ByBit - Definitive Guide

ByBit is a pioneering exchange platform that offers a unique perspective on the dynamic world of cryptocurrency trading. Since its founding in 2018, ByBit has rapidly gained popularity, with a global user base spanning over 100 countries. As a symbol of innovation and reliability in the ever-changing landscape of digital finance, ByBit stands out as one of the leading platforms for cryptocurrency trading.

ByBit offers open-ended contracts and futures trading on a wide range of cryptocurrencies. This allows traders unprecedented flexibility and liquidity, enabling them to take advantage of all market opportunities. The platform features an intuitive interface and advanced trading tools that ensure a smooth trading experience and in-depth market analysis.

Thanks to this, both experienced traders and beginners can confidently tackle the complexities of cryptocurrency trading. ByBit adheres to the principles of security and transparency. It employs robust security measures such as multi-signature cold wallets and transparent commission structures to create a safe and fair trading environment.

The platform has been chosen by millions of traders as their primary means of harnessing the potential of cryptocurrencies, offering the opportunity to embark on a path to financial freedom and empowerment in the digital age.

Introduction to the ByBit Platform: Trading on the Exchange

ByBit is one of the most successful and fastest growing cryptocurrency exchanges of our time. Its story began in 2018, when a team of enthusiasts decided to create a completely new trading platform, combining the best tools from traditional markets and cryptocurrencies.

ByBit is not just a cryptocurrency exchange, but an entire ecosystem for working with digital assets. Its developers have integrated many different products and services into a single platform, creating a truly multifunctional space.

ByBit's ecosystem is based on the classic tools of exchanges: spot and margin trading, futures, options and other derivatives.

However, ByBit's functionalities do not stop there. This free cryptocurrency exchange platform offers many additional products and functionalities.

• ByBit Earn allows you to multiply your cryptocurrency assets through investing, staking, cash mining and other passive income generating tools.

• Copytrading platform where you can copy the trades of successful traders and earn money by offering your own subscription trading strategies.

• ByBit Launchpad deserves special attention. It is a special service offering access to promising new tokens in the pre-sale and listing phase.

• Marketplace NFT, credit platform, ByBit Wallet's proprietary crypto wallet, and even the ability to pay for cryptocurrency purchases via a special payment card.

Invest, earn passive income, participate in promising projects, buy NFTs and much more. In other words, the exchange ecosystem offers almost unlimited opportunities to work with digital assets.

ByBit advantages

Pro

Very low fees for spot, margin and futures
Over 650 cryptocurrencies offered
Offering trading on spot, margin, futures and options

Contra

Lack of free deposit options
Lack of licensing in many regions

The Bybit exchange has several advantages over other cryptocurrency exchange platforms, making it the preferred choice for cryptocurrency traders.

• ByBit offers a full suite of advanced trading tools, including customisable charts and trading indicators. These tools allow users to conduct in-depth market analysis and make informed trading decisions.
• ByBit's interface is intuitive and order execution is lightning fast, making trading easy for beginners and experienced traders alike.
• ByBit pays particular attention to security and transparency, using advanced encryption protocols, cold storage of multi-signature wallets and a transparent fee structure to protect users' funds and personal information.
• A key feature of ByBit is that the exchange operates globally, offering services to 20 million users in over 100 countries. It supports multiple languages and fiat currencies, increasing accessibility and inclusivity.
• In addition to cryptocurrency trading, ByBit offers passive income products, spot trading and access to innovative features such as marketplaces NFT, launchpad platforms, TradeGPT and others. This gives us a full range of options for portfolio diversification.
• ByBit supports an active and engaged community through various educational initiatives, live events and interactive forums that foster collaboration and knowledge sharing between traders and other top cryptocurrency exchanges.
• ByBit also offers competitive trading commissions and incentivises us through various promotions, bonuses and rewards programmes, thereby enhancing the overall value proposition for traders.
• ByBit continues to innovate and introduce new features such as open-ended contracts, futures trading and trading competitions such as the World Series of Trading (WSOT), allowing us to stay up-to-date with market trends and capitalise on emerging opportunities.

Register and Verify on ByBit

• Go to the official website of ByBit and click on the "Register" button.
• Then, enter your email, password and referral code, then click on "I accept the terms of service and privacy policy".
• Click on "Create an account".
• Go to the e-mail box indicated during registration, copy the confirmation code and paste it into the next dialogue box.
• Next, you will be transferred to your personal area, but you must verify the account before you can trade.

To start verification in your personal area, click on the yellow button "Switch to verification"

1. Click ‘Pass verification’. 
2. Next, choose a country from the list and the type of document to be used for verification.
3. Select ‘Other’ and click ‘Agree and continue’.
4. After entering all data from the selected ID card and following the clear instructions, you receive ‘Level 1 Verification’, which will be confirmed with a green tick displayed in the personal cabinet.

ByBit Deposit 

When your ByBit account is verified and ready to work, let's proceed to the possible options for replenishing the assets. There are several ways to do this.

1. Go to the ‘Buy Cryptocurrency’ section in the top menu of the site.
2. One possible option is ‘Buy in one click’, where you can select fiat, your desired cryptocurrency, and your payment method and click ‘Make a deposit’.
3. Also, in the ‘Buy Cryptocurrency’ section, you can choose ‘P2P trading (0 commission)’. Here, choose the required cryptocurrency, the fiat currency for which you will buy it, and the payment method. After that, choose a seller from the list who meets your requirements and has a convincing rating.
4. After you have chosen a suitable seller, select the amount of fiat you want to buy, and you will automatically see the amount of selected cryptocurrency from this seller for the amount of fiat you have specified. If everything is suitable - click ‘Buy.’
5. The next way, at least from the ‘Buy Cryptocurrency’ section or by clicking the bright orange ‘Deposit’ button on the right side of the site's top navigation bar - will lead to the same section.
6. At last, choose the necessary cryptocurrency network and copy the proposed wallet address. You can then enter the desired crypto from any of your other wallets and enter it into this address.

After a few confirmations online, your balance will be credited. The time of crediting depends on the specific blockchain and on it at a particular moment.

Withdrawing Funds from ByBit

1. To withdraw funds from ByBit, select the button in the upper panel of the site, which is displayed as an account avatar, and then click the ‘Withdraw’ button.
2. You will be transferred to the account information section. Go to the bottom and click on the ‘Settings’ button next to ‘Google authentication.’
3. Now, go to your email and copy the code from the email to enable two-factor authentication.
4. Paste it in and click ‘Confirm’. After that, you download Google Authenticator for Android or iOS. 
5. In this app, enter the code word or scan the QR code issued by the system on ByBit. (Be sure to save this code word in a safe place so you can restore the authenticator binding if you lose your phone.) The application will give you a verification code; enter it on ByBit and click ‘Confirm.’
6. Now, you can return to the item ‘Withdraw’. After that, you will get to the withdrawal menu, where you already choose the crypto, wallet address, network, and amount of the desired withdrawal.

Another way to withdraw assets is to sell cryptocurrency through the P2P market and withdraw it from fiat to bank cards.

Bybit Trading Commissions

ByBit has a tiered commission system. Basic commissions for all users:

• Commission on spot - 0.1% for makers, 0.18% for takers
• Commissions on futures markets - 0.036% for maker, 0.01% for taker.
• Commissions for options trading - maker and taker 0.02%. 
• VIP program members pay less if they accumulate enough volume in a month. Read more about commissions and ways to reduce them in the article Bybit Commissions: overview and discounts.

ByBit Trading

ByBit the best free crypto exchange offers a trading section that combines innovation and accessibility for cryptocurrency enthusiasts around the world. The sleek and intuitive interface makes navigating the dynamic world of digital assets easier than ever. A wide range of trading options are offered, including open-ended contracts, futures trading, and spot trading, catering to the needs of traders with varying experience levels. Everyone has access to advanced trading tools and customizable charts that allow you to conduct in-depth market analysis and make informed trading decisions. Lightning-fast order execution and competitive fees create an optimal environment for those looking to take advantage of short-term opportunities or build a long-term investment portfolio. ByBit allows us to navigate the cryptocurrency market with ease.

With any type of trading on Bybit, the ‘Markets’ section in the top navigation menu can be very useful. It comprises a general market overview, key indicators, and contract details.

Also, under the ‘Trade’ section in the site's top menu, you can select ‘Convert,’ which can be useful for converting cryptocurrencies and also supports the exchange of fiat and crypto assets.

Section ETP (leveraged token) *without liquidation risk is a derivative product not subject to margin or liquidation risk. The underlying asset is accessed through leverage, which can lead to increased profits. However, losses are also possible. Net Asset Value (NAV) represents the value of Leveraged Tokens and reflects fluctuations in the open-ended market. Each Leveraged Token represents a basket of positions in perpetual contracts. Therefore, by trading a Leveraged Token, you invest in a basket of contracts on the underlying asset.

ByBit Copytrading

Copy-trading on ByBit the best exchange for crypto allows us to copy trading strategies of experienced traders, thereby potentially taking advantage of market opportunities with less risk. This feature allows us to view a selection of experienced traders, evaluate their performance and trading history, and then decide to follow them. By selecting a trader, you can allocate a portion of your funds to mirror their trades in real-time automatically. This allows for passive investing and diversification of trading strategies.

ByBit Spot Trading

Spot trading from ByBit the best crypto trading platform offers a seamless and straightforward user experience. Designed for beginners and experienced traders alike, ByBit's Spot trading platform offers a simple and convenient method of buying and selling cryptocurrencies at the prevailing market price. Whether the goal is to build a portfolio or make a quick trade, ByBit's Spot Trading provides instant access to a wide range of digital assets. ByBit offers competitive commissions, transparent pricing, and lightning-fast execution, thus providing a smooth and efficient trading experience for us, forgoing the complexities inherent in other types.

ByBit Margin Trading

ByBit offers the opportunity to participate in margin trading with very high-profit potential. ByBit's margin trading platform expands our trading potential, allowing us to enter leveraged positions and potentially increase your profits.

Whether you're an experienced trader looking to maximize your profits or a beginner looking to explore new horizons, ByBit's margin trading feature provides the flexibility and control you need to thrive in the fast-changing world of cryptocurrencies. You are offered the ability to trade with confidence and precision thanks to customizable leverage options, robust risk management tools, and lightning-fast order execution. It is a cutting-edge solution for those looking to utilize margin trading in the dynamic digital finance landscape.

Bybit App

ByBit offers a mobile app that provides convenient access to trading accounts and cryptocurrency markets on the go. Available on both iOS and Android devices, it allows you to participate in cryptocurrency trading, control account management, and stay up-to-date on the market anytime and from anywhere. The app has an adaptive interface that allows for easy trading on small screens. Real-time market data is available. The app provides price updates, market charts, and trading indicators, allowing us to make informed trading decisions while on the go.

The Bybit app transmits notifications using push technology, alerting us to important market events, order executions, and account activity. This allows us to stay informed even when the app is unavailable. Security is also prioritized, applying two-factor authentication (2FA) and biometric authentication (e.g., fingerprint or facial recognition) to protect accounts and assets.

Bybit Customer Support – 24/7

Bybit's 24/7 multilingual help is one of its main selling factors. Customer care representatives always try their hardest to assist you as the customer and answer swiftly. Bybit's customer service may be the finest among its rivals, according to social media users and YouTube influencers.

To start a conversation with the BBbit team, simply click the chat box in the interface's lower right corner.

Is ByBit Crypto Exchange Secure?

Bybit takes security very seriously, using several security measures to secure users' money and information. Here are a few crucial security measures:

• Bybit Exchange Security Login Security: Bybit employs robust login procedures, such as hardware authentication choices, two-factor authentication (2FA), and human-computer checks. Physical security keys, such as YubiKey, are permitted for added security. 
• Triple Layer Asset Protection: Safe cold wallets keep customer cash offline. To further improve security, the exchange also uses a multi-signature mechanism that necessitates several permissions for any fund movement. It combines Threshold Signature Schemes (TSS), Trusted Execution Environments (TEE), and multi-signature.
• Anti-phishing code: The exchange adds distinct anti-phishing codes to all valid Bybit communications to prevent phishing emails. If this code is missing from an email purporting to be from Bybit, it's probably a phishing attempt to obtain your login information.
• Withdrawal address whitelisting: Whitelisting withdrawal addresses is a security feature that lets you approve particular cryptocurrency addresses in advance to receive withdrawals. We will prohibit any attempt to withdraw money to an unauthorized address.
• Proof-of-Reserves (PoR): Independent audits known as Proof-of-Reserves (PoR) confirm that Bybit possesses the bitcoin it has on hand. On-chain data indicates it presently has over $9 billion in user assets.

One of Bybit's primary tactics among other platforms for free crypto exchange is cold storage, which involves keeping almost all user assets offline to reduce their susceptibility to hacking efforts. Most funds are air-gapped, with only a small portion in hot wallets to handle everyday transactions.

Conclusion 

As of early 2024, the ByBit exchange is among the top 2 most advanced trading platforms in daily trading volumes in both the spot and derivatives markets. The exchange offers so many services for crypto-enthusiasts that even this lengthy review cannot consider all the products ByBit offers. The platform's development does not stop even now, and new tools are regularly integrated into the platform. 

Bybit cryptocurrency trading platform's commitment to excellence, security, and innovation sets it apart from other exchanges, making it the optimal choice for traders looking for a reliable and comprehensive platform to navigate the dynamic landscape of cryptocurrency trading.