How to start trading on Bybit
A simple guide on Bybit to get you started
Confused with how to start trading on Bybit? This guide for Bybit will get you through the required steps to get you started. If you are not familiar with Bybit’s platform, we suggest that you read our review on it.
This is a leverage trading platform and it is recommended to understand how it works before starting to trade on it. Cryptocurrencies are very volatile and sometimes even the slightest mistake in trading can lead to the liquidation of a position.
Step-by-step guide on how to start trading on Bybit
Step 1: Registration
Click on the registration button in the top right corner of the homepage. It will redirect you to the registration page. There you will be presented with two options – Email Registration and Mobile Registration.
This is the window for the Email Registration. It’s very simple as you are required to only fill two mandatory 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 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
Click on “Assets” located on the top left side of the menu. This will redirect you to the asset page. You can manage your assets from here.
If you click on Deposit on one of the preferred assets, you will receive a unique deposit address and a QR code where you can deposit BTC or ETH/EOS/XRP to your Bybit account.
Trading on Bybit
Step 3: Opening positions
After depositing on Bybit you can start trading right away.
NOTE: Remember never to risk more than you can afford to lose when you plan to trade with high leverage!
To access Bybit’s trading page (1) – go to the top left corner and click on “Trade“. There you should see this trading layout. By default, it comes in white, but we prefer dark mode as it is easier on the eyes.
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, make sure you know how to properly 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 order buys at the current price level, Limit order 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 is located on the right side of the interface. If correctly adjusted, it contains a few elements crucial for opening successful positions.
- (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 rejected automatically when the target is met.
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 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 close your position if the price target is reached therefore it will protect you from full liquidation.
The last step after reviewing the order is to “Confirm” it. After that, the order will be executed depending on the set conditions.
Step 4: Managing and Closing positions
After you’ve learned how to properly open a position it is time to learn how to manage it and close it.
The open position will appear in the “Position tab” with all the necessary information and options so you can manage them effectively.
- (1) The current value in BTC
- (2) The average entry price
- (3) This is the liquidation price – if this price level is reached you will be liquidated (closed in full loss)
- (4) The current leverage used – 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
- (6) This is where you can see your Take Profit and Stop Loss and adjust them
- (7) Limit and Market buttons for closing your position. If you chose to close by Market it will be done 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 to exit.
Close by Limit Breakdown
You may prefer to close by Limit as it gives you more flexibility. You can set the price that you want to close the position (1) if it ever reaches it. Also, you can close a portion of it (2) which you can set manually or (3) for quick adjustment use the options set bellow.
Step 5: Withdrawing Profit
If you had a successful trading session it is time to withdraw your profits. Navigate to “Assets” (1) and click on “Withdraw” as shown in the screenshot.
After clicking withdraw this tab should pop up. Here 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 security purposes.
NOTE: Withdrawals on Bybit are manually processed by their treasury department 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.
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