In this post, we are going to see the best options to deposit funds in ByBit without paying a lot of fees.
ByBit is one of the main exchanges, and it is becoming more and more popular, because they are adding more and more options and new cryptocurrency pairs. Even so, sometimes if you are new, it is difficult to know the best option to deposit funds and not lose too much in commissions or different payment methods. And this is what we are going to see next.
ByBit, allows users to buy cryptocurrencies with your credit card, although you are not going to directly enter euros or dollars, but the exchange is made directly to the selected cryptocurrency. Although this is one method, there are also other options that can be more economical. For now, let’s see how you can do it with your credit card, as it is the simplest way if you are new.
Where to buy cryptocurrencies in ByBit
We must go to buy crypto, and credit or debit card. You are going to see that there are different cryptocurrencies that you can buy, and they are adding more and more to make it simpler. The first thing you must do is select your currency, in my case euros in I want to sell.
With a minimum of 30 euros to buy cryptocurrencies. Then select the one you want to buy. The most common is to buy bitcoin, ethereum or tether. In my case, I will buy tether, as it is equivalent to one dollar and you will be able to prevent the price from fluctuating while you buy and sell it. Besides, tether will allow you to buy most of the other cryptocurrencies in ByBit. We indicate the cryptocurrency and the amount to see the different options that ByBit offers us to buy the cryptocurrency.
As you can see, in the case of usdt, there are two options, banxa and simplex. Banxa being the best option, with a commission close to 5%. Select the option you want, and click on confirm. Follow the steps with the information you will be asked to confirm the transaction and finally pay with your credit card.
Now, if they have confirmed your identity to avoid money laundering problems, you will have your usdt in your account. Although sometimes, as you can see, it can take a few hours, and therefore, it is better to buy USDT that has a stable price than bitcoin, where in these hours, the value of your purchase may have decreased.
From Binance to ByBit
Now let’s go with another cheaper alternative to deposit funds in ByBit, and that I personally use. Although it’s a bit more complex than just using your credit card, if you follow the steps, you’ll see that it’s simpler than it looks.
To do this, we are going to use Binance, another Exchange, to buy cryptocurrencies there and send them to ByBit. Binance’s commission for depositing with credit card is 1.8%, so you can really save by using this option, and not having to pay almost 5% in commission every time you want to deposit funds in ByBit. You can also deposit to binance and ByBit via wire transfer, but it will take a few days to have the balance available in your account.
If you don’t have an account with binance or ByBit, you can create your account just below.
With that said, let’s get started. The first step is to deposit funds in binance, either euro dollars or your currency. The best way for me, is by credit card, even though there is a 1.8% fee, we will have instant funds to use. If you want to save on commissions, you can use wire transfer, but you will have to wait a few days for your deposit to arrive.
With your deposit, in my case euros, we must buy tether or USDT. You can buy another cryptocurrency, but tether is the cryptocurrency equivalent to the dollar and the most used to buy other cryptocurrencies on the ByBit platform, that’s why, for me, it is the best option. To do this, we will go to market, fiat markets, and look for the euro/usdt pair or with your currency. Here, we will go to sell and indicate the amount we want to exchange our currency for tether.
To check that we already have usdt in our balance, we can go to the main panel. With the usdt in our balance, to move them to ByBit, we must go to wallet, spot wallet and search for usdt. Here, click on withdraw or withdraw, which will take you to the next panel.
Here, the first thing we need to do is to indicate the ByBit address where to deposit tether. To find out the address, go to ByBit and search for usdt in the main account. Here, click on deposit and select the trc-20 or tron network, as it is the cheapest one.
Copy the address and paste it into binance. Select the same tron trc-20 network, indicate the amount you want to send and confirm the transaction with your email and mobile codes. You will see the commission, which in the case of the tron network is 1 dollar. Above all, when you copy the address in ByBit, be sure to indicate the trc-20 trunk network and the same in binance to avoid errors.
After a few minutes you should be able to see the sent usdt in your ByBit main account balance. Now you will have funds to use in ByBit and be able to buy any of the thousands of cryptocurrencies that the platform has.
I hope it has helped you to deposit funds in ByBit, without paying high commissions. If you do not have an account with either of the two exchanges, you can create your account below.