Bybit is the most popular crypto leverage trading platform in the world. Created in March 2018 by Ben Zhou, Bybit has turned out to be one of the most popular cryptocurrency exchanges in the world.
On Bybit users can use margin trading to maximize their profit, the only problem is that Bybit is restricted to users in the United States.
How to use Bybit in the US summary?
- Get a VPN (Surfshark VPN)
- Connect to a VPN server outside the US
- Register an account with Bybit
- Deposit Bitcoin, Ethereum
- Get a cryptocurrency wallet that supports multiple cryptocurrencies (Trustwallet, Exodus wallet, Atomic Wallet)
- Withdraw your coins from Bybit
What is Bybit and how does leverage trading works?
Bybit is the most popular cryptocurrency exchange in the world and is getting talked about by many US-based YouTubers.
Bybit exchange focuses on leverage trading, if you are new to leverage trading here’s how it works.
Leverage trading increases the amount of money the user is using to trade up to 100x, On Bybit users can choose 5x, 10x, 50x, and 100x.
Eg: if I buy Bitcoin using 5x Leverage trading and Bitcoin gains %1 I would earn %5 and if I buy Bitcoin using 100x leverage and Bitcoin gains %1 I would earn %100.
Although does gains looks very promising, but the downside is that if the price of Bitcoin hits a specific price downward I can loss all my money.
Follow these steps to use Bybit in the United States:
To use Bybit in United States I recommended you get a VPN, a VPN would allow you to change your IP address, by changing your IP address outside the US, Bybit exchange would believe you are not located in the United States and the registration restrictions would be removed, I recommended you use Surfshark VPN because it is secure and accept PayPal and Bitcoin payments.
If you are connected to a VPN the next step is to visit Bybit and register an account, Deposit Bitcoin, and start trading.
Step 1 – Get a VPN
To register an account with Bybit you would need a VPN, the VPN would allow you to change your IP address, when your IP address location is changed you can now easily register an account with Bybit, I recommended you use Surfshark VPN.
Step 2 – Connect to the VPN
If you have subscribed to Surfshark VPN the next step would be to connect to an IP location outside USA eg: Germany, Canada.
Step 3 – Create a Bybit account
To create a Bybit account visit the official Bybit website: Bybit.com. Go to the signup page and fill in your registration information. After you have filled in your registration information check your email and confirm your email address.
Step 4 – Deposit Bitcoin or Ethereum to your Bybit account
To use Bybit exchange you would need to have Bitcoin or Ethereum stored in a wallet, if you don’t have Bitcoin in Ethereum stored in a wallet then you should buy Bitcoin from coinbase or LocalBitcoins.
You can find your Bybit Bitcoin address on your Dashboard, click deposit and choose Bitcoin as your deposit option.
Step 5 – Get a cryptocurrency wallet that supports multiple cryptocurrencies
Getting a secure cryptocurrency wallet is important but getting a cryptocurrency wallet that supports thousands of cryptocurrencies is great if you are planning to hold a lot of cryptocurrencies. Here is the list of wallet that supports multiple cryptocurrencies:
Step 6 – Withdraw the coins from Bybit
Storing your cryptocurrency on an exchange is not so secured, I recommended you store your coins on your cryptocurrency wallet, this way you have full control.
Conclusion – Is Bybit.com worth it?
Yes, Bybit is a great website for day traders who want to make a good amount of money and willing to take the risk. On Bybit traders can get up to 100x leverage for Bitcoin and other tradable assets.
Always invest what you can afford to lose, leverage trading is very risky.