Bybit

In today’s cryptocurrency market, there are many opportunities to make a profit, from rewards and airdrops to cryptocurrency trading. Along with this, a derivative cryptocurrency trading platform has emerged. Today, let’s learn about a specific cryptocurrency derivative exchange, Bybit – one of the most reputable exchanges today. So what is Bybit, what are the advantages and disadvantages of this platform, and how do you register for Bybit? Let’s find out with Hopefully, through this article, you have understood the basic information and instructions for using Bybit.

What is the concept of Bybit exchange in English? Bybit is a cryptocurrency derivatives exchange, also known as a cryptocurrency futures exchange. Bybit ranks fifth among cryptocurrency derivatives exchanges in the market.

In addition to fast trading speeds and excellent customer service, this exchange aims to provide traders with the best trading experience. Bybit offers leverage of up to 100x for trading perpetual contracts.

Bybit exchange was established in March 2018 and is headquartered in Singapore, with registration in the British Virgin Islands (BVI). The company has representative offices in Hong Kong and Taiwan, while its primary markets are North America, Europe, Russia, Japan, South Korea, and Southeast Asia, including Vietnam.

The Bybit team comprises of foreign exchange market experts and developers who have worked for organizations such as Morgan Stanley, Tencent, Ping’an Bank, and Nuoya Fortune.

Advantage

Bybit Exchange is very simple to use, from the interface to the process of joining. They focus on providing leveraged cryptocurrency derivatives trading, giving cryptocurrency exchanges more time to develop products that provide the best user experience.

The user interface is simple and intuitive, making market access very easy for new traders.

A 24/7 support team is available to quickly resolve user issues.

They provide a complete API service for those who want to use third-party applications for their trades.

There is a regular trading competition program to encourage traders.

Bybit cryptocurrency exchange has an affiliate program for those who want to earn commission.

The exchange does not require KYC to participate in trading.

Trading fees are low. Takers are charged 0.0750%, while makers are charged 0.0250%.

Bybit Exchange has easy-to-use mobile apps for iOS and Android.

Defect

Although there are many outstanding advantages, Bybit exchange still has certain disadvantages that you should not ignore.

Instructions to create an account on Bybit exchange
Step 1: Register for Bybit exchange

Fees on Bybit
Transaction fee
Please refer to the table below.

In my opinion, this trading fee of Bybit is relatively competitive with other exchanges.

In spot trading, Bybit charges as follows;

Maker’s Fee: 0%
Taker’s Fee: 0.1%
Coin deposit/withdrawal fee
Bybit exchange does not charge a deposit fee, but there is a withdrawal fee

Instructions to create an account on Bybit exchange
Step 1: Register for Bybit exchange

access to:https://partner.bybit.com/b/N515

Here you will have 2 options to register by email or phone number. In this article, I will guide you to register by email.

Enter basic information to register including email and password.

Note: In the Referral Code box is optional, you can enter the referral code of your friends. If not, it can be omitted.

The floor will send a confirmation email to the mailbox you registered above. Go to this email 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 this 5 minutes expires.

Step 2: Enable 2-step security 2FA
Bybit currently supports 2 forms of 2FA security including SMS Authentication and Google Authentication.

SMS Authentication

You choose to go to Settings corresponding to SMS Authentication. Then enter the phone number and confirmation code via SMS system as shown below.

Google Authentication

​You choose Settings corresponding to Google Authentication >> Enter the code sent to the email address to confirm opening 2FA.

In the next step, use your phone with Google Authenticators or Authy pre-installed to scan. Then enter the corresponding code in the 6 boxes below and then Confirm.

Instructions for depositing and withdrawing money on Bybit
How to top up Bybit
To deposit Crypto on Bybit exchange, you go to Account >> My Assets.

Here, with the corresponding Crypto, select Deposit to start depositing.

The exchange will display your wallet address. Now just need to transfer the corresponding Crypto to this wallet address and wait for the exchange to show the balance, you can start trading.

Currently, the exchange is accepting Crypto deposits including BTC, ETH, EOS, and XRP. In the near future, they will add new Crypto like TRX, LTC…
When loading EOS, you pay attention to fill in “Optional notes” & “Tag”.
When loading XRP, pay attention to fill in “Memo”.
How to withdraw money from Bybit
To withdraw money from Bybit exchange, go to Account >> My Assets, then select the Crypto currency you want to withdraw.

[1] Enter the basic information about the wallet address and the amount you want to withdraw.
[2] & [3] Enter 2FA security information and confirm via email.
Then click Submit to send a withdrawal request to Bybit exchange. They will check and process these withdrawal requests.

Attention:
2FA code must be installed in order to withdraw coins.
Bybit processes withdrawals 3 times a day at 8:00, 16:00 and 24h00 (UTC). That is, you make a withdrawal but have to wait for these timelines for the money to return to your personal wallet.

Instructions for trading on Bybit

Bybit offers spot and derivatives trading with 3 main order types: Limit, Market and Conditional. Below are these types of trading. All these orders support margin trading.

At the home screen, select Start Trading to enter the trading interface. example with BTCUSD pair:

Follow the instructions below to install.

[3] Enter the amount of USD you want to enter the order. At the bottom will see the Order Value corresponding to the amount of BTC just entered above.
Then press But/Long or Sell/Short.

You should pay attention to the following options:

[4] Post-Only: This is optional when placing Limit Orders or Conditional Orders. It works like this: Post-Only to ensure that your Limit Orders are definitely placed in the Order Book. So you will get Maker rebate. If the order is executed immediately, the order will be cancelled.
[5] Reduce-Only: Reduce-Only to ensure that it will not accidentally place a position order if your position is closed/stopped or liquidated.
At the bottom will be information about the market and previous trade orders.

Should pay attention to the parameter: Contract Value. This is the value of each contract when placing an order.

Market order
Bybit’s Market Order is quite similar to Limit Order. It is only different in that, with Market Order, the floor will automatically choose the best entry price for you. The remaining parameters such as Leverage, or the amount of the order will still be automatically set as usual.

In Market Order: No Post-Only & Reduce-Only.

Conditional command
This Conditional Order is different from Limit Order in that, it is necessary to set up an additional price called Trigger Price to “activate” for the official order to be placed.The following parameters should be set:

[1] Leverage level setting.
[2] Select the price you want to enter. Here there are 2 options, Limit and Market (market price).
[3] Trigger Price: Select the trigger price to “trigger” to place the Order.
[4] Amount of capital you want to enter, in USD.
The bottom will show the corresponding amount of BTC for the above settings.

In addition, should pay attention to 2 options:

[5] Post Only: Post-Only to ensure that your Limit Orders are definitely placed in the Order Book. As explained above.
[6] Close On Trigger: This option ensures that it executes Stop-loss orders when the margin conditions are not met. It is done by the system will automatically cancel other Orders when there are not enough margin conditions to transfer funds and execute the current order.

Guide to Trade Margin on Bybit
Margin Trading is applicable to all Limit Orders, Market Orders or Conditional Orders. You can refer to the instructions on how to do this command above for more clarity.

Bybit allows users to customize the Leverage value but not at certain milestones.

This is a feature I consider to be handy on the Bybit

Instructions to get API Key on Bybit
Like many other exchanges, Bybit also supports API Key to help traders connect this exchange with 3rd party applications.

To get Bybit’s API, you can do the following;

First, to generate/manage your Bybit API key, API users can tap on the top right of the main page: ‘Username’ => ‘Account and Security’, then select > “Manage” API Manager”

Next, in this section, API users can create/add or remove your API Key with the following actions:

Finally, enter your API information, such as the reference name for your API key under ‘Name’ and your IP Address, and proceed to enter your Google authentication 2FA code before you click “Verify” receive”

You can also choose to Link to Third Party Application

Deposit and withdrawal limit on Bybit

Note: You are allowed to withdraw up to 3 times in 24 hours and the exchange will process and approve these deposit requests at 8:00, 16:00 and 24h00 (UTC).

Hopefully, through this article, you have understood the basic information and instructions for using Bybit.