Bybit is a cryptocurrency exchange in Singapore, founded in 2018. It is a very popular exchange for crypto traders, with 100 times leverage and no margin, so there is no risk of taking on debt. It is said that there are more than 300,000 users, and it is an exchange that has become very popular in recent years. The advantage of Bybit is that the spread is narrow and it is considerably narrower than other exchanges. With over 120,000 registered users, it has become quite popular with crypto traders.
Bybit is a cryptocurrency brand operated by Bybit Fintech Limited. The cryptocurrency trading service will be available in 2018, and it is still an emerging company.
|Company Name||Bybit Fintech Limited|
|Business start date||2018|
|number of employees||50|
A financial license is issued by the financial authorities of the country and is a permit for conducting a financial business. Without this, you cannot carry out business activities. The countries with strict examination standards in the world are said to be the United Kingdom and Cyprus. The UK Financial Conduct Authority (FCA) has very strict not only license acquisition but also maintenance standards, such as having to compensate up to £ 85,000 per person in the event of a Forex trader’s bankruptcy. The Cyprus Securities and Exchange Commission (CySec) is said to be the second highest screening country after the United Kingdom. So is Bybit licensed?
|Company Name||Acquisition license|
|Bybit||British Virgin Islands Financial Services Commission (FSC)|
If you have any trouble, you will usually be contacted by e-mail, but the response is very quick. Bybit unfortunately does not offer telephone support. However, live chat is also available.
|Live chat||They operate a live chat with a multilingual customer support team. You can get a quick response.|
|They accept 24 hours a day, 365 days a year, so you can send without worrying about the time. In most cases, you will receive a reply within a day.|
The following languages are supported. Compared to other companies, it is very many and fulfilling.
- Simplified Chinese
- Traditional Chinese
- English language
Bybit’s withdrawal fee is free in principle, but please be careful as there is a mining fee when sending money. In addition, a minimum withdrawal amount is stipulated. See below.
|currency||Commission||Minimum withdrawal amount|
Please make a withdrawal request from the official page. Please note that you cannot withdraw money without 2-step verification.
Bybit deposit methods are as follows.
|Payment method||Commission||Minimum deposit||Reflection time|
|Other exchanges||By exchange|
Remittance fee will be charged
|0～||Minutes to hours|
|credit card||3.95%||0～||Minutes to hours|
|Bitcoin||free||0～||Minutes to hours|
|Ethereum||free||0～||Minutes to hours|
|Ripple||free||0～||Minutes to hours|
|Ios||free||0～||Minutes to hours|
|Tether||free||0～||Minutes to hours|
Only the following two items are required to open a Bybit account. Bybit does not require an ID to open an account.
- telephone number
- email address
If you have an identity verification (KYC) for individuals or corporations and do not want to limit the amount of money you can withdraw, you will need an identity verification document. Have your passport, country-designated ID card, or driver’s license ready. Click the “Perform Identity Verification (KYC)” button on the far right of the “Identity Verification” column at the bottom of your account. You will be able to take your ID and take your own photo.
Bybit allows you to trade 8 currency pairs.
Bybit allows scalping trades. However, please be careful. Unlike foreign exchange, the price range of virtual currencies is very volatile. If you go the other way, be sure to decide the withdrawal point. If you go the other way, you may lose all your money.
Automatic trading is at your own risk
Recently, some people are selling automatic trading systems that support Bybit. However, automated trading carries great risks. When a one-sided trend appears, the unrealized loss becomes large and all the principal is often skipped. Furthermore, in the case of virtual currencies, trends are more likely to occur than foreign exchange, and price range fluctuations are more likely to occur. You may lose all your money in one trade, so please understand before deciding whether or not to do it. Discretionary trading is recommended.
Low risk, low return for beginners
Beginners should not be familiar with cryptocurrency FX yet, so let’s start with low risk and low return
Whether or not withdrawal is refused
It will be the most worrisome place for traders who actually trade. There is no Forex company that refuses to deposit, but I am wondering if I can really withdraw when I can make a profit. What about Bybit, as some companies run away at worst? The patterns of withdrawal refusals from past cases are summarized below.
|Withdrawal information error||You cannot withdraw if the withdrawal destination is incorrect.|
|Under maintenance||Withdrawals may be delayed during system maintenance.|
|Campaign Bonus Withdrawal||Campaign bonuses cannot be withdrawn.|
|Change or reset your account password||There is a 24-hour withdrawal limit.|
|Change user’s mobile phone number||There is a 24-hour withdrawal limit.|
|Removal of Google Authenticator 2FA||There is a 24-hour withdrawal limit.|
Bybit is one of the world’s leading exchanges, and it has a lot of language support, so you should be satisfied. The feature is that email support is also very quick.