Bybit has a currency exchange function that allows you to easily exchange your virtual currency for other brands. You can exchange your virtual currency for another virtual currency without any fees. It is a very convenient function because you can exchange it for the currency you want to trade without actually trading. I am writing an article about specifics.
What is currency exchange?
Currency exchange at an overseas exchange refers to exchanging virtual currency for another virtual currency. Currency exchange functions are generally performed through spot transactions, but Bybit has this function. How to use it: By exchanging money even once, you can convert some or all virtual currency into another virtual currency. However, currency exchange is a function that can only be used with derivative accounts, so we will introduce it here.
What is conversion
Convert is a service that allows you to exchange virtual currency for BIT tokens (target coins) during transactions. I think it often happens that there is a small amount of virtual currency left over that cannot be used for transactions, but this is exchanged for a unique token. Compared to currency exchange, in the case of conversion, you can only exchange BIT. Bybit also supports the app, so you can easily convert with a tap.
Exchange VS Convert
When looking at the official website from the perspective of currency exchange vs. conversion, there are usually differences in the rules in the following points, so check them out. Each method is time-consuming and has its disadvantages, but consider their convenience and use them accordingly.
commission
A flat conversion fee of 2% will be charged. On the other hand, there are no fees for currency exchange. You can exchange virtual currency without commission.
virtual currency
In the case of conversion, only BIT can be exchanged. On the other hand, in the case of currency exchange, virtual currency can be exchanged to BTC, XRP, ETH, EOS, and USDT.
Currency that can be exchanged and upper limit
The currencies that can be exchanged and the upper limit are as follows.
| Crypto | Min Volume | Max Volume | Max Volume by Account | Max Volume by Bybit |
| BTC | 0.001 | 20 | 200 | 4000 |
| ETH | 0.01 | 250 | 2500 | 50,000 |
| EOS | 2 | 100,000 | 1,000,000 | 3,000,000 |
| XRP | 20 | 500,000 | 5,000,000 | 60,000,000 |
| USDT | 1 | 1,000,000 | 10,000,000 | 150,000,000 |
Points to note when exchanging money
There are points to note when exchanging money.
Exchange rate is index price
The exchange rate is based on the index price. Please be careful as it is not the actual transaction rate.
bonus balance
Bonus balance cannot be converted into other currencies. This is because the use of the bonus is limited to the payment of commissions from the time it is granted.
Exchange method
If you want to exchange currency, please create an account first. Bybit allows you to select a maximum leverage of 100x. We also have plenty of campaigns and bonuses. You can also trade using a smartphone app, and you can manage assets 24 hours a day in real time using currency pairs such as Ripple, Ethereum, and Bitcoin. The spreads are also narrow, making trading very convenient.
After creating an account, please log in. Click on the person symbol and click on derivatives.
Source : Bybit
Click “Exchange” for the currency you want to exchange.
Source : Bybit
Select which currency you want to exchange from among the transfer destinations. Then enter the amount you want to exchange. If there is no problem, click “Exchange”. If the actual exchange rate differs from the quoted rate by 0.5% or more, the order will be automatically canceled.
Source : Bybit
Conversion method
In the case of conversion, first from the homepage, click “Actual” in the “Assets” menu at the top right of the page.
Source : Bybit
Please press the “Convert small balance to BIT” button on the right side. When you select the stock you want to exchange, you should be able to see the amount of BIT you plan to receive and the amount of fees that will occur. If there is no problem, press the “Exchange” button and the conversion is complete.
Source : Bybit
What to do if you cannot exchange or convert money
There are times when you cannot exchange money with Bybit. This is because of the following reasons. Please check before exchanging money.
Exchange quantity limit
As explained above, there is a limit to the amount of virtual currency that can be exchanged. Since both the lower and upper limits are set, exchange will be refused for extremely small or extremely large quantities. In addition to this, if the amount of currency held is too small to be exchanged, it is necessary to exchange it using spot trading.
automatic cancellation
On the exchange screen, if you press the refresh button on your browser or return to the page after entering the amount, the transaction may be canceled. Therefore, it is not recommended to refresh the screen when inputting. In this case, you will have to start over again, so you will have to re-enter the information.
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