Bybit wallet for cryptocurrency

Instructions for use

For steaking, participation in IDO and trading on the DEX-exchange, you need to replenish your balance. How to do it:

1. Go to the “Assets” section. Initially, customers only worked with Ethereum, but more than 25 cryptocurrencies are available, including Polygon, BNB, and TUSD in 2023.
2. Click on “Deposit.”
3. Copy the address, paste it into another wallet, and process the transaction. You can also scan the QR code.
4. Wait for the transaction to be processed. Depending on the chosen network and workload, transfers take up to 10 minutes, but usually the cryptocurrency arrives on the balance within 60 seconds.

A special feature of Web3-wallet is the support of 9 blockchains. Traders work with Ethereum, BNB Chain, Optimism. The number of available coins depends on the selected network.

Before sending money, it is recommended to check the specified blockchain. Some networks have the same coins available. Because of this, it is possible to send tokens to the wrong address by mistake.

For new customers who don’t have tokens yet, an exchanger is provided in the Bybit wallet section. Users can buy USDT through a P2P exchange. To do this, you need to:

1. On the “Assets” page, find USD Tether and click on “Buy”.
2. Enter the amount in rubles, dollars or another unit. In total, the exchanger supports more than 40 currencies. It is worth noting that the limits depend on the selected fiat. If the user specifies rubles, it is necessary to exchange at least 8.5 thousand RUB, and in the case of dollars – $100.
3. Choose a network (Ethereum, BNB Chain or Arbitrum One). Below is the cost of gas that is needed to validate and confirm transactions in the blockchain. Ethereum charges $5 USDT and the other networks charge $0.3 USDT each.
4. Provide a wallet address. If the trader has not connected third-party services, the window will be blocked. It contains the Bybit Wallet address by default.
5. Click on “Next” and give permission to process personal information.
6. Choose a bank. It also shows the current dollar rate of specific companies.
7. Pass verification (if the user has not already done so). Only verified clients can trade cryptocurrency in the P2P-exchanger.
8. Click on “Buy” and enter the card details.

On the “Orders” page, you can see the history of exchanges. The status of pending transactions is also shown here.

How to view the address

To find out and copy the link, you only need to hover your mouse over Bybit Wallet. A small window with the address will open. If several wallets are connected, then all will be listed here. You need to click on the address to copy it.

Bybit Wallet functionality

The developers of the platform have already identified the main features at the planning stage and implemented them. Although the functions of the service are related to dApps, Bybit Wallet is a custodial wallet. The cryptocurrency is stored by the platform itself. Wallet features:

• Swap – exchange of cryptocurrency without the use of intermediaries represented by a centralized exchange.
• Integration with Apex is a multichain derivatives protocol that eliminates the main disadvantages of DEX (high gas commission, unreliable order execution). The platform gives traders access to transparent and understandable financial instruments.
• IDO is a platform for investing in Web3 projects. Developers undergo less stringent checks, unlike IEO, so it is recommended to research companies independently before investing.
• Airdrops – free coin giveaways. They take place relatively infrequently here.
• NFT – displaying non-mutualizable tokens and managing them.

Pros and cons of the Bybit wallet

The vault offers users more features than other services. The table considers the main advantages and disadvantages of Bybit Wallet.

Frequently Asked Questions