While Bybit is headquartered in Singapore, the company is registered in the British Virgin Islands. Additionally, they have locations in Taiwan and Hong Kong.
Although most of their customers are Asian, Bybit also serves the European bitcoin sector. Ben Zhou is the CEO of Bybit, and the business invites people to connect with him on Twitter. According to bybit review its safe secure and transparent.
Yes, Bybit is a legitimate company. Bybit takes a lot of effort to assure the highest level of trade security on their platform, and they have never been hacked.
For instance, they have a rule stating that bitcoin withdrawals are limited to three per day. As a result, a hacker cannot access a user’s account and immediately empty it. A user with a compromised account has time to lock it so that no withdrawals can be made by limiting withdrawals to a few per day. Comparable functionality is available on Bitmex, although withdrawals are limited to one per day.
Bybit takes great care when storing their coin. For example, cryptocurrency is transmitted right to a cold storage wallet when consumers deposit money on Bybit. A “cold storage bank” has the benefit of being much harder to hack than a “hot wallet.” When money is stolen from an exchange, it’s typically from the digital wallet of the exchange.
Can Americans use Bit?
Unfortunately, Bybit is not available to Americans. This is because American laws are unclear, and people are afraid of being sued by one of the country’s authorities, such as the SEC.
An IP address geo-ban is used to impose the ban on Americans. In other words, any Port number from the United States is automatically banned from using the exchange.
A VPN is used to get around this ban, as some resourceful users have discovered. This is risky even though it is doable.
If Bybit learns that an American account is using a VPN to access the marketplace, they may freeze the account, and the trader might not be able to get their funds refunded. there are no deposit bybit fees when trading crypto.
Exchanges I Suggest Compared to Bybit
Although Bybit isn’t a bad exchange, it isn’t the best in Canada either. For one thing, you cannot use the exchange in Quebec, and it has indigent customer assistance because it lacks phone help and makes it impossible to predict when your questions will be answered. I, therefore, advise using one of these three exchanges rather than Bybit:
Bitbuy: Due to its low fees, tight spreads, and highly regarded smartphone app, Bitbuy is my preferred exchange for making significant purchases. Click here to claim your $50 Bitbuy welcome incentive.
CoinSmart is one of the most well-known exchanges in Canada thanks to its low trading fees of just 0.2 percent, fast deposits and withdrawals, and world-class customer service. Click here to claim your $50 CoinSmart sign-up incentive. Both spot and derivatives trading bybit fees are based on transparent and easy-to-calculate formulas.
VirgoCX: I recently signed up with VirgoCX and have been pleasantly impressed at every turn by their support for more than 50 cryptocurrencies, rapid account verification, and a lovely website and app.
Is Bybit Reliable?
Yes, there are several reasons why Bybit is a reliable exchange: It is utilized by approximately 2 million people globally, with a daily trading volume of about 16,162,547,804 USD. It is a registered Financial Service Business (MSB) with the Financial Transactions and Reports Assessment Scheme of Canada (FINTRAC).
How to Trade and Use Bybit Safely in the US in 2022
My preferred cryptocurrency trading platform is Bybit, but it always disappoints me when I travel to the US and lose access to it. I, therefore, wanted a way to continue using it while I was away from home. Thankfully, I could access Bybit from the US via a simple and secure method. Using a VPN is the quickest way to trade on Bybit from the US.