In cryptocurrency investment, choosing a reliable and efficient exchange is crucial. This article will provide a complete introduction to Bybit, including the registration process, KYC certification, 2FA protection, deposit instructions, and more.
Table of Contents
What is Bybit?
Features of Bybit
Is Bybit Secure?
Bybit Registration Tutorial
Bybit Identity Verification
Bybit 2FA Authentication
Bybit Deposit Tutorial
In cryptocurrency investment, trading on a centralized exchange (CEX) is one of the best ways for beginners to start. Below is a comprehensive guide to the registration, KYC certification, and deposit instructions for Bybit, one of the world’s top three cryptocurrency exchanges, to provide readers with a complete step-by-step guide.
Founded in 2018, Bybit is a cryptocurrency trading platform headquartered in Dubai, founded by Ben Zhou. Currently, Bybit has over 30 million global users, with a daily trading volume exceeding $25 billion. Its spot trading volume ranks among the top five globally, and its derivatives trading volume is second only to Binance, ranking second.
Cryptocurrency Spot Trading Ranking. (Image: CoinMarketCap, June 13, 2024)
Cryptocurrency Derivatives Trading Ranking. (Image: CoinMarketCap, June 13, 2024)
High-Performance Trading Engine:
Under normal circumstances, Bybit can handle a large number of trading requests and provide a smooth trading experience.
Leverage Trading:
Bybit offers a variety of contract trading options with leverage of up to 100x, allowing users to engage in high-value trades with only a small amount of capital, amplifying their potential returns. However, this also increases trading risks, and users need to evaluate carefully.
Multiple Security Measures:
Bybit employs multiple layers of security measures, including cold wallet storage, KYC policies, Merkle Tree reserve proof, big data risk management system, and two-factor authentication (2FA) to safeguard user funds.
Multiple Trading Pairs:
Bybit supports a variety of cryptocurrency trading pairs, providing a rich selection of tradable assets.
24/7 Customer Support:
Bybit offers 24/7 customer support to help users resolve any issues they encounter while using the platform.
Since its establishment in 2018, Bybit has experienced two bull and bear cycles without any major security incidents involving hacking or theft of large amounts of assets. Compared to smaller exchanges in the market, Bybit offers better security.
Bybit also claims to store the vast majority of user assets offline in cold wallets and utilizes advanced technologies such as multi-signature, Trusted Execution Environment (TEE), and Threshold Signature Scheme (TSS) to ensure fund security. However, users are still advised to complete 2FA security authentication and follow the official recommended security measures to enhance asset protection.
Registration Link: Click Here (Recommended)
Step 1: Upon entering the registration page, choose to create an account using either an email or phone number, set a secure password, and click on “Create Account.”
Step 2: Go to the email or phone number you entered in the first step to receive a 6-digit verification code. Then, return to the interface and enter the verification code.
Step 3: After entering the verification code, your Bybit account registration is complete. It’s that simple!
Next, to start trading, you need to complete the KYC identity verification.
KYC (Know Your Customer) requires exchanges to “know their customers” as mandated by regulatory authorities, requiring customers to provide identification photos or bank account information. Similar to opening a traditional bank account, you need to present dual identification to prevent money laundering and fraud.
Step 1: Click on “Verify Now” to unlock all of Bybit’s products.
Step 2: Similarly, click on “Verify Now” to enjoy the benefits of a verified account.
Step 3: To start the verification process, confirm the “Issuing Country/Region,” and then choose the “Document Type,” which includes ID card, passport, driver’s license, and residence permit, with a total of 4 options. If using a computer camera is inconvenient, it is recommended to verify using the mobile app for more convenient operation.
Step 4: Prepare your documents, confirm Bybit’s privacy statement and personal data processing notice, and click on “Agree and Continue.”
Step 5: Align and capture the front and back of your document sequentially, followed by facial recognition. Then, look directly at the camera, slowly rotate your face to complete the 3D scan.
Step 6: Once the system confirms the documents, the “Identity Verification” process is completed!
After completing the account opening process, it is recommended to set up 2FA dual authentication to enhance security and prevent hackers from accessing your account with just a password and emptying your assets.
Step 1: Click on the user avatar in the top right corner, go to “Account and Security,” and then click on “Google 2FA Verification.”
Step 2: Enter the 6-digit verification code sent to your email or phone.
Step 3: After entering the verification code, download the “Google Authenticator” app on your phone, open the app, scan the QR code on the screen, and complete the 2FA dual authentication!
iOS Users: Download
Android Users: Download
Deposit Tutorial
Currently, Bybit supports the following three deposit methods:
Exchange deposit in Taiwan
Credit card deposit
P2P deposit
“Credit card deposits” may incur higher transaction fees, and not all credit cards support the use of cryptocurrency platforms. Additionally, “P2P deposits” have unfavorable exchange rates and entail the risk of default by the counterparty. Therefore, it is recommended to choose the compliant “Exchange deposit in Taiwan” option to fund your account. Below is a tutorial on how to deposit funds into Bybit:
Step 1: Click on “Deposit” in the top right corner and choose the currency you want to deposit.
Step 2: Choose which chain you want to deposit through, then copy and paste the address to the destination you want to transfer from.
Step 3: Once the cryptocurrency is deposited, you will receive an email notification of a successful deposit, and that’s it!
2024/06/08
Legal Perspective: Bybit opens registration for Chinese users, mainland employees may face legal risks?
One of the hottest topics in the industry these days is the price of BNB on the world’s leading cryptocurrency exchange Binance hitting $720, breaking a new all-time high. Another news is that the originally reserved cryptocurrency exchange Bybit suddenly opened registration for users in mainland China.
2024/06/07
Bybit Boldly Declares: Opening account registration for overseas Chinese users to bypass regulatory bans?
China announced a ban on cryptocurrency in September 2021, declaring all related transactions illegal. However, Bybit recently allowed overseas Chinese users to undergo KYC identity verification in hopes of meeting user demands.
2024/05/19
Telegram Wallet Disaster, Notcoin Airdrop NOT Surges! Bybit Delays Retrieval and Introduces Compensation Plan
The Telegram game Notcoin deployed on the TON public chain went live on the 16th and opened the airdrop claim, unexpectedly causing issues with Bybit exchange and Telegram wallet due to a large number of users claiming the airdrop. Users complained about not receiving the airdrop, prompting Bybit and Telegram wallet to introduce a compensation plan to calm the community’s anger.
2024/05/08
Bybit Expands Partnership with Ethena: USDe Can Be Used as Collateral, Earn Sats, Participate in New Coin Mining… Arthur Hayes Bullish on $ENA Hitting $10
The synthetic US dollar stablecoin protocol Ethena announced last night that it has partnered with the exchange Bybit, which will fully integrate the stablecoin USDe into Bybit. Encouraged by this positive news, ENA surged 14% last night.
2024/03/15
Hong Kong SFC Lists Bybit as Suspicious Exchange, Official Clarification: Bybit Hong Kong Has Applied for VASP License
The Hong Kong Securities and Futures Commission listed the well-known cryptocurrency exchange Bybit as a warning on the suspicious virtual asset trading platform list, stating that Bybit Global’s trading services for various products were provided to Hong Kong investors without a license. However, the official clarification stated that Bybit Hong Kong had submitted a license application to the SFC at the end of January.
Related Reports:
Ethena Integrates Binance, Bybit, OKX, and Bitget Exchange Web3 Wallet! Focus on USDe Reward Bonuses, $ENA Breaks $1.5
Passive Income from Stablecoins in 2024: Exchange “Savings Interest” APR Compilation
Formal Submission! Bybit Exchange Applies for Hong Kong Virtual Asset Trading Platform (VASP) License