Navigating a global cryptocurrency exchange like Bybit can feel overwhelming for beginners. But once you understand the core processes—account registration, depositing funds, trading, and withdrawing assets—the platform becomes a powerful tool for digital asset management. This comprehensive guide walks you through each step with clarity and precision, ensuring a smooth experience whether you're new to crypto or expanding your trading toolkit.
We’ll cover everything from setting up two-factor authentication (2FA) to executing leveraged trades and using copy trading features—all while emphasizing security and efficiency.
Creating a Bybit Account: Step-by-Step Setup
Getting started on Bybit involves three essential steps:
- Sign up with email and password
- Enable two-factor authentication (2FA)
- Complete identity verification
These actions ensure your account is both functional and secure before you begin trading.
Step 1: Sign Up for a Bybit Account
To register:
- Visit the official Bybit website
- Enter your email address and a strong password
- Optionally, input referral code 65334 to unlock up to 30,400 USDT in bonuses
- Click “Get Sign-Up Bonus” to proceed
After submission, check your inbox for a 6-digit verification code. Enter it on the confirmation screen to finalize registration.
🔐 Tip: If the email doesn’t arrive, check spam or junk folders.
Once verified, your account is active and ready for enhanced security setup.
Step 2: Enable Two-Factor Authentication (2FA)
Two-factor authentication adds a critical layer of protection by requiring a time-based code in addition to your password when logging in.
Bybit uses Google Authenticator, available on:
Setting Up 2FA on Mobile:
- Open the Bybit app → Tap Home > Profile icon (top-left)
- Go to Security > Google 2FA Authentication
- Verify your email via the 6-digit code sent
- Copy the provided secret key and save it securely
- Open Google Authenticator → Tap + > Manual Entry
- Paste the key and add the account
- Enter the generated 6-digit code into Bybit to complete setup
✅ You now have 2FA protection enabled.
⚠️ Never lose your recovery key. Without it, you may lose access to your account if your phone is lost.
Step 3: Complete Identity Verification
As of May 8, 2023, identity verification is mandatory for full access to Bybit’s services.
There are multiple levels:
| Verification Level | Daily Withdrawal Limit | Monthly Limit |
|---|---|---|
| None | ≤ 20,000 USDT | ≤ 100,000 USDT |
| Level 1 (Individual) | ≤ 1,000,000 USDT | Unlimited |
| Level 2 (Individual) | ≤ 2,000,000 USDT | Unlimited |
| Corporate | ≤ 100 BTC | Unlimited |
For most users, Level 1 verification is sufficient.
How to Verify (Mobile App):
- From the home screen → Tap "Verify Identity"
- Select document type (e.g., driver’s license, national ID)
- Choose "Other" if residing in Japan
- Accept terms and upload photos of your ID and a selfie
- Wait for approval (typically within minutes to an hour)
Upon approval, you’ll receive an email confirmation.
How to Deposit Funds on Bybit
Bybit supports four deposit methods:
| Method | Fees | Speed | Difficulty |
|---|---|---|---|
| Cryptocurrency | Free (network fees apply) | Fast | Easy |
| Credit Card | ~3.5% | Medium | Easy |
| Bank Transfer | ~3.5% fee | Slow | Easy |
| P2P Trading | Free | Medium | Moderate |
✅ Best Option: Deposit via Cryptocurrency
This method is fast, low-cost, and widely used.
Steps:
- In the Bybit app → Tap Assets > Deposit > Deposit Crypto
- Select your desired cryptocurrency (e.g., BTC, ETH, USDT)
- Copy the deposit address and tag (if required)
- Log into your domestic exchange or wallet
- Initiate withdrawal using the copied details
- Start with a small test transaction to confirm accuracy
🛑 Never send tokens across incompatible networks (e.g., ERC-20 to BEP-2). Always double-check network compatibility.
Once confirmed, larger transfers can be safely executed.
Alternative: Credit Card Purchase
Ideal for users without existing crypto holdings.
Process:
- Tap Assets > Deposit > Buy JPY
- Choose currency and amount
Select payment destination:
- Funding Account: For deposits/withdrawals
- Unified Trading Account: For immediate trading
- Enter card details and confirm purchase
Approved transactions reflect within minutes.
⚠️ Some cards may be declined due to issuer restrictions.
Trading on Bybit: Explore All Market Options
Bybit offers five distinct trading modes:
- Demo Trading – Practice risk-free
- Spot Trading – Buy/sell actual crypto
- Derivatives Trading – Use leverage
- Copy Trading – Mirror expert traders
- Asset Management – Earn passive income
Try Before You Trade: Use Demo Mode
New users should start with Demo Trading to learn the interface.
- Access via: More > Demo Trading (mobile) or Derivatives > Demo (desktop)
- Simulate trades with ~$10,000 in virtual funds
- Test strategies without financial risk
Perfect for mastering order types and chart tools.
Spot vs Derivatives: Know the Difference
| Feature | Spot Trading | Derivatives Trading |
|---|---|---|
| Ownership | Yes | No |
| Leverage | No | Up to 100x |
| Fees (Taker/Maker) | 0.1% / 0.02% | As low as 0% / 0.015% |
Derivatives allow amplified gains (and risks), making them suitable for experienced traders.
Executing a Leveraged Trade:
- Transfer funds → Assets > Transfer > Spot to Derivatives
- Tap Contracts > USDT Perpetual
- Choose pair (e.g., BTC/USDT)
- Set order type (limit/market/conditional)
- Adjust margin mode and leverage
- Input price and size → Tap Long or Short
Your position appears in the active orders section.
Passive Income & Advanced Features
Copy Trading: Follow Top Performers
Automate your portfolio by copying successful traders.
Steps:
- Fund your account with USDT
- Go to Tools > Copy Trading
- Browse top master traders
- Click Copy or Follow
Choose mode:
- Smart Mode: Auto-sync settings (beginner-friendly)
- Advanced Mode: Customize leverage, stop-loss
- Set investment amount and risk controls → Confirm
Your trades will mirror the leader’s moves in real time.
Staking & Lending: Earn Yield Safely
Bybit offers flexible earning options:
- Staking: Lock assets for interest; withdraw anytime
- Lending: Loan crypto for daily returns
- Launchpad: Invest in pre-listing projects (IEOs)
- Sharkfin Products: Capital-protected structured notes with variable yields
For example, Sharkfin products guarantee at least 2% annual return, with potential upside based on price movement during the term.
Withdrawing Funds from Bybit
Follow these steps to cash out securely:
- Ensure 2FA is enabled
- Complete identity verification if withdrawing over 20,000 USDT/day
- Send crypto from Bybit to domestic exchange
- Sell crypto → Withdraw JPY to bank account
Withdrawal limits increase significantly after Level 1 verification.
Always use trusted addresses and recheck network types before confirming.
Frequently Asked Questions (FAQ)
Q: What’s the difference between cross margin and isolated margin?
A: Cross margin uses your entire account balance as collateral, reducing liquidation risk but exposing all funds. Isolated margin limits exposure to a specific position—ideal for beginners managing risk.
Q: Can I withdraw my bonus?
A: No, bonuses themselves cannot be withdrawn. However, profits made using bonus funds are fully withdrawable once earned.
Q: Is P2P trading safe on Bybit?
A: Yes, when done carefully. Only trade with high-reputation sellers who have high completion rates. Avoid clicking “Payment Complete” until funds are actually sent.
Q: Do I need KYC to trade?
A: Yes, KYC is required for deposits, withdrawals, and most trading features as of mid-2023.
Q: How fast are crypto deposits?
A: Most deposits confirm within 1–10 minutes depending on blockchain congestion and network fees paid.
Q: Are there zero fees on certain VIP tiers?
A: Yes, Pro 5 and VVIP users enjoy zero maker fees and taker fees as low as 0%, incentivizing high-volume trading.
Bybit combines advanced trading tools with user-friendly design, making it one of the most popular platforms for global crypto investors. Whether you're interested in spot trading, derivatives, or passive income strategies, understanding how to navigate deposits, trades, and withdrawals is essential.
With strong security practices and smart fund management, you can confidently grow your digital asset portfolio on Bybit.