Bybit Review for Nigerians – How to Use, Deposit, Trade, Withdraw, Fees and lots more

Are you a Nigerian who wants to start cryptocurrency trading? Or an existing crypto trader looking for a good Binance alternative in Nigeria? Bybit delivers it all. In this blog post, we will provide an in-depth Bybit review for Nigerians, as well as a tutorial on how to use the crypto exchange.

You will learn:

• What is Bybit, and how does it work?
• Is Bybit the best Binance alternative for Nigerians?
• Pros and cons of using Bybit in Nigeria
• Bybit supported cryptocurrencies and trading pairs
• Is it safe to use Bybit in Nigeria? safety and security of Bybit
• How to create an account on Bybit in Nigeria
• How to deposit money into your Bybit account in Nigeria
• How to withdraw money on Bybit in Nigeria
• How to trade on Bybit in Nigeria
• Fees and rates on Bybit – How much does Bybit charge in Nigeria
• Bybit VIP programs and discounts
• Advanced trading features available on Bybit
• How to use trading features available on Bybit
• Bybit customer support and resources
• Frequently asked questions in this Bybit review for Nigerians

What is Bybit, and How Does It Work?

Bybit is a cryptocurrency exchange known for its user-friendly interface and advanced trading features. It supports a wide range of cryptocurrencies and offers multiple trading pairs, making it an attractive option for both beginners and experienced traders.

Bybit was established in March 2018 by Ben Zhou. It has quickly risen to prominence. Bybit is headquartered in Singapore and focuses on providing a secure, user-friendly platform for traders on the platform, including Nigerians.

Is Bybit the Best Binance Alternative for Nigerians?

Binance, the world’s largest cryptocurrency exchange, ceased operations in Nigeria in early 2024 due to regulatory issues and pressure from Nigerian authorities. The Nigerian government had accused Binance of contributing to the depreciation of the Naira and detained two of its executives.

As a result, Binance halted all Naira transactions and delisted NGN trading pairs​. This move left many Nigerian traders searching for a reliable alternative to continue their cryptocurrency activities.

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Why Bybit is the Best Binance Alternative for Nigerians?

With Binance’s exit, Bybit has emerged as a strong alternative for several reasons:

1. Regulatory Compliance and Safety

Bybit operates with a commitment to regulatory compliance, ensuring that it adheres to global standards. It has implemented stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols to protect users and their assets.

2. Wide Range of Trading Options

Bybit offers a variety of trading options, including spot trading, derivatives, and margin trading. It supports numerous cryptocurrencies, providing Nigerians with the flexibility to trade multiple assets.

The supported cryptocurrencies on Bybit include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and many others, covering both major coins and various altcoins .

3. User-Friendly Platform

Bybit’s platform is designed to be user-friendly, catering to both beginners and experienced traders. The interface is intuitive, making it easy to navigate through various trading options and features.

4. Educational Resources:

Bybit provides extensive educational resources, including tutorials, webinars, and articles, to help users understand the platform and improve their trading skills. This is particularly beneficial for Nigerian traders transitioning from Binance.

5. Robust Security Measures:

Bybit employs advanced security measures such as cold storage for funds, multi-signature wallets, and two-factor authentication (2FA) to ensure the safety of user accounts and assets. This commitment to security helps mitigate the risk of hacks and scams.

6. Customer Support:

Bybit offers 24/7 customer support, which is crucial for addressing any issues that may arise. The support team is accessible via multiple channels, including live chat and email, providing timely assistance to users.

7. Competitive Fees:

Bybit’s fee structure is competitive, with low trading fees and transparent withdrawal fees. Additionally, Bybit offers a VIP program that provides discounts on trading fees, which can be beneficial for high-volume traders.

8. Local Payment Methods:

Bybit supports a range of deposit and withdrawal methods that cater to the needs of Nigerian users. This includes local payment methods, which make it easier for users to fund their accounts and withdraw their earnings.

Pros and Cons of Using Bybit in Nigeria

Pros of Bybit in Nigeria

1. High Leverage: Bybit offers up to 100x leverage for certain crypto trades, allowing users to amplify potential gains.
2. Crypto Derivatives: It’s a strong platform for trading crypto derivatives, catering to experienced traders.
3. Robust Tools: Bybit provides powerful trading and charting tools essential for informed trading decisions.
4. Fast Transactions: With transaction speeds up to 100,000 transactions per second, Bybit ensures swift execution of trades.
5. Educational Resources: It offers a wide range of educational materials to help users learn about trading strategies and the crypto market.

Cons of Bybit in Nigeria

1. Complexity for Beginners: Bybit’s interface and trading features may be overwhelming for novice traders.

Bybit Supported Cryptocurrencies and Trading Pairs

As of 2024, here is a comprehensive list of supported cryptocurrencies and trading pairs on Bybit:

• Bitcoin (BTC)
• Ethereum (ETH)
• Ripple (XRP)
• EOS (EOS)
• Tether (USDT)
• Litecoin (LTC)
• Cardano (ADA)
• Chainlink (LINK)
• Polkadot (DOT)
• Dogecoin (DOGE)
• Uniswap (UNI)
• Solana (SOL)
• Stellar (XLM)
• Bitcoin Cash (BCH)
• Tron (TRX)
• Avalanche (AVAX)
• Shiba Inu (SHIB)
• Aave (AAVE)
• Cosmos (ATOM)
• Algorand (ALGO)
• VeChain (VET)
• Tezos (XTZ)
• NEO (NEO)
• Monero (XMR)
• Filecoin (FIL)
• PancakeSwap (CAKE)
• The Graph (GRT)
• Theta (THETA)
• FTX Token (FTT)
• Terra (LUNA)

Bybit continuously adds new cryptocurrencies and trading pairs to its platform to meet the growing needs of its user base. For the latest and full list of supported cryptocurrencies and trading pairs, you can refer to the Bybit website or their trading interface.

Is it Safe to Use Bybit in Nigeria? Safety and Security of Bybit

Bybit is considered a safe platform for trading cryptocurrencies. The exchange has several key security measures in place to protect user funds and data.

Bybit Asset Protection and Platform Security

1. Cold Wallet Storage

Bybit stores the majority of user funds in offline, cold wallets to protect them from online threats. This method is known to be one of the most secure ways to store cryptocurrencies.

2. Multi-Signature Technology

Advanced multi-signature technology is employed to manage these cold wallets, ensuring that multiple approvals are required for transactions, adding an extra layer of security.

3. Threshold Signature Schemes (TSS) and Trusted Execution Environment (TEE)

These advanced cryptographic techniques are used to secure transactions and storage.

Bybit Privacy Protection

Data Encryption

Bybit encrypts all user data in transit and at rest, using robust encryption protocols. This helps prevent unauthorized access and ensures that sensitive information is protected.

Strict Authorization Controls

Access to user data is controlled with strict authorization procedures, ensuring only authorized personnel can access sensitive information.

Bybit Regulatory Compliance and Backing

1. Regulatory Compliance

Bybit operates under the regulatory frameworks applicable to its jurisdiction, which includes following Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. This helps ensure that the platform is not used for illegal activities.

2. Proof of Reserves

Following industry best practices, especially after high-profile incidents like the FTX collapse, Bybit has implemented a Merkle Tree-verified proof of reserves. This adds a layer of transparency, allowing users to verify that their assets are backed by real reserves.

Measures Against Scams on Bybit in Nigeria

1. Secure Withdrawal Processes

Withdrawals on Bybit are processed manually three times a day, adding a layer of human oversight that can help detect and prevent fraudulent activities.

2. Customer Support

Bybit offers robust customer support, including a live chat feature, to assist users with any issues, including those related to potential scams or account security concerns.

How To Create an Account on Bybit in Nigeria

Creating a Bybit account is straightforward and can be done either through the website or the mobile app.

Create Bybit Account on PC

1. Visit Bybit’s Website: Go to Bybit’s homepage.
2. Click “Sign Up”: Located at the top right corner of the page.
3. Choose Sign-Up Method: You can sign up using your email address or mobile number.
   • Email Registration: Enter your email, create a password, and optionally add a referral code. Then click “Continue”.
   • Mobile Registration: Enter your country code, mobile number, and create a password. Click “Continue”.
4. Verify Your Details: Complete the reCAPTCHA verification and enter the code sent to your email or mobile.
5. Finalize Registration: Once you enter the verification code, your account is created.

Create Bybit Account on Mobile

1. Download the Bybit App: Available on Google Play Store and Apple App Store.
2. Open the App and Sign Up: Tap on “Assets” at the bottom right, then select “Sign Up”.
3. Enter Details: Similar to the desktop process, you can use email or mobile to sign up.
4. Complete Verification: Follow the same steps to verify your email or mobile number and complete reCAPTCHA.

Bybit KYC Requirements

Bybit requires users to complete KYC (Know Your Customer) verification to access all features.

Level 1 Verification

1. Access Verification Page: Click on your profile icon and navigate to “Identity Verification”.
2. Submit Basic Information: Provide your nationality and country of residence.
3. Upload Documents: Submit a government-issued ID and a selfie.

Level 2 Verification

1. Upgrade Verification: Click “Upgrade Now” on the verification page.
2. Submit Proof of Address: Provide a recent utility bill, bank statement, or other government-issued document showing your address.

Completing KYC Level 1 allows daily withdrawals up to 1 million USDT, while Level 2 increases this limit to 2 million USDT and provides access to additional features such as the Bybit Card​.

How to Secure Your Bybit Account in Nigeria

Bybit emphasizes the importance of account security. Here are some key measures:

1. Two-Factor Authentication (2FA) is mandatory for withdrawals. Enable Google Authentication for added security.
2. Enable email and SMS notifications for login attempts and account changes.
3. Use a strong, unique password for your Bybit account.
4. Be cautious of phishing attempts. Bybit will never ask for your password or 2FA codes.

For more detailed steps and information, you can visit Bybit’s official Help Center and Bybit Learn pages.

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How to Deposit Money Into Your Bybit Account in Nigeria

Bybit Supported Fiat Currencies

Bybit supports several fiat currencies for deposits and withdrawals. As of the latest updates, the supported fiat currencies include USD, EUR, GBP, and AUD, among others. Always check the current list on Bybit’s website or app for the most up-to-date information.

How to Deposit Cryptocurrency to Your Bybit Account

• Log in to your Bybit account.
• Go to the “Assets” section and select “Deposit.”
• Choose the cryptocurrency you want to deposit.
• Copy the deposit address or scan the QR code.
• Transfer the crypto from your external wallet to the provided address.

How to Make Fiat Deposits on Bybit

• Navigate to the “Buy Crypto” section on Bybit.
• Choose your preferred fiat currency.
• Select the payment method (bank transfer, credit/debit card, etc.).
• Follow the instructions to complete the deposit.

Bybit also offers P2P (Peer-to-Peer) trading where users can buy cryptocurrencies directly from other users using various local payment methods.

How to Withdraw Money on Bybit in Nigeria

How to Make Cryptocurrency Withdrawals on Bybit

• Go to the “Assets” section and select “Withdraw.”
• Choose the cryptocurrency you want to withdraw.
• Enter the recipient’s address and the amount you want to withdraw.
• Confirm the details and submit the withdrawal request.
• Complete any required security verifications.

Fiat Withdrawals on Bybit

• Log in to your Bybit account.
• Navigate to the “Assets” section and select “Withdraw.”
• Choose the fiat currency you want to withdraw.
• Select your withdrawal method (bank transfer, etc.).
• Enter the necessary bank details and the withdrawal amount.
• Confirm and submit your withdrawal request.

Bybit Withdrawal Fees

Withdrawal fees on Bybit vary depending on the cryptocurrency. For example, Bitcoin withdrawals typically incur a fee of 0.0005 BTC, while Ethereum withdrawals might have a fee of 0.01 ETH.

For fiat withdrawals, the fees depend on the chosen withdrawal method and the respective bank’s fees. Always check the current fee schedule on Bybit’s website before initiating a withdrawal​ (Bybit)​​ (Bybit Learn)​​ (Mining Master)​.

Things to Take Note of When Making a Deposit or Withdrawal on Bybit in Nigeria

1. Network Congestion

2. Cryptocurrency withdrawals can take longer during periods of high network congestion. Bybit processes withdrawal requests several times a day, but delays can occur if the network is busy.
3. Minimum and Maximum Limits: Each cryptocurrency has a minimum withdrawal amount and a maximum daily limit, especially for non-KYC verified accounts. Ensure you check these limits before initiating a withdrawal​​.
4. Security Measures: Bybit uses various security measures such as two-factor authentication (2FA), withdrawal address whitelisting, and periodic security audits to protect user funds​​.
5. Verification Requirements: To unlock higher deposit and withdrawal limits, complete the KYC (Know Your Customer) verification process. This involves submitting identification documents and personal information​​.
6. Processing Times: While crypto withdrawals are usually processed quickly, fiat withdrawals can take several business days depending on the banking system and the method used.

How to Trade on Bybit in Nigeria

Bybit offers a wide range of trading options for various cryptocurrencies. Here’s a comprehensive guide on trading different assets on Bybit, including detailed steps and key information.

What Assets Can I Trade on Bybit in Nigeria

Bybit supports the following trading assets:

• Cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), EOS, Litecoin (LTC), and more.
• Trading Pairs: BTC/USDT, ETH/USDT, XRP/USDT, EOS/USDT, and many other combinations.

How to Do Spot Trading on Bybit in Nigeria

Spot trading involves buying and selling cryptocurrencies at current market prices. Here’s a step-by-step guide:

1. Locate Spot Trading on Bybit Interface:
   • Go to Bybit’s homepage and click on “Trade” at the top of the page, then select “Spot Trading”.
2. Select a Trading Pair:
   • Choose the trading pair you want to trade from the list. For example, BTC/USDT.
3. Analyze the Market:
   • Review the coin information, price chart, and order book to make informed trading decisions.
4. Place a Market Order:
   • Select “Market” if you want your order to be executed immediately at the current price.
   • Enter the amount you want to buy or sell.
   • Click “Buy” or “Sell” to execute the order.
   • Your purchased assets will appear in your Spot Wallet.
5. Place a Limit Order:
   • Select “Limit” if you want to set a specific price at which your order will be executed.
   • Enter the price and the amount.
   • Click “Buy” or “Sell”.
   • The order will execute once the market reaches your set price.

How to Do Futures Trading on Bybit in Nigeria

Futures trading allows you to speculate on the future price of an asset. This can be more complex and involves higher risks.

1. Locate Futures Trading on Bybit Interface:
   • From the Bybit homepage, click on “Derivatives” and select “USDT Perpetual”.
2. Select Leverage:
   • Choose your leverage (the ratio of borrowed funds to your own funds). Leverage amplifies both potential profits and potential losses.
3. Place an Order:
   • Choose between “Limit” or “Market” order types.
   • Enter the price and quantity.
   • Decide whether to go “Long” (betting the price will go up) or “Short” (betting the price will go down).
   • Set Take Profit and Stop Loss levels to manage risk.
   • Click “Buy/Long” or “Sell/Short” to execute the trade.

How to Do Copy Trading on Bybit in Nigeria

Copy trading allows you to follow and copy the trades of experienced traders. This is great for beginners.

1. Locate Copy Trading on Bybit Interface:
   • From the Bybit homepage, click on “Tools” and select “Copy Trading”.
2. Select a Trader to Copy:
   • Review the list of available traders and their performance metrics.
   • Click “Copy” on the trader you want to follow.
3. Set Parameters:
   • Define the amount you wish to allocate to copy trading.
   • Confirm and start copying the trader’s future trades automatically.

How to Do Demo Trading on Bybit in Nigeria

For beginners, Bybit offers a demo trading feature where you can practice without risking real money.

1. Access Demo Trading:
   • Sign up for a Bybit account.
   • Go to “Bybit Demo Trading” to start trading with virtual funds.
2. Practice Trading:
   • Use virtual assets to place spot and futures trades.
   • Experiment with different strategies to build confidence.

Things to Note When Trading on Bybit in Nigeria

• Bybit charges a fee for each transaction. Maker fees are usually lower than taker fees.
• Using high leverage can increase potential profits but also increases the risk of significant losses.
• Always enable two-factor authentication (2FA) to secure your account.
• Always conduct thorough research and stay updated on market trends and news before trading.

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Fees and Rates on Bybit – How Much Does Bybit Charge in Nigeria

Bybit Trading Fees

Bybit uses a competitive maker-taker fee structure. Here’s a detailed breakdown:

• Spot Trading Fees:
  • Maker Fee: 0.1%
  • Taker Fee: 0.1%
• Derivatives and Perpetual Contracts:
  • Maker Fee: 0.01%
  • Taker Fee: 0.06%
• Options Trading Fees:
  • Both Maker and Taker Fees: 0.03%

For high-volume traders, Bybit offers a VIP program with reduced fees, and holding the BitDAO (BIT) token can provide additional discounts. VIP users enjoy tiered fee reductions based on their trading volume and BIT token holdings​.

Bybit Deposit and Withdrawal Fees

How Much Does Bybit Charge as Deposit Fees?

Bybit does not charge any fees for cryptocurrency deposits. However, buying crypto via third-party services may incur fees determined by the provider.

How Much Does Bybit Charge as Withdrawal Fees?

Bybit withdrawal fees vary depending on the cryptocurrency being withdrawn. For example:

• Bitcoin (BTC): 0.0005 BTC
• Ethereum (ETH): 0.005 ETH
• USDT (ERC-20): 10 USDT

Note that these Bybit fees are fixed regardless of the withdrawal amount​​.

Bybit VIP Program and Discounts

Bybit’s VIP program offers substantial benefits to high-volume traders. The VIP levels are based on 30-day trading volumes and BIT token holdings. Here’s a quick overview of the perks:

Bybit VIP 1

• Spot Trading: 0.06% / 0.04%
• Derivatives: 0.05% / 0.025%
• Requirements: $1M spot trading volume or $10M derivatives trading volume, and 50,000 BIT tokens

VIP 2

• Spot Trading: 0.05% / 0.025%
• Derivatives: 0.045% / 0.02%
• Requirements: $2M spot trading volume or $25M derivatives trading volume, and 200,000 BIT tokens

Bybit VIP 3

• Spot Trading: 0.045% / 0.02%
• Derivatives: 0.0425% / 0.015%
• Requirements: $4M spot trading volume or $50M derivatives trading volume, and 500,000 BIT tokens​.

Advanced Trading Features Available on Bybit

Bybit offers a variety of advanced trading features designed to enhance the trading experience for both beginners and seasoned traders:

1. Contract Types

• USDT Contracts: These contracts use Tether (USDT) as the underlying margin, providing stability similar to using USD as the base currency.
• Inverse Contracts: Here, the underlying cryptocurrency itself acts as the margin. For example, ETHUSD contracts use Ethereum. These contracts are riskier due to the fluctuation in both the market exposure and the collateral value​.

2. Margin Options

• Isolated Margin: Specific to a particular trade, minimizing the risk to your overall account.
• Cross Margin: Combines all available balances to prevent liquidation, considering all open positions for the same trading pair​.

3. Advanced Order Types

• Market Order: Executes immediately at the current market price.

• Limit Order: Sets a specific price at which you want to buy or sell. The order will only be executed at this price or better.
• Stop-Limit and Stop-Market Orders: These orders activate only when the market reaches a specified price, ideal for risk management.
• Conditional Orders: Combines the mechanics of market or limit orders that activate under specific conditions.
• Post-Only and Reduce-Only Orders: Post-Only ensures the order is added to the order book and qualifies for maker fees, while Reduce-Only ensures the order reduces your position without increasing it.
• Trailing Stop Orders: Follows price movements and locks in profits dynamically​.

4. Order Life Options

• Good-Till-Cancelled (GTC): The order remains active until manually canceled.
• Immediate-or-Cancel (IOC): Executes immediately at the best price; any unfilled portion is canceled.
• Fill or Kill (FOK): The order must be filled entirely at the best price or it is canceled​.

5. Leverage Trading

Traders can choose leverage levels up to 100x, amplifying potential profits but also increasing risk. Bybit emphasizes responsible trading practices due to the inherent risks of leveraged trading​​.

6. Market Analytics and Data

Bybit offers detailed market data, including BTC Daily Realised Volatility, Monthly Price Range, Price Moving Averages, and Rolling Volatility. It also provides information on specific index prices, funding data, and the insurance fund​.​

7. Automated Trading Bots

• Grid Trading Bot: Allows users to automate trading based on predefined parameters, making profits from market volatility.
• Other Bots: Various other bots are available to enhance trading efficiency and automate strategies​​.

8. Risk Management Tools

• Take Profit (TP) and Stop Loss (SL) Orders: Set predefined profit targets and stop-loss levels to manage potential losses effectively.
• Dual Price Mechanism: Bybit uses both Mark Price and Last Traded Price to reduce unnecessary liquidations and ensure fair trading conditions​​.

9. Security Features

• Cold Wallets: Majority of user funds are stored offline to prevent hacking attempts.
• Two-Factor Authentication (2FA): Adds an extra layer of security for user accounts.
• Multi-Signature Authorization: Requires multiple sign-offs for fund transfers, enhancing security.
• Mutual Insurance Fund: Acts as a safety net, covering losses in the event of liquidation​​.

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How to Use Trading Features Available on Bybit

Here’s a detailed guide on where to find these features and how to use them:

1. Leveraged Trading

• Location: Navigate to the “Trade” section on the main dashboard and select “Derivatives.”
• How to Use:
  1. Choose a Contract: Select from perpetual or futures contracts.
  2. Set Leverage: Adjust the leverage using the slider (up to 100x for certain contracts).
  3. Place an Order: Choose between limit, market, or conditional orders. Set your desired price and quantity.
  4. Monitor Position: Track your position in the “Positions” tab. Ensure you manage your margin to avoid liquidation.

2. Spot Trading

• Location: Go to the “Trade” section and select “Spot.”
• How to Use:
  1. Select Trading Pair: Choose from available pairs like BTC/USDT, ETH/USDT.
  2. Place Order: Choose the type of order (limit, market, or stop-limit). Enter the quantity and price.
  3. Execute Trade: Confirm the order and monitor it in the “Open Orders” section.

3. Margin Trading

• Location: Under the “Trade” section, select “Margin Trading.”
• How to Use:
  1. Select Margin Type: Choose between isolated or cross margin.
  2. Set Leverage: Adjust leverage according to your strategy.
  3. Place Trade: Similar to spot trading, choose the order type and execute your trade.

4. Copy Trading

• Location: Navigate to the “Copy Trade” tab on the main dashboard.
• How to Use:
  1. Select Master Trader: Browse through profiles of master traders based on their performance.
  2. Set Preferences: Choose the amount you want to allocate for copying trades.
  3. Follow Trades: Automatically copy the selected trader’s positions. Monitor performance in the “Copy Trade” section.

5. P2P Trading

• Location: Under the “Buy Crypto” section, select “P2P Trading.”
• How to Use:
  1. Choose Currency and Payment Method: Select from available fiat currencies and preferred payment methods.
  2. Find Offers: Browse through ads from verified users or post your own ad.
  3. Complete Transaction: Follow the instructions for payment and confirm receipt of funds or crypto.

6. Automated Trading Bots

• Location: Go to the “Trade” section and select “Trading Bots.”
• How to Use:
  1. Choose Bot Type: Select from Spot Grid Bot, DCA Bot, Futures Grid Bot, etc.
  2. Set Parameters: Configure the bot’s settings such as investment amount, frequency, and target prices.
  3. Activate Bot: Start the bot and monitor its performance in the “My Bots” section.

7. Launchpool and Staking

• Location: Access via the “Earn” section and select “Launchpool” or “Staking.”
• How to Use:
  1. Choose Project: Select a project from the available list.
  2. Stake Tokens: Allocate your tokens to the pool.
  3. Earn Rewards: Monitor your staking rewards which are distributed periodically.

8. Demo Account

• Location: Available through the “Testnet” option.
• How to Use:
  1. Access Testnet: Log in and select “Testnet” from the main menu.
  2. Practice Trading: Use virtual funds to place trades and test strategies without risk.

Bybit Customer Support and Resources

Help Center and FAQ

Bybit offers a comprehensive Help Center and FAQ section that addresses a wide range of topics. The Help Center is well-organized, making it easy to find detailed guides, troubleshooting steps, and answers to common questions. Follow the steps below to access Bybit Help Center:

1. Navigate to the Bybit homepage.
2. Click on “Help Center” located at the bottom of the homepage.
3. Use the search bar to find articles on various topics, from account setup to advanced trading strategies.

Bybit Customer Care Contact Methods

If you need direct assistance from Bybit’s customer support team, you can reach them through several methods:

1. Live Chat
   • Availability: 24/7.
   • How to Access: Click on the chat icon at the bottom right corner of the Bybit website or mobile app.
   • Use: Enter your query, and a support representative will assist you in real-time.
2. Email Support
   • Email Address: support@bybit.com.
   • Response Time: Typically within a few hours.
   • Use: For more detailed inquiries or issues that may require additional investigation.
3. Social Media
   • Platforms: Bybit on X (Twitter), Bybit on Facebook.
   • Use: Follow Bybit’s official accounts for updates and support. Direct messages on these platforms can also be a way to get help.

Frequently Asked Questions in this Bybit Review for Nigerians

1. Is Bybit available in Nigeria?

Bybit is available in Nigeria. Nigerian users can access Bybit’s full range of services, including spot trading, derivatives trading, and more.

2. Which countries is Bybit banned in?

Bybit is restricted in several countries due to regulatory reasons, including the United States, China, Singapore, and Canada. It’s important to check Bybit’s terms of service for the most updated list of restricted countries.

3. Is Bybit P2P still working in Nigeria?

Yes, Bybit’s Peer-to-Peer (P2P) platform is operational in Nigeria, allowing users to buy and sell cryptocurrencies directly with each other using local payment methods.

4. Is it illegal to use a VPN for Bybit?

Using a VPN to access Bybit in a restricted region may violate Bybit’s terms of service and local laws. It’s advisable to check both Bybit’s policies and your local regulations before using a VPN.

5. Which countries allow Bybit?

Bybit is accessible in many countries around the world, including Nigeria, the UK, Australia, Germany, and Japan. Users should verify accessibility based on local regulations.

6. Why is Bybit banned?

Bybit is banned in certain countries due to stringent local financial regulations and compliance issues. For example, Bybit’s operations were halted in the US because it did not meet the regulatory requirements set by US authorities.

7. Which country owns Bybit?

Bybit is headquartered in Singapore, with a strong presence in Hong Kong. The exchange operates globally, adhering to various regional regulations.

8. How much is 1 dollar to naira on Bybit?

The exchange rate of 1 USD to NGN on Bybit can vary. You can check the current rate on Bybit’s platform or P2P market for the most accurate conversion rate.

9. How do I deposit on Bybit in Nigeria?

To deposit on Bybit in Nigeria, follow these steps:

1. Log in to your Bybit account.
2. Navigate to the ‘Assets’ section.
3. Select ‘Deposit’.
4. Choose your desired cryptocurrency.
5. Copy the deposit address and transfer your crypto from your external wallet or exchange.
6. For fiat deposits, use Bybit’s P2P platform to buy crypto using NGN.

10. How do I deposit Naira into Bybit?

You can deposit Naira into Bybit using the P2P platform. Find a seller who accepts NGN, complete the transaction, and your account will be credited with the equivalent amount of cryptocurrency.

11. Does Bybit accept debit card?

Bybit does not accept direct debit card payments for deposits. However, you can use third-party services integrated with Bybit to purchase cryptocurrencies with a debit card.

12. Does Bybit pay in Naira?

Bybit does not directly pay in Naira, but you can sell your crypto on the P2P platform to receive payments in NGN.

13. Can I send money from Bybit to my bank account?

Yes, you can convert your cryptocurrency to fiat on the P2P platform and then transfer the fiat currency to your bank account.

14. How much is 1 USDT in naira on Bybit?

The value of 1 USDT in Naira varies based on market rates. Check the current exchange rate on Bybit’s P2P platform.

15. How to withdraw money from Bybit?

To withdraw money from Bybit, follow these steps:

1. Go to ‘Assets’.
2. Select ‘Withdraw’.
3. Choose the cryptocurrency you want to withdraw.
4. Enter the withdrawal address and amount.
5. Confirm the details and complete the 2FA process.

16. How fast is Bybit withdrawal?

Withdrawal times on Bybit can vary, but most withdrawals are processed within a few minutes to a few hours, depending on network congestion and security checks.

17. Why is Bybit not letting me withdraw?

Withdrawal issues can arise due to reasons such as incomplete KYC verification, network congestion, or maintenance. Ensure your account is fully verified and check Bybit’s announcements for any updates.

18. Can you withdraw cash from Bybit?

Direct cash withdrawals are not available. You need to sell your crypto for fiat using the P2P platform and then transfer the fiat to your bank account.

19. Can I withdraw from Bybit without KYC?

Bybit allows limited withdrawals without KYC verification, but for higher withdrawal limits and full access to all features, completing KYC is required.

20. How long does a Bybit deposit take?

Crypto deposits typically take a few minutes to a few hours, depending on the blockchain network’s confirmation times.

21. How to trade on Bybit?

Trading on Bybit involves the following steps:

1. Log in to your account.
2. Navigate to the ‘Trade’ section.
3. Choose your trading pair (e.g., BTC/USDT).
4. Select the order type (Limit, Market, Conditional).
5. Enter the amount and price.
6. Confirm the trade.

22. How to sell bitcoin on Bybit in Nigeria?

To sell Bitcoin on Bybit:

1. Log in and go to the ‘Trade’ section.
2. Select BTC/USDT pair.
3. Choose the ‘Sell’ option.
4. Enter the amount of BTC you want to sell.
5. Confirm the order.

23. What is the minimum deposit in Bybit?

The minimum deposit amount varies by cryptocurrency. For instance, the minimum deposit for Bitcoin is 0.001 BTC. Check Bybit’s website for specific amounts for other cryptocurrencies.

24. What is the minimum amount to trade on Bybit?

The minimum trade amount also varies by trading pair. For BTC/USDT, the minimum trade amount is typically 0.001 BTC.

25. Can I trade with $1 on Bybit?

Yes, you can trade with small amounts like $1, especially on spot markets. However, it’s important to note the trading fees that might apply.

26. How to buy crypto on Bybit in Nigeria?

To buy crypto on Bybit in Nigeria:

1. Log in to your Bybit account.
2. Go to the ‘P2P’ section.
3. Select ‘Buy Crypto’.
4. Choose your preferred payment method and seller.
5. Complete the transaction following the on-screen instructions.

27. How do I fund my Bybit account in Nigeria?

Fund your Bybit account by:

1. Using the P2P platform to buy crypto with NGN.
2. Depositing cryptocurrency from an external wallet or exchange.

28. Is Bybit account free?

Yes, creating an account on Bybit is free.

29. Is Bybit safe to use?

Yes, Bybit is considered safe to use. It employs robust security measures such as cold storage, multi-signature wallets, and 2FA to protect user funds and data.

30. Is my money safe in Bybit?

Bybit uses advanced security protocols to safeguard user funds, including storing the majority of funds in cold wallets and conducting regular security audits.

31. Can I trust Bybit?

Bybit has a strong reputation for security and reliability in the cryptocurrency trading community. However, as with any platform, it’s important to do your own research and ensure you follow security best practices.

32. Is Bybit KYC safe?

Yes, Bybit’s KYC process is secure. The platform uses encrypted channels to protect personal information and adheres to regulatory standards to ensure user data privacy.

33. Why do people use Bybit?

People use Bybit for its advanced trading features, low fees, robust security, user-friendly interface, and comprehensive customer support.

34. Is Bybit better than Binance?

Bybit and Binance have different strengths. Bybit is renowned for its derivatives trading and user-friendly interface, while Binance offers a wider range of cryptocurrencies and services. With Binance ceasing operations in Nigeria, Bybit has become a preferred alternative due to its comprehensive features and strong security measures.

35. Is Bybit better than Coinbase?

Bybit is generally preferred for its advanced trading options and lower fees, whereas Coinbase is known for its ease of use and regulatory compliance, making it a popular choice for beginners.

36. Which is better, Bybit or KuCoin?

Bybit is often favoured for its derivatives trading and security features, while KuCoin is known for offering a broader range of altcoins and additional services like lending and staking. The choice depends on individual trading needs and preferences.

37. What is the minimum deposit on Bybit app?

The minimum deposit on the Bybit app varies by cryptocurrency. For Bitcoin, it is 0.001 BTC. Check the app for other cryptocurrency requirements.

38. Is Bybit app real or fake?

The Bybit app is real and legitimate. It is available for download on both iOS and Android devices through their respective app stores. Always ensure to download from official sources to avoid scams.

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Conclusion

As the Nigerian cryptocurrency market adjusts to the absence of Binance, Bybit stands out as a reliable and efficient option for continuing digital asset trading and investment.

Bybit is a strong platform for cryptocurrency trading in Nigeria, offering a range of advanced features, robust security, and comprehensive support resources.

Bybit is most suitable for experienced traders who can take advantage of its high leverage and diverse trading options. Beginners can also benefit, especially with the educational resources and copy trading features, though they should approach high leverage with caution.

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