How to deposit in Bybit
Before we get started with the process of depositing funds on Bybit, first, let’s learn the basics of it.
What is Bybit?
Bybit is a centralized exchange headquartered in Dubai, in the United Arab Emirates, founded by Ben Zhou and initially launched in March 2018. Currently ranked in the top 5 crypto exchanges worldwide with the highest MarketCap, Bybit has been able to attract more than 10 million crypto traders worldwide.
Bybit Fees
One of the key advantages offered by the platform is its low trading fee and high liquidity. The exchange Derivative Maker fee is 0.01%, and the Taker fee is 0.06% for regular users, while the spot trading fee is 0.1% for both Makers and Takers, which can be reduced down to as low as 0.02% for Makers and 0.005% for Takers based on the user account level.
Preparations in advance for Deposit in Bybit
For beginners, there are some advanced preparations needed to get started with adding funds on Bybit because of its centralized nature, which requires users to disclose their identity.
Below are some advance preparations that every newbie user must prepare:
- Create a basic account on Bybit using a simple sign-up process.
- Starting from May 8, 2023, KYC is mandatory on Bybit. Therefore, make sure to complete the KYC process by verifying your identity.
- Prepare your funds to top-up your Bybit Account.
One-Click Buy
One-Click buy, also known as the Third-Party Express Crypto buying method, is one of the unique features offered by the exchange. Bybit allows users to directly buy cryptocurrencies with Fiat currencies, using third-party payment gateways such as Visa, MasterCard, Apple Pay, and more. If you are a beginner, whether you are using a mobile application or the Bybit website, follow these steps to easily purchase your favorite cryptocurrency with One-Click Buy.
- Visit the Official Site and Log In
- As previously mentioned in the Advance Preparation, creating an account and completing KYC is the first step to adding funds to your account. So, it’s time to visit the official Bybit website again and log in to the account.
- Go to One-Click Buy
- Now, the next step is going to the One-Click Buy section in order to complete a purchase. For that, if you are using Mobile Application, click on “Buy Crypto” from Mega Menu available on Application Homepage. However, in case if you are trying to purchase crypto via the platform’s website, then tap on “Buy Crypto” available on the Header menu on the left side, and then choose One-Click Buy.
- Choose Fiat Currency
- Once you are on the One-Click Buy Page, the next step is choosing the Fiat currency. There are over 59 Fiat currencies listed on the exchange that investors can use to purchase crypto, including USD, AUD, GBP, EUR, NZD, OMR, PEN, PHP, and more. While selecting the currency, bear in mind that there is a minimum and maximum allowable purchase limit, which varies depending on the currency and service provider selected for specific transactions.
- Select Cryptocurrency
- After sorting out with Fiat currency, select the crypto you want to purchase. Currently, only three cryptos are listed, which include BTC, ETH, and USDT. So, choose whichever you like.
- Choose Payment Gateway and Make Purchase
- Lastly, select the payment method — such as Bank Transfer, Apple Pay, Visa, or MasterCard — that you’d like to utilize to make a crypto purchase. Once the payment gateway is selected, enter the amount you are willing to spend and then click on the Buy button to make a purchase. (How to Buy Crypto with Credit Card | Bybit)
How to Deposit Fiat in Bybit
Apart from One-Click Buy Crypto, the exchange also features a fiat deposit option that is a bit different from the One-Click method and offers more Fiat gateways for deposits.
By following the below steps, anyone can easily learn how to fund their wallet using the fiat deposit method.
- Similar to One-Click Method, regardless of whether you are using a mobile application or website, tap on Buy Crypto, and this time, instead of selecting One-Click Buy, choose the Fiat Deposits option.
- After that, select the cryptocurrency you want to deposit.
- Keep in mind that currently, the exchange only offers deposits of 10 Fiat currencies, including USD, ARS, BRL, RUB, MXN, and more.
- Once the currency is selected, choose the desired payment gateway method, such as AdvCash Wallet or Wire Transfer, and then click on Continue to successfully top-up your account.
- With this method, the Fiat-funded amount will go to the funding wallet of Bybit, from where you use fiat currencies to purchase cryptocurrencies.
How to Deposit Crypto in Bybit
Making crypto deposits on the exchange, both via application and website, is straightforward and very similar to other top exchanges thanks to its easy-to-navigate UI.
By following the simple 5-step process given below, newbies can easily learn how to make crypto deposits on Bybit.
- Log in to your exchange account and click on Assets.
- The assets option is available in Header Menu for web users.
- For mobile applications, it’s available in the bottom Menu on the right side.
- Now, from the Assets Page, go to the Spot section and then scroll down to find the cryptocurrency you are willing to deposit.
- Tap on the Deposit option and copy the network address by selecting a network.
- After copying the deposit address, go to Wallet or Exchange you are going to deposit from and then initiate a withdrawal.
- Now, wait for confirmation on the blockchain.
List of Crypto Available For Deposit On Bybit
Currently, over 370 cryptocurrencies are listed on the platform. Any of these listed currencies can be deposited on Bybit using multiple networks, including Ethereum Blockchain, Arbitrum, and Binance Smart Chain.
Some of the popular crypto that traders can deposit include as follow.
Bybit Deposit Minimum Amount and Fees
There is no minimum deposit limit for any cryptocurrency on the exchange except SOL. Solana has a minimum deposit limit of as low as 0.01 which means that a deposit of any amount below this number won’t be credited to your account.
Additionally, the platform has a zero-fee policy for all crypto deposits and also doesn’t have any per-day deposit limit.
Bybit P2P Trading
Just like most top-tier crypto trading platforms, Bybit also has a built-in P2P Trading feature. One of the key advantages of doing P2P Trading here on this exchange is that it does not impose any trading fee. This means users can directly engage in C2C trades in their local Fiat currencies at no supplementary service charges.
If you are a newbie, here are a few steps to get started with P2P Trading on Bybit.
- Log in to your account and then Click on Buy Crypto->P2P Trading
- After that, you will be redirected to P2P Trading.
- Now, select the payment method; currently, over 30 Fiat trading payment methods are supported.
- Once the payment method is selected, scroll down and choose a Buyer/Seller you want to trade with.
- Follow the trading instructions and read Privacy Policy Disclaimer before conducting a deal provided in the Buyer/Selling Guidelines and start trading.
FAQs
What do I need to prepare to deposit on Bybit?
In order to deposit on Bybit, a user must have a basic account with at least basic KYC verification.
What can I deposit into Bybit?
Bybit supports both fiat and crypto deposits. Users are free to deposit over 370 cryptocurrencies and multiple fiat currencies while enjoying zero trading fees.
What is the fee for depositing cryptocurrencies to Bybit?
For all crypto deposits, Bybit has no zero deposit fee policy. This makes the crypto platform a cost-effective exchange for both retail investors and organizations to fund their accounts and participate in the crypto market.