Abstract：The cryptocurrency trend is still growing and isn’t going away. More people are investing every day, hoping to profit from this fast-moving market. But opportunity comes with risk. If you want to start trading, make sure you choose a broker that is safe, licensed, and transparent. Remember, if you fall for the Scam brokers like Bybit, they could steal your money. Learn why Bybit is not a safe choice before you invest.
The Cryptocurrency trend is still growing and isnt going away. More people are investing every day, hoping to profit from this fast-moving market. But opportunity comes with risk. If you want to start trading, make sure you choose a broker that is safe, licensed, and transparent. Remember, if you fall for the wrong brokers like Bybit, they could steal your money. Learn why Bybit is not a safe choice before you invest.
- Lack of Top Tier Regulation - Bybit is not regulated by any top-tier financial authority such as the FCA (UK), ASIC (Australia), or the SEC (USA). While it may operate under certain licenses or within jurisdictions like Dubais VARA or the Astana Financial Services Authority in Kazakhstan, these are not globally recognized as top-tier regulators. This means that users trading on Bybit do not receive the same level of investor protection, transparency, or regulatory oversight that comes with platforms supervised by established financial watchdogs. Traders should be aware of these risks before using Bybit for crypto or derivatives trading.
2. Disappointing Score - According to WikiFX, a platform that evaluates the credibility of forex and crypto brokers, Bybit has received a low trust score of just 2.38 out of 10. This rating reflects concerns around regulatory oversight, transparency, and user protection. A low score on WikiFX typically indicates that the broker lacks proper licensing from top-tier regulators and may not meet key standards related to investor safety, operational compliance, or dispute resolution.
3. WikiFXWarning – WikiFX has warned users to stay away from Bybit, calling it a possible scam broker. They gave it a low score and pointed out that Bybit has no valid regulation. The warning clearly says: “Low score, please stay away!. No valid regulation. Be aware of the risk.” This means trading with Bybit could be risky and unsafe.
4. User's Horrible Experiences- Many user reviews have raised serious concerns about Bybits lack of transparency, with some traders reporting that their withdrawals were suddenly locked and funds were never returned. Several users claim that Bybit froze their accounts without explanation and that attempts to contact customer support have been ignored, with emails going unanswered for days or weeks. These complaints suggest possible issues with fund security and customer service, reinforcing warnings from platforms like WikiFX that urge users to stay away from Bybit due to high risk and poor accountability.
Join WikiFX Community
Be attentive and stay updated with WikiFX. You can get all the information you need to know about the Forex market, fraud alerts, and the latest news related to Forex trading — all in one place. Join the WikiFX Community by scanning the QR code at the bottom.
Steps to Join
1. Scan the QR code below
2. Download the WikiFX Pro app
3. After installing, tap the Scan icon at the top right corner
4. Scan the code again to complete the process
5. You have joined!
