- 1 Is Bybit Exchange Safe?
- 2 Bybit Exchange
- 3 Bybit Wallet
- 4 Bybit Account
- 5 Verification Requirements
- 6 How to Trade Perpetual Contracts on Bybit
- 7 How to Cash Out on Bybit
- 8 Supported Cryptocurrencies
- 9 Supported Countries
Bybit is a cryptocurrency derivatives trading platform that allows users to trade derivatives of all the top cryptocurrencies like Bitcoin, Ethereum and Ripple. The exchange was launched in 2018 and registered in the British Virgin Islands. Bybit is headquartered in Singapore and has offices in Hong Kong and Taiwan.
Even though Bybit is not regulated or authorized by any legal organisation, it still follows extensive security measures to protect its clients’ funds. In order to provide maximum security, Bybit stores the majority of its clients’ assets on multi-signature cold wallets. Furthermore, it offers 2FA protection to prevent unauthorized access of its customers’ accounts.
The trading interface of Bybit is simple, user-friendly and displays elaborate graphs and real-time pricing charts. It supports multiple languages including Japanese, Traditional Chinese, Russian and Korean. It accepts users from all over the world including Europe, North America, Russia, Japan and more.
The following review analyses several aspects of Bybit, whilst providing you with an all-rounded detailed overview of the trading platform and its services. Although Cryptimi does its best to provide you with accurate information, whilst aiming to update it on a regular basis, we strongly recommend that you visit their site for any important updates which might occur after this review is published.
Is Bybit Exchange Safe?
It is too early to come to a conclusion about its security? Bybit follows standard security protocols by storing the majority of its clients’ funds on multi-signature Hierarchical Deterministic cold wallets to provide maximum protection. It keeps only a small amount on hot wallets to allow for immediate withdrawal. Before processing a withdrawal request, Bybit team thoroughly reviews all deposit, transaction and other records to safeguard the security of the assets.
Bybit allows users to quickly trade the perpetual contracts of the leading cryptocurrencies. Since the platform uses state-of-the-art matching engine, it can process 100,000 transactions per second. What’s more, there is no server downtime at all.
As mentioned previously, Bybit stores all its clients’ assets on multi-signature cold wallets. After creating an account, you will be provided with a wallet address for every asset you keep on the platform.
Bybit offers two types of accounts: Real and Testnet. The latter is mostly used by application developers or testers for testing purposes.
The signup process on Bybit is pretty simple and won’t take more than a minute as it requires only your email address or mobile number. Furthermore, it doesn’t ask users to provide any kind of document to trade cryptocurrencies on its platform. Currently, it offers a $10 Welcome Trading Bonus to all its new users.
The exchange has listed the fee schedule clearly on its website and there is no hidden fee at all. In case users would have forgotten their password, Bybit provides an option to reset the same.
How to Sign Up on Bybit
Follow the below steps to create your account on Bybit:
- Navigate to their website and click ‘Register’.
- Click the tab entitled ‘Email Registration’. (If you would like to create an account using your mobile number, then click the ‘Mobile Registration’ tab, enter your mobile number and proceed to Step 4. Since mobile registration is available only for selected countries, please check if your country is listed).
- Enter your email address and password.
- Click Register.
- Now, you will receive a confirmation email from Bybit. If you don’t find said email in your Inbox, check your Spam folder to ensure it’s been received. Then, enter the 6-digit authentication code to complete the signup procedure.
Congratulations! You have successfully created a trading account on Bybit.
How to Log in on Bybit
To log in to your account, follow the below steps:
- Navigate to their site and click ‘Login’.
- Click ‘Email Login tab’, enter your email, password and click ‘Login’.
- In case you had created the account using your mobile number, then click ‘Mobile Login tab’. Then enter your mobile number, password and click ‘Login’.
Now, you will be logged on to your Bybit account and can start trading right away.
Bybit exchange doesn’t expect users to verify their identity by uploading any kind of documents. Therefore, users can start trading as soon as they create and verify their account.
How to Trade Perpetual Contracts on Bybit
First, you need to deposit some funds to trade perpetual contracts on Bybit.
How to Deposit Coins on Bybit
At present, Bybit accepts only deposits of BTC, ETH, XRP and EOS. The exchange has not set any minimum or maximum limits for depositing cryptocurrencies. Follow the below steps to deposit cons on Bybit.
- Log in to your account and click ‘Assets’ located on the top of the page.
- Select the coin you would like to deposit and click the corresponding ‘Deposit’ button on that row.
- Copy the wallet address or scan the QR code.
Once the sender has completed the transaction, coins will be credited to your wallet.
How to Buy or Sell Bitcoin (BTCUSD) on Bybit
Follow the below steps to buy Bitcoin Perpetual Contracts (BTCUSD) on Bybit. Since Bybit is purely a cryptocurrency derivatives exchange, it is highly recommended to read through and understand the below terminologies before you start trading:
Perpetual Contract: resembles a traditional futures contract with the only difference in that it does not have an expiry date. This allows traders to hold a position for as long as they want.
Maker: someone who places a limit or conditional order that goes to the order book and adds up to the market depth, regardless of whether the trader chooses to go long or short. These traders help to make the market and thus are named makers.
Taker: someone who places orders that are immediately fulfilled before they go to the order book and decrease the market depth by taking orders from the order book. Usually, these are market orders, however, those who place limit orders can also be takers.
Market Order: the order will be executed at the market rate immediately after placing the same.
Limit Order: this type of order allows you to set a maximum or minimum price at which you buy or sell. Hence, the order will be executed only if the criteria is met.
- Log in to your account and click ‘Trade’ on the top left-hand of the page.
- Select BTC on the drop-down box.
- On the right-hand side of the page, you will notice three tabs entitled Limit, Market and Conditional. Click your desired tab to select the order type. In this example, we have selected Market order.
- Next, you need to set leverage, order price, quantity and other fields based on the order type.
- Finally, click Buy/Long or Sell/Short depending on the direction of the trade.
Congratulations! You have successfully placed your order for BTC Perpetual contract on Bybit.
How to Buy or Sell Ethereum (ETHUSD) on Bybit
To buy or sell Ethereum Perpetual contract (ETHUSD), repeat all the steps (except Step 2) mentioned in the How to Buy or Sell Bitcoin Perpetual section. In Step 2, select ETH from the drop-down box.
How to Buy or Sell EOS (EOSUSD) on Bybit
To buy or sell Ethereum Perpetual contract (EOSUSD), repeat all the Steps (except Step 2) mentioned in the How to Buy or Sell Bitcoin Perpetual section. In Step 2, select EOS from the drop-down box.
How to Buy or Sell Ripple (XRPUSD) on Bybit
To buy or sell Ethereum Perpetual contract (XRPUSD), repeat all the Steps (except Step 2) mentioned in the How to Buy or Sell Bitcoin Perpetual section. In Step 2, select XRP from the drop-down box.
How to Cash Out on Bybit
Bybit supports only cryptocurrency based withdrawals and there is no option to withdraw funds via fiat payment options. Before withdrawing, you need to enable the two-factor authentication via SMS or Google Authenticator. Follow the below steps to withdraw your funds from Bybit.
- Log in to your account and click ‘Assets’ located on the top left of the page.
- Select the cryptocurrency you would like to withdraw and click the corresponding ‘Withdraw’ button on that row.
- If you had already created a wallet address, then select that from the drop-down box. Otherwise, click ‘Add’ to add a recipient wallet address.
- Enter the amount you would like to withdraw and click ‘Submit’.
- Here, you need to enter the verification code sent to your email, SMS or Google Authenticator.
- Once your 2FA code is validated, you will see a confirmation message titled ‘Withdrawal Request Submitted’.
- Then, you will receive a confirmation email about your withdrawal request. To verify or authenticate your request, you need to click the link on that email.
Once your request is approved, you will receive the cryptocurrency on your wallet within a few hours. Bybit process all withdrawal requests 3 times a day at UTC Time 08:00, 16:00 and 24:00 hrs. And, the cut-off time for withdrawal request will be 30 minutes before the scheduled withdrawal processing time.
At the time of writing, Bybit exchange supports only 4 cryptocurrency perpetual contracts:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- EOS (EOS)
Bybit accepts members from almost all countries worldwide.
Except for the countries listed in the below section, Bybit offers its services to almost all countries in the EEA (European Economic Area) including Austria, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom. Outside EU, it accepts members from all over the world including North America, Russia, Japan, South Korea and Southeast Asia.
Currently, Bybit provides only restricted service for the residents of the following countries:
US, Québec (Canada), Singapore, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan