Centralized exchanges require confirmation of user data. This is a necessary step for access to all functions without restrictions. Verification on Bybit provides for several levels of document verification. The trader decides for himself what data about himself should be provided to obtain a specific status.
Why user verification is necessary
The cryptocurrency exchange needs to be sure that the trader meets all the requirements for trading. Verification is used as a tool to increase the threshold of entry. This reduces the risk of fraud and speculation, making the platform safer. As a rule, decent traders will not hide their data, unlike unscrupulous users.
All KYC levels on the Baybit exchange
Confirmation for individuals is presented in several variants. Each of them is assigned a status with specific capabilities.
It is up to the user to choose which confirmation status is suitable for work. Each stage of identification requires the provision of specific data to gain access to tools and increase limits.
| Level | P2P limit | Withdrawal of funds (daily) | Fiat account replenishment (daily) | Advanced |
|---|---|---|---|---|
The platform offers a special procedure for corporate clients. These include exchangers, funds, prop companies and other market representatives.
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Email verifications (level 1)
Basic verification is available immediately after registration. The level implies a number of restrictions in the form of limits on P2P trading and withdrawal of coins. Most of the functions are not available. The user cannot:
- Deposit fiat account.
- Buy cryptocurrency via card.
- Work in the Earn section.
- Transfer assets to a spot account.
Trading is available on the ApeX exchange, combined with the Web3 wallet. This is a decentralized platform, which is not formally related to Bybit. Verification will also be required to transfer funds from the wallet to the spot account.
With documents (level 2)
After confirmation, the trader gets more opportunities to work. The second level increases contribution and withdrawal limits, removes restrictions on previously prohibited instruments.
At Lvl 1, traders can deposit fiat funds, use a bank card or online wallets.
P2P trading is available without restrictions. It is also possible to use Earn tools and trading features.
Residential address verification (level 3)
The maximum verification gives access to all functions of the site. The last level further increases the limits and provides new products. For example, residents of the US and EU can issue their Bybit Card, to which you can withdraw cryptocurrencies directly from the exchange, as well as pay for purchases in more than 90 million partner stores. To obtain the highest status, a trader must verify their residential address with documents.
How to pass verification on the Bybit exchange
To get the Basic status, you need to confirm your e-mail address. When registering, the exchange asks for an e-mail to which an e-mail with a link will be sent. After going to the address from the message, the profile will be considered verified.
To get the next level, users need to confirm their personal data in several steps:
- Go to the “Account and Security” section.
- Click on the “Pass” button in the verification window.
- Select the section of the table labeled Lvl 1.
- Click on the “Pass” button.
- Specify your country, region and identity document. Click on the “Next” icon.
- Pass the face recognition using the camera.
- Confirm the operation by clicking on the “Next” button.
If everything is done correctly, a green check mark with the caption “Verification passed” will appear in the table. After that, all the features of the selected level will be available to the trader.
To increase the limit and get an extended package of tools of the platform, you need to pass verification on Baybit Lvl 2. The highest status requires confirmation of the address of residence. You can do this in the following way:
- Click on the “Pass” button in the section of the table with the title Lvl 2.
- Check the box “I agree to the processing of personal data”.
- Send scanned copies of documents confirming the place of residence. Utility bills, registration certificates or bank statements are accepted.
It is important to pay attention to the dates of issuance of papers. Documents are valid for three months from the date of receipt.
After successful confirmation, the highest status with increased limits and additional products is available to the user. The higher the degree of identification, the more opportunities the exchange provides.
Document verification time
On average, verification lasts about 15 minutes. In some cases, the process can take up to 48 hours. If the exchange does not allow KYC verification on Bybit, users can contact tech support. An automated message will come to the mail, and specialists will contact the sender to solve the problem.
Verification on Bybit for corporate clients
The platform works not only with individuals. For corporate clients is presented its own procedure with special conditions:
- Daily withdrawal limit up to 4 million USDT.
- The possibility of cryptocurrency and fiat deposits.
- All Bybit Earn products.
- Trading tools except P2P, Bybit Launchpool, ByStarter and ByVotes (spot).
To pass Bybit verification for corporate clients, you need to send documents through the exchange’s secure service.
How to get a bonus for passing KYC
Bybit rewards users for verification. The exchange provides a bonus of up to 20 USDT on Lvl 1 verification. To get the payout, you need to go to the “My Rewards” section. The exchange additionally gives USDT for depositing and completing daily tasks.
Features of passing verification in the application
Confirmation of data through the software is practically no different from the procedure in the browser. Users need to download an application for the iOS or Android operating system. You can do this in the internal store or on the company’s website.
The algorithm of actions is the same as in the browser version. Only the names and location of buttons may differ. Additionally, the exchange gives another bonus in the form of USDT for logging in via the application.
Frequently Asked Questions
📌 What is KYC?
Know Your Customer (“Know Your Customer”) is a mandatory user data verification procedure to increase the security of the exchange.
📢 Can I get verification in multiple accounts?
A user verifies data for one profile only. The status can be transferred to another account, but cannot be obtained in several accounts at once.
📣 What to do if the platform does not allow KYC verification on Bybit?
Check if all actions have been done correctly. If the confirmation has not come within 48 hours, it is worth sending a request to tech support.
⚡ How to pass verification for corporate clients and individuals in one account?
Only one type of verification is available in each profile. If a user needs verification for individuals, it is possible to create a separate profile and go through the procedure in it.
✨ How long does verification for corporate clients take?
The average period is 3-5 days.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
