Bybit

Bybit is a popular crypto exchange. It provides the facility of exchanging crypto coins. The provider has since become one of the largest platforms in the Bybit market, offering a variety of merchandise and products.

Key Features of Bybit

They can buy and sell them at any time, with leverage options ranging from 100x to BTC in USDT or different levels on the platform.

Bybit has added support for trading to address various issues, making it easy for users to buy and sell cryptocurrencies directly and resolve their problems quickly. The platform facilitates seamless transitions between development and trading.

Bybit has recently introduced copy trading, which is very useful for new traders who may not be familiar with trading. This feature allows them to make money by connecting with complex market strategies, helping them to generate profits and avoid losses. Additionally, Bybit offers programs that enable cryptocurrency holders to earn interest through staking, allowing them to benefit from various productive farming opportunities and interest-earning products.

Download Link

Download Bybit App

Released Date

October 31, 2019

Updated & Version

October 16, 2024 / Version 4.51.1

1. How to Get Started on Bybit: Create an Account and Begin Trading

If you’re new to Bybit, getting started is pretty simple and easy. Here’s how you can create your account and start trading:

Step 1: Sign Up

• Go to Bybit’s website and click on “Sign Up”.
• You can sign up with either your email or phone number. Pick a strong password to keep your account secure.
• Once you’ve entered your details, Bybit will send you a confirmation email or SMS to verify your account, and then you can log in.

Step 2: Complete KYC (Know Your Customer) for Trading

• To unlock all Bybit features and increase your withdrawal limit, you’ll need to complete KYC verification.
• Upload a government-issued ID (like a passport or driver’s license) and a selfie for verification. The process is quick and typically takes just a few minutes.

Step 3: Deposit Funds Easily

• Once your account is verified, it’s time to deposit funds. You can transfer cryptocurrencies (like Bitcoin or Ethereum) from your wallet or deposit fiat currency using third-party services.
• Go to the “Assets” section, choose your deposit method, and follow the instructions to fund your account.

Step 4: Start Trading

• Now that your account is set up and funded, head over to the “Trade” section.
• As a beginner, you can start with simple spot trading, where you buy or sell crypto at current market prices.
• If you’re looking for more advanced trading, you can explore futures and margin trading, but these come with more risk and require some practice.

Bybit also offers features like staking and advanced trading options that you can explore once you’re more familiar with the platform.

2. How to Become a Professional Trader on Bybit

If you want to take your trading to the next level and become a pro trader, it requires learning, discipline, and the right strategies. Here’s how you can improve your trading skills on Bybit:

Step 1: Learn Technical Analysis

• A solid understanding of technical analysis is crucial for any professional trader. Get comfortable reading price charts and identifying trends, support and resistance levels, and candlestick patterns.
• Bybit has a great charting tool that integrates with TradingView, making it easier to use advanced indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD).

Step 2: Understand Leverage and Margin

• One of the standout features of Bybit is its leverage options. You can use up to 100x leverage on futures trading, allowing you to control a larger position with a smaller amount of capital.
• However, leverage amplifies both profits and losses. If you’re new to using leverage, start small and increase it gradually as you gain experience.

Step 3: Focus on Risk Management

• The most successful traders know how to manage risk effectively. Don’t risk more than you can afford to lose, and always use stop-loss orders to protect yourself from big losses.
• Bybit allows you to set stop-loss and take-profit orders, so you can automatically close positions once they hit your desired price.
• Avoid putting all your funds into one trade and never over-leverage yourself, even if the market looks promising.

Step 4: Follow Market News and Sentiment

• Along with technical analysis, keep up with crypto news and global events. Changes in regulations, technology, and market sentiment can heavily influence prices.
• Bybit’s blog and other crypto news platforms are great resources to stay updated with the latest developments.

Step 5: Stay Disciplined and Keep Learning

• Trading is not just about analyzing data; it’s also about having a disciplined mindset. Stick to your trading plan, avoid emotional decisions, and learn from your mistakes.
• Professional traders never stop learning. Take advantage of educational resources available on Bybit, such as webinars and tutorials, to refine your strategies.

3. How to Protect Yourself from Losses on Bybit

Crypto trading can be a highly rewarding process, but it comes with its own risks, especially given the volatile nature of the market. Here's how you can minimize losses and protect your investments:

Step 1: Use Stop-Loss Orders

• A stop-loss order is an essential tool to protect yourself from significant losses. It automatically sells your position if the price drops to a certain level.

Step 2: Apply Risk Management Strategies

• In addition to stop-loss orders, use take-profit orders to lock in profits when the market moves in your favor.
• Never risk more than a small portion of your total portfolio on a single trade. A good rule of thumb is to risk just 1-2% of your capital per trade.
• Use position sizing strategies to control the amount of risk you’re exposed to in each trade.

Step 3: Diversify Your Portfolio

• Don’t put all your funds into one cryptocurrency. Diversifying your investments can help manage risk.

Step 4: Avoid Over-Leverage

• Although leverage can amplify your profits, it also magnifies potential losses. Especially when starting, avoid using high leverage until you have a solid understanding of how it works.
• Bybit gives you the option to use leverage, but start with smaller amounts and gradually increase it as you get more confident with your trades.

Step 5: Keep Your Account Secure

• Always enable two-factor authentication (2FA) to add an extra layer of security to your Bybit account.
• Use a strong, unique password, and avoid sharing your login details with anyone.
• If you hold a significant amount of crypto, consider using a hardware wallet for long-term storage. This way, your funds aren’t exposed to the risks of online exchanges.

Step 6: Stay Informed and Keep Practicing

• The more you understand the market, the better equipped you’ll be to avoid losses. Keep learning about market trends, trading strategies, and the latest news.
• Try out demo accounts or paper trading to practice without risking real money. This will help you fine-tune your strategies before diving into live trading.