Many major crypto exchanges offer their users a built-in wallet, and Bybit is no exception. The platform provides crypto owners with tools for convenient interaction with Web3, includes three varieties of wallet and allows you to easily create an account linked to an account on the exchange.
In the article, we will discuss this service's features, how to create a Bybit Wallet, and the advantages that have earned it its popularity.
What Is Bybit Wallet
The Bybit Wallet cryptocurrency wallet is part of the Bybit Web3 ecosystem. The service provides exchange users with secure and convenient access to Web3, the decentralized Internet. The wallet can be used to store, buy, and sell cryptocurrencies, trade on the DEX exchange, and manage NFT.
Bybit Web3 Wallet is available as three options:
- Cloud wallet. Linked to an account on the exchange. The cloud version is a custodial wallet meaning that the address and private keys are managed by the operator (exchange).
- Seed phrase wallet. Such a Bybit wallet is non-custodial — the user has full control over the keys. This provides higher security, but less convenience for beginners. Such a wallet is not directly tied to Bybit and is integrated into services via seed phrase.
- Keyless wallet. Another non-custodial Bybit wallet. Instead of a traditional key, it uses MPC technology: the key is split into several parts for increased security. One part is stored by the user, the second part by the exchange.
Bybit Web3 is a wallet that supports 10,000+ tokens and 20 networks. Creating and using any version of the wallet is free, but some features may incur fees. For example, placing deposits is free, but withdrawals may incur fees depending on the coin. Transfers between Bybit wallets are free. When exchanging currencies, the commission is 0.1%.
Benefits and Features of the Wallet
Bybit Wallet has earned its popularity due to several advantages:
- Ease of use. The Bybit custodial wallet is suitable even for beginner crypto owners due to the ease of creation, full integration with various platform services and a user-friendly interface.
- DeFi and dApps. Thus, Bybit supports working with the decentralized trading platform Apex Pro, the gaming platform Yeeha, the Mantle system for developing DeFi applications.
- Staking. Passive income on staking is an opportunity that many crypto holders are turning to. Bybit Web3 offers access to decentralized steaking with multiple verified pools.
- Swaps. This option makes it easy to exchange tokens through a decentralized multichain aggregator instead of using classic trading. More than 400 coins are available for instant exchange.
- Multiple currencies support. Bybit Wallet can be replenished through the Buy Crypto service, which allows users to buy digital coins in fiat. More than 50 fiat currencies are available.
- A wide range of supported cryptocurrencies. Bybit Web3 supports tens of thousands of tokens, including less popular coins. The list is constantly expanding.
The main disadvantage of the service is its full integration with Bybit, because it will not be possible to open a wallet without creating an account on this exchange. The site requires KYC compliance, which can complicate the registration procedure.
How to Use Bybit Wallet
To create a cloud hot wallet for cryptocurrency, you will need to follow a few steps:
- Register on the Bybit exchange. To do this, you need to click «Sign up» on the exchange's website and fill in the proposed fields: email or phone number, as well as a password. After that, a confirmation code will be sent to the number or email, which you will need to enter in the window that appears.
- Undergo KYC. This procedure is mandatory both for full use of the exchange and for wallet registration.
- Create a wallet. Finding a Bybit wallet is very easy — just go to the «Web3» tab. After that, the user can download a browser application or extension and start a wallet, following the system's prompts.
You can find out your Bybit wallet number on the Bybit Wallet page. The system uses two types of addresses: for Ethereum and Binance Smart Chain, as well as for Sui. These addresses can be used to receive transfers.
One of the important questions when getting started with Bybit Wallet is how to cash out. To send a transfer or make a withdrawal, you will need to find the desired token on the main page of the wallet and click «Withdraw». After that, a window will appear, where you can specify the address of the recipient and the desired amount.
You can deposit the account both by regular transfer by wallet number and through the Buy Crypto service. The service allows you to buy cryptocurrency for fiat using a bank transfer or one of the proposed payment services.
Users can also deposit their wallet via P2P:
- Go to the section «Buy Cryptocurrency» — «P2P trading».
- Find a suitable ad using the filter system.
- Click «Buy».Enter the purchase amount and click on the «Buy» button.
- Transfer the fiat using the details that appear.
The purchased cryptocurrency will be credited to your account within a few minutes.
What Networks Does Bybit Wallet Work With
The platform supports more than 20 networks. They include blockchains of both the first and second level. Thus, users have access to Binance Smart Chain (BSC), Ethereum, Avalanche, Arbitrum, and Polygon.
You can see all the networks that are available for work on the «Markets» page in the «Trade» tab of the Web3 section. You will need to open the «All Networks» drop-down menu above the list of tokens.
On the same page you can see all tokens supported by the platform, as well as their current price, dynamics over the last 24 hours, volume, place in the rating by specified parameters and other information.
How to Ensure Wallet Security
To prevent hacking and loss of funds, it is recommended to adhere to several rules:
- Use 2FA. Two-factor authentication is a useful protection system that can prevent intruders from accessing the account. It is recommended to activate it in the settings.
- Do not store large sums of money on the wallet. Bybit Wallet is a hot wallet that is constantly connected to the network. It is recommended to use more secure cold wallets for storing large sums of money.
- Set a unique password. It is not recommended to use too simple or short access codes. In addition, you should not set a PIN code on the account that matches the password on other platforms.
Bybit Wallet: a Convenient Tool for Crypto Holders
Bybit Wallet is a hot wallet from a well-known exchange that offers a user-friendly interface, high ease of use, and access to Web3 tools. Several wallet options are available to exchange users, allowing everyone to find a suitable version: custodial or non-custodial, with cid-phrase or protection via MPC technology.
The service supports more than 20 networks and many tokens. To create a wallet, you will need to register on the exchange and undergo identity verification.
