Crypto exchanges are the platforms where investors can buy, sell and trade crypto. With the increasing popularity of cryptocurrency, the number of investors searching for the best platform to begin the trade has increased. So we have come up with a solution, providing you with the information to begin your trade in one of the popular exchange platforms, ‘Bybit’. With more than 40 million worldwide users Bybit has positioned itself in the top 5 crypto exchanges by MarketCap. In this article, we’ll get you know how to use the Bybit platform to enable easy trading of your crypto assets.
Bybit: An Overview of the Popular Crypto Exchange Platform
Bybit is a popular crypto exchange platform founded in Dubai in 2018. The platform owns more than 40 million users and offers different trading types, including spot trading, margin trading, futures trading, copy trading, and more. This user-friendly platform enables a seamless trading experience for beginners and experienced traders alike. Bybit supports more than 600 cryptocurrencies, providing users with a wide collection of crypto to choose from. The lower fees and enhanced security features make the platform the best choice for a crypto trade.
Bybit: How to Get Started?
Getting started with Bybit is easy, the user-friendly interface allows users to navigate through the platform easily. From creating an account to trading crypto, everything will be discussed in this article, come lets unwind each steps together.
Step 1: Create an Account
Account creation is the primary step to interact with the Bybit platform. Users can create an account either through an email address or mobile phone number. Fill in the necessary columns including name and place of residence to complete the signup process.
Step 2: KYC Verification
KYC, Know Your Customer is a set of identity verification regulations that a user must complete to get the account verified. Verification is compulsory to avail of the advanced features of the platform. By submitting basic information, ID documentation, and a selfie, your account gets verified.
Step 3: Fund your Account with Crypto
To enable transactions, your account must have the necessary cryptocurrencies. If you have crypto in your personal wallet, you can transfer it to the Bybit account, if not you can buy it using fiat currencies or P2P trading. Let’s discuss how each feature works.
- One-click Buy
With the one-click buy, users can purchase cryptocurrencies using their fiat currencies. To get fiat currencies to your Bybit account, you can use the ‘fiat deposit’ feature which lets you transfer fiat currency from your bank account to your Bybit account (Note that not all fiat currencies are available in this feature). Select the fiat currency you want to use and the cryptocurrency you wish to buy. Enter the amount and choose the payment method. Confirm the transaction and your account will be delivered with the cryptocurrency you chose.
- P2P Trading
P2P trading is a trading feature that allows users to buy cryptocurrencies from other Bybit users directly without involving intermediaries. Users can navigate to the ‘P2P exchange’ page and fill in the necessary details to enable a purchase.
- Transfer from Wallet
If you have crypto in your personal wallet, you can transfer it to your Bybit account to get it exchanged with the crypto you want. To get your account deposited with crypto, go to the ‘crypto deposit’ page, choose the crypto with the correct blockchain, enter the number of tokens to exchange, and confirm transactions.
Step 5: Begin Trading
Once your Bybit account is funded with enough crypto, you can begin trading. To enable trading, you need to understand two key features: trading products and order types.
- Trading Products
Trading product is the type of asset you are trading, Bybit offers you different trading products, and you can choose according to your investment needs. Below we’ll discuss different trading products Supported by Bybit.
1. Spot: As the name suggests, spot trading allows you to exchange your assets immediately. The seller delivers the asset as soon as the buyer pays for it.
2. Margin: Margin is similar to spot, but a collateral is involved. Buyers and sellers have to place an asset in their account as collateral to enable the trade.
3. Options: These include crypto assets that give the buyers and sellers the option to buy or sell the assets at a specific price during a specific time period.
4. Perpetual: This allows traders to make speculations on the assets, as much as they want.
- Order Types
Order types determine how the trade is executed. The Bybit platform offers different order types.
1. Market: Order to buy or sell crypto at the current market price.
2. Limit: Order to buy or sell a crypto at a certain price.
3. Take profit: Order to sell crypto at a price that returns a profit to the seller.
4. Stop loss: Order to sell an asset at a certain price to eliminate chances of further losses.
5. Conditional: Orders that are only activated on conditions.
Additional Features to Explore
Trade GPT: It is the AI chatbot of Bybit, it evaluates market trends, trading strategies, and trending cryptos and provides insights to users to make an informed decision.
Bybit Earn: The feature enables users to deposit crypto assets in the platform for a certain lockup period and gain interest from the deposit.
Copy Trading: Using the copy trading feature, traders can imitate the trading strategy of popular traders.
TradingView: It provides users with award-winning charts and analytic tools, which can be utilized to improve their trading strategies.
Bottom Line
Bybit exchange offers traders, both newbies and experienced, a smooth interface where they can meet their trading needs, low transaction costs, swift transactions, wider availability of crypto, and advanced trading features making it one of the best platforms to trade crypto. However, being a centralized exchange platform, Bybit won’t provide users with complete ownership over their assets, necessitating the need to have trust in the platform. Crypto scams and other fraudulent activities are another major concern while trading, deeply understand the crypto industry and its associated risks before investing.
