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;
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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 | Binance | Bybit.eu | MEXC | Kraken | WhiteBIT | |
|---|---|---|---|---|---|---|
|
Forex |
No |
Yes |
No |
No |
Yes |
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 |
Yes |
No |
|
Stock |
No |
No |
No |
No |
No |
No |
|
ETF |
No |
No |
No |
No |
No |
No |
|
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.
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.
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.
MEXC is a major centralized crypto exchange operating in over 170 countries. It supports more than 3,000 spot and 1,100 futures pairs. 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.
Kraken is one of the longest-standing cryptocurrency exchanges, founded in 2011 and based in the United States. It supports over 250 coins and tokens for trading, along with staking, margin, and futures services. The exchange is regulated in multiple jurisdictions and is known for robust security measures, including ISO 27001 certification and an SPDI charter. It complies with financial regulations in the U.S., Europe, and beyond.
WhiteBIT is a European exchange that offers spot, margin, and futures trading. It has VASP authorisations in Lithuania, Poland, the Czech Republic, Bulgaria, Italy, and Croatia. The platform supports over 340 cryptocurrencies and 9 fiat currencies. It provides Crypto Lending, P2P exchange, instant buy features, a built-in launchpad, copy trading, an advanced analytics terminal, and API access. A mobile app and a multi-layered security system are also available.
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
Is it possible to trade on a crypto exchange without an account?
No, it is not possible. A trading account provides access to trading, depositing and withdrawing funds, etc.
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 I trade on cryptocurrency markets without verification?
Crypto exchanges mostly allow users to trade without verification, but with some restrictions for unverified users.
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.
