Bybit Exchange Tutorial (Trading Tips & Strategy)
Bybit is a crypto derivatives exchange platform that has over a million users. It trades over $1 billion worth of BTC daily. As per CoinDesk data, Bybit is the second-largest BTC futures trading platform in the world.
Over 70% of its clients are retail, while 30% are institutional. Bybit is relatively easy to use with an intuitive and user-friendly interface. It has a high transaction speed of up to 100,000 transactions per second. In addition, users can benefit from Bybit’s perpetual futures with up to 100x leverage.
The Bybit review below covers everything you need to know about its deposit, leverage, charting, and funding rate processes.
How To Deposit Into The Bybit Account
To deposit into your account, visit the Bybit page and click on “Assets” to access the list of all available cryptocurrencies for trading. From the list, select the cryptocurrency you want to trade, i.e., Bitcoin, Ethereum, EOS, XRP, and USDT, among others.
Bybit is an excellent exchange for BTC swaps because it is rich in liquidity. Here you will have minimal slippage and attractive low fees. Moreover, you can trade with the comfort that you will quickly have your orders in and out.
The platform ranks second behind Binance in bitcoin futures trading. If you choose to trade Bitcoin, click on “Deposit” under the Bitcoin thread. This action will create a pop-up on the screen where you enter the amount of Bitcoin you want to deposit. The platform is currently running a $600 sign-up bonus on new account sign-ups. When you have finalized the transaction, the deposited balance will display in your account.
► Bybit – ($600 DEPOSIT BONUS CODE): 👉 https://partner.bybit.com/b/MDX_Bonus
Trading On Bybit
Bybit has two main trading models:
- Inverse Perpetual swaps
- USDT Perpetual Swaps
On Bybit, inverse perpetual swaps, users deposit cryptocurrencies and earn returns in cryptocurrencies. For instance, if you deposit Bitcoin, the final reward is paid in your account in Bitcoin. You can also trade other cryptocurrencies and earn returns in the respective coins deposited.
On the other hand, for the USDT perpetual swaps, you trade the volatility of Bitcoin using USDT and get your return (profit/loss) paid out in U.S dollars.
An excellent trading tip that you can try out for more profit is to get paid out in the crypto asset that you are trading in bull markets and to earn your payment in USDT in bear markets. Use the inverse perpetual in long markets and the USDT perpetual swap in short markets.
► Bybit – ($600 DEPOSIT BONUS CODE): 👉 https://partner.bybit.com/b/MDX_Bonus
Limit Orders
When you limit order, you are simply creating a market. For instance, if you think that Bitcoin will drop in the future and want to buy at a future price, click on “Limit,” enter the price you think Bitcoin will drop to, and click on “Buy Price.”
This action will bring up a pop-up with details like the trade’s liquidation price where you click to confirm the transaction. In essence, what you have done is created an order but placed it in the future. The buyer, on the other hand, buys the Bitcoin when it falls to the projected price.
There are various types of limit orders;
- Post-only order; when you place a post-only order, you will earn a market maker rebate for supplying liquidity to the exchange.
- Reduce-only order; reduce-only order works like a take profit order. Use it when an asset’s price is rising to keep an open position in control. For risk management, adopt the 1% rule of trade.
Bybit offers key innovative features and a transparent, trustworthy, and efficient trading ecosystem. It is a fiat gateway for BTC purchases and has an excellent reward system. The platform has strong technology designed to streamline the entire trading experience.
► Bybit – ($600 DEPOSIT BONUS CODE): 👉 https://partner.bybit.com/b/MDX_Bonus
