How Can a Beginner Buy Crypto On Bybit Crypto Exchange?

What is Bybit?

Bybit, launched in 2018 and based in Dubai, has quickly become a major player in the cryptocurrency trading world. The platform is especially known for its derivatives and perpetual contracts, attracting both retail investors and professional traders alike. Bybit stands out for its fast execution, advanced trading tools, and user-friendly interface, making it a go-to choice for those looking to trade crypto efficiently and strategically.

Requirements for Opening a Bybit Account

If you are thinking of investing in cryptocurrency, then choosing Bybit is a wise decision. It has a simple process and is quite user-friendly. Before starting the process, make sure you have a reliable laptop or smartphone and a steady internet connection. Experts strongly recommend avoiding public Wi-Fi during registration, as it can put your personal and financial information at risk. Using a secure, private network ensures your account stays protected while you begin your crypto trading journey. 

New users must keep their identification documents ready, typically a government-issued ID. With the essentials in place, the next step is creating your account.

How to Open a Bybit Account on the Website

To begin, open the official Bybit website and register for a new account. Those with a referral code from a friend or acquaintance can enter it during sign up to enjoy some benefits.

Thereafter, provide your details for account creation. Users can choose to sign up with either an email address or a phone number. Once submitted, a security code is sent to the chosen contact, which must be entered to proceed further. 

The process then moves to identity verification. At this stage, users are required to provide a valid government-issued ID, such as a passport, driving license, or national identification card. If scanning the documents through a laptop proves difficult, the verification can also be completed through the mobile app once the account has been set up. You may attempt to complete the identity verification process up to ten times per day.

Bybit requires all users to complete at least a standard level of identity verification to access its products and services. Certain regions or specific services may mandate a higher level of verification to meet regulatory or operational requirements.

After completing account verification, users are required to perform a face scan, also known as a liveness check, to finalize their identity confirmation. 

Once submitted, Bybit reviews the information, and upon approval, users can begin trading on the platform. The KYC process typically takes around 15 minutes, though more complex cases may take up to 48 hours. Users experiencing issues with verification can reach out to Bybit’s customer support for assistance.

How to Purchase Crypto Using One-Click Buy on Bybit

Bybit’s One-Click Buy feature lets users quickly purchase and sell cryptocurrencies using fiat currencies. The platform supports a variety of payment options, including peer-to-peer trading, bank cards, third-party payment services, and the user’s fiat balance. Buying mainly involves two steps: 

First Step: Click on Buy Crypto and then on One-Click Buy (which is on the top left corner of the navigation bar).

Second Step: To proceed with your purchase, start by selecting the fiat currency you wish to use. Next, choose the cryptocurrency you want to receive. Enter the amount for the transaction, either in fiat or crypto, depending on your preference. Then, select your preferred payment method and finalize the process by clicking on Buy With Fiat. Once you have successfully added/chosen your payment method, click on confirm to proceed.

If the transaction is successful, the purchased cryptocurrency will be credited to your Bybit funding account within 48–72 hours, depending on the payment method used.

If the deposit fails, the notification will specify the reason for the failure (e.g., mismatched KYC details, unsupported bank, or payment rejection) and suggest trying again later. You can monitor the status of your deposit by navigating to the One-Click Buy page and clicking the history icon to view details on the order page.

Wrapping Up 

In summary, purchasing cryptocurrency on Bybit is simple for beginners. The platform features a user-friendly interface and robust security measures to ensure a smooth and secure experience for newcomers in the crypto space.