How to trade contract account on Bybit How to open

Bybit's user-friendly interface and comprehensive trading tools empower traders to navigate the realm of contract trading, unlocking opportunities for profitability and asset diversification.

Nov 15, 2024 at 02:40 am

How to Trade Contract Account on Bybit: A Comprehensive Guide

Introduction

Bybit, a leading cryptocurrency derivatives exchange, offers a robust and user-friendly platform for contract trading. This guide will walk you through the process of setting up and trading contract accounts on Bybit, ensuring a seamless and lucrative trading experience.

Step 1: Create a Bybit Account

• Visit the Bybit website and click "Sign Up" located at the top right corner.
• Complete the registration form by providing your email address and creating a secure password.
• Verify your email address by clicking the link sent to your inbox.

Step 2: Enable Two-Factor Authentication (2FA)

• Enhanced security measures are crucial in crypto trading. Enable 2FA to protect your account from unauthorized access.
• On the Bybit platform, navigate to "Profile" and select "Security."
• Choose your preferred 2FA method (email, Google Authenticator, or SMS) and follow the prompts to activate it.

Step 3: Fund Your Account

• To trade on Bybit, you need to deposit funds into your account.
• Select "Assets" on the dashboard and choose your preferred deposit method (crypto, fiat, or via third-party platforms).
• Follow the instructions carefully to complete the deposit process.

Step 4: Open a Contract Account

• Once your account is funded, navigate to "Derivatives" on the dashboard and select "Open Contract Account."
• Choose the Bybit contract account type that aligns with your trading needs, such as Perpetual or Inverse Perpetual.
• Review the account details and click "Confirm" to create the contract account.

Step 5: Understand Contract Trading

• Contract trading involves leveraging instruments that derive their value from underlying assets (e.g., Bitcoin, Ethereum).
• Identify the contract you want to trade, its specifications (e.g., leverage, expiry date), and how market fluctuations affect its value.

Step 6: Place an Order

• Select the contract you want to trade and click "Trade."
• Determine the order type (limit, market, stop-limit), the position (long or short), and the desired leverage.
• Enter the quantity and price (for limit orders) and click "Buy/Long" or "Sell/Short" to execute the order.

Step 7: Manage Your Trades

• Monitor your open orders and positions in the "Positions" section.
• Adjust your positions by adding or reducing the amount traded, setting stop-loss and take-profit orders, and leveraging advanced trading tools (e.g., conditional orders).

Step 8: Close Your Positions

• To exit a trade, select the corresponding "Close" button in the "Positions" section.
• Choose whether to close the entire position or a portion of it.
• Confirm the closing price and click "Confirm" to complete the trade.

Step 9: Withdraw Your Funds

• Once you have completed your trades, you may withdraw your funds by navigating to "Assets" and selecting "Withdraw."
• Choose your preferred withdrawal method and follow the instructions.
• Verify the withdrawal request through 2FA for added security.