Bybit is popular for its online spot and derivatives marketplace and for its innovative “ByFi” products, offering features such as staking, dual-asset mining, DeFi mining and Launchpools.

Bybit 9 key point overview:

1. ✔️Bybit Features
2. ✔️Overview
3. ✔️Product offering
4. How to buy crypto on this exchange
5. Tokenomics
6. How to open an account
7. Wallets
8. Support
9. What makes Bybit special

Bybit Features

Overview

👉 The Bybit cryptocurrency exchange was founded in 2018 by its CEO Ben Zhou, who was previously an employee at XM (one of the largest international Forex and CFD brokerages in the world).

👉 We recommend this exchange for retail and institutional investors who have a keen interest in NFTs and DeFi products, and for those who are seeking an exchange with a wide variety of leading cryptocurrencies from major blockchains, GameFi projects and the Metaverse.

👉 This exchange is also a great option if you have never traded on a cryptocurrency exchange before because the Bybit mobile app is designed to be beginner-friendly and you have access to an entire library of educational resources and detailed guides about investing, altcoins, blockchains, DeFi and crypto trading.

👉 Bybit is one of the newer crypto exchanges in the market, but it has certainly built up an incredible product offering since 2018 and provides a well-developed website with plenty of products and features to choose from.

Product offering

👉 Bybit offers a wide range of products and services, and it is more than just another crypto exchange.

👉 If you’re interested in copy trading, Bybit has one of the best copy trading programs in the crypto industry and all you need to do is create an account, fund it, choose a trader and click on the “Copy” button.

👉 You can also visit the Bybit NFT marketplace to collect exclusive and rare NFTs to add to your collection.

👉 There are also a number of different ways to increase your earnings through the Bybit ByFi Center.

👉 You can stake and harvest new tokens for free with low risk and high potential returns, or you can participate in dual asset mining where you can earn floating returns and high yields if you have short-term investment goals.

👉 You can also partake in low-cost DeFi mining and earn guaranteed yield with Bybit’s flexible staking program, or complete tasks to earn free crypto.

👉 Bybit is one of the best exchanges for Spot trading, Margin trading and Copy trading, and they also have a launchpad with plenty of launch pools and advanced trading bots that you can use to automate your trades.

👉 The trade bots take copy trading to a whole new level and instead of simply copying the trades of other people, you can use grid bots that are listed by ranking and run 24/7.

👉 There are no extra fees to use these bots and if you have some experience with trading, you can get creative and build your own bots.

👉 Bybit’s Spot trading markets offer a variety of tokens from DeFi apps, GameFi, the Metaverse, NFTs, Stablecoins, Launchpools and more – all quoted in USDT, USDC or BTC.

👉 You can also use your Bybit account for Hedging and speculative trading, and you can leverage your trades by up to 100 times across perpetual and futures contract types.

How to buy crypto on this exchange

👉 There are three ways to buy crypto on Bybit.

👉 First, you will need to log in to your account.

👉 You can either click on the “Assets” tab on the right side of the dashboard and then select the account type you want to use and click on the “Buy with fiat” button.

👉 The second option you have is simply hovering your cursor over the “Buy Crypto” tab on the menu bar and selecting the purchase method you want to use.

👉 Alternatively, click on the “Derivatives” or “Trade” tabs for direct access to the Bybit exchange.

👉 You can buy crypto through Peer-to-Peer trading, using fiat currencies or using the Bybit express terminal for instant purchases.

👉 If you’d like to get involved with upcoming projects and own new tokens, head over to the launchpad section. Here, you can view all the latest projects and apps and instantly buy tokens.

Tokenomics

👉 Bybit uses a decentralized autonomous organization governance system for voting, upgrades and proposals.

👉 The BIT token was introduced so that BIT-holders could control the governance of this platform.

👉 BitDAO is a DAO controlled by BIT token holders and it is not a company and has no hierarchy of management.

👉 You can buy BIT tokens from several crypto exchanges, including Coinbase, Poloniex and Kraken, but the easiest way to obtain it is directly from Bybit’s exchange.

👉 Once you own BIT tokens, you can stake them for exclusive rewards and voting rights.

How to open an account

Before you can start trading, exchanging, staking or mining on Bybit, you need to create an account.

Step 1: Visit the Bybit website

Visit the official Bybit to start the process of opening an account

Step 2: Click on the “Sign Up” button.

To open an account with Bybit, open the home page and click on the “Sign Up” button.

Step 3: Fill in the form.

You can sign up with your email address and you will be required to fill in your personal details. Once you have created your account, you must verify your email address or mobile number.

Once your account is verified and complete, you can make your first deposit and start trading!

Wallets

👉 Once you’re ready to buy crypto, you’ll need a wallet to store it in.

👉 There are different types of crypto wallets and the wallet you choose depends on your preferences, the type of digital assets you’ll be storing in it and the level of security you will need.

👉 Bitbuy does not offer a proprietary wallet, but a wallet system is built-in to the Bitby user account and you can easily make deposits, withdrawals and transfers to third-party wallets.

👉 Before you can make a withdrawal from Bitbuy, you need to create a user account and choose the type of account that you will be withdrawing from.

👉 You will also need to link the Google Authenticator and your third-party wallet address to your account before you can make a withdrawal.

👉 If you are using a third-party wallet, we recommend using popular wallets like Trustwallet, Atomic Wallet, Ledger or Metamask.

👉 Trust Wallet is free to download and use, and supports a total of more than 160,000 coins and digital assets, which can easily be traded and managed directly from the wallet.

👉 Atomic wallet is free to use and beginner-friendly and offers multi-currency support for more than 300 cryptocurrencies that can be traded using the built-in exchange.

👉 The Ledger hardware wallet is available in the Nano S and the Nano X models and using Ledger Live, you can buy and exchange over 5,000 coins and tokens.

👉 This wallet offers secure offline storage, it is compatible with 50 third-party wallets and can store up to 100 dApps.

👉 The MetaMask software wallet can be used to conveniently buy, sell and trade cryptocurrencies using the built-in exchange and it allows you to connect directly to a variety of blockchain apps.

Support

👉 Now you have an account and your wallet is ready, but if you need assistance with anything else, you can contact the Bybit support team.

👉 To view their contact details, click on the menu button on the right-hand side of the screen, click on about us and go to the “contact us” section.

👉 We also recommend visiting the help centre to view guides and tutorials on creating and managing your account, making deposits and withdrawals, and everything else you need to know about the platforms and products.

What makes Bybit special

👉 We highly recommend Bybit if you are considering crypto trading for the very first time because of the abundance of educational resources provided on the website.

👉 Bybit is also an exceptional exchange for NFT enthusiasts and investors who are looking for DeFi tokens and tools, launchpools and VIP features.

👉 Bybit is a great option if you want to stake the cryptocurrencies that you are currently not trading or using because a flexible low-risk, high-yield staking program with any-time withdrawals is offered and you can easily stake trending tokens directly from the ByFi dashboard.

👉 Open your Bybit account today to claim your bonuses and to stand a chance of winning your share of prizes from the Bybit contests!