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What is Bybit exchange? Instructions for registration and use from AZ [2021]

What is Bybit exchange? Instructions for registration and use from AZ [2021]

What is Bybit?

Bybit is a growing Peer to Peer (P2P) exchange. The exchange mainly targets the field of margin/leverage in cryptocurrency trading.

Although only founded in March 3, Bybit has become one of the fastest growing cryptocurrency exchanges, with over 2018 million registered users.

Built on customer-centric value, the exchange always strives to provide professional, intelligent, intuitive and innovative DeFi mining and online trading experience to individual and institutional clients across the globe. around the world

Besides, the exchange is registered in the Virgin Islands (UK), with its head office in Singapore and branches in Hong Kong and Taiwan.

Founding team 

Bybit exchange development team

The exchange was founded by Ben Zhou. Previously, he founded his own Fintech “world” called XM and held the position of CEO for 7 years. Currently, XM is the leading brokerage service provider.

Latica Qiu is another character in the core team that used to work at XM. Besides, the technology team of the exchange is the characters from leading companies such as Morgan Stanley, Tencent, Nuoya Fortune, ...

Outstanding features of Bybit . exchange

main function

Perpetual Futures Contracts

Different from instant settlement in spot transactions; or payable on a specified date in the futures contract. Perpetual futures contracts allow users to hold positions for as long as they like and have no expiration date.

This opens up more opportunities, helping users get a better price than the futures contract. Currently Bybit has 3 types of derivative transactions including USDT perpetual, Inverse forever, Inverse futures

USDT perpetual contract

The perpetual USDT contract is a linear contract. The margin used for the linear contract is USDT.

Perpetual Inverse / Inverse Futures Contracts

Inverse/Inverse Futures Contract means that if a trader wants to trade BTC/ETH/XRP/EOS contracts, the base cryptocurrency must be used as margin to trade respectively.

Difference between perpetual Inverse contract and perpetual USDT contract

Compared to the Perpetual Inverse contract, the USDT Perpetual contract includes the following:

  • The margin and profit and loss calculations of the USDT perpetual contract are more direct than that of the Perpetual Inverse contract. When trading 1 BTC and the price moves 100 USDT, the trader's profit/loss will be 100 USDT. The Profit and Loss chart of USDT contracts will be a linear line.
  • Perpetual inverse contracts are traded against the base cryptocurrency. Traders need to hold some volatile BTC/ETH/EOS/XRP as margin. Therefore, even if traders choose not to trade, holding crypto is still inherently risky. USDT perpetual contract, on the other hand, uses the stablecoin stablecoin as margin, and thus, traders do not have to hedge their positions to avoid the risks of holding crypto.

Inverse Trading Platform User Guide

Refer squid fishing tours.

Dual pricing mechanism

Before the problem of market manipulation that often occurs on exchanges, Bybit has used a double price mechanism to protect traders, ensuring users have a fair trading "environment".

Along with that, the exchange uses Mark Price (global spot index price) as a liquidation tool, not Last Traded Price (last trading price) like most exchanges.

For you to better understand the exchange using Mark Price instead of Last Traded Price; Blogtienao gives the following example:

If the price of Bitcoin in the last trade plummeted from $8.000 to $5.000; Mark Price will not be affected and will remain at $8.000. This will protect traders' positions from being liquidated due to a sudden price drop.

Mark to market (Accounting at market price)

On Bybit, contract prices are quoted at the spot market price with the final transaction price close to the spot price.

Flexible staking with ByFi

At ByFi, you can earn competitive returns with low risk across staked tokens — BTC, ETH, USDT and USDC — and stable APY. Profit will be calculated automatically and transferred to your ByFi account every day.

Daily profit depends on the type and number of tokens you have staked. They are calculated according to the formula:

Daily Profit = number of tokens staked * (APY of staked tokens / 365)

Profit will begin to be calculated from the next day (T+1) after you have staked the token, and will be transferred to your ByFi account every day from the next day after the start of profit calculation (T+ 2). On the day you get your staked assets back, you will have no additional profit.

Currently, users do not need to verify KYC and can still use ByFi.

Leverage up to x100

In perpetual futures contracts, users can leverage up to 100x leverage. In addition, traders can adjust the leverage and margin of an open position at any time.

This is a very flexible form of risk management and guarantees the best possible trading experience.

Leverage levels for each cryptocurrency:

  • BTC/USD: 1: 100
  • ETH/USD: 1:50
  • EOS/USD: 1:50
  • XRP/USD: 1:50

Bybit Launchpad

Bybit Launchpad is a token launch platform for blockchain projects. Gives users early participation in quality projects and allows them to earn new tokens directly on Bybit's platform.

Just like other Launpad platforms, here you can share your knowledge about IEO-sold projects that you often refer to.

Some other features

  • Store assets with cold wallet
  • Users are allowed to withdraw unlimited money
  • No KYC
  • Can handle 100.000 transactions per second
  • Buy and sell in fiat currency through Bybit's Fiat gateway

Delivery fee translation, withdrawal fee

Fees on Bybit

Transaction fee

At Bybit, Maker fee is -0.025% still Taker fee is 0.075% for each order.

With a negative Maker fee, the “maker” side will be paid a fee for the transaction. For you to better understand, Blogtienao will take the following example:

Let's say you are Maker side, when you give 1,000 USD to buy cryptocurrency, you only need to pay 997.50 USD. This is one of the competitive points of the floor.

Withdrawal fee

BTC withdrawal fee off the floor is 0.0005 BTC, which is 40% lower than the industry-wide average BTC withdrawal fee (0.0008 BTC).

Fee comparison table on exchanges

Pros and Cons of Bybit

Advantages

  • Good UI and User Experience
  • 24/7 support team
  • Good liquidity, trading volume increased rapidly. In a recent new report, the daily trading volume on the exchange reached nearly 1 billion USD
  • No KYC
  • Low transaction fees
  • Vietnamese language is available

Disadvantages

  • As an exchange with a young age
  • No fiat support
  • Trading pairs are not yet diversified. Currently, the exchange only supports 4 trading pairs with the dollar: BTC, ETH, EOS and XRP

Is Bybit exchange safe?

Currently, it is still too early to conclude that Bybit is a safe exchange.

However, the exchange is following a standard security system such as: keeping customer funds in a cold wallet, using a multi-signature system, keeping only a small amount directly on the exchange for trading...

For personal account security, Bybit provides two-factor authentication (2FA) under the Google Authenticator app. In addition, the exchange also maintains an insurance fund to deal with errors in contract settlement.

Finally, after more than two years of operation, the exchange has never been hacked or leaked customer information.

Is Bybit exchange banned in Vietnam?

Currently, Vietnam has not introduced a ban but also has not legalized cryptocurrencies, so now you can still use Bybit with peace of mind.

Why can't I access Bybit exchange in Vietnam?

As mentioned above, Bybit exchange is not banned from use in Vietnam. However, in the past time, many people have complained to Blogtienao that they cannot log in to the exchange.

In fact, this problem is caused by the network operator, specifically the FPT network. Therefore, to be able to log in to the floor, you can use 4g network or change another carrier. Also, instead of using the “bybit.com” link, you will use the “bybit.com” link.bybitglobal.com".

Instructions for registering an account on Bybit

Step 1: Access: https://blogtienao.com/go/bybit. Open the Bibyt app to register an account. Then fill in all the required information. The Referral Code you enter 10116 to support Blogtienao.

Step 2: Enter the code sent by the exchange to the registered phone number to complete

Instructions to enable Google authenticator

Step 1: Log in to the application, select “assets” (1) => setting icon in the right corner of the screen (2)

Step 2: Click on it “security” => Enable Google authenticator

Step 3: Enter the code sent to your phone by the exchange => select "tiếp tục"

Step 4: Copy the key into the GA app on your phone and select "next" 

Step 5: Enter the required GA code and complete

Instructions to improve account security

Step 1: choose "Assets" (1) => setting icon in the right corner of the screen (2)

Step 2: Click on it “security” (1) => turn on “lock pattern password” (2)

Step 3: Set password by drawing => Done

Instructions on how to get ref link to introduce Bybit exchange 

Step 1: You need to log in with a desktop or laptop computer.

Step 2: After logging in, hover your mouse over your account name in the right corner (1) and select “Referral Program” (2)

Step 3: At this point, you will see the Referral Code and Referral Link. You can use this link and code to invite your friends to sign up for the exchange and you will receive a commission.

Instructions on how to contact the floor for support

  • On the website website: After logging in, you will immediately see the frame "Support"

  • On the phone app, after logging in, you will see the box “Live Support”

The floor's support team is always available 24/7, so you can rest assured.

Instructions for depositing coins on Bybit exchange

Step 1: choose "Assets" (1) => “deposit” (2)

Top up Bybit coin

Step 2: Select the type of coin you want to deposit (in this example I will choose Bitcoin)

Top up coins

Step 3: Copy the Bitcoin address provided by Bybit and paste it in the input “Your BTC wallet address"in the account on the exchange Vicuta or Coinhako... (where your BTC is stored)

How to top up coins

Some notes when depositing coins

  • When depositing EOS, you need to add a Memo

  • When depositing XRP, you need to add the tag

Instructions to withdraw coins from Bybit exchange

Step 1: choose "Assets" (1) => “withdraw” (2)

Step 2: Select the coin you want to withdraw (in this example I will choose Bitcoin)

Top up coins

Step 3: Enter the amount of Bitcoin you want to transfer and select “next”

Step 4: Enter the 2FA code and the code that the exchange sends to your email.

So you have completed the steps and just wait for the exchange to process your transaction request.

Note when withdrawing coins

There are 3 timelines for the exchange to process your withdrawal request: 7:00, 15:00 and 23:00 (Vietnam time).

Some basic knowledge before trading

Bybit exchange currently supports 3 types of transactions: Limit, Marker and Conditional. Below, Blogtienao will introduce more about these commands.

Limit

This is an order that helps you buy coins at the price you want. For example, if you want to buy a coin for 7.500 USD, you will set a Limit for 1BTC at 7.500 USD.

Market

This is an order that helps you buy coins instantly at market prices.

For example ETH drops 30% and you find this is a bargain price, you will place a Market order to buy ETH immediately.

Conditional

This type of order is similar to Limit. However, this type of conditional order has an additional “Trigger Price” entry. This section helps you to immediately seize the opportunity to buy / sell with a predetermined price target if the market has unexpected fluctuations.

Two important concepts that traders need to know when choosing to trade on Bybit

When you want to trade on Bybit, then in the “trade” section (to go to the trading interface) you need to choose one of two types of contracts: USDT Perpetual and Inverse Perpetual.

So these two types of contracts are, how are they different?

USDT Perpetual 

A USDT contract is a contract that uses only USDT as the quote and settlement currency.

Essentially, this type of contract allows for two-way transactions. That is, traders can hold Long – Short positions simultaneously and with different leverage.

The aim is to replicate the basic spot market but with high leverage. This USDT contract does not expire and can be used to tie the underlying reference price index closely.

To use this type of contract, you only need to hold each USDT in your wallet. All gains and losses will be denominated in USDT.

Inverse Perpetual

*This is a new type of contract implemented on the desktop interface

This is a type of contract that uses BTC/ETH/EOS/XRP as the base currency. Traders need to confirm the number of transactions in USD, then use the cryptocurrency (like BTC, ETH) to calculate the profit, profit and loss ratio.

For example, if you want to trade with the BTC/USD pair, you must use BTC as the base currency. If you want to trade on ETH/USD pair, you need to hold ETH.

One more note that you only have BTC in your wallet, you cannot trade on the ETH/USD pair. However, on Bybit there is an asset swap function, so you can swap BTC into ETH to trade on the ETH/USD pair.

Instructions on how to trade on Bybit

Step 1: Log in to the app and select the trade icon (1)

Step 2: Select the type of transaction you want (2)

For Market transactions

  • (1): Amount of USD you want to spend to buy BTC
  • (2): Choose leverage

For Limit . trading

  • (1): The price you want to enter the order
  • (2): Amount of USD you want to spend to buy BTC
  • (3): Choose leverage
  • (4): This is an option that ensures your order is definitely placed on the Order Book.
  • (5): This is optional to ensure that new orders you place will only decrease and never increase your currently open positions.

For Conditional

  • (1): Select the trigger price to "trigger" the order. For example, if I place “Order Price” at 8,250 USD, then “Trigger Price” will be at 8,230 USD.
  • (2): Enter the level you want to enter. Here you have two options, set it to Limit or Market
  • (3): Amount of USD you want to spend to buy BTC
  • (4): Choose leverage
  • (5): This is an option that ensures your order is definitely placed on the Order Book.
  • (6): This is an option so that the exchange will execute a Stop-loss order when the margin conditions are not met. After that, the exchange will cancel other BTC/USD orders to "pump" funds into the current order and execute it.

Instructions on how to use the asset swap function on Bybit

Step 1: choose "Assets" => "Exchange"

Step 2: Select the coin you want to swap (1), then enter the amount of coin (2)

Note:

  • As for the swap rate, Bybit will take the best price at the time of swap
  • The exchange has a fixed fee for this service (about 5 USD), unlike some other exchanges, they will charge a % of the amount you swap.

Conclusion

Hopefully this Blogtienao article has given you a new choice in choosing a reputable broker for trading. It can be said that this is a "modern" exchange because Bybit has many new features, extremely competitive fees, and up to the present time, the floor has not been involved in any "seal".

If you have any questions or have difficulties when trading on Bybit, please inbox to ask on Blogtienao fanpage, we will answer more.

good luck!

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