What is Bybit exchange? Instructions for registration and use from AZ [2020]

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2021-03-23 02:46:08

What is Bybit?

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

Although it was only just established in March 2018, but the exchange is becoming more and more popular: attracting more than 100,000 users in just the first 2 years.

Besides, the floor is registered in the Virgin Islands (in the UK), with headquarters in Singapore and branches in Hong Kong and Taiwan.

Founding team

Bybit floor development team

The exchange was founded by Ben Zhou. Previously, he had established his own “world” Fintech called XM and served as CEO for 7 years. Currently, XM is a leading provider of brokerage services.

Latica Qiu is another character in the core team that used to work at XM. In addition, the floor’s technology team are characters from leading companies such as Morgan Stanley, Tencent, Nuoya Fortune, …

The outstanding features of the Bybit floor

main function

Perpetual Futures Contracts

Different from instant payment in spot trading; or payable by a certain date in the futures contract. Perpetual futures contracts allow the user to hold positions for as long as they want with no expiration date.

This opens up more opportunities, helping users get better prices than futures contracts.

Dual price mechanism

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

Along with that, the exchange uses Mark Price (the price of the global spot index) as a liquidation tool, rather than the Last Traded Price (last transaction price) like most exchanges.

For you to understand more about the exchange using Mark Price instead of Last Traded Price; CHK gives an example below:

If the Bitcoin price in the last transaction plummets from $ 8,000 to $ 5,000; Mark Price will not be affected and will remain at $ 8,000. This will protect the traders’ positions from being liquidated due to the sudden drop in price.

Mark to market

On Bybit, the contract price is recorded at the spot market price with the final transaction price close to the spot price.

Leverage up to x100

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

This is a very flexible form of risk management that 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

Some other features

  • Store property with a cold wallet
  • Users are allowed to withdraw unlimited money
  • No KYC
  • Can process 100,000 transactions per second

Delivery fee translation, withdrawal fee

Fees on Bybit

Transaction fee

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

With a negative Maker fee, it means that the “maker” side will get paid for the transaction. For you to visualize more clearly, CHK will take an example below:

Let’s say you are Maker, 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, 40% lower than the industry average BTC withdrawal fee (0.0008 BTC).

Table of comparison of fees on the floors

The pros and cons of Bybit exchanges

Advantages

  • Good user interface and user experience
  • 24/7 support team
  • Good liquidity, rapid increase in trading volume. In a recent report, daily trading volume on the floor reached nearly $ 1 billion
  • No KYC required
  • Low transaction fees

Defect

  • As an exchange with a young age
  • Not integrated language Vietnamese
  • Does not support fiat
  • Trading pairs are not diverse yet. Currently, the exchange only supports 4 trading pairs for the dollar, namely BTC, ETH, EOS and XRP
  • No OTC platform yet

Is Bybit safe?

It is still too early to conclude Bybit is a secure exchange.

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

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

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 issued a ban but has not legalized cryptocurrencies yet, so you can still use the Bybit exchange with peace of mind.

Instructions on registering an account on the Bybit floor

Step 1: Visit: https://CHK.com/go/bybit. Open the Bibyt app to register for an account. Then fill in all required information. Referral Code section you enter PJzAw to support CHK nha.

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

How to enable Google authenticator

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

Step 2: Click “Security” => Enable Google authenticator

Step 3: Enter the code sent by the exchange into the phone => select “tiếp tục”

Step 4: Copy the key to the GA app on your phone and select “next”

Step 5: Enter the required GA code and complete

Guide to improve account security

Step 1: Choose “Assets” (1) => setting icon in the right corner of the screen (2)

Step 2: Click “Security” (1) => enabled “Lock pattern password” (2)

Step 3: Set up the password by drawing => Done

Instructions on how to get Ref link introduces Bybit floor

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

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

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

Instructions on how to contact the floor for assistance

  • On the floor website: After logging in you will see the frame immediately “Support”

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

The floor’s support team is always on duty 24/7 so you can rest assured.

Instructions to load coins into the Bybit exchange

Step 1: Choose “Assets” (1) => “Deposit” (2)

Bybit coin deposit

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

Deposit coin

Step 3: Copy the Bitcoin address provided by Bybit and paste in the text box “Your BTC wallet address“In account on the floor Vicuta or Coinhako, … (where your BTC is stored)

How to deposit coin

Some notes when loading coin

  • When loading EOS, you need to write in Memo

  • When loading 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)

Deposit coin

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

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

So complete the steps and just wait for the floor to process your transaction request.

Note when withdrawing coin

There are 3 timelines when the exchange will 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. Here, CHK 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 coin for $ 7,500 then you will set a Limit for 1BTC for $ 7,500.

Market

This is an order that helps you buy coins immediately at market price.

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

Conditional

This is a very similar order to Limit. However, this type of conditional order has an additional “Trigger Price” entry. This section allows you to instantly grab a buy / sell opportunity with a predetermined price target if there is a sudden movement in the market.

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

When you want to trade on Bybit, in the section “trade” (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

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

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

The aim is to recreate the basic spot market but with high leverage. This USDT contract does not expire and can be used forcing to keep a close watch on the underlying reference price.

To use this type of contract, you only need to keep 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 a computer interface

This is the 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 a cryptocurrency (such as BTC, ETH) to calculate the profit, profit and loss rates.

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 the 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 exchange BTC for ETH to trade on the ETH / USD pair.

Instructions on how to trade on the Bybit exchange

Step 1: Log into the app and select the transaction icon (1)

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

For Market transactions

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

For Limit transactions

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

Conditional

  • (1): Select the trigger price “trigger” to place 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 to Limit or Market
  • (3): The amount of USD you want to spend to buy BTC
  • (4): Choose leverage
  • (5): This is the option to ensure your order is definitely placed on the Order Book.
  • (6): This is an option for the exchange to execute the Stop-loss order when the conditions for margin are not met. After that, the exchange will cancel other BTC / USD orders to “put” the fund into the current order and execute.

Instructions on how to use the property 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 follow the best price at the time of swap
  • Exchanges have a flat fee for this service (around 5 USD), unlike some exchanges, they will charge a% of the amount you swap.

Epilogue

Hope this article of CHK gives you a new choice in choosing reputable exchanges to trade. It can be said that this is a fairly “modern” floor because Bybit has many new features, extremely competitive fees and up to now, the floor has not had any “seals” yet.

If you have any questions or have difficulty trading on Bybit, please inbox ask on CHK fanpage, we will answer more.

Good luck!

#Bybit #exchange #Instructions #registration

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