Bybit is built on the industry's leading hierarchical deterministic cold wallet system to store all digital assets of users and the platform. Vast amounts of the client's funds are stored in an offware wallet with each deposit address assigned to users is actually a cold wallet address. In the event of a system compromise, an attacker would still not have full access to all the required keys to steal funds. No private key is kept on any cloud server which greatly reduces cyber risks such as hackers.
Multi-Signature Withdrawals
ByBit withdrawals require a multi-signature process. If the public keys do not match, the system is immediately shut down and trading is stopped. While offdrawals can be a slower process, the ByBit team puts security above all else and still allow withdrawals 3 times a day.
Two Factor Authentication
The other significant security measure is Two Factor Authentication. This is optional however, recommended for all traders using ByBit. This means users are required to use a password AND a registered mobile to authenticate the account at login and to withdraw funds from the exchange.
ByBit Reviews & Customer Support
One thing that really stands out is the expansive suite of guides and articles in the Bybit FAQ section that covers a broad range of topics such as:
Beginners Q&A
Getting Started on ByBit
Deposit & Withdrawal
Margin & Leverage
Profit & Loss
Liquidation
If you can't find the answer to a question here or in the Bybit blog, users can directly the customer support team using the zendesk live chat bot. The chat bot is available 24/7 in a of languages.
Other mediums to get in touch with the customer support team include and social media channels. The feedback on social media profiles on Twitter and ive on Bybit.
Frequently Asked Questions
Does Bybit Have A Mobile App?
Bybit has a mobile trading app for Android and iOS smart that can be downloaded from Play Store and the Apple Store respectively. The Bybit app has been downloaded over 50,000 times with a 4.6 stars based on 912 reviews.
Can I Lose More Than My Initial Deposit On Bybit?
Bybit has an advanced liquidation back-end insurance fund in place to prevent a trader from losing more than the initial margin. A trader would not suffer any losses beyond the initial margin that they have placed on a position.
What Countries Does Bybit Support?
Bybit exchange is a cryptocurrency service for customers all around the world with translation support for English, Simplified and Traditional Chinese, Korean, and Japanese. There are a of countries that are banned from trading cryptocurrency on Bybit due to regulatory reasons such as:
Québec (Canada)
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