Before you start cryptocurrency trading, you research about cryptocurrency exchanges since they are the most widespread and convenient medium of getting into the crypto world. One such exchange is Bybit.
It is a centralized cryptocurrency exchange that seeks to empower crypto believers with tools and opportunities to unleash their full potential on Web3.
However, you must sign up for an account on Bybit if you want to explore the plethora of products and services it has. Read on to find out how you can create and secure a Bybit account.
What is Bybit?
Bybit is a cryptocurrency exchange founded in 2018 by former forex broker Ben Zhou. It is a platform that combines Decentralized Finance(DeFi) with Traditional Finance(TradFi) to create a next-level cryptocurrency exchange. Bybit is also the world’s largest USDC Options Marketplace. Featured among CoinMarketCap’s Top 10 Cryptocurrency Spot Exchanges, Bybit offers its services in 160 countries to over 10 million customers in 16+ languages.
What is KYC?
Know Your Customer(KYC) standards are verification standards that are adopted by financial institutions to protect themselves from corruption, fraud and money laundering. They do so by helping financial institutions establish a customer’s identity, verify their source of funds and assess the nature of their financial activities and the risks associated with them.
KYC verification is generally done by verifying ID documents and by facial verification though in some cases biometric verification may also be undertaken.
Why Create an Account on Bybit
Bybit has many features that would make you pause and seriously consider signing up for the exchange. Let us have a look at what the exchange offers to its customers.
Low Fees
The first thing that you look up on an exchange- the fees it charges. Luckily, Bybit has some of the lowest transaction fees among various crypto exchanges. While it has VIP tiers where no maker fee is charged and the taker fee is negligible, even the fee for non-VIP users is quite low at 0.1% for spot trading.
Several Spot Trading Pairs
Bybit offers its customers over 280 spot trading pairs that have zero taker and maker fees. Not only that, but it also has spot grid bots that can automatically execute trades on your behalf.
Saving and Earning on Bybit
With Bybit Savings, you get a customized savings experience where you can choose between flexible and fixed-term products with competitive and guaranteed APYs. In addition to that, you can add liquidity to a liquidity pool in its Automated Market Maker(AMM) model to earn yield derived from the trading fees.
NFT Marketplace
Buy NFTs from leading artists at zero commission fees on Bybit. The Bybit NFT marketplace is one of the few that support multiple chains including Ethereum, Solana, Polygon and BSC.
Insurance Fund
Bybit protects its traders by maintaining an insurance fund against negative equity. The upside will not be capped and any loss in leverage trading is limited to the initial margin.
Testnet Site
Want to try leverage trading but are afraid of losing your money? Well then, try your strategies on Bybit’s Testnet site first. Explore various possibilities and test out trading strategies in a risk-free environment on the testnet before putting in money on the main website.
How to Register on Bybit
While you may be excited to start trading on Bybit, you need to create an account first. Follow the given steps to sign up for Bybit either on a desktop or via the mobile app.
Registering on Desktop
Step 1: Go to the Bybit homepage and navigate to the Sign Up button in the top corner. You can sign up using either your email address or mobile number.
Step 2: If you’re signing up with email, enter your email address, password and referral code if you have any. Read the Terms of Service and Privacy Policy and check off the tick box if you agree with them. Then, click on Create Account.
Step 3: Next, on the verification page, you have to drag the slider to complete the puzzle. Now enter the 6-digit verification code sent to your email.
Step 4: If you decide to sign up on Bybit with your phone number, enter your country code and mobile number, set a password and fill in the referral code if you have any. Click on the tick box if you consent to the Terms of Service and Privacy Policy and then on Create Account.
Step 5: Drag the slider for verification and then enter the SMS code sent to you to complete registration.
Registering with Mobile App
Step 1: Install the Bybit app on your phone. On the homepage, click on the Bell Icon or on Register/Sign In to Get Bonus to start the registration process.
Step 2: Fill in your email address or phone number, a password, and a referral code if a friend has referred you to Bybit. Go through the Terms of Service and Privacy Policy and check off the tick box to give your consent. After that, click on Create Account.
Step 3: You have to drag the slider to complete the verification puzzle. Next, enter the verification code sent to your email address or phone number in the final step.
How to Complete KYC Verification on Bybit
While you can use Bybit without KYC, it is better to complete it since non-KYC users have limits on their daily and monthly withdrawals among other things.
Step 1: Log in to your Bybit account and click on the Profile icon and then select Account and Security.
Step 2: Click on the Verify Now tab next to Identity Verification. Now, the Identity Verification page will open showing the details of Level 1 and Level 2 Verification. You need to be Level 1 KYC Verified to proceed to Level 2.
Step 3: Click on Verify Now for Level 1 and select your country or region as well as the ID document type that you have chosen to upload. Make sure that you upload the original full-sized and unedited copy of your ID. After that, click on Next.
Step 4: Facial recognition scan is the next step. Ensure that your face is within the frame and is clearly visible. Then slowly turn your head in a circle to complete face verification.
Step 5: Check once that the documents you have submitted are correct and click on Next.
Step 6: You do not necessarily need to complete KYC Level 2 verification unless you want to increase your fiat deposit and withdrawal limit. For this, you need to submit your Proof of Address.
Step 7: On the Identity Verification page, click on Verify Now below Level 2. Upload a Proof of Address such as a bank statement, government-issued residential proof, utility bills or tax returns. Click on Next to complete the process.
How to Secure Your Bybit Account
It is important to secure your Bybit account to protect your information and crypto assets from hackers. Creating a strong password during registration is the first step towards this. It is generally advised to turn on 2-factor authentication(2FA) for added security.
Step 1: Download and install Google Authenticator on your phone. Then sign in to your Bybit account.
Step 2: Navigate to your profile and select Account and Security. Click on Settings next to Google Two-Factor in the Two-Factor Authentication tab.
Step 3: A new window will pop up where you have to click on Send Verification Code. Similar to the registration process, drag the slider for verification.
Step 4: Enter the code sent to your email address or phone number and click on Confirm.
Step 5: A setting information box will pop up and you have to bind Bybit 2FA in this step. Note down the secret key and keep it in a safe place.
Step 6: Open the Google Authenticator app and tap on the ‘+’ icon and then select Scan a QR Code.
Step 7: After scanning the displayed QR Code, enter the 6-digit Google 2-FA code and click on Confirm.
Bybit FAQs
What is the Minimum Deposit for Bybit?
Bybit does not have a minimum deposit amount for any cryptocurrency except SOL. SOL deposits on Bybit cannot be less than 0.01 SOL. It does have a minimum withdrawal amount which is different for every cryptocurrency.
Which Countries Cannot Use Bybit?
Bybit is not available in the United States, mainland China, Singapore, Ontario and Quebec in Canada, North Korea, Cuba, Iran, Crimea, Donetsk and Luhansk regions of Ukraine, Sevastopol, Syria and Sudan.
Is Bybit a Chinese Company?
Bybit is not a Chinese entity. It is a company registered in the British Virgin Islands which will have its global headquarters in Dubai as per news reports in 2022.
Conclusion
Bybit has a lot to offer to its customers as a cryptocurrency exchange. There is something for everyone here. You can even take advantage of Bybit’s collection of educational resources to learn about cryptocurrencies before getting into crypto trading. However, you do need to have a registered account to trade on Bybit.
Signing up on Bybit is a simple and convenient process and you can complete it in a few minutes.