Learn how to use ByBit! Here is our step-by-step guide through the basics of setting up an account, depositing and withdrawing cryptocurrency.
Table of Contents
How do I create an account on ByBit?
Creating an account on ByBit is easy and can be done by e-mail or mobile. We explain step by step how to set up your account, but If you are not sure about risking money, you can always use ByBit testnet.
To create an account, go to the official ByBit website!
If you choose to register with your e-mail, you need to enter your e-mail address and (strong) password and the referral code: 20819.
By doing this you are are eligible for a welcome bonus
Click on ‘Register‘ and enter the verification code you received via e-mail.
Please note! The e-mail address cannot be changed. If you lose access to your e-mail address, you will lose access to your ByBit account.
Mobile
You can also register with your mobile number instead of your e-mail address.
Select your country code and enter your mobile number and strong password and include the referral code: 20819, to receive a welcome bonus.
Click on ‘Register‘
Enter the verification code you received via SMS.
When you register with your mobile number, they will still need to link an email address if you want to withdraw cryptocurrency.
How to activate two-factor verification - 2FA on ByBit?
To set up an extra layer of security, it is recommended to link two-factor authentication – 2 FA to your ByBit account.
To do this you will need to download the Google authenticator application, that can be found in the Google Play Store or Apple App Store.
It is important to keep a copy of the Recovery Key Phrase – RKP and store it safely. Many users lose access to their account by losing the RKP.
Go to Bybit ‘Account & security‘ and scroll to ‘Google two factor‘.
When you press ‘Settings‘ you will be given the option to send a verification code. Click on ‘Send verification code’.
After this, a verification code will be sent to the e-mail address/mobile number associated with the account registration.
Enter the 6-digit code and click ‘Confirm‘. Next, a window will appear with a QR code.
Launch the Google Authenticator app and select the ‘+‘ icon and select ‘Scan barcode‘.
Enter the 6-digit code you received and press ‘Confirm‘.
Be sure to ALWAY write down your Recovery Key Phrase – RKP and store it in a safe location.
How to deposit crypto on ByBit?
To deposit cryptocurrency: Go to the ‘Assets‘ page.
Click on ‘Deposit‘ that can be found on the top left of your screen.
After choosing your cryptocurrency to deposit, you get a QR-code that contains the address to send your coins to.
The duration of your deposit will depend on the speed of the blockchain of that particular cryptocurrency.
What cryptocurrencies can you deposit on ByBit?
On ByBit you can deposit different cryptocurrencies such as; Bitcoin – BTC, Ethereum – ETH, Ripple – XRP, Eos – EOS, Tether – USDT, Dogecoin – DOGE, and many more.
Be sure to check the availability of deposited coins, if you send coins that are not supported a loss can occur. For more information visit: Depositing Unsupported Coins Into Your Bybit Account
How to buy crypto with fiat on ByBit?
ByBit works with several payment providers. You will be able to deposit fiat on ByBit through Cabital, Moonpay, Banxa, Mercuryo and Simplex. Where you can pay with credit card or debit card. Payments with SEPA bank transfer and iDeal are also possible.
To buy crypto with fiat currency, follow the following steps:
Hover over “Buy Crypto” in the top left corner of your screen and click on ‘Express‘.
Select the fiat currency you wish to pay with. You have the choice between many fiat currencies such as; AUD, CAD, EUR, GBP, USD, …
Please note! There are purchasing limits and with approximately a minimum of €40 to a maximum of €14 000.
Select the cryptocurrency you want to purchase. For now, the choice will be limited to Bitcoin – BTC, Ethereum – ETH, USDC and Tether – USDT.
Enter the amount you want to spend in fiat or the number of cryptocurrency you want to buy.
In the lower right corner you will find the price at which the calculation will be made.
Then you choose one of the payment providers.
The choice will depend on the fiat currency you wish to pay with. The providers will be ranked according to the exchange rate they offer (from low to high).
When you have made your choice click on the ‘Buy‘ button. You will then be directed to the payment provider.
If this is your first time you will need to create an account with the payment provider and go through the Know Your Customer – KYC verification process. This process can take a few hours to a few days, depending on the payment provider.
After your verification process, follow the instructions through the payment provider’s website.
When all previous steps were followed and you have purchased cryptocurrencies and can view your transaction details via ‘History‘.
How to withdraw cryptocurrency from ByBit?
For now, you can only withdraw BTC, ETH, XRP, EOS and USDT from ByBit. Also, withdrawals will be processed three times during the day: 08:00/16:00/00:00 UTC. You must take into account that a minimum of 30 minutes is needed to perform a withdrawal.
Also, withdrawals can only take place when Two-factor authentication – 2FA has been set up.
Go to Assets | Bybit or the Assets page. On this page one will be able to withdraw crypto. Click on ‘Withdraw‘.
Decide which coin you want to withdraw and click on ‘Withdraw‘.
After this, a window will appear where you can select the destination address.
Destination addresses must be set in advance. If no addresses have been saved yet, this can be done in the following way.
Select ‘Add‘.
Next, select the type of coin and enter the address to which it should be sent. You can also give this address a name.
Then click on “Confirm“.
This just needs to be confirmed by the 6 digits of your 2FA and your address is ready to receive coins.
Now that the address is in the address list, you can proceed with withdrawing your cryptocurrency.
Select the withdrawal address and click on the ‘Submit‘ button.
Enter the 6-digit code from Google Authenticator and click the ‘Submit‘ button.
Now that the withdrawal request has been submitted, you will need to confirm your confirmation email. The withdrawal will only be processed when you click on the email verification link.
Then click the final verification button to fully complete the witdrawal.
Congratulations, you just withdrew cryptocurrency from ByBit!
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If you were planning to check Bybit out! You get a nice first deposit reward! But remember, trading comes with a risk and responsible trading is always your top priority.
