Bybit contract beginner tutorial

To begin trading cryptocurrency contracts on Bybit, create an account, fund it with cryptocurrency, and select the contract you wish to trade based on its specifications.

Nov 13, 2024 at 11:12 pm

Bybit Contract Beginner Tutorial

Introduction:

Bybit is a popular cryptocurrency derivatives exchange that offers a wide range of perpetual and futures contracts. If you're new to trading contracts on Bybit, this beginner tutorial will guide you through the process step-by-step, covering everything from account setup to order placement and risk management.

Step 1: Create a Bybit Account

a. Go to the Bybit website (https://www.bybit.com/) and click on "Sign Up."
b. Enter your email address, create a password, and agree to the terms and conditions.
c. Verify your email address by clicking on the link sent to your inbox.
d. Once your account is verified, you can log in and start trading.

Step 2: Fund Your Account

a. To trade contracts, you need to fund your Bybit account with cryptocurrency.
b. Click on "Wallet" and then "Deposit."
c. Select the cryptocurrency you want to deposit and copy the deposit address provided.
d. Send the cryptocurrency from your external wallet to the Bybit deposit address.
e. Once your deposit is confirmed, it will be available in your Bybit account.

Step 3: Choose a Contract

a. Bybit offers a variety of perpetual and futures contracts for different cryptocurrencies.
b. Click on "Trade" and then select the contract you want to trade.
c. Each contract will have its own specifications, such as the underlying asset, contract size, and leverage.
d. Make sure you understand the contract specifications before you start trading.

Step 4: Place an Order

a. To place an order, click on the "Order" tab in the trading interface.
b. Select the order type you want to use, such as market order, limit order, or stop-limit order.
c. Enter the order quantity and price.
d. Click on "Buy" or "Sell" to place the order.

Step 5: Monitor Your Position

a. Once your order is filled, it will appear in the "Positions" tab.
b. You can monitor the status of your position, such as the current price, profit and loss, and leverage.
c. If you want to close your position, click on the "Close" button.

Step 6: Risk Management

a. Trading contracts involves high risk.
b. Always use appropriate risk management strategies, such as stop-loss orders and position sizing.
c. Never risk more than you can afford to lose.

Step 7: Additional Tips

a. Use Bybit's demo account to practice trading before you start trading with real money.
b. Read Bybit's documentation and FAQs to learn more about trading contracts.
c. Join Bybit's Telegram community to connect with other traders and get support.