Bybit Review – The Second Best Exchange Is Not Without Its Secrets
Bybit Review – The Second Best Exchange Is Not Without Its Secrets

One of the industry giants, the incredible success story, the contender for Binance’s spot in the Sun is one of the most notorious exchanges out there. 

Subject of incredibly numerous regulatory actions, this company puts some of the hardcore fraudsters to shame with the sheer number of accrued warnings. Find out why it’s better to avoid this firm in our Bybit review.

Regulated by: AFSA, CySEC
Is This Company Safe? No, the firm has been subject to regulatory action numerous times!
Known Websites: bybit.com
Have Warnings from: BVI FSC, AFM, IOSCO, FCA, OSC, CNMV, FI, A-TVP, BaFIN, CVM, FSA
Registered in: N/A
Operating since: 2018
Trading Platforms: MT4, Web Trader
Maximum Leverage: 1:100
Minimum Deposit: N/A
Deposit Bonus: Various bonuses and promotions
Trading Assets: Cryptocurrencies
Free Demo Account: Yes
How to  Withdraw from This Company? If you need help with recovery, you can always rely on our team of legal experts.

Who Supervises These Guys?

You’d expect a company that enjoys a prestigious #2 position on CoinGecko, second only to Binance, to be on the straight and narrow. Unfortunately with Bybit exchange this is not exactly the case.

First and foremost, the Terms & Conditions document states that any legal disputes will be settled by the court of Singapore.

This is utter nonsense since the firm’s corporate HQ is not in this nation, nor is the firm entered in the registry of this region’s regulatory authority – MAS. Bybit Fintech Limited does appear to be registered with the UK Companies House, but it doesn’t have an FCA license.

UAB Onlychain Fintech Limited is indeed licensed by CySEC, with the reported trading name of Bybit. While it is indeed entered in the EEA CASP (Crypto Asset Services Provider) register, the bybit.com domain is not explicitly marked as approved.

The only license that fully checks out is that from Kazakhstan, specifically one issued by AFSA, a regulator that is not considered strict enough to be a Tier-1 authority. The firm additionally makes a claim to be duly licensed in Dubai as well, but VARA register has them marked as “license pending”.

Immense List of Regulatory Warnings

Unfortunately, it appears that whoever runs this crypto exchange is not exactly willing to play by the rules, which makes us reminisce about the recent YourGlobalDeal scam.

Now that we understand the license conundrum, let’s have a look at all the warnings the company has accrued:

  • BVI FSC has explicitly denounced the firm, stating it is not a legit BVI entity; the warning was further disseminated by AFM and IOSCO
  • FCA has issued a warning about Bybit operating with no authorization
  • OSC has blacklisted Bybit for failing to comply with Ontario law
  • CNMV blacklisted both company and domain as unregistered institutions; further reposted by FI and A-TVP
  • BaFIN has placed Bybit Fintech Limited under investigation for illicit conduct
  • CVM banned the entity from operating in Brazil
  • FSA (Japan) flagged the company for providing crypto exchange services without registration

As we strive to create unbiased and impartial reviews, we cannot recommend Bybit crypto platform for anyone. Use their services at your own peril, and remember – we’re here if you need help with recovery.

Where Is the Service Most Popular?

The bybit.com domain has been lingering since 1999, until it was finally obtained by the exchange in 2018. Thanks to their immense daily training volume, this exchange needs no introduction. It’s also one of the main sponsors of the Oracle Red Bull Racing team.

It can be found on virtually every social network you can imagine – Facebook, Instagram, X, LinkedIn, TikTok, YouTube, Reddit, Telegram and Discord even!

The overwhelming impression the exchange propagates is one of quick riches, and is directed primarily towards young demographics. Here’s the regions where most clients are from:

  • France
  • United States
  • Germany
  • Turkiye

Bad Customer Experience

Having a look at user first account Bybit reviews reveals a less than ideal reputation. It has a score of 1.8 on TrustPilot, which has even flagged the company for receiving regulatory attention in the past. Their rep is not any better on SiteJabber or Reviews.io.

The most alarming are numerous Reddit threads, which openly complain about their withdrawals being stuck in a limbo with no hope of ever coming through. If you ever encounter any such problems, contact our experts for help.

Fee Structure Defined by VIP Level

Fees for spot trading range from 0.1000% / 0.1000% for the VIP 1 to 0.0150% / 0.0050% for the supreme VIP level called PRO 5. 

Taker and Maker fee for perpetual & futures contracts trading range from 0.0550% / 0.0200% for the VIP 1 level to 

0.0250% / 0.0000% for PRO 5.

USDC options trading for VIP 1 users include 0.0200% / 0.0200% fees, while PRO 5 clients pay 0.0100% / 0.0000% fees. 

Non-VIP members pay a Taker/Maker fee rate between 0.2000% / 0.1500% and 0.1200% / 0.1000%. VIP members and PRO members pay between 0.1200% / 0.0675% and 0.0150% / 0.0050%.

There’s special fees related to Bybit Card, which include a foreign exchange fee of 0.5%, crypto conversion fee of 0.9%, and ATM withdrawal fee of 2%. 

Referral Bonus

The maximum amount that the firm will allegedly reward you with is up to 1.710 USDT in several different bonuses. To be eligible to participate in the referral program, existing users have to share their link, have their referrals deposit at least 100 USDT and then trade a volume of at least 500 USDT.

Once traders reach a trading volume of $50.000 and upgrade their account to UTA, they are eligible for rewards calculated as Profit / (Initial Equity + Total Deposits) * 100%.

Variety of Features

The website offers a wide range of tools, some even AI-powered, with a large choice of assets. Account types are not typically designed, however. The whole description of the offer and the particularities follows.

Wide Selection of Software

The main Bybit trading platform is the industry standard MT4, but there’s a bunch of other software solutions as well. Some of these raise some eyebrows, such as the inclusion of copy trading features, as well as an alleged TradeGPT AI software.

Now, these trading programs are known to be abused by various unregulated firms like Apollo Cash to entrap victims. Bybit copy trading can be dangerous for novices, since professional traders have a much different sense of what constitutes a successful trade.

AI trading is even more dubious, with the majority of the trading public considering the technology to be a gimmick not ripe enough for an out-of-the-lab environment.

Mobile Device Support

A discrete Bybit app is available for iOS and Android users. You may download Bybit on AppStore and GooglePlay respectively, where they enjoy a respectable reputation among financial apps. The programs include all necessary features, such as DeFi, speculation and trading of assets.

Markets

Over 100 coins are listed on this exchange, with a little more than 300 spot trading pairs:

  • Spot pairs – BTC/USDT, ETH/USDT, ETH/USDC
  • Major Currencies – BTC, ETH, GMT, APE, MNT, XRP

Standard and UTA Accounts

The key difference between the account types is that Standard account users have to own or possess specific assets to engage in trading activities.

The registration procedure is relatively quick, with the new members only needing an email address or mobile number and a password. However, there’s also the option to link your Google or Apple account, which isn’t the safest option.

Available Demo

Bybit sign up comes with an available demo, featuring an initial allotment of 100,000 USDT in virtual balance. Clients can use all of the facilities to trade. Users can even request further virtual funds once they have depleted the initial sum. 

Withdrawal Terms

Crypto and Fiat withdrawals may differ in terms of processing time and fees. In general, the number of available Fiat currencies is large and you can instantaneously see if it’s free or includes fees or what is the processing time and the minimum withdrawal requirement. The firm is quite transparent when it comes to these parameters.

For example, SEPA withdrawals in EUR need 1 to 3 working days to process. Minimum amount for USDT withdrawals is 2.6 USDT.

The requirements for completing the procedure are standard and need:

  • Email Authentication
  • Google Two Factor Authentication
  • Individual KYC Verification

Help Center

The support office is mainly based on articles that are quite informative. If it happens that you don’t find an answer to your question, you can always contact the live chat agents but the waiting time is at least 60 minutes. 

In case that doesn’t help, you can submit your case and get a reply via email, or you can contact the support crew on their social networks profiles.

Reasons Not To Recommend This Service

It’s no secret that this exchange has been in the authorities’ spotlight for some time now. As empires rise and grow, they inevitably topple under their own weight. 

Don’t wait for the inevitable to happen – contact our experts now, and start working on pulling your money out as soon as possible!

FAQ Section

What is Bybit?

The exchange is one of the most popular and most globally famous crypto portals, but with many regulatory issues and warnings.

Can Bybit Be Trusted?

Due to extremely low trustscore and regulatory warnings, we would advise anyone interested in investing here to approach the firm with caution.

Is Bybit Earn Legit?

The program offers various ways to earn additional crypto, but regulatory issues the firm struggles with are a reminder that all interested individuals should be careful.

Unfortunately, many users start reading reviews only after falling victim to scams. We sincerely hope that you are not one of them!
However, if you're here because you suspect that your investment isn't in a safe place, know that you have the right to claim funds back!

Report a Fraud Case & Claim a Refund from Scammers

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