Bybit Trading Platform: A Comprehensive Guide for Beginners

TL;DR

• Bybit is a top crypto exchange with 40 million users, ranking 4th in spot and 2nd in derivatives trading.
• Founded in 2018 (Dubai), it offers spot, margin, options, futures, and more, plus features like TradingView, TradeGPT, copy trading, and Bybit Earn.
• Ideal for all experience levels, though beginners may find the options overwhelming.
• Getting started: Sign up, complete Level 1 KYC, and fund your account via One-Click Buy, fiat, or peer-to-peer.

If you’re new to crypto and looking for a place to learn the basics of Bybit, then you’ve come to the right place! In this guide, we review the core components of Bybit to help get you started. Please note that this is not a comprehensive guide to Bybit itself, but rather it’s an overview so that any crypto beginner can feel comfortable navigating the exchange.

Let’s dive in!

Bybit at a Glance

• Top 5 crypto exchange by CoinMarketCap
• 40 million global users
• Spot 24h Trading Vol.: $3.8 billion
• Derivative 24h Trading Vol.: $17.2 billion

What we like:

• +600 cryptocurrencies
• Huge selection of trading products, order types, and additional products and services
• Low fees
• Secure

What we don’t like:

• Fiat deposits and withdrawals can be limited, depending on the currency and country
• Can be overwhelming when first using the platform

Established in 2018 and headquartered in Dubai, Bybit is one of the world’s largest and most prominent cryptocurrency exchanges.

According to CoinMarketCap, Bybit is currently ranked 4th in spot trading and 2nd in derivatives trading. The exchange currently services approximately 40 million global users and processes billions of dollars in daily trading volume.

Bybit shines in terms of the vast menu of trading products that are available to its users. Spot, margin, options, futures, and perpetual contracts are all available with a large selection of order types. Then there’s the large selection of additional features like TradingView charts, TradeGPT, copy trading, and Bybit Earn, just to name a few.

When looking at the exchange as a whole, it’s clear that Bybit can serve as a one-stop shop for both crypto beginners and seasoned veterans. However, the sheer breadth of the exchange can be overwhelming for beginners, so read on to learn the necessary basics.

Interesting read: Our Ultimate Review of Bybit 

Getting Started with Bybit

Let’s first look at the basics of account setup, KYC levels, and funding your account.

Account Setup

You can setup your Bybit account with either an email address or mobile phone number. To get started, just go to https://www.bybit.com/ and input your information.

KYC

KYC means “Know Your Customer”. It’s an acronym that covers a set of identity verification regulations that most centralized cryptocurrency exchanges must follow. Governments require exchanges to follow KYC regulations in order to combat financial crime.

Bybit has two KYC levels, Level 1 and Level 2. The main difference between the two is the amount of fiat and crypto you can withdrawal from the platform per day. Here’s Bybit’s KYC breakdown if you want more details.

You’ll need to pass Level 1 verification to begin using Bybit’s main features. So after you’ve setup your account, complete the identify verification process. This is found in the “Account & Security” submenu in your user settings. You’ll only need a valid government ID to pass Level 1 verification.

Funding Your Account

After you’re Level 1 verified, you’re ready to fund your account! Let’s briefly discuss each funding method on the platform.

One-Click Buy

Bybit’s “One-Click Buy” allows you to use over 65 fiat currencies to purchase more than 100 different cryptocurrencies. Just select the fiat currency you want to use, the crypto you want to buy, your preferred payment method (e.g. debit/credit card, Apple Pay, Google Pay, etc.), and you’re ready to go.

Fiat Deposit

The Fiat Deposit feature lets you deposit money from your bank to your Bybit account. Bybit supports multiple different currency deposits (e.g. EUR, BRL, MXN, PLN, etc.), but major currencies like the USD, RUB, and HKD are currently unavailable with this feature.

P2P Trading

P2P stands for “peer-to-peer”. With Bybit’s P2P exchange, you can buy and sell crypto directly with other Bybit users. To get started, head to the exchange page, fill in your order details, select your preferred counter-party (i.e. “Advertiser”), and make the trade.

But if you’re new to crypto, we recommend that you become more experienced with the space before using P2P. Scamming can sometimes occur here. If you elect to use P2P, try to select advertisers with large numbers of completed orders and high completion rate percentages.

Crypto Deposit

If you already own cryptocurrency that’s held in another location, you of course can deposit it to your Bybit account. To make that happen, navigate to the Crypto Deposit page, select your crypto, the correct blockchain, and then confirm the deposit details. When making crypto deposits, be careful to ensure that you’re using the correct blockchain for the transfer!

Trading

Once your account has been funded, you’re ready to start trading. Again, the large number of trading products and order types available to Bybit users is massive. So let’s just review the more basic ones to get a beginner started.

Trading Products

Trading products refers to the type of asset that you’re trading. For example, if you’re considering whether you should trade real bitcoin (i.e. spot) versus a bitcoin paper contract (i.e. derivative), you’re considering which product you should trade.

Here are Bybit’s main trading products.

• Spot: The instant exchange of two assets at the current market rate. The buyer pays for the asset, and the seller delivers it to the buyer immediately. Easy peezy, lemon squeezy.
• Margin: Same as spot, but use assets in your account as collateral to buy or sell crypto with leverage. Bybit offers up to 10X leverage on most of its coins.
• Options: Contracts tied to an underlying crypto asset that give you the option to buy or sell the asset at a specific price within a certain time period.
• Perpetuals: Contracts tied to an underlying crypto asset that allow you to speculate on the asset’s price indefinitely. Leverage is typically a key component to perpetuals, and Bybit offers up to 100X on many of its perpetual contracts.

Please note that only spot trading is generally recommended for new traders.

Order Types

Order types refers to how the trade is to be executed. Bybit offers just about every order type under the sun. But here’s the basics to get you started.

• Market: Order to buy or sell an asset at the market’s current price.
• Limit: Order to buy or sell an asset at a specified price.
• Take Profit: Order to sell an asset at a specified price that would result in a profit.
• Stop Loss: Order to sell an asset at a specified price so as to protect from further losses.
• Conditional: Orders that can only be activated or executed once specified, conditional “triggers” are fulfilled.

Additional Products and Services

Bybit has an ever-expanding menu of additional products and services. Here’s the main ones that are likely most appealing to beginners.

• TradeGPT: AI chatbot that offers suggestions, analysis, and context with regards to market trends, technical analysis, trading strategies, and trending cryptos.
• Copy Trading: Tool that allows you to copy the trades of other more seasoned and successful traders.
• Bybit Earn: Investment product (similar to DeFi) where you can deposit crypto assets for a fixed or flexible lockup period in order to earn interest.
• TradingView: Trade on Bybit via TradingView’s award-winning charts and analytic tools.

Supported Cryptocurrencies

This number continues to grow; but at last count, Bybit offers more than 600 cryptos for trade. Including some interesting memecoins. We wrote a quick guide on trading memecoins on Bybit that came in handy for our readers.

Fees

Bybit’s fees are generally competitive or lower than most of its competitors. The following is a fee-breakdown for the “non-VIP” level, as this would apply to most beginners.

Bybit uses the maker / taker fee model. Market makers are those whose trade orders are not immediately filled (e.g. limit orders). Market takers are those whose trade orders are immediately filled (e.g. market orders).

Here’s a more comprehensive overview of Bybit’s fees if you want more details.

Security

Bybit is arguably one of the most secure centralized crypto exchanges available. In fact, Bybit has not had one security breach since its founding in 2018. Crypto security firm CER gives Bybit a AA rating, placing the exchange in the top 10 in terms of security.

Bybit stores user funds offline in a state-of-the-art cold storage system. The exchange employs an automated internal monitoring service that analyzes account behavior in real-time, and requires additional authentication when suspicious activity is detected. Bybit has an ongoing bug bounty program, and customer support is available 24/7/365.

Users have flexibility to customize their own account security. Bybit offers 2FA, personal account monitoring, anti-phishing protection, and address whitelisting, amongst other security features.

Availability

Bybit is available globally except for the following jurisdictions: the USA, China, Hong Kong, Singapore, Canada, France, the UK, North Korea, Cuba, Iran, Uzbekistan, Russian-controlled regions of Ukraine (currently including the Crimea, Donetsk, and Luhansk regions), Sevastopol, Sudan, and Syria.

Mastering Trading Course – by Lark Davis

Want to take your trading skills on Bybit up a notch? Check out the Mastering Trading Course, created by Lark Davis himself. Inside, you’ll find practical, step-by-step guidance on reading market signals and using technical analysis tools. Plus, there’s a dedicated module on how to get the most out of Bybit—perfect for anyone aiming to become a confident, skilled trader on the platform. Whether you’re new to trading or looking to sharpen your strategies, this course has everything you need to trade smarter and with real confidence.

Closing Thoughts

Bybit is regarded as one of the world’s best crypto exchanges, as evidenced by its current ranking on both CoinMarketCap and CER.

Bybit offers a large selection of cryptos, and an incredibly deep menu of trading products, order types, and additional products and services. This menu is so large that it can seem overwhelming when first using the platform.

So if you are new to crypto, or new to Bybit, we recommend that you take it slow, and become comfortable with Bybit’s base selection of products. After that, it won’t be long until you’re enjoying the more sophisticated offerings available on the exchange.

ps. we compared Bybit vs Coinbase and Bybit vs Binance, might be interesting to give that a read too.