Bybit is currently one of the world’s leading cryptocurrency exchanges, known for its diverse product offerings and exceptional service quality. From derivatives trading to features like Spot, Futures, NFT, and Web3 wallets, Bybit continuously innovates to cater to both new users and professional traders. In this article, we will explore Bybit in detail and learn how to use the platform effectively.
What Is Bybit?
Bybit is a centralized exchange (CEX) founded in Singapore and registered in the British Virgin Islands. Apart from its headquarters, Bybit has offices in Hong Kong and Taiwan, reinforcing its global presence. Initially, Bybit focused on derivatives trading, but it has since expanded into various sectors, including Spot trading, Options, Bybit NFT, Launchpad, and Copy Trade.
Bybit stands out with its user-friendly interface, low trading fees, and 24/7 customer support, making it ideal for both beginners and experienced traders. The platform requires no KYC for immediate trading, offers a mobile app with multi-language support, and allows flexible withdrawals with no daily limits. These advantages have made Bybit a top choice for millions of users worldwide.
How To Register A Bybit Account
To begin utilizing the full range of features and services offered by Bybit, the first essential step is to create a user account on their platform. Below, we’ve outlined the detailed, step-by-step instructions to guide you through the process seamlessly:
- Visit the homepage: Go to Bybit’s official website and select “Sign Up.”
- Enter your details: Use your email or phone number, create a password, and click “Create Account.”
- Verify your code: Enter the verification code sent via email or SMS (valid for 1 minute).
- Set up security: Go to the “Settings” section under your profile and select “Account & Security.”
- Enable Google Authenticator: Download the Google Authenticator app, scan the QR code from Bybit, and enter the verification code.
- Verify phone number: Select your country, enter your phone number, Google Authenticator code, and SMS code to complete the setup.
Once completed, your account is ready for trading, allowing you to access a wide range of features on Bybit. You can start trading spot and futures, explore staking options, participate in launchpads, and manage your assets securely. Ensure you stay updated with market trends and use risk management tools to optimize your trading experience.
How To Deposit And Withdraw Funds On Bybit
Depositing Funds
- From the homepage, select “Deposit.”
- Choose the cryptocurrency you want to deposit (e.g., BTC, ETH).
- Select the appropriate blockchain network, copy the wallet address, or scan the QR code to transfer funds from another wallet to Bybit.
Withdrawing Funds
- Go to “Assets” on the homepage.
- Select “Withdraw.”
- Enter the details, including the type of cryptocurrency, recipient wallet address, amount, and blockchain network. Verify using Google Authenticator to complete the process.
Bybit’s deposit and withdrawal process is designed to be quick and secure, making it easy for users to manage their assets.
How To Trade Spot On Bybit
Spot trading allows users to buy and sell cryptocurrencies directly. Follow these steps:
Step 1: Access the trading interface: On the homepage, select “Trade” > “Spot Trading.”
Step 2: Select a trading pair: Use the search bar to find your desired trading pair (e.g., BTC/USDT).
Step 3: Place an order: Choose the order type (Limit, Market, TP/SL, or Conditional), enter the necessary details, and click “Buy” or “Sell.”
The Bybit Hack: A Valuable Lesson From A Major Incident
On February 21, 2025, Bybit was at the center of attention after being hacked, resulting in a loss of 500,000 ETH (approximately $1.46 billion)—the largest hack in cryptocurrency history. Initial evidence suggests that Lazarus Group, a North Korean-linked hacking organization, was behind the attack. The hackers exploited a vulnerability in a Safe Wallet team member’s device, gained access to AWS S3 storage, and executed fraudulent withdrawal transactions.
The consequences were severe. Bybit’s total assets dropped from $16.9 billion to $10.9 billion, while users withdrew over $5.5 billion in funds. CEO Ben Zhou launched a “Lazarus Bounty” program, offering a 10% reward on recovered assets, and raised $1.2 billion in ETH to compensate affected users. However, by March 4, 2025, hackers had successfully laundered nearly 499,000 ETH through eXch and Thorchain.
This attack serves as a stark reminder of the importance of security in the crypto industry and presents a significant challenge for Bybit in regaining community trust. In addition, to stay updated with in-depth information and advanced trading tips, you can follow MevX a platform delivering high-quality content about the crypto market, trend analysis, investment strategies, and the latest updates on blockchain technology.
