Posted by: BitcoinMargin Updated Nov 21st, 2023

In the evolving financial landscape, cryptocurrencies have shifted from being a specialized interest to a central pillar of modern finance. This transformation has spurred the emergence of numerous crypto trading platforms. Among this crowded field, Bybit emerges as a premier destination, particularly for those interested in crypto derivatives trading.

In this comprehensive review, we’ll unpack Bybit’s standout features, delve into its diverse crypto offerings and services, and evaluate its fee structure. Beyond that, we’ll spotlight what truly sets Bybit apart, examining its trading tools, customer support, and overall user experience. Dive in with us to discover the full spectrum of what Bybit brings to the table.

What is Bybit?

Bybit stands out as a premier crypto trading and derivatives platform, enabling users to engage in diverse digital asset trades and contracts. Established in 2018 by Ben Zhou, previously the General Manager at the renowned forex and CFD exchange, XM, Bybit was conceived as a challenger to dominant platforms like BitMEX.

In its early days, Bybit aimed to rectify prevalent issues plaguing crypto exchanges, notably the challenge of platforms becoming unresponsive during peak trading times. A cornerstone of Bybit’s solution is its 100K TPS Matching Engine, a powerful system capable of processing up to 100,000 transactions per second. This ensures traders can swiftly initiate or close positions without concerns of system lag or downtime.

Thanks to these innovations and a suite of additional crypto services, Bybit rapidly ascended in the crypto exchange hierarchy. Presently, it boasts a portfolio of over 270 spot assets, more than 200 derivatives contracts, and a user base surpassing 15 million globally, all managed from its headquarters in Dubai.

Bybit’s user interface strikes a balance between intuitiveness and adaptability, making it suitable for both novice and seasoned crypto investors. To further support its user base, Bybit offers a wealth of educational resources, including tutorials, ensuring users can navigate its offerings, from the Bybit Wallet and Bybit Card to the Spot Exchange, Derivatives, and the Bybit NFT marketplace.

For the more seasoned trader, Bybit’s platform is a treasure trove of advanced trading tools. This includes cutting-edge features like AI-driven bots, sophisticated trading charts, and intricate technical instruments. Additionally, Bybit’s unmatched liquidity in its derivatives markets guarantees swift trade executions.

Safety is paramount at Bybit. The platform employs state-of-the-art security measures and collaborates with leading crypto custodial providers. Impressively, since its launch, Bybit has maintained a flawless record, free from outages or security breaches. This, combined with its 24/7 dedicated customer support and a trading engine that boasts 99.99% uptime, positions Bybit as a trusted ally for millions of crypto traders.

In summary, Bybit distinguishes itself as a high-caliber cryptocurrency platform, renowned for its robust crypto derivatives exchange and an array of blockchain-centric products tailored for a diverse trader demographic.

Bybit Pros & Cons

Bybit has become a reputable name in the crypto space, even seeing a 50% increase in worldwide users in 2023. But like all platforms, it has its own set of advantages and limitations. Here’s a list of the platform’s pros and cons.

Pros

  • More than 840 cryptocurrencies listed
  • Buy crypto through credit card, bank wire, or P2P trading
  • Includes 24/7 customer support
  • 180+ crypto derivatives contracts
  • Trade with up to 125x leverage 
  • Provides trading in over 250 markets
  • Gain exclusive perks with their VIP Program
  • Offers attractive crypto bonuses and rewards

Cons

  • Limited to BTC and ETH for futures and options contracts
  • Derivatives exchange is not recommended for beginners
  • Requires KYC for full use of features

A defining characteristic of Bybit is its expansive selection of over 840 cryptocurrencies, which drives the platform’s impressive average daily trading volume of $6 billion across spot and derivatives markets. The platform’s versatility is further highlighted by its diverse payment options, allowing users to purchase crypto via bank cards, wire transfers, and even P2P trading, ensuring maximum convenience. Bybit’s commitment to user support is evident in its 24/7 customer service, ensuring traders worldwide receive timely assistance for any challenges they encounter. The platform also boasts a diverse array of over 180 crypto derivatives contracts, with the added allure of trading at up to 125x leverage. While this high leverage offers significant potential, traders must recognize the inherent risks, especially if they’re seasoned in the crypto landscape.

Further enhancing its appeal, Bybit facilitates trading across more than 250 markets and extends a VIP program replete with exclusive benefits. The platform’s user-centric approach is also reflected in its array of crypto bonuses and rewards, details of which we’ll delve into later in this review.

However, it’s essential to balance these strengths with some of Bybit’s limitations. Notably, the platform confines its futures and options contracts to Bitcoin (BTC) and Ethereum (ETH), potentially narrowing options for those seeking a broader crypto derivatives spectrum.

Moreover, while the Bybit crypto derivatives exchange stands as its cornerstone, it might pose challenges for novices due to the associated risks. Lastly, the mandatory Know Your Customer (KYC) procedures, essential for unlocking the platform’s full potential, might deter those prioritizing anonymity in their trading endeavors.

Trading Cryptocurrencies and Supported Coins

There are three main options when trading cryptocurrencies on Bybit. On the spot market, users can look for a supported crypto pair to exchange one coin for the other. There’s also the Peer-to-Peer (P2P) trading platform and the Bybit One-Click Buy feature.

Let’s get more in-depth with these three options.

Crypto Pairs

Bybit’s crypto spot market helps users trade two cryptocurrencies, known as a crypto pair. One popular pair, BTC/USDT, trades Bitcoin (the base currency) against Tether USDT (the quote currency).

Other quote currencies featured on Bybit include USD Coin (USDC) and MakerDAO (DAI). Although stablecoins are the most common quote currency, Bybit offers BTC as a counter currency. Even the fiat EUR is a quote currency for popular coins like Cardano (ADA), Ripple (XRP), and Dogecoin (DOGE).

According to Coinmarketcap, Bybit averages around half a billion US dollars worth of spot trades for 439 coins. This makes up about 8% of the total trading volume of the entire platform.  Around 26% of the volume is from BTC/USDT pair trades and 15% from BTC/USDC.

P2P Trading

P2P trading on Bybit is an easy and secure platform that allows users to buy and sell their holdings to each other. Because the middleman in the exchange, the Bybit platform, is automated, users can get optimal and agreed-upon prices for their purchases on the P2P marketplace.

On the interface, users can filter through their desired payment methods, fiat currencies, cryptocurrencies, and even advertisers (those who are making the trading offer). They can even view the profile of advertisers along with the prices, number of completed orders, and verified badges to make sure they are safe.

Cryptocurrencies offered are:

  • Tether (USDT)
  • Bitcoin (BTC)
  • Ethereum (ETH)
  • USD Coin (USDC)

The offering shows the fiat price at which the user is willing to trade for 1 unit of the chosen cryptocurrency. It also provides the available quantity, the minimum and maximum quantities that the advertiser is willing to trade per transaction, and the supported payment methods for the offer.

Perhaps the most important thing to note about the Bybit P2P marketplace is that the platform does not charge any transaction fees. As of writing, 52 fiat currencies are supported on the platform.

One-Click Buy

Bybit’s One-Click Buy feature is built for users who want to quickly and easily trade cryptocurrencies at a good rate. It allows users to buy and sell coins through any supported payment methods on Bybit. These are the P2P trading platform, credit card, third-party payment, or via fiat balance.

Here, users simply select whether they want to buy or sell their cryptocurrency. Then they can enter either how much they want to spend or how much they want to receive. Upon filling in one or the other, the other parameter will auto-fill.

For example, a user wants to buy 100 USD worth of XRP. They simply need to select the USD as the fiat currency and type in 100. Based on the current market rate, One-Click Buy will fill in the amount of XRP to be received. So if 1 XRP is around 0.5 USD, the user stands to receive 200 XRP.

Bybit Crypto Derivatives

Bybit distinguishes itself from other crypto platforms by specializing in a crypto derivatives exchange, with a particular focus on Bitcoin and Ethereum futures, USDT and USDC perpetual, and options contracts. Derivatives trading on Bybit allows investors to speculate on the future price movements of digital assets without having actually to own them.

The platform also advertises best-in-class liquidity, giving traders significant market depth even in times of high price volatility. Thanks to this exceptional level of liquidity and its powerful trading engine, Bybit averages around $4 billion worth of trading volume per day and 4.1 billion in open interest.

For experienced traders, the Bybit crypto derivatives platform can be highly appealing thanks to high leverage rates, low latency, and minimal slippage when trading—although caution is still advised due to the complexity of the risk involved. With over 180 crypto derivatives contracts to choose from and a user-friendly trading interface, Bybit is a boon for traders who are looking to maximize their short-term trades.

Bitcoin and Ethereum Futures

Bybit lets users trade Bitcoin and Ethereum futures through USDC contracts. These have a set expiration date, allowing traders to buy or sell the digital assets at a predetermined price on that future date. The interface provides these contracts in several variations: weekly, bi-weekly, tri-weekly, monthly, bi-monthly, quarterly, and bi-quarterly. Trading is available after 8 AM (UTC) to 9 AM (UTC) on the day of listing.

Once the weekly contract expires, the bi-weekly contract takes its place and becomes the new weekly contract. Meanwhile, the tri-weekly contract moves up to become the new bi-weekly contract, and so forth. More listing rules can be found on the site.

The symbol of the USDC futures contract is made of the crypto asset and delivery date, separated by a dash. For example, BTC-27OCT23 means that the BTC-USD Futures contract settled on October 27, 2023, at 8 AM (UTC).

USDT and USDC Perpetual

A perpetual contract is a type of financial agreement that’s similar to a future contract. The key difference is that there is no expiry date. On Bybit, the trading price of a perpetual contract closely follows the actual market price and traders can keep their positions open for as long as they want.

Both USDT and USDC can be used as collateral for trading perpetual contracts on the most popular cryptocurrencies. These include Bitcoin, Ethereum, Solana (SOL), Ripple, Ethereum Classic (ETC), and a few more. However, there are plenty more altcoins and niche cryptocurrencies with USDT perpetual, such as Avalanche (AVAX), Dogecoin (DOGE), and Cardano (ADA) to name a few.

In perpetual contracts, there’s also a funding fee that gets exchanged between traders. This happens thrice in a day. If the fee is positive, those holding long positions will pay those with short positions. Conversely, if the fee is negative, the short positions will have to pay the long position holders. Users will only be part of this exchange if they have an open position at 12 AM, 8 AM, or 4 PM UTC.

Leverage and Margin

The amount of leverage that a platform offers can be a strong selling point, especially for experienced traders who can make the most out of the margin. Bybit has a maximum leverage of 125x when trading certain contracts.

The table below shows the differing degrees of leverage that can be achieved for USDC-based BTC Perpetual and other details:

TierRisk LimitsLeverageMaintenance Margin RateInitial Margin Rate
1100,000125x0.40%0.80%
21,000,000100x0.50%1.00%
32,000,00066.67x1.00%1.50%
43,000,00050x1.50%2.00%
54,000,00040x2.00%2.50%
65,000,00033.33x2.50%3.00%
76,000,00028.57x3.00%3.50%
87,000,00025x3.50%4.00%
98,000,00022.22x4.00%4.50%
109,000,00020x4.50%5.00%
1110,000,00018.18x5.00%5.50%

USDC Options

Bybit provides a specific type of options trading, known as European-style options. On the platform, these are settled in USDC. Unlike some other options contracts, European options can only be used at their expiration date and not before. If your option is profitable or “in-the-money” when the contract expires, Bybit will automatically handle the transaction for you.

Bybit markets its platform as the world’s largest USDC options marketplace and the first-in-market for USDC options. Bybit’s European options provide a way for users to speculate on the price movement of Bitcoin and Ethereum without actually having to own the digital assets. All settlements are in USDC stablecoin.

Inverse Contracts

Inverse contracts are Bybit’s specialized trading product that enables traders to use cryptocurrencies like BTC and ETH as the base currency for trading. In contrast to traditional contracts that utilize stablecoins like USDT or USDC for settlement, these inverse perpetual contracts are settled in other crypto assets, with the contract’s value quoted in U.S. dollars.

Margin, profit, and loss calculations for inverse contracts are executed in the base cryptocurrency. This differentiates them from regular perpetual contracts, which are settled in stablecoins. It’s important to note that inverse contracts carry additional risks, mainly due to the inherent volatility of cryptocurrencies. These contracts are subject to fluctuations in the U.S. dollar value of the base cryptocurrency, making them potentially more volatile than their stablecoin-settled counterparts.

Bybit Fees

Understanding the fee structure is crucial for crypto traders considering Bybit as their trading platform. Below is a breakdown of the important fees you can expect:

FeeAmount
On-Chain Crypto DepositsNo fees
P2P TradingNo fees from Bybit
On-Chain Crypto WithdrawalDepends on the token and network Ex. 0.3 USDT for USDT withdrawals
Fiat Deposit (USD)0 fees viar Advcash
1.50% for Quickpay (El Salvador Only)
Fiat Withdrawal (USD)0 fees via Advcash
Spot TradingTaker Fee Rate: 0.1% Maker Fee Rate: 0.1%
Perpetual & Futures TradingTaker Fee Rate: 0.055% Maker Fee Rate: 0.022%
Options TradingTaker Fee Rate: 0.03% Maker Fee Rate: 0.03%
Spot Margin Trading, Crypto Loan Liquidation Fee2%
Options Liquidation Fee0.02%
Inactivity FeeNone

This comprehensive fee table allows users to calculate their potential costs more accurately, which is essential for profitable crypto trading and investing. Always remember to consider these fees when calculating potential returns or losses.

User Experience

Bybit’s platform is designed with a strong emphasis on user experience, making it a strong choice for crypto traders globally. On the dashboard, what users see when they log in, all the key crypto products are easily accessible. These are located on the site’s navigation bar where traders can switch between pages with a click of a button.

The entire interface can also be adjusted to best suit the trader’s needs. There are 18 different languages to choose from, such as Traditional Chinese, Japanese, and Spanish. The displayed currency can also be adjusted so that users can select the fiat currency that they are most familiar with.

In terms of safety, standard email and phone authentication are used for secure logins. There are also advanced protection offerings such as Google Two Factor Authentication, anti-phishing code, fund password (for withdrawals), and Yubikey authentication.

Lately, Bybit has enhanced the user experience with a strong social media presence and active community. There’s a whole Discord channel, Telegram group, Reddit group, Twitter, and more social platforms that show the latest updates, news, and announcements.

Bybit Charts, Tools, and Analysis

Today’s crypto traders demand a blend of functionality, usability, and powerful trading tools for their analysis. Bybit caters to the modern crypto trader by offering a suite of features that enhance the overall investing experience on their platform. Here’s what they have to offer.

Charting

At the heart of any trading platform is its charting capabilities, a key component that lets investors track the price movement of an asset. The trading chart for both Bybit spot trading and derivatives has similar features, although the latter offers more advanced instruments. For this section, we’ll be focusing on the interface for Bybit Derivatives.

Bybit has integrated TradingView, a leading financial charting platform, into its system. This means that the interface has access to TradingView’s tools, including over 100 prebuilt most popular indicators, several chart types, and drawing instruments.

Popular prebuilt trading indicators on Tradingview include:

  • Average True Range (ATR)
  • Bollinger Bands
  • EMA – Exponential Moving Average (EMA)
  • Fibonacci Retracements
  • Ichimoku Cloud
  • MACD – The Moving Average Convergence/Divergence (MACD)
  • RSI – Relative Strength Index (RSI)
  • Stochastic Oscillator
  • Volume Weighted Average Price (VWAP)

Copy Trading

Copy trading has been a popular portfolio management tool that continues to be used by many trading platforms because of its appeal. On Bybit, copy trading allows traders to make the same trades executed by other expert investors.

Traders who are doing the copying are called Followers and the investors who are being copied are called Master Traders. The Followers use the same trading strategy as the Master Trader they are copying. On the other hand, Master Traders can promote their trading strategies to attract new Followers. They receive a percent of the profit from their Followers as an incentive.

Note that although copy trading is a powerful tool that can potentially bring a form of passive income for users, the return on investment from copy trading may not be the same as the Master Trader benign copied because of slippage costs.

Market Overview

The Bybit Market Overview is a site page that shows key insights from the overall market, certain sectors, and other important trading information. For example, the top of the page shows the market sentiment, a meter that shows if the market is long, short, or neutral.

Other market data is also provided, such as the current ETH gas price, the 24-hour trading volume of USDT, and trending sectors. The market overview page can also be customized as users can select their favorite crypto pairs which will be saved for use on other pages so that traders can continuously track the prices of their favorite assets.

Bybit Earn

Bybit Earn has emerged as a premier avenue for both beginners and experienced traders to maximize their cryptocurrency holdings. The platform markets competitive annual percentage yields (APY), and sophisticated security measures for high returns that are well safeguarded.

Here’s a look at the comprehensive crypto management hub, Bybit Earn.

Bybit Savings

Bybit Savings, a key offering of Bybit Earn, provides a secure avenue for investors to grow their crypto assets with peace of mind. Catering to a slew of cryptocurrencies, Bybit Savings assures both growth and the safety of the invested principal, making it an attractive choice for those looking for low-risk crypto growth.

Below is a table showing a breakdown of popular cryptocurrencies that are offered on Bybit Savings.

CoinDurationAnnual Percentage Rate (APR)
BTCFlexible1.50%
ETHFlexible2.50%
USDTFlexible6.00%
BTCFixed, 30 to 60 Days1.50 % ~ 1.80 %
ETHFixed, 30 to 60 Days1.50 % ~ 1.80 %
USDTFixed, 7 to 60 Days2.50 % ~ 15.00 %

ETH 2.0 Liquid Staking

Bybit’s ETH 2.0 Liquid Staking allows users to actively support the Ethereum network while earning rewards. By staking their ETH, participants lock up their assets as collateral so that they can engage in on-chain validations and earn stETH tokens in return. The steTH token is issued by the staking pool Lido and mirrors a 1:1 value with staked ETH.

Liquidity Mining

Liquidity Mining on Bybit offers a decentralized platform where traders can stake coins in liquidity pools through the automated market maker (AMM) model. This automation ensures consistent liquidity so that traders can earn yield from trading fees within the pool.

Due to its potential for generating substantial yields, Liquidity Mining stands out, especially for those owning significant assets to stake. The product structure also provides a safety cushion since bybit sets a liquidation price at just a quarter of the product’s entry price. This is in contrast to the standard half of the entry price in derivatives trading.

Bybit Dual Asset

Crypto traders who are confident in their prediction of the direction of specific crypto asset prices will find a strategic avenue in Bybit’s Dual Asset tool. It’s designed to capitalize on price shifts of popular cryptocurrencies like Bitcoin and Ether. The Dual Asset mechanism stands out for its versatility, allowing traders to earn USDT during crypto upswings and diversify with other crypto assets during downturns.

Bybit Web3 Products

Bybit Web3 is the platform’s gateway to the Web3 ecosystem, catering to all Bybit users and the broader crypto community. Here, users can host an initial DEX (decentralized exchange) offering or IDO, get their decentralized application (DApp) listed, and explore other Web3-related products.

NFTs and IDOs

Bybit Web3 recently introduced the Bybit Web3 IDO, a platform that keeps users informed about the latest IDO projects. Users can follow links, support projects, and deposit tokens associated with the supported DEX.

Moreover, Bybit Web3 provides access to leading NFT projects from various blockchains, including Ethereum, MANTLE, BNB Chain, Polygon, Avalanche, Fantom, and more. Some of the standout NFT projects accessible via Bybit Web3 include:

  • Meetbits
  • Bored Ape Yacht Club (BAYC)
  • Mutant Ape Yacht Club (MAYC)
  • Azuki
  • Otherdeed for Otherside
  • Moonbirds
  • Wrapped Cryptopunks
  • CLONE X – X TAKASHI
  • Doodles

Bybit Wallet

The Bybit Wallet offers users an easy and secure gateway to the Web3 ecosystem. Built for beginners and those looking for a hassle-free experience, the wallet puts aside the complexities associated with managing and storing private keys.

Firstly as a custodial wallet, Bybit Wallet provides a secure platform for storing crypto assets with private keys and 24/7 customer support, ensuring users can easily delve into Web3 with both confidence and convenience. There is also a dedicated Chrome extension that allows users to access their wallets on a desktop.

It’s important to note that the Bybit Wallet still has its limitations despite being an easy-to-operate crypto wallet. Because it is custodial, Bybit is the one holding the assets and managing the users’ private keys. This is something that users who want to hold their private keys should keep in mind.

Bybit Mobile App

Bybit knows how to highlight convenience and accessibility for users looking to invest their digital assets. The Bybit mobile app holds all the features of the desktop browser platform but in a streamlined, handheld package.

Available for both Android and iOS, the app is optimized for on-the-go interactions. Traders can tap into the dynamic crypto markets no matter where they are, ensuring that they never miss out on critical market movements.

In terms of the mobile interface, the Bybit app is tailored for touchscreen interactions, making sure that investors have a smooth and efficient trading experience. Additionally, the app’s market watch widget gives a snapshot of the crypto landscape, providing quick insights without the need for deeper analysis.

Users can also manage notifications on the mobile app so that they are alerted for things like breaking crypto news, major price fluctuations, and the launch of a new product, to name a few. These notifications can be customized so that traders receive only the necessary information tailored to their needs.

Customer Service and Support

As a leading cryptocurrency platform, Bybit provides ample customer service and support for a market that never stops. 24/7 live chat support is available in 12 different languages. This round-the-clock assistance ensures that users have a lifeline regardless of their timezone when trading.

For less urgent customer needs, Bybit has a help center page that’s complete with a self-service section and frequently asked questions. Traders can head to this page for specific account matters or if they want to learn more about the platform.

Bybit Programs and Rewards

Committed to delivering superior crypto products and experiences, Bybit has designed a range of programs and rewards. Recognizing the importance of a loyal and engaged user base, the platform offers various incentives to encourage continued patronage.

VIP Program

Bybit’s VIP program is tailored for its most dedicated users. Members of this elite group enjoy a plethora of exclusive benefits. To qualify as a Bybit VIP, users must meet specific criteria related to equity, trading volume, or deposits.

Exclusive VIP benefits include:

  • Reduced fees and interest rates.
  • Access to weekly crypto market insights and reports.
  • Priority customer support.
  • Invitations to exclusive offline events.
  • Participation in VIP-only campaigns.
  • Special welcome and birthday rewards.
  • Enhanced withdrawal limits.

Bybit Rewards Hub

Bybit features a dedicated Rewards Hub, where users can easily track tasks and events they need to complete to earn rewards. These bonuses can be utilized as a margin or to offset trading losses and fees for perpetual and futures contracts.

As of now, Bybit is rolling out a promotion offering up to 30,000 USDT in deposit rewards. Users can claim this reward after achieving specific deposit and trading milestones. For instance, a deposit of $500 and trades worth $800 or more will earn the user a reward of 20 USDT.

Bybit Deposit and Withdrawal Methods

Bybit offers a comprehensive ecosystem for users to seamlessly deposit and withdraw both digital assets and fiat currencies. Users with existing cryptocurrencies can effortlessly deposit them into their Bybit accounts using the crypto wallet feature provided by the platform.

For those looking to deposit fiat, Bybit offers a plethora of options. These include traditional bank transfers, local bank cards, and e-wallets. Additionally, Bybit introduces a ‘recurring buy’ feature, allowing investors to automate their cryptocurrency purchases on a daily, weekly, bi-weekly, or monthly basis, fostering long-term growth of their holdings.

Accepted currencies for fiat deposits include:

  • United States Dollar (USD)
  • Argentine Peso (ARS)
  • Brazilian Real (BRL)
  • Colombian Peso (COP)
  • Costa Rican Colón (CRC)
  • Euro (EUR)
  • British Pound Sterling (GBP)
  • Kazakhstani Tenge (KZT)
  • Mexican Peso (MXN)
  • Peruvian Sol (PEN)
  • Polish Zloty (PLN)
  • Russian Ruble (RUB)
  • Turkish Lira (TRY)
  • Ukrainian Hryvnia (UAH)
  • Uruguayan Peso (UYU)
  • Vietnamese Dong (VND)

Bybit has indicated plans to expand its fiat currency support, so users can anticipate more options in the near future.

How to Get Started on Bybit

Starting out on Bybit is designed to be a seamless experience, catering even to those new to the world of crypto trading. Here’s a step-by-step guide to kickstart your trading journey on Bybit:

Step 1: Register User

The first step is to register an account on Bybit. Visit the platform’s website and click on the ‘Sign Up’ button located at the top right of the page. You’ll need to provide basic information such as your email address or cellphone number. Alternatively, you may sign up with a Google account or Apple ID.

Step 2: Verify Account

After registering your account, you will need to have your identity verified to ensure its security and compliance with certain regulatory standards. Verifying your account will also help you access more of Bybit’s features. Click on your account and select ‘Identity Verification’.

Follow the steps to verify your account, which usually requires uploading a valid government ID and a selfie. Within an hour or so, the verification should be completed.

Step 3: Deposit Crypto

Once your account is verified, the next step is to fund it. Bybit offers many ways to buy cryptocurrencies. On the homepage, click on ‘Buy Crypto’ at the top left and choose to buy crypto via credit card, bank wire, or P2P trading. If you already own cryptocurrencies, you can deposit them directly into your Bybit wallet.

Step 4: Open a Position

With your account funded, you can now open a position on the Bybit spot trading platform. On the navigation bar, select  ‘Trade’, then ‘Spot Trading’, then choose the crypto pair you wish to trade. For example, selecting the BTC/USDT pair will open the spot trading interface. Then, you can select order value, and click “Buy BTC” to open your first crypto trade.

Conclusion

Bybit has firmly established itself as a leading crypto trading and derivatives platform in the fast-growing digital asset landscape. Its commitment to addressing the challenges faced by earlier platforms has led to providing the exceptional reliability, products, and opportunities it aims to uphold.

All in all, Bybit positions itself well as a high-performance crypto trading platform for those looking to level up their crypto gains. Its impeccable security record, advanced tools, and streamlined user interface make it a dependable choice for crypto enthusiasts. Despite being jampacked with features and products that can make the platform overwhelming, Bybit remains well-suited for investors of varying experience levels.

FAQs

  1. What is Bybit?

Bybit is a cryptocurrency derivative exchange that allows users to trade a variety of financial products based on cryptocurrencies. These include futures, options, and perpetual contracts. The platform offers features like high leverage, a range of contract types, and a robust trading engine that can accommodate 100,000 transactions per second.

  1. Is Bybit a safe platform?

Bybit employs several security measures to ensure the safety of its users’ funds and data. This includes the use of cold storage of the majority of its customer assets, two-factor authentication (2FA), and advanced encryption for accounts. While no platform has a 100% security guarantee, Bybit has maintained a strong track record so far.

  1. Is Bybit a legit exchange?

Yes, Bybit is a legitimate cryptocurrency derivatives exchange that operates within the regulatory frameworks of the jurisdictions in which it is registered. It has gained popularity and credibility by offering a wide range of trading options.

  1. Can I earn money in Bybit?

Using Bybit’s crypto products carries with it potential for profit, but it also comes with significant risks. It’s crucial to have a solid understanding of trading principles and risk management before attempting to make money on Bybit.

Posted by: BitcoinMargin Updated Nov 21st, 2023