BYBIT Review 2024: Complete Exchange Guide + $50k Bonus!

Are you thinking of using bybit well Before you do you have to watch this Video that's because we're going to show You everything you need to know about Using bybit a complete stepbystep guide To using the exchange like a pro we also Have some hints and tips that you won't Find anywhere else as well as an Exclusive sign up bonus too so be sure To watch right till the end End before diving in it's important to State that although we may have an Affiliate relationship with bybit this Video is not sponsored in any way Important to make that perfectly clear Moreover before you start trading on any Platform in general you have to have a Proper crypto trading and risk Management strategy we have several Videos and guides to that effect which Will be linked to below okay with that Out of the way let's dive into a quick Overview of bybit if you want to hop Straight into setting up that account or Indeed any other part of the video use Those timestamps down below so then what Is bybit well it's one of the top Cryptocurrency exchanges out there and Boasts over 20 million users it was Founded in March 2018 and is Headquartered in Dubai benia one of its Co-founders serves as CEO now bybit is Especially tailored to professional Traders particularly derivatives traders

In fact according to coin gecko it's the Second ranked derivatives platform in The world just behind binance as well as An advanced trading platform with ultra Fast matching engine it also boasts 247 Customer service and multilingual Community Support so there's kind of Problem if VAP palip onlay Ybn okay bybit is available in over 160 Countries heads up though if you're Based in the US Singapore the UK and Some parts of Canada as well as a few us Sanctioned countries you're out of luck As bybit isn't supported in those areas At least for the time being now for Anyone looking to trade on an exchange Security should be a priority and when It comes to security bybit performs very Strongly it also has some of the lowest Fees in the industry and if if you keep Watching we'll show you how to reduce Them further we won't go into all the Details here but if you want the Complete deep dive then I'll encourage You to read our comprehensive written Review on coin.com I'll leave a link to It in the description for now though Let's Dive Right into that stepbystep Guide if you don't have a bybit account Then we have a link in the description For you you will definitely want to use That link because not only will you be Eligible for up to $50,000 in signup Bonuses but you'll also pay 0% maker

Fees for 30 days this is an exclusive Coin Bureau offer and it's available Only for a limited time so be sure to Follow that link Below once you've done so you'll be Presented with this signup page you need To fill out your email and choose a Password of course it goes without Saying that you need to have a super Strong password that means at least 14 Characters with a mixture of letters Numbers special characters and capital Letters don't reuse an old password from Elsewhere and don't use things like your Date of birth name or any other personal Information so once you've done that you Can hit get my welcome gifts bybit will Send you a verification email with a Code that you need to use and once That's done you're set up and ready to Use Bybit right now now that you have an Account the very first thing you should Do is Shore up its security with two Factor authentication you can do this by Clicking on your profile on the top Right of the screen then selecting Account and security next you'll want to Set up Google two-factor authentication So select settings next to Google Two-factor authentication and follow the Instructions it will prompt you to Download the Google Authenticator app on Your phone if you haven't already then

Scan scan a QR code on the authenticator App and follow a few basic steps it Takes no time at all and could Potentially be the difference between Keeping your account secure and being Hacked now apart from Google's 2fa there Are a number of other security measures You can take to further bolster your Account security these include a fund Password UB key authentication anti Fishing code and more you can also use The new address withdrawal lock feat Feature so you have to wait 24 hours Before any newly added withdrawal Addresses can be used now the more of These features you use the better Because although they can be a bit timec Consuming to set up security should Always be your first priority right you Also need to verify your identity at This point as it will allow you to Access basic features on the platform Including depositing Fiat and trading on The same account and security page just Click on identity and verification and Follow the instructions you'll have to Have a proof of identity like your Passport or ID card and take a selfie For this step it's very simple you just Allow bybit to access your camera show The document and then once it's approved Pose for a selfie when we signed up the Process took less than one minute it's Incredibly efficient after your account

Has been verified you'll be at level one Verification this means you have no Limits to your peer-to-peer trading your Fiat topup limit is $5,000 a day and you Can withdraw up to 50 BTC daily at Today's prices that's around $2.3 Million if you happen to be a big fish And want to extend this you'll need Level two verification for this you just Need proof of address easy right then Now that that's out of the way you'll Want to buy some crypto buy bit makes This a cinch just click on buy crypto at The top left of your screen and you'll See the different payment options the Easiest way to buy crypto is using Oneclick buy just click on the Cryptocurrency you want to use and the Crypto you want to buy from the Extensive range of options and you can Buy it using a simple credit card Transaction if you're into derivatives Or Futures Trading you'll most likely Going to pick up some usdt or usdc you Can also purchase your cryp crypto using Fiat the process is similar except this Time you'll get a notification with by Bit's Bank details then you'll need to Go into your own bank account and make That transfer to bybit just remember to Put your account number as the payment Reference now as a general rule when it Comes to deposits across crypto Exchanges it's cheaper to deposit using

A bank transfer rather than using a Credit card so this is what we Rec Recommend in any case on buybit you'll See the range of options available to You and the associated fees depending on Where you're located as well as buying Crypto through Fiat you can also Transfer crypto to bybit from another Wallet or exchange so to do this go to Buy crypto and then select crypto Deposit at the top you can select the Cryptocurrency you want to deposit next You have to select the chain be sure you You have the correct chain selected or You could lose your crypto once you've Done that bybit will show you your Deposit address just click on copy Address and next you'll have to go into The wallet or exchange that you want to Transfer from for example here we have Kraken but the process is pretty similar Regardless of the platform you use on Kraken in this instance you go to Transfer then withdraw again you select The crypto that you want to transfer and The net work then you click add new Withdrawal address and you'll get a Popup where you can add a description of The account here we wrote bybit just Below the address name you should paste The address you copied from bybit after Pasting just double check that both Addresses match you can never be too Careful once you save the address just

Select that option on the transfer Screen fill in the amount you want to Transfer and select confirm and that's It Now depending on the crypto you're Transferring and the network you're Using those funds should in time show up On your funding account page which you Can find by clicking on your profile Under assets again the most important Thing to remember here is to double Check your wallet address if you're Planning on transferring large Quantities we highly recommend you Transfer a small amount of crypto first Then when the transfer goes through Successfully you can transfer the rest This is a good habit to get into in General when it comes to large crypto Transfers because while it might cost a Bit extra in terms of fees it's Certainly worth it for the Peace of Mind It'll give you all right now that you Have money in your account you can start Trading before we tell you how to do This it's important to be aware of the Different trading accounts you have on Bybit the first is the funding account Think of this as your main hub for Managing both crypto and feta assets It's where you get to tap into a variety Of financial products and trading tools Users can Channel funds via the funding Account for a range of different

Activities these include subscribing to New earn products and accessing Fiat Services like oneclick buy PTP in other Words peer-to-peer fat deposit fat Withdrawal and buybit card next you have The spot account if you're into spot Trading this is your go-to account it's All about immediate settlement perfect For those regular buy and sell moments That crypto likes to throw at us after That there's the derivatives account now Derivatives trading is where bybit Excels and is what most Traders use the Platform for it's ideal for trading Futures contracts and exploring other Derivative products we'll get into Derivatives trading later in this video Then you have the usdc account as the Name suggests this one is specifically For handling your usdc stablecoin assets As opposed to usdt which is the default Stable coin across bybit and finally you Have the unified trading account or UTA If you set up a bybit account before September 2023 you will have set up a Standard account this means that you Need to have distinct funds in your spot Account your derivatives account and Your usdc account with the UTA buybit Gives you much greater flexibility so For example if a Trader has BTC in their Account they can use the value of that Bitcoin in usdt after taking into Account how much it's worth as

Collateral to make a trade with a usdt Perpetual order this means they're using The value of their Bitcoin to trade in a Different type of Market without having To sell the Bitcoin itself it's just far More flexible and convenient than a Standard account right now that you know The different types of accounts you'll Want to know what to trade so to get an Idea you should check out the markets And see how they're doing you can do This on third-party data analytics sites Like coin Gecko and coin market cap of Course but you can also use the markets Tab on byit the first page that will Appear when you click on the markets tab Is the markets overview here you'll be Able to see metrics like the fear and Greed index Det determine which sectors Are trending and of course examine the Top crypto assets by market cap if you Click on the key metrics tab you'll see A few more metrics including the top 10 Trending assets as well as the top Gainers and newly listed as you can see From the screenshot the newly listed Crypto assets are worth keeping an eye On as these are where you could make Mind melting gains as an example xai's 24-hour price change was over5 100% when We made this video the price movement Among larger cap coins is far more Modest but then again they are far less Volatile so it all comes down to your

Risk appetite right let's move on how do You actually buy crypto on bybit well The easiest way is to use by bit's Convert feature this allows you to Instantly exchange one crypto asset for Another for example BTC to xrp it's Quick and efficient and means there's no Need to manually Place orders in the Spot Market also there are no fees for Using bybit convert the amount you see In the quote is the amount you'll Receive so how do you convert your Assets well you simply select trade on The navigation bar and then click on Convert then on the convert page you First select the trading account you Want the conversion to take place in This this can be your funding account Unified trading account or inverse Derivatives account once you've done That select the asset and amount you Want to trade out of and the asset you Want to trade into and follow the Process to convert your assets these Conversions typically happen in an Instant and it's as easy as that now in Case you're curious the conversion rates Are determined by the best quotes Offered by multiple market makers this Ensur youres users receive competitive Rates when you click on one of the Cryptocurrencies it will take you Automatically to the trading tab this is Where you can buy and sell

Cryptocurrencies using the funds on your Account for instance here we have the BTC usdt tab at the top you have the Current price you'll notice this figure Changing in real time also you'll see The current price is listed in the Orderbook tab the price is in green are Orders to buy the prices in red are Orders to sell and the actual price is Right between these on the left of Course is the chart this is very Versatile particularly if you select the Trading view option above the chart you Can select the time range anything from 1 minute to one month as well as trading Indicators now beginners might want to Stick with moving averages and Ballinger Bands but there's a whole Suite of Different indicators for you to play Around with you can also change the Display now personally I favor trusty Candlestick patterns but well whatever Tickles your fancy now if you want to Place an order go to the right side of The page choose buy or sell then decide What type of order you want a market Trade is one where you buy immediately At the best available price a limit Order on the other hand is when you Place an order at the amount you set if The market reaches is that level then Your trade is executed for example you Might be hoping the price of BTC drops To say

$441,000 and you put in a buy order for That price if it does indeed drop to That level your order will automatically Be executed otherwise the order will Remain open and any orders you've made Will be listed below the chart under Current Orders now if you're new to trading you Have to get familiar with the takeprofit Stoploss feature this allows you to set Automatic rules for your trades in order To manage risks for example you can set A take profit order at a price where You'd be happy to earn a profit and when The price hits this level the sell order Will be executed and your profit will be Secured a stop loss order on the other Hand works the opposite way it lets you Choose a price where an automatic sell Order is executed preventing further Loss by using using both of these orders You can automate your trading strategy Making it easier to handle both Potential profits and losses without Needing to constantly monitor the market Good for social life and Sanity and Here's a pro tip you can also use Something called a trailing stop order Now this is basically a variant of the Basic stop order where a predetermined Trailing amount is set away from the Current market price the benefit of this Is that your stop loss will Automatically adjust up if the price

Continues to increase however if the Price Falls it will act as a regular Stop loss executing the market order at The stop price now Beyond trailing stops You can also set more advanced trades Like conditional orders and Oco or one Cancels the other orders I won't go into These in detail here because for Beginners and even intermediate Traders You're more than covered with limit Market And stoploss take-profit Trades But in a nutshell conditional orders are When a trade is executed only after Certain conditions are met on the other Hand OS allow you to set up a pair of Conditional orders simultaneously and When one is executed the other is Automatically cancelled these more Advanced trades are not as complicated As they sound and allow you to integrate More advanced trading strategies right Now now to a more controversial aspect Of trading leverage leverage trading Often referred to as margin trading is Like using a small amount of your own Money to control a much larger position In the market you put down a portion of The total value of your trade known as The margin which acts as a security Deposit the rest of the trade value is Effectively borrowed from the broker Which is the leverage this allows you to Make larger trade trades than you could With just your own funds this can be

Great if your trade goes well because it Means you could make a lot more profit If the market moves in your favor on the Flip side though it is highly risky as It also magnifies your losses so unless You're an experienced Trader we strongly Recommend against using leverage now There's one more thing I want to talk About when it comes to the spot trading Page and that's the fees you'll find a Full list of trading fees by clicking on The trading guide which is above the Order book then click on spot trading Fees and you'll see a full breakdown of Those fees there you can see that bybit Has VIP and pro tier levels and fees Reduce the higher up you are on the tier List so the more you trade the lower Your fees will be I'll also remind you That when you sign up using the coin Bureau deals page you have zero maker Fee Fe for the first 30 days anyways at The entry level bybit spot trading fees Are comparable to or lower than other Major exchanges as you can see from this Chart okx is slightly cheaper when it Comes to spot trading maker fees While Others including huobi and coinbase are Noticeably more Expensive now when it comes to Derivative fees bybit performs well Compared to other exchanges it has among The lowest Futures made and taker fees Around and if you want a more

Comprehensive comparison of buybit with Other exchanges in terms of fees Etc Then you can view the numerous posts we Have about that on the coin bureau Website link to of course below now Speaking of derivatives derivative Trading is why most Traders use bybit For the newcomers out there I'll quickly Explain what this is so crypto Derivatives are Financial contracts that Derive their value from a cryptocurrency C's price unlike buying cryptocurrencies Directly where you own the digital Currency in question derivatives let you Trade based on the price movement of the Cryptocurrency without actually owning It so for example imagine you think the Price of BTC will go up in the future Instead of buying BTC itself you could Enter into a derivatives contract like a Futures Contract that allows you to buy BTC at today's price but at a future Date if the price of BTC goes up as you Predicted you can make a profit by Selling the contract for more than you Paid however if the price goes down you Could face a loss this way you're Betting on the price movement of BTC Without having the actual BTC in your Wallet right if you want to trade Derivatives unsurprisingly you'll want To head to the derivatives tab here You'll have to decide which crypto You'll want trade you can trade from a

Whole host of assets but typically People will trade using stable coins Like usdt or usdc to trade simply click On derivatives and derivatives portal Then click on trade now and you're in Here a box will pop up with an overview Of derivatives trading on bybit this Gives you a quick summary of what Derivatives are how to trade them what The fees are on bybit and so on with Helpful links if you want to read more In terms of trading you can see that It's very similar to The Spot trading Screen on the right you can buy long or Short if you're unfamiliar when a Trader Goes long they're buying an asset with The expectation that its price will rise This is a bullish strategy if on the Other hand you're bearish and think the Price will drop you'll want to buy short When a Trader goes short they are Selling an asset that they don't own and Intend to buy it back at a lower price In the future future make sense good now Next we need to talk about leverage Again when you're buying derivatives the Platform's default will be at 10x Leverage which should be more than Enough for most Traders however if you Do want to adjust the leverage rate Click on the 10x Tab and you'll be able To scale it up however I will reiterate That if you're not an experienced Trader Go for 1X in other words no leverage at

All in fact before trading derivatives With leverage or before trading at all For that matter we recommend you play Around with the demo trading feature Which you can find at the bottom of the Derivatives tab here you start off with 100K in fake usdt which you can then Trade the demo trading function is great For newcomers learning how to trade and For more advanced traders who are keen On experimenting or sharpening their Skills now if if you do choose to margin Or leverage trade you should be aware of The different types of margin modes that Exist they are cross margin and isolated Margin in simple terms think of isolated Margin like putting each of your trades Into its own separate bubble in other Words the money you put down for one Specific trade is kept separate from the Rest of your account the advantage to This is that if a trade doesn't go well And you lose money it won't affect the Money set aside for your other trades Cross margin on the other hand works the Opposite way it's like the money you put Down as a security deposit is shared Across all your trades so if one trade Needs more money to stay open it can Borrow from the money set aside for your Other trades this method links all your Trades together making it a bit more Flexible in managing risk but also means That if one trade goes badly it could

Affect the others if you want to learn More about about these types of Trades Bybit has a good blog post with clear Examples of the different types of Margin modes which I'll link to below Right then let's move on to a very handy Feature you can find on bybit and that Is the order calculator now the order Calculator is designed to help Traders Make better informed Decisions by Calculating key trading parameters when You're trading cryptocurrencies you Often need to figure out various details Like potential profits or losses the Price you should aim for to make a Profit also called the Target price and The price at which your trade might be Closed automatically to prevent further Losses also known as the liquidation Price the order calculator allows you to Input information such as the amount of Margin you're using the leverage level The price at which you plan to enter or Exit a trade and the quantity of the Contract you're trading with this Information the calculator does the Maths for you it helps you understand What might happen in different trading Scenarios making it easier to plan your Trades and of course manage your risk Obviously if you were to do such complex Calculations yourself it would be very Timec consuming and the potential for Error would be massive that's why the

Calculator is such an important tool in The Traders toolbox and is one I Recommend you get familiar with you can Find this calculator in your derivatives Trading screen on the right hand side of The screen it's the calculator symbol to The right of the leverage amount when You click on that a box will appear Where you can input all your Calculations including your Target price Or percentage price change for both long And short positions right then let's now Assume that you've been trading for a While and have done quite well for Yourself you'll want to take some of Your profits off the platform at this Stage now the process of withdrawing Your money from bybit is thankfully very Strong straightforward so to do so Simply click on your profile select Assets then funding account from here You'll be able to select the asset you Want to withdraw from by clicking on the Withdraw button then you see a screen Where you can choose the asset you want To withdraw to as you can see the list Is extensive then you input the Withdrawal address by selecting add to The right of wallet address you'll be Directed to your address book here you Can save multiple addresses for future Use so just click add then input all the Required information including the Wallet address and chain type it is very

Important to be certain that this is Correct as mentioned before you should Always double check the address and send A small amount of crypto first to make Sure the address is indeed correct one Thing to note here is that there is a Fee for withdrawing money from bybit the Exact amount depends on the chain type And you can see the amount you'll be Charged when you select the chain type For withdrawal and one more thing if you Want to withdraw assets from your Derivatives account you'll need to First Transfer the Assets in your derivatives Account to your spot trading account by Clicking on transfer right with what We've covered so far you have more than Enough to trade spot and derivatives on Bybit but there is so much more to the Platform so from this part of the video Onwards we're going to talk about some Of the other features that bybit has to Offer Advanced Traders will get more out Of these features but there is plenty For beginners too so first bbits got a Few trading Bots that pretty much do the Trading for you based on some smart Strategies you can set up for instance They have a spot grid bot that makes Little bits of profit from small price Moves it sets up a bunch of buy and sell Orders at different prices kind of like A grid and works its magic within those Limits you can just set it and forget it

And it'll do its thing as long as prices Stay within your Range bybit also offers a dollar cost Averaging or DCA bot which is a great Strategy for new investors or those who Prefer a more passive approach to Trading essentially it spreads your Investment out over time putting in the Same amount regularly no matter what the Price is doing and bybit also has what Is termed the Martingale bot however I Would advise against using this one as It automatically doubles your position Size after every loss as you can imagine This can be incredibly risky and I Wouldn't use it unless you are 100% Convinced in your underlying trading Strategy right let's move away from the Bots and talk about bit's copy trading This is an excellent feature that lets You mimic the moves of some of the best Traders around known as quote Master Traders the way it works is pretty Straightforward you pick a Master Trader Set your copying preferences and your Trades automatically mirror theirs if They make a move your account does the Same now this is another great passive Strategy and it benefits both parties as A follower you get to copy the Strategies of these season Traders Meanwhile the master Traders themselves Gain new followers and earn a slice of The profits you make so to start copy

Trading on bybit just click on tools Then copy trading once you do that You'll be directed to a dedicated page Where you can explore all the top Traders on bybit including those with The highest return on investment or Roi Over the past week as well as the top New talents those who have earned the Most through their followers and so on To follow a particular Mar Master Trader Just select copy and enter the required Details including the amount you want to Invest in them EV Voila now one more feature we'll touch On in this intro guide is something that Involves AI trade GPT is by bit's answer To chat GPT and it's focused on surprise Surprise trading everything you've Always wanted to know about trading you Can ask the bot for example you can ask It about the cryp to that are likely to Increase in the next hour and give Reasons for this you can get a one-month Breakdown of a particular token's price Movements using technical analysis you Can get a breakdown of the main Market Moving news over a certain time period a Bit like chat GPT though I recommend you Play around with it first and see how it Can best help your trading strategy also Like chat GPT it should absolutely not Be viewed as a fountain of Truth AI Tools make mistakes and you should Always fact check and do your due

Diligence before taking their word on Anything right well we could go on and On but that's probably about enough for A step-by-step review so to sum up then Bybit is a fantastic trading platform And there's no surprise it's one of the Fastest growing crypto exchanges out There it has excellent UI and a whole Host of features and it's one of the Favorites of team members here at the Coin Bureau but it's important to once Again stress that you have to have a Proper trading and risk management Strategy in place before trading on Bybit as Warren Buffett would say risk Comes from not knowing what you are Doing and while bybit security is robust I will repeat our general advice when it Comes to having money on exchanges don't Do it it's just not worth the risk Unless you're actively trading you Should keep your crypto in cold storage Now we have several guides and reviews Out there of the best places to self Custody your crypto and the best Hardware Wallets on the market also Don't forget about that bybit signup Deal which is again linked to in the Description okay well that about wraps It up for our bybit review folks so if You want to learn even more I'll leave a Few links in the description below Including our longer review of bybit on Our website do let us know what you

Thought about this review in the Comments below did we miss anything or Was there an aspect of the exchange you Wanted us to cover in more detail or Other exchanges you want us to cover in The future please do let us know again If you are planning on creating a bybit Account don't forget to use our referral Link on the coin bureau website so you Can Avail yourself of the signup bonus And trading fee discounts and if you Found value in this content a like and a Subscribe would be much appreciated okay Thank you so much for watching and until Next time this is Guy signing [Music] Off