Bybit Exposed: Traders Hit Hard by Withdrawal Denials, Account Bans & More

Is your forex trading experience with Bybit far from ideal? Do you continue to face withdrawal denials? Does Bybit ban your account without any reason? Have you failed to receive the reward on winning the trading challenges? We must say, you have made the wrong move by partnering with Bybit, which has been scamming traders. In this article, we will share multiple complaints that traders have made against the scam forex broker. Keep reading!

Top Complaints Against Bybit

No Withdrawal Even After 90 Days

Seeking to withdraw from your Bybit account? You may struggle endlessly to withdraw funds. However, you may not succeed either. Such has been the case with a trader whose withdrawal has been pending even after 90 days. The trader admitted that the company froze his account for 90 days and told him that withdrawal is possible after this period. However, 90 days have passed with no change in the withdrawal scenario. Check this screenshot that elaborates on the problem.

Account Bans Without Any Specific Reason

Traders frequently report sudden account bans without any specific reason. In one such instance, the trader deposited some bitcoins, which led to the withdrawal. However, despite submitting the required documents supporting the source authenticity, the account continues to remain banned, preventing traders from accessing funds. Here is the screenshot where the trader has expressed this concern.

Trading Rewards on Paper, Not in Real Time

To encourage deposits, Bybit invites traders to accomplish a series of trading tasks to win campaigns. However, despite winning the campaign, traders are unable to access rewards. Here is one trader who successfully completed three trading tasks but was unable to access the rewards he rightfully earned.

Why Do Problems Emerge So Much at Bybit?

The root cause of all these problems is that Bybit is an unregulated forex broker. The Mauritius-based forex broker, which, despite being in the business for over five years, has failed to gain a regulatory license. Being an unregulated entity has relieved it from disclosing details to the regulator and complying with investor-friendly norms. As a result, the WikiFX team has given Bybit a poor score of 2.38 out of 10.

WikiFX Masterminds is Live now!

Join it today to gain insights into forex trading.

This is how you can join WikiFX Masterminds-

1. Scan the QR code placed right at the bottom.

2. Download the WikiFX Pro app.

3. Afterward, tap the ‘Scan’ icon placed at the top right corner

4. Scan the code again.

5. Great, you have become a community member.