What is Bybit? Detailed instructions on the Bybit exchange

1.What is Bybit exchange?

Bybit is a derivatives exchange or Derivatives exchange. You can use leverage up to 100X with Bybit exchange. At the same time, Bybit also allows Spot trading, buying coin tables and many other attractive features such as launchpad, stake, launchpool, mining. Top product in crypto village.

(Refer to the information on the homepage of the bybit exchange)

Currently, Bybit Exchange is the world's 3rd largest exchange by trading volume. With this amount of money traded, it can be seen that bybit is one of the reputable exchanges.

Through experience, it is found that Bybit with fast transaction speed and good customer care service. The exchange wants to bring the best trading experience.

Bybit is headquartered in Singapore, has been in operation since 2018. It's been just over 3 years that Bybit has made breakthroughs in derivatives trading.

Currently, the floor is headquartered and represented in many other territories such as North America, Europe, Russia, Japan, Korea and Southeast Asia and Vietnam.

2.Review of Bybit exchange

Need to evaluate an exchange before starting:

Up to now, Bybit exchange has ranked 3rd in trading volume and has never been hacked or shown signs of floor collapse. This is a welcome signal when trading with good security.

2.1 Advantages

• Simple interface, easy to use.
• Focus on the Derivatives Trading market. Bybit recently added crypto buying and Spot trading for coins. However, the centralized product of the exchange is still Bybit.
• There is a mobile application app.
• Leverage up to 100X.
• Support multiple languages.
• Low transaction fees from 0.025% to 0.075%.
• The exchange coin is Bitdao (BIT).
• Diversity of trading products: Currently, Bybit has added up to 29 coins to its list of coins, focusing on exchange coins and platform coins.

2.2 Defect

• There are currently no OTC transactions. So you need to buy USDT on another exchange to transfer in, not buy and sell directly on the exchange. You can buy USDT at Binance.

(Refer to the information on the homepage of the Binace exchange)

2.3 Transaction fee

• Trading fee for derivatives: Maker rebate fee 0.025%, Taker fee 0.075%.

• Formula for USDT Contract: Trading Fee = Order Value x Trading Fee Rate
• Order Value = Quantity x Strike Price

USDT Contract Example:

Trader A buys a 10 BTC contract using a Market order.
Trader B sells a 10 BTC contract using a Limit order.

Assuming that the strike price is 8000 USDT:

• Taker Fee for Trader A = 10 x 8000 x 0.075% = 60 USDT
  Marker Discount for Trader B = 10 x 8000 x -0.025% = -20 USDT
• Therefore, on execution, Trader A will pay 60 USDT Taker Fee and Trader B will receive 20 USDT Maker Discount (- 20USDT)
• For spot trading, it is 0.1% for buy and sell.

3. Bybit Exchange Guide

3.1 Register Account

You access the Bybit exchange homepage to start registering an account.

REGISTER FOR BYBIT

Here you enter your email and password. Note Password needs to have uppercase, lowercase letters, special characters and numbers.

After filling, click check and click continue.

Note: Right now, a table of banned countries will be displayed, select NO.

Get the OTP code sent to your Email and enter to complete the Bybit account registration.

3.2 Account Verification and Security

You go to your account, select the person image. And select Account and Security to verify and secure your account!

This you should always do, because to protect your property.

Here you verify all the above information.

Identity verification just lvl1 verification is enough. You will be allowed to withdraw 50BTC/day so feel free.

3.3 Bybit exchange deposit and withdrawal

You choose the Assets section to manage assets as well as deposit and withdraw money.

Note that depositing (from another exchange to Bybit) and withdrawing (from bybit to another exchange) is just the way you transfer money.

Priority deposit and withdrawal with USDT, newbies. And choose the network (Type of chain) is TRC20 for cheap fee.

Then now to the exchange holding USDT to switch to. It's easy to use Binance exchange. Pay attention to choose the correct network selected above or you will lose money.

Withdrawal is the same as depositing, doing the opposite is ok.

4. Bybit exchange guide

Currently, there are 02 forms of trading, including: Trading derivatives and spot trading.

4.1 Spot trading

Spot trading is a form of buying, selling and exchanging a certain coin. That is, when buying and selling, you will always hold that property.

Currently, Bybit exchange has listed 25 coins. Quite a bit to trade Spot. Bybit will add many other coins to help diversify.
To trade spot, you select the spot, then select the coin you want to trade.

In the right field, enter the amount of coins you need to buy/sell to start trading.

You need to pay attention to the following information

• Limit order: You will set the price to buy or sell. If the value is reached, the transaction will be executed
• Market/Market Order: you will execute a trade at an instant in time at the current price.
• Conditional order: An order that if the price sets a certain level, you will set a buy/sell order at a certain level. For example Bitcoin is priced at 55000, I will install if bitcoin drops to 45000, there will be 1 buy order at 41000.

You should use market orders and limit orders to trade.

New spot trading added in bybit exchange. Bybit exchange is an exchange that focuses on derivatives trading rather than spot trading. This is also a factor to choose the form of transaction.

4.2 Trading derivatives/trade margin

Choose a transaction type

Currently, Bybit exchange has 3 types of transactions corresponding to collateral and position closing time

• Permanent inverse: The contract period is forever, you can stop at any time, using the asset of the coin being traded as collateral.
• USDT Perpetual: The contract period is perpetual, using USDT in the wallet as collateral.
• Inverse Futures: There is a maximum term of the contract at the end of the quarter, for example now is December 31, 2021. Use coin assets as collateral.

Cross Margin and Isolated Margin

This is a very important factor when trading bybit exchanges. You need to pay attention to choose not to fly the account.

Cross Margin: Under cross margin, your entire available balance on margin will be used to meet maintenance margin requirements and prevent liquidation. All respective available balances may be forfeited in the event of a liquidation. Please note that the leverage adjustment will affect all positions and open orders in the current trading pair.

It's quite risky with the Cross Margin order. So you should consider when using.

Isolated Margin: Under independent margin, a certain amount of margin, i.e. initial margin, is applied to a position, and the margin ratio can be adjusted manually. In the event of a liquidation, you may lose your initial margin and the additional margin added to the position.

Leverage

We trade derivatives often using margin leverage. Leverage makes us more money, but it also means higher risk. Consider using large leverage.

Currently, the bybit exchange allows the use of leverage up to 100 times.

In the image above, you can set the leverage of buy/long sell/short.

Install entry positions and improve bybit trading

3 types of orders: Limit orders, Market orders, Condition orders. I explained above.

Amount of BTC/USDT to trade

Set take profit stop loss. Helps you automatically take profit or stop loss on trades.

When the market price reaches the TP price, your order will be closed by the exchange and take profits for you. In case you place a short position, the TP will be lower than the entry price (Order price in item 3), for a long position, the TP will be higher than the entry.

You can enter the price manually or choose by % of the deposit amount. The number of closed profits will be listed below.

Similar to stop loss.

Click Open Long / Open short to place an order.

Command management

You scroll down to the bottom and you will see a table that keeps track of the orders you have traded. Here you can see the profit or loss of the order and can stop the trade here to take profit/stop loss.

Thank you for reading, I hope it is useful to you. You can ask questions in the comments below.