To actually trade on Bybit, you must receive a bonus or deposit money. What I recommend for beginners is to trade even if it is not a sudden money trade. Bybit has something called a testnet.
- What are the features and functions of bybit?
- What is a testnet
- How to register for the testnet
- Payment method
- Withdrawal method
- Notes on the testnet
What are the features and functions of bybit?
Bybit is one of the world’s most famous virtual currency exchanges and is a popular exchange with a good reputation that ranks high in the recommended rankings. Compared to binance, bitget, mexc, etc., trading by looking at the screen content is very easy to understand, you can trade with the click of a button, and it is easy to use. It is also possible to create additional accounts. You can also use support services on your smartphone.
Many brands available
Bybit covers major stocks such as BTC, ETH, XRP, USDC, USDT, and altcoins. The fee is 0.10%, which is easy. Cryptocurrency trading is supported by spot trading, futures trading, liquidity mining, and staking. The maximum leverage is 200x.
Perfect security measures
Bybit has very strong security measures. It supports email, phone number verification, and two-step verification for users, and has a KYC level for identity verification. It has the latest terms and conditions, is thoroughly checked, and uses a cold wallet. Wallet management is also thorough.
Full of campaigns and bonuses
Bybit has quite a lot of bonuses and campaigns, and they are held every period. You can earn airdrops by purchasing tokens. The operating company is also developing new systems, and new services are constantly being rolled out.
What is a testnet
The environment provided by Bybit where you can trade is called a testnet. This environment does not use real money. You can trade in exactly the same conditions as the actual trading environment using a fictitious margin. Therefore, it is a recommended trade for beginners who want to start with practice first. If you are on the testnet, no matter how much you lose, you will never lose money.
There is a fictitious bitcoin to use for trading on the testnet, and you can get it for free with the “receive testcoin” function. Bitcoin on the testnet has no use outside of Bybit’s testnet, but it is unlimited and free to use.
In the testnet environment, the API can be used in the same way as the Bybit official environment. In other words, it is a good practice because you can trade in exactly the same environment as the real thing.
In the case of demo trading, it is fictitious money. This means that no matter how much you earn, you will never be able to turn it into cash. On the other hand, no matter how much you lose, you can replenish your money as much as you like, so it is highly recommended for beginners in investing. It is a tool that allows you to firmly understand what trading is like.
Not suitable for intermediate level and above
As explained above, demo trading is not suitable for intermediate users or those who are used to trading to some extent. Demo trading is only a tool to help you get used to trading, so if you are used to it, there is no benefit to using it, so it is better to trade using real money.
Demo trading and real trading are different
By the way, no matter how much you can win in trading, it does not guarantee that you will win in real trading. This is because the demo trading environment does not reflect the real world situation. Real trading is also affected by movements in the real world, so sudden large ups and downs may occur.
How to register for the testnet
You must first register on the testnet. The normal account opening is as follows.
However, in the case of a testnet, you can open it from here.
The registration method is exactly the same as when opening a real account. If you want to refer to the above article, you can open it. The registration procedure is as follows. You can see that it is almost the same as opening a real account.
|STEP1||Access Bybit testnet|
|STEP2||Enter your email address or mobile phone number|
|STEP3||Verification code confirmation|
|STEP4||Completion of registration|
Also, keep the following in mind when setting up your account.
|You can also register with a free email address. There is no problem even if it is the same as the email of the real account.|
|Password||The password must be 8 characters long and contain 1 uppercase letter, 1 lowercase letter, and a number.|
|referral code||not required|
Unlike a real account, you will be using fictitious money on the testnet. You will not be able to make a deposit by clicking “Deposit” on your testnet account. This is a completely different procedure from a real account.
Apply via live chat or email
For testnet deposits, you need to contact the support center. Use the chat function from the mark at the bottom right of the testnet or use email. If you select “Inquiry about payment” from the online chat and start chatting, the support center staff will respond.
Please use the links below to contact our support center.
Of course, the testnet is nothing more than a virtual trade using fictitious money. Therefore, you cannot withdraw. Think of it as an environment for practicing.
Notes on the testnet
There are a few caveats regarding the Bybit testnet.
Can’t use real money
The testnet is only a trading experience space, and no real trading is possible. Therefore, you cannot put real money into it. Even if you make a profit, you cannot withdraw it because it is fictitious money.
URL is different from real account
Please note that the URL of the testnet environment and the real account introduced above are different in the first place. It’s easy to check if the URL contains “testnet”.
Not compatible with apps
Testnet accounts do not support app login, and are limited to web use. If you want to check the operability of the app, you will need to actually deposit your own funds, so we recommend that first-timers trade carefully.