What Do I Need to Open a Bybit account?

Table of Contents

What is Bybit?

Bybit is a Dubai-based cryptocurrency and derivatives exchange, founded in 2018. Today, Bybit has grown into one of the leading exchanges, offering a variety of services such as bot trading, lending, institutional services, copy trading, and many other cryptocurrency earning products.

This exchange currently has more than 270 assets in the spot market and more than 200 contracts in the derivatives market. Bybit has more than 15 million users and operates in 160 countries.

Bybit allows users to use up to 100x leverage on select assets. However, it should be noted that using leverage can bring great risks. To mitigate this risk, Bybit offers many tools such as insurance funds, automatic de-leveraging, and separate and cross-margin accounts. Before engaging in leveraged trading, it is important that you understand the risks associated with this type of trading.

Understand Bybit’s KYC requirements

Know Your Customer (KYC) standards, or identity verification, are simply a key feature of centralized exchanges like Bybit. Completing the KYC process allows you to use all Bybit products and services.

Bybit has two distinct KYC levels.

Level 1: This is required for anyone who wants to use Bybit products and services. Benefits include a daily withdrawal limit of 1 million USDT. However, you cannot get a Bybit Card
Level 2: Not only do you get access to the Bybit Card, but your daily withdrawal limit also increases to 2 million USDT.

Both levels allow you to withdraw fiat currency.

Why is KYC important?

Identity verification on Bybit brings many benefits:

From Bybit’s perspective, KYC ensures that the platform complies with regulatory requirements.
It helps prevent illegal activities and detect suspicious behavior as early as possible.
Users who complete personal KYC can enjoy Bybit’s fiat services and participate in earning products, while unlocking higher daily withdrawal limits.
You get access to exclusive promotions and events, such as Launchpads.
In case of losing your login information to access the platform, KYC verified accounts will provide a simpler recovery process to help you recover your account.

How to create a Bybit account on desktop

To create a Bybit account, you can follow these steps:

Step 1: Go to Bybit’s homepage and click the “Sign up” button in the top right corner.

Step 2: Choose the registration method via email or mobile phone number, then enter the necessary information and referral code if available.

Step 3: Click “Create Account” after reading and agreeing to Bybit’s terms and privacy policy.

Step 4: A window will display a list of restricted countries and regions. If you are not from a country listed, click “No” to continue.

Step 5: Complete reCAPTCHA verification and enter the verification code sent to your email address or mobile number.

After entering the code, you will have access to the Bybit platform.

How to create a Bybit account on mobile devices

Yes, you can download Bybit’s official mobile app from the Apple App Store or Google Play for Android. The registration process on mobile devices is similar to that in the browser. Here are some detailed steps:

Download the app: Download and install the Bybit app from the Apple App Store or Google Play for Android.
Open the App and Sign Up: Open the app and navigate to the “Assets” section in the lower right corner, then click “Sign Up.”
Choose registration method: Choose how you want to register (via email or mobile phone).
Complete reCAPTCHA verification: Complete reCAPTCHA verification to prove you are not a robot.
Enter verification code: Enter the verification code sent to your email address or mobile phone number.

The mobile app registration process may add a few steps compared to a browser, but they are usually the same. Once completed, you will be able to access the Bybit platform from your mobile device.

How to complete Bybit KYC

As noted, identity verification is an important aspect of using Bybit, one that helps unlock the full features of the platform.

Depending on your country of residence, the identity verification process may be slightly different, as Bybit highlights some examples in this table.

Here are step-by-step instructions for both desktop and mobile.

Desktop (web browser): KYC level 1

Step 1: Click the profile icon in the upper right corner of the navigation bar, then select “Account & Security”.

Step 2: Select the “Identity Verification” tab under Account Information and click “Verify Now”.

Step 3: In the “Lv. 1” section, click “Verify now” to begin the identity verification process.

Step 4: Select the country or region where your ID was issued and the type of document to upload your ID document(s). Click Next to continue.

Step 5: Complete the facial recognition scan through the laptop’s camera.

Step 6: Click “Next” to send documents.

Desktop (web browser): KYC level 2

To reach Level 2 and unlock higher fiat deposit and withdrawal limits, you can follow these steps:

Select “Lv. 2” in “Step 3” as described above.
Upload the required documents to complete Level 2 verification.

Important note that Bybit only accepts proof of address documents such as utility bills, bank statements, and government-issued proof of residence. The exchange also requires these documents to be no older than three months, otherwise they will not be accepted.

Bybit mobile KYC

Step 1: Click the profile icon in the upper left corner, then tap “Verify identity” to enter the KYC verification page.

Step 2: Click “Verify now” to start the process and select your nationality and country of residence.

Step 3: Click “Next” to submit your identification and selfie.

The mobile “Level 2” KYC process works the same as the desktop version.

How to sign up for Bybit: Closing thoughts

Thank you for taking the steps to register Bybit with us. We hope this guide helps you progress on your cryptocurrency journey. Bybit is a reputable exchange and they have made the registration process simple and convenient.

Bybit is one of the leading cryptocurrency exchange platforms today. You can develop a professional trading strategy by following other users, taking advantage of “Earn Money” products and automating trading with setting up a cryptocurrency trading bot, and many more features .

Wishing you success on Bybit!