- Ranas Shakirov
- 7 min.
What Is Bybit?
Bybit is a crypto exchange for trading derivatives, where traders can open trades with up to 100x leverage on a certain number of assets. But that’s not all that can be traded. You can even trade quarterly futures contracts on this platform. These contracts expire according to their calendar cycle and converge to the spot price. One of the key benefits is that users no longer need to pay any funding fees.
In this article, we will talk in detail about registration on the exchange, interface, opportunities, mobile application, account replenishment, NFT, various bonus, affiliate and referral programs, cryptocurrency trading, and other types of earnings on Bybit.
History of Bybit
Bybit was created in 2018 by Ben Zhou in Singapore. The crypto exchange is run by Bybit Fintech Limited, registered in the British Virgin Islands.
Besides the founder, Tencent, Morgan Stanley, and other well-known names in the field of forex, blockchain, and banking also took part in creating the cryptocurrency ecosystem. Bybit currently has over 250 employees and more than 5 million registered users.
Now Bybit is a user-friendly platform for newbies and experienced traders. Here they are engaged in derivatives and spot trading, purchasing and selling NFTs, and also depositing funds to receive passive income (Bybit Earn). An important part of the ecosystem has become the ability to invest in new coins at the stage of development.
Bybit Exchange – Opportunities and Trading
Spot trading is available on the Trade page. Users are offered a list of pairs, the obligatory participant of which is USDT, BTC, or USDC. You can limit your search to one of these cryptocurrencies. There is also a “Favorites” option that allows you to see the most popular pairs. Opposite each offer, the price of the last transaction and the percentage of its increase/decrease are displayed.
The exchange offers three types of orders:
- limit orders
- market orders
- conditional orders
The following margin trading options are available in the Derivatives section:
- Perpetual inverse;
- Perpetual USDT;
- Inverse futures.
Promotions and Bonuses From ByBit
The bonus program of the exchange provides incentives for both beginners and regular customers. To receive the first gift, you need to make a deposit in cryptocurrency. There can be several deposits, and 7 days are allotted for this. All participants in the Newbies Lucky promotion receive a 10% APY booster that allows you to increase your ByFi investment income for 3 days (USDT flexible staking, maximum bonus coupon income is limited to 20 USDT).
If the monthly trading volume reaches $10,000, the client will receive a bonus in the form of their share of the 100,000 USDT prize pool. In addition, depending on the amount of the first replenishment, the company gives discount coupons:
Minimum deposit Reward
Upon reaching a monthly turnover of $300 on spot or $10,000 on margin trading, beginners are entitled to $5 coupons. The same ones are provided when concluding transactions for 3 consecutive days and for subscribing to the exchange page on social media. Coupons cannot be cashed out, they are intended solely for paying commissions (except for those established when withdrawing funds). Bonuses only go towards margin calculation when trading futures and perpetual contracts. When submitting any withdrawal request, the promotion immediately terminates with the annulment of the results.
Referral, Affiliate, and VIP Programs
All gifts from ByBit are displayed in your account in the “My Rewards” section. The amount of the bonus or coupon is determined at the exchange rate in effect at the time of calculation. For example, with a reward of $40 and a current price of $40,000 per bitcoin, the client will receive 0.001 BTC. In addition to rewards for deposits and activities, you can also receive gifts for off-exchange activities. To do this, just register in a local referral program. Basic provisions:
- a beginner who registers using a referral code, replenishes the balance by an amount of $10 or more, and reaches a turnover of $2,000 on spots or $10,000 on derivatives, receives a bonus of $20;
- the same reward is paid to the user of ByBit who invited him;
- the number of referrals is not limited;
- paid advertising mentioning the name of the exchange is prohibited;
- when the referral’s turnover reaches a certain level, the invitee is given a special card with additional seasonal bonuses (up to $500 in USDT).
The crypto exchange also allows users to participate in an affiliate program. Payments there can reach 30% of the turnover of the attracted client. Owners of their own Internet resources are invited to participate.
Users whose total monthly turnover reached $10 million or $1 million on spots, as well as owners of capital from $250,000 in their account, can apply for participation in the VIP program. The status can also be obtained automatically if the user has previously earned a similar privilege on another exchange. VIP clients are entitled to a personal ambassador, round-the-clock premium service, exclusive bonuses, gifts, and discounts.
Registration on the Bybit Exchange
The registration process on the exchange takes less than a minute. The button to open the form is in the upper right corner. Registration on the ByBit exchange can be done using an email address or a phone number. You need to specify an email or mobile phone, come up with a strong password and agree to the terms of the company. At the next stage, you need to confirm that you are not in the territory of one of the countries with limited access:
- The USA;
- Mainland China;
- North Korea;
After that, the user needs to enter a 6-digit code sent to email or phone. If the client does not yet have the proper financial experience, it is better to choose the Newbie account. Those who are well versed in the process are encouraged to select the “Experienced” option. This completes the registration, and the visitor is in a personal account.
Verification on the Bybit Exchange – How to Pass
Verification on the exchange is optional, but it limits the daily withdrawal limit to 2 BTC. You need to verify your identity to increase the maximum allowable amount to 50 BTC. In the section of the personal account “Account and Security” there is a line “KYC Verification” with the “Go” button opposite. By clicking on it, the user will be taken to the desired page. The procedure for passing the basic check:
- Specify a country.
- Select the type of document – passport, ID card, driver’s license (the list of options depends on the country).
- Upload a photo with a face image in accordance with the requirements of the service.
- Look into the camera, making a slight rotation of the head in a circle.
If the verification is successful, you can double the limit (up to 100 BTC) by confirming the place of residence. You need to send a copy of a bank statement or utility bill (the deadline is no later than 3 months from the date of issue).
For corporate clients, the verification procedure is more complicated. A company representative must submit an application by email along with copies of constituent documents, registration certificate, register of directors, and owners. You also need information about the ultimate beneficiary and the person who will manage the account. The daily limit will be 100 BTC.
A review of the ByBit exchange would be incomplete without a mention of the local marketplace. This is an online platform for trading NFTs – tokens whose denominations are digital art and collectibles. Images, videos, and mystery boxes can be purchased with BIT, USDT, and ETH. There is no exchange option here, the cryptocurrency must match the price tag. Access to the marketplace requires an account on the exchange.
Buyers who buy NFTs on ByBit pay no commission. The seller pays 1% royalties to the author and 1% to the service. NFT creators receive 1% for each subsequent sale of their creation on the secondary market. Mystery boxes contain a random NFT token N, R, SR, or SSR level. At the primary sale, no more than 10 copies are sold per hand.
The crypto exchange makes sure that beginners receive the most complete information about cryptocurrency trading. The “All About Crypto” (“More”) page contains a variety of materials that are useful for both a novice and an experienced trader. You can also check out the latest industry news here. The website also has a blog that also publishes interesting news articles.
Bybit Mobile App
Mobile users can visit the exchange through a browser. The adapted version is displayed quickly and correctly, all the main options are available in it. The company also offers an app for iOS and Android devices. You can download the installation files from the App Store and Google Play stores. Links are located at the bottom of the main page, when entering from a PC, just bring the phone to the screen to scan the QR code.
How to Trade Crypto on Bybit via the Cryptorobotics Platform?
Cryptorobotics is a free crypto trading platform for cryptocurrency trading. The terminal enables multi-exchange trading, tracking and managing a crypto portfolio, and trading from a single intuitive interface. Cryptorobotics has partnered with the top exchanges like KuCoin, Bittrex, Huobi, Bitfinex, EXMO, Kraken, OKEX, CEX, Gate.io, Binance, Binance.US, Poloniex, P2PB2B, Binance Futures, ByBit, and Bybit Inverse. In this way, all the best exchanges are available in one secure crypto trading terminal.
Besides, the platform offers various crypto trading tools to enter traders, effectively manage a crypto portfolio, raise profits and mitigate losses. Users of the terminal can trade manually and use automated trading tools suitable for both newbies and experienced traders. Let’s consider what opportunities the Cryptorobotics trading terminal provides to traders on the ByBit exchange.
What Opportunities Does Cryptobotics Provide for Traders on the Bybit Exchange?
As we mentioned earlier, the trading terminal is completely free, but if you want to use more advanced functions for crypto trading, you can choose one of the PRO packages. Traders can use for free the following functions: manual trading tools, OCOs, or smart orders, ladder smart orders, limit orders, stop-limit orders, market orders, technical analysis, the number of open charts, workspace templates, analytical dashboard (Available for 30 days), etc.
Concerning the algotrading, users can use the following functions:
- Crypto trading bots
- Crypto signals
- Ladder smart orders
- OCOs, or smart orders (stop loss, take profit, trailing)
- Trading 24/7. Due to the fact that various algorithmic trading tools are available in the Cryptorobotics trading terminal, users can enter trades even at night.
- Available a huge number of cryptocurrencies. Users can trade in real-time 1,500+ digital coins.
- Top cryptocurrency. Traders can trade such cryptos as BTC, ETH, and many other famous digital coins.
- A wide range of crypto pairs. The terminal allows using of 5,000 crypto pairs on 16 top crypto exchanges.
- Chart Trading. Traders can use the best crypto trading tools for technical analysis, opening, and closing orders directly on the chart.
- Portfolio tracking and management. You can monitor, allocate and manage your crypto asset.
- Price Alerts. It is possible to get notifications to never miss a profitable trade.
- Security. Nobody has access to your API keys or funds.
- Available on all devices. Terminal users can open orders even from their mobile phones, which contributes to uninterrupted trading.
How to start trading on ByBit via the Cryptorobotics platform?
If you want to start trading in this free crypto trading terminal, you need to follow these actions:
- Pass the registration process.
- Set up an account on ByBitl.
- Bind account to the crypto trading terminal.
- Start the trading process.
After that, users can easily and quickly open and close orders, as well as get passive income if they select one of the algorithmic tools.
READ MORE: Gate.io Review