Exchanges provide a gateway for trading cryptocurrencies on the global market; one of these exchanges with advanced tools and features that allows for crypto trading is Bybit. Bybit is a cryptocurrency spot and derivative trading platform established in 2018. Derivatives, also known as contracts, are financial instruments that base their value on an underlying asset. Therefore, Bybit offers a platform for the buying and selling of crypto contracts. Bybit has about 100x leverage on crypto; a trader can open a position with $2000 from a $300 investment. Advanced trading tools for analysis and educational resources to aid user mastery of the cryptocurrency market are also available to traders on the Bybit cryptocurrency exchange.
The cryptocurrency market is open round the clock and is available to be traded by everyone. However, the Bybit crypto exchange is restricted to traders from some countries like the USA. Moreso, navigating the Bybit exchange could be overwhelming for newbies, and in this article, we will explore how to open a Bybit account and place your first trade.
How to Open a Bybit Account as a Newbie
Here are four simple steps to getting the Bybit application launched and running on your android device.
Get on your app store to download and install Bybit app or visit the website and sign-up. Proceed to the startup page and choose to sign up with an email or mobile number. A referral code is required but is optional. Note: This guides uses the Mobile App but the process or steps are fairly same.
When the spaces are filled out, go to the terms of service and privacy service page to ensure you agree with them before continuing.
Check out the list of restricted countries on Bybit and confirm you’re not in any of the countries.
The platform will send a verification code to the email submitted for registration; the code is to be entered in the space provided. Note: the code expires within 5 minutes.
In the case of the code not found in the designated on email, the user should check in their spam folder or preview the email submitted, and if there is an error, update the information and proceed to get a verification code.
Bybit notifies new users of security upgrades. To upgrade account security, click on the ‘enable now’ button.
Account passwords, extra security codes, and verification codes should not be shared with third parties or entered on public pages.
How To Place Your First Trade on Bybit
Crypto trading is made simple on Bybit by following these three steps. These steps are a guide on opening a position in the spot market.
Select the trade icon from the Bybit home page, and you will be redirected to the trading platform on Bybit.
Choose your desired trade action. You can either long or short on any trade. To ‘long’ is to open a buy position, while to ‘short’ is to open a sell position.
Set the order option and the order value.
Limit order: buying or selling at a specified rate that may not be the same as the market rate.
Market order: the current market price of the crypto you want to buy or sell
TP/SL: Take profit or Stop loss. This order type entails buying or selling at an expected percentage price.
Conditional: is a buy or sell order executed when a specific condition is met.
Click on Buy BTC when you have previewed your entry, proceed to confirm, and the transaction is automatically processed.
Cryptocurrency is a volatile asset and while it’s risky, it can also be rewarding. To place a trade or fund a crypto asset, ensure to have acquired at least the basic knowledge of cryptocurrency and understand the risk involved. Explore technical analysis tools and learn the fundamentals that drives the value of cryptocurrencies. This will help a successful career as a cryptocurrency trader.
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