The Bybit Crypto exchange emerged onto the crypto scene in 2018. Founded by the former employee of XM exchange(a powerhouse in CFD trading brokerage firms circle), Ben Zhao, the crypto exchange very quickly gained the attention of crypto traders who have acknowledged Bybit’s capability of providing customer-centric services to its user base.
Based in the United Arab Emirates, Bybit gained early traction by focusing on perpetual contracts. This trading instrument lets users speculate on cryptocurrencies’ price movements without owning the assets. The strategic emphasis contributed to the platform’s rapid growth and adoption.
The exchange has been hailed for having a spotless security record. No incident has been recorded in which the Bybit exchange has been hacked or exploited. In our Bybit review, we will look into the services offered by the crypto exchange, go through their registration process, and cover other features of the exchange that have made it one of the go-to platforms for crypto traders.
How to set up an account on Bybit?
Bybit offers its customers the ability to perform their crypto trading activities on its website and through mobile downloadable applications available for both Apple and Android users.
The popularity of the exchange can be verified by the fact that on the Google Play Store alone, Bybit has 10 million plus downloads.
Since today’s smartphones are so powerful and responsive, you can conduct your trading activities quickly. How can you register your account for Bybit on mobile devices?
For Mobile Devices
After downloading the Bybit mobile application from either Google Play Store or Apple Store, these are the series of steps that you will be required to follow to set up your Bybit trading account.
Step 1:
Start the application, and you will see a screen in front of you where you can sign up or log in to your Bybit account. You will select the signup option since you are using the app for the first time.
Step 2: Once you press the signup button, a new prompt will ask you to enter your email address or mobile number, becoming the gateway to access the exchange services once you have registered your account.
Along with providing your preferred login credentials, you will also choose a password, which everyone will know by now is the essential requirement for any exchange account since you don’t want anyone to have unauthorized access to your crypto funds.
Step 3:
The next step is straightforward. You have to perform a small verification check so that the platform can determine whether or not you are a robot. If you aren’t some terminator model from Skynet sent from the future and place the box in the right spot, you will prove you are a human.
Step 4:
Upon progressing to the subsequent page, you will be prompted to input the verification code dispatched by Bybit to your designated email ID or mobile number. Successful entry of the code will redirect you to the exchange’s home page, granting access to an array of features offered by Bybit.
Here, you will find diverse trading options, functionalities to purchase and withdraw, real-time cryptocurrency rates, and more. The verification process adds a layer of security, ensuring that only authorized users gain entry to their respective accounts.
KYC requirements
Bybit has mandatory Know Your Customer (KYC) verification, which you must complete to experience the exchange’s full features.
Without KYC verification, users will encounter lower daily and monthly withdrawal limits for cryptocurrencies, restricting the extent of their transaction capabilities.
Additionally, KYC is a prerequisite for utilizing the Buy Crypto services, enabling users to purchase cryptocurrencies with fiat currency directly on the Bybit platform. KYC verification is mandatory for those interested in participating in specific Earn products, such as Dual Asset and Liquidity Mining.
Bybit offers two levels of KYC verification:
Level 1: Requires basic information like your name, date of birth, and country of residence. It provides access to the most basic features on the platform, including spot trading with lower withdrawal limits.
Level 2: Requires additional documents like a government-issued ID and proof of address. It unlocks higher withdrawal limits, buys crypto services access, and Earns product participation.
How to fund your Bybit Account?
Now that your exchange account has been set up, the next process for you to follow is to fund your exchange account so that you can start your crypto trading activities. These are the following steps that you have to follow to get it done:
Step 1:
Upon logging into your Bybit account via the mobile app, locate the deposit button at the screen’s centre. Once pressed, the app will guide you to the next page, where you can choose the currency type for your deposit.
Step 2:
Choose between depositing cryptocurrency or fiat currency into your account. While Bybit supports various cryptocurrencies, only five fiat currencies are accepted.
Step 3:
If you opt for a crypto deposit, select the specific cryptocurrency (e.g., BTC) and proceed to a new page. Enter your Bitcoin wallet address and the amount of BTC you intend to deposit here. After verification and transfer to your exchange wallet, you can start trading.
Step 4: For fiat deposits, input the desired amount into your exchange wallet and provide the necessary account details. Upon entering this information, the system translates the amount into your exchange wallet, enabling you to initiate trading seamlessly.
How to buy crypto on Bybit
Users can choose from two primary options to purchase cryptocurrency on the Bybit exchange.
Credit card or third-party payment apps
One option new users can use to buy crypto is credit cards. All they have to do is fill out their credit card information and billing address.
Once that information is uploaded, the next step is to type the amount and choose the legal tender (e.g., USD, PKR, AED, EUR, JPY, etc.) to purchase the required cryptocurrency amount.
When the transaction is completed successfully, the purchased amount in crypto will be shown in the exchange wallet for users.
Users can buy any cryptocurrencies listed on the exchange, like BTC, ETH, SOL, XRP, etc.
P2P transfer
P2P transfer involves exchanging FIAT currency with crypto. Several different available crypto merchants will take fiat from you and provide you with the crypto based on the current exchange rate.
These merchants are called Advertisers. Bybit’s P2P portal will give you additional information about these advertisers, like their completion rate and how much they charge for one crypto token.
Each advertiser has set maximum and minimum limits allowing the exchange to occur. Transferring crypto to customers once the fiat is exchanged is usually set to be completed in under 15 minutes.
If the amount is not transferred, Bybit has provided a list of scenarios on its portal that users can review and ask for a refund or resolve the incomplete transfer process.
It is important to note that third-party payment applications may charge fees for using their services.
How to Withdraw from Bybit
Withdrawing crypto from your Bybit account is a simple process. It involves selecting the Asset option on your Bybit mobile application, where you will see the current assets in crypto you are currently holding. You must select the crypto you want to withdraw from your exchange wallet and how much you want to withdraw.
After entering the desired amount, you will be prompted to connect your wallet with the Bybit app if needed. Once your wallet is linked with the exchange app, you can select the wallet address and transfer your crypto assets from Bybit to your crypto wallet.
Before the transfer is completed, you will be asked to provide a verification code via email or mobile number, which will be necessary to complete the transfer.
Bybit’s Trading Options and Features
Trading on Bybit includes various options to meet crypto traders’ diverse needs. While some features follow the same pattern on other exchanges, Bybit introduces some unique elements that set it apart. Here’s an overview of the trading options available on Bybit:
Spot Trading
Spot trading is the fundamental option on any crypto exchange platform, and Bybit is no different from them in this regard. Spot trading involves a straightforward purchase of cryptocurrencies at their current market value.
For instance, if a trader buys $43,000 worth of BTC when its value is $43,000, they now own 1 BTC. Profit or loss is realized based on market fluctuations, making spot trading a direct and unleveraged approach.
Perpetual Contract
Perpetual contracts on Bybit resemble futures contracts but lack a fixed expiry and settlement time. Traders can maintain positions as long as the margin allows. A funding mechanism is introduced to determine the cost of financing perpetual trades, enhancing flexibility but challenging predictions.
Inverse Perpetual
Inverse perpetual contracts utilize cryptocurrencies like BTC, ETH, etc., as base currencies. Trading involves specifying the transaction quantity in U.S. dollars. Profits and losses are calculated using the selected base currency, introducing flexibility in trading strategies.
USDT Perpetual
In USDT perpetual contracts, USDT serves as the quote and settlement currency. Unlike inverse perpetual contracts, traders are not exposed to the market risk of collateral cryptocurrencies like BTC. However, stablecoins, including USDT, come with inherent risks.
Stablecoins, like USDT, may experience price volatility, posing a challenge to the stability of perpetual contracts.
Counterparty risk emerges from the centralized entities issuing stablecoins, subjecting traders to these organizations’ financial health and trustworthiness.
Regulatory uncertainties and legal challenges may impact the acceptance and value of stablecoins. Traders should diligently assess and manage these risks through informed decision-making and mitigation strategies.
Inverse Futures
Similar to inverse perpetual contracts, inverse futures involve using cryptocurrencies as base currencies, with the contract value calculated in USD equivalent and settled in the chosen coin (e.g., BTC, ETH).
Beyond these options, Bybit offers advanced trading features like cross and isolated-margin trading. Additionally, the platform equips users with data analysis tools, providing insights into price moving averages, indicators, monthly price ranges, funding data, and volatility charts. These analytical tools empower users to make informed decisions in their cryptocurrency trades.
Copy Trading
Copy trading is a strategy offered by many cryptocurrency exchanges, including Bybit. It involves using trading software to automatically execute trades by mimicking the actions of another experienced trader.
The feature proves particularly beneficial for beginners in the crypto space, offering a shortcut to understanding complex market concepts, mathematical analyses, and trading strategies.
For those starting their crypto journey, the tool provides valuable insights and decision-making cues, eliminating the need for an in-depth study of charts and probability calculations before entering a trade.
Bybit’s copy trading portal allows users to follow and replicate the successful trading activities of seasoned crypto traders.
Trading Bots Integration
Trading bots on the Bybit exchange serve as automated tools that execute trading activities on behalf of users.
These bots make rapid decisions within the dynamic cryptocurrency market, allowing investors to optimize their trades.
Recognizing the time constraints many investors face in the crypto realm, Bybit facilitates the integration of users’ preferred trading bots with its platform.
The integration empowers users to pursue other activities instead of being constantly tethered to their exchange screens.
Notably, Bybit has introduced its trading bot service, enabling users to choose bots aligned with their preferred trading strategies.
Bybit Customer Service
Bybit offers various customer service features to assist users with queries and issues. Here’s a breakdown of some of the critical aspects:
Help Center: Bybit’s comprehensive Help Center houses a vast knowledge base with articles, FAQs, and guides covering various topics, from platform basics to trading strategies and troubleshooting.
24/7 Live Chat: Users can access real-time assistance through Bybit’s 24/7 live chat feature directly within the website or app. It allows for quick resolution of urgent issues and questions.
Email Support: You can submit detailed support tickets via email for more complex inquiries or issues requiring further investigation. Bybit typically responds to emails within 24 hours.
Social Media: Bybit maintains active social media channels on platforms like X(formerly Twitter). These channels serve as additional announcements, updates, and community engagement touchpoints.
Conclusion of our Bybit Review
So, here we are. We have covered the salient features of the Bybit exchange in our Bybit Review article. If you believe Bybit offers the services you seek, it is an excellent platform for exploring.
Note: Cryptocurrency trading is a risky investment option due to the volatile nature of the crypto market. The content covered in the article is based on the information provided by the exchange and our respective analysis of it. We request you do your due diligence and research if you want to use their services.
