Bybit Tutorials for beginners in 2022

Bybit Tutorials for Beginners: Do this and Get a $10 Reward

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With traders from all around the world, Bybit is one of the fastest-growing crypto derivatives exchanges.  It was launched in 2018 by Ben Zhou, the CEO, and owner. Ben managed a profitable forex exchange for eight years, and he has extensive knowledge of the sector.

It corporate headquarters are both in Singapore and Hong Kong, and it maintains operations there.  The founders and employees of Bybit are a well-known group. We believe this is a significant factor for its tremendous popularity.

In this article, we will share with you how you can get a $10 reward as a newly signup user on Bybit.  First, let’s look at how it works.

How Does Bybit work?

You simply need a phone number or email address to create an account with Bybit, which does not need KYC. It allows you to use a third-party app to buy Bitcoin with fiat currency, or deposit cryptocurrency. Also, you can leverage margin and futures trading up to 100x. Bybit provides 100x leverage for Bitcoin owners, while for other currencies, you can get 50x leverage.

To put it simply, if you’ve never utilized leverage before, you’re borrowing money in order to increase your chances of profiting. It’s also referred to as margin trading. They don’t allow margin purchases by regular investors because you run the risk of magnifying your losses and ending up with nothing.

Customers can also get short-term insurance to protect themselves against financial setbacks. Both Bybit mobile app and the website include a wealth of useful features for skilled traders.

Bybit

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How to Get a $10 Reward for New Users Only

You can get a $10 reward on Bybit when you register and deposit a minimum of $10 on your newly created account. Below is a step-by-step guide on how to claim your reward as a new user.

  • Step 1: The first step is to join the Bybit Telegram Community.
  • Step 2:  Click this link (the referral link on the channel) to register an account with Bybit. Clicking the link will take you to the SignUp page, enter your email address and fill in the necessary details.
  • Step 3: After successful registration, the next step is to make a deposit; since you are a newly registered member, refer to this guide to learn about the different ways you can make a deposit on Bybit.
  • Step 4: Deposit a minimum of $10 after choosing your preferred deposit method.
  • Step 5: After making, a deposit, click on this link to fill out the Google form required by Bybit to be eligible for this reward.
  • Step 6: Once you have filled out the form, you will receive your $10 reward once it is being distributed by Bybit.

How to Make a Bybit Withdrawal

Based on your chosen fiat currency, the platform can give you multiple payment options facilitated by different third-party service providers. This way, you can pick the vendor that can top up your wallets with the most crypto for the lowest fees within the shortest period.

Bybit

You can also use an assets exchange tool for converting a Bybit-supported crypto coin into another. You must enable two-factor authentication in order to make a withdrawal. While doing this, remember to look for the Bybit withdrawal fees and you can follow this link for more in-depth info on how to withdraw from Bybit.

Fees Charged by Bybit

Bybit Trading fees

Every transaction is made up of two parties: the maker—whose order is already on the order book—and the taker, who places the order that matches (or “takes”) the maker’s order.

We refer to market makers as “makers” since their orders contribute to the market’s overall liquidity. The “taker” of this liquidity is the one who matches the maker’s orders with their own.

There are two ways to trade on Bybit: contracts trading and spot trading. The main focus is on the ability to trade contracts. On 15 July 2021, the platform started supporting spot trading.

It charges customers 0.075 percent for each contract they trade. The makers receive a charge of -0.025 percent. To put it another way, each maker is compensated for their participation in the market.

The global average taker charge and maker fee for contracts trading was 0.063 percent for takers and 0.018 percent for makers, according to the most comprehensive industry analysis yet compiled on typical fees for contract trading.

As a result, Bybit’s taker fees are slightly higher than normal, while its maker fees are significantly lower than typical. As a whole, the fees charged here are reasonable.

Bybit Withdrawal fees

You will be charged 0.0005 BTC per BTC withdrawal from the Bybit trading platform. The worldwide industry average is currently 0.00059 BTC per BTC-withdrawal.

Is Bybit a safe place to store your cryptocurrency?

Several security measures are in place at Bybit to safeguard your assets. It uses cold storage for all of its clients’ money.

To prevent illegal withdrawals, each withdrawal request is manually reviewed. The bug bounty program that Bybit is a part of encourages the ethical hacker community to report any vulnerabilities in the system.

A background check is performed on each employee as well. Withdrawals and account security settings may now only be changed with two-factor authentication.

What You Should Know About Bybit Mobile App

You can download the mobile app from the Google Play Store and use it on any Android or iOS device. A credit or debit card, or bank transfer may all be used to acquire cryptocurrencies like Bitcoin and Ethereum using the app.

For open positions, TradingView is an excellent program, despite its difficulty in analyzing charts and keeping track of many markets at once. A multi-signature cold storage wallet is used to safeguard the cryptocurrency account.

Trading pairings including BTC/USD, ETH/USD, XRP/USD, EOS/USD, and BTC/USDT are all available for trading. With a throughput of more than 100,000 transactions per second, it assures that every trade order is filled.

Bybit

Everything that the browser-based version of the app can do can also be accomplished in the app. It features screens for each of the following:

  • recent trades information
  • the order zone
  • notifications
  • contracts
  • the price graph
  • order book

Similarly, the Bybit mobile app offers a variety of alternatives for receiving strategic alerts. When the Last Traded Price rises or falls above or below the alert rate you choose, the widget will send you messages.

When the values of your selected trading pairs move by more than a specific percentage within five minutes, you may set up notifications for spikes and drops.

With open interest modifications, you may do the same. As a last option, the Bybit app allows you to set a 30-minute reminder for the expected funding rate for your selected trading pairs.

Bybit Customer Support

The learning curve for Bybit might be high, but there are several ways to receive assistance.

Support through Email and Online Chat

Customer service is available by email and live chat at any time of day or night. Bybit’s trading page has a chatroom. In this section, other people are eager to assist you. If you’d like to speak with a customer service representative one-on-one, you may do so via the Bybit iOS or Android app.

You may expect a quick response from the company’s customer service department.

When there is a high amount of support inquiries, you may not get a response straight away. However, we can assure you that you won’t have to wait too long for your order to be delivered.

You must remain in the chat window until an agent is available. The alternative is that you’ll be relegated to last place in line. A support ticket can be sent instead if you don’t have the time or your matter isn’t urgent.

Social Networks

There are at least eight social media profiles belonging to the company, Bybit. Participate in conversations with the company on Facebook and Twitter as well as other social media platforms like YouTube and Reddit.

Additionally, you can contact Ben Zhou directly on his Twitter page.

Databases of Information

As an alternative, you can open the trading page’s support window. Help center users can use this as a search engine.

Frequently Asked Questions (FAQs) are answered in bite-sized pieces in one of Bybit’s several knowledge bases. In addition to the basic Bybit trading FAQs, there are specific sections on frequent topics like API in the help center.

Visit Bybit Learn if you’re a newbie as it covers subjects such as blockchain, decentralized finance, and cryptocurrencies. Using the built-in search engine, you can easily discover the information you’re looking for. You may use its dictionary to brush up on the most often used crypto jargon.

The Contract Info tab on the trade page might help you brush up on your product knowledge. If you want to know how a contract works, this is the place to go.

Also, check out the platform’s Blog for the latest in cryptocurrency news and you can provide feedback if you so choose, which appears in chronological order on the company’s site. A large number of evaluations demonstrate that the firm pays attention to its customers’ concerns and responds fast when problems arise.

API Support and Documentation

For software developers, Bybit’s official API resources are available. In addition, there are several social groups hosted by the corporation where you may share ideas and discuss problems with other technologists.

You may contact IT support via a Telegram API chat group and a support email address.

Authenticity Verification Tool

Checking the authenticity of a firm, its platform, or its products can assist you in ensuring that the information you’ve received is accurate. Essentially, it’s a Bybit utility meant to keep you safe from nefarious activities.

Bybit

Final Thoughts

Bybit has been in business for a few years now and has a spotless security record. Additionally, the order book is one of the largest in the industry, making it accessible to investors of all sizes. It is reliable, secure, and open. It has different trading alternatives, leveraged trading, protection against losses, payment methods, fee structure, promotions, and round-the-clock good customer service, which actually delivers a comprehensive package that crypto traders are seeking.

It is important to note that Bybit offers no investment advice or third-party financial planning services whatsoever.

FAQs

Is Bybit a Real Company?

Genuine cryptocurrency exchange with a cutting-edge trading platform is run by Bybit Fintech Limited. Anonymity is assured with Bybit. As a result, the trading platform does not require a KYC procedure. Users are protected by an insurance fund and can trade inverse perpetual, inverse future, and perpetual linear contracts.

Its reviews may be found online to receive an honest assessment of this cryptocurrency exchange.

How can I get started with Bybit?

A user must first register, deposit cash or cryptos, and then begin trading.

There are PC and mobile app versions with robust technology. To learn the ins and outs of trading, it provides a testnet.

How can I Take Profit on Bybit?

A target price can be specified to exit long and short positions. Partial order execution is also an option. This allows the trader to benefit while on the go.

How much leverage does Bybit provide?

Bybit’s maximum leverage is 100x, but you may simply tune it for isolated margin trading using a leverage slider.

Can citizens of the United States use Bybit?

Due to a lack of compliance, crypto regulatory concerns, and the continual risk of being sued by the SEC in the United States, US residents are unable to trade on the Bybit platform.

Is there a limit on how much money you may withdraw from Bybit?

Bybit has a daily withdrawal limit of 500 BTC. This implies that if you wish to withdraw more than 500 BTC, you’ll have to plan your withdrawal across several days, depending on the amount.

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