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:
•Convenient trading platform;
•Integration with TradingView;
•Combination of futures and perpetual contracts trading;
•There is an order book;
•It has a minimum entry threshold;
•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:
•Difficult conditions for trading futures;
•Lacks a mechanism to protect the interests of traders.
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;
-
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 | Bybit.eu | Binance | MEXC | LATOKEN | Lbank | |
|---|---|---|---|---|---|---|
|
Forex |
No |
No |
Yes |
No |
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 |
Yes |
|
Options |
No |
No |
No |
No |
No |
No |
Bybit is a regulated exchange that offers spot and derivative trading, including perpetual contracts, options via the L2 solution Aevo, a decentralized exchange, and access to tokenized stocks through xStocks. The exchange is licensed in the AIFC and complies with KYC and AML standards based on regional regulations. Additional features include a Bybit card issued with Mastercard, copy trading, portfolio management, multi-format Web3 wallets (including MPC solutions), DeFi and NFT integration, and various bonus programs.
Bybit is a regulated exchange that offers spot trading, including perpetual contracts, and decentralized exchange. The exchange is licensed in the MiCAR and complies with KYC and AML standards based on regional regulations. Additional features include various bonus programs.
Binance is the world’s largest crypto exchange, offering spot, margin, futures, and options trading, along with P2P services. The platform supports more than 400 digital assets and 700 margin pairs. Additional features include the BNB token, an NFT marketplace, Binance Launchpad for project investment, and the Binance Smart Chain ecosystem. The exchange is regulated through subsidiaries and registered as an MSB with FinCEN.
MEXC serves more than 40 million users across over 170 countries. It supports more than 2,700 spot trading pairs and more than 800 futures markets. The exchange offers fee-free spot market maker orders and trading discounts for MX token holders, ultra-fast processing at up to 1.4 million transactions per second, and generous bonuses. A user-friendly interface, P2P exchange, pre-market token trading, built-in educational content, and regular promotions make MEXC attractive to traders at all experience levels.
The LATOKEN crypto exchange offers favorable trading conditions such as a lot of cryptocurrencies and coins, large trading volumes, and proven liquidity providers. The advantages for investors are several progressive opportunities for passive earnings and many functionalities are integrated into the trading terminal. The desktop version of the terminal is a standard TradingView platform with a built-in exchange listing, investment modules, and other functions. There is an application for mobile trading. Commissions for perpetual contracts are fixed and the margin depends on the trading volume.
Lbank crypto exchange provides comfortable trading through a functional trading terminal like TradingView in the browser, as well as through an application for mobile trading. There are many crypto-crypto and crypto-fiat pairs involving the most popular cryptocurrencies and tokens. Commissions are lower than the market average and can be further reduced by bonuses in the form of rebates from the Traders Union. Large selection of investment programs (staking). The affiliate program is the standard, one-level. The site is convenient for new traders as well as for professionals.
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 do users verify their accounts?
A user needs to upload images, scanned copies or screenshots of his documents. As a rule, exchanges accept this kind of information in jpg or pdf formats.
Can I find out how the exchange protects data?
Yes. Every exchange should have a document titled Privacy Policy. Make sure to review it before registering.
Can I trade on cryptocurrency markets without verification?
Crypto exchanges mostly allow users to trade without verification, but with some restrictions for unverified users.
How long does account verification take?
This indicator depends on each exchange individually. On average, verification takes 24-48 hours.
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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.
