Whether Bybit works or not for Russians

In 2022, many countries joined the sanctions against Russia. Some cryptocurrency exchanges left the market. Many trading platforms stopped serving clients from Russia or imposed restrictions against them. But there are crypto exchanges that provide services to users from the Russian Federation. One of them is the Bybit platform. It has been operating since 2018. Restrictions for Russians on the Bybit exchange are minimal. Therefore, it has become a popular trading platform among users from the Russian Federation.

Jurisdiction of the Bybit exchange

The platform was registered in Singapore. In 2022, the local regulator began forcing companies to fulfill the terms of sanctions against Russia. This became alarming news for Bybit users. However, the management of the exchange changed the jurisdiction back in March 2022. The main office of the company was moved to the city of Dubai. Therefore, all the functionality of the trading platform Bybit for Russians remained available.

Prohibited countries

The platform operates in most countries. However, for various reasons, in some countries the exchange is not available or its functionality is limited. As of April 29, 2024, they include the United States, United Kingdom, Canada, Syria, North Korea, Cuba, Uzbekistan, China and Iran.

Representatives of the platform state that the list of banned countries may change over time. Therefore, there is a probability of blocking clients from Russia on the cryptocurrency exchange.

Does it work in the Russian Federation

As of April 2024, the crypto exchange Bybit continues to operate in Russia. Customers from the Russian Federation can buy, sell, exchange and store digital assets. They also have access to almost all other features and services of the platform. However, the situation may change at any moment. It is recommended to follow the news from the official representatives of the cryptocurrency exchange.

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Restrictions on Bybit for Russians

As of April 2024, the crypto exchange is operating in the Russian Federation. However, some restrictions did affect users from Russia. For example, traders are prohibited from selling cryptocurrency for fiat. This is due to sanctions against Russian banks and payment systems. However, it is possible to buy digital assets for fiat using the Advcash service.

As of April 2024, buying and selling cryptocurrency for rubles is allowed on the P2P platform Bybit. It is not possible to do this directly with Russian bank cards.

Bybit’s P2P service prohibits customers from the Russian Federation from using payment methods such as SberBank and Tinkoff. However, the platform disguised them under other names – Local Card (Green) and Local Card (Yellow) respectively. Therefore, in practice, it is possible to use SberBank and Tinkoff cards.

What Bybit services are available in Russia

This is a large international cryptocurrency platform for exchanging digital assets. It offers many different services and opportunities. At the same time, in the Russian Federation as of April 2024, almost all the functionality is available without restrictions. On the Bybit exchange for Russians there are:

• Registration and verification.
• Spot, margin and derivative trading.
• P2P-platform for buying and selling digital currencies for fiat.
• Bybit Learn educational service.
• Trading bots.
• Copytrading.
• Passive income tools – staking, deposits, liquidity mining, bi-currency investments.
• OTC trading for large transactions.
• Listing platform for investment in new projects.
• NFT Marketplace.
• Bonuses, drawings, promotions, tournaments.
• Referral program.

The number of opportunities for users of the crypto exchange Baybit grows annually. Probably, in the future, the list of these services will be replenished with new items.

Registration and verification on Baybit in Russia in 2024

To access the services of the exchange, you need to create an account and confirm your identity. Registration on the crypto platform takes 1-2 minutes. To do this, you need to:

1. Go to the official website of the platform.
2. Click on the “Registration” button.
3. Choose the method of account creation, for example, by email. Also on the platform you can register by phone number.
4. Specify e-mail.
5. Think up a password. It should contain from 8 to 30 characters. The combination should include uppercase and lowercase letters, as well as numbers.
6. Specify a referral code (if available). Sometimes you can get a welcome bonus as part of different promotions.
7. Accept the terms of service and privacy policy.
8. Click on the “Create an account” button.

Next, you need to confirm the specified e-mail address. To do this, you need to insert the code from the email in the appropriate field.

Registered clients can use a demo account.

It allows you to trade on the exchange without risk to your own assets. However, to access other functions of the platform, you need to undergo verification. Instructions for this procedure:

1. Go to the “Account and Security” tab.
2. Find the Identity Verification field and click on the button next to Verify Now.
3. Select Lv.1.
4. Specify your country of residence.
5. Click Next.
6. Upload a photo of an ID card, such as a passport. The photo must be free of glare, blurring and other distortions.
7. Undergo facial recognition using your mobile device’s camera.
8. Submit personal information for verification.

If everything is done correctly, the user’s data will be reviewed automatically. This will take up to 15 minutes. However, if an error is detected in the data specified during verification, the verification will switch to manual mode. Then the identification will take longer.

How to work with the Bybit exchange for Russians in the conditions of sanctions

As of April 2024, users from the Russian Federation are available most of the functions of the cryptocurrency platform. Sanctions practically did not limit clients from Russia in any way. For them, the crypto exchange is working in normal mode.

Getting bonuses

In April 2024, the Baybit platform for Russians and residents of other countries holds a promotion “Up to $5000 in rewards”. It is available to users who have not yet registered. According to the terms of the promotion, you need to create an account and perform various daily tasks, such as verification, make a deposit, trade, etc. For this, the platform gives welcome rewards to customers. The total pool of bonuses per user is up to $5 thousand.

Also, the cryptocurrency platform holds other promotions and drawings. A full list of current promotional offers can be found on the announcements page on the Bybit website.

Deposit and withdrawal

These services are also available to Russian users. To make a deposit, it is easier to apply cryptocurrency. It is enough to choose a digital asset, get a wallet address and send coins to it from another vault. Withdraw cryptocurrency can be done using a similar method.

When transferring digital assets to a wallet address, you need to carefully check the details. If you make a mistake at this stage, there is a risk of losing the sent coins.

Also, clients of the Bybit site from Russia often use the P2P-platform. The service helps to sell and buy cryptocurrency for fiat. Example of buying USDT from a Tinkoff bank card:

1. Go to the P2P service from the main page of the exchange.
2. In the filters, specify USDT and the amount of the transaction.
3. In the “All payment methods” field, select Local Card (Yellow).
4. Go to the appropriate merchant by clicking the “Buy USDT” button opposite it.
5. Specify the transfer amount.
6. Click on the “Purchase” button.
7. Transfer the specified amount by the provided Tinkoff card number.
8. Confirm the payment.

The purchased USDT tokens will appear in the wallet for funding in 5 minutes. To trade them, the cryptocurrency will need to be transferred to spot storage. This is done in the “Assets” tab.

How to trade

To exchange cryptocurrencies on the Bybit exchange, a special terminal is provided. To go to it, you need to put the mouse cursor over the “Trade” item and select the “Spot Trading” section. The client will automatically be forwarded to the page of buying and selling BTC for USDT. You can choose another cryptocurrency in the upper left corner. Trading instructions on the example of buying bitcoins in the pair BTC/USDT:

1. Choose the type of order – limit or market. The first one allows you to set the desired BTC purchase price. In this case, the order will be executed as soon as the rate reaches the specified mark. A market order is executed immediately at the current price of the asset.

2. Below specify the amount of the transaction, for example 100 USDT.
3. Press the “Buy BTC” key.

After each transaction, the cryptocurrency comes to the client’s exchange wallet. The trading history can be viewed at the bottom of the terminal.

Terms of the exchange

The platform offers a variety of services, provides high liquidity and security for users. However, for each trading transaction through the exchange, a commission is charged. The amount of fees depends on the level of the client’s account.

Commissions

The cryptocurrency platform offers opportunities for spot and margin trading. Trading with derivatives is also available on the Bybit platform. The exchange charges a commission for each transaction. A multi-level system of fees is used. The size of the commission depends on the status of the client. Fees for different types of trading are shown in the table.

The exchange does not take commission for transactions on the P2P platform. On it, clients trade assets among themselves directly.

Tips for safe storage of funds

Bybit is a centralized crypto exchange. It owns all the assets of its users. Therefore, it is not recommended to store a large amount of digital currency on the platform. At any moment, the trading platform can freeze or seize clients’ assets. Also, the Bybit exchange is susceptible to hacker attacks. If the platform is hacked, some users will lose their assets.

Author: Saifedean Ammous, an expert in cryptocurrency economics.