Bybit was founded in 2018 and, in a short period of its presence in the cryptocurrency market, has earned the reputation of a reliable broker. Operations with crypto pairs and derivative contracts can serve as an excellent supplement to traditional stock instruments, which only yield acceptable returns for ordinary traders when using large deposits or trading over long-term periods. Due to higher volatility, market participants have the opportunity to profit from cryptocurrencies at any convenient time, as these platforms operate 24/7. This means such trading can be viewed as an additional earning opportunity during days off. In this article, we will look at how to open a demo account on Bybit.
Registering a Demonstration Deposit
The main benefits of using demo accounts are eliminating psychological factors and the ability to test trading strategies without risking real money. Thus, a demo account is suitable not only for inexperienced traders but also for experienced market players with sufficient trading skills.
The registration process for a Bybit demo account differs from the classic scheme used by forex or binary options brokers. These companies operate with both real and test deposits within the same network infrastructure. In the case of cryptocurrencies, trading with personal funds and for educational purposes can only be done on two separate platforms. We will explain how to register and access demo trading.
Clients trading with real money or cryptocurrencies do so on the official website https://www.bybit.com/. Those who need testing functionality should use the other platform, Bybit testnet, https://testnet.bybit.com/en-US/register. Trading on the exchange without registration is not provided.
Clicking the link opens a registration page, which can be completed in two ways:
- using an email address
- using a personal mobile phone number
Regardless of the preferred access method, you should create and enter a secure password to protect your account from unauthorized access. Next, we’ll look at registration using email as an example.
Enter the required details and optionally a promo code. Then, agree to the company’s terms and privacy policy. Carefully reviewing these documents will help avoid potential sanctions for undesirable activity during trading, which is especially important when working with real funds.
After clicking the registration button, the system will send a verification code to the specified email address, which must be entered into the appropriate field.
Once all necessary checks are completed, the client gains access to the trading application interface. At first glance, due to the abundance of informational windows with dynamically changing data, the terminal may resemble a spaceship control panel and may cause some confusion for novice traders. But this is exactly why Bybit offers the opportunity to learn how to trade on a test account online.
It is recommended to spend some time carefully studying the technical purpose of each window in the personal account and try to customize the workspace to your needs. Then, you can start trading. At this stage, new clients may also face some nuances that are not typical for working with a forex broker’s virtual account. Many beginners do not know how to fund the educational deposit. It is necessary to contact a representative of the trading platform and request the minimum deposit for the educational account. It is important to know that requests are limited to one per 24 hours. Therefore, after receiving the test payment, it is not recommended to invest all available funds in the next trade — if the situation turns negative, the ability to perform operations will be blocked for a day.
Essentially, the funds provided are equivalent to a deposit top-up, and the only difference between real and demo trading is the use of different domain names when working with the company’s account.
Once the support specialist confirms the transfer of virtual coins to the Bybit demo account, you can proceed with trading. It is advisable to verify that funds have arrived in the spot account. A positive balance indicates that the transaction was successful.
Active mobile device users should download the trading app for free on their device; the registration steps and access to educational features are similar to those for desktop platforms.
Later, you can operate with any assets offered by the broker, remembering that the balance calculation for opened orders will be based on the underlying asset – either BTC or another used coin. For example, when trading the ETH/USDT pair, the necessary amount for opening a trade will be calculated based on the current cross-rate with Bitcoin.
The company does not impose any restrictions on the duration of using the test account. However, from a practical standpoint, traders are advised not to spend too long working with virtual cryptocurrencies. It is primarily important to understand the responsibility for the decisions made. When a trader knows they can request funds from the broker even after losing them, the level of control over decision quality tends to decrease. Therefore, it is recommended to limit top-up requests to 2-3 times, and if all opportunities are exhausted and the balance is zero, analyze the reasons for the losses. Such self-analysis often helps traders significantly improve their professional skills. Generally, training on a demo account for about 2-3 weeks is considered normal (this is the typical duration mentioned in reviews of beginner traders in the crypto market). This time is sufficient to learn how to use the trading application and master the basics of technical and fundamental analysis.
Conclusion
A Bybit demo account is an excellent opportunity to learn trading with some of the most promising assets of recent years. After spending time studying all the intricacies and nuances, market players can transition to working with real accounts.
