Your first deposit on Bybit: What to know before you start

Funding their accounts is the first step for many Bybit users after registering on the platform. Bybit offers you four different ways to make your initial deposit, and you can also receive a bonus reward if your first deposit meets specific criteria. 

In this article, we look at the main ways you can deposit funds into your newly created Bybit account. We also cover the mistakes to avoid during the process, as well as key security measures you can take to better protect your account and funds. 

If you’re a new user on the platform, this article serves as your orientation guide to deposit options — and key considerations to keep in mind when adding initial funds to your account.

Key Takeaways:

• Bybit offers its new users four different ways to make an initial deposit: Crypto Deposit, Fiat Deposit, One-Click Buy and P2P Trading.

• Users with some crypto ownership or trading experience might benefit from the Crypto Deposit and P2P Trading methods, while beginners can easily fund their accounts using more traditional fiat payment options available via the One-Click Buy and Fiat Deposit methods. 

• Before making your first deposit, it’s highly advisable to complete Identity Verification for your account, as it’s required for some deposit methods, and makes you eligible for a sign-up reward.

What to do before making your first deposit

Before making your first deposit, you will, of course, need to register an account on Bybit and preferably complete your Identity Verification, as certain deposit methods require a verified account. Additionally, Identity Verification is required in order to receive the $20 reward for making an initial deposit of at least 100 Tether (USDT).

Choosing the best initial deposit method depends upon whether you already own crypto on a decentralized platform, or are entirely new to the world of cryptocurrency. Regardless of your crypto knowledge or ownership, Bybit offers easy and flexible ways to top up your account. 

Understanding your deposit options on Bybit

There are four main routes to make an initial transfer to your newly created Bybit account: Crypto Deposit, One-Click Buy, Fiat Deposit and crypto purchase via Bybit’s P2P Trading platform.

1. Depositing existing crypto

If you already hold crypto on a blockchain network, you can easily top up your Bybit account via the Crypto Deposit function. Hundreds of coins, including all of the major ones, are supported for Crypto Deposit. You’ll need to provide specific details, such as the coin you’d like to deposit, the blockchain used for the transfer, and, for some cryptocurrencies, a memo or tag with a description. Bybit will issue you with a decentralized address on the relevant chain to which you can send the funds.

The time it takes for your crypto funds to become available in your Bybit account will vary based on the number of confirmations required for that network, and the typical duration of each confirmation. 

When making a Crypto Deposit, ensure that you only use supported assets and chains. It’s also important to double-check the accuracy of all transfer details, such as the precise network address, before initiating the transfer.

2. Buying crypto via One-Click Buy

Users who aren’t intimately familiar with crypto and would like to use a guided, simple method to purchase initial crypto funds with fiat currency can take advantage of Bybit’s One-Click Buy function. It allows you to purchase crypto via several popular methods: bank card payments, Apple Pay, Google Pay, bank transfers, various location-specific third-party payment providers and your account’s fiat balance.

Any applicable transaction fees and conversion rates are shown before you confirm the payment.

3. Fiat Deposit 

You can also deposit fiat currency into your Bybit account via the Fiat Deposit service. This option is best suited for users who prefer first to deposit a local currency, and then purchase crypto later with those funds.

Fiat deposits support a range of national currencies, including the US dollar, euro, British pound, Swiss franc and numerous others. Typical payment methods supported include the SWIFT and SEPA networks, as well as the option to complete a bank transfer via a local payment processing service. The exact availability of currencies and payment methods varies by region. 

Fiat deposits require that your account be identity verified. Fees and processing times vary, depending upon the method used, and are clearly displayed before you confirm the payment. For the latest information on supported currencies, check out the Fiat Deposit page.

4. P2P Trading (peer-to-peer purchases)

Another way to obtain initial crypto funds for your account is via the P2P Trading platform, which allows you to trade crypto directly with other Bybit users. Sellers on the platform list their offers, specifying the cryptocurrency sold, prices and quantities. If you see a suitable offer, you can transact with the seller, paying in local fiat currency.

Bybit acts as an escrow provider for these trades, enhancing the security of P2P transactions. There are no fees applicable to P2P orders, but you must carefully follow the payment instructions specified by the seller.

Common first-deposit mistakes to avoid

When making your first deposit, verify your order details carefully to avoid common mistakes, such as sending funds via the wrong blockchain, forgetting to include memo or tag information when required, depositing unsupported tokens or failing to check applicable transaction fees. 

In addition, ensure that you’re aware of the estimated wait times for deposited funds to be reflected in your Bybit account. Before initiating your Crypto Deposit, you can view the information on the required number of confirmations for the funds to be received. Fiat Deposits and One-Click Buy transfers also typically show the estimated time based on the selected payment method.

You may also consider initiating a small test transfer if you’re unsure about the entire process.

How long does a first deposit usually take?

As noted earlier, for crypto transfers, the time it takes for funds to be credited to your account depends upon the number of confirmations required, and the average confirmation time on the chain. Typically, on faster chains, funds become available in a minute or less, while on some other chains, this may take up to 10 minutes.

Fund arrival times for One-Click Buy and Fiat Deposits depend heavily upon the selected payment method. Some methods might be nearly instant or take just a few minutes, while slower methods like SWIFT may require several days, depending upon the currency and region.

If you see that your transfer funds are in Pending mode, it doesn’t necessarily indicate a problem. It usually means that your deposit hasn’t been fully processed yet, or that Bybit might be running some risk checks to ensure the security of the transaction. 

Security basics to set up before depositing

Before depositing any funds, ensure that you’ve enabled the recommended security settings for your account. These include the following: 

• two-factor authentication (2FA) 

• a fund password, which adds an additional layer of security beyond your general account credentials

• an anti-phishing code sent by Bybit to your registered email address or phone whenever you transact 

• your list of trusted devices

KYC and rewards: What new users should know

Verifying your identity via the know your customer (KYC) procedure unlocks the full range of services on Bybit, provides access to higher transaction limits and makes you eligible to receive a $20 sign-up bonus if you also make an initial deposit of at least $100.

You’ll need to use a government-issued ID for the Standard level of Identity Verification, which usually takes minutes to complete via your phone or computer with a functional camera. In some cases, it might take Bybit up to 24–48 hours to complete your verification.

What to do after your deposit is credited

After your deposit funds arrive, they’ll usually be reflected in your Funding Account, though some deposit methods, e.g., Crypto Deposits, allow you to choose whether to credit funds to your Funding Account or Unified Trading Account (UTA). You get both of these account types upon registration.

Your Funding Account is typically reserved for depositing and withdrawing funds, while your UTA is used for active trading operations, such as placing orders and managing collateral. 

You can use your new funds for various Bybit services and products, such as the following: 

• Trading on the Spot and Derivatives markets

• Swapping assets via the Convert function

• Investing in Bybit Earn savings products

• Participating in decentralized liquidity mining via Bybit Alpha

Among the key products recommended for beginners are Spot trading, Bybit Earn, Launchpad and Copy Trading. 

As a new user, you can also benefit from special campaigns and promos listed on the Bybit Welcome Gift Rewards page.

Conclusion

Bybit offers four different deposit methods, which makes it easy to top up your new account, regardless of your familiarity with crypto. Users experienced in crypto trading and decentralized crypto ownership can take advantage of Bybit’s secure Crypto Deposit or P2P Trading methods, while those who prefer to use traditional fiat payment channels can explore the One-Click Buy and Fiat Deposit alternatives. 

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