Essential Bybit Security Settings Checklist
Essential Bybit Security Settings Checklist
Bybit is a major cryptocurrency exchange that offers trading services primarily focused on derivatives (like futures) but also provides a robust spot trading platform. This guide provides a neutral, beginner-friendly overview of its essential features and security practices.
Core Features and Offerings
Bybit supports a wide array of digital assets, allowing users to trade major cryptocurrencies like Bitcoin and Ethereum, alongside numerous altcoins.
- **Spot Trading:** Direct buying and selling of cryptocurrencies.
- **Derivatives Trading:** Offering perpetual and dated futures contracts.
- **Earn Products:** Staking, savings, and lending opportunities for passive income.
- **NFT Marketplace:** A dedicated section for trading non-fungible tokens.
Fees Structure
Trading fees on Bybit generally follow a maker-taker model. Makers (who add liquidity by placing orders that do not immediately execute) often pay lower fees than takers (who remove liquidity by matching existing orders). Fees can vary based on the user's VIP level and whether they are trading spot or derivatives. It is essential to check the current fee schedule on the official Bybit website.
Supported Assets
Bybit supports hundreds of trading pairs across its spot and derivatives markets. The selection frequently expands to include new, popular, and emerging digital assets.
Spot vs. Futures Basics
Users must understand the fundamental difference between the two main trading environments:
- **Spot Trading:** Involves the immediate exchange of one asset for another (e.g., BTC for USDT). You own the underlying asset.
- **Futures Trading:** Involves trading contracts that derive their value from an underlying asset. This typically involves leverage, amplifying both potential gains and losses.
Order Types
Effective trading relies on using the appropriate order book instructions. Common order types available include:
- Limit Orders: Set a specific price at which you wish to buy or sell.
- Market Orders: Execute immediately at the best available current price.
- Stop-Limit and Stop-Market Orders: Used primarily for risk management to automatically close positions when a certain price threshold is met.
Liquidity and Markets
Bybit is known for having high trading volumes, particularly in its derivatives markets, which generally translates to strong liquidity. High liquidity means trades can be executed quickly with minimal price slippage, especially for major pairs.
Essential Security Settings Checklist
Security is paramount when dealing with cryptocurrency exchanges. New users should prioritize setting up these features immediately after creating an account.
| Step | Action Required | Importance |
|---|---|---|
| 1 | Enable Two-Factor Authentication (2FA) | Critical |
| 2 | Set up Anti-Phishing Code | High |
| 3 | Configure Withdrawal Whitelisting | High |
| 4 | Review Device Management History | Medium |
- **Two-Factor Authentication (2FA):** Always use an authenticator app (like Google Authenticator or Authy) rather than SMS 2FA, which is less secure.
- **Anti-Phishing Code:** This unique code appears in official emails from Bybit, helping you verify that the email is legitimate and not a phishing attempt.
- **Withdrawal Whitelisting:** This feature restricts withdrawals only to pre-approved wallet addresses, significantly limiting potential loss if your account is compromised.
KYC and Limits
Know Your Customer (KYC) verification levels determine the transaction limits you can access.
- **Unverified Accounts:** Typically have very low daily withdrawal limits.
- **Intermediate/Full Verification:** Requires submitting personal identification documents and unlocks substantially higher daily withdrawal and trading limits.
Funding and Withdrawals
Users fund their accounts via cryptocurrency deposits or fiat on-ramps (where available). Withdrawals require the security measures mentioned above to be active. Processing times depend on network congestion and the exchange's internal verification procedures.
Mobile and Web User Experience (UX)
Bybit offers dedicated applications for both iOS and Android, as well as a comprehensive web interface. Both platforms are generally designed for speed and accessibility, crucial for monitoring live markets. Users should familiarize themselves with navigation on their preferred platform.
Risks and Responsible Trading
Trading cryptocurrencies, especially using leverage in futures markets, carries substantial risk. Users should thoroughly understand the mechanics of margin calls, liquidation, and the volatility inherent in the crypto space. It is advisable to start small and never trade more than you can afford to lose. For deeper insights into managing potential downsides, review Mastering Risk Management in Crypto Futures Trading: Essential Strategies for Minimizing Losses.
First Steps Checklist
This checklist outlines the initial actions a new user should take after signing up.
- Register an account: Register here
- Immediately enable 2FA.
- Set up a strong, unique password.
- Deposit a small amount of crypto to test the deposit process.
- Practice placing a simple Limit order on the Spot market.
- Review the available Order book depth before executing any large trade.
- Familiarize yourself with the tools mentioned in Essential Trading Tools for Mastering Elliott Wave Theory in Crypto Futures.
See also (on this site)
- Bybit Spot Trading Explained Simply
- Understanding Bybit Account Verification Levels
- Navigating Bybit's User Interface
- Comparing Bybit Spot and Derivatives
Recommended articles
- Cryptocurrency Security Best Practices
- DeFi Oracle Security
- Mastering the Basics: Essential Futures Trading Strategies for Beginners
- 2024 Crypto Futures Trading: A Beginner's Guide to Security Best Practices
- Security Tips for Using Cryptocurrency Futures Exchanges Safely
Recommended Futures Trading Platforms
| Platform | Futures perks & welcome offers | Register / Offer |
|---|---|---|
| Binance Futures | Up to 125× leverage, USDⓈ-M contracts; new users can receive up to 100 USD in welcome vouchers, plus lifetime 20% fee discount on spot and 10% off futures fees for the first 30 days | Sign up on Binance |
| Bybit Futures | Inverse & USDT perpetuals; welcome bundle up to 5,100 USD in rewards, including instant coupons and tiered bonuses up to 30,000 USD after completing tasks | Start on Bybit |
| BingX Futures | Copy trading & social features; new users can get up to 7,700 USD in rewards plus 50% trading fee discount | Join BingX |
| WEEX Futures | Welcome package up to 30,000 USDT; deposit bonus from 50–500 USD; futures bonus usable for trading and paying fees | Register at WEEX |
| MEXC Futures | Futures bonus usable as margin or to pay fees; campaigns include deposit bonuses (e.g., deposit 100 USDT → get 10 USD) | Join MEXC |
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