ByBit Review (2024) Complete Instructions for Beginners and Everything You Need to Know

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In this video, I'll walk you through how to use the Bybit exchange. It's a complete guide for beginners covering everything you need to know to navigate this cryptocurrency exchange effortlessly.

Firstly, let's fund our exchange wallet via peer-to-peer (P2P). We navigate to the P2P section, find a suitable seller, and purchase USDT with rubles. We select a convenient payment method and appropriate minimum and maximum limits, ensuring to choose a seller with a high level of positive transactions.

Once we've deposited funds into Bybit, they reside in our overall wallet. Bybit offers separate accounts for funding and unified trading. The unified trading account is essential for spot trading, futures, and other trading operations.

We head to the spot trading section and use the transfer function to move funds from our funding account to the unified trading account.

Now, we can easily purchase any currency we're interested in. For example, to buy Bitcoin, we simply click the buy button and can do so at the market price or by setting a limit order.

Similarly, to sell Bitcoin, we click the sell button.

For futures trading, we navigate to the trading tab. Futures trading carries significant risks since we don't own the currency we're trading with.

Here, we predict whether the price will go up (long position) or down (short position). We also have margin and leverage options. Taking too much leverage can lead to significant gains but also increases the risk of losing all our funds. The higher the leverage, the closer the liquidation price, where we lose all assets in the trade.

I also advise beginners to choose isolated margin.

That's all a beginner needs to know to use the Bybit exchange and execute crypto trades.

Keywords: Bybit exchange tutorial, Cryptocurrency trading guide, Peer-to-peer funding, Spot trading on Bybit, Futures trading risks, Margin and leverage, Isolated margin trading

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