How Legit is Bybit?
Bybit is a Singapore-based trading platform founded in March 2018, with Ben Zhou as one of the co-founders.
The crypto platform was specially designed for cryptocurrency derivatives, which refers to the contracts that give you the right to buy or sell crypto assets at certain prices in the future.
Key Takeaways
- Bybit is legit and is trusted by many to trade, send & receive Bitcoin and Altcoins.
- 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.
- Although Bybit is a renowned trading platform for crypto derivatives it is not approved by FCA (Financial Conduct Authority) which has made many people assume that it’s neither legal nor safe.
Although the headquarter is based in Singapore, it is duly registered in the British Virgin Islands and as such attract many clients from Asia who trust the platform for making safe and legit transactions
With over 1.2 million traders transacting daily, it’s very simple to understand and flexible to transact. Bybit is registered in the British Virgin Islands and deals with swap futures as its only product and facilitates the easy exchange of currencies available on its platform.
Although Bybit doesn’t support fiat currencies as payment for the purchase of any of its available cryptocurrencies. The two major cryptocurrency derivative platforms that are the main competitors of Bybit are Bitmex and FTX, both of which have either been hacked or FTX liquidated in 2022. Whereas, Bybit has never witnessed any cyber attack since it was founded.
The Bybit crypto platform is designed to handle about 100,000 transactions per second or even more depending on traffic. Bybit also claims that trades are executed within 10 microseconds to prevent slippage.
The platform stores all your assets offline in cold storage, making it nearly impossible for hackers to hack into users’ wallets. And the platform also reviews every withdrawal request to prevent any chances of unauthorized withdrawals.
The Bybit Unified Trading Account is an amazing Bybit feature that allows you to manage all funds and assets through a single account in which you can review their assets and risk in USD at one time.
The platform also has an insurance scheme that is designed in such a way to cover losses if a position is closed at, “worse than bankrupt price.” What this means is that if a trade goes below zero before it can be taken off, the loss will be covered by the insurance fund. Whereas other exchanges usually use a socialized loss scheme in which a loss from trade is taken out of the profits of all of the traders on the exchange. This is another edge Bybit has over some popular crypto exchanges.
How to stay safe on Bybit
Below is a list of tips that have been provided by Bybit to help safeguard your account as it is a priority for them.
1. Create a Strong Password
Creating a strong password is one of the best ways to safeguard your Bybit account and keep your personal information from hackers. The more unique passwords you use for your account, the more your assets are secured.
In creating a strong password, you can use a combination of various characters which should include; upper and lowercase letters, numbers, and symbols. Ensure you avoid the mistakes most beginners make by creating a password that includes easily guessable information such as birth dates, addresses, and phone numbers.
It is also recommended by Bybit that you link your account only to a private email address which you must not use to open suspicious or spamming links. You can make use of professional password managers such as Last Pass and KeePass.
2. Use 2-Factor Authentication (2FA)
Bybit is among the best crypto trading platforms out there that offer their user the advantage of using two-factor authentication, such as Google Authenticator, to safeguard their account. The 2FA is an additional layer of security asides from using a strong password that only allows legitimate owners of such accounts to access it.
The role of this additional or extra layer of security is that apart from your password and PIN, security verification will also verify the second layer.
3. Ensure you protect your personal data
And one such way is by using the Google Authenticator which you can easily bind your Bybit account to. And it is recommended that you do the binding immediately after your first login to the Bybit account.
Personal Data Protection and cryptocurrency-related privacy issues
Your data protection is an issue that must not be handled with levity. With just a single trace your personal information (PI) can easily be tracked to your crypto in the encrypted world such as your IP address, online usernames/ID on various online crypto community forums, etc.
Other personal data such as your identity as the owner of a specific wallet address, the crypto service provider, etc. can all be traced and obtained by various online scammers looking for easy prey for cyberattacks.
Protecting your privacy whenever you go online is also the best way to protect the security of your crypto assets and the only way to avoid any challenges that may arise in the future
Frequently Asked Questions (FAQs)
Is Bybit Good for Beginners?
Bybit has never been hacked, so it’s quite safe to say it is a secure platform and very easy to use for beginners. The platform also supports low trading fees and users with very limited budgets or trading experience hoping to try their luck in trading.
To make it even easier for beginners, the Bybit app user interface is quite interactive and easy to use, and as such you will be able to understand its functionality within a few minutes of application.
Does Bybit have any fees?
In terms of Bybit fees for withdrawals, Bybit does not charge any fees. What the crypto platform charges is known as the “miner fee” which is a fee designed to pay for the cost of a transaction on the network. The stipulated miner fee on Bybit includes; 0.0005 for BTC, 0.01 for ETH, 0.25 for Ripple XRP, 0.1 for EOS, and 5 for USDT.
Is Bybit legit?
The answer is yes, Bybit is very legit. The platform has never been hacked into and Bybit takes several precautions to ensure optimal trading security on their platform.
Final Thoughts
Despite non-approval for trading by some financial organizations and in some countries, Bybit remains a legit crypto trading platform for millions of people across the globe.
Therefore, you can rest assured that your crypto assets are in safe hands and are as secure as they can get. Just ensure you adhere strictly to all laid-out rules and guidelines to give you a wonderful and positive trading experience with them that several of their customers are enjoying now.
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