/USDT, to name a few.

Trading Types

The trading options available on Bybit provide unique opportunities to explore trading strategies and earn the most profit. Since the different types of trading can be confusing, we’re going to explore all of them to identify the opportunities they present.

• Spot Trading
• Margin Trading
• OTC Trading
• Derivatives
• Copy Trading
• Leverage Trading
• P2P Trading

Spot Trading

This type of trading refers to the practice of buying or selling cryptocurrency at the price set by the market at the moment.

Therefore, the exchange of assets between buyer and seller takes place immediately. Bybit offers this trading option for those looking for short-term gains or holders that prefer the buy low and sell high strategy.

Margin Trading

Bybit allows you to designate your Spot Account funds as collateral, an action that lets you borrow funds from Bybit. This is margin trading and it’s suitable for entering larger positions compared to your wallet balance.

OTC Trading

The exchange also offers Over the counter (OTC) trading, allowing you to negotiate directly with a seller or buyer.

Naturally, this type of trading is more suitable when you have considerable funds in your account or when you reach VIP status.

Derivatives

Then we have derivatives, one of the most satisfying aspects of using Bybit.

Derivatives exchange is a trading modality in which you agree with another person to exchange underlying funds at a specific future date and price.

The point of this type of trading is to speculate on how much the underlying asset will cost in the future.

There are four types of derivatives in Bybit: Futures Contracts, Perpetual Contracts, Inverse Perpetual Contracts and USDC Options.

When you agree to a Futures Contract, you accept buying or selling FIAT assets at a specific price and on a specific date.

The goal of this type of trading is to predict price increases to buy cheap or decreases to sell higher.

A Perpetual Contract is an agreement without an expiration date. You can hold the funds indefinitely, but you must pay the funding fees.

Inverse Perpetual Contracts are like Future Contracts, but they use cryptocurrency as the final purchase. These are ideal to increase exposure to a particular crypto.

As a final variation, Bybit offers USDC options. These have an expiration date set. In this modality, holders have the right but not the obligation to buy.

Trading Software

Bybit has one of the most optimized trading software compared to other exchanges. From the moment you look at the chart, it’s easy to read the data and analyze drops and surges in prices.

Let’s have a look at some of the features offered by the Bybit software –

Spot Grid Bot

The purpose of this bot is to buy low and sell high. It does this by analyzing price fluctuations and it executes orders when the market is highly volatile to take the most profit.

Market Tracking

The bots analyze the market throughout the day, displaying valuable information such as prices, trending cryptos and other data in visible charts. As a result, you don’t have to do the work yourself.

Automated Order Executions

Set parameters and let the bots do the work for you.

For example, you can set up a Limit Order to determine the exact price to buy or sell.

Other popular orders are the Take Profit (TP) to close a position after meeting the desired profit or the Stop Loss (SL) to close orders at a specific loss level.

There are many more features you will like about the Bybit trading software, like the Stop-Entry Order, One-Cancels-the-Other Order, Close on Trigger, or Reduce-Only Order.

The bottom line is that the bots can reduce manual work significantly, allowing you to relax and enjoy the profits.

Other Products

The Bybit platform solidifies its position as a top exchange by offering a variety of products designed to help you manage your assets wisely, like the Bybit Launchpad, lending, or card. Check them out here.

• Lending
• Launchpad
• Card
• Bybit Crypto Loans
• Leveraged Tokens
• NFT
• Bybit Earn

Lending

The lending system allows you to transfer your idle assets into the Asset Pool.

By taking this action, you will earn interest income per hour by lending your funds to other users practicing Margin Trading, Crypto Loans, or Unified Trading. It’s an easy method to increase your asset holding.

Launchpad

Bybit started its Launchpad program to give you access to new and upcoming tokens if you become an investor.

You can participate in this program by committing MNT tokens and getting a token allocation subscription or by winning an allocation by investing USDT tokens instead.

Card

The Bybit Card is like a regular debit card operating on the MasterCard network, allowing you to use your funds in stores and online websites.

This product lets you pay with your Bybit funds without converting the money or requesting withdrawals from banks.

Payment Methods for Deposits and Withdrawals

Initially, Bybit allowed only cryptocurrency exchange. This also meant that you could only deposit using crypto.

However, over time, the exchange has expanded to accept FIAT currencies such as EUR and USD.

After making that first FIAT deposit, you can use this new balance to purchase and trade with crypto. This is something that Bybit needed to rise as one of the top crypto exchanges in the world.

With that said, you need to complete the LV.1 Identity Verification to deposit FIAT currency. After completing the deposit, the funds will be available in your Bybit account balance within one business day.

The minimum deposit amount is really low, such as 1 EUR via SEPA. It also varies depending on the payment method.

Similarly, withdrawing funds in FIAT currency is also possible on Bybit.

You can transfer your assets to an external wallet on SEPA, Advcash, Zen, or via bank transfer (SWIFT).

The usual withdrawal varies, but it may take one business day for FIAT and less than 20 minutes if you withdraw crypto.

Fees

Bybit evaluates three factors to determine trading fees. These factors are the current VIP status, the trading product and whether the person is a maker or taker.

Let’s take a look at the following chart first before we talk about these concepts.

A maker is a person sets creates limit orders, increasing the trading volume of the exchange during the process. On the other hand, a taker is the individual who places market orders, usually fulfilled instantly.

• After identifying the two parties, we can now see how Bybit charges a 0.1% fee for both the taker and maker under Spot Trading.
• On the other hand, the starting fee for the taker in Perpetual and Futures Trading is 0.055%, whereas the maker must pay 0.02%.
• Lastly, non-vip makers and takers will pay 0.02% during USDC Options Trading.

As you can see, the fees vary once you climb the VIP tiers.

These fees are very standard, as other exchanges have charges similar to Bybit. Thus, Bybit is also a friendly platform to trade without losing excessive money in fees.

Like other exchanges, Bybit does not charge deposits free of fees.

On the other hand, you do have to pay a small fee while requesting withdrawals. The withdrawal fee changes depending on the payment method.

If you hold Perpetual Contracts on Bybit, you must pay a funding fee to secure their position.

Realistically, the purpose of the funding fee is to control the price, keeping it from deviating far from the index price of the asset.

Mobile app

The Bybit mobile app is available for iOS and Android users, allowing you to keep track of your assets and markets on the go.

This app is well-optimized, offering a similar functionality as the desktop version. For example, you can access derivative order forms and buy or sell easily.

Registration and Verification

Creating an account on Bybit is necessary to use its services. Fortunately, this process is easy and hassle-free. You can register either using your email account or phone number. Follow these steps. Remember that you can complete this procedure via desktop or smartphone.

• Go to the Bybit website and click the Sign Up tab at the top right corner.
• Select whether you want to use your email or mobile phone to create an account. Provide the details as required.
• After providing the details, confirm that you agree to the Terms of Service and Privacy Policy before clicking on Create Account.
• You may see a pop-up window showing the list of restricted countries. Click on No to continue.
• Fill out the reCAPTCHA and provide the verification code you received on your email or mobile phone.
• Alternatively, you can use the Bybit App and follow the same steps to create an account using your mobile phone.

You can fund your account after registering an account.

Still, basic registration has a few limitations, such as a $1,000 limit to trade via P2P and a maximum withdrawal amount of 2BTC daily.

You must verify your account to comply with the KYC policy and increase your withdrawal capacity.

Follow these steps to complete the verification on Bybit.

• Find the profile icon and click on Account and Settings.
• Click on Verify Now, which should be visible next to the Identity Verification Column.
• Next, confirm by clicking on Verify Now. This step is part of the 1 Identity Verification.
• Indicate the country and submit your identification document. Click Next.
• Continue by completing the facial recognition scan.
• Click on Next to deliver every requirement uploaded for verification.

Lv.1 Identity Verification provides many benefits, such as no limit to how much you can trade via P2P and a higher withdrawal limit of 50 BTC daily.

A Lv.2 Identity Verification is available to increase withdrawal limits even further. The process is similar.

Only this time, you will need to provide proof of address documents for Residency Verification. Proof of address is also necessary for the Bybit Card.

With your account set and ready to go, the next thing to do is try out the demo account to get a better idea of how Bybit works.

The process of using this feature is a bit tricky, as you need to complete multiple steps first. Also, the service is available on another website altogether.

• First, you must create an account on the Bybit testnet website.
• Then, you have to contact the live Bybit customer support to request funds for your demo account. This is only possible using your live account on the main exchange.

Even while the Demo Account has its pros and cons, the option is still there. And we actually consider this feature to be super helpful if it’s the first time you’re trading.

Bonus for New Customers

Bybit offers a welcome bonus called Register and Earn, which allows you to win up to $50 in BTC by registering and funding your account within seven days. The rules are simple.

• Create an account.
• Deposit $200 and you’ll get $10 in BTC, $800 for $20 in BTC, $1,500 for $30 in BTC, or $3,000 for $50 in BTC.

Additionally, you can earn up to 420 USDT by inviting friends to register and use the platform.

Customer Support and Languages

Bybit offers a myriad of options to request assistance in using one of the products or services.

For example, you can go to Submit a Request to explain a specific case or go to the Help Center to find publications about pretty much every function offered on the website.

A Live Chat is also available. You talk to the bot first and then move on to a live agent if the bot is unsuccessful in solving your problems.

The response is usually fast, but it may vary depending on the volume of inquiries each day. At most, the Bybit team reaches back to you in one day.

Conclusion

During our Bybit exchange review, we were thoroughly surprised by how smoothly the platform operates.

Finding each trading option is easy and the trading software felt very intuitive.

Still, what we most liked is the Bybit security. In our experience, few other online exchanges employ so many safety features to guarantee a secure and reliable platform.

Sign up now at Bybit!

So, back to our question. Is Bybit a scam?

The answer is simple. No, Bybit is not a scam. The exchange offers the tools to earn money and it lays out the conditions for you to withdraw and enjoy that profit. Bybit is straightforward, legit and reliable.

Frequently Asked Questions

Find the answers to the most common questions and concerns about Bybit here.

Is Bybit safe and secure?

Yes, Bybit is safe and secure. In our experience, we consider this exchange to be one of the safest due to the many security features it offers. From 2FA to Cold Storage, this platform values your asset protection deeply. Read more about it in the “Safety and Regulation” section.

How long does the verification take with Bybit?

Verifying your identity on Bybit takes approximately 20 minutes. Remember that there are multiple verification procedures necessary, meaning the time to verify your account may vary. You can read all about this process in the “Registration and Verification” section.

How can I deposit money at Bybit?

You can deposit money at Bybit using a debit card, credit card, or via e-wallets like Advcash. Alternatively, you can fund your Bybit account balance by transferring crypto from an external crypto wallet. Check out the details in the “Payment Methods for Deposits and Withdrawals” section.

How long does it take to withdraw money at Bybit?

Withdrawing money takes approximately one day for FIAT currency and less than 20 minutes for cryptocurrency withdrawals. We talk about these details in more depth in the “Payment Methods for Deposits and Withdrawals” section.

How does Bybit work?

Bybit works as an online exchange, connecting traders worldwide to sell and purchase cryptocurrency. The platform offers some of the best trading opportunities, catering to new and experienced traders alike. Learn more about this in the “Trading Types” and “Other Products” sections.

Allan Garland

I'm part of the crypto space since 2013 and I strongly believe in it. But I also know how it feels to get scammed and to realize financial losses. With my website Cryptoscam.info I want to support you to stay safe and to give you a platform to share your experiences.