How to earn with Bybit?

Cryptocurrencies are increasing in value every year. So you can buy a crypto-asset, put it in your wallet and wait. When the price of the coin reaches the level that the holder (holder, “holder”) expects, he can convert the crypto into fiat. This is one of the main strategies earnings on the crypto market. To make money investing, you need to register an account at Bybit and buy cryptocurrency. On the site bybit.com There is a button to buy cryptocurrencies, by clicking on which the client goes to the coin purchase service.

Only cryptocurrencies can be credited and transacted on Bybit. To buy crypto assets for fiat, you can use gateways (payment services) on Bybit. These are third-party services that allow you to buy digital assets, such as debit card. You should know that the exchange is not responsible for possible problems in transactions from these gateways.

If a user aims to earn money by holding cryptocurrencies, he needs cryptocurrency walletYou can select it from this list. Crypto Exchange Bybit Holder needs to buy cryptocurrency and withdraw it to an electronic wallet. At the same time to a cold wallet, which works without connection to the Internet, because storing coins in an account on the exchange or in a hot wallet (connected to the Internet) is unreliable.

Holder should also foresee the need to withdraw cryptocurrency into fiat, for example, through an exchange, where it is possible to exchange digital assets into regular currency, or through an exchanger. From special skills, apart from the ability to buy, sell, put coins into a wallet and withdraw them into fiat, a Holder needs only patience.

Trading

But the main earning strategy on any crypto exchange is trading. Most users come to a crypto exchange to do cryptocurrency trading. The Bybit platform specializes in trading cryptocurrency derivatives, but there is also spot trading.

Derivatives (derivatives) on the Bybit platform are perpetual futures, inverse, perpetual, USDT perpetual contracts. To learn what futures trading is, what futures are, and what are the peculiarities of trading them, please refer to this article. Before trading, it is recommended to read the exchange manual and practice in the demo mode.

To trade cryptocurrencies or crypto-asset derivatives effectively, you need to be able to implement trading strategies. A crypto trading strategy is a systematic action to steadily increase profits when trading. None of the strategies allow you to earn continuously continuously, but without a strategy, it is impossible to make money on the crypto exchange.

Trading strategies

The basic systems for trading digital assets can include time-lapse or repetitive strategies. The basic timing strategy is intraday trading: the trader places orders during the trading day and closes all positions at the end of the day. Swing is a trading strategy for a specific period, i.e., the trader places orders while the price of a cryptoasset is rising or while the price is falling.

Scalping strategies involve placing orders on almost every, even subtle, rate movement over a short period of time. Situational strategies involve placing orders in a particular situation that periodically repeats itself. For example, traders enter into trades “on a pullback,” that is, when the price briefly “rolls back” (corrects) on a rising trend and declines.

Then the price returns to growth, and the trader makes a profit. Also classic is the impulse strategy. The essence is that the trader determines the beginning of a pronounced trend (price direction), the price impulse. If it is possible to determine an uptrend, it is possible to buy an asset, and get profit from the growth of the price.

The position trading strategy implies that the trader is active at a strictly defined moment of price movement, for example, during a trend reversal. All these strategies involve the use of indicators and oscillators, programs installed in the Bybit trading terminal to make it easier for the trader to predict the price movement. But the crypto market also uses nonindicator trading strategies based on patterns.

Patterns are graphical shapes that are formed on a chart of price movements. There are many of them, the main ones include “Double Top” and “Double Bottom”, “Head and Shoulders”, “Absorption” and “Pin Bar”, “Inner Bar” and “Flags and Pennants”. The essence of the strategy is that the figures show the market situation and therefore it is possible to place orders with high accuracy. You need to know and know a lot in order to implement strategies and one guide on Bybit exchange is not enough. You can learn the basics of crypto asset trading strategies here. And, as a reminder, no strategy should be implemented with real money if it hasn’t been worked out in demo mode.