ByBit is an international cryptocurrency exchange that focuses on trading crypto derivatives. While it’s been around for less than five years, ByBit managed to attract millions of loyal users by offering them a combination of strong security, friendly customer support, and nice trading conditions. In this article, we’re going to analyze how ByBit works and tell you whether it’s legally possible to use this broker for traders from the UK.
What is ByBit
Appeared on the market in 2018, ByBit seems to compete with older and larger crypto exchanges with ease: the exchange claims to process about $10 billion in transactions per day. The platform allows its users to choose between about 200 cryptocurrencies and trade them with exceptionally high leverage rates: the leverage goes up to 1:100 for Bitcoin and up to 1:50 for other tokens. That will be especially useful for experienced traders, but ByBit has a couple of features for beginners, too.
Legal status in the UK
Located in Dubai, ByBit operates all over the world. However, it’s banned in several countries, and the ByBit UK office is outlawed by FCA. Sadly, that means you can’t legally access the exchange from the United Kingdom. The reason is simple: trading digital derivatives is forbidden there due to concerns of the regulator about their high-risk nature, extreme volatility, and exposure to cybercrime threats. But if you still want to use ByBit, there are ways to get around the ban.
For example, you can use a VPN service to change your IP address. However, that’s extremely risky: if the exchange finds out about it, your account will be closed forever, and you will lose all the assets.
Conditions and fees
The exchange is known for its exceptional customer service: the support works 24/7, and you can ask them any questions about trading conditions or possible issues. The fees are also pretty modest. The exchange doesn’t have any fees for deposits, and only a small fee is charged on withdrawals. Trading fees are quite competitive. But what can prove really interesting for beginners is ByBit demo accounts: they allow you to try out the platform and test your trading skills without risking any real money.
ByBit is known to employ advanced technologies to process transactions very quickly. The platform is capable of processing 100.000 transactions per second without delays or crashes. That makes it very stable and reliable, especially when your trading strategies rely on speed.
This information was shared by the author Ivan Andriyenko.