What is the Bybit Web3 Wallet? How to set it up?

What Is the Bybit Web3 Wallet?

1. The Bybit Web3 Wallet is a non-custodial, multi-chain cryptocurrency wallet integrated directly into the Bybit platform.

2. It supports Ethereum, BSC, Arbitrum, Optimism, Polygon, Base, and other EVM-compatible networks.

3. Users retain full control over their private keys, with no third-party access to funds or signing permissions.

4. It enables seamless interaction with decentralized applications, NFT marketplaces, and DeFi protocols without switching interfaces.

5. The wallet features built-in token swaps, cross-chain bridging, and portfolio tracking across chains.

How to Access the Wallet Interface

1. Log in to your Bybit account via web browser or mobile app.

2. Navigate to the top-right corner and click the wallet icon, then select “Web3 Wallet” from the dropdown menu.

3. If it’s your first time, you’ll be prompted to create a new wallet or import an existing one using a 12-word recovery phrase.

4. Confirm your wallet name and set a six-digit PIN for local device authentication.

5. Once confirmed, the dashboard loads with default balances, recent transactions, and network selection toggle.

Security Features and Key Management

1. Private keys are generated and stored locally on the user’s device—never transmitted to Bybit servers.

2. Each transaction requires explicit approval via PIN or biometric verification before broadcasting to the blockchain.

3. The wallet includes phishing detection that warns users when attempting to connect to suspicious dApps.

4. Recovery phrase backup is mandatory during setup and cannot be skipped or deferred.

5. No seed phrase is ever uploaded, stored, or synced by Bybit—even encrypted.

Connecting to Decentralized Applications

1. Click “Connect Wallet” on any compatible dApp interface and choose “Bybit Web3 Wallet” from the list.

2. A pop-up appears showing the requesting domain, requested permissions, and connected chain.

3. Review the scope of access—some dApps request only balance read rights, others require full signing capability.

4. Approve or reject the connection using your device’s biometric prompt or PIN.

5. Once connected, the dApp can display your assets but cannot initiate transfers without your active consent on every action.

Frequently Asked Questions

Q: Can I use the Bybit Web3 Wallet without a Bybit exchange account?A: Yes. You can access the wallet independently through the Bybit Web3 Wallet standalone app or browser extension without linking to a centralized exchange account.

Q: Does the wallet support hardware wallet integration like Ledger or Trezor?A: Not currently. The Bybit Web3 Wallet operates as a software-based non-custodial solution and does not interface with external hardware signing devices.

Q: What happens if I forget my PIN or lose my recovery phrase?A: There is no account recovery mechanism. Without the 12-word phrase, access to funds is permanently lost. Bybit has no visibility into or ability to restore wallet data.

Q: Are gas fees paid in the native token of each chain automatically deducted from my wallet balance?A: Yes. When initiating a transaction on Ethereum, you must hold ETH for gas; on BSC, BNB is required. The wallet displays real-time gas estimates and deducts fees directly from the selected network’s balance.