How to trade cryptocurrency on Bybit

In early 2024, Baybit was the only first-tier exchange that retained full access to P2P for Russian clients. Registered in the British Virgin Islands and then in the UAE, the platform did not support the restrictive requirements of European and American regulators. Loyal client policy allowed Baybit to strengthen its position in the market. Now it ranks second in the world by the volume of operations with futures and third by spot transactions. The material tells how to trade on Bybit for beginners.

A brief description of the Bybit exchange

The platform was created in 2018 for trading cryptocurrency derivatives. Wide functionality, a large number of coins and leverage up to x100 ensured its popularity among traders and allowed it to quickly enter the top 10 largest platforms.

At the same time, the developers developed spot trading and investments. At the beginning of 2024, Bybit’s functionality includes:

• Spot trading. The exchange’s listing includes 400 popular coins.
• Margin trades. In the spot terminal, leverage up to x10 is available, for derivatives trading – up to x100.
• Operations with futures. The exchange offers 430 trading pairs. It is possible to open long and short trades.
• Cryptocurrency options trading. Contracts with collateral in USDC are available.
• Transactions with ETP-tokens. This is a complex tool that simplifies derivatives trading. ETP-token is a basket of futures positions with built-in leverage.
• Copytrading with bots. You can copy individual trades and entire strategies of successful participants.
• A wide range of tools for passive earnings on cryptocurrency. Among the popular ones are staking, liquidity mining, bi-currency investments.

Legality and regulation of trading on Bybit

In April 2023, Bybit moved its headquarters to Dubai. This was preceded by the team’s active work to expand its presence in the Middle East region and African countries. Previously, the exchange was registered in the British Virgin Islands.

The UAE has come to the forefront of the crypto industry in 2022-2023. The country’s authorities have included Web3 in the state development strategy until 2030. As part of the initiative to create space for cryptocurrency projects, the Virtual Assets Regulatory Authority (VARA) has been established in Dubai. This organization seeks to find a balance between encouraging innovation and proper control over cryptocurrency companies.

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ByBit provides convenient and safe conditions for cryptocurrency trading, offers low commissions, high level of liquidity and modern tools for market analysis. It supports spot and leveraged trading, and helps beginners and professional traders with an intuitive interface and tutorials.

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The regulator plans to turn Dubai into the capital of the digital economy while ensuring the safety and transparency of virtual money transactions.

Loyal policies and government support for cryptocurrencies are attracting developers to Dubai. As of January 2024, there were more than 400 blockchain companies operating in the country. Bybit ranks 2nd in terms of turnover among spot exchanges in the region. The platform is open to customers in more than 160 countries, but does not work in some regions due to local regulatory restrictions. Exclusion lists include the US, Singapore, mainland China, and North Korea.

Differences from other platforms

Bybit’s closest competitor is the Binance exchange. The second one is still leading in terms of financial performance on the spot and futures markets. But after Binance left Russia, many clients of the platform transferred their assets to Bybit. Both platforms offer a wide range of functionality for trading and a set of tools for investment. You can compare them in the table below.

App availability

You can trade cryptocurrencies and their derivatives on the website and Bybit and using your smartphone. The exchange’s mobile app supports a full range of options and ensures the security of transactions. In 2024, iOS and Android apps are available. Download them on the crypto exchange’s website and app stores:

• AppStore.
• Google Play.
• Huawei AppGallery.
• Mi Store.
• Samsung Store.

The mobile version of Bybit is popular. The program also has high marks of traders.

Only from Google Play the program has been downloaded more than 10 million times. The average score of users is 4.9 out of 5.

The exchange gives out generous bonuses to newbies. You can get up to $5.02 thousand as a gift for downloading a mobile application.

Commissions and tariffs

The exchange charges fees for trading operations. Commissions are calculated from each order. The size depends on whether the trader puts liquidity into the stack (maker) or picks up a counter order (taker). In addition, the type of trading matters.

For example, on a spot, the base commission for makers and takers is 0.1%. This amount is deducted from the volume of the asset being bought or sold. In other words, the trader does not pay more, but receives 0.1% less in the transaction.

Commissions on futures are calculated in a similar way. The only difference is in the rates – 0.01% for makers and 0.06% for takers (basic level). To keep the futures prices at the same level as the base coin quotes, Bybit applies a funding rate. This rate changes every 8 hours based on the market situation. If the funding rate is positive, the amount (funding) is deducted from long positions in favor of short positions and vice versa.

In margin trading, the commission is calculated on the total position. If a trader used $200 of his own funds and leverage x5 ($800) for purchase, the exchange will deduct 0.1% from $1 thousand (1 USDT). Additionally, you will have to pay for the use of borrowed funds. The rate depends on the coin and changes daily – according to the market. The current rates should be viewed in the “Margin Data” section. Examples are in the table.

Interest is charged every hour at 1/24th of the daily rate. If the trader returns $800 after 3 hours, he will pay 0.001 USDT extra to the base commission. Calculation formula: 800 USDT × (0.1%/24) × 3 = 0.001 USDT.

For futures trades, you do not need to pay for leverage separately. This amount is already stitched into the contract.

Methods of reduction

To motivate traders, the platform has a VIP-program. Its participants receive a set of privileges, including discounts on trading commissions. Beginners are assigned the basic level VIP0. To upgrade, you need to deposit a certain amount of money into your account and maintain a specified trading turnover on spot, futures and options.

To get the Pro-level, you need to achieve a specific volume of transactions in all directions – for example, become a maker and trade on Bybit. At the same time, the turnover of transactions through the API must be 20% or more. In the table you can compare commissions for spot, futures and options trades for different VIP and Pro levels. In some cases traders do not pay trading fees.

Leverage and limits

Bybit clients can use leverage to maximize the potential profit from trades. The exchange offers a maximum leverage of x10 in margin trading, x100 on futures and options.

The parameter can be set when placing an order and adjusted after opening.

To exclude manipulation of cryptocurrency prices on the spot, the exchange has limited the volume and maximum value of orders. Minimum values are also set. In the table you can compare the limits for trading popular coins.

Withdrawal limits are set taking into account the client’s VIP status and KYC level. Without verification you can withdraw up to 20 thousand USDT per day and up to 100 thousand USDT per month. However, it is not possible to deposit and trade cryptocurrency on Bybit, so KYC is considered a mandatory procedure.

Standard limits for customers with VIP0 status who have passed level 1 verification are 1 million USDT per day. This is enough for most users. Current possibilities can be seen in the withdrawal window.

Bonuses and referral program

Baybit has a generous loyalty program. Bonuses can be received by beginners and active traders. For the former, the exchange offers up to 30 thousand USDT for performing simple tasks and participating in promotions.

For example, in February 2024 an offer from the fiat gateway is available. It is necessary to replenish the account in any national currency or buy coins from the card (EPS) for $100. As a reward, the exchange will credit a bonus $10.

Regular customers can also qualify for monetary incentives. The exchange holds regular contests for them. Winners are chosen by trading turnover on spot and futures.

Bonuses can be used to increase earnings on the exchange – receive discounts on commissions and pay off trading losses. In addition, the exchange offers to earn on attracting new users. Regular traders participate in the referral program, while Influencers – in the affiliate program.

The first ones can earn up to $1075 and 30% of referral commissions. The second ones get up to 50% of the fees and an additional 10% if the newcomer also becomes an affiliate.

Support service work

The Bybit team has created a large number of guides and video tutorials for each instrument. You can find them in the “Help Center” – via a link from the bottom menu. To do this quickly, you need to type a query or keyword in the search box. Here you can also find answers to frequent user questions on any topic.

Usually an independent search with the help of the “Help Center” is enough to solve most problems. If the answer is not found, it is worth writing to tech support. The following methods of communication are available:

• Request form.
• E-mail.
• Online chat.

The support service works 24/7. The fastest operators answer in online chat – in 2-3 minutes.

Reviews about Bybit

Bybit is one of the largest platforms for trading cryptocurrencies and their derivatives. Reviews about the exchange can be found on industry forums and in monitoring. The project team also invites users to leave comments about the work and wishes using a special form on the website. Developers analyze customer feedback to improve the functionality and introduce new tools.

Opportunities for cryptocurrency trading on Bybit

In 2022-2023, the popularity of Bybit in Russia and CIS countries has grown significantly. In January 2024, the platform is visited by more than 5 million users per week. Clients are offered a wide range of opportunities for trading cryptocurrencies:

• Buying and selling coins on spot.
• Transactions with futures and options.
• API trading.
• Copying transactions.

Demo account availability

Beginners can test the functionality of the platform in the test version. The option is available only on the website, there is no such possibility in the mobile application. You can go to the platform using the button in the top menu.

To trade on a demo account, you need to request test coins. You can replenish your account once a day for $100k in USDT, USDC steiblecoins, as well as 1 BTC and 1 ETH. The instructions are as follows:

1. Open the test terminal.
2. Click on the “Assets” button in the top menu.
3. Click on the “Request demo funds” button.
4. Confirm the action.

Coins will be credited to the spot or Unified trading account. They can be used to practice all types of trading operations.

Trading on the Bybit exchange on spot

Classic trading involves buying and selling cryptocurrencies at market prices. There are 405 digital coins traded on the Bybit spot terminal in pairs with USDT, USDC, BTC, ETH. The following order types are used for transactions:

• Limit – allows you to purchase an asset at the desired price. You can choose a counter order from the order book or wait until the specified rate is reached.
• Market – needed to buy/sell coins at current prices. Orders are executed instantly.
• Conditional – an auxiliary tool. It allows you to set a trigger price, upon reaching which the main order will be triggered.

To open a transaction, you need to go to the spot terminal and fill out an application. Limit orders with pending execution get into the stack. They can be tracked on the chart and below – in the history. This section allows you to manage positions and delete orders if necessary.

In the spot terminal you can also open transactions with leverage. To do this, you need to switch to the margin mode when placing an order. When activating the function, the program will offer to switch to the Unified Trading Account.

Futures, options and other derivatives

According to monitoring data, the current open interest in transactions with cryptocurrency derivatives is $7.09 billion. On Baybit, you can trade open-ended and futures contracts with collateral in USDT, USDC and cryptocurrency, as well as options.

Both types of derivative transactions involve buying or selling coins in the future at a predetermined price. However, futures solidify the obligation of the buyer of the contract to purchase or sell the asset. Options – grant the right to make a transaction. In the first case, the position is closed when the strike price is reached. In the second case, the trader can hold the deal for as long as he wants.

To increase the potential profit when trading derivatives, leverage up to x100 is available. The required coefficient can be adjusted when placing an order. Instructions for trading futures contracts:

1. Log in to the exchange using login, password or via Google, Apple accounts.
2. To trade on the exchange you need at least level 1 verification.
3. At the top of the screen, click on the “Derivatives” button. In the drop-down tab, select the type of contract – for example, open-ended USDT.
4. Click on the trading pair – for example, BTCUSDT.
5. On the trading page, you need to fill out an application. You can choose a market or limit order, if necessary, set an auxiliary order – Stop Loss or Take Profit. You will also need to specify the type of margin, adjust the leverage, set the amount to work and the execution price.

6. Activate the order with the “Buy/Long” or “Sell/Short” button.

API support

The Application Programming Interface option provides programmatic access to Bybit. With the API, traders can:

• Automate Bybit trading from scratch, including placing, setting and canceling orders. This allows for quick response to market movements.
• Manage a trading account. You can check your balance, view transaction history, track current orders.
• Get access to market analytics. Through API you can request real data on currency quotes, trading volumes and other information necessary for decision-making.
• Create robots and copy trading strategies. Through the API, you can access any derivative trading tools to fine-tune orders.

Copytrading

On Bybit, you can repeat the trades of experienced users, earning trading income with minimal risk. In turn, master traders earn more by giving subscribers access to their trades.

Individual futures trades or entire strategies can be copied.

The second method involves the mechanism of automated copytrading. Its essence is that subscribers get access to bots that implement trading strategies of masters. You can connect in the following way:

1. On the main page, click on “Derivatives”. Next – “Copytrading”.
2. Choose a trader from the list of the best or experienced traders. The gradation by categories includes return on investment, optimal balance of risk and profit, highest profit for subscribers, lowest drawdown. You can also select the best intraday performance and beginner’s offers with high profits and low percentage of failed trades.
3. Click on the “Copy” button.
4. In the card, study the statistics of the wizard.
5. In the settings, specify the total investment amount, select the subscription type – open-ended futures secured in USDT or trading bots implementing strategies. Both options can be selected.

6. Click on the “Advanced Settings” button to set more precise parameters of trades. You can set the maximum position on the contract, daily limit of operations, stop loss and take profit ratio for each order, allowable slippage.
7. Agree to the terms and conditions of the copy trading agreement.
8. Click on the “Copy Now” button.

The profit distribution ratio is set by the wizard. This is the percentage that the trader takes from successful trades of subscribers. The exchange does not charge a commission.

Who is a Master Trader and how to become one

This is an experienced user with proven results – a high percentage of successful trades. Any Bybit user who regularly profits from derivatives trades can become a Master Trader.

To do so, you need to submit an application. Step-by-step instructions for trading on Bybit as a master trader:

1. Go to the copytrading section. To do this, you need to select the appropriate button in the “Derivatives” menu.
2. Press the “Join as a trader” key. The program will automatically create a sub-account for copy-trading.
3. Accept the terms and conditions of the agreement.
4. Specify your nickname, country, Telegram account. Click on the “Next” button.

After sending the application, you need to perform a number of tasks to confirm your trading experience and results of transactions. You will need to join the community of masters, transfer a minimum of $100 to your copytrading account, complete 3 derivatives trades and earn 50 USDT and the same amount for subscribers.

Other products for trading and earning

In addition to active trading, passive earnings on investments are available on the platform. Available products:

• Accumulation. On the page, you can select coin staking offers with flexible and fixed terms. The maximum annualized rate as of February 2024 is 100%.
• Liquidity mining. Investors are offered to earn in two ways – to provide funds to pools to receive commissions for swaps, and to increase the share of participation due to leverage. In the second case, the potential income is greater, but there is a risk of liquidation and loss of deposit.
• Bicurrency investments. This is an option structure based on a basket of contracts. The investor sets the expected price of the asset and the maturity date. If the forecast comes true, the income is accrued in the coin used, if not – in steiblock.
• Lending. It is possible to receive crypto-loans in some assets against the collateral of others. The received funds are allowed to withdraw or use them to earn money on the exchange.
• NFTtrading . You can buy and sell digital items on the built-in marketplace. NFTs are supported on Ethereum, Solana, Binance Smart Chain, Polygon, and Tezos.
• Launchpad. This is a platform for launching cryptocurrency projects. Early entrants claim maximum return on investment.

How to start trading on Bybit for beginners

The platform is aimed at a wide range of users – investors and traders, experienced and beginners. To start trading on the Bybit exchange, you will need to create an account and pass KYC. After that, you can deposit money to the balance and open a deal in the chosen direction.

Thanks to the intuitive interface, it is easy to work on the exchange. But beginners can take advantage of interactive guides to make it as easy as possible to start trading. Below is an instruction for beginners on how to trade on the Bybit exchange.

Registering on the exchange

To get access to Bybit products, you need to log in. The registration process is standardized. The instructions are as follows:

1. On the main page of the website or mobile app, click on the “Registration” button.
2. Choose the method of authorization – using e-mail, email, Google or Apple accounts. For the first two, make up a password.
3. Agree with the terms of service and privacy policy.
4. Click on the “Get welcome gifts” button.
5. Enter the verification code from SMS or e-mail.

Account verification

Exchange clients can withdraw up to 20 thousand USDT per day without KYC. It is impossible to make deposits and trade. Therefore, verification on Baybit can be considered mandatory.

There are 2 levels of KYC. Most traders are enough for the first one with a full set of available functions, authorized withdrawal of fiat (up to $20 thousand per day) and cryptocurrencies (up to 1 million USDT in equivalent).

The instructions are simple. Users will need to:

1. In the personal cabinet, click on the “Account and security” key.
2. In the “Account Information” block, select “KYC Verification”. Click on the “Pass” button.
3. Familiarize yourself with the benefits of KYC Level 1. Click on the “Pass Verification” button.
4. Select your country of residence and type of ID.
5. Upload passport photo (for Russians).
6. Go through the facial recognition procedure.

At the second level, you will need to confirm your residence. Withdrawal limits will be increased.

Description of the trading terminal

The exchange strives to provide comfortable conditions for trading cryptocurrencies. Therefore, terminals for all types of trading have the same structure. In the left part of the screen there is a chart for the selected pair. To work on the exchange Baybit, beginners can customize periods, use indicators for the most complete analysis. On the right side of the screen there is a stack of orders and a form for creating orders.

The block of monitoring open positions and executed orders can be found under the chart. From here you can manage transactions – change the leverage or delete irrelevant orders.

For convenient trading on different markets, the exchange offers to switch to the Unified Trading Account.

In this case, traders get simultaneous access to spot transactions and derivatives market, can quickly change strategies without the need to reallocate funds manually.

Types of orders on the exchange

To implement trading strategies, traders use orders to buy and sell coins. There are 3 main types of orders available:

• Limit – to buy or sell at a specified price.
• Market – for transactions at the best available rate in the order book. But due to high volatility the price can be higher or lower.
• Conditional – an auxiliary order for profit taking, loss limitation or breakout.

Available trading pairs

In the spot terminal, cryptocurrencies are traded to USDT, USDC, BTC, ETH, DAI, BRZ, EUR. In February 2024, there are 405 coins listed on the exchange. This list is regularly replenished with promising assets.

Contracts with collateral in USDT, USDC and top cryptocurrencies are available on the derivatives market. Supported trading pairs can be compared in the table.

Contracts	Assets in pairs
Indefinite with USDT	BTC, ETH, MNT, GMT, OP, LUNA2, WAVES, GAL, APE
Futures with USDC	BTC, ETH
Perpetual with USDC	BTC, ETH, SOL, XRP, ETC, MATIC, OP, BNB
Options with USDC	BTC, ETH
Inverse	BTC, ETH, EOS, XRP, DOT, ADA, MANA, LTC

Step-by-step instructions for buying on Baybit

You can make a deposit on the platform by crypto transfer. The second way is to buy base coins for fiat. The crypto exchange supports several execution options:

• Quick purchase from a card and via EPS.
• Direct transaction on P2P.
• Fiat deposit with subsequent exchange for coins.

Quick purchase

The option is available on the main page of the crypto exchange. The instructions are as follows:

1. Click on the “Buy Cryptocurrency” button in the top menu.
2. Select “Buy in one click”.
3. Fill out the form – choose the currency of payment (for example, rubles). In total, more than 50 national units are supported.
4. Select the coin to buy – for example, BTC.
5. The available payment method will appear below. In February 2024, these are bank cards via P2P.

6. Click on the “Pay with RUB” button.
7. The counterparty’s offer will open. You need to familiarize yourself with the terms and conditions and place a counter bid.
8. Wait for the counterparty’s response and pay the invoice.
9. When the seller confirms receipt of money, the coins will be transferred to the user’s exchange account.

P2P

You can buy coins directly – using a peer-to-peer platform. In February 2024, fiat transactions with USDT, USDC, BTC, ETH are supported. The procedure is as follows:

1. Select “Buy Cryptocurrency” in the top menu.
2. Click on P2P.
3. Set search parameters – direction (buy/sell), coin, payment method.
4. Select an offer from the list of issuance. It is recommended to look at the statistics of the counterparty – rating, number of executed orders, average transfer time.
5. Place a response bid. Wait for confirmation and pay the invoice.

Via fiat deposit

In 2024, Baybit supports RUB in the listing. Therefore, traders can make a RUB deposit to the account and then exchange fiat for target coins. General instructions for depositing:

1. Authorize on the platform.
2. Select the “Assets” section, then the funding account.
3. On the page, click on the “Fiat” button.
4. Select the currency – ruble. Click on “Deposit”.
5. In the replenishment window, specify the amount in rubles, select the payment method. In February 2024, bank cards and Advcash EPS are available. In the first case, there is a commission of 2.5%, in the second case there are no fees.

Bank card

When making a fiat deposit, only transfers from personal accounts are accepted. To pay by bank card, it is necessary to select this method in the form and click on “Continue”. Then you will need to enter the details of the plastic and confirm the operation. The money will be credited to the trader’s balance instantly.

Advcash

You can make a deposit via EPS without commissions. Crediting is instant. After selecting this payment method, the program will offer to log in to the e-wallet and confirm the payment.

Transferring money between Bybit and other exchanges

It is possible to send funds from Bybit to other platforms only in cryptocurrency. Direct fiat transfers are not supported. To send coins you need to:

1. In the control panel, click on the “Withdraw” key.
2. Form the transaction – select the cryptocurrency and network, specify the amount, the address of the recipient, check the commission.
3. Confirm the transaction.

Selling cryptocurrency on the exchange

In the spot terminal you can exchange some coins for other coins or EUR. There are no ruble pairs. You can sell cryptocurrency for RUB using a peer-to-peer service. Instructions on how to trade on Baybit P2P:

1. Go to the peer-to-peer platform.
2. Set parameters to search for offers – sale, coin (for example, USDT), payment method. 2024 supports settlements by bank cards, with popular EPS, cash.
3. Select an ad and conduct a transaction.

Tips on how to work on the exchange Baybit to a beginner

After the first login to the account, it is recommended to set security settings. Bybit offers:

• Activate an additional authentication method – via SMS, Google Authenticator, YubiKey.
• Connect a phishing protection code.
• Use a financial password to confirm transactions.
• Connect a white list of addresses for withdrawal.
• Set 24-lock to send coins to new addresses.
• Connect cryptocurrency withdrawal only to wallets saved in the address book.
• Pass account verification.

To use Bybit, it is recommended to test the functions of the exchange in a demo account. Beginners will be able to hone their cryptocurrency trading skills, test ready-made strategies or create their own.

It is recommended to conduct the first transactions in the spot terminal without the use of borrowed funds. A small leverage can be connected after a series of successful transactions. At the same time, it is necessary to calculate the risk management.

Two-factor identification

Bybit developers use advanced technologies to ensure the safety of client money. But users can also strengthen the protection of personal accounts.

The best way is to connect two-factor authentication. Then the platform will ask for at least 2 confirmation codes when logging in to the exchange, transferring coins and other significant actions.

The exchange offers several methods of 2FA. Google Authenticator is considered to be the most reliable. Connection instructions:

1. Go to the “Account and Security” section.
2. In the “Increased security” block, select “Google Authentication”.
3. Click on the “Settings” key.
4. Pass the captcha.
5. Allow Google 2FA-authentication – enter the code from the e-mail notification.
6. Download Google Authenticator.
7. Enter the code phrase from Bybit into the application. You can add it manually (copy it) or scan QR. The mnemonic phrase must be saved.
8. Enter the Google confirmation code in the connection window on Bybit.
9. Click on the “Confirm” key.

Frequently Asked Questions

🔎 What is Paradigm?

It is a platform for automating over-the-counter (OTC) cryptocurrency trading on Bybit. You can connect to it with a special Paradigm API key.

🔔 What is the difference between the regular and Paradigm API?

The second one has a special program interface for matching orders in OTC trading. It is slightly different from the order placement logic supported by most open APIs.

📢 Is there a minimum order amount on a P2P platform?

The range limits are set by the trader who placed the ad.

✨ On P2P is it possible to trade with users from other countries?

Yes, if the user is able to send a transfer in the fiat currency requested by the counterparty.

📌 What is wealth management on Bybit?

It is a service that allows you to place digital assets at interest. Funds are managed by trusted individuals who use professional investment tools to achieve goals.

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Author: Saifedean Ammous, an expert in cryptocurrency economics.