Most cryptocurrency wallet applications are non-custodial, meaning users bear full responsibility for securely storing their private addresses. Additionally, they must navigate complex tasks like transferring funds between wallets, adding blockchains, setting appropriate transaction fees, moving assets to exchange spot markets, and deciphering often unintuitive interfaces.
For beginners, custodial wallets with user-friendly interfaces may be more practical. These apps are typically linked to centralized exchange accounts and integrated into their DeFi ecosystems. One such example is Bybit Wallet from the eponymous exchange. This article explores its features and functionalities in detail.
What Is Bybit Wallet?
👉 Bybit Wallet is a custodial cryptocurrency wallet managed by Bybit Exchange (the exchange safeguards users' private keys). As the central project of Bybit Web3, it connects various services into a unified ecosystem, including:
- A DEX platform (ApeX)
- An NFT marketplace
- Crypto purchase/exchange services
- Staking, IDO, and airdrop participation tools
Web3 refers to the concept of a decentralized internet built on peer-to-peer blockchain networks, leveraging diverse crypto assets.
— Cryptonisation.com
Supported Blockchains and Cryptocurrencies
Bybit Wallet supports:
- Blockchains: BSC, Ethereum, Sui, Avalanche, and compatible Layer-2 networks (Arbitrum, Polygon, Mantle).
- 70+ coins: ETH, AVAX, BNB, SUI, USDT, UNI, LINK, AAVE, and more.
How to Set Up Bybit Wallet
Step 1: Registration
- Visit 👉 Bybit’s official website and click Sign Up.
- Choose email or phone number for account creation.
- Enter credentials and set a password.
- Complete verification via the 6-digit code sent to your email/phone.
Step 2: KYC Verification
As of May 2023, Level 1 KYC is mandatory for wallet use. This requires:
- A photo ID (passport, driver’s license).
- Video verification.
Step 3: Wallet Creation
- Navigate to Web3 → Bybit Wallet on Bybit’s homepage.
- Click Create Bybit Wallet → Connect Wallet → Create Now.
- Confirm setup in the welcome window.
Key Features
1. Deposits & Withdrawals
- Deposit: Copy your wallet address or scan a QR code to receive crypto (e.g., ETH).
- Withdraw: Enter the recipient address and amount. Transfers to Bybit’s Funding Account are also supported.
2. Buying Crypto
Use Buy Crypto to purchase digital assets with 50+ fiat currencies via:
- Bank transfers
- Payer, AdvCash, or PerfectMoney
3. Swapping Tokens
The Swap feature acts as an instant exchange, charging gas fees based on the blockchain used.
4. Staking
Earn 1.32%–26.8% APY by staking supported coins. Funds can be withdrawn anytime.
5. IDO Participation
Join token lotteries for new projects by locking USDT or BNB in designated pools.
6. DEX Trading via ApeX
Trade futures on 21 cryptocurrencies directly from the wallet interface.
Security Measures
Bybit Wallet inherits the exchange’s security protocols:
- 2FA (Google Authenticator/SMS)
- Anti-phishing codes in official emails
- Withdrawal whitelist and address book
- Device management for account access
Pros and Cons
| Pros | Cons |
|---|---|
| No private key management | KYC required |
| Cross-chain compatibility | Limited blockchain/coin support (e.g., no BTC, XRP) |
| Integrated DeFi/NFT services | Custodial model risks (exchange controls keys) |
| Quick setup |
FAQs
Q: What is Bybit Web3?
A: Bybit’s decentralized ecosystem, including its wallet, DEX, NFT marketplace, IDO platform, and staking services.
Q: How do I transfer assets between my exchange and wallet?
A: Navigate to Deposit → Transfer from Bybit Account → Select Funding Account and amount.
Q: Which DApps are supported?
A: DeFi, GameFi, and NFT applications. A full list is available in Bybit’s guides.
Q: Can I earn passive income with Bybit Wallet?
A: Yes, via staking (up to 26.8% APY) and IDO participation.
Conclusion
Bybit Wallet is a user-friendly custodial solution bridging Bybit’s Web3 services. Its support for 70+ coins across multiple blockchains and Layer-2 networks, combined with integrated DeFi tools, makes it ideal for beginners and ecosystem users. However, its custodial nature and limited asset support may deter advanced traders.
For seamless crypto management within Bybit’s expanding Web3 landscape, this wallet is a compelling choice. 🚀
👉 Explore Bybit Wallet today to unlock decentralized finance opportunities!