How to Use Bybit Crypto Exchange: Get $90 + Top Features for Beginners
Today, I’m going to teach you how to use Bybit Crypto Exchange. Buying and selling cryptocurrency can be stressful so it’s important to choose an exchange that you can trust.
It’s also important to find an exchange that meets your needs and isn’t too complicated to use. There’s nothing worse than opening an account on an exchange and then realizing you don’t know how it works! Awkward moments. Smiles.
If you’re thinking about opening an account with Bybit, then read on…
In this Bybit tutorial, I’ll teach you everything you need to know about how to use Bybit trading platform where you can easily trade Bitcoin & Ethereum Futures, and of course, other Cryptocurrencies…
I’ll show you how to sign up, how to trade on Bybit Altcoin exchange and what Bybit trading fees you’ll have to pay.
By the time you finish reading, you’ll know all about one of the biggest exchanges in crypto and, more importantly, you’ll know how to use Bybit!
I’ll begin with a short introduction to the exchange…
The Backstory & All About Bybit
Popularly known as the safest, fastest, most transparent, and user friendly Bitcoin and Ethereum trading platform offering cryptocurrency perpetual contracts, Bybit is a cryptocurrency derivatives trading platform established in March 2018 and registered in the BVI.
It is headquartered in Singapore and has offices in Hong Kong and Taiwan. Bybit has won the hearts of users from all over the world including North America, Europe, Russia, Japan, South Korea and Southeast Asia, and are focused on serving everyone from individual retail clients to professional derivatives traders.
While the company was founded by Ben Bybit, Bybit’s founding team is made of professionals from the Forex industry, investment banking, and early blockchain adopters.
I must confess that what stands Bybit out is the support team. Her customer team is simply amazing — as of the time of interaction.
The Top features of Bybit exchange?
The following are some of the things that have made Bybit stood out from the crowd.
- Perpetual Contracts
- The Dual Price Mechanism
- Bybit’s Mark to Market
- 100x Leverage
- The Contract Loss Mechanism’,
We shall look at all of these later on. But before I can show you how to use Bybit, I need to show you how to open an account…
How to Open an Account on Bybit Crypto Exchange
Follow the simple instructions below and you’ll be trading in no time at all!
1. Create an account
The first thing you need to know about how to use Bybit is how to get registered! Also, as a new user you will get $10 for free. Go to the Bybit’s trading homepage and click on Register.
You’ll be redirected to the registration page where you’ll need to enter your email address and create a password.
Observation: Always use an email address that you know is secure and that you check regularly. When creating a password, use a mix of numbers, symbols, upper and lower-case letters. Something like this *By+5bit)(20##.
Enter your details and move on.
2. Claim your welcome bonus now!
You will get an email notification to your inbox admonishing you to “Claim your welcome bonus now!”
Congratulations! You’re a Bybit account holder. Next, consider the below before I show you how to use Bybit but first, you need to secure your account…
Note 1: For the first trade with TP/SL conditions, you will receive additional USD5 bonus in BTC.
Note 2: Deposit 0.5 BTC or more for the first time and receive another USD50 coupon!
How to Fund an Account on Bybit Exchange
For this Bybit tutorial, I will use Coinbase as an example of one way that you can fund your Bybit account. A similar process will apply to almost any other exchange you are sending the funds from. I will use Ethereum (ETH) as an example of a cryptocurrency you can use to fund your Bybit account.
(Note: you can use Luno guide if Coinbase is inaccessible in your region/country.)
#1. Go to Coinbase.com: Login to your Coinbase account and click on Accounts. Next, click on Send where it says ETH Wallet.
You’ll be asked to enter a Recipient. This is where the Ethereum will be sent. You’re sending it to Bybit so you need to get an Ethereum address from your Bybit account.
#2. Login to your Bybit account. On the taskbar, click on “Assets”.
#3. Select Ethereum, then click on “Deposit”.
#3b.Click on “Deposit”
#4. Now enter the cryptocurrency you need an address for. In this example, I’m using Ethereum. Bybit will create an Ethereum address for you to send funds to. You also have the option to use the QR code as displayed.
The ETH Deposit Address is where you will be sending your Ethereum funds so copy and paste it into the Recipient box in your Coinbase account.
All you need to do now is decide how much Ethereum you want to send to your Bybit account and click Send. The funds will appear in your Bybit account as soon as they are processed by the Ethereum network.
Now you know how to use Bybit exchange as a beginner to open and fund an account. Next, you can learn how to trade on Bybit!
Super Bonus: First deposit ETH≥3and receive $5 / First deposit ETH≥30 and receive $50 for free.
How to Trade on Bybit as a Beginner
1. Login to your Bybit account. Nice and easy!
After your balance is visible in the ‘My Assets’ section of the site, now you are ready to begin trading on the platform.
2. Click Trade
To begin, click the ‘Trade’ button on the website header to open up the trading interface.
Upon clicking the “Trade” knob, you will be presented with the trading chart, order book and order selection screen, among other things.
3. Select contract type
To start trading, go ahead and select which type of contracts you wish to trade using the drop-down menu in the header.
By default, the BTC/USD Perpetual will be selected, but you can also select perpetual for any of the three other supported cryptocurrencies here.
I prefer BTC, so you might want to keep it at that if that’s what you want as well.
4. Select Order Type
Look at your right-hand side and you will then be able to select your order type.
#a. On Bybit’s ‘Order’ column, there are three order types: ‘Market’, ‘Limit’ and ‘Conditional’. You can choose any type of these orders to begin trading.
#b. You can also set the leverage, order price, quantity and more. Some options may not be available depending on the type of order selected.
#c. There are three methods to execute your order: ‘FillOrKill’, ‘ImmediateOrCancel’ and ‘GoodTillCancelled’. These methods are mainly reserved for limit or conditional limit orders. You can choose one of these methods to execute your order.
Click here to see how the order type works.
5. Choose the amount you want to trade
You can Leverage the number of contracts you wish to purchase along with other more advanced order options.
Once you once have finished configuring your order settings, Click on ‘Buy/Long’ or ‘Sell/Short’ to start trading.
To get an instant order, you can use “Market order”.
Click on the Market if you are happy with the current market price you want to buy.
Now, the easy bit! Click on “Buy/Long” or “Sell/Short” to start trading and that’s it. You’re now a Bybit crypto trader!
Now you know how to use Bybit to make trades, I need to tell you about Bybit trading fees…
Trading Fees on Bybit Crypto Exchange
Deposit/Withdrawal Fees on Bybit
Bybit does not charge any deposit or withdrawal fees. However, a mining fee will be imposed by the blockchain when making a BTC or ETH withdrawal. The fee payable will depend on the blockchain average fees at that point in time.
Perpetual Contracts on Byit
When funding is negative, it signifies that the trader will be receiving funding fee. The funding rate changes according to the interest rates and premium indexes.
Funding Fees on Bybit
Bybit’s perpetual contracts, such as BTCUSD, have funding exchanged between buyers and sellers at regular intervals.
In your ‘Trade History’, a positive funding rate indicates that you paid to fund while a negative funding rate indicates that you are received funding. Bybit does not pay or receive any of the funding fees.
Bybit vs Bitstamp Trading Fees
You can check the trading fees of its competitors to understand why Bybit is one of the most popular exchanges on the market. Bittrex and Bitstamp are well-known for having low fees and they both charge 0.25% for each trade.
As you can see, Bybit trading fees are one of the exchange’s best features. Next, I want to tell you about another one of its features — security.
A Minimalist Guide on Bybit Security
Just as I have shown you how to trade, I’ll go ahead to teach you how to use Bybit safely!
There are several ways Bybit users can protect themselves against thieves and hackers:
To get started and set up security on you Bybit’s account, click on “Account and Security” to set this up.
You’re not to disclose details of your SMS, email and 2FA code to anyone, including Bybit employees.
Blacklist requests from people claiming to be from Bybit:
Nobody from the Bybit team will ever ask for your passwords or your 2FA codes. They will also never ask you to send coins to a “safe account” or anywhere else!
One of the things you want to do is copying out your Bybit’s account ID. This can be of help in case you need access via authentication.
Only use the official Bybit site:
Don’t click on links to Bybit in emails/pop-ups. Check the official Bybit URL and bookmark it! If you need to contact the Bybit team, use the contact information found on its secure homepage.
Use strong anti-virus software:
Your Bybit trading account is only as safe as the device you’re accessing it from. Make sure all the devices you use to access your Bybit account are free from bugs and viruses.
Final Note on Security
Truth is, using a crypto exchange isn’t like using the services provided by your bank. There are no 24-hour helplines to call or buildings you can visit to complain! You’re responsible for the security of your account so be safe, crypto newbies!
Top Bybit Trading Terms and Slangs You Need To Know
#1. Perpetual Contracts
A perpetual contract is a financial derivatives product that is in between Spot trading and Futures trading.
If that’s it then how can you differentiate Spot Trading, Futures Trading, and Perpetual Contracts?
Spot Trading vs Futures Trading vs Perpetual Contracts
Spot Trading requires immediate settlement and futures contracts require settlement on a specified date in the future, perpetual contracts, on the other hand, do not have an expiry date.
It provides a hassle-free trading option and allows traders to hold positions for as long as they want; resulting in even more opportunities for financial gain.
#2. Dual-price mechanism
Market manipulations happen regularly in cryptocurrency trading.
A market manipulation is the act of intentionally inflating or deflating the price on an exchange for personal gain.
Bybit uses the Dual-price mechanism to protect its traders from market manipulations and ensure a fair trading environment.
#3. Up to 100:1 flexible leverage
Bybit offers 100x leverage perpetual contracts. This is a process whereby traders can adjust the leverage and margin of an open position at any time. This is a highly flexible form of risk management and ensures the best possible trading experience.
#4. Contract Loss Mechanism
The contract loss mechanism is the process of determining who bears the cost when positions cannot be liquidated at bankruptcy price.
#5. Auto-Deleveraging system
The ADL system ranks all traders by profit ratio and effective leverage, where the more profitable and higher leveraged traders will be de-leveraged first.
Will you need to submit Know your customer — KYC on Bybit?
So does ByBit require KYC?
While they do not require KYC, the exchange does enforce a general rule by analyzing the IP of the computer a user makes use of to access the platform.
Which Crypto Automation Bot To Use On Bybit Crypto Exchange?
The crypto bot that works best with Bybit crypto exchange is HaasOnline. Here is how HaasOnline bot tool.
Top ByBit Alternatives
Just as Bybit is a great Bitcoin and cryptocurrency margin exchange, nevertheless, there are alternatives crypto platforms with very similar functionalities.
Two of the most popular ByBit alternatives are Binance.com and BitMEX. Here is a full list of all top alternative places.
Bybit has done well to offer the crypto communities some freebies in form of crypto. First, when you get a new trading account you will grab $10, which can span to or more than $90
2020 List of Top 11 Countries Banned on Bybit Crypto Exchange
Here is the full list.
The cryptocurrency exchange market is very crowded. The exchanges that succeed will be the ones that offer features that every trader can use and enjoy. In this Bybit tutorial, I think I’ve shown you an exchange that does exactly that!
Bybit currently has a 24-hour trading volume of $1,270,022,134 for a good reason — it works!
BYBIT has millions of happy customers all over the world. They use Bybit because it’s simple and it has great trading features. If you don’t believe me, then you know what to do! I’ve shown you how to use Bybit.
Wrapping it up,
So far, I’ve taught you how to use Bybit to open an account and make basic trades. I’ve also taught you about Bybit trading fees and security. Before you head over to Bybit and start trading, you want to make sure your setups are all in place.
Now, go and try it for yourself! When you’ve made a few trades, let me know. I’d love to hear what you think!