One of the leading crypto exchanges in the world, ByBit is favored by many traders for its outstanding security, a wide variety of derivatives to choose from, and high customer support quality. However, it’s necessary to verify your identity to fully enjoy all the features and benefits the exchange offers. In this article, we tell you the basic information about the exchange, explain why you should consider using a verified account, and give you a step-by-step instruction on how to confirm your identity.
Launched in 2018, ByBit is a well-known crypto exchange that focuses on providing a broad range of crypto derivatives to millions of its users. While crypto futures offered by the exchange are considered pretty risky for beginners, experienced traders can find them very profitable, especially with the 1:100 leverage rate allowed by the platform. ByBit is known to be very secure, reliable, and user-friendly, but some experts still criticize it for its lack of regulation.
What’s especially great about the exchange is that it allows you to start trading right after you sign up since there is no mandatory KYC process. However, it is important to complete the ByBit verification process to unlock all the features the exchange has to offer. Let’s see how it’s done.
How to verify your account
Just like any other major crypto exchange, ByBit wants to attract only legitimate users, so it asks you to provide some documents to confirm your identity. Creating a verified account is rather simple: first, sign up to the platform and verify your email address. Once that’s done, provide your name, address, and other personal information requested by the exchange. Then, upload your ID or passport and let the exchange review them. When your identity is confirmed, you will receive full access to ByBit. But be patient: the entire process can take up to 48 hours.
Why you need verification
While it’s totally possible to use ByBit without providing any information about yourself, doing so gives you several benefits. First of all, it allows you to deposit and withdraw fiat currency: without confirming your identity, you can trade only crypto. It also allows you to use higher leverage rates and enjoy the insurance features offered by ByBit. The process itself is not too complex, but it ensures that you can trust the exchange itself and other users.