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What is Bybit? How to create a Bybit account (Web)?
1. What is Bybit?
Bybit is known as one of the top growing Peer to Peer (P2P) exchanges with more than 3 million users. Bybit exchange was founded in March 2018 by Ben Zhou, headquartered in Singapore. In addition, the exchange is registered in the Virgin Islands (UK) and has more branches in Hong Kong, Taiwan.
Bybit exchange owns a professional team, including experts from reowned companies such as Morgan Stanley, Tencent, Ping’an Bank and Nuoya Fortune.
In particular, Bybit is built on customer-centric value. Bybit exchange always strives to provide a professional, smart, intuitive and innovative online trading and DeFi mining experience for customers, individuals and organizations around the world. Currently, Bybit is focusing on developing markets in North America, Europe, Russia, Japan, Korea and Southeast Asia, including Vietnam.
2. Bybit’ reviews
Advantages
- High liquidity: High liquidity volume, fast processing speed, no trading problems when the market fluctuates strongly.
- Interface: Friendly, easy to use for new users.
- Mobile App: Support both IOS and Android.
- Security: Bybit uses a cold wallet system to store users’ assets, ensuring the safety of users’ assets against bad actors. With high security, Bybit exchange has no history of hacking, breaching or leaking users information.
- Insurance Fund: Bybit has an insurance fund to manage and handle excess losses. Bybit’s insurance fund is a reserve fund that the system can dip into to protect traders from negative equity and liability for excessive losses.
- Transaction Fee: Low Transaction Fee, Taker Fee = 0.0750%, Maker Fee = 0.0250%
- Professional support: 24/7 dedicated support team, ensuring to solve arising problems of customers.
- Affiliate Marketing: Expanding the network of activities and create opportunities to earn more income for users, the exxchange also provides additional Affiliate services.
- No KYC Required: Users do not need KYC to participate in trading.
- API Service: Support API service for users with transaction requests.
Defects
- Trading products are not diversified
- OTC trading is not supported yet
- Has not yet issued its own cryptocurrency like other CEXs such as Binance (BNB), FTX (FTT), Huobi (HT)…
3. Instructions to create Bybit account
Step 1: Access to website: https://www.bybit.com/
Click “Sign up”
Step 2: Fill in the following fields:
- Password: Consists of 8-30 characters, at least 1 uppercase letter, at least 1 lowercase letter, at least 1 number
- Confirm password
- Check the box “I agree to Bybit’s terms and policies”
After entering all the information, select “Continue”.
Step 3: The exchange will ask “Are you a resident or national of the following restricted countries or regions?”
Select “No”
Step 4: Enter the confirmation code sent to your email.
Step 5: Bybit will give some basic instructions suitable for each user
- New to Trading: You are completely new to trading and cryptocurrencies.
- Experienced Trader: You trade crypto regularly and want to take it to the next level.
Choose the right level for you and start trading with Bybit.
4. Instructions to secure 2FA
Step 1: In the account section, select “Account and security”
Step 2: Two-Step Verification
- Verify by phone
- Google Authentication
Step 2.1: Verify by phone
Fill in the following fields:
- Country/region: +84 Vietnam
- Telephone
- Email verification code
- Select “Confirm”
Enter the confirmation code sent to your phone number and select “Confirm” to complete.
Step 2.2: Verify by Google Authentication
Enter the verification code sent via email
Using the Google Authenticator app on your phone, scan the QR code and enter the 6-digit verification code.
5. Instructions to KYC
You don’t need to KYC at Bybit exchange, you can still make withdrawals with a limit of 2 BTC/day, but I recommend that you do KYC to increase your withdrawal limit to 50 BTC/day
Step 1: In the account section, select “Account and security”
Step 2: In the Identity Verification section, select “Verify Now”
Step 3: Basic Verification
Select “Verify Now”
Step 4: Complete the following operations:
- Select the country to issue the ID documents
- Choose your type of identification (Passport, ID card, driving license). Example of choosing ID card
- Upload a photo of the front and back of your ID
- Then select “Next”
Step 5: Follow the request of Bybit exchange
First, face your camera. Make sure your face is completely in the frame. Slowly move your head in a circle to complete the 3D scan.
So you have completed the KYC steps. After reviewing your profile, the exchange will send you a notification via email.
Start creating your Bybit account now: Bybit
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