One of the most reputable and popular crypto exchanges, ByBit operates in many countries all across the world. It seems to be especially well-known in India where thousands of traders use it every day to buy and sell different crypto assets. But should you sign up? Is it reliable? To answer these questions, you have to analyze how ByBit is regulated and how it operates. To help you out, we have analyzed the conditions offered by the exchange for you.
About the exchange
ByBit is one of the leading crypto exchanges that specializes in crypto derivatives: special instruments based on some underlying token. ByBit supports several different coins, including BTC, ETH, ADA, or DOGE, so you can definitely find something suitable just for you. Registered in Dubai, the exchange is not regulated by traditional financial organizations like FCA, but it’s still considered very trustworthy. It has a Virtual Asset License issued by financial authorities in Dubai, and that’s something.
While the exchange is considered international, there are several restricted regions where ByBit does not offer its services. The list of these regions includes the USA, Iran, Syria, China, the UK, and some other territories. Before you sign up, make sure to check out the full list and prove that your country is supported. But as of 2022, clients from India have full access to the exchange, and ByBit India is still one of the most popular branches of the platform
When it comes to trading conditions, the exchange is considered pretty attractive. ByBit offers many kinds of derivatives to choose from: while they may be too risky for beginners, these instruments are very profitable when traded by truly experienced traders. The minimum deposit is $1, and the rate of leverage reaches 1:100 for some assets. The exchange doesn’t have various accounts, but it still has demo accounts that can be used for practice.
While the exchange is not really regulated, it takes the security of its clients’ funds very seriously: they are stored in multi-signature cold wallets to make sure they won’t be hacked. ByBit has several layers of authentication, so you can be sure your money is safe in your wallet. The fees are not quite low, but the withdrawals are quick and easy. The only problem with them is that you can’t withdraw fiat: once it enters the exchange, all you can do is buy some crypto with it.