We figured out the work of the popular cryptocurrency exchange Bybit . In the material below, we talk about registration in the ecosystem, interface, features, mobile application, account replenishment, cryptocurrency trading and other types of earnings on Bybit . They did not bypass NFT, various bonus, affiliate and referral programs, training in the basics of crypto trading and an established support service.
History of Bybit
Cryptocurrency exchange Bybit was founded in 2018 by Ben Zhou in Singapore. The exchange is operated by Bybit Fintech Limited, which is registered in the British Virgin Islands.
In addition to the founder, former employees of Morgan Stanley, Tencent and other well-known names in the forex, blockchain and banking industries took part in the creation of the cryptocurrency ecosystem. At the time of writing, Bybit has 250+ employees as well as over 5 million registered users.
Now Bybit is a convenient platform for beginners and experienced traders. Here they are engaged in spot and derivative trading, buying and selling NFTs, and also make deposits for passive income (Bybit Earn). An important part of the ecosystem has become the ability to invest in new tokens at the development stage.
Registration and personal account
To get started with Bybit, you need to register here. This can be done via email or phone number. It is also possible to use a Google account.
After registration, Bybit takes care of both newbies and experienced traders. The first ones are offered a quick and easy way to buy cryptocurrency, as well as to get acquainted with the ways of earning in more detail. The second is not pulled once again and left alone.
Bybit does not require identity verification. True, in this case, the platform limits the daily withdrawal of cryptocurrency in the amount of 2 BTC. If you need more (up to 50 BTC), then go to your personal account, and there select the first section “Account and Security”.
The personal account is located in the upper right corner. If you hover your mouse over the round avatar icon, a pull-out menu will appear, where you need to select the desired section. In it we find the line “Identity verification” and click the “Verify now” button.
Account verification is available at several levels. To raise the withdrawal limit to 50 BTC per day, you need to upload your photo and one of the necessary documents (passport, ID-card, driver’s license), and then turn your head in front of the camera a couple of times. If you do not have a webcam, then use the proprietary Bybit application on your smartphone ( Android , iOS ).
Then the daily withdrawal limit can be increased to 100 BTC. To do this, you need to confirm the registration address. For more reliable account protection, it is recommended to enable two-factor authentication and SMS notifications.
In addition to identity verification, a lot of different functions are available in the Bybit personal account. Through it, you can go through 2FA authentication for more reliable account protection, generate API keys, create additional accounts, change trading settings, currencies and notifications, choose an interface language, control order history and participate in various Bybit programs.
Bybit interface and features
The Bybit interface is available in 16 languages, including Ukrainian. The style of the platform is simple and modern. The items have few sections, which allows you to quickly understand the menu and not get confused in the tabs.
As mentioned above, in the upper right corner is the entrance to your personal account. To the right of it, they placed reminders (bell icon), a drop-down menu with a QR code for downloading a branded application, and a menu for choosing the platform language.
To the left of the personal account there are sections “Assets” and “Orders”. In the first one, the user has a general overview of their assets, spots, derivatives, USDC derivatives, passive income from deposits. Here you can quickly replenish, withdraw or transfer cryptocurrency. Through the second section, the user controls and views the order history.
Go to the left side of the top (and main) Bybit interface. A large inscription with the name of the platform in the upper left corner serves as the “Home” button. Whatever subsection of the exchange you are in, if you click on the stylized Bybit inscription, you will return to the main screen.
On the right are four squares and an arrow. If you hover over this icon with the mouse, a drop-down menu appears with various platform promotions ( VIP program , affiliate program , brokerage program , referral program , bonus center , institutional services ). There is also access to built-in support, a blog, a help center and a lab.
Next is the section “Buy Cryptocurrency”. Here you can quickly buy digital money, use P2P trading services or make a cryptocurrency deposit. The “Markets” section contains all the cryptocurrency markets available on the exchange. The Trading tab has a spot trading section, early access to new tokens, and voting for favorite listings. The “Derivatives” item consists of various types of trading in this way, and in the “Earnings” section they offer several other ways to earn money using cryptocurrencies (savings, dual mining, liquidity mining, DeFi mining, launchpool). The last tab called NFT takes you to a separate section of the site where you can buy or sell NFT .
In the middle, between the two sections of the interface, there is a convenient search bar for available cryptocurrencies on the platform. In the lower right corner you can see a round yellow icon with headphones and a microphone. After clicking it, the Bybit Help Desk window opens.
The Bybit cryptocurrency ecosystem offers a variety of trading services: spot trading (100 assets), inverse perpetual contract, USDT perpetual contract, inverse futures. Here you can profitably store cryptocurrency. For example, through the built-in ByFi platform. With its help, users receive income from investing free assets.
Also available are DeFi mining (income in the form of tokens from investments), flexible staking (earnings on investments of BTC, USDT, ETH, USDC tokens and coins) and dual mining (earnings on the distribution of liquidity in the optimal price range).
Mobile app
Bybit works through a web browser version. But the platform also has a proprietary application for Android and iOS . The design of the application resembles the browser version, it also looks modern and simple.
The strategic alert feature is available in the Bybit app. With its help, users can customize the automation of cryptocurrency trading for themselves. The strategic alert informs about price changes, market trends, market fever and local pivots. The user learns about all changes through notifications.
Account replenishment and withdrawal of funds
Trading on the Bybit exchange is only available with cryptocurrencies. That is, depositing fiat (real) funds into your account will not work. So, you need to transfer digital money from your wallet to your Bybit account. If you don’t have any cryptocurrency at all, then they immediately offer to buy it for currency or hryvnia.
To do this, select the “Buy Cryptocurrency” section in the upper left corner and then select the “Express” item. There is also the option to buy from other users (P2P) or fund your Bybit account from your cryptocurrency wallet.
There is another way to buy cryptocurrency on Bybit . Click on the “Assets” section in the upper right corner and in the drop-down window click on the first item “Assets Overview”. Here we click on the yellow button “Replenishment”. In the window that appears, select the required cryptocurrency and then follow the simple instructions.
You can also withdraw earned digital money through the “Assets” section. Now just click on the yellow “Withdraw” button. Don’t forget to activate two-factor authentication with Google, otherwise you won’t be able to withdraw funds.
It is also worth considering that the cryptocurrency is withdrawn only from the spot account. If it is on a derivative or ByFi account, then it needs to be transferred, to do this, click on the yellow button of the same name in the same “Assets” section.
Start trading on Bybit
Bybit offers the most convenient start to start trading cryptocurrencies. This applies to both beginners and experienced traders. For dummies, we recommend that you study in detail a specially created trading guide for beginners. For experienced traders, just go to the “Trading” section in the upper left corner or select one of the options for derivative trading.
One of Bybit’s main products is perpetual futures. Bybit also lists 181 trading pairs. There are also many types of different orders for a wider range of trading. There are limit, passive, market, conditional and take profit orders. There is margin trading and the most convenient derivatives trading.
Bybit has very low fees, and deposits and withdrawals are free of charge. The exchange takes a commission from traders if liquidity decreases, and if it increases, it returns part of the funds. This means that takers pay 0.075% commission, while for makers it is 0.025%.
NFT trading
Relatively recently, the Bybit platform launched its own NFT trading marketplace. The interface resembles the main service, but it has been made even simpler. Now the main tab, the page of the store itself and the community section are available here. In the latter case, you can join the service’s Telegram channel and subscribe to its Twitter to keep abreast of events.
The marketplace itself is the simplest set of search filters. With it, you can quickly buy or sell NFTs , find popular authors or collections . Pictures, videos and mystery boxes are bought with BIT, USDT and ETH.
There is no commission at all for buyers in Bybit NFT . It is paid by the seller (1% to the author and 1% to the service). Creators receive 1% for every next sale of their NFT on the secondary market.
Bonuses, affiliate and referral program
Crypto exchange Bybit offers to earn money by completing various tasks. This is called the bonus program here. For example, the platform pays $5 for a first deposit greater than or equal to 0.05 BTC, or $50 for a first deposit greater than or equal to 0.5 BTC. There are also various bonuses for beginners, surveys for money, and more. All this is available in the ” Bonus Center ” section by clicking on the icon with four squares in the upper left corner.
In addition, Bybit has an affiliate program . It was created for enthusiasts who are ready to share their knowledge of the crypto market and earn money (commissions) on it. Now 11 thousand opinion leaders from all over the world are participating in the affiliate program.
For their knowledge, partners receive commissions in cryptocurrency. At the time of writing, they are up to 30%, which is twice as high as the market average. The commission is calculated for each user in real time. Payments can be monthly or for each referred trader. Options with percentages of the volume of trade and income of sub-partners are also possible.
The Bybit Affiliate Program is open to bloggers, influencers, authors and content creators with a themed website, as well as other Bybit users who already have a large number of referred traders. All program participants need to be prepared to share their experiences with newcomers through various channels. You can become a Bybit partner here .
All gifts and bonuses of the user can be viewed in the personal account, in the “My rewards” section. To participate in the referral program, you need to register here and get your code. It can be transferred to other beginners and receive bonuses for their actions.
Registering using referral links is also beneficial for novice users themselves. If such a beginner replenishes the balance by $10 or more, and then reaches a turnover of $2,000 on spots or $10,000 on derivatives, he receives $20 bonuses.
Training and technical support
Crypto exchange Bybit cares about knowledge for beginners and everyone. The service has its own Bybit Education program with various educational programs. Their impressive trading course is also available on YouTube.
The Bybit ecosystem is renowned for its fast and quality customer support. For quick help, click the yellow round icon with headphones and microphone in the lower right corner. In the window that opens, tell us about the current problem. The bot will quickly answer the question of interest, and if it can’t do it, the service automatically switches to a human specialist.
In addition, you can contact the support service by e-mail [email protected] Support for IT specialists occurs at [email protected] Affiliates should write to [email protected] , and potential partners – to [email protected] Media representatives have their own address email – [email protected]
Results
Bybit is an easy-to-learn, but diverse and deep cryptocurrency service. It has a simple and modern interface, as well as easy navigation. In addition to various options for trading digital money, the convenience of trading derivatives stands out, the exchange offers other ways to make money on cryptocurrency (mining, deposits, investing in new tokens). It also has its own NFT marketplace with no commission for buyers.
Bybit is loyal to newbies and experienced traders. Beginner users will receive useful information through their local learning center as well as the support team. They will also be rewarded with bonuses and will be given the opportunity to participate in a profitable referral program. The platform does not bother experienced users once again, but we recommend paying attention to the affiliate program. There is a chance to earn on your knowledge, especially if the trader has a developed channel for disseminating information.
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