Bybit Exchange is one of the leading cryptocurrency exchanges. It stands out for providing a variety of high-quality products to its users. To start your trading journey, you first need to open an account on Bybit. Here is a detailed guide on Crypto Trading and how to do it, let’s explore it now!
How to open a Bybit exchange account on your phone
To open a Bybit exchange account on your phone, you can download the app or visit the website. Here are the specific steps for traders to download and open a Bybit account on their phones.
You can also visit the homepage: bybit.com
Step 1: Download the app:
- Open the app store on your phone and search for the keyword “Bybit”.
- Select the app “Bybit: Buy Bitcoin & Trade Crypto” and press download.
Step 2: Install and open the application
- Wait a few minutes for the Bybit app to download. Once done, open the Bybit app and tap “Sign Up”.
Step 3: Register an account
- On the exchange’s registration screen, you can choose to register by email or phone number.
- Fill in the registration email or phone number along with the user password. Check the trader information carefully and click “Register” to complete. Traders remember to enter the “55742“ referral code to receive support in the UK.
Step 4: Verify account
- Drag the puzzle piece into the correct position on the image to verify your account.
- Enter the code sent to your email to confirm your registration.
After entering the code, you have an official Bybit account. Remember and save your account information for easy login later.
See more: Open an Bybit account – explore the crypto exchange
Where and how can I download the Bybit app?
You can download the Bybit app on both the App Store and Google Play Store. Here’s how:
- Open the App Store: On iOS: Open the App Store. On Android: Open the Google Plays Store.
- Search for Bybit App: Type “Bybit: Buy & Trade Crypto” in the search bar.
- Download and install: Select the app from the search results and tap “Get” (on iOS) or “Install” (on Android).
- Open the app: Once installed, open the Bybit app to start using it.
How do you verify your Bybit exchange account on the app?
To trade, deposit, and withdraw funds on the Bybit exchange, you need to verify your identity. Here are detailed instructions on verification:
Step 1: Open the Bybit app and tap “Verify Now”:
On the main interface of the Bybit app, find and click the “Verify Now” button.
Step 2: Verification Notice
Bybit will notify you that your Bybit account is not verified. Click the yellow “Verify Now” button to begin.
Step 3: Select the type of identification document to verify
Select a type of identification document to verify, for example, “Citizen Identification Card (ID)”. Check “ID Card” and click “Confirm”.
Step 4: Take a photo of your documents
The app will open the camera to take a picture of the front and back of your ID card. Place your ID card in the center of the screen and follow the instructions to take a picture.
After completing the above 4 steps, you need to wait for Bybit to review. If the KYC verification information is not passed, you will receive a request to redo it. This review process will usually take from a few hours to a few days.
What are the advantages of Bybit and why should you choose the exchange?
Bybit Exchange is one of the leading cryptocurrency exchanges today. Here are some outstanding advantages and reasons to choose Bybit:
What trading tools are available on Bybit Global?
Bybit exchange offers a wide range of trading products:
- Spot Trading: Spot Trading is the process of buying and selling digital assets such as Bitcoin and Ethereums with instant settlement when buying or selling. In this market, users have direct ownership of cryptocurrencies. At the same time, they participate in activities such as voting for major forks or participating in staking.
- Margin Trading: Margin Trading allows traders to access larger amounts of capital through the use of third-party loans. This increases the value of trades and the profit potential from successful trades.
- Leveraged Tokens: Bybit Leveraged Tokens (BLVT) are tradable assets in the spot market. It allows traders to earn leveraged profits from cryptocurrencies without the risk of liquidation.
- Trading Bot: Bybit trading bot is an automated trading algorithm. It provides automated strategies to take advantage of volatility in the cryptocurrency market. It is the tool of choice for many traders to optimize trading efficiency on the platform.
- Bybit Launchpad: Bybit Launchpad is a type of platform for launching tokens. It provides investors with early access to new tokens. It is also pre-listed from potential projects directly on the Bybit exchange. Users can pledge a certain amount of BIT to each new project and have the opportunity to earn new tokens.
Advantages for traders trading on Bybit
Leverage can be as high as 100x for cryptocurrencies. Bybit allows you to trade cryptocurrencies with up to 100x leverage. This means you can open a $10,000 position with just $100 in capital. High leverage offers great profit potential for experienced traders. Although it comes with high risks.
Fast transaction processing speed. Bybit stands out for its outstanding transaction processing speed. This helps ensure stability and avoids system overload. This is a common problem that frustrates traders on many other exchanges such as BitMEX. With the ability to process up to 100,000 transactions per second (TPS), Bybit ensures that orders are executed quickly. This ensures that the system is available 99.99% of the time. It can also avoid unwanted downtime.
Bybit offers a testnet version for users to experience. Bybit’s testnet website allows new traders to test strategies. At the same time, they can learn how to use the platform without using real money. For those who are new to derivatives, Bybit’s testnet version is a great choice to start with.
Bybit creates diverse profit-making opportunities for users
Bybit exchange offers many opportunities for users to seek profits. Becoming a Bybit Affiliate is an opportunity to take advantage of the potential of the development of the cryptocurrency market and derivatives trading.
How to register as an Affiliate on Bybit
Registering to become a Bybit Affiliate is also very simple with just 3 steps:
- Register a trading account on the Bybit trading platform.
- Click to register for the Affiliate program.
- Fill out the required information in the request form.
What will Bybit Global Affiliate get?
When you join Bybit’s Affiliate program, you will receive the following attractive benefits:
- Commission Type: Revenue Share
- Basic Commission: Up to 20%
- The commission when registering via the Trinity link: Up to 40%
- Payment method: Crypto
- Minimum Payment: Unlimited
- Time paid: Daily in transaction
- Cookies: 2 to 3 days
- Referral term: Forever
- Accurate “Bybit” keyword volume statistics: From 100N to 1 million
Please note that you should not use search engine advertising tools like Bing or Google to promote Bybit. This may result in your account being locked by the exchange.
“Revealing” the experience of becoming a successful Bybit exchange Affiliate
In many industries, understanding a product can be as simple as a few pages of reading and research. However, with the Crypto Affiliate field, this is not easy. The work of those participating in the Bybit Affiliate Program requires a deep understanding to be able to convince quality customers and implement an effective conversion strategy. Using only paid traffic through CTA ads does not guarantee long-term maintenance in Bybit Affiliate.
Here are some tips for creating compelling content with high conversion rates:
- Build a TikTok channel to review different cryptocurrencies.
- Share trading knowledge about Crypto, NFT, and GameFi projects… through your bloggers or website.
- Join the crypto market analysis community to attract people interested in this field.
The Bybit Affiliate Program places great importance on investor caution. To achieve sustainable profit goals, it is important to learn and grasp Crypto knowledge seriously from the beginning.
Factors to consider when trading on the Bybit platform
When trading on the Bybit exchange, important factors you need to pay attention to include:
Displays on the web version of Bybit
ByBit exchange is designed to be clean and easy to navigate. Especially in its main interface. The design is optimized with contrasting color palettes to create a neat look. The interface elements are arranged in a minimalistic manner. No feature is forgotten compared to other elements.
The interface uses pink and green on a dark background. Sections such as orders and trade history are logically placed. Trading features can be easily managed from the right side of the screen. This includes access to contract details, market activity, and support resources.
Users can move ByBit windows to get an overview of their assets and trading positions according to their personal preferences. Bybit Exchange provides tools to fine-tune the design parameters of the trading charts. These include axis positions, indicator data, and percentages. In addition, traders can customize a variety of parameters. From widgets on the trading window to basic color schemes and even time zones.
What assets/trading methods can be selected on Bybit?
On the Bybit platform, users can choose from a range of assets and trading methods:
- Cryptocurrencies: Bybit exchange supports the trading of popular cryptocurrency pairs. Such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and many other altcoins.
- Futures: Bybit offers derivatives contracts for cryptocurrencies such as BTCUSD, ETHUSD, XRPUSD, and many others. These are contracts that allow users to trade with leverage. This is to increase profits or risks.
- Spot Trading: In addition to derivatives, Bybit also allows for spot trading of cryptocurrencies, where users can buy and sell coins without using leverage.
- Leverage: Bybit exchange allows up to 100x leverage on some trading pairs. This allows users to open larger positions than their available capital. However, this leverage also comes with higher risks.
- Other financial products: In addition to traditional trading, Bybit Exchange also offers products such as Earn Crypto (interest, staking), conditional orders, and market analysis tools. To support users in managing and optimizing transactions.
Is there a fee for trading on Bybit?
Bybit applies competitive fees. They are adjusted flexibly depending on the trading pair and order type:
- Derivatives Trading Fees: Both the order maker and the order taker pay trading fees. They range from 0.02% to 0.055%, depending on the type of derivative contract.
- Spot Trading Fee: Both the maker and taker are charged a transaction fee of 0.01%. Applicable to direct transactions with coins on the cryptocurrency market.
- Withdrawal Fee: The withdrawal fee is flexible, depending on the amount and type of token. It may vary according to the specific requirements of each cryptocurrency.
- Options Trading Fee: Similar to derivatives trading, the fee is 0.03%. Applicable to options trading on Bybit exchange.
These fees help Bybit maintain a competitive and flexible fee structure that suits the trading needs of users on the platform.
What are the security regulations of Bybit Exchange?
Bybit Exchange does not require users to go through a Know Your Customer (KYC) process. This means that you do not need to submit information such as your ID card, national ID card, or any other similar information to make a transaction. Instead, ByBit recommends using two-factor authentication (2FA) via email, SMS and Google Authenticator. At the same time, the exchange stores customer tokens in offline cryptocurrency wallets (cold wallets) on a secure website.
To ensure the safety of transfers, ByBit uses multi-signature addresses. This means that transactions between wallets are signed with multiple keys. This is to prevent anyone from having too much power over the handling of assets on the exchange. A portion of the funds required for immediate withdrawals are kept in a hot wallet.
Bybit Exchange also uses SSL encryption for added security. To protect all address and password information needed for transactions. It must go through multiple rigorous security checks before being accepted.
Basic Trading Steps with Bybit Global
Bybit offers spot and derivatives trading with the main order types. Including Limit, Market, and Conditional. Below is a detailed guide on how to trade with these order types. All orders support margin trading.
Instructions for placing Limit and Market orders on By bit
– To place a Limit order on Bybit exchange, you can do the following:
- Leverage: Set your desired leverage (from 1x to 100x), or choose from an available leverage.
- Order Price: Select the price at which you want to place your order. Then For example, here I placed an order at $9,479.5.
- Quantity: Enter the amount of BTC. Below, you will see the order value corresponding to the amount of BTC you entered.
Then you just need to click Buy/Long or Sell/Short to place the order.
– For Market Order on the Bybit, you can do the following:
- Leverage: Set the leverage level as desired.
- Order Size: Enter the amount or quantity of cryptocurrency you want to trade.
In Market Order on Bybit, there are no options like Post-Only and Reduce-Only like in Limit Order.
How to place a correct Conditional order on Bybit for beginners
The process of executing this order involves the following steps:
- Leverage: Set the leverage level for the trade.
- Trigger Price: Select the “trigger” price to place the Order.
- Order Price: Select the price at which you want to place your order. Users can choose between two options: Limit and Market.
- Quantity: Enter the amount of money you want to trade.
Additionally, there are two important options to note:
- Post Only: Ensures that user Limit Orders are placed in the Order Book.
- Close On Trigger: Ensures that Stop-loss orders will be automatically executed when there is insufficient margin. The system will automatically cancel other orders to ensure margin conditions and execute the current order.
Conclude
Above is Crypto Trading ‘s basic guide to using the Bybit exchange. Hopefully, this article will help you gain more information about Bybit and make the right choice for your trading. Wish you traders success on your trading journey! Don’t forget to follow Crypto Trading to be able to update more useful information!
Frequently Asked Questions
Where is Bybit based and registered?
Bybit founded in March 2018, is headquartered in Singapore. Exchange registered in the British Virgin Islands (BVI). In addition to Singapore, the exchange also has representative offices in Hong Kong and Taiwan. The exchange operates mainly in markets such as North America, Europe, Russia, Japan, Korea, and Southeast Asia.
What does Coin on Bybit exchange mean?
BitDAO’s BIT Token is considered the native token of the Bybit exchange. BitDAO issued a total of 10 billion BIT tokens which 60% is allocated to Bybit in the form of Flexible and Locked. Owning a BIT Token can bring many benefits to users in the future.
Is Bybit really a reputable Crypto exchange?
Bybit is a highly regarded exchange for its security and reputation. With an experienced development team from organizations such as Morgan Stanley, Tencent, Ping’an Bank, and Nuoya Fortune. To date, the exchange has never been hacked. This shows the reputation and safety of this exchange.
