Are you not sure about the legitimacy of the ByBit? Do you want to make sure that your broker is legit? The simplest way is to hire fund recovery specialists. These professionals can investigate the brokerage platform for you so that you don’t fall for any scam or fraud. These professionals are knowledgeable in the industry and they will be able to do an honest valuation of the ByBit platform.
What are the risks involved if you are not sure about the broker? There are certain risks that you need to check out at all times. The biggest risk is the scam. If you allow someone to use your money without knowing their background, don’t end up with a huge loss.
How does this happen? Well, there are bad brokers out there that simply want your broker funds for themselves. They will do anything in their power to earn this money. Your funds can get stolen if you don’t know how to prevent them from happening at all times. Here is how to check if ByBit is legit or not.
Beware of Cold Contacts
If a broker contacts you out of nowhere and invites you to free lunch, you should not get too excited. These tactics are usually practiced by scam brokers. They would use this as an opportunity to capture your personal details. The best way to find out if a broker is legitimate is by conducting research on the company. It’s easy, just ask around and see what other people are saying about it. You should also go through reviews online, search for the brokerage firm on regulators’ websites, or pay attention to whether their address matches that of the company’s headquarters.
If you are still not sure then get in touch with the regulators of that country and ask them about it. Fund recovery specialists are still there to help you to determine if ByBit is legit or not.
Is ByBit Registered and Licensed?
They are regulated by the regulators because they are required to be registered and licensed. Registration is required by law. If you are searching for a broker then check the regulators’ websites because governments usually give all information about regulated brokers there. You can compare the registration forms with the name of the company. If you want to make sure that it is legit follow these steps:
Obtain a copy of their registration form from the regulator’s website/regulator’s office. Take a look at what you can find on their website, examine what kind of information they have, and check out whether they’re registered. These details may not be available for public access so it is better to get it confirmed by the fund recovery specialists. If the broker is not registered with the authorities, you may not get the desired legal help from the authorities in case of any mishap or scam. Make sure to choose the broker that is registered and licensed. Registration with the authorities is another factor to determine if ByBit is legit or not.
Does ByBit Hold Withdrawals and Payouts?
A legit broker will never try to make you wait by holding withdrawals for no reason. It is the duty of the broker to facilitate all the resources to carry out trading operations without any issue. If there are complaints about withdrawal issues then you need to investigate the problem. This is because some brokers do not have the capacity to facilitate withdrawals quickly. Forex traders are always at risk of being duped by some rogue scam brokers who are not genuine. They are also known as scam brokers because they take the money from forex traders without giving them services in exchange.
There are signs of a scam broker which you should look out for if you want to avoid being duped by them. These signs show that the broker is not legit and is therefore important that if you choose to trade with them then you do so at your own risk. A legit broker will never try to make you wait for too long before your withdrawal is processed.
Perform a Background Check for the Broker
You can perform a background check for the broker if you are not sure if the broker is legit or not. Perform an investigation of the broker’s local, national and global records. Perform background searches for criminal records (and bankruptcies), driving records, lawsuits filed against the broker.
If you are unsure if this is what you need to be doing, consult your fund recovery specialists for their opinion. You can also contact an independent professional to perform a background check on the broker; he or she will have access to databases that are not available to the public when running a search online. Lastly, when in doubt ask your lawyer before proceeding with any transactions with the broker.