What is Bybit exchange? Instructions to register and use the Bybit from A-Z

In the Crypto market, you now have many ways to make profit, from doing bounty & airdrops, to trading crypto-crypto together. In addition, brothers can also trade its derivative products.
Recently, many exchanges have added Contract Futures / Derivatives trading feature. Along with that is the birth of exchanges specializing in Crypto derivative trading.
Today, let’s learn about 1 Crypto Derivatives bybit , which is the Bybit .

What is Bybit exchange?

Bybit is an exchange of derivatives of the Crypto market, also known as Cryptocurrency Derivatives Exchange.
Bybit Exchange is headquartered in Singapore and registered in the British Virgin Islands (BVI). They offer up to 100x leverage for “perpetual contracts” unlimited smart contract transactions.
Along with fast transaction speed and good customer service, Bybit exchange wants to bring the best trading experience to traders.

Some other information about Bybit exchange

Bybit exchange was established in March 2018, headquartered in Singapore. In addition to their headquarters in Singapore, they also have representative offices in Hong Kong and Taiwan.
The markets they are focusing on are North America, Europe, Russia, Japan, Korea and Southeast Asia.
The transaction sessions they are offering include: BTC / USD, ETH / USD, XRP / USD and EOS / USD.
Bybit’s team are experts from the Forex market. In which, team developers have experience working at Morgan Stanley, Tencent, Ping’an Bank and Nuoya Fortune organizations.

Bybit exchange reviews

Here are some advantages and disadvantages of Bybit that you can refer to before starting to trade.

Advantages

Simplicity: Bybit is simple from the interface to the way to participate. They focus on offering leveraged transactions of Crypto derivatives. Also nothing else. This gives them time to develop the product to provide the best user experience. Simple and intuitive interface. It is very easy for you to be new traders to approach the market.
24/7 bybit support team to ensure the fastest resolution of users’ problems.
Provide a full API service for those who want to use 3rd party applications to transact.
There are regular Trading Competitions programs to encourage traders.
There is an Affiliate program exclusively for those who want to make money Commission.
The exchange does not require KYC to participate in transactions.
Low transaction fees. Taker Fee = 0.0750%, Maker Fee = 0.0250%
Bybit exchange already has user-friendly mobile apps, for both iOS and Android

Defect

Trading products are not diversified. They currently have 4 trading pairs: BTC / USD, ETH / USD, XRP / USD and EOS / USD. This number is little compared to the needs of many traders. Maybe they will add new trading pairs next time. At that time I will update more for you.
Bybit exchange has no OTC transactions.
There is no exchange coin like some other derivative exchanges such as: FTX has FTT Token, MXC has MXC Token, EMX has EMX Token …

How to register an account on the Bybit exchange

In the section below, I will guide you to register and verify your KYC identity on Bybit.
Introducing Bybit interfaces
Bybit exchange
Bybit’s home page includes:
[1] Start Trading: You are here to trade. In addition, you can choose directly on the trading pairs below (rectangular box) to enter the trading interface.
[2] Latest Promotions: Which contains information about Promotion programs of the exchange. Especially here will have a ranking of Trading Competitions for you to follow.
[3] Affiliates: The area dedicated to Affiliates by introducing Bybit on their other websites or channels.
[4] Chat: If you have any problems, you can chat with the support team of this exchange here.
In addition, if you want to switch the language, you can select the button in the upper right corner. The default language of the bybit is English, you can choose Vietnamese because the bybit already has support.
Prepare before registration
Like many other exchanges, before registering the Bybit , you should prepare in advance some things as follows:
Frequently used email or phone numbers.
The phone has Google Authenticators or Authy pre-installed.
Sign up for a Bybit trading account
Enter the Voucher code “JACKPOT” for a chance to receive bonuses of up to $ 620 bonus (until February 5, 2021)
Here you will have 2 options to register by email or phone number. In this article, I will guide you to register by email.
Sign up for a Bybit trading account
As shown above, you enter basic information for registration including email and password.
The exchange will send a confirmation email to the mailbox that you have registered above. Go to this mail to get the Verification Code and enter it. Then click “Complete registration”.
Note that this code is only valid for 5 minutes, so you need to complete this step before the 5 minutes are up.
So you have completed the first registration step. Next you need KYC account.
KYC identity verification
As I mentioned above, Bybit does not require users to KYC to be able to use the exchange.
Enable 2-step security 2FA
Bybit currently supports 2 types of 2FA security: SMS Authentication and Google Authentication.
SMS Authentication
You select the setting corresponding to SMS Authentication. Then enter the phone number and confirmation code via the SMS system as shown below.
Google Authentication
You select Setting corresponding to Google Authentication >> Enter the Code sent to the email address to confirm opening 2FA.
In the next step, you use your phone with Google Authenticators or Authy installed to scan. Then enter the corresponding code in the 6 boxes below and then Confirm is done.

Deposit / Withdraw Crypto from Bybit exchange

Instructions for loading Crypto into Bybit exchange
To load Crypto on the Bybit exchange, go to Account >> My Assets. Or access directly from the link: https://www.bybit.com/app/wallet/money.
Here, with the corresponding Crypto, select Deposit to start loading.
Deposit Bybit exchange
The exchange will display the wallet address of the brothers. Now just transfer the corresponding Crypto to this wallet address and wait for the exchange to show the balance, you can start trading.
Attention:
Currently, the exchange is loading Crypto including BTC, ETH, EOS, and XRP. In the near future, they will add new Crypto such as TRX, LTC …
When loading EOS, pay attention to complete “Optional notes” & “Tag”.
When recharging XRP, please fill out “Memo” completely.
Instructions on how to withdraw money from the Bybit out
To withdraw money from Bybit, you also go to Account >> My Assets, then choose the Crypto you want to withdraw.
For example in the image below, I withdraw BTC.
withdraw money from the Bybit
You must perform the following steps:
[1] Enter basic information about the wallet address and the amount you want to withdraw.
[2] & [3] Enter the 2FA security information and confirm by email.
Then click Submit to send a withdrawal request to the Bybit. They will review and process these withdrawal requests.
Attention:
You must install 2FA code to be allowed to withdraw coins.
Bybit processes withdrawals 3 times a day at the time of 8:00, 16:00 and 24h00 (UTC). That is, brothers perform the withdrawal but have to wait for these timelines for money to return to their personal wallets.

Instructions for trading on the Bybit exchange

Bybit offers 3 types of transactions: Limit, Market and Conditional. The following section I will guide you in detail these types of trading. All of these orders support margin trading.
On the home screen, you choose Start Trading to enter the trading interface. In these examples, I will guide you with BTCUSD pair.
trading on the Bybit exchange
Limit Order
You choose the tab Limit and install according to the instructions below.
Limit Order bybit
[1] Set the Leverage lever value. Here the leverage value is from 1x to 100x. You can choose the pen icon to customize this number according to the desired value. Or you can choose the available Leverage markers as shown in the picture.
[2] Select the price of the Order you want to order. As my picture has been set up at $ 9479.5 USD.
[3] Enter the amount of USD you want to order. At the bottom you will see the Order Value corresponding to the amount of BTC just entered above.
Then press But / Long or Sell / Short.
You should also pay attention to the following options:
[4] Post-Only: This is optional when you are placing Limit Orders or Conditional Orders. It works like this: Post-Only to make sure your Limit Orders are definitely placed in the Order Book. So you will get Maker rebate. If the order is executed immediately, it will be canceled.
[5] Reduce-Only: Reduce-Only to ensure that it will not accidentally place a position order if your position is closed / stoped or liquidated.
At the bottom will be information about the market and previous trade orders.
You should pay attention to the parameter: Contract Value. This is the value of each contract when the brothers place the order.
Market Order
Bybit’s Market Order is quite similar to a Limit Order. It is only different in that, with Market Order, the bybit will choose the best price for you. The remaining parameters like Leverage, or the amount of money you order, will still be self-set as usual.
Market Order bybit
In the Market Order: No Post-Only & Reduce-Only.
Conditional order
This Conditional Order is different from Limit Order in that you need to set up an additional price called Trigger Price “activated” for the order to be officially placed.
[1] Set the Leverage lever level.
[2] Select the price you want to enter. Here you also have 2 options: Limit and Market (market price).
[3] Trigger Price: Select the trigger price to “trigger” to place an order.
[4] The amount of capital you want to order, in USD.
The bottom will display the corresponding amount of BTC for the above settings.
In addition, you should also pay attention to 2 options:
[5] Post Only: Post-Only to ensure that your Limit Orders are firmly placed in the Order Book. As I explained above.
[6] Close On Trigger: This option is to ensure it executes the Stop-loss order when not qualified for margin. It is done by the system automatically canceling other Orders when there is insufficient margin to transfer fund and execute current orders.

Experience using other features on the Bybit

How to trade margin on Bybit
Margin Trading is applied to all orders such as Limit Order, Market Order or Conditional Order. You can refer to the instructions on how to do this above for more information.
Bybit allows users to customize the Leverage value, not force it at certain landmarks.
margin on Bybit
How to use the Assets Exchange function to convert assets on Bybit
This is a feature I rate as handy on the Bybit.
With the Assets Exchange, you can swap between all the cryptocurrencies currently on this exchange. Here’s how.
At the home interface, select Account >> My Assets >> Assets Exchange. Or go directly to the link https://www.bybit.com/app/assets/assets-exchange.

Frequently asked questions when trading coin on the Bybit exchange

Should I trade on Bybit?

yes!
Bybit exchange is suitable for those who want leverage and derivative trading.
One of the advantages of Bybit exchanges is that they focus on derivative trading, margin leverage, not including many other types of transactions such as spot trading, or bond trading. So the user interface is better optimized.

Is Bybit safe and reputable?

yes!
Bybit’s developers team includes experienced members from major organizations such as Morgan Stanley, Tencent, Ping’an Bank and Nuoya Fortune. Therefore, we can feel secure about the product experience as well as the safety of each transaction.

How much is the transaction fee on Bybit exchange?

Please refer to the table below.
In my opinion, this trading fee of Bybit is relatively competitive with other exchanges.
What is the deposit / withdrawal fee on Bybit exchange?
Bybit exchange does not charge withdrawal / deposit fees.
What is the deposit limit on Bybit?
Please refer to the table of minimum withdrawal / deposit limit below:
Has Bybit exchange been hacked yet?
Not yet!
Up to the time of writing (August 2019), Bybit has never been hacked.
Is Bybit exchange faulty maintenance?
Are not!
Bybit exchange has not had any maintenance errors.
Are Bybit exchanges scams?
Are not!
Bybit of which country?
Bybit is headquartered in Singapore and registered in the British Virgin Islands (BVI).
What is Bybit exchange coin?
Bybit has no exchange coin.
Does Bybit exchange have apps on iOS, Android?
Are not!
Sign up for a Bybit trading account
Thank all !

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