What is Bybit Exchange? A guide to using Bybit Exchange.

Review of Bybit Exchange

Below are some of the pros and cons of Bybit that you can consider before starting your trading journey

Pros

• Simplicity: Bybit Exchange is straightforward in its interface and participation process. They focus on providing leverage trading for cryptocurrency derivatives and nothing else. This allows them to dedicate time to developing the best user experience. The interface is simple and intuitive, making it easy for newcomers to access the market..
• 24/7 Support Team: Bybit offers round-the-clock customer support to quickly address user issues
• Comprehensive API Services: Bybit provides full API services for users who want to use third-party applications for trading.
• Regular Trading Competitions: Bybit frequently hosts trading competitions to incentivize traders
• Affiliate Program: Bybit offers an affiliate program for users interested in earning commissions.
• No KYC Requirement: Bybit does not require Know Your Customer (KYC) verification to participate in trading.
• Low Trading Fees: The Taker Fee is 0.0750%, and the Maker Fee is 0.0250%.
• Mobile-Friendly App: Bybit has a user-friendly mobile app available for both iOS and Android devices..
• Vietnamese Language Support: The website interface is available in Vietnamese.

Cons:

• Limited Trading Products: Bybit currently offers a limited range of trading products. They may introduce new trading pairs in the future, and updates will be provided accordingl
• No OTC Trading: Bybit does not support over-the-counter (OTC) trading.
• Lack of Exchange Coins: Unlike some other derivatives exchanges like Binance (with BNB), FTX (with FTT), MEXC (with MEXC), and EMX (with EMX), Bybit does not have its native exchange coin.

Types of Fees on Bybit Exchange

Trading Fees

Please refer to the table below. In my opinion, the trading fee structure on Bybit is relatively competitive compared to other exchanges..

For spot trading on Bybit, the fee structure is as follows:

• Maker’s Fee: 0%
• Taker’s Fee: 0.1%

Regarding deposit and withdrawal fees

Bybit does not charge fees for deposits but does charge fees for withdrawals.

Downloading the Bybit App on Your Phone

To download the Bybit app to your phone, follow the links below:

• Download the Bybit app for iOS here.
• Download the Bybit app for Android here.

How to Create an Account on Bybit Exchange

Step 1: Register on Bybit Exchange

You can access the registration page at:bybit.com

Here, you will have two registration options: by email or phone number. In this article, I will guide you through the registration process using an email address.

As shown in the image above, you will enter basic registration information, including your email and password.

Note: In the “Referral Code” box, it’s optional, and you can enter a referral code from your friends if you have one. If you don’t have a referral code, you can leave it blank.

The Coin98 Referral Code is [Code].

The exchange will send a confirmation email to the email address you provided during registration. Open this email to retrieve the Verification Code and enter it. Then, click “Complete registration.”

Please note that this code is only valid for 5 minutes, so it’s essential to complete this step before the 5-minute window expires.

Step 2: Activate Two-Factor Authentication (2FA) Security

Bybit currently supports two forms of Two-Factor Authentication (2FA) security: SMS Authentication and Google Authentication.

SMS Authentication

Google Authentication

You will choose “Setting” corresponding to Google Authentication and enter the code that was sent to your email address to confirm the activation of 2FA.

In the next step, you will use a phone that already has Google Authenticator or Authy installed to scan the QR code. Then, enter the corresponding code into the six boxes below and click “Confirm” to complete the setup.

Guide to Depositing and Withdrawing Funds on Bybit Exchange

How to Deposit Funds into Bybit

To deposit cryptocurrency into Bybit, go to “Account” and then “My Assets.” Alternatively, you can access it directly via this link: https://bybit.com/app/wallet/money.

Note:

• Currently, the exchange allows deposits for cryptocurrencies including BTC, ETH, EOS, and XRP. In the near future, they will add more cryptocurrencies like TRX and LTC.
• When depositing EOS, please ensure to fill in the “Optional notes” & “Tag” fields completely.
• When depositing XRP, please ensure to fill in the “Memo” field completely.

How to Withdraw Money from Bybit

To withdraw funds from Bybit, go to “Account” and then “My Assets.” Then, choose the cryptocurrency you want to withdraw.

For example, in the image below, I will demonstrate how to withdraw BTC.

You will need to follow these steps:

• [1] Enter basic information about the withdrawal address and the amount you want to withdraw.
• [2] & [3] Enter your 2FA security information and confirm via email.

Afterward, click “Submit” to send the withdrawal request to Bybit. They will review and process these withdrawal requests.

Please note

• You must set up 2FA to be eligible for coin withdrawals.
• Bybit processes withdrawals three times a day at 8:00, 16:00, and 24:00 (UTC). This means you can initiate a withdrawal, but you must wait for these specific times for the funds to be sent to your personal wallet.

How to Trade on Bybit Exchange

Bybit offers both spot trading and derivative trading with three main order types: Limit, Market, and Conditional. All of these orders support margin trading.

On the homepage, click “Start Trading” to access the trading interface. In the following examples, I will provide detailed guidance on these types of trading. I will use the BTCUSD pair for illustration.

Limit Order

You will select the “Limit” tab and proceed with the setup as instructed below.

• [1] Setting the Leverage Value:. You can adjust the leverage value from 1x to 100x. You can either click on the pencil icon to customize this value according to your preference or choose from the available leverage options as shown in the image.
• [2] Choosing the Order Price:. Select the desired order price. In my setup, I’ve chosen a price of $9,479.5 USD.
• 3. Enter the amount of USD you want to use for the order. Below, you will see the corresponding Order Value in BTC based on the amount you entered above.[3] Entering the Order Quantity:.

Then click on “Buy/Long” or “Sell/Short.”

You should also pay attention to the following options:

• [4] Post-Only: This option is used when placing Limit Orders or Conditional Orders. It works as follows: Post-Only ensures that your Limit Orders are securely placed in the Order Book, guaranteeing you a Maker rebate. If the order matches immediately, it will be canceled.
• [5] Reduce-Only: Reduce-Only ensures that it will not accidentally place a position order if your position is closed or stopped, or if liquidity is reduced.

You should pay attention to the parameter called “Contract Value.” This represents the value of each contract when you place an order.

Market Order

Bybit’s Market Order is quite similar to the Limit Order. The difference is that with a Market Order, the exchange will automatically select the best available price for you. Other parameters like Leverage or the amount you want to use for the order can still be set as usual.

In the case of a Market Order, there are no options for Post-Only or Reduce-Only.

Conditional Order

The Conditional Order differs from the Limit Order in that you need to set an additional price level called the “Trigger Price” to activate the order. You configure the following parameters:

• [1] Set the leverage level you desire..
• [2] Choose the price level you want to enter. Here, you have two options: Limit and Market (market price).
• [3] Trigger Price: Select the trigger price to activate the order.
• [4] Enter the capital amount you want to use for the order, calculated in USD.

Below, you will see the corresponding amount of BTC for the settings above.

Additionally, pay attention to these two options:

• [5] Post Only: Post-Only ensures that your Limit Orders are securely placed in the Order Book, as explained earlier.
• [6] Close On Trigger: This option ensures that it executes a stop-loss order when there’s insufficient margin. It does this by automatically canceling other orders when there’s not enough margin to transfer funds and execute the current order.

Guide to Margin Trading on Bybit

Margin Trading is applicable to all Limit Orders, Market Orders, and Conditional Orders. You can refer to the instructions provided earlier for more clarity on how to use these orders.

Bybit allows users to customize their leverage values, rather than imposing specific levels.

For those interested in margin trading, you can explore the following exchanges: SnapEx, FTX, BitMax, and others.

How to Use the Assets Exchange Function to Convert Assets on Bybit:. The Assets Exchange feature is a convenient function on Bybit. With Assets Exchange, you can easily convert between various cryptocurrencies you have on the platform. Here’s how to do it:

On the homepage, select “Account” >> “My Assets” >> “Assets Exchange.” Alternatively, you can access it directly via this link:

Giao diện bên dưới cho phép anh em nhập các tuỳ chọn swap tương ứng:

• [1] Enter the Crypto coin you want to convert
• [2] Enter the Crypto coin you want to convert to.

As shown in the image above, let’s take an example of swapping BTC to ETH.

Enter the corresponding amount of BTC. Below, you can see the conversion rate, which is 1 BTC = 55.96 ETH. Then, select Exchange ETH, and you’re done.

Please note:

• The conversion rate from the Bybit Quotation exchange will be the best available rate at that moment.
• This conversion will also incur fees. The corresponding fees for each coin are: BTC (0.0005), ETH (0.02), EOS (1), and XRP (10).

Instructions on obtaining an API Key on Bybit.

Like many other exchanges, Bybit also supports API Keys to help traders connect this exchange with third-party applications.

To obtain your Bybit API Key, follow these steps:

First, to create/manage your Bybit API keys, API users can click on the top right of the main page: ‘Username’ => ‘Account & Security,’ then click on> “Manage API.”

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

Finally, enter your API information, such as a reference name for your API Key under ‘Name’ and your IP address, and proceed to enter your Google 2FA authentication code before clicking “Confirm.”

You can also choose to link with third-party applications.

Frequently Asked Questions when trading coins on the Bybit exchange:

Which country is Bybit based in?

Bybit is headquartered in Singapore and registered in the British Virgin Islands (BVI).

Is Bybit safe and reputable? Is it recommended to trade on Bybit?

Yes!

Bybit’s development team includes experienced members from major organizations such as Morgan Stanley, Tencent, Ping’an Bank, and Nuoya Fortune. Therefore, you can trust the product experience and the safety of each transaction.

Additionally, Bybit is suitable for traders interested in leverage and derivatives trading. One of Bybit’s advantages is its focus on derivative trading and margin leverage, rather than offering various other types of trading like spot trading or bond trading. This results in a well-optimized user interface.

 

Has Bybit been hacked before?

No! As of the current time (2021), Bybit has not experienced any hacks.

How to contact the support department:

For any account-related issues, you can chat directly with the support team through the online chat window or join their Telegram group.

Additionally, for cooperation requests or more detailed support, you can contact Bybit via email for various departments:

 

• Customer Support: support@bybit.com
• IT Support: IT@bybit.com
• Affliates: IB@bybit.com
• Marketing: Marketing@bybit.com

What are the withdrawal and deposit limits on Bybit?

You can refer to the minimum withdrawal/deposit limits in the table below:

Note: You are allowed to make up to 3 withdrawals in 24 hours, and the platform will process these withdrawal requests at 8:00 AM, 4:00 PM, and 12:00 AM (UTC).

Summary

Here’s another option for the crypto derivatives exchange for you to consider. Some recently established exchanges you may want to explore include:

• SnapEx, EMX: These are suitable for newcomers to the market who prefer a basic interface.
• FTX, MXC: These are designed for experienced traders who want a variety of trading options.

Coinvn98 has articles about these exchanges, each with its own advantages and disadvantages, catering to different types of traders. You can choose any exchange that suits your preferences. We hope that through this article, you have gained information and basic guidance on how to use Bybit.

See you in the next article!

 

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