 One of the most common questions that we get every single day is what exchange do we trade on. So today we're going to go over Bybit which is by far our favorite exchange to trade on with a full blown beginner's tutorial for all our new Bybit traders. Well this is actually the second Bybit tutorial but now with a whole lot more experience under our belt. So if you guys are ready to learn how to properly use Bybit to its full potential to maximize those returns stay tuned as we're going to turn you from a Bybit zero to a hero in no time. 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 traders. The goal of this channel is to empower you guys with the knowledge and resources to help you get to that next level. So if you guys are new here consider subscribing make sure to hit a thumbs up on the video if you enjoy and make sure to turn on that notification bell so that you're notified as soon as we post a video every single day five times a week. Alright so first off if you guys are not yet registered on Bybit then I'm going to show you guys how to register and maximize your initial deposit bonus and how to get more rewards out of Bybit so that you guys can start with as much money as possible. So if you're not registered just go ahead and scroll down to the description area of this video and hit show more. Once you hit show more then go ahead and click on where it says trade on Bybit with leverage and that's going to take you to the registration page. So once you get to this page you can either create an account using your email address or your mobile phone. Once you've filled that out just go ahead and hit I have read and agree to Bybit's terms of service and hit sign up. So once you register and sign in this will be your landing page. So what the first thing you want to do is go ahead and go to promotions tab up here and click reward hub. Once in reward hub just scroll down and go to where it says for new signups and make sure to claim these rewards. So you'll get right here alone you'll get $50 plus five plus five so that's $60. So once in the rewards hub just grow down and you'll see these different coupons that you can use. So you could get a $50 coupon if you deposit 0.1 BTC or more. Then you can also get a $5 coupon if you make a deposit of $5 or more and another $5 social media deposit by following Bybit on on the social network. So just go ahead and make sure to hit claim now on these and you will see this come up and just hit deposit now once you're ready to make a deposit. So also if you guys register on Bybit using my referral link I have negotiated a special deposit bonus for our community where you will get a $100 bonus on top of the rewards hub bonuses. All you have to do is deposit 0.1 BTC or more in order to qualify for this extra deposit bonus. As you guys can see there's also other flash deals which you can claim and get extra bonuses on your Bybit account. So just take a look at these and claim whichever ones you would like to use. So now you guys are ready to make your first deposit. So what you're going to do is go to your right hand corner and click on my assets. Once in my assets you're going to go to the wallet that you wish to make your deposit in. So you will see that you can make deposits in Bitcoin, Ethereum, EOS, XRP or USD. We're going to do Bitcoin. So next we're going to go ahead and hit deposit. Once you hit deposit you're going to see your address come up here. So what you're going to do is hit this. You're going to see this says copied successfully notification here and that's where you're going to send your Bitcoin. So make sure make sure I'm going to say again make sure that you're sending your Bitcoin to your Bitcoin wallet. Okay if you're sending Ethereum send it to your Ethereum wallet and so forth. If you guys send the wrong type of crypto to the wrong type of wallet your funds can be lost forever and there's very difficult to recover. If you guys want to buy Bitcoin instead through a fiat gateway you can just click right here where it says fiat gateway. Here you can buy Bitcoin, Ethereum or USD. So let's say for example we want to do 0.1. We're going to hit buy now then it's going to take us over here which is basically a third party that's partnered up with Bybit. You're going to choose which one you would like and then you're going to hit select provider. Then you're going to proceed with payment upon selecting your preferred service provider. One thing to note is I do believe that they do a KYC if you go ahead and try to use the fiat gateway so you will have to provide information about yourself in order to complete the transaction. Once the transaction is complete you can check your balance on Bybit's assets page upon the transaction being completed. All right now that our account is funded we're ready to trade. So let's go over the different trading pairs available on Bybit. So if you bring your mouse over where it says trade you will see it's a drop down menu and you will see a few different options. So first we're going to look at inverse perpetual. So what does this mean? This means that you have to deposit the underlying currency such as Bitcoin if trading Bitcoin, Ethereum if trading Ethereum and so forth in order to trade that pair. You cannot trade ETH USD pair with Bitcoin as margin like you can on BitMEX. So for us we deposited Bitcoin on our account so we're going to go ahead and click BTC USD. Now unfortunately I don't know what's going on here but the graph is not coming out but usually you will see a chart right here with Bitcoin's price action. So you can see that if you go over the trade you also have ETH EOS USD and XRP USD. You can click on either one of these and you'll be able to have access to the chart and see their exact price action at the time. But remember if you guys want to trade Ethereum or anything else you have to deposit in the underlying currency. So what if you have Bitcoin and you want to exchange it so that you can trade Ethereum. It's very simple all you got to do is go back to your right top right corner hit assets. Once you're in assets just go ahead and click where it says assets exchange. Once you click assets exchange click the coin that you want to exchange. So let's say if you want to exchange Bitcoin for Ethereum then click the amount that you would like to exchange and you would hit get quotation. Since I'm on a test net account I don't actually have anything in here to exchange. After you get quotation then you're going to hit where it says convert ETH and that's how you swap from Bitcoin to Ethereum or any other coin. Now one of the new things that Bybit has is the USDT perpetual contracts. So thankfully this chart is working correctly on the test net. So this is exactly what you see anytime that you look at any of the different coin pairs. You can use this the same way you use trading view to chart and put any type of indicators on here. You will also see that under USDT there's a few more options as far as what you can trade. So here you have of course the Bitcoin any theorem like you do in the inverse contracts but then you have the options of Bitcoin Cash, Chainlink, Litecoin and Tesla. Now the cool thing about trading USDT is that you just hold it in USDT and you don't have to hold the underlying currency. So the question I get all the time is what's better USD or USDT. Honestly there's not one that's better than the other. It's all based on preference. I currently use USD. The reason why is because I want to have exposure to the market. If you're in USDT then you have no exposure to the market. So as a value of Bitcoin or any other of the cryptos rises and falls it does not affect your USDT. If you're in USD you're essentially in the underlying market. So as Bitcoin's value rises and falls it also affects the USD value that you hold. So for example if I'm holding Bitcoin but I'm not in a trade and Bitcoin goes up 10% then my USD value also goes up 10% with the value of Bitcoin but if it falls 10% then it also falls 10%. If I'm in USDT and the value of Bitcoin goes up 10% the value of my USDT does not change. The same scenario if I'm in USDT and not in the trade and the value of Bitcoin drops down 10% the value of my USDT does not change because I have no exposure to the current market. So my recommendation is to just play the overall trend. If the overall trend is going up meaning a bull market then you want exposure to the market overall. If the overall trend is down aka a bear market then you don't want that your USD to be going down in value as the price falls as well when you're not sitting in a trade. So at that point in a bear market I would recommend using USDT. We've covered registering how to make a deposit and the different trading pairs which you can trade. Next we're going to talk about leverage, order types, funding rates and making your first trade. If you guys aren't joined this video so far make sure to hit that subscribe button guys make sure to also hit a thumbs up on this video and don't forget to turn on that notification bell. So let's go ahead and talk about leverage. Alright so the first thing we're going to look at when setting up the platform to start making some trades is our leverage. This is probably one of the most important things to set up before you start trading. So the first thing I recommend is to change from cross leverage to isolated leverage. Now you will see that this pops up and you can actually now choose how much leverage you would like to use in your trades. If you're just starting out I recommend you stick between 2, 3 or 5x maximum. Once you have some experience under your belt then you could start experimenting with as much as 10x and 25x only if you're an experienced trader and a long-term profitable trader. 50x and 100x leverage I recommend you stay away guys that's basically gambling. So make sure to choose your leverage and then hit the check mark. At that point your leverage will be selected here once again I'm in the test net so not everything works properly. Next I honestly recommend that you guys watch my position size calculator so you can learn how to calculate your position before entering a trade. Remember that leverage does not make you a better trader. Leverage simply magnifies your wins and your losses. So if you're a winning trader then leverage will help you maximize those profits. If you're a losing trader leverage is going to make you a bigger loser so please use leverage wisely you can easily blow your account if you do not know what you're doing. Again guys I recommend you guys watching my leverage explained video which I'm going to go ahead and post a link to here and the position size calculation formula which I'm going to post as well. Alright so next let's look at the different order types. You will see that we have limit order market order and conditional. Let's start with the limit order which is something you're probably familiar with. Limit order is the order type which allows you to set a predefined price point where you will either sell or buy an asset when the price reaches the price point. Limit order guarantees that an order is filled at your specified price. Also you earn a 0.025 percent of your position size for making and getting filled with limit order. Market order is the fastest way to enter or exit a position. Market order works by moving up the order book and filling your order using the best prices available at that moment. By using a market order you have to pay a 0.075 percent fee on the size of your position. And finally conditional order. Conditional orders on buy bit allow you to set a trigger price that creates either a limit or market order. Conditional order gets executed as soon as that trigger price is reached. Depending on type of conditional order either market or limit you have to pay or get paid the same fees as mentioned previously. If you come from a different exchange a conditional order is the same thing as a stop order. Conditional orders are also how we set up breakout entries stop losses and trail stops. So another question that we get a lot is whether to use limit order or market order. So again this is based mostly on preference. My preference and from my experience for breakout entries or stop losses I always always always use market orders. The reason why is because I want to make sure that my orders get filled if I'm trying to enter a breakout or if I'm trying to stop out of a trade and I don't want to lose any more money. Those are two orders that you always always always want to get filled. If not you can potentially lose a lot of money in both directions. Now when do I use limit orders. I use limit orders to set take profits. So for example if my entry is at forty seven thousand and I'm looking to take profit at forty seven thousand five hundred then I'm setting a limit order not conditional just a limit order at forty seven five hundred to sell a percentage of my contracts. If I'm setting up breakout entries which is our favorite type of entries to get into then we're setting up conditional market orders. So basically all you have to do is hit conditional and then hit market and that will have you set up to enter a conditional market order. This is what we use for both breakout entries and stop losses. All you have to do at that point is enter the price which you will like your order to trigger and then enter the amount of contracts which you would like to place. So for taking profit I'm using limit orders for breakout entries and stop losses. I'm using conditional market orders. Next let's talk about trigger price types. So your trigger price options are last index and mark. Last price is the price of the last trade that happened on Bybit. Index price is the average price of multiple exchanges combined. Mark price is the index price and funding basis combined. For more info on index pricing and mark pricing check out the FAQs on Bybit. So again these are all basically personal preference. Now choosing mark or index price over last price can be helpful to avoid getting stopped out on wicks that can happen as a result of cascading stop losses or liquidations. But using index and mark also has its cons as it could cause you to trigger at a much later price. So you have to kind of weigh those out and try all of them and see which one you prefer. Next let's talk about funding rate. Funding rates happen every eight hours on Bybit and is determined by the difference in the last price and mark price in the past eight hours. You can find the funding rates right here on top of the chart. If the funding rate is positive then longs pay shorts. If the funding rate is negative then shorts pay longs. So for example right now the funding rate is positive and the funding rate is 0.106 percent. So that would mean that if you're in a long position at the end of this countdown which is five hours and 12 minutes you would pay a funding rate fee of 0.106 percent. If you're in a short trade you would get paid a funding fee of 0.106 percent. Once the countdown ends and if you're in a trade you will see the results here on the daily realized P&L. So if you had to pay funding fees it will show up there and if you got paid funding fees it will also show up there. In order to avoid paying funding rates you have to close your position before the funding happens and you can open your position immediately after again. Paying funding can become expensive if the market is training in the same direction for long periods of time and can eat into your profits as well. So it's a good idea to keep an eye on the funding to make sure that your hard-earned profits don't get eaten away by fees. Also funding can be a good indicator of market sentiment. If funding is very positive or negative then the sentiment is similar. Okay guys I think we're finally ready to make our first trade on buy bid. Are you ready? So let's say that we're going to set up a breakout entry. So remember we're going to click conditional and click market. Also make sure to double check your leverage and make sure that you're using between 2 to 5x max. Next we're going to set a trigger price. For our trigger price we're going to go ahead and set $47,150. So that means if this price goes over $47,150 this will trigger our order. Now we're going to place how much money we want to risk in this trade. Remember here I recommend you guys to watch our position size calculation video to determine how much you should be risking per trade. And that's all based on your capital, your entry, and your stop loss. So now that we're ready we're going to go ahead and click buy or long. They both mean the same thing. It means that we're betting on the price to go up. Alright guys let's switch off the test net because it was not letting us enter the order. Alright so we're going to go ahead and click buy long and you'll see here a notification saying that your order submitted successfully. So a few things here. You could click on here conditional and it will show you exactly where your order is and you can actually edit your order here if you like. You can also edit the trigger price or you can cancel your order if you or you can cancel your order canceled successfully. Another thing you will notice. Oh look we just actually got filled here for our contracts. So once you get filled you could track your position where it says positions. It will show you your order quantity, your entry price, your liquidation price which is very very important. How much position you have margins that you're actually risking from your own pocket. Here it will show you your unrealized P&L and your daily realized P&L which for us right now is minus one hundred and eighty five dollars. So now comes a fun part. Now that we have our first position open it's time to move on to the next part managing your position. So once you have your position open your first step should always be to set up your stop loss. So remember conditional market order to set up stop losses. We're going to set up our stop losses at forty six thousand nine hundred and ninety nine dollars. It will be for the full amount of contracts we have and we will be using last as our trigger price. So one thing that I always like to do when setting up a stop loss is to go ahead and hit close on trigger and then you can go ahead and sell short. So usually get this confirmation window just go ahead and hit confirm and you will see on the chart itself a little red line pop up. So this is actually your stop loss and you could actually move this around wherever you'd like which is one of the reasons that I like to trade on the PC itself. It makes trailing with my stop loss so much easier because I could visually see exactly where I want to put my stop loss while looking at the candles themselves. So when managing my trade I usually like to look at the five minute candles and kind of trail them with my stop loss in order to try to maximize those profits. So I usually look for a low and a recent candle and I put my stop losses right underneath those. Our next step is going to be to set up take profit points. So remember to take profit we're going to use a limit order. So let's say I want to take profit at forty seven thousand two hundred for my first initial contract that will be twenty five percent of my position. I will hit reduce only and hit sell. Here you will see that now I now have a sell order at forty seven thousand two hundred dollars. The same way I can move my stop loss I can also move my take profit order so I could put it wherever I like. Next we're going to set our next take profit order for another twenty five percent of our position at forty seven thousand three hundred. Again limit order reduce only and then sell. Now you see that we got a second take profit order here which we can move around as we please. Now you saw that we just took profit on our first position in this trade and we got a notification on the bottom once we did so. As the price continues to go up you will see that it could hit our next take profit order or if it comes back down it could stop us out. So now that the price is moving up I usually like to grab my stop loss and start to trail the price. Remember that nobody ever went poor by taking profits. Don't get greedy guys take profits. So I have now taken profits and I've moved my stop loss above my entry price so worst case scenario now so worst case scenario now I'm going to stop out in profit. You'll see as the price comes down it'll trigger my stop loss and then I will be completely out of the trade for a profit. This is the best way to manage your trades when you get in your trade so that you can eliminate the number of stop outs that you do. This will make you more profitable in the long term. Alrighty guys so we touched on everything that we wanted to cover to turn you guys from a buy bit zero to a hero. If you guys have any questions make sure to drop them below in the comment section and we will be more than happy to try to answer them for you if we have those answers for you. Buy Bit also has a wonderful support staff which gets back to you very very quickly and they have always helped me out with any issues I've ever had. If you enjoyed this video guys make sure to subscribe to the channel as we're producing content like this five days a week. Make sure to hit a like on this video as well and of course turn on those notification bell until next time guys as always peace and love