Bybit Trading: The Definitive Guide for Beginners

Last updated: Feb 07, 2024
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Bybit is a prominent cryptocurrency exchange with over 20 million registered users and a daily average trading volume of over 10 billion. It is ranked as a top 5 crypto exchange in terms of 24-hour volume by Coinmarketcap and CoinGecko. The exchange is based in Dubai and is regulated by the Virtual Assets Regulatory Authority in Dubai, the Cyprus Securities and Exchange Commission, and the Astana Financial Services Authority in Kazakhstan. Bybit is available in over 160 countries and supports 390 coins and 484 trading pairs.

To create a Bybit account, users can sign up through their email address or mobile phone number. The registration process involves providing the necessary details and completing the reCAPTCHA verification code. Bybit implements a two-tier KYC system, with level 1 being mandatory for all users and level 2 granting access to additional benefits and higher withdrawal limits.

Users can log in to Bybit either with a password or a QR code, depending on their preference. Bybit supports various deposit methods, including crypto deposits, buying crypto using fiat currency, credit/debit card payments, third-party payments, and P2P trading. The exchange offers spot trading, futures trading, options trading, perpetual contracts, and copy trading as trading products.

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Bybit provides a range of order types, including market orders, limit orders, conditional orders, stop-entry orders, take profit and stop-loss orders, iceberg orders, and more. The exchange also offers advanced order types such as One-Cancels-the-Other orders, post-only orders, reduce-only orders, close-on-trigger orders, trailing stop orders, time-weighted average price (TWAP) orders, and scaled orders.

Bybit supports 390 cryptocurrencies, including well-known assets like Bitcoin and Ethereum, as well as meme coins like Shiba Inu and Dogecoin.

Fees on Bybit vary for non-VIP and VIP users, with VIP users enjoying enhanced fee discounts based on their VIP level. Bybit prioritizes platform security and employs measures like offline storage in cold wallets, advanced encryption, multisignature schemes, and real-time monitoring for suspicious activity. The exchange collaborates with regulatory bodies, practices KYC procedures, engages with law enforcement organizations, and promotes responsible trading programs.

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In conclusion, Bybit is a popular cryptocurrency exchange offering a wide range of services, a user-friendly interface, and robust security measures. It caters to both novice and experienced traders and provides extensive trading options and features. However, users should always exercise caution and conduct thorough research before engaging in cryptocurrency trading.

Bybit is a prominent cryptocurrency exchange with over 20 million registered users and a daily average trading volume of over 10 billion. It is ranked as a top 5 crypto exchange in terms of 24-hour volume by Coinmarketcap and CoinGecko. The exchange is based in Dubai and is regulated by the Virtual Assets Regulatory Authority in Dubai, the Cyprus Securities and Exchange Commission, and the Astana Financial Services Authority in Kazakhstan. Bybit is available in over 160 countries and supports 390 coins and 484 trading pairs.

To create a Bybit account, users can sign up through their email address or mobile phone number. The registration process involves providing the necessary details and completing the reCAPTCHA verification code. Bybit implements a two-tier KYC system, with level 1 being mandatory for all users and level 2 granting access to additional benefits and higher withdrawal limits.

Users can log in to Bybit either with a password or a QR code, depending on their preference. Bybit supports various deposit methods, including crypto deposits, buying crypto using fiat currency, credit/debit card payments, third-party payments, and P2P trading. The exchange offers spot trading, futures trading, options trading, perpetual contracts, and copy trading as trading products.

Bybit provides a range of order types, including market orders, limit orders, conditional orders, stop-entry orders, take profit and stop-loss orders, iceberg orders, and more. The exchange also offers advanced order types such as One-Cancels-the-Other orders, post-only orders, reduce-only orders, close-on-trigger orders, trailing stop orders, time-weighted average price (TWAP) orders, and scaled orders.

Bybit supports 390 cryptocurrencies, including well-known assets like Bitcoin and Ethereum, as well as meme coins like Shiba Inu and Dogecoin.

Fees on Bybit vary for non-VIP and VIP users, with VIP users enjoying enhanced fee discounts based on their VIP level. Bybit prioritizes platform security and employs measures like offline storage in cold wallets, advanced encryption, multisignature schemes, and real-time monitoring for suspicious activity. The exchange collaborates with regulatory bodies, practices KYC procedures, engages with law enforcement organizations, and promotes responsible trading programs.

In conclusion, Bybit is a popular cryptocurrency exchange offering a wide range of services, a user-friendly interface, and robust security measures. It caters to both novice and experienced traders and provides extensive trading options and features. However, users should always exercise caution and conduct thorough research before engaging in cryptocurrency trading.

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Our Take:

Bybit is a cryptocurrency exchange that provides a professional platform with an ultra-fast matching engine, quality customer service, and multilingual community support for traders of all levels. Bybit operates a safe, secure, transparent, and efficient futures trading platform with over 20 million users worldwide and offers more than 230 perpetual and futures contracts.

Pros
Professional-Grade Trading and Matching Engine
Ample Liquidity
Low Fees
Highly Functional Web and Mobile Trading Platform
Secure
Industry-Leading Copy Trading Platform
Cons
Not Beginner-Friendly: Geared Towards Advanced Traders

Boasting over 20 million registered users and over $10 billion in daily average trading volume, Bybit is one of the largest crypto exchanges today. 

Since its founding in 2018, Bybit has become one of the largest exchanges that provides users with access to a wide range of services. According to Coinmarketcap and CoinGecko, Bybit is a top-5 crypto exchange by 24-hour volume. 

Bybit is based in Dubai and supports 390 coins and 484 trading pairs. The exchange is regulated by the Virtual Assets Regulatory Authority in Dubai, the Cyprus Securities and Exchange Commission and the Astana Financial Services Authority in Kazakhstan. Bybit can be accessed in over 160 countries. 

As this article is only a guide to trading on Bybit, if you want to learn more about the platform and the products it offers, head over to our full Bybit review. If you are currently on the lookout for the perfect crypto exchange, we highlight the best crypto exchanges.

If you want to see how Bybit stacks up against other exchanges, check out our comparison pieces:

Bybit vs:

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This Bybit trading guide will touch on everything you need to know — from account registration and placing your first trade to Bybit fees with a dash of trading wisdom thrown on top.

Note: Users located in the US and UK are not supported. For readers in the UK, check out our Buying Crypto in the UK Guide

Getting Started with Bybit Trading

Setting sail on your crypto journey with Bybit is easy. This section will cover the sign-up basics, but if you're looking for more information on the sign-up process specifically, check out our detailed step-by-step guide on how to get started with Bybit. For a shorter version, keep reading! If you prefer video format, Guy put together this great Bybit review and guide:

There are two ways to create a Bybit account:

  • Through your email address
  • Your mobile phone number

To begin, click the “Sign Up” button on the top-right of the main Bybit page. Then, choose how you'd like to sign up — via email or mobile — and input the necessary details accordingly. If you have a referral code, you can fill it out. Otherwise, you can leave it blank. 

Here's where the two sign-up methods differentiate: If you choose to sign up via email, the reCAPTCHA verification code will be sent to your email address. If not, it'll show up as a text message on your mobile phone. Once you input the code, you'll get access to the Bybit platform.

Feel free to use our sign-up link and get up to a $50,000 bonus and enjoy 0% maker fees for 30 days!

Bybit KYC

Bybit is a centralized exchange, which means it must adhere to regulations designed to stem the illicit flow of money. These measures are known as Know Your Customer (KYC) standards, or identity verification in plain English. This process is required for users to access all Bybit products and services.

Bybit implements a two-tier KYC system:

  • Level 1: Mandatory for all users seeking to utilize Bybit's products and services, this level provides benefits such as a daily withdrawal limit of up to 1 million USDT. However, it does not grant access to the Bybit Card.
  • Level 2: This level not only unlocks access to the Bybit Card but also increases the daily withdrawal limit to up to 2 million USDT.

How to log in to Bybit

Now that you've signed up, you're ready to use the Bybit platform. Again, there are two options:

  • Log in with a password: Click the “log in” button in the app or on the Bybit website. Then, enter your login credentials and password, receive a verification code via SMS or email (depending on how you signed up), and viola you're in.
  • Log in with a QR code: This can only be done on the web version. If you're signed in via the app and would like to access the platform via your desktop, simply choose “QR Code” on the login page and tap the QR code scanner icon in the upper right corner of the mobile app.

Funding Your Account

Bybit supports a variety of deposit methods:

  • Crypto deposit
  • Buy crypto using fiat currency
  • Credit/debit card payment
  • Third-Party Payment
  • P2P Trading 

Let's now explore each of these in detail!

Crypto deposit

A crypto deposit involves transferring cryptocurrency from an external wallet or another exchange to your Bybit account. Before we detail this section, there are a few things to be mindful of:

  • The exchange only supports chains listed on the Bybit asset page.
  • Bybit currently only supports direct transfer, which means it doesn't support asset transfer using the smart contract method.
  • For coin deposits that require a deposit tag/memo, you must fill in your deposit memo/tag correctly. Failure to do so may result in asset loss.

With that out of the way, here's what the process looks like:

  • Deposit via Web

STEP 1: Once you've signed in, hover your cursor over the “Assets” button on the top right-hand corner of the Bybit home page. Then, click on “Deposit” to enter the deposit page. 

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Bybit Lets You Fund Your Account in Several Ways. Image via Bybit

STEP 2: Select the coin you would like to deposit like Bitcoin, Ethereum or Solana.

STEP 3: Choose the type of blockchain you intend to utilize. Once you've acknowledged the informational message, your Bybit deposit address will be visible. You have the option to either scan the QR code or copy the deposit address. Use this address as the destination for sending your funds.

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You Must Choose the Type of Blockchain You Intend to Utilize. Image via Bybit

The deposit will be credited to your funding account by default.

  • Deposit via App 

STEP 1: Go to “Assets” located at the bottom right-hand corner of the page, and choose “Deposit.”

STEP 2: Select the currency, or enter your preferred currency in the search box to proceed to the next step.

STEP 3: On the Deposit page, select the correct chain type. You can either scan the QR code or copy the deposit address.

Buy Crypto Using Fiat Currencies

You can buy the crypto of your choice on Bybit using fiat currencies. The platform supports over 50 fiat currencies, including the US dollar, the British pound, the euro, the Australian dollar, the UAE dirham and many more.  

The service is provided through these four channels:

  • Credit/Debit Card payment

Simply link your credit/debit card to your Bybit account. This allows you to fund your account without relying on third-party channels. The entire process takes just 5 minutes and is as straightforward as buying any other regular products online.

Here's a look at the fees:

Card-Issuing RegionIssuerFee Per Transaction
EUVisa/Mastercard1.1%
Non-EUVisa3.05%
Non-EUMastercard2.7%

There are also minimum and maximum caps in place.

IssuerMinimum Amount per TransactionMaximum Amount per Transaction
Visa$10$10,000
Mastercard$10$10,000

Turning to transaction limits, they depend on your level of KYC. As a reminder, Bybit has two KYC levels for individuals.

Transaction Amount LimitLevel 1Level 2
Each Order< $10,000≤ $10,000
Daily≤ $20,000≤ $50,000
Weekly≤ $50,000≤ $100,000
Monthly≤ $100,000≤ $250,000
  • Third-Party Payment

To facilitate third-party payments, Bybit has partnered with over eight service providers. Traders need to undergo KYC verification through these third-party service providers. Upon successful verification of a trader's identity and completion of their order, the service provider will transfer the cryptocurrency to the trader's Bybit account. Various providers support different currencies and payment methods.

To purchase through a third-party channel, navigate to “Buy Crypto” and then "One-Click Buy" on the Bybit platform. Select the desired third-party payment method from the drop-down menu. You will then be redirected to the third-party website to proceed with the purchase process.

  • P2P Trading

P2P Trading provides a straightforward peer-to-peer platform designed for the buying and selling of coins between two users.

This occurs at an agreed-upon, mutually beneficial price, and notably, without incurring any transaction fees. Within P2P Trading, users can engage in the buying and selling of USDT, utilizing various currencies, and currently, there are over 30 supported payment methods. Users have the flexibility to select their preferred buyer or seller from a list of advertisements based on their chosen payment method and currencies.

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P2P Trading Incurs No Fees. Image via Bybit

To purchase using P2P Trading, head to “Buy Crypto” and then “P2P Trading."

When engaging in P2P trading, it's essential to observe several best practices due to the nature of dealing with an unfamiliar individual. Here are some key considerations:

  • Maintain Clear Communication: Establish transparent communication with the other person to prevent misunderstandings or potential issues.
  • Verify Trade Partners: Ensure you trade with reliable users by reviewing their trade history and feedback. This step helps assess the credibility of your trading counterpart.
  • Protect Personal Information: Throughout any communication, you must prioritize the confidentiality of your personal information. Avoid sharing sensitive details that could compromise your security.
  • Enhance Security Measures: Activate all available security features, such as Two-Factor Authentication (2FA), to add an extra layer of safety to your P2P trading activities.

Placing Your First Trade

Bybit provides a variety of trading products designed to meet the needs of both novice and experienced traders. Before delving into these products, let's first examine the different order types available on the Bybit platform.

Order Types

An order refers to a directive issued by an investor or trader to a trading platform, like Bybit, instructing it to carry out a transaction.

  • Market Order: A market order is a straightforward type of order used for swift trade execution at the current market price. It allows you to enter or exit a position promptly. 
  • Limit Order: How about an example? Bitcoin is currently priced at over $42,000 but let's say you'd like to buy it at $40,000. Instead of constantly checking prices, you can simply initiate a limit order. Once the price reaches $40,000, the order will execute automatically.
  • Conditional Order: These add an element of automation to your trading strategy. Conditional orders become active in the order book when specific conditions, like a trigger price, are satisfied. Traders have the flexibility to utilize various reference prices, such as last traded price, mark price and index price, as the basis for triggering these orders.
  • Stop-Entry Order: When a predetermined price is reached, a stop-entry order activates either a market or limit order. Buy stop orders typically set the trigger price higher than the last traded price, whereas sell-stop orders usually have a trigger price lower than the previously traded price.
  • Take Profit and Stop Loss Orders: A take-profit order automatically concludes a position upon reaching a designated profit level, whereas a stop-loss order closes a position when a predefined loss level is reached.

But wait, there's more! In addition to these orders, Bybit also offers advanced order types that are suited for, well, advanced traders.

  • Iceberg Order: Similar to an iceberg whose small tip is visible and the larger portion is hidden under the ocean, this automated order type divides larger orders into sub-orders, facilitating rapid market entry while mitigating slippage risks. The automatic order-splitting characteristic conceals trading intentions, making it an optimal choice for those who prefer not to expose pending orders to the market. 
  • One-Cancels-the-Other Order: The order type provides traders with a tool for executing different order types simultaneously. It involves pairing two conditional orders, where the activation of one order automatically cancels the other.
  • Post-Only: This is a directive to exclusively position a limit or conditional limit order if an immediate match with an existing order doesn't occur. Essentially, it ensures that your order doesn't immediately execute but is added to the order book as a maker order. If there's an immediate match, the system automatically cancels the limit order to prevent execution.
  • Reduce-Only: A form of limit order, this order permits traders to decrease their current position size without the possibility of increasing it. When initiating a reduce-only order, the goal is solely to reduce market exposure, preventing any unintentional increase in the position size.
  • Close on Trigger: A close-on-trigger order is an automated instruction to close a position when a specified trigger condition, such as reaching a particular price level, is met. 
  • Trailing Stop Order: This trading order follows the market price at a predetermined distance or percentage. Unlike a traditional stop-loss order with a fixed price level, a trailing stop-loss order is initiated to autonomously adapt its stop price in response to the market's price fluctuations.
  • Time-Weighted Average Price Order Strategy: A TWAP order is an order type designed for gradual trade execution over a specified period. It divides the order into smaller portions, distributing their execution evenly across the chosen timeframe. 
  • Scaled Order: This is an algorithmic strategy tailored for executing substantial orders without causing abrupt market volatility or influencing the behaviour of other market participants.
  • Chase Limit Order: This is a limit order positioned at the best bid or ask, continuously adjusting its entry price in response to changing market conditions until it's filled, cancelled, or reaches a specified maximum chase distance. 

Now, we’ll explore trading products offered by Bybit and how you can place an order.

Spot Trading

Spot trading involves the immediate purchase and sale of a token at the prevailing market price. In this type of transaction, the exchange occurs instantly, with the buyer paying for the asset and the seller delivering it promptly.

Here's a real-world example:

You walk into a grocery store to purchase coffee beans. In this scenario, you simply pay and take possession of the coffee beans right away.

It works similarly in the world of finance:

  • You find a cryptocurrency you like.
  • You agree on a price with the seller. Typically, it’s whatever the current market price is.
  • You pay for the asset, and the seller transfers it to you immediately or shortly after.

Here's how you can conduct spot trading on Bybit.

Hover your cursor over the “Trade” button on the navigation bar and click on “Spot Trading.” Then, select your desired trading pair from the options listed on the left side of the page.

You can view the last traded price and the 24-hour change percentage for the respective trading pairs. If you wish to explore a specific trading pair, enter its name into the search box.

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Spot Trading Involves the Immediate Purchase and Sale of a Token. Image via Bybit

Derivatives Trading

Bybit allows you to trade futures, options and perpetual contracts with up to 100x leverage.

Bybit derivatives trading.jpg
You Can Trade Futures, Options and Perpetual Contracts on Bybit. Image via Bybit

STEP 1: After logging into your Bybit account, navigate to the “Derivatives” tab.

STEP 2: Choose from options like USDT Perpetual, USDC Contracts, USDC Options, and Inverse Contracts by hovering your cursor over the tab.

STEP 3: Click on your preferred choice, and it will direct you to the corresponding trading interface. There, you can choose the asset you wish to trade by hovering over the trading pair located at the upper left corner. From the drop-down menu, make your selection. Alternatively, you can use the search bar to find the specific asset you are interested in.

STEP 4: Choose your preferred method to fund your position: Utilize a stablecoin or use cryptocurrencies as collateral.

STEP 5: Navigate to the order entry panel located on the right side of the page.

STEP 6: Define your order type — whether it's limit, market or conditional. Then, input your trade details, including quantity, price, and leverage (if applicable).

STEP 7: After confirming your order, proceed to click on “Buy/Long” or “Sell/Short” to execute your trade.

STEP 8: Once your order is successfully filled, you can review its details within the “Positions” tab.

Risks of Futures Trading

Futures trading is more suitable for experienced traders, and while it can be profitable, this strategy carries significant downsides:

  • Leverage: Futures contracts involve high leverage, allowing control of a substantial amount of an underlying asset with a relatively small capital. However, even a minor price movement against your position can amplify losses.
  • Price Volatility: Cryptocurrencies are known for their extreme volatility, leading to both substantial gains and losses in a short time frame.
  • Margin Calls: Maintaining a specific amount of capital (margin) is necessary for futures trading. A margin call is issued if your account value falls below the required maintenance margin. You must then inject additional equity into your account or close certain positions within a short timeframe.
  • Lack of Control: External factors, such as regulatory decisions or market reactions to news events, are beyond a trader's control. For instance, the SEC could take legal action against even more exchanges. The market's response to such events is unpredictable, leading to potential windfalls or substantial losses based on your trading position.

Caution❗️: Using leverage is extremely risky, at the Coin Bureau, we do not recommend trading using high leverage and suggest leverage is a tool best used by professionals.

Copy Trading

Copy trading allows users to automatically replicate the trades of experienced and successful traders in real time. This removes the burden of coin research and decision-making from the user.

Bybit copy trading.jpg
Copy Trading Lets You Replicate the Trades of Experienced Traders. Image via Bybit

Going about copy trading is pretty simple. Head to “Copy Trading” under “Tools” and click “Copy” at the bottom of the master trader's card (You can follow up to 10 master traders simultaneously.) Next, go over the details page and customize the trades to your liking. And that’s it!

The minimum investment requirement is 50 USDT; however, it's important to be aware that the master trader might establish a higher minimum investment for copying, which will be visible in the corresponding column.

Despite its simplicity, copy trading comes with a few risks as well:

  • Lack of Control: You're essentially giving away the keys to your crypto fort. As a result, you have no control over trades made by the trader, meaning if a trader makes a bad trade, you'll be on the hook for the losses as well.
  • Performance Fluctuations: What goes up must come down! No trader can sustain an unbroken winning streak, and copying an underperforming trader can lead to financial losses.
  • Dependency: The convenience of copy trading may discourage you from dedicating time to learning about investing and making independent decisions.
  • Overconfidence: Similar to Vegas casinos, a long winning streak tends to breed overconfidence. This can potentially encourage you to take on more risks than you can manage.

Key Features of Bybit Trading

Beyond its investment offerings, Bybit offers several other tools and services that can enhance your experience.

  • Convert: As the name suggests, Bybit Convert lets you convert your coins. Want to convert BTC for ETH? That's doable with Bybit Convert. A full list of supported assets as well as minimum and maximum transaction limits can be found at the dedicated page for Assets List for Bybit Convert.
  • TradeGPT:  For insights on trending cryptocurrencies, market trends, trading strategies, and technical analysis, consider exploring TradeGPT. It's essential to clarify that while TradeGPT can offer investment-related advice, it should not be regarded as an official recommendation or guidance from Bybit.
  • MetaTrader4: MT4 is equipped with advanced tools for forex, CFDs, cryptocurrencies and beyond. It includes technical analysis tools, automated trading capabilities and customizable indicators. MT4's functionality can be further enriched through addons and third-party tools.
  • Position Builder: This tool lets you select from a range of derivatives products while adjusting leverage, margin, and risk parameters to align with your trading strategy. It offers real-time insights into portfolio performance and profit/loss.

For a deep dive into Bybit's many features, head over to our article where we explore features beyond trading.

Supported Cryptocurrencies

The number of supported cryptocurrencies significantly influences an exchange's success with a broader selection likely attracting more users.

Bybit stands out by supporting 390 cryptocurrencies, encompassing well-known assets such as Bitcoin (BTC) and Ethereum (ETH), along with popular names like Tron (TRX), Solana (SOL), and Polygon (MATIC). For meme coin aficionados, Bybit offers options like PEPE, Shiba Inu (SHIB), and Dogecoin (DOGE).

A word of caution on meme coins: Their popularity is often fueled by speculation and entertainment rather than fundamental value. While you may come across success stories on social media, it's essential to approach meme coins with careful consideration.

Understanding Bybit Fees

Bybit's trading fees vary for non-VIP and VIP users, with VIP users eligible for enhanced fee discounts based on their levels.

VIP levels are determined by either asset balance or the last 30-day trading volume. Traders need to meet one of these criteria to unlock the fee discount corresponding to their VIP Level.

Because the focus of this article is on new traders, we'll stick to non-VIP.

30–Day Spot Trading VolumeTaker Fee RateMaker Fee Rates
$<100,0000.2000%0.1500%
$≥100,0000.2000%0.1000%
$≥275,0000.1500%0.1000%
$≥550,0000.1200%0.1000%

If you'd like to know more, you can check out the Bybit fees section.

Bybit Security

Ensuring the security of user funds is paramount for crypto exchanges. Prospective users will be happy to know that since its founding in 2018, Bybit has never had a security breach.

Not many exchanges can make that claim, especially last year when the cryptoverse was marred with hacks. 

Platform Security

Bybit employs a triple-layer asset protection and platform security approach, ensuring user funds are securely stored offline in cold wallets. The platform utilizes advanced multi-signature, Trusted Execution Environment (TEE), and Threshold Signature Schemes (TSS) to prevent unauthorized online access. Regular Proof of Reserves audits are conducted, with findings transparently published to the public.

Prioritizing privacy, Bybit integrates a privacy-first philosophy into all products and services, being transparent about the data collected, its usage, and sharing practices. Advanced data protection includes encryption for storage and transit, utilizing desensitized query interfaces. Strict authorization controls ensure that only authorized individuals have access to personal and private information.

Real-time monitoring through Bybit's risk controls allows the identification of suspicious activity, prompting strengthened authentication measures for withdrawals. The platform follows a security-first approach, incorporating a secure development life cycle, rigorous security testing, and ongoing bug bounty programs.

According to CER, which ranks crypto exchanges' security, Bybit rounds out the top 10 crypto exchanges with a AAA rating, the highest awarded by CER.

Security and Compliance

Bybit collaborates with regulatory bodies and institutions globally to combat money laundering.

  • Know Your Customer (KYC): Bybit's KYC procedures are rooted in the principles of customer due diligence (CDD), facilitated through partnerships with world-class solution providers.
  • Law Enforcement: Bybit engages in collaborative efforts with law enforcement organizations, actively participating in the fight against cybercrimes, including initiatives to counter anti-money laundering.
  • Responsible Trading Programs: Bybit is dedicated to promoting responsible trading practices. The platform provides regular trading updates and a comprehensive array of resources on risk management and security tips.

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Bybit Trading Guide: Closing Thoughts

We trust that this Bybit trading guide has been informative and helpful for new users seeking to navigate the process of funding their Bybit account and executing their first trade.

To summarize, Bybit provides users access to a wide range of services, supporting 390 coins and 484 trading pairs. It operates in over 160 countries. The user interface is friendly, and the platform offers various deposit methods, including crypto deposits, buying crypto using fiat currency, credit/debit card payments, third-party payments and P2P trading.

👉 Sign Up for Bybit and Earn Up to $50K Bonus

Bybit's security measures are commendable, with a triple-layer approach and a commitment to privacy, encryption, and real-time monitoring for suspicious activities.

The Bybit platform is suitable for both novice and experienced traders. However, users should always conduct thorough research and exercise caution when engaging in cryptocurrency trading.

Enjoyed this content? If you want to hear more from us and get up-to-the-minute updates and behind-the-scenes content, feel free to check out our Socials ChannelsDiscord, and Resource Hub.
 

Frequently Asked Questions

How do I create an account on Bybit?

To create a Bybit account, visit the official website and click on the "Sign Up" button. You can choose to sign up through your email address or mobile phone number. Follow the prompts, input the required details, and complete the verification process.

How can I fund my Bybit account?

Bybit supports various deposit methods, including crypto deposits, buying crypto with fiat currency, credit/debit card payments, third-party payments, and P2P trading. Choose the method that suits you and follow the platform's instructions for depositing funds.

What are the fees associated with Bybit trading?

Bybit's trading fees vary for non-VIP and VIP users. Non-VIP users can refer to the fee structure based on their 30-day spot trading volume. The platform also offers fee discounts for VIP users based on their trading volume or asset balance.

Is Bybit a secure platform for trading?

Yes, Bybit prioritizes the security of user funds. The platform employs a triple-layer security approach, including cold wallet storage, multi-signature, Trusted Execution Environment (TEE), and regular Proof of Reserves audits. Bybit has never experienced a security breach since its founding in 2018.

What are the risks associated with futures trading on Bybit?

Futures trading involves high leverage, price volatility, margin calls, lack of control over external factors, and the potential for significant losses. It is recommended for experienced traders who understand and can manage these risks.

Jasir.jpeg

I have over 15 years of experience turning Wall Street and policymakers' chaos into prose. I may be late to the crypto party, but I bring the curiosity of a wide-eyed newcomer to the crypto sphere. I'm most interested in the crossroads between cryptocurrencies and the wider economy. When not working, I'm either playing soccer, cricket or my PlayStation.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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