Bybit is a Crypto derivatives platform for trading a wide variety of coins.
The platform claims to have over 50,000 users who have rated it 4.5 stars.
Most of the traffic is coming from social media and referrals.
It is owned by Bybit Fintech Limited, which is a company situated in Singapore and headed by Ben Zhou.
Bybit’s CEO also claims to have worked as a General Manager for XM Forex broker between 2010 and 2017.
This is according to his LinkedIn profile.
The company promises unrivaled trading platform, top-notch cold storage security, expertise, trust and transparency.
In addition to this, Bybit also has a mobile app for their platform.
If you want to know whether this Crypto trading platform is safe or not, keep reading our review.
Is Bybit legit?
First of all, the company says it’s not allowed to operate in the following countries:
United States of America, Québec (Canada), Singapore, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea and Sudan.
The question is why they’re registered in Singapore yet they are not providing their services to residents of this country.
Another concern is that Bybit is probably not accepting US residents because of the legalities involved.
It’s clear that Bybit is an unregulated Crypto broker and I’ve reminded you many times not to trade with such brokers.
If you would like to trade with a good broker, check out this list.
Should you trade with Bybit Crypto broker?
The Crypto exchange has claimed to use multi-signature cold storage wallet for the safety of users’ funds.
They’re also saying their platform uses encrypted technology feature to prevent phishing attacks.
In addition to this, Bybit has a features called “insurance fund”.
They claim this feature will be used when a trader is liquidated at levels considered below the “bankruptcy price”.
They offer leveraged products but this is a standard feature offered by all exchanges.
In terms of fees, they charge “market taker” fees. This money is paid when a trader uses liquidity in their books.
On the other hand, the company intends to provide a rebate if traders provide them with liquidity.
Their trading platform also comes with all the bells and whistles such as market order, limit order, conditional order, Good till cancel etc.
An API is also available to those who want to use bots or algorithms for trading.
While Bybit appears to provide many features, the only thing that worries is their lack of regulations and the fact that they’re brand new.
It would be better to trade with more established Crypto exchanges that offer margin trading.
Thanks for reading our review. I would prefer a more established and well-known Crypto exchange.