Most In Depth ByBit Tutorial 2021 (Bitcoin Traders LOVE This)

One trading site stands above them all. You guys have all watched on this channel
as we've turned a little bit into a lot, moving 8 Bitcoin into $1 million dollars and also moving $10,000 into $100K in 16 days. Today, we're going to get in depth
with a long form Bybit tutorial to show you guys how to work it
so you can get those gains. Let's get it! BitSwap is the hottest new way to trade tokens. Crawling all the top decentralized exchanges, BitSwap gets you the very best price and value for your trades. BitSwap is changing the game.

Try it now at bitswapdex.io. Welcome to BitBoy Crypto!
The largest crypto channel in all the Interwebs. My name is Ben. Everyday on this channel, I show you
how to make money in cryptocurrency. If you like money and crypto, make sure to
go ahead and hit that subscribe button. Today, guys, we don't need a long intro. We're going to get straight into our full Bybit tutorial. Okay, so today, I'm going to be giving you guys
a full detailed tutorial on how to use Bybit. We're not going to cut corners.

I have no idea how long this video is going to be. We're going to try to cover basically every single thing. A lot of you guys have asked for this video. And so we want to make sure that we show
you guys what you need to be doing. We're not going to be taking a look
at Market Cipher today or how to actually like figure out
where to make good trades. We're just going to be looking at the platform,
how to sign up and then how to use it.

We have created a new Bybit account here. This is our $100K to $1 million challenge account. So we're going to be starting off here
with some sample trades and showing you guys how to execute them and showing you some of the things on the
platform that you definitely need to know. So first things first, of course,
if you want to sign up for Bybit, head on over to bitboycrypto.com
and then click DEALS, and you'll go here to the deals page.

You'll scroll down a little bit down here to Bybit. And once you click here, it's going to take you to this place
where you create the account. Now, this is the first place where
people run into a lot of problems because you may be outside of an area
on Bybit with their trading where your IP address gets banned
or anything like that. The way around that, use a VPN,
a virtual private network. I always suggest using a VPN for anything because, you know, you just don't want to have
all of your data out there for people to see. We actually use Unlimited VPN. You can get access to that on the deals page
scrolling all the way down to the bottom right here, Unlimited VPN. Now, one of the things about Unlimited VPN
is it's going to default when you sign up– you'll see the little icon at the top
of the screen right there.

I have it turned on currently. But what will happen is you'll get an error message
that says IP not supported when you try to sign up, so you go get your VPN. You turn it on. The default setting on Unlimited VPN
is going to be the fastest IP address which is going to be an American IP address
or a UK IP address or wherever you live. And you're going to want to make sure
that you use one from a different country.

And after you select a different country, then you should be able to sign up with no problem. So that's the first thing you're going to want to do, create the account. I know it's obvious and a lot of you
guys already have accounts, but I'm trying to cover every single thing. So once you create the account, you're going to want to go in and set
your two-factor authentication, which you do on any site. That's what allows you to be able to withdraw. So, once you do that, you have your account. You can finally go over here to Promotions. Head on over to the Rewards Hub. This is where you're going to get deposit bonuses. I know you guys love deposit bonuses. You know, if you're a degen,
you definitely love an extra $50, extra $5. If you look right here, you get a $5 deposit or a $5 deposit bonus just for depositing Bitcoin. So I actually did that, so let me claim that.
Let's see if I can claim that.

Boom! I just got awarded $5. It's that easy. If you guys follow, you guys can go back over here
to the Rewards Hub. Sorry, this is unfiltered here. Back to the Rewards Hub, and you guys will see I got the $5 deposit bonus. Now, you can get a $5 deposit bonus
just for following them on social media. For this one, you get $50 for a first time bonus. When you add all this up,
it can be a couple $100.

And then also they have a referral program. You guys can sign up for the referral program on the site as well if you want to have affiliate links
like I do for Bybit. You get percentage of trading fees. It's a good way to get some extra money in your pocket. But going back here, if you have a code, sometimes we have special promotions on Bybit, and in that case, you want to put that code
in right there and then hit Redeem, and you should be able to get access to that. So that's what you're going to want to do. Go sign up.

Get your VPN. Get registered with Bybit. Then at that point, go to the Rewards Hub. Get all your bonuses. If you got a special promotion code, put it up there. Okay, now, we're going to go to the platform itself. So here we are on Bybit. Now, to understand what this is, this is leverage trading. Some people may also call it margin trading. What does this mean? It means that you are borrowing
an asset in order to trade it, and then you're making money
on the gains that you make. So, you kind of think of it like this, if you have one Bitcoin, and you want to trade that Bitcoin, if Bitcoin goes up $100, you make $100. If it goes down by $500, you lose $500. And it's pretty cut and dry. If you use 2X leverage,
you can be trading with two Bitcoin. It's two times your original amount. 5X trading? You could be trading with five Bitcoin. 100X trading– which is very dangerous.

I never suggest anyone 100X trades– you can be trading with 100 Bitcoin. So what actually happens is
if the price of Bitcoin goes up $1, okay? Or let's say it goes up $100, if you're trading on 100X, you make 100 times that gain. But the thing about leverage is the more that you borrow, the tighter window
you have for what's called getting liquidated. If your account drops below a certain amount, you would lose all of the money in the trade. This is not regular Bitcoin trading
on Coinbase or Binance, or spot trading. This is a very special kind of trading. Now, you may be asking, "Why would anybody
give you that Bitcoin in order to trade with?" Well, they're protected.

They're lending out your Bitcoin, and whatever gains or losses you make, you're also going to pay fees, and those fees go to the person or to the entity
that's allowing you to borrow the Bitcoin to trade on leverage, but they're protected because
if you lose a certain amount, as I said earlier, you will get liquidated,
lose all the money in the trade, and then that person is not taking a hit
on what they allowed you to trade with.

So there are different types of contracts that
you can trade with when it comes to Bybit. So you scroll up here to the top of the page
and look to the top left. You look here at Trade. Understanding the different kinds
of contracts is very important. And they just released some new ones. So, inverse futures, you can do trading on Bitcoin futures contracts, but we actually– I've never done that before, so we're going to totally ignore
this one type of trading. We're going to focus on the inverse perpetual
and the USD perpetual. So what the difference in this is, is that with the inverse perpetual contracts,
you're actually trading with these assets. So if we come over here to our assets,
I did just deposit $100K in here, so you're going to see that. Oh, and it's already dropped
as I deposited it. $700. How about that? I haven't even made a trade yet. But if you come over here
and you look at your assets, you'll notice there are five different assets on Bybit.

You can deposit Bitcoin, Ethereum,
EOS, XRP and USDT. Now, it's a sneaky way to trade XRP if you're still
looking to trade it right here through Bybit, but these are the– if you notice, they match up with the inverse perpetuals, okay? Bitcoin, Ethereum, EOS, XRP. With these, you're actually making your gains in that coin. So if Bitcoin goes up and you're on this contract,
you make profit in Bitcoin. Same thing with Ethereum. If the price goes up,
you make profit in Ethereum. But you also have these. These are called USDT perpetual contracts. With these, you're depositing– if we come here, you're depositing USDT. Tether. It's a stablecoin. And what happens is, is that you make trades based on these assets, okay? Which is– you'll notice it has a different list. Bitcoin, Ethereum, Bitcoin Cash,
Chainlink, Litecoin and Tezos, and also very soon will be Uniswap,
DOT and Cardano.

So I thought I had already seen these on here. I guess they're not available to trade yet, but you will be able to trade those contracts
as well in the very near future. It was a big announcement that they just had. But the difference is you can't actually deposit Chainlink into Bybit. You're depositing Tether. And then what happens is, you are– like, if you come here
and look at the contract, so we'll actually click on it here,
and you can see here, it is LINKUSDT. It has a dollar amount here. You are betting on the dollar amount of Chainlink. And if Chainlink goes up, you're making money,
your profits come in Tether, in USDT. They will not actually come in Chainlink. So that's the biggest difference between the inverse perpetual contracts
and the USD perpetual contracts. There they are. Now, when I clicked on it,
now, there they are. So you guys can see right there,
it is available right now. You can trade Cardano, Polkadot and Uniswap
or the UNI token, the UNI token. You can trade those against the dollar value.

Once again, you can't actually deposit
or withdraw those cryptocurrencies. Only the inverse perpetual ones,
you can do that. So, I hope that's a good way
to explain that to you guys. I hope you guys understand
the difference now between that. I see the numbers. I see a lot of you guys
are doing these contracts. Pretty much for me personally, I only trade the coin margined,
the inverse perpetual contracts. That's just what I personally like to do. Bitcoin and Ethereum specifically. Mostly Bitcoin. So, let's check this out. Here, you get your Fiat Gateway if you're able
to deposit cash if that's what you want to do. We've already looked at the promotions that you can– if you want to see what they have
going on for the latest promotions, you can go here to their blog. Bybit's always having like cool stuff
going on, as you guys can see here.

So let's see what else. They've got a blog. If you want info on the contract,
you can go here. You can select all this. You can find out a lot of details
about the settlements and how all these work. I'm thinking about doing another video
where we talk about the fees because the fees are pretty hefty. You pay a price for borrowing. That's kind of the whole point of this. But I think it would take a whole video
just to explain those fees. So let's go here to the Bitcoin to USD
coin margined inverse perpetual contract. And you're looking here at the Bitcoin price. So let's kind of break down
the whole screen here, okay? So here, you have the ticker symbol. You have the dollar amount. It shows you the change over the last 24 hours.

It'll show you in percentage if you hover over it. It will show you the actual dollar amount itself. Down $153. It'll show you the 24-hour high, 24-hour low, the 24-hour turnover, that's the volume
of Bitcoin going through on Bybit, and then it shows you the funding rate. So, I think, when I talk about
the fees on a different video, we can talk about the funding rates because
that's also kind of along those lines. On this video, we really want to focus on
showing you how to use the platform. So but just know the funding and
the countdown is very important. So then here, you have your chart, and you can actually– you can– if you see my cursor here, you can actually move these around. I'm not going to move around my dashboard
because I like it this way, but if you want to change things
and make it look differently, you can do that.

But looking at the chart, you can select your time interval. Now, keep in mind, when we're trading on Bybit,
we're using Market Cipher, we're not really looking at the chart here for analysis. We're using our TradingView-Market Cipher set up. That's what I'm using. But if you wanted to use this,
you certainly can. You can select different candles. You guys can do the Heikin-Ashi candles here
same way you can do on Market Cipher.

You can change the layout of the line
if you want to do that. Let's see here. You can change your timeframe, like I said. and then you can put indicators on if you want
to do Bollinger Bands or RSI, or things like that. You can add that to the chart as well
if this is what you would like to use. Okay, so for this tutorial,
I've just moved back to the candles. That's what most you guys are going to be using.

So, okay, so right here, this is a quick order. If you want to buy long, you could hit this. You could put how many contracts you wanted in,
which we'll talk about here in just a second, and you could actually do it right here on this little–
you make your orders on this little widget. I don't suggest doing that. I would just rather do it in the traditional way, so I'm not going to really show you guys
how to do that right now. Looking over here, this is your order book. This is where the buys and sells are taking place. You can see what quantity of contracts
is stacked up on different positions. So if you look here, you see right now, it's at $58,716, but right here at $58,721,
you can see there's a lot of orders. So this can kind of show you some
short term support and resistance, but it moves very, very quickly. I don't really get too much out
of watching the order book other than just kind of seeing where maybe
giant cell walls will be and things like that.

It shows all the recent trades right here. You can scroll through these. So, I don't– all I really am doing
with the order book right here is sometimes when the price of Bitcoin
is moving pretty quickly, and I just want to like figure out
where I want to get an order in at, I might just look up here
and I might just click this, and when you click this, as you see right here,
it will automatically update that into the order price. I don't really use the order books that much. Generally, I know what positions I want. I just go in and put them. So, but that is, you know, useful. Here, you got some different settings. You can look at the bid price, just the ask price
or the overall order book.

So now, we're getting into the good stuff over here. On the top right side of the screen,
you guys will see you'll have a username up here, and you can get to your assets page up here, your account and security, API. if you want to sign up for the referral program,
you can do that. But this right here is where you're
going to make your orders. Now, right now, I'm going to show
you guys something very important. You have cross and isolated margin. I do not like cross margin.

I never use cross margin. The way this works is it automatically
sets it at 100X, and I hate that. So you guys can see here,
it says "Maximum leverage: Under cross margin mode, you cannot manually adjust leverage
or initial margin. Instead, initial margin is derived by the maximum
leverage allowed under the current risk limit. You may lower the maximum leverage
by raising the risk limit in "Trading Preference Settings–>
Risk Limit Settings"." Basically, it's always going to run at 100X
based upon your risk limit, which I'm not going to show you
how to change that today because I don't want you guys
trading on cross margin.

It's very dangerous. You can just all of a sudden blink,
and your entire account is gone, so you do not want to do that. You want to do what we call isolated margin. This is where you control the margin of your trades. So right now, I'm just going to click 10X. As you guys can see here,
it says "Apply changes to the leverage?" "Each contract can only use one leverage consistently
across all active orders and open positions.

Please note that changing the leverage while
holding position will affect the liquidation price." Long and short of what this is saying, if you set an order and it gets filled, you cannot go back in and change
the leverage for an additional order. Any other order that you put in is going
to come in at the same exact leverage. Now, you can change the leverage
of an open position, but you can't have multiple leverage
running at one time. Now, one thing that you can do
just kind of a tip I know, Crypto Face taught me this, and it's been worked out very well for me, you can't long and short on the same account. If you have a long position,
and it's kind of like a long term position, but you say, "Oh, I feel like it is going
to drop in the short term," you can't long and short on the same account.

So I suggest everybody signs up
for at least two accounts. Even three to five accounts is pretty good. That way, you can be trading in the short term,
the midterm and the long term, and you don't have to get wonky
with your buys versus your sells. So that's definitely something. Even if you have a Bybit account, you can go ahead and open up a new one
by going over to bitboycrypto.com/deals and signing up right here.
Obviously, click this link, and then go to the reward hub
like we talked about already, and you can get multiple accounts to do
multiple different types of trades. You can't long and short on the same account. If you're long, and you put a short order in,
it will close your current long.

You can't have two separate ones. Same leverage all the way across the board. And then let's talk about the orders up here, and then we'll talk about what leverage actually is. I know we've covered it briefly already. Okay, so let's talk about the different types of orders. You have a limit order. This is an order to buy or sell
at a given price or better. What this means, you set the price. Then we have the market order. And market order will immediately be filled
at the best available price from the order book. Execution price may be better or worse
than expected due to price movement. And then we have conditional.

A conditional order is activated only
when the trigger price is reached. You can use conditional orders for take profit,
stop loss and breakout trading purposes. I suggest not really worrying about conditional
right now if you're a beginner. And I definitely do not suggest using market orders. You will get pounded with fees. And your– This is not going to be the best way to trade. You're going to want to always use limit orders. You will definitely get wrecked
if you're using market orders. You want to use limit orders. All the difference is you're going to set the price. If you wanted to basically fire off
exactly where the price is, that's okay too. I would prefer that you have entries
that you're looking for based on charts or maybe some other different type of research, but it's very easy to put this order price in. So just– we're about to start executing trades, but you want to be on limit, you want to be on isolated, and then you want your leverage to be somewhere,
if you're a beginner, between 3X to 5X.

Maybe 10X at the most. I don't suggest beginners use any more than that. We can get into some different areas later on
where it is okay to use that kind of leverage, but 50X to 100X,
you're definitely going to get wrecked. So let's, for this purpose, use 7X because that's actually what we're going
to be using mostly for our challenge, our $100K to $1 million challenge. I'm going to confirm that again. So apply the change to leverage. So here we are at 7X. Now, what's going to happen is you're
going to want to set the price.

If you wanted to set the price
pretty much exactly where it is, all you've got to do is come over here
and just click this, and you can see it change. 58,874 If you want to go for a lower price,
you want it to drop, you can have here 58,864, and you can see it automatically changes up here. So your order price is better if you have
kind of areas where you say, "Okay, I want it to hit this support level." Let's say that support level is $58,000, you can set that right there.

And then you have to select your number of contracts. This is very easy to do. All you're going to do here is you
can click on these percentages, and these percentages represent your account. 100% of your account would
put in 100% of the contracts. But the thing is to keep in mind also
is that if you're using higher leverage, you can only do a maximum
of 1 million contracts at a time. So you might have to do multiple orders to get 100%. I suggest doing about 25% of your account in a trade. That will give you some still
remaining account balance if you were to go down and get liquidated or hit
a stop loss to where you could go back in and still have a good enough
position to make money.

And, of course, like I talked about earlier, what this X represents is how many times
your account or your trade that you're borrowing. So in 7X, if I were to do let's say 25% of my account, which is $25,000, I'm actually trading with seven times that. So that's where that 170,000
contracts comes into play. And I could do a whole other video
explaining exactly what a contract is, but I don't think that's really necessary for this video. Just understand that the best way for beginners to do it
is just look at this bar down here with the percentages. This would be 10% of your account. This would be 25%. This would be 50%, 75%
and then 100% of your account. So I hope that makes sense to you guys. If you guys want more clarification on that, I think I can maybe do another video
on that maybe next week. Okay, so for this, we're going to do
25% of our trade. We're going to want to get this order
executed here in a little bit. So we're going to monitor the price over here,
see if we can get it executed in a minute, but you have some more options down here.

This is go long, which means that
bet the price of Bitcoin is going up. This is sell short, which means you're
betting the Bitcoin price goes down. Now, for me, I don't short in a bull market. We're in a bull market. I only go long. That's my strategy. It's worked very well,
and I'm going to continue doing that. But if you want to do that, you click a box and when you click that box, you have these two additional boxes that pop up.

Take profit, this is how much
of your account that you want– or how much of your– what percentage of profit
you want to pull out at. So if the trade gets up to 25%, where it's a 25% win, that means the price would go up it looks
like about, you know, what is that? $2,100 or $2,150. That will give you a 25% profit. This means if it hits this number,
if Bitcoin goes up to $60,148.50, it will automatically close your trade and
you will close that trade with 25% gains. Here at the bottom, it shows you
what exactly would happen and what that profit would actually be. You would make 0.1 BTC, and your ROI, your return on investment, will be 25%. Your stop loss works the same way. If you click 5%, if the price drops down to $57,589, you would lose 5% of that trade, and it would automatically close.

When we actually execute an order here in a second,
I'll show you how I actually use stop loss in profit in order to make sure that my trades are profitable. So and then, of course, right here,
it says the same thing. Last traded price to $57,589 will
trigger a market stop loss order, and your loss would be in this case
0.02– about 0.021 BTC, and your ROI would be negative 5%. You'd have lost 5% on that trade. And then when you're ready to execute,
you would just basically click here, and the trade would execute. And then you also have these options you might
on the mobile version see these as GTK, I think, or FOK, and then I forgot– I think it's IOC.

I think it's GTC, IOC and FOK. And these are basically different ways
that your order can get filled or canceled. And so you can learn more about that, but in general, just keep it on
Good-Till-Canceled, and, you know. That's what I always do.
I don't ever change this option. This is a little more advanced trading, so if you're a beginner, you're not going
to really want to worry about that. And then I don't really worry about these two boxes.

This post-only order, it will be executed as a maker order. If it can be executed immediately as a taker order, it will be automatically canceled. And the reduce-only means it will
only reduce your position size. Any order that might increase your position size
will be canceled or adjusted. Like I said, I don't ever click
either one of those boxes, so I don't even really know how that works. So, here we go. We got your total assets. It shows you your total equity,
your available balance. If you want to get a quick button
to deposit, exchange or buy, you can do that here,
and then this shows the contract details. This part right here at the bottom of the screen, this is where your trades are
actually going to be shown.

So let's actually execute a trade
and show you how this works. Right now, price is at $58,869. So what I'm going to do is I'm going to
come here and I'm going to click 500– I'm going to actually try to get it at $58,845. Okay? So you guys can see
it automatically updated up here. We're going to do 25% of our account. We're not going to operate
with a take profit or a stop loss. I'm going to show you why in just a second. And it's actually going to fill this order. If it did not fill by the way, it would be here on active and would
show this as an unfilled order. As soon as it gets filled, it comes
over here to your positions. Okay? So right now, you guys can see that I have 7X, shows the quantities.

It shows the value of Bitcoin. It shows you my entry price. It shows you the liquidation price. And then it shows you the actual margin that I'm using. And over here, you have some– it shows your unrealized profit and loss. You guys can see I'm actually down in the trade,
or I was for a second. If you hover over this, this has a lot to do with the last traded price. That's why when you hover on it,
it shows a different price. It's usually lower than the price that's shown. You want to make sure this gets up
a few percentage points in order for you to make sure that you're in profit. Okay, so click this button for take profit and stop loss. Now, I usually don't run with a take profit
unless I'm sleeping. If I'm going to bed,
I make sure I have a take profit in case the price spikes up. I definitely
don't want to miss it while I'm sleeping.

So let's just set the profit at 100%. I would double this trade. If the price went up to $68,638,
which is possible in the next week, I do believe. But the stop loss is extremely important. Once you are in the green, once you're in the green in a trade, what I like to do, like let's say
that this trade right here, we got a position price at $58,832. Now, this is kind of difficult for me to show
in a live trade that I have right now.

But what I would do is, let's say the price goes up to $58,000–
this is the entry price. Let's say it goes up to $59,000, I'm pretty solidly in the profit. What I would do is I would actually come
up here and I would put my stop loss, once it got over $59,000, to $59,000, and as you guys would see, that would give me a profit of 2% on that trade, which is a big position, so that would be a decent amount. I would like for it to go up a little bit higher, but once it goes above $59,000,
I lock in a stop loss. You can't do it now because
the price isn't above $59,000. That means the worst case scenario
you are earning profit because almost every big loss
I've ever had just last week if you were to watch the big one
that I had on the channel, it's because the price goes up
and it gets in the green, and then what happens? I don't take the profit and it goes down in the red.

The smartest way to leverage trade
is to make small base hits, play small ball. Get trades in that make you a small percentage, but lock them in the green because what you'll find is
it will almost always go down and eventually get back to
where you would be in the red. So what you want to do is you want
to take profit on the way down. Once the price goes above and you're already
in profit, you want to set that stop loss so that you can actually rest at night
knowing you're already in the profit, and then you can let the price run for a while, and see what happens. So right now, if I wanted to close this, I am going to go ahead
and actually add a stop loss here.

Let's go ahead and add a stop loss because
I really don't want to be in this trade right now. I'm just doing this for example purposes. I'm going to put it at 58,750. So it might end up with a little red trade here. Put a take profit right there at 25%, confirm that. Now, if you wanted to close the trade immediately, you can do that over here by clicking limit or market. I suggest limit. You would click Limit, and then you would be able
to put your closing price in, and you can actually– if you want to take profits for instance, you could actually do 25%, and it would
only close 25% of your position here. So that's a good way to take quick profits. I don't really mess with the mutual insurance here. The other thing I would say is, for me personally,
I like manually setting that stop loss when I'm in profit.

I don't like using a trailing stop loss. It's just not something I really do on a regular basis. I have done it before. It does work. We might do another more advanced video, show you guys how to use the trailing stop
and what that looks like. But I hope that this really showed you
kind of start to finish everything you're looking at on the Bybit platform. We're going to do another video later on.

We're going to talk about the fees, talking about the funding rates, talking about contracts, but this is all the basics that you need to know. Now, when you set this, sometimes, you'll see these pop up on the screen. You'll see these little widgets,
these little boxes. Now, this is very important. These are not just boxes that you X off. If you were to just click X on one of these, it would automatically cancel the order.

And you definitely don't want to cancel the order. You want to make sure that you're controlling
your order down here in the list of the contracts. In that way, you'll get the most out of it. So I hope you guys have enjoyed this video. I know it's very thorough. It's much
longer than videos we usually do, but I really want to make sure that we're
giving you guys the best information, the fullest information. We're not trying to base it on like, you know,
the best amount of minutes for the video. So this was definitely a much longer video, but I hope you got a lot out of it. If you did, make sure to smash
that like button for us. Let me know what you want to see
in trading videos in the future. That's all I got. Be blessed. BitBoy out..

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