Discover Bybit, a platform that allows you to start or deepen cryptocurrency trading and use return-generating products. With its ultra-simplified interface and its many options, Bybit will satisfy both novices and regulars in the sector. Discover our complete tutorial and our opinion on all the services offered by Bybit.
- Cryptocurrency trading made easy with Bybit
- Registration process on Bybit
- Buy cryptocurrencies with Bybit
- How does trading with Bybit work?
- How to enjoy returns on Bybit?
- How Bybit launchpad works
- NFTs on Bybit
- Bybit Benefits and Rewards
- Our opinion on the Bybit platform
Bybit, simplified cryptocurrency trading
Launched in 2018, the Bybit platform has been able to diversify its offers over the years and now offers a wide range of options to its more than 6 million users , including trading, cryptocurrency staking, a solution launch of new projects as well as a market for non-fungible tokens (NFTs).
Bybit can boast of being suitable for both novice and experienced traders . Indeed, Bybit offers an “academy” allowing beginners to familiarize themselves with the world of cryptocurrencies. We can also find there a well-stocked glossary and useful advice before investing.
Regarding trading, the platform offers spot orders on more than a hundred cryptocurrencies , derivatives trading and futures contracts, all with data updated in real time in order to be closer to the market.
In addition, in order to constantly improve the experience of its users, Bybit has implemented “Bybit Listening” , a series of regularly updated blog posts explaining what improvements are being made to the platform based on feedback from his community . On the practical side, we will appreciate that the site is entirely available in French , something unusual on trading platforms.
Note also that Bybit is available on mobile , so you can find the application on Google Play or on the App Store .
Finally, in terms of daily volumes, Bybit can boast of being in 6th place among derivatives exchange platforms , and in 12th place in terms of cryptocurrency exchanges on the spot market, just behind the famous platform Kraken.
How to create an account on Bybit?
In order to support us, we invite you to register on Bybit via the affiliate button below. This will also allow you to become eligible for a chance to win rewards cards on the platform.
On the page thus opened, fill in your e-mail address, a secure password, then validate your registration after having accepted the general conditions of the site.
To be able to go further, it will be necessary to indicate the verification code that was sent to you by email.
Once the verification code has been validated, you are registered on Bybit. However, in order to benefit from most of the tools offered by the platform and to be able to withdraw the amounts of your choice, it will be necessary to complete Bybit’s identity verification process (KYC).
To do this, go to the ” Account and security ” tab.
Next, click ” Verify Now ” on the ” Identity Verification ” line.
Here you will have the choice between two types of verification. First, a level 1 verification which requires facial recognition and proof of your identity, and which will allow you to access all of Bybit’s services.
Otherwise, you have the option of doing a level 2 verification in order to increase your withdrawal limit from the platform, which requires verification of your home address.
Note : level 2 verification requires level 1 verification beforehand.
Prepare your national identity card, your driving licence, your passport or your residence permit then follow the steps indicated in order to verify your identity with the platform.
As for the facial recognition process, if you don’t have a webcam, it’s entirely possible to perform this step from the Bybit mobile app using your phone’s camera.
Wait up to 3 minutes for the automatic verification by the system, then your account should be validated.
In order to optimize the security of your account, we strongly recommend that you activate 2-factor authentication (2FA) with Google Authenticator or with Authy .
Once the registration process is complete, you will now be able to take advantage of everything the Bybit platform has to offer .
Buy cryptocurrencies on Bybit
Bybit provides its users with 2 different ways to buy cryptocurrencies , express purchase and peer-to-peer (P2P) purchase.
Express purchase of cryptocurrencies
Let’s start with the express purchase. This is the most common way to buy cryptocurrencies.
From the Bybit homepage, you will have to go to the “ Buy cryptos ” tab and then click on “ Express ”.
Then, you will have to indicate the amount you wish to spend and choose whether you prefer to receive USDT, BTC or Ether.
Then, you will have to choose a payment method , you will have the choice between Visa, Mastercard, Apple Pay or SEPA transfers.
Here, it’s up to you to choose the intermediary of your choice, depending on what you want and the fees applied. Several organizations are proposed, Moonpay, Cabital, Simplex, Banxa or even Mercuryo.
You will then be redirected to the page of the chosen intermediary in order to complete your transaction. Your funds will then be deposited directly into your Bybit account .
Peer-to-peer buying of USDT
Bybit also offers peer- to-peer buying , i.e. here you will be able to buy USDT directly from other users of the platform .
It is a secure method, which has the advantage of offering a wider range of payment methods such as Revolut or Advcash, but above all, it is a free method .
All you have to do is choose the intermediary of your choice, depending on the payment methods offered, but also depending on the minimum and maximum transaction limits , as shown in the screenshot below.
All you have to do is indicate the amount of USDT you want to buy, then click on “Buy” to finalize the transaction. The USDT will then be deposited directly into your Bybit spot account .
How does trading with Bybit work?
Bybit offers spot trading tools on over 100 pairs in BTC and stablecoins USDT, USDC and UST.
The trading interface offered by Bybit is well provided, we can find at a glance the current price of the main cryptocurrencies while viewing the graph of the one that interests us, with of course the order book displayed in real time.
The part dedicated to order placement is very simple to learn and is easily understandable, without completely incidental details that can be found on other platforms which can sometimes confuse trading novices.
Significant detail, because very practical, it is possible to classify the assets available for trading from the upper ” Trader ” tab by category: DeFi, NFT, Stablecoin, GameFi and others.
Interface de trading de Bybit
For those experienced in trading or those who would like to go further, note that Bybit also offers trading on more than 100 types of perpetual futures contracts and inverse futures accounts.
Finally, if you want to diversify your types of investment in trading, the platform also offers you the possibility of creating sub-accounts in order to better navigate.
Here are the different order types offered by Bybit on the spot market:
Limit type order
This is a classic order type found on all trading platforms. Here, it is you who will determine how much you are willing to spend for a certain cryptocurrency .
For example, if you want to get BTC and you want to spend 35,000 USDT, then the “ Order price ” field will have to be filled with “ 35,000 USDT ”.
In the lower field “ Quantity ”, it will suffice to indicate “ 1 ”.
Ultimately, your order will only be triggered when BTC hits $35,000 , if that ever happens.
Market Order
The market order allows you to buy a cryptocurrency based on the lowest possible bid in the order book , without taking into consideration the current price of said cryptocurrency.
This type of order only depends on the order book currently available on Bybit, and its execution is instantaneous.
Conditional type order
Here, it is you who will define under which conditions your order will be able to be triggered . For this purpose, you will have to indicate the trigger price of your order, the price of the order (limit or market) as well as its value.
Once the trigger price is reached, an entry limit order will be submitted to the order book as a maker.
How to enjoy returns with your cryptocurrencies on Bybit?
The Bybit platform offers yield solutions on your cryptocurrencies thanks to its dedicated “ Bybit Earn ” section.
The latter is divided into 4 main categories:
- Launchpool : allows you to generate a daily return through a token staking system. Note that the more you stake a large number of tokens, the greater the return will be. As with most liquidity pools, the return varies depending on the number of tokens staked by all users;
- Investing in dual assets : this is a slightly riskier investment that generates returns at a very high rate over periods ranging from 1 to 5 days. Orders are placed via asset pairs (ex: BIT-USDT, ETH-USDT, BTC-USDT), but as Bybit reminds us, this is an unprotected capital investment with floating returns;
- DeFi Mining : allows you to benefit from stable returns on cryptocurrencies through periods that may vary. The only requirement is a minimum deposit amount to participate, often $100;
- Flexible savings : allows you to stake a single cryptocurrency in order to generate high returns. Returns are automatically deposited into the user’s Byfi account and staked tokens are not locked. The yield is calculated based on the number of staked tokens and market conditions.
Note that to benefit from these 4 tools, it will be necessary to first validate a level 1 identity verification process (KYC) on Bybit.
How Bybit launchpad works
In addition to its trading and returns tools, Bybit also offers a launchpad for its users. Launchpads are project incubators that allow anyone to invest prior to the official release of a token.
The main advantage of a launchpad is that it allows you to buy tokens at an attractive price in order to possibly resell them later at a high price, provided of course that the project works.
Participating in a Bybit launchpad project is relatively simple: for this, you will need to commit BIT tokens (the Bybit token) by clicking on the ” Join now ” button during the registration period of the desired project. BITs must be available in your spot account to be redeemed, after which they will be locked until the end of the sale.
Your allocation will be determined by a formula proportional to the numbers of BITs you have decided to pledge for this purpose. Note that each person participating in a Bybit launchpad project will be allocated a certain individual maximum allocation. The price as well as the total volume of tokens dedicated to the sale is listed on the page dedicated to course projects, as shown in the screenshot below:
“TAP” project on the Bybit launchpad
In April 2022, around ten projects were launched via Bybit’s launchpad. For example, the 3 best-performing projects observed an average return of 2,089%, 1,851% and 1,228% during the first week following the public placement of the tokens concerned. At the time of writing these lines, more than 2.6 billion dollars and more than 500,000 participants have committed to the various launchpad projects.
Non-fungible tokens (NFTs) on Bybit
The Bybit platform also offers a market place for NFTs , which cover areas as varied as digital art, virtual collectibles, the metaverse and even GameFi .
Bybit NFT Marketplace
It is possible to classify the available NFTs by limited edition, category or of course by price. Recognized collections such as Tap Fantasy, Monster Galaxy or even Mobland are present there.
Note that purchases of NFTs are made directly with the assets you own in your Bybit spot account .
Bybit Benefits and Rewards
Bybit offers many benefits to its loyal users, among them the benefits of VIP status, as well as a lucrative referral program and affiliate bonuses.
VIP Statute
Bybit offers a “VIP” rewards system , including an increasing reduction in trading fees that vary by derivatives trading volume over 30 days.
The conditions for accessing VIP status are as follows:
- VIP 1 – Derivatives trading volume between $10-25 million OR spot trading volume between $1-3 million OR capital between $250-500,000;
- VIP 2 – Derivatives trading volume between $25-50 million OR spot trading volume between $3-6 million OR capital between $500-1 million;
- VIP 3 – Derivatives trading volume between $50-500 million OR spot trading volume between $6-10 million OR capital greater than $1 million.
Rebates on transaction fees are calculated according to the following table:
The advantages of VIP status do not stop there, indeed, if you are concerned, Bybit will also give you the benefit of a welcome gift , customer service that can be reached at any time as well as exclusive reports written by the experts of the platform .
Note also that if you have a similar status on another platform, it is possible to transfer this status to Bybit via a form dedicated to this purpose.
Sponsorship and rewards
Bybit also offers a referral service for your friends and acquaintances. To benefit from it, all you have to do is share your code or referral link with someone and have them make a deposit on the platform and exchange a certain trading volume .
The rewards for sponsorship are multiple. First, you will receive 20 bonus dollars for any referral registered on the platform and considered eligible for the program. In addition, Bybit will provide the referrer and their referrer with a periodic reward card of up to $1,000.
In the month of April 2022, the godson and his sponsor are eligible for these rewards cards each time the $100,000 trading bracket has been reached on the godson’s account. A reward card is also given to the referrer when the latter has 3 new referrals eligible for the program.
Our opinion on the Bybit platform
If Bybit has succeeded in one bet, it is that of satisfying both novices and experienced traders , even DeFi aficionados thanks to the multiple yield tools that the platform offers.
We will also appreciate the very qualitative ” Bybit Learn ” part, in particular the article ” Beginner’s Guide ” which answers in a clear and concise way to all the questions that we ask ourselves when we arrive in the world of cryptocurrencies. , which may seem confusing at first.
In the same logic, whether for trading, performance tools or the simple purchase of cryptocurrencies, Bybit benefits from a clear and understandable interface at first glance. Superfluous details are carefully avoided, and everyone can find their way around easily.
Finally, Bybit regularly offers gifts of all kinds , such as rewards for new users, or bonuses available over certain periods allowing platform users to generate additional income from their investments.
