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Welcome to Bybit! A quick guide to get started
Welcome to Bybit! A quick guide to get started
Updated over a week ago

Dear Trader, Welcome on board!

We are so happy to have you here with us, and we look forward to seeing you thrive on our trading platform. Before you set out, let's discuss some things to help you succeed on the Bybit platform.

If you do not want to read the whole document but skip to the section you prefer, you can do so at the top right of this article. Furthermore, you can also change the language to Dutch if you like. Let’s get started.

Table of contents:

  1. Where can I find my euro deposits?

  2. How do I convert my euros to crypto?

  3. How do I make my account extra secure?

  4. How do I withdraw crypto?

Where can I find my Euro deposits?

We asked you to deposit money to verify your bank account during the verification. In case you were wondering where that money is, we were safely storing it in your wallet while you were completing the verification. Now that you have finished the onboarding, we have put it under the Fiat tab under your Funding Account. Here is the direct link to that page.

You can reach it with just two clicks if you want to get there yourself. From the homepage, hover over Assets, select Funding Account, and then click Fiat. You should see something like this:

How do I convert my Euro to crypto?

There are two ways to convert your Euro into crypto. (1) You go to the One-Click Buy page and directly convert your Euro, or (2) you go to Trade and select a Euro pair. Both ways work and have their advantages. Let’s start with One-Click Buy.

Converting Euro with One-Click Buy

One-Click Buy means what it says: purchasing crypto with one click. In summary, instead of setting limit orders, your euros are converted to crypto within seconds.

To do so, select Buy Crypto from whichever page to get to the One-Click Buy page (see the screenshot below). If you prefer a direct link, you can click here.

On this page, fill in how much you want to purchase and which cryptocurrency you wish to buy. You can select from Bitcoin (BTC), Ethereum (ETH), Tether USD (USDT), USD Coin (USDC) and Ripple (XRP). Set up your order, click Buy With EUR and confirm your payment.

You can also use this page to convert crypto back to Euro. You only need to make sure you have your coins in the right wallet.

You can use the cryptocurrencies you purchased to purchase other pairs later on. However, you can only do this through trading. We will talk about this in the next section.

Converting Euro Through Trading

Purchasing through trading takes a little more effort but gives you more freedom. You can choose the price at which you want to buy a cryptocurrency. Also, more pairs are available, and you can purchase other currencies with these pairs.

You must first transfer your euros from Funding to Spot to get started. Spot is the wallet you use for coins you want to trade with. You can see Funding as a safe in which you put your euros and cryptocurrencies you do not intend to use any time soon. From your Funding Account, click on Transfer, and a window will pop up. Fill in the details and confirm the transfer.

This same process also applies to cryptocurrencies if you wish to transfer them.

You will get a pop-up saying Transfer Completed. If it does not disappear by itself, refresh the page because the pop-up is right in front of a button we need to click.

Now click on Trade, hover over Spot Trading and click on EUR. You can then select the cryptocurrency you want to purchase. We will go for Bitcoin (BTC) in this example, but you can also choose Cardano (ADA), Dogecoin (Doge), Ethereum (ETH), Litecoin (LTC), Solana (SOL), Tether USD (USDT), USD Coin (USDC) and Ripple (XRP).

You will arrive at the trading overview where you can buy and sell crypto. It might be overwhelming initially, but you will get used to it soon. There is a lot to this page, but we will only tell you how to place an order in this article. Check out the Bybit help centre and other documentation to learn about this trading overview.

For now, you can go to the right of this page, select the price you want to set an order for and fill in the quantity. You can also use the slider to decide what percentage of your available funds you would like to invest.

Click on Buy BTC and wait until the market fills your order. It can take some time, depending on the volatility and your set price. However, do not forget that good things come to those who wait. Once your order is complete, you can also use the BTC to buy other coins.

How do I make my account extra secure?

Head to the security page by hovering over your profile and selecting Account & Security, or click here for the direct link. You can enable a few authenticators to make your account extra secure. If you have noticed any of these configured unbeknownst to you, we recommend that you contact Bybit Customer Support and let them know.

We recommend the following authenticators:

  • SMS Authentication;

  • Google Two-Factor Authentication;

  • Anti-phishing Code;

  • Fund Password

SMS Authentication

To secure your login, password and changes to your security settings. We highly recommend you set up the SMS Authentication. You will receive a text message containing a code to confirm you are accessing your account.

By enabling this function, you are sure that only you can change your account details.

Google Two-Factor Authentication

This authentication goes through an external app where you receive a valid code, and after 30 seconds, the app automatically shows a new one.

Because the code is random every time and only temporarily available, it makes it difficult for bad actors to get into your account.

It also protects your login and password and prevents changes to your security settings unless you confirm it. It works well with SMS authentication to make your account even more secure.

Anti-phishing Code

Imagine you get an email that looks exactly like the emails from Bybit. How would you know it is legit? You could check the sender, but you could also check if your anti-phishing code is present. In other words, this code helps you distinguish the legitimacy of an email.

You can set this up on our website and choose what it should show when we email you. Make it personal and something only you know, so nothing easy to guess. After you set it up, you receive a confirmation email with the anti-phishing code.

You will always know if our emails come through Bybit or SATOS channels.

Fund Password

Lastly is the Fund Password; This is an extra password to protect your funds from being accessed. It can be anywhere from 8 to 30 characters long, and we highly recommend it to protect your funds.

It’s an excellent way to prevent anyone from accessing your funds. Just make sure you do not forget it.

How do I withdraw crypto?

From the homepage, hover over Assets again, but select Spot this time, or click on this direct link. From there, you will see several withdrawal buttons. You can either click Withdraw to the right of your crypto assets to directly select that currency or go through the other withdrawal button in the upper right corner of the page.

Once clicked, a window appears, or the site directs you to a different page. From here, you select if you want to withdraw crypto to an external (wallet) address (On-chain withdrawal) or send it to someone else with a Bybit account (Internal Transfer).

For external transfers, you should know that you can only send crypto to wallets you own. When you send it internally, please ensure the wallet address and chain type are correct so you do not lose your assets.

For internal transfers, you must know that sending crypto to other bybit users who are KYC Lv.1 or 2 verified is only allowed. Internal transfers do not require a wallet address but a registered phone number, email or Bybit UID.

Make sure you fill in everything correctly and click Confirm. Bybit asks you to authenticate the order if you have set up the security measures as suggested.

After that, Bybit sends your payment and updates you through mail and platform notifications. However, before you go, we highly recommend reading the text below.

Beware of the risks of sending crypto outside Bybit.

While you are free to do with your funds as you wish, except for illegal activities, of course, we would like to exert caution when it comes to withdrawing from the Bybit platform. We want you to be cautious about fraud and wrongly sending crypto.

How do I Recognise Fraud?

Unfortunately, there are many parties out there who are actively trying to scam people out of their hard-earned money. We want you to be safe, so we want you to be aware of a few everyday situations that are likely to be scams.

Fraudsters mostly use these channels: Mail, Phone, WhatsApp, Telegram, or non-regulated advertisements.

  • If someone has contacted you through the above channels and invited you to an investment fund, it is likely a scam.

  • If someone has contacted you through the above channels and has offered to invest for you, it is likely a scam.

  • If a man or woman has contacted you through the above channels with love interests and suddenly asks you to invest with him/her, it is likely a scam.

  • If someone has contacted you through the above channels and has invited you to work at a company, but you must first make a small deposit, it is likely a scam.

  • If someone has contacted you and wants to buy what you sell online, but you first need to send crypto for their transport or insurance, it is likely a scam.

  • If someone has come to you and asked you to deposit money for them in return for a payment, it is likely a scam and a criminal offence.

We know this is not the prettiest way of communicating, but it is the only way to inform about the dangers of sending crypto out of the platform. Just know that we care about your safety and well-being.

If you are in doubt and wish to talk about your situation, please do not hesitate to contact

Please be careful when you send crypto.

Once crypto is sent, it cannot be retrieved for you, so you need to be extra careful when sending crypto to external wallets. Given this risk, we suggest you consider two things before sending crypto.

Have you entered the wallet address correctly?

Be precise when sending crypto. Check if every number and letter matches the address you have entered with us. Since incorrectly entering even one character can result in losing your crypto, we recommend copying and pasting the wallet address rather than typing it out.

Have you selected the correct network?

The supported blockchain networks vary per wallet. So, you also want to ensure that your external wallet is compatible with the network you like to use to send crypto. If you are new to crypto, we recommend always using the chain intended for the coin (i.e., send BTC via the BTC network).

To ensure your crypto arrives, you can always send a smaller amount - an amount you can afford to lose - in advance. If the amount arrives successfully, please save the address in the address book so that you can choose your wallet later.

This article is meant to explain the basic operations of the platform to you to avoid any issues while using Bybit. If you still have problems, you can contact the Bybit Customer Support team anytime or check out the help centre.

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