Operating in 180 countries for millions of users, Bybit is one of the most famous exchanges in the world. Because it is very easy to use and has powerful trading tools, this platform has become a real favorite among crypto fans from all over the world. But if you are from the United States, then you probably ask yourself: Is Bybit legal in the US? Can you use Bybit in the US? We will focus on the more close-sighted legal status of Bybit, look into what options currently exist for US-based traders, and point out which ones best suit their needs.
What is Bybit?
Bybit is a premium cryptocurrency exchange service. Among other things, it offers services related to spot trading, derivatives trading, margin trading, and more. This online crypto exchange lists over 300 trading pairs while supporting over 15 million users across the globe. Most people love the meager trading fees that Bybit has to offer: starting at 0.1% for spot markets and 0.055% for derivatives.
With all those impressive features, nonetheless, Bybit is unavailable in the United States. The Bybit USA regulations and, subsequently, the platform’s inability to satisfy strict requirements set by regulatory bodies, including the SEC, have made Bybit limit access to its users in the United States.But don’t worry. If you’re in the US and can’t access Bybit, there are plenty of excellent Bybit alternatives for US traders offering legal compliance, robust features, and top-notch security.
Why Is Bybit Banned in the US?
The reason is that cryptocurrency trading platforms are regulated by strict US laws for crypto trading platforms in the United States. Since Bybit does not comply, it is unavailable within the US. Legal ambiguity, very much related to regulatory implications and strict US laws concerning crypto trading exchanges, has pulled Bybit from establishing any business operations within the country.
Best Bybit Alternatives for US Residents
Here’s a detailed look at some of the best crypto exchanges for US residents and international exchanges serving US residents legally and efficiently.
Binance.US
Binance.US is the USA version of Binance, with overhauls to adapt it to US regulations. While it does have fewer trading pairs than its global sibling, the experience remains top-notch.
Features: More than 100 cryptocurrencies are listed on Binance.US, including but not limited to Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). The advanced trading platform will make advanced traders happy, too.
Fees: Competitive: a flat 0.5% for most trades.
Limitations: Binance.US is unavailable for residents of New York.
For the investor that uses an intuitive user interface combined with a sophisticated set of tools, Binance.US will suit their needs.
Coinbase
There it is—quite literally one of the most trusted names within the US cryptocurrency space. Perfect for both beginners and seasoned traders, as it’s so easy and secure.
Features: More than 200 cryptocurrencies available; very intuitive interface; FDIC insurance on USD deposits up to $250,000. Also, it stops any transactions to wallets connected with known scams—something great for first-time traders.
Fees: Higher compared to other exchanges, from 0.05% to 0.60%.
Unique Selling Point: Coinbase Pro provides all the trading needs for more advanced users.
Disadvantages: No possibility to trade with Tether (USDT), which might turn off some users.
If security is your number one priority, Coinbase stands out among US crypto exchanges.
BingX
BingX has emerged as a user-friendly platform that introduces new features to the market, including social trading and copy trading.
Features: Social trading allows its clients to follow and copy the trades of successful traders. It also provides leveraged trading and a long list of cryptocurrencies.
Fees: Starting from 0.075% for spot and derivatives trading.
Unique Selling Point: Ideal for traders who want to learn on the job from masters via copy trading.
Kraken
As one of the oldest and most reliable exchanges, Kraken forms the backbone of crypto in the US.
Features: Over 185 cryptocurrencies, including BTC, ETH, and ADA. Kraken also excels in advanced trading options such as margin trading and staking.
Fees: From 0.16% to 0.26%, with discounts as monthly trading volume increases.
USP: Has amazing security features, such as holding funds in cold storage.
Cons: Kraken is not available for residents of Washington State and New York.
Kraken remains a favorite among traders due to its strong features and security.
Crypto.com
Crypto.com represents a full-service exchange, offering everything from basic trading to NFT marketplaces.
Features: Support for over 250 cryptocurrencies, cashback rewards earned through a debit card program, and the ability to earn interest through staking leading cryptocurrencies like BTC and ETH.
Fees: Trading fees are discounted for high-volume traders, ranging between 0.036% and 0.40%.
USP: NFT access, along with cashback debit cards.
Cons: Not available to New York residents.
WEEX
WEEX is another fast-growing exchange, fully equipped with state-of-the-art facilities for both novice and professional traders alike.
Features: Supports a wide variety of trading pairs and minimal trading fees. WEEX also excels in derivatives trading.
Fees: Competitive and suitable for active traders.
USP: Fast transactions and high-end security features.
Gemini
Founded by the Winklevoss twins, Gemini is renowned for its strict adherence to US legislation, making it probably the most secure exchange for traders.
Features: Supports over 90 cryptocurrencies, including BTC, ETH, and LTC. It insures USD deposits through the FDIC, which soothes users.
Fees: From 0.00% to 0.35%, depending on trading volume in a scale-based way.
USP: Operates under New York banking law, making it ideal for large and institutional traders.
Deepcoin
Deepcoin, for its increasing fame, carves a niche in derivatives and perpetual swaps.
Key Features: Offers massive quantities of trading pairs, leveraged trading tools.
Trading Fees: Very low trading fees, including for heavy traders.
USP: Focus is heavy on derivatives trading.
BYDFi
BYDFi is relatively new, built for traders who need simplicity and efficiency.
Key Features: Supports various crypto assets and a robust mobile and web interface.
Fees: Inexpensive to trade, with added benefits for high-volume traders.
USP: Community-driven platform that is extremely useful for novice traders.
Decentralized Perpetual DEXs
For those looking for a decentralized experience, DYDX, Vertex, and Hyperliquid are great options.
Features: Decentralized trading provides more anonymity and full control over your assets. These platforms are ideally suited for derivatives trading and perpetual swaps.
USP: No central authority; users have full custodial control of their funds.
How to Trade on Bybit From the US?
If you’re determined to trade with Bybit despite the restrictions, some traders consider using VPNs. However, we would never advise this because of possible legal and account-related risks. Instead, invest in the best crypto exchanges for US residents, where real compliance and peace of mind await.
Conclusion
While Bybit’s legal status and compliance issues make it off-limits to US users, the above-named alternatives provide secure, regulated, and feature-rich trading experiences for all users, from novice traders to seasoned pros.
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