How to start trading on Bybit
A simple guide on Bybit to get you started
Everybody has been in a situation where he wonders how to start trading on Bybit or another exchange/trading platform like this. We will get you through the needed steps for you to start trading on this amazing platform. If you are not familiar with Bybit yet, I suggest that you read our review on it.
As this is a leverage trading platform it is recommended to understand how it works, if you don’t know. The crypto space is a very volatile one and sometimes even the slightest mistakes in trading can lead to the liquidation of a position. It is very important to understand how the leverage positions work. Now that we have the needed information listed we can move on to the guide itself.
Step-by-step guide on how to start trading on Bybit
Step 1: Registration
Let’s start with the registration, it is quite simple on Bybit. Click on registration in the right top corner and you will be redirected to the registration page. There you will be presented with two options – Email Registration and Mobile Registration.
The good side of these type of trading platforms is that the registrations are very quick.
You don’t lose time!
This is the window for the Email Registration and as you see it is very simple as you required to fill only two fields.
- Referral Code (Optional)
For the mobile Registration you are required to fill the following fields:
- Referral Code (Optional)
Finishing any of the types of registration will require you to confirm either the E-mail or the Mobile number.
NOTE: After you finish the registration you can add additional security authentications through the “Account & Security” page!
Step 2: Depositing Bitcoin or altcoins
To access the asset page on Bybit you need to click on “Assets” on the top left side of the menu. It will redirect you to the asset page and from there you can manage your assets.
Clicking on Deposit on any of the preferable assets will show you an address and a QR Code upon which you deposit BTC or ETH/EOS/XRP.
Trading on Bybit
Step 3: Opening positions
Now that you have deposited on Bybit and have sufficient funds you can finally start trading.
NOTE: Remember never to risk more than you can afford to lose when you plan to trade with leverage!
For you to access the trading page (1) – go to the top left corner and click on “Trade“. Therefore you should see this trading layout, it comes in white by default. We just prefer it in a darker style.
To open either a long or short position (2) you need to click “Buy/Long” or “Sell/Short“.
NOTE: Long position is used when you think that the price will go higher and a short position is used when you think that the price will go down.
Orders and leverage explained
Before opening a position we want you to know how to set them up and how to manipulate the size of the leverage. For you to be here we will assume that you know how to use Market and Limit orders.
NOTE: Market buys at the current price level, Limit buys at a price target set by you. A Conditional Order (advanced order type) is an automatic order that is activated if certain targets are met.
The order tab of Bybit on the right side of the interface contains few elements crucial for opening successful positions if correctly adjusted.
- (1) Order Selection – Limit/Market/Conditional
- (2) Leverage size slider
- (3) Order Limit Price Field
- (4) Quantity of the contract (1 Contract = 1 USD)
- (5) Order Conditions (GoodTillCancelled, ImmediateOrCancel, FillOrKill) – where you select a condition upon which the order is filled or not manually controlled.
Opening a position with Limit and Market orders
Opening a position either with Limit or Market order will prompt you to a tab where you need to confirm and adjust (Optional) take profit and the stop loss.
On the Order Confirmation tab, you will find options to adjust the Take Profit (1) with the option to directly set it with the percent buttons of 25% to 200%. Of course, you can set the Take Profit price at any desirable level. Next is the Stop Loss where you set a price target that will liquidate your position if the price target is reached therefore will protect from losing all the funds set to this position.
The last step after reviewing the order is to “Confirm” it. After being confirmed the order will become after and depending on your conditions it will be executed (for Market order) or it will wait for the price to get to the desirable level (for Limit Order).
Congratulations on your first open position!
Step 4: Managing and Closing positions
Now that you learned how to properly open a position it is time to learn how to manage it and close it.
As you can see an open position will appear in the “Position tab” with all the necessary information and options so you can manage the position effectively.
- (1) This is the current value of the position in BTC
- (2) The average entry price of the open position
- (3) This is the liquidation price if this price level is reached your position will be liquidated (closed in full loss)
- (4) The current leverage used in the position, and you can add or remove margin from the small button right next to leverage number
- (5) Unrealized P&L is the potential profit and loss at the moment. This is variable as it shows you if you are either in profit or in loss
- (6) This is where you can see your Take Profit and Stop Loss and adjust them
- (7) From Limit and Market buttons at the end of the menu, you can close your position. If you chose to close by Market the position will close at the current price of the asset. If you choose to close by Limit you will need to set-up the price at which you want the position to be closed.
Close by Limit Breakdown
You may find it preferable to close positions by Limit as it gives you more flexibility. You can set the price that you want to close the position (1) if reached. Also, you can close a portion of the position (2) which you can set manually or (3) for quick adjustment use the options set bellow.
Closing a position on the market will execute the order at the moment. It is not preferable to use close by Market every time as there may be a difference in the profit when compared to the potential profit indicator.
Congratulations on closing your first position and your first profit!
Step 5: Withdrawing Profit
Now that you had a successful trading session it is time to withdraw your profits. For you to do this you need to go to “Assets” (1) and click on “Withdraw” as shown in the screenshot.
After clicking withdraw this tab should pop up where you need to input the address to which you want to withdraw your funds and the desired amount. Then click submit and you will be asked to do a simple security verification and email confirmation for your security.
NOTE: The withdrawals on Bybit are done 3 times per day, don’t panic if you don’t see your Bitcoins or the asset that you have chosen to withdraw straight away in your personal wallet.
Congratulations on completing the full basic tutorial on how to start trading on Bybit!
If you are still wondering about Bitcoin – if it is an asset worth your time we suggest that you read our article on “Is Bitcoin dead“. It is packed with a lot of information, links, and videos than can eat your time.
Searching for charts and trading ideas, we suggest that you read our article “Bitcoin charts and trading ideas – where to go?“. Keep educating and searching for new opportunities!
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