A trustworthy and user-friendly platform is crucial in the fast-paced world of cryptocurrency trading. One platform that has grown in popularity among traders is Bybit, thanks to its cutting-edge features and simple layout. In this comprehensive manual, we will thoroughly explain Bybit, including what it is, how it functions, and how to use it.
What is Bybit?
A Peer to Peer (P2P) trading platform in development is called Bybit. The platform primarily focuses on trading bitcoins using margin or leverage. Despite being established in March 2018, Bybit now has over 3 million registered members and is one of the cryptocurrency exchanges with the quickest growth. Based on the principle of putting the customer’s needs first, the platform works tirelessly to give individuals and businesses worldwide professional, knowledgeable, simple, and cutting-edge online trading and DeFi mining experiences. The platform also has a Virgin Islands (UK) registration, branches in Hong Kong and Taiwan, and its Singapore headquarters.
Founder
Ben Zhou founded the trading platform. He had previously established his own Fintech “world” named XM and held the CEO position for seven years. XM is currently a top provider of brokerage services. Another important team member who formerly worked at XM is Latica Qiu. The platform’s technical team also comprises employees from prestigious firms, including Morgan Stanley, Tencent, Nuoya Fortune,…
Bybit Review (2023)
Advantages
- Simple: The Bybit exchange has an easy-to-use interface and joining process. They mostly offer leveraged trades on cryptocurrency derivatives. There is nothing else save it. The product can then be developed to offer the optimal user experience. The interface is simple and clear. You can easily reach the market as a new trader.
- Security: Good security (using cold wallets); withdrawal approval time is every 8 hours.
- Speed: 100,000 transactions per second. (BitMEX : 500, Deribit : 10,000)
- 24/7 platform support team to ensure the fastest resolution of user problems.
- Provide a full API service for those who want to use 3rd party applications for trading.
- There are regular Trading Competitions programs to encourage traders.
- There is an affiliate program exclusively for brothers who want to earn commission money.
- The exchange does not require KYC to be able to participate in transactions.
- Low trading fees. The taker fee is 0.0750%, Maker fee is 0.0250%
- Bybit already has a user-friendly mobile app for both iOS and Android.
- The floor interface on the Website has support.
- Diverse order modes, smooth phone app, no lag errors like Bitmex, no conflict with ios like Binance.
Disadvantages
- Trading products are not yet diversified. It is possible that next time they will add new trading pairs. At that time, I will update you further.
- Bybit does not have OTC trading yet.
- There are no exchange coins like other derivatives exchanges such as Binance has BNB, FTX has FTT, MEXC has MEXC, EMX has EMX …
The trading circumstances at Bybit are quite outstanding; this exchange consistently emphasizes its objective of creating a platform that provides users with the finest experience, which has also been demonstrated to its clients in the market. Bybit is one of the exchanges regarded as reliable and extremely safe, even though there are not as many users as BitMEX or Binance.
Bybit will likely draw in more investors if it increases the number of traded products it offers. With the aforementioned testimonials, investors can feel secure opening a trading account at Bybit. If it cannot serve as their primary broker, they can select Bybit as a reliable backup.
Fees on Bybit
Transaction fees
Transaction fees in the cryptocurrency futures market are among the lowest, according to CEO Ben Zhou and his development team. The maker will receive a 0.025% discount (i.e., a refund when the order is filled) and the 0.075% fee that Bybit charges the taker for all coins. Although Bybit offers some of the lowest market trading fees, there are no reward schemes for investors who make a lot of trades.
Please refer to the table below. In my opinion, this trading fee of Bybit is relatively competitive with other exchanges.
Bybit trading fees
On the spot trading side, Bybit charges the following fees:
- Maker’s Fee: 0%
- Taker’s Fee: 0.1%
Example:
- Trader A buys 10,000 BTCUSD contracts using a Market order.
- Trader B sells 10,000 BTCUSD contracts using a Limit order.
Let’s say the strike price is $8,000:
- Receiving fee for Trader A = 10,000 / 8,000 x 0.075% = 0.0009375 BTC
- Trader B discount maker = 10,000 / 8,000 x -0.025% = -0.0003125 BTC
Therefore, upon execution, Trader A will pay 0.0009375 BTC in Taker fees and Trader B will receive 0.0003125 BTC in Maker’s rebate.
How to Create a Bybit Account
There are two ways for you to create a Bybit account. You can choose to sign up with your email address or with your mobile phone number, whichever is more convenient for you to use. You can also choose to sign up on your desktop or on your mobile phone.
Please note that if your country falls under Bybit’s restricted countries list, you cannot sign up with Bybit.
Signing Up on PC/Desktop
Step 1: Click on the Sign Up button on the top right corner of the Bybit home page or click to this link: https://btaguru.com/go/bybit
Step 2: Choose your preferred method of signing up: Email or Mobile. Then, input the necessary details accordingly.
Step 3: After reading and accepting Bybit’s Terms of Service and Privacy Policy, click Create Account. There will appear a window with a list of prohibited nations and areas. Click No to proceed if you’re not from one of the nations listed.
Step 4: Depending on your desired registration mode, finish the reCAPTCHA verification and input the verification code you were given.
If you’ve selected Email, you’ll receive the code in your email inbox or spam/junk inbox. If you’ve selected Mobile, you’ll receive an SMS code on your mobile device.
Signing Up on Mobile
Step 1: Download the official Bybit App from the Apple App Store or Google Play Store. Then, launch the Bybit App and tap on Assets at the bottom right corner.
Step 2: Select the Sign Up button from the upper right corner.
Step 3: Choose your preferred method of signing up: Email or Mobile. Fill in your details, and tap on Sign Up.
Note that the Referral Code field is optional and can be left blank.
Step 4: A window showing a list of restricted countries and regions will pop up. If you’re not from any of the countries listed, select No.
Step 5: Complete the reCAPTCHA verification and input the verification code you’ve received based on your preferred registration method.
If you’ve selected Email, you’ll receive the code in your email inbox or spam/junk inbox. If you’ve selected Mobile, you’ll receive an SMS code on your mobile device.
How to protect your Bybit’s account
Tip 1: Create a Strong Password
One of the greatest ways to safeguard your account and guard against hacker assaults is to choose a strong password.
Your valuables will be more secure with the more unique passwords you use. A strong password should ideally contain a variety of characters, including capital and lowercase letters, digits, and symbols. Avoid using information that might be easily guessed, such as phone numbers, addresses, and birth dates.
Tip 2: Turn On 2FA
Before proceeding, please make sure you have downloaded the Google Authenticator app here:
Set Up via Web
Click “Account & Security” in the upper right corner of the page to enter the account and security page.
Click “Settings” at “Google Two-Factor” in the Two-Factor Authentication column.
A setup window will pop up. Click “Send Verification Code” and drag the slider to complete the verification requirements.
Check the verification code sent to your registered email address or registered mobile number. Enter the password and click “Confirm”.
A Google Two-Factor Authentication setting information box will appear. Now, bind your Bybit 2FA via Google Authenticator.
Then, simply perform the following steps:
1. Open your Google Authenticator app. Click the “+” icon and select “Scan a QR Code.”
2. Scan the QR code. Your Google Authenticator app will randomly generate a 6-digit 2FA code on the corresponding account.
3. Enter the 6-digit code and click “Confirm.”
Your Bybit 2FA has been set up successfully!
Note:
- To ensure maximum account and asset security, Bybit recommends always binding its 2FA to your Google Authenticator.
- Write down the key and store it securely. This key is required to bind to a new Google Authenticator.
Set Up via App
Go to the Bybit app homepage, click the icon in the upper left corner, select “Security” on the pop-up page, and then click to turn on Google Authentication.
Check the verification code sent to your registered email address or registered mobile number, and then enter the password.
On the Open Google Authenticator page, click “Continue” and you will get a key. Now, bind your Bybit 2FA via Google Authenticator.
Then, perform the following steps:
1. Open the Google Authenticator app. Click the “+” icon and select “Enter a setup key.”
2. Create your account name, paste the key into the “Key” tab, and click “Add.”
3. Return to your Bybit app, click “Next,” and enter the 6-digit code generated in your Google Authenticator.
All set!
Note:
- To ensure maximum account and asset security, Bybit recommends always binding its 2FA to your Google Authenticator.
- Write down the key and store it securely. This key is required to bind to a new Google Authenticator.
Conclusion
Bybit is a robust platform with cutting-edge features and an intuitive user experience for trading bitcoin derivatives. After reading this thorough guide, You need to know what Bybit is, how it operates, and how to use it efficiently. Never forget to control your risks, and keep learning to make wise trading decisions.
