Bybit tutorial for beginners | how to use bybit exchange

Summary

This video serves as a comprehensive guide on utilizing Bybit, a cryptocurrency exchange. It covers the process of signing up, depositing funds via various methods including local bank accounts and cryptocurrencies, and trading on spot and derivatives markets. The host also introduces Bybit as their preferred exchange and offers a free course for beginners on the platform's YouTube channel. Viewers are encouraged to subscribe for notifications on new content, particularly for those interested in futures trading.

Takeaways

• 😀 The video is a step-by-step guide on how to use Bybit, a cryptocurrency exchange platform.
• 🔑 To get started with Bybit, sign up using an email and password, and consider using the provided referral code.
• 💡 For those new to trading, especially in the derivatives market, a free course is available on the channel.
• 📈 Bybit is the presenter's preferred exchange for trading futures markets.
• 💰 To deposit funds into Bybit, various methods are available, including national currencies, debit cards, peer-to-peer trading, and cryptocurrencies.
• 🌐 The presenter suggests using a local exchange to buy cryptocurrencies like Bitcoin or Ethereum and then transferring them to Bybit.
• 📱 Linking a bank account or setting it as a beneficiary is crucial for depositing funds, with a specific reference to use in transactions.
• 💸 There are no charges for depositing funds via bank transfer, but it may take up to two days for the funds to reflect.
• 🔄 The video demonstrates how to convert USDC to USDT for trading on the spot market and then transfer to the derivatives market.
• 📊 Trading on the spot market incurs no fees, and funds can be easily transferred to the derivatives market for leveraged trading.
• 🤖 The video also touches on alternative ways to make money on Bybit, such as through bot trading, which is covered in a separate video.
• 📚 For in-depth knowledge on trading futures, the presenter recommends a full course available on the channel.

Q & A

What is the main purpose of the video?

The video serves as a step-by-step guide on how to use Bybit, covering signing up, depositing money, buying and converting cryptocurrencies, trading on spot and derivatives markets.

What is the recommended method for depositing funds into Bybit according to the video?

The video recommends depositing via cryptocurrencies by first buying them on a local exchange and then transferring them to Bybit.

What is the role of the referral code mentioned in the video?

The referral code is provided as an option for new users to use when signing up for a Bybit account, though it is not mandatory.

Which local exchange is used as an example in the video for buying cryptocurrencies?

Luno is used as an example of a local exchange where users can buy cryptocurrencies like Bitcoin, Ethereum, or XRP.

How long does it typically take for funds to reflect in a user's wallet after depositing via a local exchange?

It may take up to two days for the funds to reflect in the user's wallet after depositing via a local exchange.

What is the difference between trading on the spot market and the derivatives market on Bybit?

The spot market is for trading cryptocurrencies at their current prices, while the derivatives market involves trading contracts based on the future price of cryptocurrencies.

What is the significance of changing USDC to USDT before trading on the derivatives market?

Changing USDC to USDT is necessary because the derivatives market on Bybit operates with USDT perpetual futures contracts, and it is free of trading fees.

What is the importance of using the correct network when withdrawing and depositing cryptocurrencies?

Using the correct network ensures that the funds are transferred accurately to the intended wallet and prevents the loss of funds due to network mismatches.

How can users find more information on trading bots on Bybit?

Users can find more information on setting up bot trading on Bybit by watching a specific video that is linked in the video description.

What are some alternative ways to earn money on Bybit mentioned in the video?

The video mentions trading and using bot trading as alternative ways to earn money on Bybit, with more details available in other videos.

How can viewers ensure they receive notifications for new videos on the channel?

Viewers can subscribe to the channel and turn on all post notifications to be alerted every time a new video is published.