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What is Bybit?

Bybit is a global cryptocurrency exchange launched in 2018. It is known for advanced trading tools, high liquidity, and competitive fees. Bybit is suitable for both beginners and professional traders, offering a range of products like spot trading, derivatives, and earning features.

Step-by-Step Guide to Using Bybit

1. Account Creation and KYC

– Registration: Go to the Bybit website or download the Bybit app (available on iOS and Android).
– Sign Up: Use your email or mobile number.
– KYC Process:
  – Level 1: Basic verification requires personal information and ID upload (e.g., passport, driver’s license).
  – Level 2: Higher limits require proof of address (e.g., utility bill or bank statement).

2. Deposit Options

Bybit allows you to deposit crypto or purchase crypto with fiat:
– Crypto Deposits:
  – Go to ‘Assets’ → ‘Deposit.’
  – Select the cryptocurrency (e.g., Bitcoin, Ethereum, USDT).
  – Copy the wallet address or scan the QR code. Ensure the correct blockchain network is used.
– Buy Crypto with Fiat:
  – Use Bybit’s fiat gateway to purchase crypto using credit cards, debit cards, or bank transfers.
  – Supported currencies include USD, EUR, GBP, and more.
  – In Kenya, use third-party services like MoonPay or Banxa to buy crypto with KES, then deposit into Bybit.

3. Trading on Bybit

Bybit offers several trading options:
– Spot Trading: Buy or sell cryptocurrencies at real-time prices.
– Futures Trading: Trade perpetual contracts with leverage (up to 100x for BTC).
– Options Trading: Trade crypto options for hedging or speculation.
– Copy Trading: Follow expert traders and replicate their strategies.
– Grid Bots: Set automated buy/sell orders to profit from market volatility.

4. Earn Passive Income

– Bybit Earn:
  – Flexible Savings: Deposit crypto to earn interest while maintaining liquidity.
  – Dual Asset Mining: Stake assets in dual currencies for higher yields.
  – Launchpool: Stake tokens to earn new cryptocurrencies during launches.
– Liquidity Mining: Provide liquidity to decentralized pools and earn fees.

5. NFT Marketplace

Explore and trade digital collectibles on Bybit’s NFT marketplace. Features collections like artwork, gaming assets, and more.

Withdrawing Funds from Bybit

1. Go to ‘Assets’ → ‘Withdraw.’
2. Select the cryptocurrency you wish to withdraw.
3. Enter the recipient’s wallet address and choose the correct blockchain network.
4. Confirm the withdrawal via email or 2FA.

Features and Tools

– Testnet: Practice trading on a simulated market before using real funds.
– Charting Tools: Advanced technical analysis tools from TradingView integrated into Bybit.
– Insurance Fund: Protects traders against unexpected losses during liquidation events.

Bybit Fees

– Spot Trading Fees: 0.1% for both makers and takers.
– Futures Trading Fees:
  – Maker Fee: 0.01%
  – Taker Fee: 0.06%
– Withdrawal Fees: Depends on the cryptocurrency. For example, BTC withdrawal fees are around 0.0005 BTC.

Advantages of Bybit

1. User-Friendly Interface: Simple for beginners, yet powerful for experts.
2. High Liquidity: Ensures low slippage and fast trade execution.
3. Leverage: Trade with up to 100x leverage on derivatives.
4. Advanced Features: Copy trading, grid bots, and options trading.
5. Security: Multi-signature wallets and strong encryption.

Tips for Kenyan Users

1. Converting KES to Crypto:
  – Use P2P platforms like Binance or LocalBitcoins to convert KES to crypto (e.g., USDT).
  – Transfer purchased crypto to your Bybit wallet for trading.
2. Fiat Gateway: Check if services like MoonPay support KES for direct purchases.
3. Crypto Wallets: Use wallets like MetaMask or Trust Wallet for better control over assets.