Bybit, a well-known cryptocurrency exchange, operates in 180 countries worldwide. Over the past few years, it has gained significant popularity thanks to its user-friendly interface and compelling features. However, one burning question remains: Is Bybit accessible to users in the United States? If not, what other options are at their disposal? This article aims to provide answers to these pressing questions. Let’s dive into it.
What is Bybit?
Bybit is a prominent cryptocurrency exchange that serves as a global hub for over 15 million users across 180 countries. It offers various trading options, including spot, derivatives, and margin trading. While its roots are in crypto derivatives, Bybit now boasts a substantial selection of over 300 trading pairs on the spot market.
This extensive coverage makes Bybit a melting pot for traders from various backgrounds and viewpoints. It fosters a vibrant global community of traders who come together on this platform.
Bybit, known for its accessibility, boasts an exceptionally user-friendly interface that caters to both web and mobile users. Alongside its intuitive design, Bybit offers extensive features, including copy trading, demo trading, leveraged tokens, and trading bots, making it a comprehensive platform for crypto enthusiasts of all levels.
Regarding trading fees, Bybit adopts a cost-effective approach, charging a flat 0.1% fee for both makers and takers in spot trading. For derivatives, the fees begin at 0.055% for takers and 0.020% for makers. Bybit stands out as one of the most budget-friendly crypto exchanges globally in terms of fees.
Is Bybit Legal in the US?
ByBit is not available to users in the United States. When signing up, traders must confirm that they are not residents of the US. ByBit is considered illegal in the US because it currently does not meet the regulatory requirements set by financial regulatory bodies like the Security and Exchange Commission (SEC).
The company also attributes its decision to restrict access to US users to the uncertainty surrounding US cryptocurrency laws and policies, as well as concerns about potential legal action.
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Best Bybit Alternatives in the USA
If you cannot access Bybit in the USA, there’s no need to worry, as plenty of great alternatives are available. Several exchanges in the USA offer top-notch features and an excellent user experience. Some of these include:
Coinbase
Coinbase is a popular cryptocurrency exchange in the US known for being user-friendly. It’s also considered one of the safest options because it has never been hacked in a major way. The exchange even stops people from sending money to known scams, which is great for beginners. Plus, if you’re in the US and have dollars stored on Coinbase, they’re insured for up to $250,000.
However, their fees are a bit higher, ranging from 0.05% to 0.60% for buyers and 0% to 0.40% for sellers. People are willing to pay a bit more for the added security.
Coinbase offers a variety of cryptocurrencies to trade, including Bitcoin and Ethereum, but it doesn’t have Tether (USDT). Instead, it uses a stablecoin called USDC, which is tied to the US dollar.
If you’re in the US and want an easy-to-use and secure platform for cryptocurrency trading, Coinbase is a solid choice.
Kraken
Kraken is one of the oldest cryptocurrency exchanges in the United States. It offers a straightforward way to trade cryptocurrencies, although it’s more suitable for experienced traders. Kraken specializes in advanced trading services like margin trading.
Kraken supports over 185 cryptocurrencies, including popular options like BTC, ETH, and ADA. You can access your Kraken account on the web or through their official mobile app. Both interfaces are pretty user-friendly and offer and easy to use.
Kraken is available in all US states except Washington State and New York. US traders on Kraken have access to the same trading options as international users, except for EUR trading pairs or deposits for residents of New Hampshire or Texas.
Kraken’s trading fees range from 0.16% to 0.26%. These fees can be further reduced if your monthly trading volume exceeds $50,000.
Up to 50% discount on fees
Binance US
Binance.US is a cryptocurrency exchange designed exclusively for users in the United States. It’s a US-based version of Binance, one of the world’s most widely used cryptocurrency exchanges in the country. Similar to Coinbase, it is headquartered in San Francisco.
The Binance.US platform was created to meet the specific regulatory requirements of the US.
While Binance.US offers a somewhat smaller selection of cryptocurrencies compared to its global counterpart, it maintains the same user-friendly interface, making it a suitable choice for experienced traders and crypto investors who prefer advanced trading tools. However, it’s important to mention that Binance.US is unavailable for users based in New York.
The exchange supports over 100 cryptocurrencies, including popular options like BTC, ETH, and LTC. Regarding fees, Binance.US charges a 0.5% fee for buy and sell transactions.
Gemini
Gemini is also a US-based cryptocurrency exchange that stands out for its full compliance with New York state law. Established by the famous Winklevoss brothers in 2014, Gemini is a highly regulated platform that collaborates closely with regulators to ensure law abidance, which may result in a more complex verification process for users.
One notable advantage of Gemini is that all USD deposits made to the platform are FDIC-insured. This feature makes Gemini an appealing choice for large-scale cryptocurrency traders and institutional investors.
Gemini currently serves as the custodian for over 1 percent of the total global Bitcoin volume, and it operates under New York banking law, further enhancing its reputation as a secure option for US-based cryptocurrency traders.
The exchange supports more than 90 cryptocurrencies, including popular options like BTC, ETH, and LTC. When it comes to fees, Gemini charges makers between 0.00% and 0.25% and takers between 0.03% and 0.35%. Just like most exchanges, the more you trade, the lower your fees become.
Crytpo.com
Crypto.com is an exchange established in Hong Kong in 2016. This platform allows users in the United States to buy, sell, and trade cryptocurrencies and NFTs using the Crypto.com mobile app.
The exchange provides access to an extensive range of more than 250 cryptocurrencies, including its own NFT marketplace. However, it’s important to note that Crypto.com is not accessible to residents of New York. For investors,
When it comes to fees, Crypto.com offers reduced fees for traders who engage in higher volumes of trading. Depending on your 30-day trading activity, fees can range from 0.036% to 0.40%
Another noteworthy feature of Crypto.com is that you can earn interest rewards when you hold cryptocurrencies like Bitcoin, Ethereum, and USDC on the platform.
Additionally, the exchange offers debit cards to users, providing cashback rewards that can go as high as 5%. The level of rewards depends on the amount of CRO (Crypto.com’s cryptocurrency) you stake.
Conclusion:
In summary, Bybit’s unavailability in the United States presents a challenge. Fortunately, there’s a rich landscape of alternatives to explore, offering secure and regulated trading experiences within the USA. Each of the exchanges mentioned above provides unique features, making them valuable choices for diverse trading needs. The reassurance of legal compliance and regulatory oversight in these alternatives strengthens security and ensures a smooth and stress-free experience for users.
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