How to Open Bybit Account - TU Expert review
When choosing an exchange to trade crypto, it is important to consider how difficult it is to register an account. Bybit is quite popular and many novice traders consider working with this crypto exchange. Therefore, it is important to find out how difficult it is to open an account with this exchange and know in advance what kind of information you will need to provide. Traders Union experts prepared a guide on How to Open Bybit Account. The article explains what a trader needs to open an account and what information the exchange requests traders to provide.
Short introduction of Bybit
Bybit is a leading cryptocurrency exchange specializing in derivatives trading. Its proprietary trading platform is user-friendly but caters primarily to experienced traders who are comfortable with advanced financial instruments. Integration with TradingView provides seamless market analysis and trade execution. Bybit is regulated by the AFSA (Astana Financial Services Authority - Kazakhstan), holds a preliminary license from the VARA (Virtual Assets Regulatory Authority - Dubai) and secures MiCAR (Markets in Crypto-Assets Regulation) license from Austria’s Financial Market Authority (FMA).
Bybit allows highly leveraged trading of up to 100x with a clear and transparent fee structure. For those seeking alternative investment strategies, Bybit offers copy trading programs for both derivatives and spot markets, enabling users to automatically replicate the trades of successful investors. The exchange provides 24/7 customer support, a safe banking environment, and instant deposits/withdrawals. Additionally, Bybit offers a crypto debit card, allowing users to spend their digital assets on everyday purchases.
| 💰 Account currency: | Cryptocurrencies |
| 🚀 Minimum deposit: | From USD 1 |
| ⚖️ Leverage: | Up to 1:100 |
| 💱 Spread: | From USD 1 |
| 🔧 Instruments: | BTC/USD, ETH/USD, XRP/USD, EOS/USD and BTC/USDT, USDT pairs — ETH/USDT, LINK/USDT, LTC/USDT, XTZ/USDT |
| 💹 Margin Call / Stop Out: | No |
Bybit Pros and Cons
👍 Bybit Pros:
•It has a convenient, intuitive proprietary trading platform that is presented in the browser version, which eliminates conflicts with the operating system and braking when sending orders;
•Integration with TradingView allows users to simplify crypto market analysis and trading via a single platform;
•Combination of futures and perpetual contracts trading;
•There is an order book that allows you to assess the depth of the market and current trading volumes;
•It has a minimum entry threshold. The cost of a BTC/USD futures contract is USD 1;
•It is possible to open long and short positions with subsequent mutual recalculation;
•Opportunities for Muslim traders to participate in the crypto market.
👎 Bybit Cons:
•It has conditions for trading futures that are difficult for beginners, such as the formula for calculating the leverage, the terminology of the funding size and the premium index, funding rates, etc.;
•Lacks a mechanism to protect the interests of traders in the event of controversial issues;
Things to know about registering an account with an exchange?
Only users registered with an exchange can trade financial markets. A trading account determines conditions (exchanges may offer several account types), serves as a wallet and stores trader’s settings. It is impossible to work in crypto markets without a personal account.
Exchanges have different registration procedures. Some companies ask only for general information, while others request more detailed personal information that involves filling out several forms.
Basic information requested by all exchanges includes the following:
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First name and last name;
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Date of birth;
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Email;
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Password (can be sent to your email);
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Place of residence (country, city, address).
Exchanges also may request additional information, such as marital status, sources of income, etc.
Is verification mandatory?
It is important that you carefully fill out all the forms and provide truthful information, because you will need to pass verification next. ID verification is an important requirement of exchanges registered in reliable jurisdictions. The companies that are licensed in the U.S., the EU, Australia, etc., operate in compliance with AML/KYC.
Therefore, they require traders to provide the following:
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Proof of Identity. It could be a national ID or a foreign passport. Some exchanges also accept a driver’s ID;
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Proof of Address. It could be utility bills, bank statements, etc.
If a trader plans to work with a reliable and trustworthy exchange, he will need to pass verification. As a rule, it takes 24-48 hours.
Brokers similar to Bybit
In order to choose the right crypto exchange, you need to compare its conditions with those offered by other exchanges and review the rules of different companies for opening an account. Traders Union experts prepared a comparison of trading conditions of companies and features of their trading accounts.
Comparison of Bybit with other Brokers
| Bybit | MEXC | OKX | Binance | Yobit | XT.com | |
|---|---|---|---|---|---|---|
|
Forex |
No |
No |
No |
Yes |
No |
No |
|
Metalls |
No |
No |
No |
No |
No |
No |
|
Crypto |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
|
CFD |
No |
No |
No |
No |
No |
No |
|
Indexes |
No |
No |
No |
No |
No |
No |
|
Stock |
No |
No |
No |
No |
No |
No |
|
ETF |
No |
No |
No |
No |
No |
No |
|
Options |
No |
No |
No |
No |
No |
No |
Bybit is an exchange for those who have mastered classic cryptocurrency platforms and are ready to move on to more complex derivatives. The arsenal of Bybit Wallet is still limited but the developers plan to expand it by adding BCH, ADA, DOT, and other altcoins.
MEXC is a cryptocurrency exchange and P2P platform specializing in crypto/crypto trading pairs. The company offers a proprietary terminal and staking for passive investment.
OKX is a cryptocurrency exchange with a wide range of services and additional features. The company offers acceptable terms for novice traders and experienced crypto traders, as well as for investors.
Binance is one of the most popular cryptocurrency exchanges with its proprietary platform based on the TradingView toolkit. It is good for diversifying risks for active cryptocurrency traders.
The Yobit crypto exchange stands out from its competitors with fixed trading commissions and the possibility to trade without verification. Commission fees are below average for the segment, there are many ways to deposit and withdraw funds. The crypto exchange has its own coin, the YoDefi, which is also actively traded. There is a profitable investment system, their affiliate program is quite standard. Account funds can be stored in any cryptocurrency, US dollars, and/or Russian rubles.
XT.com is a convenient cryptocurrency exchange with favorable trading terms. It has proprietary mining software expanding the traders' possibilities due to the extra means of passive earnings. A large number of cryptocurrencies and tokenized assets are presented on the exchange, and there are no restrictions on trading strategies. Commissions are average or below average (depending on the user's trading level).
Conclusion
Opening a trading account is something every trader goes through. This is why it is important to know how it works and what kind of information needs to be provided. In this article, traders were given an opportunity to learn about conditions and rules for opening a trading account with Bybit, and also compare exchange’s conditions with competitors. This information is important to have when you are choosing a company to trade financial markets with.
FAQs
How long does account verification take?
This indicator depends on each exchange individually. On average, verification takes 24-48 hours.
Is my personal information secure on crypto exchanges?
Reliable and trustworthy crypto exchanges protect user data, using special security mechanisms.
What methods of account protection do exchanges use?
All exchanges protect accounts with a password, and many also use two-factor authentication.
Can a user choose the account type on the exchange’s website?
Most exchanges do not offer a choice of a trading account. The fees depend on the trading volume.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.