Bybit added a spot market recently, so you can actually buy and sell your crypto as well by the end of this video you’ll learn how to get set up on Bybit and how to deposit and withdraw. How to trade crypto on the platform and we’ll go through the futures trading as well. Which is actually not as complicated as it sounds timestamps for every section of the video are listed in the description for you. Let’s come to the Bybit homepage then and on Bybit you can trade in the spot market so you can essentially trade actual cryptocurrencies and you can trade derivatives as well. They do have different pros and cons we’re going to go through both of these and you can also buy crypto with fiat currency as well using some third-party providers. So we’ll go through that as well if you want to sign up for Bybit they do have some offers when you sign up, and some bonuses depending on which region you live in. So definitely check that out I’ll leave the link below to buy a bit if you want to go and sign up and follow along with this tutorial.
Bybit account and security
Just get started trading cryptocurrency straight away so once you have signed up, and you’ve gone through linking up an email address. Then what we’ll do has actually come to our account and security first just so we set things up properly. I would heavily suggest setting up two-factor authentication so google authenticator on your phone and that will set up an extra layer of security for your Bybit. It doesn’t require KYC information and identity information but if you do give that over then you can increase your daily withdrawal limits as you can see what we’re going to do now.
How to buy crypto on Bybit
Though it goes straight into buying crypto, so if you don’t have any crypto yet that you want to deposit into by bit just click on this buy crypto button. And then you can go through to the service providers on Bybit you can actually deposit a few different cryptocurrencies as you can see here. So bitcoin Ethereum and us dollar tether this is essentially all that you need, so if you want to use Bybit to buy.
How to deposit to Bybit
For some other cryptos then obviously us dollar tether is a USD stablecoin, so it will track our dollars on a one-for-one basis you can then use this to go and trade for other cryptocurrencies. Or if you just want bitcoin or Ethereum directly you can do that here, so you can enter an amount that you want to purchase for example, and it will give you a rough idea of how much crypto will be deposited into your account.
Internal account transfer
Now Bybit doesn’t actually have this service themselves so they use what’s called service providers and a lot of wallets do this you will essentially go through to this third-party moonpay. Is used by a lot of crypto wallets and other exchanges. and there are a couple of other providers as well as you can see here going down the list. simplex is also quite a big name what you will see on the right-hand side is this refreshing so obviously, those price quotes will refresh every 30 seconds or so you can click on buy right here. It will actually take you through to moonpay what you’ll have to do if you’re a first-time user of moonpay. Create an account with moonpay and set up your KYC verification after that transaction goes through that will be deposited into your Bybit account within around two to ten minutes. But it does depend on the provider. This is definitely not the cheapest way to buy a cryptocurrency when you’re using a card like a visa or Mastercard. The fees are a little higher than for example a bank deposit so just keep that in mind. If you want to use Bybit or these other third-party providers to buy your crypto rather than exchange. that lets you deposit fiat directly into the exchange. this will also depend on where you live as well because in the UK it’s increasingly difficult to actually deposit straight from a bank so this may be your only option next we’re going to come on to depositing crypto from another exchange. Or a wallet you can come up to your account and then come to your assets it’s really easy to deposit crypto into your account. You can choose whether to deposit crypto into your spot account so which is your cash trading account essentially or you want to deposit into your derivatives account. either or you can just come up here and press deposit as you can see and that will come up with your crypto address for Bybit in this instance right here. You can see my bitcoin address at Bybit here it if you have another wallet on a phone you can simply scan the QR code or you can copy the wallet address right here. So if you have some bitcoin on a different exchange for example that you want to trade through by bit then you can deposit it here so I’m going to do that.
How to withdraw from Bybit
Now I’m just going to very quickly copy the address in my buy bit, and I can come to withdraw at a different exchange. For example, binance I can then go and search for the coin so I’ve got some bitcoin right here and then all I have to do is just paste that address in. and you can see that the wallet address has been matched to a bitcoin wallet address that is, of course, my buy bit bitcoin address. So if you went through with this transaction you’d be sending bitcoin from one wallet wherever that may be to your Bybit address. And you will be using a blockchain so you’ll have to pay those blockchain fees you can also do this for Ethereum us dollars. Tethereos and xrp are the supported cryptocurrencies on Bybit right now for usdt a really good tip. I would definitely use trc20 to transfer any us dollar tether over to your buy bit. us dollar tether is hosted on a few different blockchains erc20 is the Ethereum blockchain and Ethereum fees are just a lot higher than Tron fees Tron is trc20 and as you can see. If I choose trc20 right here go and copy this address, and then for example from my binance i’m going to send over some us dollar tether and what I’m going to do is actually choose the Tron network. So I’m going to paste the address in right here and it’s found that my address is a trx or a tron address. and as you can see right here this transaction is actually charged one us dollar to send that amount, over no matter how much you’re sending, and on Ethereum, you might be paying five or ten bucks depending on what the fees are at the time once you do have cryptos on the account.
Bybit spot trading overview
You can also transfer them between your accounts so you can come to this option right here transfer you can transfer from a spot account, into your derivatives account. If you want to fund your derivatives account simply choose which coin you want to transfer over and then the amount press confirm and that will do an internal transfer. So there won’t be any fees if you want to withdraw from By bit. It’s the exact opposite of depositing of course so you need to choose the coin that you want to withdraw and then the wallet address of your exchange or your decentralized wallet. Whatever it may be copy that in here choose the amount make sure the blockchain is correct and then just press submit and by bit will process withdrawals three times a day. at these times as you can see so let’s go through and trade some cryptocurrency then and we’re going to go into the spot market a spot market is just simply the live cash market, so it’s not any derivatives it’s not any futures or options it is the normal everyday cash market, where you pay with one currency and you get another currency deposited into your account. On the left-hand side, you can search for the markets so we’ve got some usd t pairs right now. bitcoin Ethereum xrp and eos are the supported cryptos that we can go and buy.
Bybit spot trading fees
I’m sure over time way more cryptos will be added but spot trading on Bybit is fairly new so if there are more cryptos come up and search, but as I scroll to the right-hand side we can see a fairly normal layout for the trading screen. so if you are a complete beginner this may look quite complex but everything is there for a reason, so in the top left we have bitcoin usdt this is the market that we’re currently looking at and that we’re currently trading. So it tells us that we are buying the one on the left which is BTC and we’re using the currency. On the right to sell in order to buy a BTC so, this is us dollar tether that us dollar stablecoin this is the current quoted price in the market. As you can see right here around 33 787 that just happens to match up right down here at 33787 so this is the current mid-price for this currency pair. you also have some other pricing information right here that you may want to use, and as we come down to the chart this is a chart provided by the trading view so that’s good most top crypto exchanges will use training view charts you have some different drawings right here. And some indicators right here I will not go through how to use indicators and a lot of the different trading strategies.
Limit order
I have a lot of those videos on the channel so definitely check out that playlist. If you want to know how to use indicators and different trading strategies but we have a good chart right here that we can see. And on the bottom, we have the traded volume which is also nice to see so you can see a candlestick chart right here. Which is showing you price data in four-hour increments so each candlestick is four hours time. And we can see on the right-hand side the price right here the current price is 33 857 further to the right-hand side. We can see the order book right here so we have these orders in red and then we have these orders in green. So the orders in green are bids and the orders in red are offered if you want to go ahead and buy some cryptocurrency. You can either join these other people trying to bid for bitcoin at these prices.
Sell crypto
Or if you want to buy straight away you can actually just trade at some of these prices these are obviously sellers right here you can see that selling prices are always higher than bid prices. If you want to buy straight away then you will have to pay a slightly higher price, as compared to just bidding a lower price. And hoping that a seller comes and meets your price overall. This is a good time to go into the fees of Bybit as well. Because they do change depending on what type of trader you are. so we can see actually the spot trading fees if we come down right here but have something called a maker-taker fee. Which is a lot of crypto exchanges do so for right now the maker rebate or the maker fees are actually zero percent.
Market order
So essentially free I’m assuming this won’t last forever this is probably a promotion for right now, but essentially if you’re a maker what that means is that you make the liquidity in the market. And how to make the liquidity in the market let’s say we want to buy BTC. We will be putting a bid for BTC at this price or below so we will be a bidder. And we will make liquidity and we will add liquidity to the order book. And show our order to everyone telling everyone that we are a buyer of BTC and we’re willing to pay a certain price. If you are a taker of liquidity what you would actually do is come up here and take someone’s order off the book, so let’s say you’re really wanting to buy BTC and you’re happy to pay this price right here. Because obviously, this is someone’s order right here that they’re showing you take their order and you are a taker of liquidity. So you’re not making liquidity you are taking liquidity takers who do pay slightly higher fees on most crypto exchanges. You can see that the fee is 0.1 on buying a bit right now this is for the spot market and it will change for the derivatives market.
So we’ll get to that later let’s come and put in a limit order though so we can put in a limit order. This means we actually choose the price that we pay and we can put in that maker order. So we can see the price right here 33854 so let’s try and put a bid in for a little bit cheaper so 33 827 like this and how much bitcoin do you want to buy. It is 0.05 like this and it will work out for you the order value so if you buy. 0.05 Of a bitcoin at 33 827 per bitcoin that will work out as around 1700 usdt, we will be a maker of liquidity because our price of 33827 is definitely below the current mid-price. so we’ll come around this level right here and join these bids if you have any us dollars heather on account you can just go through and press buy. That will confirm all of the order details for you and then you can go and add your bid to the system. what will happen is that your bid will be right down here so this will be an active order and you’ll be able to see the pair that you’re trading. how many have been filled you may have filled half of the order any field orders that are completed will be in here filled for you and then you can look at your order history as well. if you want to sell BTC then obviously it’s the exact opposite so we can come over to cell BTC now what will happen is that we’ll be selling BTC and we will actually be receiving us dollar tether as well so choose the price that you want to sell BTC at how many you want to sell click on sale. And that will go in for you again if you have a higher price then you will be a maker up here. And if you just want to sell straight away then you’ll be a taker of someone’s bid by they also allow for market orders market orders are always taker orders. So you cannot make a price you cannot put anything on the order book you will just simply choose how much for example you want to buy.
Conditional order (Stop order)
It will go through straight away and take the best offer for you to buy. That bitcoin and the opposite for selling conditional orders are sometimes called stop limit orders. On other exchanges or other trading platforms, this is where you actually tell the system what you want to wait for. At a certain price before entering a limit order there are various reasons why you’d want to do this. But let’s say that I want to buy a breakout in bitcoin so I can see that the price is moving up, but I don’t want to buy right now. I want to wait for a breakout and then enter a limit order, so what you can do is let’s say 34000 like this I want to wait until the price of BTC reaches 34000. and then I want to put in an order at let’s say 34000. So it’s actually exactly the same price you can either put in a limit order or a market order remember market just goes straight through. Does a limit only trade at the price that we input why on earth you would want to do this well if we put in a limit order? Let’s say at 34000 right now we would actually just go and trade straight away. Because the current price is way below that some people though don’t want to trade right now and want to wait for that breakout. Maybe if the price rises strongly then they want to go and trade with that breakout so they will only enter a limit order. When the price reaches their order price will be 34 but, you can change this to 33 if you want like this. This means that when the price reaches 34 you’re happy to buy at 33 or below because it’s a limit order or you can put 35 like this. This means that when the price hits 34 the system will enter a limit order for you and you’re happy to pay up to 35000 usdt per bitcoin. So that will definitely go through, if the price is 34 you’ll enter that limit order. There are a lot of reasons why traders use stop orders or conditional orders as bybit call it really. Because they only want to enter into order when the price reaches a certain level and you can use that as you want now let’s get into trading derivatives on buy bit. And buy a bit is the number two or three derivatives crypto exchange so we can come up here to derivatives and there are a few different options you can have.
Bybit future trading tutorial
Inverse perpetual usdt perpetual or inverse futures and a lot of the differences here come from the time scale of the future. So either perpetual meaning forever so there’s no expiry date for that future or you have this one here. Where these actually do have an expiry date that you can trade most traders will use them perpetually. This just means that you can trade those futures and they won’t expire. So really the choice is between coin margins or an usdt margined future. That just means that the collateral that you have on accounts if you want to deposit, let’s say 10000 worth of bitcoin and you want to use that as collateral to trade. With and get margin from then you can use coin margin futures, if you have us dollar tether as your collateral you can use usdt margin. But essentially it’s the same thing so we’re going to come right in here to coined margin. And we’re going to be trading bitcoin us dollar, so before we get started with this if you are completely new to futures then I do have some other videos on the channel. That goes through exactly what futures are why people use them, and why people trade them. But essentially, when you trade a future you are not trading the underlying assets so you will never have ownership of bitcoin. When you are trading bitcoin futures. what futures allow us to do is just simply bet on the price of bitcoin or Ethereum and we can actually bet on the price going up and down this is called buying, or going long so.
Bybit future trading screen
We’re betting on the price going up or if you want to bet on the price falling, you can sell or short so you can do both of those things. When you’re trading futures on the top left-hand corner we can come down. And choose our market so we’re in inverse perpetual right now and you can choose these four markets right here. usdt perpetual as you can see we’ve actually got a few different markets by their added trading doge trading as well and a few others we’re just going to keep it simple with inverse perpetual right here. just choose the bitcoin market something important to know when you’re trading futures on any platform, and buying a bit is no different is what you can see. Here the funding rate now funding rate is something that you have to pay.
When you go long a future a future is a synthetic contract and essentially what you’re doing is borrowing money or leveraging. the collateral that you have on account to go long so what you can see right down here is that I do have some BTC on the account and that is used as collateral and by bit will actually give me more money to trade. With that, I have as collateral so definitely, a risk warning here trading on leverage is extremely risky, and definitely only get into it if you understand the risks. I cannot give you financial advice in any way. definitely understand what futures are and the risks of leveraging as well but essentially when you go long you have to pay a funding rate or a fee and you can see that the funding rate right here it’s around 0.04 this is only if you go long if you want to go long bitcoin then you’ll pay this funding rate to shorts. So yes if you are short you actually get this funding rate so if you short bitcoin you’ll be getting paid 0.04 from longs for shorting or essentially taking the other side. Of their bet, the funding rate changes around about every eight hours depending on which exchange you’re in so we can see the countdown right here, and actually, the predicted rate is falling slightly at the next change.
