How to Trade on Bybit in Nigeria: Review, Create Account, Trade, Deposit, Withdraw, Spot Trade, Derivatives and More

In this guide, you will learn exactly how to trade on Bybit in Nigeria. From creating your account to making your first trade and understanding how the fees work, we’ve got you covered. You’ll also learn how to deposit, withdraw, and use Bybit’s advanced features, like perpetual contracts and futures trading.

Bybit is one of the most exciting platforms for both beginners and experienced traders, offering everything you need to trade Bitcoin, Ethereum, and other popular cryptos. If you want to spot trade, trade derivatives, or manage your deposits and withdrawals with ease, Bybit makes it all possible.

---

Bybit is one of the best crypto brokers for beginners and even advanced Nigerian traders right now due to its user-friendly interface, and higher number of crypto coins and tradable pairs.

What is Bybit, and How Does It Work in Nigeria?

Bybit is an online platform where you can trade cryptocurrencies like Bitcoin, Ethereum, and many others. It allows users to buy, sell, and trade digital assets. Bybit is famous for its fast-matching engine that makes trades happen quickly, ensuring that traders can execute their orders without delays.

The platform also supports Spot trading, which means you can buy and sell cryptocurrencies immediately, and Derivatives trading, where you can make more complex trades like futures and options.

Bybit is one of the largest and most popular cryptocurrency exchanges in the world. It was launched in March 2018 and has quickly become a favourite among crypto traders globally, including Nigerians. With over 40 million users worldwide, Bybit has earned its reputation by offering a user-friendly platform, advanced trading tools, and low fees.

Is Bybit the Best Binance Alternative for Nigerians?

The Fall of Binance in Nigeria

On March 5, 2024, Binance announced that it was discontinuing all naira-related services. This move followed a dispute with Nigeria’s government over the manipulation of exchange rates and illegal activities on its platform.

As a result, Nigerians could no longer use the naira for deposits or purchases on Binance. For many traders, this news caused panic and uncertainty, especially since Binance had been one of the largest and most popular exchanges for Nigerian traders.

Binance’s exit created an opportunity for other platforms to step into the limelight and get more users. One such platform is Bybit, which has gained attention as the best Binance alternative for Nigerian traders.

Why Bybit is the Best Binance Alternative for Nigerians

In the wake of Binance’s exit, Bybit stands out as the best Binance alternative for Nigerian traders for several key reasons:

• Bybit continues to offer its services in Nigeria, unlike Binance, which is now unavailable in the country.
• Bybit places a strong emphasis on security and user protection, which has made it a reliable choice for Nigerians.
• Compared to Binance, Bybit offers lower trading fees, making it a more cost-effective option for Nigerian traders.

With Binance no longer an option for Nigerian traders looking to use Naira for deposits and purchases, Bybit is the best alternative. Not only does it offer a safer environment with better customer support, but it also provides lower trading fees and more straightforward features. If you’re searching for a platform that continues to serve Nigerian traders effectively, Bybit is undoubtedly the best crypto platform at the moment.

Pros and Cons of Using Bybit in Nigeria

If you’re thinking about trading crypto on Bybit in Nigeria, it’s important to know both the pros and cons of using the platform. Here’s a simple breakdown to help you decide whether Bybit is right for you.

Pros of Using Bybit in Nigeria

1. Low Trading Fees

Bybit offers some of the lowest trading fees compared to other global exchanges. This is great for traders who want to maximise their profits without losing too much to fees. Whether you’re buying or selling, Bybit ensures that trading is cost-effective.

2. Powerful Trading Tools

Bybit comes with a robust trading engine and tools that can help you the market. If you’re serious about crypto trading, these advanced analysis tools are really helpful. The platform offers indicators and charts that can help you understand market trends, making it easier to make smart decisions.

3. All-in-One Platform

Bybit is not just an exchange for buying and selling cryptocurrencies. It’s an all-in-one crypto platform that allows you to trade, invest, and access other crypto services like futures and leverage trading. This means you can do pretty much everything you need in one place.

4. Mobile Trading App

For traders on the go, Bybit’s mobile app is very handy. You can trade and manage your portfolio from your phone, making it easy to keep track of your investments while you’re away from your computer.

5. Helpful Customer Support

If you ever run into problems or have questions, Bybit’s customer support team is ready to assist you. Whether it’s an issue with deposits, withdrawals, or trading, you can count on their support to guide you through.

6. Leverage Up to 100x

If you want to maximize your profits, Bybit offers up to 100x leverage on some trades. This means you can control larger positions with less capital. However, this is more suitable for advanced traders, as it carries higher risk.

Cons of Using Bybit in Nigeria

1. Slightly Steep Learning Curve for Beginners

Bybit is powerful, but it’s also can be a little complex for first-timers in the crypto space. If you’re a beginner, it may take some time to get comfortable with all the features on Bybit.

Bybit Supported Cryptocurrencies and Trading Pairs

When choosing a platform for crypto trading, one of the first things you’ll want to know is which cryptocurrencies you can trade on Bybit in Nigeria. Bybit offers a wide selection of coins and tokens, making it a flexible platform for all kinds of traders.

What Coins Are Supported on Bybit?

Bybit supports over 1,500 different cryptocurrencies and tokens as of December 2024. This makes it a great platform for Nigerian traders who want to access a variety of digital assets.

Over 300 Spot Trading Pairs

In addition to individual coins, Bybit also offers more than 300 spot trading pairs. This means you can pair your favourite cryptocurrencies to trade them against each other.

For example, you can trade Bitcoin for Ethereum or Dogecoin for Solana. This makes Bybit a very versatile trading platform for Nigerian traders looking to explore different combinations and maximize their profits.

How to Create an Account on Bybit in Nigeria (Step-by-Step Guide with Screenshots)

If you’re ready to trade on Bybit in Nigeria, creating an account is a quick and easy process. This Bybit tutorial will walk you through the entire registration process, from downloading the app to completing the verification steps.

Step 1: Download the Official Bybit App

To begin, you need to download the Bybit app. Depending on your device, go to one of the following:

• For Android Users: Download from the Google Play Store.
• For iOS Users: Download from the Apple App Store.

Once installed, open the app to start your account registration.

Step 2: Launch the Bybit App

After you’ve downloaded and opened the Bybit app on your device, you’ll be taken to the home screen. In the bottom right corner, you’ll see an icon labeled ‘Assets’. Tap this icon to proceed with your registration.

Step 3: Choose the Sign Up Option

Now that you’re in the Assets section, look to the upper-right corner of the screen and select the ‘Sign Up’ button. This will take you to the account creation page.

Step 4: Select Your Registration Method

Bybit offers two main ways to create your account: via email address or mobile number. Choose the one that suits you best:

a) Registering with Email Address

• Enter your email address and choose a secure password.
• If you have a referral code, you can enter it here, but this is optional. You can leave this field blank if you don’t have a referral code.
• After entering your details, click ‘Continue’ to move forward.

b) Registering with Mobile Number

• Tap on ‘Mobile registration’.
• Select your country code (for Nigeria, it’s +234), then enter your mobile number and set your password.
• If you have a referral code, you can add it (this is optional), then click ‘Continue’.

Note:

• If you prefer to use your Google account for registration, tap ‘Sign Up with Google’. Bybit will use the email associated with your Google account.
• If you want to sign up with your Apple ID, click ‘Sign Up with Apple’. Bybit will use your linked Apple email, unless you have chosen to Hide My Email. In that case, Apple will create a random email with the domain @privaterelay.appleid.com.

To check your @privaterelay.appleid.com email address, go to:

• Settings > iCloud > Apps Using iCloud > Hide My Email.

Step 5: Confirm Your Country and Continue

Next, you’ll need to confirm that you are not from any restricted countries. Since you’re based in Nigeria where Bybit is available, simply select ‘No’ to confirm that you’re not in a restricted region, and proceed with your registration.

Step 6: Complete the Verification Process

After selecting your country, you’ll be prompted to complete a recaptcha verification to ensure you’re not a robot. Follow the on-screen instructions to complete this step.

Next, you’ll receive a verification code either by email or SMS, depending on the method you used to sign up. Enter the code in the provided field to complete the verification.

Step 7: You’re Done

Once you’ve completed all the steps, you’ve successfully created your Bybit account in Nigeria. You can now log in and start trading on Bybit.

Our telegram group is now open to the public. Get instant access to future posts on how to make money online in South Africa in 2025.

How to Deposit Money into Your Bybit Account in Nigeria

If you’re looking to deposit money into your Bybit account in Nigeria, there are a few simple methods you can use.

1. Crypto Deposit

A crypto deposit means transferring cryptocurrency from another wallet or exchange to your Bybit account. Here’s how to do it:

• Go to the Bybit app and navigate to the Assets section.
• Select the Deposit option, then choose the Crypto Deposit option.
• Find the coin you want to deposit (such as Bitcoin or Ethereum) and select it.
• Copy the deposit address given by Bybit. This address is like your Bybit wallet.
• Send your crypto from your external wallet or another exchange to this address.

Important Notes:

• Make sure you only deposit supported coins using the correct blockchain. You can find this information on the Bybit Asset Page.
• Some coins, like XRP or EOS, may require a memo/tag. If needed, you’ll find this information in the deposit window.

2. One-Click Buy (Using Fiat Currency)

Bybit also allows you to buy crypto with fiat currency (like Naira or USD) directly on the platform. You can use this feature through Bank Card Payment or third-party Payment.

Bank Card Payment

• You can use your bank card (Visa or MasterCard) to buy crypto directly.
• Simply link your bank card to your Bybit account.
• Head over to Buy Crypto → One-Click Buy.
• Choose your bank card and purchase your crypto.
• You can also use Google Pay or Apple Pay for fast payments.

3. P2P Trading

If you prefer to buy or sell crypto directly from other people, P2P Trading is a great option.

• P2P stands for Peer-to-Peer trading, where you can trade crypto directly with other users.
• You and the other person agree on a price and use your preferred payment method (bank transfer, mobile payments, etc.).
• No extra fees are charged, and it’s a secure way to buy and sell crypto in Naira or other currencies.

Once you’ve chosen your deposit method, just follow the on-screen prompts carefully. Double-check the details (like your deposit address or payment method) to avoid any mistakes.

How to Withdraw Money on Bybit in Nigeria

If you’re ready to withdraw your earnings or funds from your Bybit account in Nigeria, here’s a simple guide to help you through the process.

There are two main ways to withdraw your money: On-Chain Withdrawal (to your wallet or another exchange) or Internal Transfer (to another Bybit account). Let’s break each method down.

1. On-Chain Withdrawal (External Withdrawal)

An on-chain withdrawal is when you transfer your funds from Bybit to an external wallet or exchange. Here’s how to do it:

Step 1: Log In to Your Bybit Account

• Go to the Assets section at the top right of the homepage.
• Select Spot from the dropdown and click on the Withdraw button for the coin you want to withdraw.

Step 2: Choose Your Withdrawal Account

• Click on the Withdraw button next to the currency you want to withdraw (e.g., Bitcoin or Ethereum).
• You can choose from your Spot Account or Funding Account.

Step 3: Select Your Coin and Wallet Address

• Choose which coin you want to withdraw (e.g., Bitcoin).
• You’ll need to enter the wallet address where you want to send the funds. You can either:
  • Type the address manually.
  • Select a wallet you’ve already registered.
  • Add a new wallet if you haven’t registered it before.

Step 4: Choose the Blockchain Network

• Bybit offers several blockchain networks (like Ethereum, Binance Smart Chain, etc.). Select the one you want to use.
• Each network has different withdrawal fees (you’ll see them listed).

Step 5: Enter the Withdrawal Amount

• Enter the amount you want to withdraw or click All to withdraw everything.
• Check the minimum withdrawal limit and ensure your amount is above that.

Step 6: Verify Your Withdrawal

You’ll be asked to verify the withdrawal through:

• Email Verification: You’ll get a code in your email, which you need to enter.
• Google Authentication (2FA): You’ll need to enter a 6-digit code from your Google Authenticator app.

Once you’ve verified, click Submit and your withdrawal will be processed!

Note: Withdrawals may take up to 30 minutes to 1 hour. Sometimes, if the network is congested, it might take a bit longer.

2. Internal Transfer (Withdrawal to Another Bybit Account)

If you want to send funds to another Bybit user (for example, a friend or another account you own), you can use Internal Transfer.

Step 1: Go to Your Spot or Funding Account

• Again, head to the Assets section.
• Click on the Withdraw button for the coin you want to send.

Step 2: Select Internal Transfer

• Choose Internal Transfer as the withdrawal method.
• Instead of entering a wallet address, you’ll enter the email address, UID, or mobile number of the Bybit user you want to send funds to.

Step 3: Enter the Withdrawal Details

• Choose the coin you want to withdraw.
• Enter the amount, or click All to send everything.
• Verify the recipient’s details.

Step 4: Complete the Verification

• Just like an on-chain withdrawal, you will need to verify the transaction using email verification and Google Authentication.

Once verified, click Submit, and the funds will be transferred to the recipient’s Bybit account.

How Long Does It Take to Withdraw?

• On-Chain Withdrawals: Usually take up to 30 minutes or an hour, but may take longer if the blockchain is busy.
• Internal Transfers: These are usually instant or take only a few minutes to process.

Withdrawal Fees

Every withdrawal on Bybit comes with a small fee, which varies depending on the coin and blockchain network you use. Make sure to check the fee before confirming your withdrawal.

What to Do If Your Bybit Account is Restricted from Funds Withdrawal

Sometimes, your Bybit account may be temporarily restricted from withdrawing funds. This is usually for security reasons or because the transaction does not meet Bybit’s Terms and Conditions (T&C).

If this happens, don’t panic. Here’s why it might occur and what you can do.

Reasons for Temporary Bybit Withdrawal Restrictions

Your account may face a 24-hour restriction for the following reasons:

1. Changing or Resetting Your Account Password
   If you recently reset or changed your password, Bybit may place a hold to ensure it’s really you.
2. Changing Your Registered Mobile Number or Email Address
   Updating your contact information can trigger a withdrawal restriction to prevent unauthorized access.
3. Activating the “New Address Withdrawal Lock” Function
   Enabling this feature ensures added security but temporarily restricts withdrawals until the lock period ends.
4. Disabling or Resetting Google Authenticator
   If you make changes to your Google Authenticator, withdrawals will be paused temporarily as a security precaution.
5. Changing or Disabling Your Fund Password
   Adjusting your Fund Password may also lead to a temporary restriction.
6. Transferring Your KYC Identity to Another Account
   If you’ve linked your KYC identity to another account, withdrawals may be restricted during the transition.

How to Resolve the Restriction

If your withdrawal is restricted for any of the above reasons, it will usually lift automatically after 24 hours. During this time, no further action is required.

However, if the issue persists beyond 24 hours or if you believe there’s been an error, follow these steps:

1. Contact Live Chat Support

• Visit the Bybit platform and access the Live Chat Support for personalized assistance.
• Provide any necessary details about your account and the issue you’re facing.

2. Refer to Bybit Help

• For self-directed help, visit the Bybit Help Center. This resource offers solutions to common withdrawal problems and step-by-step guides.

Read Also

How to Trade on Bybit in South Africa

How to Trade on Bybit in Nigeria

If you’re in Nigeria and want to start trading on Bybit, here’s a simple guide to help you open your first trade. Bybit offers two main ways to trade: Spot Trading and Derivatives Trading. Let’s go over each one and how you can get started.

Spot Trading on Bybit

Spot Trading is the easiest form of trading, where you buy or sell an asset (like Bitcoin or Ethereum) at the current market price.

Step 1: Log into Your Bybit Account

• Go to the Bybit website or app and log in with your account details.

Step 2: Choose the Trading Pair

• Once logged in, hover over the “Trade” button at the top and click on Spot Trading.
• On the left side of the page, you’ll see a list of trading pairs (like BTC/USDT or ETH/BTC).
• Select the one you want to trade. You can also search for a specific pair using the search box.

Step 3: Place Your Order

• Market Order: This is the simplest way to buy or sell at the current price. Just choose whether you want to buy or sell, enter how much you want to trade, and click Buy or Sell.
• Limit Order: If you want to set a specific price to buy or sell at, use a limit order. This order will only be filled when the price you set is reached.

Step 4: Confirm Your Order

• After entering your order details, a confirmation window will pop up. Make sure everything looks correct, and then confirm your buy or sell.

Step 5: Check Your Order

• You can see your active orders by going to the Current Orders tab. If you want to cancel or modify your order, just click the Cancel button next to it.

Derivatives Trading on Bybit

Derivatives Trading is a bit more advanced, where you can trade things like Futures Contracts or Options Contracts with leverage. This means you can trade more than what you have in your account, but it also comes with more risk.

Step 1: Choose the Trading Product

• After logging in, hover over the “Derivatives” tab and choose between options like USDT Perpetual or Inverse Contracts. Each has different features and is used for different types of trades.

Step 2: Open a Position

• You can open a position in two ways:
  • Quick Trading: Use the chart to quickly place a Limit or Market order.
  • Advanced Orders: Go to the order section where you can set more detailed instructions for your trade, like using leverage and setting stop-loss or take-profit levels.

Step 3: Set Your Margin and Leverage

• Margin: This is the amount of money you need to use to open a position. Bybit allows you to use Cross Margin or Isolated Margin, depending on how much risk you want to take.
• Leverage: This lets you borrow money to increase the size of your position. Bybit offers up to 100x leverage, but remember, higher leverage means higher risk.

Step 4: Choose Your Order Type

• You can place different types of orders:
  • Market Orders: These are executed immediately at the current market price.
  • Limit Orders: These are placed at a specific price, and your trade will only be executed if the market hits that price.

Step 5: Confirm and Monitor Your Trade

• Once you’ve set everything, click Buy or Sell to open your position. You can track your trade in the Current Orders or Position tab.

Fees and Rates on Bybit – How Much Does Bybit Charge in Nigeria?

Below, we’ll break down the key fees that apply when you trade on Bybit in Nigeria.

1. Deposit Fees on Bybit

Good news for traders in Nigeria: Bybit does not charge any deposit fees for transferring crypto to your Bybit account. Whether you are transferring from another wallet or doing an on-chain deposit, there are no extra charges.

But What About Buying Crypto on Bybit?

If you buy crypto directly from Bybit, you will be charged transaction fees by the payment provider based on your payment method. The exact amount will be shown when you complete the transaction.

For P2P trading (Peer-to-Peer), Bybit offers zero fees for both buyers and sellers. However, keep in mind that the payment provider might charge fees based on the method you choose.

2. Withdrawal Fees on Bybit

When you withdraw funds from your Bybit account, you will need to pay a withdrawal fee. The fee depends on the coin and blockchain you choose for withdrawal. Bybit clearly displays the withdrawal fee during the withdrawal process, so you can always check how much it will cost before confirming.

Internal Transfers are Free

If you’re transferring funds between your own Bybit accounts (internal transfer), there is no fee for these transactions.

3. Trading Fees on Bybit

Bybit trading fees in Nigeria differ depending on whether you are doing Spot Trading or Derivatives Trading. Here’s a simple breakdown of the fees:

Spot Trading Fees

• Taker Fee: 0.10%
• Maker Fee: 0.10%
  The Taker Fee is charged when you buy at the market price, while the Maker Fee applies if you place an order that isn’t immediately filled and stays in the order book.

Derivatives Trading Fees

For Futures and Perpetual Contracts, the fees are slightly different:

• Taker Fee: 0.055%
• Maker Fee: 0.02%
  This means that if you’re trading Futures or Perpetual Contracts on Bybit in Nigeria, you’ll pay a lower fee than for Spot trading, especially if you are a Maker.

Options Trading Fees

For those trading Options, the fees are:

• Taker Fee: 0.02%
• Maker Fee: 0.02%
  So, whether you’re a Taker or Maker, the fees are the same in Options trading.

4. Funding Fees on Bybit

Funding fees are a bit unique and are only applicable for Perpetual Contracts. They are periodic payments between traders who hold positions in these contracts.

How It Works

• When prices are high: If the price of the Perpetual contract is higher than the Spot price, long position holders (people betting the price will go up) pay a funding fee to short position holders (people betting the price will go down).
• When prices are low: If the price of the Perpetual contract is lower than the Spot price, short position holders will pay a fee to long position holders.

These funding fees are charged at regular intervals and depend on your position value. You can view the funding rate directly on the Bybit trading page.

5. Liquidation Fees on Bybit

In the unfortunate event that your position gets liquidated (meaning you lose your trade due to insufficient funds), Bybit will charge a liquidation fee.

• For Spot Margin Trading and Crypto Loans, if your loan ratio exceeds the liquidation level, a 2% liquidation fee will be applied.
• For Options Trading, the liquidation fee is 0.2%.

Bybit does not charge a liquidation fee for Futures or Perpetual Contracts. This is important to know when planning your trades, as liquidation can be a risk, especially if you are using high leverage.

6. Interest on Borrowed Funds

If you borrow funds using Bybit’s Spot Margin Trading or Crypto Loan services, you will be charged interest on the borrowed amount. The interest is charged hourly and can vary depending on the loan amount and the product used.

You can check the interest rate directly on Bybit’s platform before borrowing.

7. Other Fees to Know on Bybit

• Transaction Fees for P2P Trading: Although Bybit itself doesn’t charge fees for P2P trading, your chosen payment method might come with transaction fees.
• Trading Fees Based on VIP Level: Bybit offers a VIP program that reduces trading fees based on your trading volume. The higher your trading volume, the lower the fees.

How to Contact Bybit Customer Support in Nigeria

If you’re trading on Bybit in Nigeria and run into any issues, it’s important to know how to reach out to Bybit’s customer support.

Here’s a step-by-step guide on how to contact Bybit customer support in Nigeria.

1. Bybit Customer Support Live Chat

The easiest and fastest way to get help from Bybit customer support in Nigeria is through the live chat feature on their website or mobile app. Here’s how you can access it:

On the Bybit Website:

• Visit the official Bybit website and scroll down to the bottom of the page.
• Click on the “Help Center” link.
• You’ll be redirected to the support page, where you can use the live chat option to message a representative.

On the Bybit Mobile App:

Open the app and tap on the “Profile” icon in the bottom-right corner.

• Select “Help & Support”.
• You can either search the help topics or start a live chat with a support agent.

The live chat feature is available 24/7, so you can reach out anytime, and typically, you will receive a response within minutes. The customer service team at Bybit is available to assist you with account issues, trading problems, deposits, withdrawals, and more.

2. Bybit Customer Support Email

If you need more detailed help or want to send documents (such as identity verification documents), you can contact Bybit via email. The official email address for support is:

• support@bybit.com

In your email, make sure to provide as much detail as possible regarding your issue. This includes:

• Your Bybit account email (if applicable).
• A clear description of your issue or question.
• Screenshots (if necessary).

Bybit customer support typically responds to emails within 24 hours, but it can take longer if your issue requires more time to resolve.

3. Bybit Social Media Channels

If you prefer social media, Bybit is also active on various platforms, where they may respond to inquiries, particularly general ones. The official Bybit social media channels include:

• X: @Bybit_Official
• Facebook: Bybit
• Telegram: Bybit has official Telegram groups where you can interact with both the support team and the community. You can join these groups to ask questions, get news updates, or report issues.

Although social media is less direct than live chat or email, it’s still an option if you’re looking for quick updates or public inquiries.

4. Bybit Help Center and Knowledge Base

Before reaching out to customer support, it’s a good idea to check out Bybit’s Help Center and Knowledge Base. These resources provide answers to common questions and can often resolve issues without needing to contact customer support.

• Go to the Bybit Help Center.
• Search for articles by typing your question or issue in the search bar.

The knowledge base is extensive and covers everything from account security and deposit/withdrawal instructions to platform guides for both beginner and experienced traders.

FAQs on How to Trade on Bybit in Nigeria

1. Is Bybit supported in Nigeria?

Yes, Bybit is supported in Nigeria. Nigerians can use the platform to trade cryptocurrencies like Bitcoin, Ethereum, and USDT. You can create an account, trade, and use various features just like users from other countries. So, if you’re looking to trade on Bybit in Nigeria, you are fully supported!

2. Is Bybit better than Binance?

Whether Bybit is better than Binance depends on your specific needs. Bybit tends to be favoured by advanced traders because of its leverage and perpetual contracts, while Binance offers more trading pairs and additional services. In terms of Bybit trading fees in Nigeria, Bybit has competitive fees, especially for high-volume traders. Each platform has its strengths, so it’s up to you to decide which suits you best.

3. Can Nigerians use Bybit?

Yes, Nigerians can use Bybit to trade cryptocurrencies. Bybit offers full access to Nigerians for spot trading, derivatives, and P2P trading, among other services. So if you’re asking, “Can I trade on Bybit in Nigeria?” the answer is yes!

4. Which app is best to buy cryptocurrency in Nigeria?

For Nigerians looking to buy cryptocurrency, both Bybit and Binance are popular choices. The Bybit app is a good option if you want to focus on trading, especially for futures and perpetual contracts. Binance offers more variety in buying and selling cryptos. If you’re looking for Bybit fees in Nigeria, Bybit’s P2P trading allows for fee-free transactions between users.

5. Is it safe to use Bybit in Nigeria?

Yes, Bybit is safe to use in Nigeria. Bybit follows industry-standard security measures, such as two-factor authentication (2FA) and cold storage for user funds. However, like any trading platform, you should always ensure you’re following security best practices, like keeping your account information private.

6. What are the cons of Bybit?

The cons of Bybit mainly include:

• Limited fiat deposit options in Nigeria.
• Trading fees might be higher for some users compared to other exchanges.
• Lack of a wide range of cryptocurrencies compared to larger exchanges like Binance. However, for Bybit trading fees in Nigeria, the platform offers competitive rates, especially in perpetual and futures contracts.

7. Which is better in Nigeria, Binance or Bybit?

Both Binance and Bybit have their pros and cons, and choosing one depends on your trading goals. If you want a wider range of cryptocurrencies and lower fees, Binance may be the better option. However, if you’re looking for advanced trading features like leverage and futures, Bybit might be more suitable, especially considering that Bybit fees in Nigeria are competitive in these areas.

8. Can I trade currency pairs on Bybit?

Yes, Bybit offers the ability to trade currency pairs. You can trade popular currency pairs like BTC/USDT, ETH/USDT, and others. This is part of Bybit’s trading platform, which supports spot trading and derivatives trading.

9. How many cryptocurrencies are listed on Bybit?

Bybit lists over 100 different cryptocurrencies, including major ones like Bitcoin (BTC), Ethereum (ETH), and stablecoins like Tether (USDT). This variety allows for diverse trading options and is constantly updated to include more options as the market evolves.

10. What is the most traded pair on Bybit?

The most traded pair on Bybit tends to be BTC/USDT. This pair is popular among traders worldwide due to Bitcoin’s status as the leading cryptocurrency, with USDT being a stablecoin used for trading.

11. How to register a Bybit account in Nigeria?

To register a Bybit account in Nigeria, follow these steps:

1. Visit the official Bybit website or download the Bybit app.
2. Click on “Sign Up” and enter your email address.
3. Complete your registration by creating a strong password.
4. Verify your email address, and you’re ready to start trading!

12. How to verify a Bybit account in Nigeria?

To verify your Bybit account in Nigeria, you’ll need to:

1. Log in to your Bybit account.
2. Go to the Profile Settings section.
3. Upload necessary documents, such as a government-issued ID and a selfie for identity verification. Once approved, you can start trading with higher limits and access more features.

13. How do I deposit on Bybit in Nigeria?

To deposit funds into your Bybit account in Nigeria, you can:

• Deposit cryptocurrency through on-chain transfers (no deposit fees).
• Use P2P trading to buy crypto directly from other users.
• Note that Bybit does not support direct fiat deposits like bank transfers in Nigeria, but you can use P2P trading for Naira deposits.

14. How can I fund my Bybit account in Nigeria?

You can fund your Bybit account in Nigeria by:

• Depositing crypto from an external wallet.
• Using P2P trading to purchase cryptocurrency directly from sellers, using local payment methods like bank transfers.

15. What are the deposit methods for Bybit?

Bybit supports crypto deposits via on-chain transfers and P2P trading. The platform does not support direct bank transfer deposits but offers multiple P2P options, making it easy for Nigerians to fund their accounts.

16. Does Bybit accept bank transfers?

No, Bybit does not accept direct bank transfers for deposits in Nigeria. However, you can use P2P trading to buy cryptocurrency using local bank transfers with other traders.

17. What are the payment methods for Bybit?

The main payment methods for Bybit include:

• On-chain crypto deposits.
• P2P trading (buy and sell crypto directly with other users).
• Third-party payment services for purchasing crypto via cards or other methods.

18. How to transfer money from Bybit to Trust Wallet?

To transfer funds from Bybit to Trust Wallet:

1. Go to the “Assets” section on Bybit.
2. Select the cryptocurrency you want to transfer.
3. Click on “Withdraw” and enter your Trust Wallet address.
4. Confirm the transaction and your funds will be transferred.

19. How do I receive money from Bybit?

To receive money from Bybit, you can either:

1. Use P2P trading to convert your cryptocurrency to Naira or another fiat currency.
2. Withdraw your cryptocurrency to your external wallet.
3. For P2P trading, you can receive payments directly into your Nigerian bank account.

20. How to trade USDT on Bybit in Nigeria?

To trade USDT on Bybit in Nigeria, you can:

1. Deposit USDT into your Bybit account via on-chain transfer or P2P.
2. Go to the Spot Trading section and select the USDT pair you want to trade (e.g., USDT/BTC).
3. Place your buy or sell orders based on your trading strategy.

21. How to use Bybit Nigeria?

To use Bybit in Nigeria, simply sign up for an account, verify your identity, deposit cryptocurrency via P2P trading, and start trading. Bybit’s features such as futures trading, spot trading, and derivatives are available to Nigerians.

22. How to sell BTC to Naira on Bybit?

To sell BTC to Naira on Bybit:

1. Use P2P trading to sell your Bitcoin to other users in exchange for Naira.
2. Choose the Naira payment option during the transaction.

23. How much fees does Bybit take?

The Bybit trading fees in Nigeria vary:

• Spot Trading: 0.1% for both makers and takers.
• Perpetual & Futures Trading: Taker fee 0.055%, Maker fee 0.02%.
• P2P: No transaction fees for both buyers and sellers.

24. How much is 1 USDT on Bybit in Naira?

The value of 1 USDT on Bybit in Naira is constantly changing due to market fluctuations. You can view the live exchange rate on the Bybit platform or use P2P trading to see real-time rates for converting USDT to Naira.

25. How much is the withdrawal fee for Bybit?

Bybit’s withdrawal fee depends on the cryptocurrency being withdrawn. The fee is fixed and visible on the withdrawal page for each coin. Bybit fees in Nigeria for withdrawals are generally low, but you should always check the current rates on your account.

26. How much does Bybit charge for deposit?

Bybit does not charge deposit fees for on-chain crypto deposits or internal transfers. For P2P trading, there are no transaction fees either. However, third-party payment providers may charge a fee if you buy crypto through them.

27. How do I contact Bybit customer care?

To contact Bybit customer care, you can:

• Use the live chat feature on the website or app.
• Send an email to support@bybit.com.
• Visit the Bybit Help Center to find answers to common questions.

28. How to chat with Bybit support?

To chat with Bybit support:

1. Go to the Bybit website or app.
2. Click on Help or Support.
3. Initiate a chat with a customer service agent.

---

Bybit is one of the best crypto brokers for beginners and even advanced Nigerian traders right now due to its user-friendly interface, and higher number of crypto coins and tradable pairs.