How to Use Bybit

How to Use Bybit in Pakistan

If you’re a Pakistani who wants to invest in the growing asset class of digital currencies, Bybit can be a suitable choice.

But how can you use Bybit to conduct effective trades? In this article, we’ll just help you get going with Bybit.

Let’s begin!

Since 2021, Coin-Labs.com has partnered with Bybit and is few of the highest-ranking of affiliate program contracts.
Therefore, if you sign up for Bybit through the button above, you will get the most discounted fee benefit and participation in a bonus event offering up to $500.

Bybit User Guide for Pakistanis

How to use bybit? Bybit’s user interface is easy to use, and even beginner cryptocurrency investors can easily trade futures. Currently, Bybit offers cryptocurrency-related derivative services to various countries around the world, including Pakistan. In particular, due to the specialization in providing derivative-related futures trading, Bybit is able to maintain sufficient stability and support for the trading system.

The main service offering of Bybit is its futures (leverage) trading platform. On the Bybit Exchange, margin long and short-selling futures trading are available for over 180 cryptocurrencies. In fact, a renowned YouTuber, Joel on Crypto, streams his investing trading activities through Bybit. This shows some of the many advantages of Bybit, which are highlighted by its easy-to-use and convenient interface and its robust and reliable server.

2024 Bybit Futures Trade for Pakistan

To provide better clarity and understanding of how to use Bybit so that even beginners are able to comprehend the material fully, we will explain the futures trading procedure by opening a margin-long position on Dogecoin. You will be able to trade on the ByBit futures trading service, if you can follow this how to use Bybit instruction.

Step 1. Registration

You have to sign up first before making your first futures trade at Bybit. If you haven’t already signed up and proceeded through the security authentication, please refer to the Bybit Registration Instruction page. If you have experience signing up for other exchanges, but are not currently a member of Bybit, you can easily sign up within 20 seconds through clicking the button at the bottom.

Coin-Labs is the official business partner of Bybit Exchange per the executed agreement in 2021.Therefore, if you sign up to the Bybit Exchange through Coin-Labs, you will be eligible for the best commission rates in Korea and also be able to participate in an event to receive up to $600 in bonuses.

Step 2. Deposit

After completing your membership registration, you can deposit cryptocurrencies by  initiating transfers from another exchange, such as Binance, Coinbase, or OKX – exchanges that accept USD deposits. For simplification, after completing the Bybit membership registration, which creates a Ripple(XRP) coin wallet, Ripple (XRP) purchased from other exchanges can now be transferred to the Bybit wallet to complete the deposit. For more information, please refer to the Bybit Deposit Instruction Page.

Step 3. Swap to Tether

We are going to convert the deposited coin in the wallet to Tether as an example. The Bybit fee for spot trading on Bybit is the same at 0.1% for both limit and market orders. Therefore, if you are simply exchanging ripple for tether, it is better to choose market price trade to complete the transaction quickly.

Step 4. Transfer

The next step is transferring coin – in this case, Tether – from the spot account to the derivaive account for futures trading. In Bybit, we divided spot and derivatives market accounts, similar to the Binance interface.

Bybit differentiated spot and derivative accounts in order to distinguish profits and losses arising from spot and derivative transactions (this limits leverage loss to amounts in the derivative account)

• Spot Market Account: An account that holds actual cryptocurrency purchased and the USDT required to purchase cryptocurrency
• Derivatives Market account: USDT, BTC, ETH, EOS, XRP storage account used for futures trading

In order to assign Tether (USDT) transferred to Bybit into the derivative market account from the Asset page, click on the Transfer button. In the pop-up window, modify the setting as shown in the following table. After changing the setting, please enter the amount of Tether (USDT) owned to transfer to the derivative account and click enter. As such, the Tether transfer from the spot to the derivative account will be completed in these easy steps.

Setting column	Setting value
From	Spot Account
To	Derivatives Account

Step 5. Margin Trade

We are going to start futures trading by Margin Buying to open a 10x long position on Dogecoin. In Bybit, Dogecoin(DOGE) can be purchased with an option to set up to 10x leverage. Now, to explain how to use Bybit, let’s bet on the rise of Dogecoin by opening a 10x leverage margin long position. First, click Dogecoin(DOGE) on the USDT indefinite contract in the derivatives market within the Derivatives section.

For clarification, leverage transactions require additional commissions corresponding to the rate of leverage used. Therefore, it is recommended that you become familiar with the Bybit commission infomation and use multiple strategies in order to take advantage of discounts.

Let’s place a 10x indefinite futures trade by submitting a margin long position order on Dogecoin. Currently the amount of Tether(USDT) in the Bybit derivative account wallet is 859.61 ($859.61). Margin buying limit order will be placed after setting the leverage to 10x.

• No. 1: Leverage setting can be modified, and isolation and cross leverage level (10x) can be selected.
• No. 2: Select between a limit price order, a market price order, or a conditional order.
• No. 3: The transaction price is the same entry price as spot transactions. The size (Qty) of the order for Dogecoin (DOGE) is 1 DOGE per quantity. Therefore, such is equivalent to purchasing 37,732 Dogecoins with $859.
• No. 4: This becomes the cryptocurrency asset currently held, and the futures trading margin.

The margin long position of Dogecoin has been executed as follows.

The leverage of the margin long position of Dogecoin is 10 times, signifying that 10 million worth of Dogecoin has been executed with 1 million. Moreover,  the liquidation price in which the position becomes completely worthless is $0.2055. Additionally, The current profit or loss can be confirmed as unrealized P&L.

Should you want to quickly take the unrealized profit or stop the unrealized loss, click the “Close market” to immediately close the margin long position at the margin price.

Step 6. Confirm

We can now make the confirmation of the closed profit and loss. Upon termination of the position, the investor can realize closed profit and losses based on the difference between the entry price and the liquidation price. The calculation of the profit or loss realized through closing of the margin long position (Dogecoin long) can be found in the [Derivatives Account Order] – [Closed P&L] within the [Order & Trades] section.

As shown in the picture above, the entry price for the initial margin buying long position of Dogecoin was $0.2233. At the point of closing the profit, the price of Dogecoin is $0.2264. Dogecoin’s price has increased by approximately 1.38%. Therefore, the total closed profit (8,425.55 USDT x 1.38%) 116.27 USDT. As shown through this example, derivative futures transaction generated 13.8% profit from the 1.38% change in the price of the cryptocurrency of the deposited principal amount

Futures trading represents a very high-risk trading. Therefore, it is recommended that novice investors familiarize themselves with Bybit usage instructions and suggest starting out with a small amount.

Frequently Asked Questions (FAQs)