Bybit Account Setup First Steps
Bybit Account Setup First Steps
Bybit is a prominent cryptocurrency exchange that offers a wide range of trading products, from simple spot trading to complex derivatives. This guide provides a beginner-friendly overview of the platform and the initial steps required to get started.
Core Features Overview
Bybit is known for its high-performance trading engine, robust security, and diverse product offerings. Key features include:
- **Spot Trading**: Direct buying and selling of cryptocurrencies.
- **Derivatives Trading**: Offering perpetual and dated Futures contracts with leverage.
- **Earn Products**: Staking, lending, and other yield-generating opportunities.
- **NFT Marketplace**: A dedicated space for trading Non-Fungible Tokens.
Getting Started Checklist
Before you begin trading, follow these essential first steps:
| Step | Description |
|---|---|
| 1 | Create an account using Register here. |
| 2 | Complete mandatory security setup (2FA). |
| 3 | Complete Know Your Customer (KYC) verification if required for your desired limits. |
| 4 | Deposit fiat currency or cryptocurrency into your Bybit wallet. |
| 5 | Familiarize yourself with the Order book interface. |
Fees and Supported Assets
Understanding the fee structure and available assets is crucial for any trader.
Fees
Bybit generally employs a maker-taker fee model. Fees vary depending on whether you add liquidity (maker) or remove liquidity (taker) from the Order book. For the most current schedule, always consult the official documentation at Bybit fee page.
Supported Assets
Bybit supports a large catalog of major cryptocurrencies (like BTC, ETH) for spot trading, as well as numerous altcoins and stablecoins. The availability of assets for derivatives trading is typically concentrated on the most liquid pairs.
Trading Basics: Spot vs. Futures
Bybit allows users to engage in two primary trading modes:
- Spot market: You buy or sell the actual underlying asset. For example, buying 1 BTC means you own 1 BTC after the trade settles.
- Futures contract: You trade agreements to buy or sell an asset at a predetermined price and date (or perpetual contracts that never expire). This often involves leverage, meaning you can control a larger position with less capital. For a detailed walkthrough on derivatives, see Step-by-Step Guide to Your First Crypto Futures Trade in 2024.
Order Types
Executing trades correctly requires understanding the available order types:
- Limit order: An order to buy or sell an asset at a specific price or better. This is typically a maker order.
- Market order: An order to buy or sell immediately at the best available current price. This is typically a taker order.
- Stop Orders: Used to manage risk by automatically triggering a trade when a certain price level is reached.
Liquidity and Markets
Bybit hosts deep liquidity across its major trading pairs, especially in the derivatives markets. High liquidity ensures that large orders can be filled quickly without causing significant price slippage. You can review the current market depth and volume on the trading interface.
Security Practices
Security is a priority for Bybit users. It is highly recommended that all users enable Two-Factor Authentication (2FA) immediately after account creation. Other standard security measures include whitelisting withdrawal addresses and using strong, unique passwords.
KYC and Limits
Know Your Customer (KYC) verification determines your trading and withdrawal limits.
- Unverified Accounts: Usually have low daily withdrawal limits.
- Verified Accounts (KYC Level 1/2): Higher daily fiat and crypto withdrawal limits, and access to certain advanced features.
Users should check the current requirements on the Bybit platform to ensure their desired operational scale is supported by their verification level.
Funding and Withdrawals
To trade, you must fund your account. This can be done via:
1. Depositing supported cryptocurrencies from an external wallet. 2. Purchasing crypto directly using fiat currency via integrated payment partners.
Withdrawals follow a similar process, requiring you to specify the destination address and amount. Note that all withdrawals are subject to security checks and network confirmation times.
Mobile and Web User Experience (UX)
Bybit offers a comprehensive web platform that is suitable for detailed analysis and order management. The mobile application generally mirrors the functionality of the web platform, providing access to trading, funding, and account management on the go. Both interfaces are designed to handle high-frequency trading environments.
Risks and Responsible Trading
Trading cryptocurrencies, especially using leverage in Futures contract markets, involves substantial risk. Prices are highly volatile, and it is possible to lose your entire investment. Always trade with funds you can afford to lose, use stop-loss orders to manage downside risk, and never rely solely on one platform for asset storage.
See also (on this site)
- Bybit Spot Trading Explained Simply
- Understanding Bybit Futures Contracts
- Exploring Bybit Supported Cryptocurrencies
- Bybit Fee Structure Demystified
Recommended articles
- Bybit Burning Schedule
- Bybit Learning Center
- Bybit Futures link
- /v2/account
- Bybit Derivatives Trading
Recommended Futures Trading Platforms
| Platform | Futures perks & welcome offers | Register / Offer |
|---|---|---|
| Binance Futures | Up to 125× leverage, USDⓈ-M contracts; new users can receive up to 100 USD in welcome vouchers, plus lifetime 20% fee discount on spot and 10% off futures fees for the first 30 days | Sign up on Binance |
| Bybit Futures | Inverse & USDT perpetuals; welcome bundle up to 5,100 USD in rewards, including instant coupons and tiered bonuses up to 30,000 USD after completing tasks | Start on Bybit |
| BingX Futures | Copy trading & social features; new users can get up to 7,700 USD in rewards plus 50% trading fee discount | Join BingX |
| WEEX Futures | Welcome package up to 30,000 USDT; deposit bonus from 50–500 USD; futures bonus usable for trading and paying fees | Register at WEEX |
| MEXC Futures | Futures bonus usable as margin or to pay fees; campaigns include deposit bonuses (e.g., deposit 100 USDT → get 10 USD) | Join MEXC |
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