 Today we are going over our favorite exchange to trade on and we get this question all the time. That exchange is Bybit. This is officially our fourth tutorial on Bybit. Our last one was back in February 9th of this year. There's been a whole lot of new features and updates that Bybit has been doing recently. So even if you've seen our previous tutorials, I recommend you sticking around for this one. Let's dive right in. Hey, what's up Jay here and welcome to Bitcoin Daily, bringing you guys the best tips, tutorials and ideas to help you guys become profitable and successful investors. The goal of this channel is to empower you, the community, with the knowledge and resources to take you up to that next level in wealth. So if you guys are new here, don't forget to subscribe to the channel and turn on the notification bell. If you guys enjoyed this video, smash that like button for us and help us out with that YouTube algorithm. So let's dive into today's tutorial. So a few things about Bybit. Bybit was launched three years ago back in 2018. It is ranked top three for 24 hour trading volume. It has over 1.5 million registered users and 30,000 daily active traders and it's definitely and I can attest to this from experience myself and from trading on different platforms. It has some of the best liquidity on any exchange when it comes to trading overall. So the first thing you need to do if you've never used Bybit before is register. Now, if you want to support the channel for free, you can use our link down here under the video in the description. Just go ahead and hit that link. Once you hit the link, it will take you to this page, enter your email and password and hit the agree to the terms of service and then just sign up. Once you log in, you will probably land on the landing page, which could be something like this or it could be something like this. The first thing that you're going to need to do before using Bybit is of course, you have to deposit crypto into your Bybit account. Now, the first thing I recommend is to go over to the promotions tab to see what's the latest promotions that they're currently running as they are updating this constantly. They always have great promotions here to get free crypto and then check out the rewards hubs and claim some of those coupons to then again, get more free crypto. So you'll see that their current promotion here, you can get up to $1,000 bonus with your deposit. This one is running until August 2nd. So it is almost done. And then you can see here how to earn the $1,000 up to $1,000, depending what your deposit is. So you'll see that with Bitcoin, if you deposit an entire Bitcoin, you can earn $1,000 bonus. Next, we're going to look at the rewards hub. And of course here, you can claim the $5 bonus for new trades. You have the $5 bonus for following them on social media. You have a $50 first time deposit and a lot of different things that will definitely add up and you can add it to that $1,000 deposit in the beginning. So this could all basically stack up for a very nice bonus to start trading on Bybit. All right. So the first step when using Bybit is transferring over either existing crypto or buying crypto on Bybit. To buy crypto on Bybit, all you gotta do is hit that tab that says buy crypto. That will take you to this page here where you can use any of their service providers to buy crypto. If you instead want to transfer over crypto, then just go over to your email, hit where it says assets, then on your left hand side, you will see that you have the spot account, derivatives account, by-fi account. So if you're going to be spot trading or just buying to hold, then you can deposit it into your spot account. If not, if you're looking to trade with leverage, then you want to deposit that into your derivatives account. So if you decided you want to deposit it in your spot, just go to where it says deposit. Make sure you guys have claimed your coupons before depositing, then go ahead and copy your Bitcoin wallet, paste it on wherever it is that you're sending it from, and go ahead and send that. Remember, if you're sending Bitcoin, use Bitcoin. If you're sending USDT, use USDT and so forth. Next, we have the markets tab. And this basically gives you a breakdown on the market and what is currently going on overall, gives you the highest 24 hour turnover, the most popular trading pairs, and the max 24 hour change here just to kind of give you an idea of what's going on in the market. You can cycle between contracts, which is the leverage positions or the spot trading and see what is going on in each of those markets. So next, we're going to look at one of Bybit's newest features, which is the spot tab. And this is basically just spot trading. What is spot trading? So spot trading is just trading the actual asset without leverage or, and you know, you're not trading futures, you're not using margin or nothing like that. So basically it's, it will be comparable to trading either on Coinbase, on Binance, on Coinbase Pro and many of the other exchanges that you'll see has the same similar setup, similar feel. So when you actually buy or trade into these, you actually own the asset. You will see that currently in spot trading bybit has Bitcoin, Ethereum, XRP and EOS available. Next, we're going to look at derivatives. Now you have different options to choose from. You can choose from inverse perpetual, USDT perpetual or inverse futures. You'll see that in inverse perpetuals, you use perpetuals contracts using the coin itself as collateral. In USD, you use perpetual contracts using USD as collateral. And in inverse futures, you're also using the coin itself as collateral. The next thing that will be different between these three is which coins you can trade. So in inverse, you can trade Bitcoin, Ethereum, EOS and XRP. In USDT, you can trade Bitcoin, Ethereum, BNB, ADA, DOGE, XRP, DOT, UNISWAP, BCH, LTC, Solana, Chainlink, Matic, ETC, Filecoin, EOS, AAV, XTZ, Sushi and XEM. So you'll notice that there's a lot more options in USDT perpetual. In inverse futures, you only have Bitcoin and Ethereum. So now the main tool that I personally use is inverse perpetual and USDT. So if you're in inverse and you have your funds in Bitcoin or any of these assets here, then your funds value will go up and down with how Bitcoin and these other cryptos value goes up and down, regardless of whether or not you're in a trade. Now, if you're in USDT, then your funds when you're not in a trade are in USDT. So it doesn't move with the value of the coins. But then when you're in a trade, then at that point, it moves with the value of the coins. So you'll see that in the inverse perpetual contracts that you can use with Bitcoin up to 100x leverage with Ethereum up to 50, with XRP up to 50, and with EOS up to 50x leverage. Very similar in USDT with Bitcoin, you can use up to 100x, Ethereum 50x, LTC 50x, and I believe the rest of the coins are probably going to be capped at around 25x. So when you're getting ready to trade, this is what your dashboard is going to look like. You'll have the chart right here. You'll have the order book and pricing here along with recent trades. On the bottom, you can basically see your positions, your closed P&L, any active trades, any conditional orders, any failed orders, and any order history. Once you have open trades, then they will be listed down here with the amount of contracts, the quantity, its value, your entry price, your liquidation price, which is very important, the position you have margined, your unrealized P&L, your daily realized P&L. If you set any take profits or stop loss, if you set any trailing stop, an option of how you would like to close your trade on the right side of the dashboard is where you will be setting up your trades and your orders. The first thing that I recommend is changing this from cross to isolated. So when in isolated, you specify how much collateral basically you want to put in the position in the event that any of your positions get liquidated, you only lose what you risked in the trade. If you leave it in cross margin, then your entire balance on your account is available for the trade to use. And if you get liquidated, your entire balance on your account gets liquidated. So do not use cross margin. If you do not know what you're doing, I recommend using isolated and lowering your leverage to around two to five max as you learn. And we'll come back to this. If you want to know more about leverage, how it works and how to use it, then I recommend you checking out this video here called explained how to trade Bitcoin with leverage on Bybit. So I don't want to make this video too long. So I'm going to cut it here as the first part of this video in this tutorial. We will release a second part to this tutorial where we go through making your first trade. We talk about more about the buy by sensor here and any other tips and tricks that you can use as you first begin to learn Bybit and you, you know, make your first trades on Bybit. So I hope you guys have enjoyed this video. If you did, make sure to smash the like button on this video. If you're new to the channel, don't forget to subscribe and turn on the notification bell. If you have any questions about anything that we covered in today's video, go ahead and drop it in the comments and I will be more than happy to answer those questions for you guys. Thank you guys so much. I will see you on part two of this video. As always, peace and love.