We are delighted to announce users can now buy crypto with over 20 Fiat currencies with our Fiat Gateway!
Note: At present, Banxa and Xanpool do not support Japanese and Korean traders depositing Fiat via their platform. A new service provider will be added to address this limitation in the near future.
1) Is the Fiat deposit function handled by Bybit?
Fiat deposits are 100% handled by our Fiat Gateway partners: Banxa and Xanpool.
2) Who are the third party providers currently providing this service on Bybit?
Banxa and XanPool are two of the world's most popular and trusted Fiat gateway providers, enabling internationally compliant Fiat-gateway software solutions for exchanges, wallets, and other cryptocurrency businesses.
3) What are the supported Fiat currency deposits?
AUD, CAD, CZK, DKK, EUR, GBP, HKD, IDR, INR, MYR, NOK, PHP, PLN, RUB, SEK, SGD, THB, TRY, USD, VND.
4) What types of cryptocurrencies can I purchase?
At present, only BTC and ETH are available for purchase, with plans to add on other coins in the near future.
5) Is there a minimum/maximum Fiat amount that can be deposited?
Yes there is. Purchasing limits will be stated when traders select and input their desired Fiat deposit amount based on their respective Fiat currencies.
6) What kind of payment modes/methods are accepted?
Electronic fund transfers, Visa/Mastercard credit and debit cards, and cash deposits (Limited to certain areas).
For more details, please refer to the providers’ respective websites.
7) Are there transaction fees when buying crypto using credit cards?
Yes, the transaction fees will be shown on the respective providers’ webpage.
8) Does Bybit make any profits from traders performing this Fiat deposit?
No, Bybit does not receive any transaction fees collected.
9) Can traders perform this Fiat deposit using Bybit’s APP?
Currently, this is not available on APP and can only be performed via PC version of the platform https://bybit.com/buy-crypto
10) Can traders use this function to convert cryptocurrencies into Fiat and perform a withdrawal out of Bybit?
No, this is not possible at this time. Only Fiat deposits are accepted.
11) Who determines the exchange rate?
The respective third-party providers will provide the exchange rate. These rates are listed on Bybit's webpage to allow quick comparison among the different providers. For the final exchange rates and figures, please always refer to our third party providers’ website.
12) Why is my final exchange rate different from the one I saw on the Bybit platform?
The figures stated on Bybit only serves to be indicative and are quoted based on the trader's last inquiry. It does not dynamically change based on the price movement of the cryptocurrency. For the final exchange rates and figures, please refer to our third party providers’ website.
13) How long does it take for the crypto to be deposited into my account?
Generally speaking, traders will receive their coins within 2 to 30 minutes after successfully performing the Fiat deposit.
14) Who should I contact if I did not receive my crypto?
Please contact the respective service providers to seek immediate assistance.
15) What happens if I encounter any payment issues during the depositing process?
Please contact the respective service providers to seek immediate assistance.
16) Will my personal and credit card details be stored inside Bybit?
No, Bybit does not store such data and all data required to perform Fiat deposits are solely managed by the third-party service providers. For more details, please refer to their respective privacy policies.
17) Am I able to retrieve the records of all my previous Fiat deposit transactions?
You will be able to retrieve the deposit records from your Bybit Assets page under the 'Fiat Trading History' tab.
18) Is KYC required on Bybit?
At present, traders do not require KYC to register and/or continue using the Bybit platform.
19) Is KYC mandatory on the third-party provider platform?
Yes, KYC is needed in order to successfully perform a Fiat deposit on the third-party providers’ website.
20) Are there any countries that are restricted from using this service?
The following countries are restricted from using this service: Afghanistan, Central African Republic, Congo, Côte d’Ivoire, Cuba, Eritrea, Guinea-Bissau, Iran, Iraq, North Korea, Liberia, Libya, Panama, Rwanda, Somalia, South Sudan, Sudan, Ukraine Crimea, Yemen, Zimbabwe
21) I just bought some BTC but the status showed up as "canceled" inside my account's Fiat trading history. What does it mean?
This means that the transaction did not go through and your Bybit wallet address will not receive any BTC. For more details regarding the cancellation, please check with the respective third-party service provider.
22) What do the other statuses represent inside the Fiat trading history?
Pending = Fiat deposit transaction has been submitted, pending payment
Paid = Fiat deposit successfully made, pending cryptocurrency transfer into Bybit account
Completed = Transaction completed and cryptocurrency has been transferred into Bybit account
Cancelled = Transaction cancelled due to either one of the following reasons
- Payment timeout = Trader did not make payment within a given period of time
- Transaction was cancelled by trader
- Rejected by third-party provider
23) Can I choose to deposit a Fiat currency that does not belong to my country of residence?
It depends on the individual third-party providers accepting your KYC documents on their platform. At present, together with the list of restricted countries, Japanese and Korean traders are also unable to perform any Fiat deposit. For more information, please communicate directly with the respective third-party providers.