It's easier than it looks. How to buy cryptocurrency at BYBIT exchange

10.05.2022 12:30
It's easier than it looks. How to buy cryptocurrency at BYBIT exchange

YEREVAN, May 10. /ARKA/. Everything that is new and unusual tends to stress people out. It's enough to remember how many lances were broken before people started using plastic cards en masse, and how many disputes there were about the safety of contactless payments through a smartphone. When people encounter something for the first time this kind of reaction is quite natural.

The same is true when people take their first steps into the world of cryptocurrency. I remember how excited I was when buying my first USDT - every swipe, every button press was with panic and fear of doing something wrong and losing money. With time all these steps were performed at the level of muscle memory, the fear completely disappeared, because it appeared to be  no more difficult than paying utility bills.

You can buy cryptocurrency either directly on the exchange, or through brokers. The second option we reject at once, because there is a question of choosing the right broker. Besides, brokers take a very decent percentage for their work, which is not profitable, because you can easily do all these steps yourself.

To begin with, we download the Bybit app from the App Store or Play Market and register with the exchange. For more freedom of action it would be better to be verified - you just need to have your passport.

The start has been made, and it's time to think about the first steps in cryptoinvesting. The easiest way to enter the cryptocurrency market is through spot trading, which consists of the usual exchange of fiat money (fiat money is money not backed by any precious metals) for cryptocurrency or one cryptocurrency for another.

Bybit is trading between cryptocurrencies, so you need to convert your funds into crypto before trading. I recommend buying USDT first, which is the digital counterpart of the dollar and the most versatile tool for further maneuvering in the market.

You can do it directly in the app by clicking the "Buy Cryptocurrency" button and purchase USDT with fiat funds. It should be remembered that Bybit does not process fiat deposits directly - the service is fully handled by third-party payment providers. Just choose the most favorable offer and buy cryptocurrency, which will be in your e-wallet.

In general, after these steps, you are already the owner of your first cryptocurrency. But our goal is not to freeze our assets in cryptocurrency. We want to invest and earn. To do this, we open the "Trade" tab in the Bybit app and find more than 230 trading pairs with the most popular coins.

And here is the most important thing. It is necessary to be careful and keep in mind the financial risks that operations entail. You should not invest in the first thing that catches your eye. It is necessary to carefully approach this issue and study the projects.

At the very least, you should read the White Paper of the crypto project - this is a guide or report that describes everything you need to know about this particular currency. It reveals in detail the philosophy of a particular cryptocurrency and the mechanism of its operation.

Next, you will need to develop a trading strategy that you will have to strictly follow. Don't let your emotions rule your decisions. Newcomers often invest in volatile cryptocurrencies because of "FOMO" (Fear of Missing Out) - missed earnings syndrome. A cool head when making decisions is one of the keys to future success.

Once you have decided in which project you want to invest, you can proceed to the financial transaction  and place a purchase order.

When buying, you should not forget about the commission. The commission rates for spot trading on Bybit are as follow:

- maker commission = 0.1%

- taker commission = 0.1%

The formula to calculate commission: spot commission = number of orders executed x per commission rate.

Note that the commission is charged in the cryptocurrency you have bought and is not charged for non-executed and cancelled orders. -0-

Tags: Новости Армении АМИ Новости-Армения

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