ByBit Review: Is It A Scam Or A Legit Crypto Exchange For Canadians?

ByBit is a global cryptocurrency exchange headquartered in Dubai. As someone who has tested over 50 crypto exchanges since 2016, I explored ByBit to determine if it’s worth using for Canadians. Personally, I find ByBit similar to Binance, but I still use it for specific purposes. Read on for our detailed ByBit review.

In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023. As an excellent alternative, we highly recommend considering Bitget. With a user-friendly interface resembling ByBit, this reputable crypto exchange offers a seamless trading experience. Moreover, as a special promotion, they are generously providing a promo code that grants you 50 USDT upon a deposit of $500 USD or more if you sign up with our referral link.

ByBit Quick Summary

ByBit offers over 100 cryptocurrencies to trade and, like Binance, provides features such as futures and margin trading. However, this led to regulatory issues with the Ontario Securities Commission, resulting in ByBit ceasing operations in Ontario.

With more than 10 million customers worldwide, ByBit is a relatively large exchange with a global presence.

Unfortunately, CAD deposits are not supported. The only ways to purchase crypto are via card payments, third-party services like Banxa, or the peer-to-peer (P2P) marketplace. For Canadians, I highly recommend using the P2P marketplace and purchasing USDT via Interac e-Transfer for a smoother and more cost-effective experience.

Verification is not mandatory with ByBit, making it appealing for those who value privacy. However, if you wish to increase your withdrawal limits, you’ll need to verify your account. This flexibility is likely one of the main reasons many Canadians choose to sign up with ByBit.

ByBit Features For Canadians

ByBit offers a one-click-buy option, ideal for beginners or those looking to buy or sell crypto quickly at market price. Unfortunately, this feature only supports debit card payments or crypto.

For Canadians, the peer-to-peer (P2P) marketplace is a great alternative if you prefer to use Interac e-Transfer. However, the options are limited to USDT or USDC. You can also use a third-party service like Banxa for Interac e-Transfers, but be aware that these often come with high fees.

ByBit’s advanced trading platform caters to experienced traders, offering more sophisticated order types, detailed charting, and access to order book data.

The exchange also features an NFT marketplace, where you can explore collections from global artists and purchase NFTs using ETH or stablecoins.

For those interested in emerging crypto projects, ByBit’s Launchpad provides opportunities to invest in new tokens and coins at lower prices before they’re listed on exchanges—perfect for early adopters.

Additionally, ByBit offers tools like trading bots, allowing users to automate their trades or copy another user’s bot to replicate their trading strategies effortlessly.

Does ByBit Offer Staking or Other Services For Canadians?

ByBit provides multiple ways to earn through crypto staking. On their staking platform, you can earn up to 4.5% on Bitcoin with a flexible lock-up period. Other supported assets include Ethereum, USDT, USDC, Cardano, and more.

Additionally, ByBit offers yield farming, where you can deposit two or more assets into liquidity pools to earn significantly higher yields compared to staking a single asset. For instance, the BTC-USDT liquidity pool offers an impressive 329% APY for a one-day duration, showcasing the platform’s earning potential.

ByBit also makes it easy to stay informed about the market. On their website, you can view trending coins, market gainers and losers, and other key data to track what’s being traded most actively.

Does ByBit Have an OTC Desk?

ByBit offers an OTC Desk for users looking to place large buy or sell orders of over $50,000. This feature is part of ByBit’s VIP Program, which provides members with perks like access to a dedicated VIP team, ultra-low trading fees, exclusive VIP events, and special giveaways, making it an attractive option for high-volume traders.

Registration & Verification with ByBit for Canadians

To begin trading with ByBit you will need to open an account by entering your email and a password. Once you’ve verified your email, you’ll see your dashboard.

ByBit Canada Fees

• Low trading fees 
• Approx 5% third party fees for e-Transfer
• Approx 3% card payment fees
• No P2P fees

ByBit has low fees for all of its trading. There are no fees added to peer-to-peer trades either, but you will find there are fees if you pay by card or a third-party. 

ByBit Spreads

A spread in trading refers to the difference between the highest price a buyer is willing to pay (bid price) and the lowest price a seller is willing to accept (ask price). The exchange collects this spread as profit.

ByBit is known for its low spreads and trading fees, making it a cost-effective platform for crypto trading. However, if you purchase crypto via a third-party service like Banxa using Interac e-Transfer, be aware that Banxa imposes its own spread, which can often be significantly higher, adding to the overall cost.

How Much Does it Really Cost To Trade with ByBit?

Using a third-party provider like Banxa comes with additional costs, as they charge a spread. For instance, buying $100 worth of Bitcoin through Banxa incurs a fee of approximately 5.31%.

When we tested ByBit with a debit card, purchasing $100 worth of Bitcoin cost us $3.05 in fees, or 3.05%. Note that when you initially link your card, ByBit charges a temporary $3 fee, which is refunded within seven days. However, we encountered issues linking Canadian credit cards, as all of them failed to connect successfully.

ByBit Liquidity

ByBit is a large crypto exchange and has sufficient liquidity. CoinMarketCap scores exchanges out of 1000 based on their liquidity. 

The site has given ByBit a score of 662 for its BTC market, which is good. In comparison the largest exchange in the world, Binance, has a score of 1000 for its BTC market. 

Currencies & Deposit Methods with ByBit for Canadians

ByBit does not accept CAD deposits at this time, but you can deposit crypto instead. Simply, go to your dashboard and select “deposit”.

Alternatively, you can use a credit card to purchase crypto, or a third-party provider such as Banxa to make a payment via Interac e-Transfer.

How Long Does it Take to Withdraw Coins With ByBit For Canadians?

ByBit will make you wait 24 hours before you can withdraw crypto that you just bought. 

ByBit’s Security and Safety

ByBit’s Mobile and Desktop App Review

ByBit’s advanced trading platform provides all the tools necessary for advanced trades and technical analysis. You can set up indicators, review order history, and monitor trading volume with ease.

Trading pairs are conveniently listed on the left-hand side, allowing quick access to your desired markets. Additionally, your trading history is displayed at the bottom of the platform for easy tracking and analysis.

ByBit offers a mobile app for both iPhone and Android users. The app has a 3.9-star rating from 689 reviews on iOS and a 4.3-star rating from over 76,000 reviews on Google Play.

Users generally appreciate the app’s user-friendly interface, though some have noted that pinching and zooming on charts can be challenging.

The ByBit app includes all the features of the desktop platform, presented in a condensed and streamlined interface. It also offers advanced charting tools and features like the one-click-buy option, making it a comprehensive tool for trading on the go.

It is an impressive app that packs a punch, yet doesn’t feel overwhelming. 

ByBit’s Customer support

ByBit provides a helpful support center on its website, featuring numerous guides about cryptocurrency and how to use the platform effectively. If you need assistance, you can create a ticket through the website.

In my experience, ByBit’s chat support was responsive and resolved my issue with the withdrawal of TONCOIN within an hour, making it a reliable option for quick assistance.

ByBit’s Consumer Ratings, Reports & Reviews on Other Platforms

ByBit has a 1.9-star rating on Trustpilot, with many users expressing concerns and labeling it a fraud exchange. A common complaint involves users being unable to withdraw funds, which could often be attributed to their verification level or exceeding their withdrawal limits rather than issues with the platform itself.

However, I can not confirm that. I’ve been using ByBit since 2019 and never had issues with them. 

Does ByBit Restrict or Freeze Accounts?

Any crypto exchange has the ability to freeze your account if they suspect suspicious behaviour. If you are linked with criminal activities you may find your account frozen as well. 

Crypto exchanges usually freeze accounts to protect customers from fraud. If they see larger than usual trades or withdrawals, they may freeze your account for your protection in case someone else has gained access to your account. 

However, since ByBit sets trading and withdrawal limits there is no reason to freeze an account, at least not for the unverified users. 

Can ByBit Track where you Receive and Send Crypto?

ByBit and any crypto exchange can track where you have received and sent crypto since crypto trades are recorded on the blockchain and are public. 

If you go through the verification process on ByBit, then you will provide identity documents. Once you do that then it is easy to connect your identity to wallets and transfers on the blockchain since it is one large trail. 

However, if you do not provide identity documents, then ByBit will have a much harder time linking your activity to your identity. 

ByBit Alternatives For Canadians

We recommend NDAX as alternatives to ByBit. It is more convenient choice for Canadians as it accepts CAD deposits.

It is also Canadian exchange, so all of its features are geared towards Canadians and CAD payments. 

	ByBit		NDAX
Trading fees	0 to 0.1%		0.2%
Cryptocurrencies	100+		35+
Additional features	OTC Desk, NFT marketplace, futures trading, staking, yield farming		Staking, OTC Desk
Customer Support	Poor		Poor
Security	Average		Good

Common Scams Related to ByBit

 

Conclusion

ByBit is a low-cost crypto exchange thanks to its competitive trading fees. However, it’s not the most convenient option for Canadians due to the lack of CAD deposit support unless you use their P2P marketplace. Third-party e-Transfers and card payments come with high fees, so we don’t recommend ByBit for Canadians who want to purchase crypto directly with fiat.

On the other hand, depositing crypto via P2P allows for cheap and seamless trading. Personally, I’ve used P2P deposits without issues—just be sure to choose a seller with a good rating to avoid scams. ByBit’s extensive selection of coins makes it a great choice for those interested in trading altcoins or exploring staking and yield farming for high returns. I specifically use ByBit to buy rare and promising coins like TONCOIN or to access new tokens early.

Keep in mind that ByBit is not compliant in Ontario, and its security features lack transparency. To stay safe, exercise caution and transfer your assets to a private wallet for storage. If you’d like to try ByBit, we’d appreciate it if you use our referral link to sign up.

In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023. As an excellent alternative, we highly recommend considering Bitget. With a user-friendly interface resembling ByBit, this reputable crypto exchange offers a seamless trading experience. Moreover, as a special promotion, they are generously providing a promo code that grants you 50 USDT upon a deposit of $500 USD or more if you sign up with our referral link.

If you’d prefer a fully compliant and convenient Canadian crypto exchange there are lots of alternatives, but most of them will not have as low trading fees as ByBit.