Here’s a detailed step-by-step guide on how to open an account on Bybit:
Step 1: Visit Bybit’s Website or Download the App
- Go to the Bybit website or download the Bybit app from the Google Play Store or Apple App Store.
Step 2: Start the Registration Process
- On the website, click the “Sign Up” button located in the top right corner. If using the app, navigate to the “Assets” section and select “Sign Up.”
- Choose your preferred registration method:
- Email: Enter your email address, set a password, and optionally enter a referral code if you have one.
- Mobile: Select your country code, enter your mobile number, set a password, and optionally enter a referral code.
Step 3: Verification
- Email Registration: You’ll receive a verification code via email. Enter the code to complete registration.
- Mobile Registration: A verification code will be sent to your mobile number via SMS. Enter the code to proceed.
Step 4: Complete the reCAPTCHA and Agree to Terms
- Complete the reCAPTCHA verification to prove you’re not a robot.
- Read and agree to Bybit’s Terms of Service and Privacy Policy.
Step 5: Identity Verification (Optional but Recommended)
- While KYC verification is optional for basic trading, it’s required for accessing fiat services, higher withdrawal limits, and participating in specific promotions or events.
- To complete KYC, you will need to provide basic personal information, upload an ID document, and submit a selfie for verification.
Different Types of Accounts
Bybit offers different types of accounts to cater to various user needs, each with its own features and benefits. Here’s a breakdown of the available account types:
1. Standard Account
- Description: This is the basic account type that most users start with. It allows access to Bybit’s full range of trading features including spot trading, derivatives trading, and crypto deposits and withdrawals.
- Features:
- Basic access to trading features without the need for KYC verification.
- Standard withdrawal limits.
- No access to fiat deposits or withdrawals unless KYC is completed.
2. Unified Trading Account (UTA)
- Description: The Unified Trading Account is designed for advanced traders who want a streamlined experience with access to multiple trading products under a single account.
- Features:
- Consolidates all trading assets into one account, allowing for cross-margin and seamless transfers between different types of trades (e.g., spot, derivatives, and options).
- Offers increased leverage and trading flexibility.
3. Subaccounts
- Description: Bybit allows users to create multiple subaccounts under a primary account. This is ideal for those who wish to segregate trading strategies or manage accounts for different purposes.
- Features:
- Separate balances and margin allocations for each subaccount.
- Ability to manage different trading strategies independently.
- Useful for account management when trading on behalf of others or for organizational purposes.
4. Institutional Account
- Description: Designed for professional traders and institutional investors, these accounts offer advanced features and higher trading limits.
- Features:
- Priority customer support.
- Enhanced API access for high-frequency trading.
- Customized trading solutions and possibly lower fees based on trading volume.
5. Demo Account
- Description: A risk-free account option that allows users to practice trading without real funds. Ideal for beginners to get acquainted with the platform or for experienced traders to test new strategies.
- Features:
- Virtual funds for testing and learning.
- Access to all trading features available in live accounts.
Minimum Deposit
Bybit does not enforce a strict minimum deposit requirement for most of its services, particularly for cryptocurrency deposits. However, here are the key details regarding deposits:
1. Crypto Deposits
- Minimum Requirement: There is generally no minimum deposit amount for cryptocurrencies. However, the minimum withdrawal amount varies by asset, which indirectly impacts how much you might initially deposit if you plan to withdraw soon after.
- Important Note: Always check the specific deposit requirements for the cryptocurrency you intend to deposit, as some tokens might have minimums set for transaction efficiency.
2. Fiat Deposits
- KYC Requirement: To deposit fiat currencies, users must complete KYC Level 1 verification. This unlocks access to fiat services, including bank transfers and other payment methods.
- Minimums: The minimum fiat deposit amount can vary depending on the payment method and the currency used. For example, certain bank transfers or third-party payment providers may impose their own limits.
3. Methods of Deposit
- Crypto: You can deposit any supported cryptocurrency from an external wallet directly into your Bybit account.
- Fiat: Bybit supports various fiat deposit methods, such as bank transfers, credit cards, and third-party payment processors, depending on the region.
Countries That Can and Cannot Open an Account
Bybit is available in a wide range of countries, but it has restrictions in certain regions due to local regulations. Here’s a detailed look at where Bybit services can and cannot be accessed:
Countries Where Bybit Services Are Available
- Bybit is accessible in over 160 countries, offering trading and investment services in crypto and derivatives markets. It supports a global user base, allowing access to its platform and products for most regions outside the restricted list.
Countries Where Bybit Services Are Restricted
- United States: Bybit is not available to U.S. residents due to strict regulatory requirements regarding cryptocurrency trading.
- United Kingdom: UK residents are restricted from using Bybit for similar regulatory reasons, particularly related to derivatives trading.
- Hong Kong: Bybit does not provide services to residents of Hong Kong. If a user attempts to register using a Hong Kong IP address, they will need to complete advanced KYC verification, but even then, access is limited.
- Other Restricted Countries: Bybit is also unavailable in a few other jurisdictions, including Canada (Ontario and Quebec), Singapore, North Korea, Iran, Sudan, Crimea, Sevastopol, and a few other regions with comprehensive sanctions or strict financial regulations.