Bybit is a major cryptocurrency trading service that allows users to trade derivatives, and spot items, and has millions of users worldwide. However, if you scratch the surface it is clear that there has been a growing wave of user complaints about Bybit which raises serious questions about its reliability, transparency, and credibility. This review will share one user’s full experience, which many users have experienced, and the dangers to the overall success when using Bybit.
Website – https://www.bybit.com/en/
Website Working – Yes
Address – NA
Regulated –NO
Domain Blacklisted – It seems there is no direct mention of this domain being on a blacklist.
Account Access Issues and Poor Customer Support
It is quite prevalent to see various issues that have been recognized and almost expected by users with problems resetting their accounts or gaining access to their accounts and their funds – especially in situations where the user cannot retrieve their two-factor authentication. Many accounts will have allowed users to use only their registered mobile phone number, email, and password. Still users are involuntarily locked out of their accounts with little support and even less attention to accounts where some have not been accessed for more than one year and the platform offers new account recovery methods. User accounts should allow recovery options to supporting documents – albeit even if the account is a compromised account in any way as many seem to imply – that overcome unwanted recovery options and randoming various behaviors by many people on various social media accounts asking to have their accounts untouched relying solely on that platform.Bybit also does not follow up on more communications about the circumstances if requests submitted were received.
Unauthorized Stop-Loss Executions
In the last few months, numerous traders have complained about automatic stop-loss (SL) orders triggering in the background, causing unexpected losses. One trader, for example, said they lost nearly 4,000 XRP due to assign a stop-loss that they never manually set. When asked, Bybit support indicated that the SL was put in place from the user’s device, but they would not provide timestamping, action logs, or any other evidence of a stop-loss being set. The lack of verification leaves one questioning the validity of the platform’s trade execution mechanism.
KYC Delays and Withholding of Funds
Another serious issue is the unreasonably long Know Your Customer (KYC) timelines taken to complete. Some end-users are saying they wait nearly two months for the KYC review, and then simply receive a rejected response, with no further information. In many cases, the funds are their frozen, with no other clear path to resolution. Russian users have certainly experienced account restrictions and mass blocking. Hundreds of users have even formed groups to collectively share their concerns with the platform. Even when users provided the full documentation, they still were not able to recover their funds – even months later.
Market manipulation and withdrawal issues
There have been allegations of market price manipulation. Users are reporting that Bybit may be engaging in unethical practices by selling a certain cryptocurrency for a much higher price, regardless of the current market price, etc. Many traders have alleged that, this are significant spreads whereby Bybit profits from the spreads instead of their users profiting instead. In addition, it seems that while users have no trouble making speedy deposits into their account, users have reported making withdrawals is a tedious error, whereby users cannot access funds for seriously long stretches of time and can also be that their funds are denied for months and users do not know why. This creates a major liquidity issue, and there is also no clear confidence in the platform.
FAQs
Q1: Can I recover my funds if my Bybit account is locked?
Unfortunately, many users report being unable to recover funds even after providing all required documentation. The platform’s support process is slow and often unresponsive, especially in cases involving lost 2FA or rejected KYC.
Q2: Is Bybit safe for long-term investing or trading?
Given the widespread complaints about unauthorized trades, delayed withdrawals, and vague account restrictions, Bybit may not be a safe option for long-term investing or trading.
Scammed by Bybit? Don’t Wait—Take the First Step Toward Recovery
If Bybit has delayed your withdrawals, locked your account, or raised other red flags, you’re not alone. Countless traders have reported similar issues. Time is critical—acting fast improves your chances of recovering lost funds. At LegalCertifi, our recovery specialists are here to investigate your case and help you explore all possible options to reclaim what’s yours. Let’s take action together. Reach out to us for a free consultation and share your case safely and privately.
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