How to Use Bybit? A Beginner’s Guide

Bybit is a leading cryptocurrency exchange that allows users to buy, sell, and trade digital assets. It offers a user-friendly interface, a fast trading engine capable of handling up to 100,000 transactions per second, and powerful tools for both spot and futures trading. Additionally, the platform ensures a safe trading environment for users through its robust security system.

Let’s explore the basics of Bybit to avoid common mistakes when trading cryptocurrency.

What is Bybit?

Founded in 2018, Bybit is the world’s second-largest cryptocurrency exchange by trading volume behind Binance. It is a centralized cryptocurrency exchange operated by a single company and acts as a trusted intermediary to facilitate buying, selling, and trading digital currencies. The platform is registered in the British Virgin Islands and serves over 60 million users in more than 195 countries.

Bybit supports over 490 cryptocurrencies, including leading names such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). Its spot market allows users to buy and sell cryptocurrencies at the current market price. On the other hand, Bybit's diverse futures market enables users to trade a wide range of pairs with leverage up to 200x on selected perpetual contracts.

The cryptocurrency exchange partners with leading blockchain protocols to provide a robust Web3 infrastructure. In addition to trading features, Bybit offers several opportunities to users to generate passive income through staking digital assets and more. The platform’s robust security features and 24/7 assist users with their queries. 

Getting Started with Bybit

To understand how to use Bybit, the first step is to create an account on the platform. Bybit supports several methods for signing up on the platform, including email, mobile number, or Google, Apple, or Telegram IDs. Users new to the platform can easily open an account using any of these sign-up methods.

On the Bybit website, tap the “Sign Up” tab in the upper right corner of the menu bar to create the account. For instance, when using an email, users need to provide their email address, create a strong password, and agree to the terms of service and privacy policy. After this, users need to enter the six-digit verification code sent to their email address to complete the sign-up process.

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KYC on Bybit

After creating an account on Bybit, the next step is completing KYC (Know Your Customer) verification. It enables the platform to prevent financial crimes, such as fraud, and protect users by ensuring account authenticity. However, traders can still use the platform without completing this procedure and enjoy a daily withdrawal limit of up to 20k USDT.

To enhance account safety, increase the daily withdrawal limit, and access all platform features, users should complete KYC. Click the “Profile” tab on the home page to start the KYC procedure. Bybit offers two KYC levels to enhance user convenience. The Level 1 KYC requires ID documents and facial recognition, and increases the daily withdrawal limit to 1 million USDT. The Level 2 KYC requires additional proof-of-address documents, such as utility bills, residential proof, and bank statements, and increases the daily withdrawal limit to up to 2 million USDT.

How to Make a Deposit on Bybit?

To trade cryptocurrency on Bybit, users should deposit funds into their accounts. The platform supports both crypto and fiat deposits via credit or debit cards and third-party payment methods.

Let’s explore these methods in detail.

Cryptocurrency Deposits

Bybit allows users to deposit cryptocurrencies into their accounts from external exchanges or wallets. The platform supports more than 20 cryptocurrencies for deposits, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and more.

Navigate to the “Deposit” tab in the menu bar, or click “Assets” and then choose “Deposit” to fund the account. Select the digital currency and deposit network, enter the deposit amount, and confirm. Remember, selecting a different deposit network from the external wallet can result in the loss of funds.

Fiat Deposits

Users can deposit fiat currencies, such as the US Dollar (USD) and the Euro (EUR), on Bybit. The platform supports more than 60 fiat currencies and several payment methods, including credit or debit cards, bank transfers, and more.

Tap the “Buy Crypto” tab in the upper right corner of the menu bar, and select “Fiat Deposit” to proceed.

For a step-by-step Bybit fiat deposits guide, check our detailed Bybit Tutorial.

How to Buy Crypto on Bybit?

Bybit enables users to buy cryptocurrencies via P2P trading and the One-Click Buy method.

P2P Trading

P2P (peer-to-peer) trading on Bybit is a straightforward way to buy and sell digital currencies with zero fees. The platform enlists a wide range of ads for the selected cryptocurrency to be purchased. With P2P trading, users can communicate directly with traders and choose the desired price and payment method themselves.

For this, tap the “Buy Crypto” tab in the menu bar and select “P2P Trading” from the drop-down menu.

One-Click Buy

With One-Click Buy on Bybit, users can buy cryptocurrencies using bank transfers, Google Pay, Apple Pay, and third-party payment methods like Banxa. It is a simple way to purchase digital assets on the platform.

Click the “Buy Crypto” tab in the menu bar, and select “One-Click Buy.”

How to Start Trading on Bybit?

Bybit is an advanced cryptocurrency exchange that supports spot, margin, futures, and options trading. In spot trading, traders can buy or sell cryptocurrencies at the available market price. Futures trading enables traders to speculate on the future prices of digital currencies using up to 200x leverage. Additionally, traders can use up to 10x leverage in margin trading and also use options trading to buy or sell a digital asset at a predetermined price on a specific date.

The platform offers advanced order types, such as Limit, Market, Stop-Loss, and more. A Limit Order enables traders to buy or sell a crypto at a desired price, while users can trade cryptocurrencies at the current market price using the Market Order. On the other hand, Stop-Loss orders enable traders to manage risk and limit losses when markets become volatile.

Spot Trading

Spot trading on Bybit enables traders to enter the live cash market to trade digital assets at the current market price. The platform offers more than 300 spot trading pairs, advanced trading tools, and deep liquidity. It follows a competitive spot-market fee structure with maker (0.1000%) and taker (0.1000%) fees. A market maker is a trader who adds liquidity to the market by placing orders that do not execute immediately, like a Limit Order. Conversely, a market taker is a trader who removes liquidity from the market by placing orders that execute immediately, like a Market Order.

To check the Bybit trading fee structure in detail, click here.

To start spot trading on Bybit, click “Trade” in the menu bar, select the trading pair, the order type, and enter the order amount. Review the order details and click either “Buy” or “Sell” to execute the order.

Futures Trading

Bybit is a popular derivatives trading platform that offers USDT-Margin, USDC-Margin, and Inverse Perpetual contracts. The cryptocurrency exchange offers up to 100x leverage in the futures market and up to 200x leverage on selected contracts. However, as a beginner, choosing a higher leverage can be risky, as it increases the chances of liquidation once the market moves in the opposite direction.

In futures trading on Bybit, cryptocurrency traders are charged a 0.0200% maker fee and a 0.0550% taker fee.

To check the fee structure in detail, you can visit the Bybit Trading Fee page.

To start futures trading, tap the “Trade” tab in the menu bar, navigate to the “Futures” tab, and select the perpetual contract to trade. Next, select the margin mode between cross and isolated. The cross-margin mode uses the entire account balance to back a position, while isolated margin limits risk to the set margin for a specific position.

After this, select the leverage, choose the order type, enter the order amount, and confirm the details. Click either “Long” or “Short” to open a position.

Copy Trading on Bybit

As a newcomer, trading cryptocurrencies can be challenging due to the lack of market understanding. Bybit caters to beginners through its copy trading feature. It allows users to replicate the trading strategies of professional traders without the hassle of trading digital assets themselves.

In return, users earn interest on their investments and can withdraw funds when required. Users can select seasoned traders based on their ROI (Return on Investment), Highest Follower Profit, and more.

Tap the “Tools” tab in the menu bar and click “Copy Trading.” Review the available lead traders based on their statistics and click “Copy” to start following the trader.

How to Make a Withdrawal on Bybit?

Bybit supports several withdrawal methods to make it easier for users to withdraw funds. These methods include on-chain withdrawal, internal transfers, and fiat withdrawal. However, before withdrawing funds from the exchange, users should complete two-factor authentication (2FA). Users can download the Google 2FA app on their mobile phone and link it to their account.

By using on-chain withdrawals, users can withdraw cryptocurrencies to an external wallet. Internal transfers enable users to transfer funds between Bybit accounts, such as from spot to unified. Additionally, the fiat withdrawal method can be used to convert crypto into fiat currency on the platform and then withdraw to a bank account. However, fiat withdrawals are not supported in all regions, so users should be careful.

Tap the “Assets” tab and click “Withdraw” to make a cryptocurrency withdrawal. On the other hand, click “Fiat Withdrawal” to withdraw funds from Bybit and send them to a bank account.

Is Bybit Safe?

Bybit is a centralized cryptocurrency exchange that ensures a safe trading environment for users. The platform has implemented a triple-layer asset protection approach to secure users’ funds. It stores the majority of funds in cold wallets and conducts Proof-of-Reserves audits to ensure enhanced transparency.

Additionally, Bybit has obtained several licenses worldwide to prove its authenticity. It holds the MVP License from the Virtual Assets Regulatory Authority (VARA). However, users can find it challenging to access the platform in several heavily regulated countries, including the U.S.A., China, Singapore, and more.

Final Thoughts

Bybit is a leading cryptocurrency exchange used by millions of users worldwide. The platform offers a user-centric interface, a wide range of cryptocurrencies, advanced trading tools, and passive income opportunities. The platform's trading fees are competitive, and its robust security measures protect funds and ensure all transactions are conducted safely. Overall, Bybit is a cryptocurrency exchange that caters to both beginners and professional cryptocurrency traders.