Bybit exchange – a detailed review of the official website bybit.com, instructions for trading cryptocurrency with examples and explanations, registration+bonus up to $600, deposit and withdrawal of funds

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Bybit is an exchange that opened in March 2018 and allows users to trade perpetual cryptocurrency derivatives with leverage up to x100. The company is headquartered in Singapore, and the company is registered in the British Virgin Islands. Inverse perpetual contracts BTCUSD, ETHUSD, XRPUSD, EOSUSD and linear BTCUSDT are available. Bybit is among the top 5 platforms in terms of futures trading volume.

Official website: bybit.com.

Addition. Now there is a special offer: welcome bonuses for trading and rewards of up to $ 600 to the account after registration and completing tasks. See the conditions on the website in the Bonus Center.

From December 9, 2021 to January 3, 2022, the Bybit exchange is holding the “Lucky Newbies” promotion with the distribution of bonuses to new users. You can read the terms on the page. For example, if you deposit $ 500, the bonus will be $ 15 or 3% of the deposit amount. To participate in the promotion, you must click on the “PARTICIPATE” button, and make the first deposit within seven (7) days from the date of registration.

The Bybit exchange is focused on users from all over the world, therefore, it offers a multilingual interface and technical support, a demo account, 24/7 operation of operators, an efficient and fair trading environment. Perpetual contracts are currently available: BTCUSD, XRPUSD, EOSUSD, ETHUSD. There are plans to integrate into the system of futures contracts for LTCUSD.

Overview

Stock exchangeBybit
Official sitebybit.com
Trading bonuses$ 5 for registration in social networks; $ 5 for creating a trade order and setting a stop loss and take profit; $ 5 for the first deposit over 0.05 BTC; $ 50 for the first deposit over 0.05 BTC. Temporary promotions: $ 5 for completing the survey; $ 20 if you deposit more than 1 BTC; $ 5 for non-stop trading for 10 days. Conditions on the bonus center page.
Service providerBybit Fintech Limited
Russian languageYes
Schedule24/7
Free demo accountOpen demo account
Year of foundation2018
CEOBen Zhou
Employeeshttps://www.linkedin.com/company/bybitexchange/people/
Input / output methodscryptocurrency
Deposit and withdrawal fees0% (network commission)
Entry limitwith no restrictions
Withdrawal limitfrom 0.002 BTC; 0.02 ETH; 0.2 EOS; 20 XRP
Processing withdrawal requests3 times a day at 08:00, 16:00, 24:00 UTC
Daily trading volume (declared)from $ 900,000
Exchange tokenNo
Financial instrumentderivatives
ContractsBTCUSD, ETHUSD, XRPUSD, EOSUSD
Futures contract typeindefinite
Contract size1 USD
Trading commissionFrom -0.025% (rebate) for the maker, from 0.075% for the taker
Margin tradingYes
LeverageUp to 100x
Initial margin1%
Maintenance margin0,5%
Types of ordersMarket, limit, conditional
Price indexBitstamp, Coinbase Pro, Kraken (average)
ChartsTradingView
Mobile appNo
Supportsupport@bybit.com
Two-factor authenticationYes
Cold storage of fundsYes
Social networkhttps://twitter.com/Bybit_Official, https://t.me/Bybit_Russia, https://medium.com/bybit, https://www.reddit.com/r/Bybit/, https://www.facebook.com/bybitfintech/
Other exchanges with margin tradingBitmex, Currency, Binance, PrimeXBT, Binance Futures, etc.

Features of the

For the convenience of customers and the creation of high liquidity, the developers of the Bybit exchange have provided the following features:

✅  A powerful core of the system that allows processing up to 100,000 transactions per second without overloading.

✅  Leverage up to x100.

✅  Portfolio margin.

✅  Hedging.

✅  Several types of orders and closing strategies.

✅  High liquidity.

✅  Technical support works 24 hours a day, 7 days a week. Answers in any of the available languages.

✅  The safety of assets is ensured by moving them to offline wallets.

✅  High technical equipment. The server works smoothly, updates are implemented in real time.

Bonuses

The Bybit trading platform offers users two types of welcome bonuses (see the page for current conditions and offers):

  1. 10 dollars for registration. To get it, after creating an account, go to the official Twitter of the project and repost the pinned post. Then write to the technical support of the exchange, attaching a link to your account. After processing the information, the site staff will decide on the issuance of a bonus.
  2. $ 50 for the first deposit. To receive, you need to deposit at least 6 ETH or 0.2 BTC into your account.

Both bonuses cannot be withdrawn from the account. They can be used exclusively for trading, in order to withdraw the profits made later.

After registration, you can write to technical support and notify that you have fulfilled the conditions for receiving a bonus. In response, you will be given a link leading to a google form:

Accounts registered after April 1, 2019 are eligible for the promotion. You need to provide the name of your Twitter account, registration data from your Bybit account, and a link to retweet. After filling in the main and auxiliary fields, send the form. The application will be considered within five days.

Registration on the official website Bybit.com

The Register button is located at the top of the main screen of the Bybit official website.

After clicking on it, the trading terminal page opens, where you need to click on “Account Registration” on the right.

You can create an account linked to your email or mobile phone number. Select the option you want and fill in the fields provided. The phone number must be entered without the eight, the password must be at least 8 characters long, contain numbers and capital letters.

Enter the code received by e-mail or SMS. You need to hurry, because the code is only valid for five minutes.

To enter your account on the Bybit website, enter your registration email or mobile phone number and password. If two-factor authorization is connected to the account, then the code is 2FA.

Demo account (Testnet)

If, before creating an account on the Bybit crypto exchange, you want to try your hand at a demo account, then on the trading screen, click not “Register an account”, but “Trade in test mode”.

On the new page that opens – “Register a Testnet account”.

Further actions are exactly the same as in regular registration.

To get “test” coins for trial trading on the Bybit platform, you need to do the following:

  1. Go to the “Assets” section of the demo account.
  1. Click “Deposit” opposite the desired coin.
  1. Copy the suggested address. Click Get Test Coins.
  1. On the page that opens, solve the example (captcha) and paste the copied address. The maximum one-time request amount is 0.01 BTC, you can request no more than five of them per hour.

A green message indicates that the transaction was successful. The funds are credited to the demo account within a few minutes, after which you can start trading.

Personal account overview

You can get to the personal account of the Bybit exchange by hovering over the account name in the upper right and selecting the “Account” item.

On the first tab, you can set up an account name, change a password, set up authentication in three ways – by e-mail, by SMS or through the Google Auth application. At the bottom of the section, you can see the history of logins to your account.

The second tab manages API keys.

On the third tab, you can configure confirmations and notifications, as well as choose which currency will be considered the main one (the Russian ruble is not there).

Security Settings

The Bybit marketplace account can be protected in three ways:

✅  Binding an email address to perform certain actions can only be confirmed through it.

✅  Linking a mobile phone number for the same purpose.

✅  Linking Google two-factor authentication to perform important operations by scanning a QR code and entering a six-digit password.

It is important to remember or write down the key from the authenticator, as Bybit will not be able to help with its recovery.

Input Output

The operations of depositing and withdrawing funds to Bybit are carried out in the “Assets” section by clicking the corresponding buttons “Deposit” or “Withdraw funds”.

To make a deposit, you need to copy the address (this can be done with one button at the end of the line), then go to your wallet, which you usually use, and transfer funds to this address. It is important that when choosing Bitcoin, only Bitcoins can be transferred, similarly for other cryptocurrencies. Otherwise, the coins will be lost. The deposit will be credited to the account after one confirmation by the miners.

After confirmation, you will receive an email:

Only users who have activated two security protection points can withdraw money.

On the right side of the “My Assets” page there is a button “Manage wallet address”, where you can add one or more addresses so that you can quickly select them later when withdrawing.

For example, add a Bitcoin address withdrawal:

Click “Withdraw funds”, specify the target wallet number and enter the desired amount. Confirm the action in any of the selected ways. Then you need to go to e-mail and follow the link sent. Following the further instructions, a withdrawal request is created. The operation will complete after 1 confirmation by the miners.

Bybit trading terminal review

The trading page contains the following blocks:

✅  Currency rate chart for the selected currency pair. Updated in real time.

✅  Order book. All currently valid buy and sell orders.

✅  Recent deals. Last completed transactions.

✅  Information on your active and executed orders.

✅  Asset overview. Rate, capitalization, available margin, risk limit of all cryptocurrencies presented on the site.

✅  Create a buy or sell order.

✅  Information about the selected contract (name, cost of the last deal, turnover for 24 hours, financing rate for the last 5-13 hours).

✅  Market activity for the types of contracts available.

The blocks located on the left side of the screen can be swapped, stretched and moved as you like to make the trading process more convenient.

Available contracts

On the Bybit cryptocurrency derivatives exchange, you can trade in the following areas:

✅  BTCUSD

✅  ETHUSD

✅  EOSUSD

✅  XRPUSD

It is planned to add more Litecoin later.

Characteristics of perpetual contracts

Perpetual contracts are similar to traditional futures with the difference that they have no expiration date. As a result, traders can hold positions for as long as they see fit. Perpetual contracts also mimic the Spot Margin Index and track the base price based on information from the major three spot crypto exchanges using a funding mechanism.

Key features of the Bybit trading platform perpetual contracts:

✅  Financing. This is an exchange of payments between the buyer and the seller, carried out every 8 hours. If the rate is negative, then the owners of short positions (shorts) receive funding, and the owners of long positions (longs) pay it, and vice versa. Funding is made only if the trader holds the position during one of the 3 timestamps.

✅  Fair price labeling. Serves to eliminate unnecessary liquidation of positions characterized by high leverage. If there is low liquidity, price manipulation, fluctuations in the label price due to high volatility, then unnecessary liquidations are prevented by fair price labeling.

✅  Labeling price. Determines the unrealized profit and loss (PNL) and liquidation prices.

✅  Initial and maintenance margin. These are the most significant margin levels that determine the level of leverage currently available and the time required to liquidate.

✅  Risk limit. Allows to reduce losses in case of unsuccessful trades. The bottom line is to set a certain level (limit) as a percentage of the deposit, upon reaching which the trade is closed. Each trader can choose the risk limit for himself, as a rule, the best option is in the range of 8-20%.

✅  Auto Deleveraging (ADL). The mechanism is called “Socialized Losses” in another way and works as follows: for each of the contracts, the account that has an overall positive profitability or loss ratio divides the total amount of losses that are undergoing negative margin. This happens at the end of the clearing period. An amount proportional to the total profitability is distributed between profitable accounts.

✅  Contract size. The amount of the deposit invested in the contract.

  1. BTCUSD contract details:
  1. ETHUSD contract data:

Trading perpetual contracts on Bybit

There are three types of orders on Bybit:

  1. Market. The order will be executed instantly at the current market price of the asset.
  2. Limit. Allows you to set your own price. The order will be executed automatically as soon as the price of the asset reaches the specified position.
  3. Conditional. This option is suitable for experienced traders. Allows you to set the trigger price. The order will not appear in the order book until the rate equals the trigger. As soon as this happens, the conditional order will be moved to the book (if it is a limit order) or executed (if it is a market one).

The order type is selected at the top of the order creation block. In addition to the order type, you must select a leverage or lack thereof, specify the price, quantity and other parameters depending on the order type.

To reduce the risk level, you can set Take Profit / Stop loss for the order being opened in the “Positions” or “Order” block, and also edit them. Stop loss is a pending order used to limit losses. It is set on a pre-calculated amount and helps to leave the market in time before the loss has caused significant damage to the deposit.

Take profit, on the contrary, fixes the profit. The price level is set at which the trader wants to exit the market, taking his profit.

When using a limit and conditional-limit order on the Bybit crypto exchange, you can set several parameters for its execution:

  1. Good TillCancelled.
  2. Execute immediately or cancel (ImmediateOrCancel).
  3. Use immediately or cancel (FillOrKill).

Market order example

An example of opening a market order on the Bybit exchange:

  1. We set the leverage and the number of contracts in USD. You can use a% scale indicating the percentage of the used margin in the deal from the available one. For example, 100% – all available walrus will be involved.
  2. For example: open a position for 99 contracts (1 contract = 1 $) with 10x leverage, using all available margin (100% on a scale) 0.00086392 BTC. The average entry price will be 0.0008 BTC.
  1. Click “Buy” (long position, long) or “Sell” (short position, short).
  2. Next, you can set take profit and stop loss parameters. For example, our long position will close with a profit of 100% when the price reaches 13044 USD. If the rate goes against us, then the stop loss will be triggered at the level of 11453 USD and the loss will amount to 25% of the used margin. Liquidation price – 10723 USD, at this level the position will be forcibly closed if no stop loss is set. Temporary condition: ImmediateOrCancel (IOC), i.e. the order is executed immediately or canceled. Click “Confirm” to place the order.
  1. Remember that when you open a trade on the market, a taker commission of 0.075% is paid on Bybit.

Guide for opening a limit order by example

Instructions for placing a limit order on Bybit:

  1. Choosing a contract. For example, BTCUSD:
  1. Select the order type – “Limit”.
  2. We set the leverage, trade entry price, contract size.
  3. For example: leverage – 5x, order price – 11765 USD, quantity – 25 USD (50% of the available margin with this leverage will be used).
  4. We set additional parameters for order execution. For example, the “Passive” parameter will not allow the order to be executed immediately at the market price and thus the commission will be paid as a maker, not a taker. For this parameter, you can set one time condition – “Good Till Cancellation” (GoodTillCancelled), ie. the application will be active until it is full, with the possibility of cancellation before this moment.
  1. Set take profit, stop loss (if necessary) and confirm the opening of the position.
  1. Before execution, the limit order will be in the “Active” section. It can still be canceled. When the conditions are met, it will be moved to the “Positions” section. The minus sign in front of the number of contracts “-25” indicates that the deal is to sell:
  1. In our example, the price reached 12,000 USD and the sell order was executed. The unrealized P&L is the profit or loss at the moment. In the example, the profit is 0.14%:
  1. The order was closed by stop loss:

How to close an open position

A position on the Bybit exchange can be closed with stop loss or take profit parameters if the price reaches the set values. Also, you can close a deal in whole or in part by limit or by market. In all cases, a counter order is opened.

Close by limit

Instructions:

  1. Go to the open position and click “Limit” in the extreme column:
  1. Set the parameters by which you want to close the position: specify the closing price, quantity (all contracts or partially). For example, we close a deal to sell 25 contracts at a price of 12030 USD. Opening price (screenshot above) – 12060 USD. The profit will be 0.00000517 BTC.
  1. The “Close by” column will display the new trade completion parameters. This condition can be canceled and a new one can be assigned.

Market close

In this case, the opposite market order will open. You can close a position in whole or in part.

Close by take or stop

If the take or stop parameters were not set when opening a deal, then they can be set or changed at any time.

In the “TP / SL” column of the Bybit trading terminal, click on the icon:

Specify the stop and take values, click “Confirm”:

The changes will take effect instantly:

Description of the parameters of an open position

In the “Positions” table, we see all the information on the created order:

✅  Contracts – what type of contracts is selected from those available on the Bybit exchange (BTCUSD, ETHUSD, XRPUSD, EOSUSD).

✅  Qty – the number of assets involved.

✅  Value – the value of the assets involved at the current exchange rate.

✅  Price is the current value of one unit of cryptocurrency.

✅  The liquidation price at which the position will be eliminated.

✅  Margin – the used margin, taking into account the leverage.

✅  Unrealized P&L – Unrealized loss and gain calculated based on return on equity and cost of labeling.

✅  Daily Realized P&L – the profit and loss for that position received during the day.

✅  TP / SL (trailing stop) – setting and editing take profit or stop loss.

✅  Close by – switching between market and limit types of orders to close a position.

Commissions

Maker rebate for all contracts = -0.025%

Taker commission for all contracts = 0.075%

Funding rate (it is not fixed):

✅  for BTCUSD 0.0602%

✅  for ETHUSD 0.0602%

✅  for EOSUSD 0.0183%

✅  for XRPUSD 0183%

Bybit does not charge any fees for deposits and withdrawals. However, when withdrawing Bitcoin or Ethereum, the blockchain itself will charge a certain commission for confirmations from miners. Its size depends on the current load of the chain.

Advantages and disadvantages

Pros:

✅  Multiple supported cryptocurrency perpetual contracts.

✅  Already at the moment it has high liquidity.

✅  Leverage up to 100x.

✅  Account verification is not required.

✅  Low commission fees.

✅  High manufacturability and efficiency.

✅  Bonuses to start trading.

✅  High transaction processing speed (100,000 per second).

✅  Convenient and simple interface of the trading terminal.

✅  Setting take profit and stop loss.

✅  Educational materials for beginners and professional traders.

✅  Professional charts from TradingView.

✅  Risk hedging.

✅  Double price mechanism to protect against manipulation.

✅  Safety. Cold storage of cryptocurrencies.

✅  Withdrawal requests are processed 3 times a day (on Bitmex – 1 time).

✅  Round-the-clock operation of the trading platform and support service.

✅  Information about the management and employees of the Bybit exchange is available.

✅  Social media activity.

✅  API for connecting trading bots.

✅  Trading on Tradingview through the Bybit API.

✅  Availability of an insurance fund.

✅  It is impossible to lose more than the original margin.

✅  Online support.

Cons: ❌  

❌  The Bybit exchange is not as liquid as competitors such as Bitmex.

❌  A small number of assets.

❌  There is no mobile application, only the mobile version of the site.

Testimonials

Ultimately, ByBit is a convenient trading exchange with reasonable commissions, a strong technological component and an intuitive interface. The site can become a good alternative to many exchanges that are currently considered the leaders in the derivatives trading industry. Of course, there are several things that need to be worked out, but it is not too difficult to fix them, this can be done in the near future. A no deposit bonus and a demo account will be a good solution for learning cryptocurrency trading.

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