ByBit is one of the top cryptocurrency exchanges for trade futures. It offers lucrative trading fees with hundreds of crypto futures trading pairs.
Plus, getting started with the exchange is pretty straightforward and requires no KYC to an extent.
So if you are new to the exchange, you might be wondering how to trade futures on ByBit?
To help you out, below, I will share a step-by-step guide on how to trade futures. The same tutorial can be used for trading in any other market on ByBit.
How To Trade Futures On ByBit?
Getting started with ByBit is a pretty simple process. You first have to create an account, deposit funds into your futures trading account, and start trading. For a detailed guide, follow these steps:
1. Create ByBit Account
First, you need to create a ByBit account if you don’t have an account yet. For this, go to ByBit.com and click on the Signup button from the top right. Also, you can use Bybit coupon code to get sign-up bonus.
Next, fill in your details and follow the onscreen steps to create your account. You might have to complete KYC to access most of the features of the exchange.
However, while signing up on Bybit ensure that you are not from any of the Bybit restricted countries.
2. Deposit Funds
Next, you need to deposit funds into your account.
ByBit offers you different methods to deposit funds depending on where you live.
However, one of the best ways to deposit funds would be to use its P2P protocol, which can be accessed by going to Buy Crypto > P2P trading.
You can also deposit funds from a crypto wallet or other exchanges by going to Assets > Deposit.
3. Go To Futures Trading Terminal
Once you have deposited funds, you need to launch the trading terminal, which can be accessed by going to Derivatives > USDT Perpetual or USDC Perpetual (If you are trading with a stablecoin).
If you wish to trade with cryptocurrencies that are not stablecoins, you need to select Derivatives > Inverse Contracts.
4. Select Trading Pair
From the Futures terminal, click on the BTC/USDT pair from the top left, and it will open up a long list of available trading pairs. Use the search option to find your desired trading pair, and it will open its chart.
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6. Fill out The Order Form
On the right side of your screen, you will find the order form. On top of the order form, you will find Standard and Strategy.
By default, Standard would be selected, and you should trade in this only for all your regular future trades. Alternatively, you can select Strategy if you want to apply any strategies to your trading.
Below that, you will find Cross 100.00x. This is your leverage setting. Use this to set your desired leverage. ByBit has different leverage for different trading pairs.
Also, under leverage, you will find two settings Cross and Isolated.
Cross would let you use all your funds to maintain the trading margin, while the Isolated setting would let you set a specific amount for margin to a trading pair.
Next, you need to enter the Order price for Limit and Conditional market order types and then fill in the order quantity.
Finally, click on Open Long or Open Short to place a long or short order type.
Once your order is placed, you will find all the details right below the technical chart. From here, you can cancel, modify and close your orders.
What Are ByBit Futures?
Future contracts are a derivatives trading product.
It is a type of contract between two parties to either buy or sell an asset like BTC, ETH and others on a predetermined date and price and has an expiry date. These contracts are known as standard futures contracts.
However, on exchanges like ByBit, you will find perpetual futures which don’t have an expiry date.
But the contract type still functions the same as the traditional future contract does. The price of a perpetual contract monitors the cryptocurrency’s spot price and trades very close to it.
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What Are ByBit Futures Fees?
ByBit offers one of the most cost-effective fee structures out there. The exchange has different levels, such as Non-VIP, VIP, and Pro, and depending on what level you are, you will be paying a different fee.
For instance, Non-VIP traders have to pay 0.06% as the taker fee and 0.01% as the maker fee.
In comparison, the VIP 1 level traders would pay 0.05% and 0.006% as the taker and maker fees, respectively. For the Pro 1 level traders, the taker fee is 0.04%, and there is no maker fees.
Trading Bybit Futures is a super straightforward step. With just a few clicks, you can set your preferred leverage, find a suitable trading pair, and switch between multiple trading pairs.
So go ahead and check the exchange out and see how it works out for you.
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