Bybit Review 2024: Complete Exchange Guide + $50k Bonus!
Are you thinking of using Bybit? Well, before you do, you have to watch this video. Weโre going to show you everything you need to know about using Bybit, a complete step-by-step guide to using the exchange like a pro. We also have hints and tips that you wonโt find anywhere else, as well as an exclusive sign-up bonus. So be sure to watch right till the end. Before diving in, itโs important to state that, although we may have an affiliate relationship with Bybit, this video is not sponsored in any way. Letโs get started!
Overview of Bybit
Bybit is one of the top cryptocurrency exchanges, boasting over 20 million users. Founded in March 2018 and headquartered in Dubai, one of its co-founders serves as CEO. Bybit is tailored to professional traders, especially derivatives traders. Itโs the second-ranked derivatives platform in the world, just behind Binance, and offers an advanced trading platform with an ultra-fast matching engine, 24/7 customer service, and multilingual community support.
- Bybit is available in over 160 countries.
- Not supported in the US, Singapore, the UK, some parts of Canada, and certain US-sanctioned countries.
- Security and low fees are priorities on Bybit.
Setting Up Your Account
If you donโt have a Bybit account yet, you can use the link in the description to sign up and be eligible for up to a $50,000 signup bonus and 0% maker fees for 30 days, exclusively available for a limited time. Once youโve signed up, youโll need to fill out your email and choose a strong password to create your account. Youโll receive a verification email to get started with Bybit.
Enhancing Security
Security is crucial when trading on any platform. Bybit offers various security measures to protect your account:
- Setting up Two-Factor Authentication (2FA) through Google Authenticator
- Using fund password, UB key authentication, anti-phishing code, and more
- Utilizing withdrawal lock feature
- Verifying your identity for access to basic features
Trading on Bybit
Once your account is set up and secured, you can start trading on Bybit:
- Buying crypto using fiat or bank transfer
- Transferring crypto to Bybit from another wallet or exchange
- Understanding different trading accounts: funding, spot, derivatives, USDC, and unified trading
Using Derivatives on Bybit
Derivatives trading is a key feature of Bybit, offering futures contracts and exploring other derivative products. You can trade derivatives using stablecoins like USDT or USDC, going long (bullish) or short (bearish) on assets.
- Understanding leverage and margin trading
- Utilizing the order calculator for informed trading decisions
- Considering copy trading to follow expert traders
Withdrawing Funds
When youโre ready to take profits off the platform, you can easily withdraw funds from Bybit. Just navigate to your profile, select your assets, choose the funding account, and initiate a withdrawal by selecting the asset and providing the withdrawal address.
Additional Features on Bybit
Bybit offers trading bots, copy trading, and AI trade functionalities for advanced and beginner traders:
- Spot grid bot for small profit-making
- Dollar-cost averaging (DCA) bot for passive trading
- Martingale bot for advanced strategies (caution advised)
- Copy trading to mirror expert tradersโ moves
- AI trade GPT for AI-powered trading insights
Conclusion
Bybit is a comprehensive trading platform with a range of features for both novice and experienced traders. With a user-friendly interface, strong security measures, and low fees, it has become a popular choice among cryptocurrency enthusiasts. Remember to always have a proper trading and risk management strategy in place before trading on Bybit. If youโre interested in creating a Bybit account, use our referral link in the description to avail yourself of the signup bonus and trading fee discounts. Happy trading!
Hot Take
Bybit offers a user-friendly platform for both novice and experienced traders, with a range of features and strong security measures. Remember to have a proper trading and risk management strategy in place. Utilize the various tools and resources available on Bybit to enhance your trading experience. Happy trading!
Source: Youtube
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.