Bybit is one of the leading crypto exchanges in the world, and one of those known for low fees, high liquidity and well-built financial products. It also has an easy user interface to navigate, making it possible for almost anyone to use it for trading.
If you’re looking for a suitable exchange to use for buying or selling your digital assets, Bybit is one you can use. In this guide, we will take you through detailed steps on how to transfer your crypto assets to the exchange, trade it, and withdraw to trade for Euros or dollars.
Are you new to Bybit? Don’t worry — you can read our Bybit review to learn more about the exchange, but this guide shows you everything you need to start trading immediately in 2024.
How to register on Bybit?
Like any centralized crypto exchange, you need to sign up on Bybit to use it. The process is very simple, and you can do it using the steps below.
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If you register now you will receive 40 USDT free crypto, 10% discount on all trading fees and up to $30,000 bonus.
- On the website home page, click on Sign Up on the top-right.
- Provide your email address and create a strong password, preferably one you don’t use on any other account or website.
- Enter the Promo or Referral Code: 2950
- Agree to the terms and conditions by checking the box next to it if it isn’t checked already.
- Click the Create Account button under. You’ll receive a confirmation email.
- Proceed to your provided email address and confirm your email address and you are set.
- If you’re using a Google email address, simply go down the page and click on Google to sign up with one click.
Security measures
The crypto space is riddled with scams and hacks, so it is important to stay security conscious. While the exchange has some measures to keep your account safe, you also have a part to play to make sure you’re protected from bad actors. The following are things you can do to avoid falling into their traps.
- Only log in via the official website: com, and bookmark the page
- Always ensure you see Bybit.com and a lock on the extreme left of the address bar
- To give extra security, download the Authenticator App and enable 2-step verification
- You should never give your password to anyone. Remember, the Bybit helpdesk will never ask for your password under any circumstance.
- As stated earlier, use a password that you have not used anywhere else
- Do not click on an ad from a search engine to go to Bybit. It could be a scam.
- Make sure withdrawals can only be done from addresses in you whitelisted addresses.
- Activate a 24h no-withdrawal period for newly added addresses.
Verification
Depending on what you wish to use Bybit for, you can use your new account without needing verification. You can trade and withdraw from the exchange, as long as your withdrawal limit does not exceed the equivalent of 20,000 USDT per 24 hours or 100,000 USDT per month. Beyond that, you need KYC verification.
The following are the steps you need to follow to get verified on Bybit. You’ll be asked to verify your phone number by receiving an sms etc, but these steps are for identity verification.
First, you’ll need to upload a proof of identity, which can be any government-issued document such as a driver’s license. Basically, you will provide pictures of the front and back of your chosen document.
You’ll then take a selfie of your face to compare with the image on the document. If everything goes well, you’ll get a message confirming that your verification is done. If not, you will have to repeat it.
You can use this level of clearance to add up to 20k fiat to your account daily. To add up to 100k daily, you’ll need to provide proof of address using something like a utility bill or bank statement carrying the address. Note that there’s no limit to your trade on the P2P platform.
Exclusive deal: 10% discount on fees + $20 or $40 free crypto + up to $30k bonus
Depositing funds
Before you can trade, you need to fund your Bybit account. After that, you can trade the cryptocurrency for another one. We’ll use Bitcoin to illustrate the following steps to deposit on Bybit.
- Log into your account
- On the top-right of the homepage, click on Assets. Under it, you’ll see the Deposit button. Click on it.
- Bitcoin is the default asset to deposit, so you don’t need to change anything. Click on the acknowledge button to accept terms and conditions and you’ll see the deposit address. You can also simply scan the QR code if you’re sending from a mobile device.
- If it’s not from a mobile device, copy the address and take to your device and use it to deposit the Bitcoin.
- The Bitcoin will go directly to your spot wallet.
Start trading at Bybit
Exclusive deal: 10% discount on fees + $20 or $40 free crypto + up to $30k bonus
Now that you have Bitcoin deposited to your account, it’s time to trade.
- Ensure you’re on the official homepage of the Bybit website.
- Now click on Trade on the top of the page around the middle, and under it, click on Spot Trading. You’ll see the page below.
- Coin Information: You can see more information about the selected coin, such as the abbreviation, current price, lowest price, highest price and volume of the last 24 hours.
- Sell Orders: This shows all current (not yet executed) sell orders of the selected pair in the order book.
- Price chart: This is the graphical representation of the price changes over a certain period. The default is 15 minutes, but you can change it depending on your preference.
- List of pairs: This is the list of BTC pairs available on Bybit. Place your pointer there and a drop-down will reveal the full list of BTC trading pairs for you to choose from.
- Buy Orders: All current (not yet executed) buy orders of the selected coin in the order book.
- Possibility to buy the coin
- Possibility to sell the coin
- Switcher to select different orders and possibility for margin trading
How to buy a coin at Bybit
There are two ways to buy the coin, the first is Market which buys it at the current price, “on the spot”. The second is Limit order which can only be filled when the price of the asset reaches a certain price you have set below or above the current piece.
We will use the Market to illustrate here. We assume you wish to trade BTC for USDT which is the default. If not, place your pointer on the pair and select from the available ones in the drop-down list.
With market order, your order will be executed immediately at the current price.
- The Spot is the default, so just go under it and select Market instead of the default Limit.
- Also select Sell instead of the default Buy
- Use the bar under to choose what percentage of your BTC you wish to sell. Itis set to 52% as you can see in the picture below.
- Once you’ve selected the percentage, click the red Sell button under and your order will be placed and executed almost simultaneously.
- The USDT you purchased will be sent to your Spot wallet immediately. Simply go back to the home page, click Assets and select Spot to see your USDT balance.
How to start with futures trading on Bybit
Futures trading is an unique form of trading in which you don’t actually trade an asset, you only bet on its future performance. You buy or sell the asset at a particular day in the future.
For example, you can predict that the price of Bitcoin will be $30,000 in three days. If this turns out true, you’ll Earn. If Bitcoin however goes to $20,000 (below the current price), you’ll lose and get liquidated.
Please note that futures trading is extremely risky, especially if you don’t know what you’re doing. Make sure you have enough knowledge about Futures trading before you start.
If you’re interested in this kind of trading, you can do it on Bybit using the following steps.
- From the Bybit homepage, go to Derivatives and click on USDT Perpetual. The USDT futures trading platform will open up
- Once there, proceed to make your prediction. Remember we said you’re betting on whether the price of Bitcoin will go up or down.
- Next , you need to choose your leverage or margin where you see Cross. Click the arrow pointing down
- Adjust your leverage as you want. If you put it at 1, it means you want to trade the exact amount you have in your Futures account. If you put it at 10, it means you wish to trade ten times the amount. It is not advisable to use leverage as a beginner because you can lose all your money.
- Assuming we put the leverage at 1, click Confirm
- If you wish to place a Limit order, just proceed to enter your predicted price and the quantity of Bitcoin you wish to trade.
- If you think the price will go up, check the little box above the big click Buy/Long button. On the other hand, if you think the price will go down, click on Sell/Short.
- Under that, enter your USDT Take profit and Stop Loss prices. These specify at what price the system should stop your trade if you’re losing or winning.
- Once completed, click on the Green Buy/Long button under and your order is placed.
How to do Copy Trading at ByBit?
Copy trading allows you to copy the trades of pro traders. This allows you to earn when they earn, so that you’re able to trade like a pro while learning. On Bybit,you can easily start copy trading by following these simple steps.
- From the Bybit homepage, click on Tools and scroll down to and click Copy Trading. You’ll see the list of available traders to copy.
- Pick anyone you want and click on Copy. A page will pop up
- Fill it with the required information and agree to the terms and conditions.
- Click the Copy Now button and your trade is placed. Your stop loss will kick in and stop the trade if you lose to the chosen price.
How does Bybit Earn work?
Bybit Earn is a staking program that allows you to deposit and freeze your crypto assets for a period in exchange for rewards in the form of governance tokens. The frozen tokens are added to the liquidity pool and produce yields which are paid to the owner of the assets.
Bybit pays up to 17% annual return on USDT you stake with them. To stake, follow the below steps.
- From the homepage, click on Finance and proceed to Earn
- Click on Earn, and you’ll see the list of assets to choose from with their percentage yields.
- Click on the one you want and specify the quantity of assets you wish to stake
- Click on Stake and you’re all done. Your rewards will be paid to you when the agreed time expires.
Exclusive deal: 10% discount on fees + $20 or $40 free crypto + up to $30k bonus
Rewards Hub
Bybit has a reward program for new users. They can claim up to 4,000 USDT as a welcome reward. For other users, there’s a $10 welcome gift, which is spread across different activities the user has to engage in to get the gift in bits.
Please note that the given welcome bonuses cannot be used to withdraw from the platform. You can use it for margins or to pay for losses.
Withdraw from Bybit and sell it for euros
Assuming you already have Bitcoin in your account and you wish to withdraw your money and sell for Euros, these are the steps to follow.
- Visit the official website, Bybit.com.
- Go to Assets and select Spot under it.
- On the next page which is your spot account, click on Withdraw. This procedure requires that you set up a Two-Factor Authentication to complete.
- Hit Fiat Deposit and after click on Fiat withdrawal.
- Select the desired fiat currency, for example EUR, USD or GBP.
- Select the Payment Method.
After you hit continue, you need to give the payment provider more information about yourself. With the above instructions, you should be able to deposit, trade and withdraw from the Bybit exchange.
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