Bybit is a leading cryptocurrency exchange, especially standing out in 2nd place in terms of derivatives volume (according to CoinMarketCap, October 2023). If you are a beginner and want to explore the world of cryptocurrency trading on Bybit, follow the detailed information shared by Coin568 in the article below.
What is Bybit exchange?
Bybit is a leading cryptocurrency exchange, founded in 2018 and headquartered in Dubai, UAE. The exchange stands out with a team of leading experts, providing an optimal trading experience with low fees and high security. Bybit mainly focuses on derivatives products in the crypto market, covering more than 800 cryptocurrencies. Users can engage in diverse trading with futures, perpetual contracts and options, with the ability to use leverage up to 100x.
In addition, Bybit also stands out with support tools such as TradeGPT, Copy Trading and TradingBot, helping users set up strategies and achieve optimal trading results. The Bybit Learn page provides basic to advanced knowledge about the crypto market, helping users improve their understanding and trading skills.
Important development milestone of the Bybit platform
Bybit is one of the fastest growing cryptocurrency exchanges in the world, constantly expanding its scale and improving user experience. Since its launch in 2018, Bybit has made a strong impression with a series of important milestones:
- 2018: Officially launched, introducing perpetual BTC contracts, laying the foundation for the development of the platform.
- 2019: Recorded 10% of the total global BTC trading volume, rose to 4th place in the list of top cryptocurrency exchanges, and attracted 8,000 participants in the trading competition.
- 2020: Daily trading volume reached 4 billion USD, announced strategic cooperation with Borussia Dortmund football club.
- 2021: Expanding to spot trading, organizing the WSOT 2021 tournament and contributing profits to UNICEF, reaching a peak volume of 35 billion USD.
- 2022: Become the main partner of F1 team Oracle Red Bull Racing, and launch ETH and SOL options on the USDC margin market.
Bybit Review
Bybit attracts a large number of investors thanks to its friendly interface, high liquidity and diverse trading products. However, besides the outstanding advantages, the floor also has some limitations that need to be considered. In this article, we will evaluate Bybit in detail, analyzing its strengths and weaknesses to help investors have an objective view before choosing to trade on this exchange.
Advantage
Bybit stands out in the cryptocurrency market thanks to its outstanding advantages, meeting the diverse needs of users:
- Wide range of features: Bybit offers a wide range of trading products and features including spot, derivatives, margin, trading bot, tradeGPT, copy trading. In particular, the platform supports leverage up to 100x, opening up flexible trading opportunities and optimizing profits for users.
- Test transactions: With the Bybit testnet site, users can get acquainted and test the features of the exchange without financial risk. This is a great advantage for beginners, helping to practice skills and build effective trading strategies.
- Dedicated customer service: Bybit’s customer care team operates 24/7, ready to answer all questions and promptly support user problems. Regularly organize trading contests with valuable rewards, motivating users and providing opportunities to receive attractive rewards.
- Affiliate Program: Allows users to earn commissions by referring new users, creating additional passive income sources.
- Competitive transaction fees: Bybit has low fees, only 0.055% for contract transactions and 0.1% for spot transactions, helping users optimize costs.
- Rich source of knowledge: Bybit Learn provides articles, blogs and detailed instructions on cryptocurrency trading, helping users improve their knowledge and skills.
- Powerful trading tools: Bybit is equipped with effective trading support tools, including Copy Trading, TradeGPT and Trading Bot. In particular, Bybit’s Copy Trading feature is highly appreciated for its intuitive interface and optimal top trader filter.
- Diverse financial products: Providing many financial products such as Lending, Crypto Loans, Liquidity Mining, Bybit Savings and Launchpool, helping to optimize capital efficiency and increase income.
- Comprehensive Web3 ecosystem: Bybit provides Web3 products such as Bybit Wallet, ApeX and NFTs, allowing users to interact with dApps, participating in the DeFi world.
Disadvantages
Besides its outstanding advantages, Bybit also has certain disadvantages that users need to consider:
- Restrictions on OTC transactions: Bybit currently does not support OTC (Over-the-counter), causing inconvenience for users who need to trade large quantities.
- Complicated interface for newbies: Bybit’s interface is optimally designed for professional traders, focusing on derivatives products. This can be difficult for beginners who are not familiar with advanced tools and features.
- Lack of exchange coins: Bybit does not issue its own exchange coins like some other platforms. This lack may cause users to miss out on benefits such as reduced transaction fees, increased opportunities to participate in token sales and other incentive programs.
- Restricting users to certain countries: Bybit currently limits users to certain countries including the United States, China, Singapore, Canada, North Korea, Cuba, Iran, and Uzbekistan. This makes it difficult for users in these countries to use Bybit’s services.
- Potential for market volatility: Although Bybit provides trading support and risk management tools, the cryptocurrency market is still highly volatile. Users need to be cautious and have solid knowledge before participating in transactions.
- Security risks: Although Bybit has adopted many security measures, the risk of attacks and asset theft still exists. Users need to increase security awareness and comply with safety principles when using the exchange.
Fees on Bybit
Bybit applies the following fees to user activity:
Withdrawal Fees
- On-chain: Bybit charges withdrawal fees for transactions on the blockchain (on-chain), also known as network gas fees. This fee depends on the type of token, withdrawal amount and network chosen. You will see details about this fee before confirming your withdrawal.
- Internal Transfer: Bybit does not charge fees for transferring money between user accounts on the exchange.
Trading Fees: Bybit categorizes trading fees based on market type and user role (Maker or Taker):
- Derivatives transaction fee: Maker 0.02% (order creator, usually more profitable), Taker 0.055% (order matcher).
- Spot transaction fee: Maker 0.1%, Taker 0.1%
- Options trading fee: Maker 0.03%, Taker 0.03%
Note:
- Maker: Is the person who places a limit order on the exchange, creating liquidity for the market. Their orders will not be matched immediately but will remain in the order book waiting for others to match.
- Taker: Is the person who matches the order immediately (market order or limit order is matched immediately), they take liquidity from the market.
Instructions for creating a Bybit account
In order for the account registration and identity verification (KYC) process on Bybit to take place quickly and smoothly, you need to prepare the following documents in advance:
- Email address: Active email to receive verification codes and important notifications from Bybit.
- Phone number: Owner’s mobile phone number for account verification and security.
- Identification documents: Citizen identification card (CCCD), passport (Passport), driver’s license.
How to register Bybit
- Step 1: Visit the Bybit account registration page at the link: https://www.bybit.com/en/
- Step 2: Choose to register a Bybit account by email or phone number.
- Step 3: Fill in all required information, including email address and password (you should choose a strong and secure password).
- Step 4: Check the box “I have read and agree to Bybit’s terms of service and privacy policy”.
- Step 5: Click the “receive my welcome gift” button (if there is a promotion).
- Step 6: Bybit will send an email containing a 6-digit verification code to the registered email address. Please check your inbox (spam/ads folder) and enter the verification code in the corresponding box on the Bybit registration page. Once verified, you have completed the account registration process.
Verify identity
Step 1: Scan the QR code on Bybit’s website or search for the “Bybit” app on the App Store (iOS) or Google Play Store (Android) to download. Open the Bybit app and log in to the previously registered account.
Step 2: In the Bybit app, select the account icon in the lower right corner of the screen. Select “Identity Verification”, in section “Lv.1”, select “Verify Now”.
Step 3: Select “Country” as Vietnam, “Document type” (Document type) ID card (citizen identification card/identity card).
Step 4: Take clear photos of the front and back of your ID card/ID card, without glare, blur or missing corners. Place your face in the round frame on the screen and follow the instructions to take a portrait photo, ensuring good lighting and a clear face.
Step 5: After providing all information and images as requested, the system will review and evaluate the documents. Review time takes about 1 hour, you will receive notification of verification results via email or in-app notification.
2FA security
Two-factor authentication (2FA) is an extremely important layer of security, helping to protect Bybit accounts from unauthorized access. Here are detailed instructions on how to set up 2FA on Bybit using a mobile phone:
- Step 1: Download the free Google Authenticator app on the App Store (iOS) or Google Play Store (Android). Log in to the email that registered your Bybit account and access to receive the verification code for this address.
- Step 2: Log in to your Bybit account on your web browser or mobile application. Go to “Account” or “Profile,” then select “Security,” then “Two-Factor Authentication” or “2FA” and click on it.
- Step 3: Bybit will ask you to enter a verification code sent to your email, check your inbox (Spam/ads folder) and enter that code in the request box. Click “Continue” after entering the code.
- Step 4: Bybit will display the “Secret Key” in the form of a QR code or character string. Be sure to copy or save this secret key in a safe place, as it is needed for 2FA recovery if your phone is lost. After copying, click “Next”.
- Step 5: Launch the Google Authenticator app on your phone, click the “+” icon in the lower right corner. Select “Enter setup key”. In the Google Authenticator app, you will see two boxes “Account name” and “Your key”.
- Step 6: In the “Account name” box, enter an easy-to-remember name, in the “Your key” box, paste the “Secret key” copied from Bybit previously. Click “Add”. Google Authenticator will begin generating a 6-digit authentication code, continuously changing every 30 seconds.
- Step 7: Return to the 2FA authentication page on Bybit, enter the 6-digit code displayed on Google Authenticator into the request box. Click “Confirm” to complete the 2FA setup process.
How to deposit and withdraw Bybit money
Depositing and withdrawing money on Bybit is an important step to help traders easily participate and manage assets. Bybit supports many cryptocurrency deposit and withdrawal methods, and also provides P2P features and a Fiat gateway to buy/sell crypto with fiat currency.
Deposit coins
- Step 1: Visit the Bybit homepage and click “Buy/Deposit”.
- Step 2: Select “Deposit Crypto” to start the deposit process.
- Step 3: Enter the name of the coin you want to deposit into your account.
- Step 4: Select network, account and copy wallet address (Copy Address).
- Step 5: Paste the copied wallet address into the sending wallet and perform the coin transfer transaction.
Withdraw coins
- Step 1: Access “Assets” from the home page.
- Step 2: Click “Withdraw” to withdraw money.
- Step 3: Enter the type of coin you want to withdraw.
- Step 4: Choose withdrawal method: On-chain (withdraw to wallet outside the exchange), Internal Transfer (transfer coins between accounts on Bybit).
- Step 5: Fill in all transaction information, including: Wallet address (Address) to receive coins, appropriate network (Network), amount of coins (Amount) to withdraw, account type (Account Spot or Funding).
- Step 6: Click Withdraw, enter the 2FA code and email confirmation code to complete the transaction.
How to trade spot on Bybit
Bybit offers both spot and derivatives trading. In derivatives trading, Bybit supports 3 main types of orders: Limit (limit order), Market (market order) and Conditional (conditional order). To start trading derivatives on Bybit, you need to take the following steps:
- Step 1: On the Bybit homepage, select “Derivatives”. Click “Trade Now” to enter the derivatives trading interface.
- Step 2: Choose a trading pair depending on your needs.
Place a Limit order
To execute a Limit order, switch to the “Limit” tab and set the following parameters:
- Leverage: Adjust the appropriate leverage level from 1x to 100x, you can choose a custom value or use available milestones.
- Order Price: Enter the desired price to enter the order. For example: 9,479.5 USD.
- Quantity (quantity): Enter the number of BTC you want to trade, the system will display Order Value, corresponding to the number of BTC entered.
- Click Buy/Long if you predict the price will increase or Sell/Short if you predict the price will decrease.
Advanced options when placing Limit orders:
- Post-Only: Ensures the Limit Order is placed in the Order Book without being filled immediately. If the order is matched immediately, the system will automatically cancel, this helps users receive Maker rebate (refund) instead of paying Taker fees.
- Reduce-Only: Prevents accidentally opening new positions, ensuring orders only reduce or close existing positions instead of creating new orders. This order is useful when managing risk and avoiding unwanted liquidation.
Place a Market order
Market Order on Bybit works similarly to Limit Order, but instead of the user setting the desired price, the system will execute the order immediately at the current market price. Parameters such as Leverage and transaction amount can still be customized like when placing a Limit order. Note that the Market Order order does not support Post-Only and Reduce-Only options, because the order will be executed immediately instead of waiting for price matching.
Place Conditional orders
Conditional orders require setting an additional Trigger Price (trigger price) so that the order will officially be placed when the market price reaches this level. When using the Conditional command, users need to set the following parameters:
- Leverage (leverage): Adjust the appropriate leverage level.
- Trigger Price: The price when the market reaches it and the order will be executed.
- Order Price: Choose the desired price to enter the order, you can choose Limit (pre-order price) or Market (market price).
- Quantity (quantity): Enter the amount of capital you want to trade.
Important options when placing Conditional orders:
- Post-Only: Ensures the Limit Order is placed in the Order Book without being filled immediately.
- Close On Trigger: If the account does not have enough margin to maintain the order, the system will cancel other orders to prioritize the execution of this order, ensuring the trading strategy is not interrupted.
How to get API Key on Bybit
Bybit supports API Key to help users easily connect the exchange with third-party applications to automate trading or manage accounts. To get the API Key, follow these steps:
- Step 1: Access your account, select “API”.
- Step 2: In API Management, click “Create New Key”.
- Step 3: Choose the appropriate API type: Transaction API or Connect to Third-Party Applications (third-party application link).
- Step 4: Enter API information, including: Name for the API key (name for easy identification), API Key Permissions (set Read-Write or Read-Only access rights). Choose the query options that suit your needs.
- Step 5: Click “Submit”, then enter the Google 2FA authentication code to complete.
Outstanding features of Bybit
Bybit provides a diverse ecosystem of products and services, meeting the needs of many different users:
- Bybit Earn: Investment management platform where users can take advantage of various products to optimize profits.
- Bybit Saving: Flexible savings with attractive interest rates, allowing users to deposit and withdraw money at any time.
- Staking ETH 2.0: Participate in staking ETH 2.0 to receive staking rewards and contribute to the development of the Ethereum network.
- Dual Asset: Invest in Dual Asset products to take advantage of the price fluctuations of two different asset classes and earn double profits.
- Launchpool: Join Launchpool to receive free tokens from new and potential projects.
- Bybit Wallet: Web3 Wallet integrates directly into Bybit accounts, helping users manage and access digital assets easily. With Bybit Wallet, you can store and manage multiple cryptocurrencies, connect to decentralized applications (dApps) on multiple blockchains, and trade tokens directly in the wallet.
- Bybit NFT: A space for those who love and want to explore the world of NFT. Browse and buy NFTs from artists and creators globally, participate in exclusive NFT launch events, and use GrabPic to own emerging NFT collections.
- Bybit Launchpad: Token launch platform for blockchain projects. Provide users with the opportunity to get early access to a potential project and purchase its tokens at a preferential price.
FAQ
Which country is Bybit exchange from?
Bybit is a famous cryptocurrency exchange, headquartered in Singapore and registered to operate in the British Virgin Islands (BVI).
Has Bybit been hacked yet?
As of early 2024, the Bybit cryptocurrency exchange has never recorded any attacks or system intrusions leading to the loss of user funds. This shows that Bybit has been maintaining a strong security system.
How to contact Bybit customer service?
When encountering any account-related issues, users can easily contact Bybit’s customer support team through many channels:
Online support:
- Online chat window: Right on the Bybit interface, you can access the online chat window for immediate support.
- Bybit Telegram Group: Join Bybit Telegram group to connect with the user community and get support from experienced people. Sometimes, group members can also help you answer questions or share useful information.
- Email support: For collaboration requests or more detailed support, you can contact Bybit via email. Below are the email addresses of relevant departments:
Customer Support: [email protected]
IT Support: [email protected]
Affiliates: [email protected]
Marketing: [email protected].
Should you trade Bybit?
Bybit has a strong development team with experienced members who have worked at large financial institutions such as Morgan Stanley, Tencent, Ping’an Bank and Nuoya Fortune. This ensures users can trust in product quality and the safety of transactions on the exchange.
One of Bybit’s outstanding strengths is its focus on derivatives and leverage trading. The user interface is optimally designed for this type of trading, providing a smooth and efficient experience for those interested in complex financial products.
In addition, Bybit also provides many tools and support features for derivatives trading, including advanced order types, in-depth technical analysis charts, and flexible risk management system. This helps users make the most of profit opportunities from the derivatives market, while effectively controlling risks.
Conclusion
Bybit stands out as a modern cryptocurrency exchange, offering a wide range of advanced products and features, especially in the derivatives sector. With competitive fees, a solid security system, and a useful Bybit Learn learning platform, Bybit becomes a great choice for both beginners and professional traders. Hopefully this article by Coin568 will help you better understand Bybit, providing more suitable options when looking for the ideal exchange.
