The Bybit cryptocurrency exchange has launched its Web3 service, featuring a user-friendly interface that is both reliable and secure. The Bybit Web3 Wallet is a custodial wallet integrated directly with the Bybit platform. It allows users to interact with the exchange's tools as well as third-party decentralized applications (dApps). A significant advantage is that users do not need to worry about managing private keys, as they are securely stored and managed by Bybit's cloud service. This robust protection eliminates the risk of losing access, a common concern with non-custodial wallets.
Understanding the Bybit Web3 Service
The Web3 ecosystem on Bybit provides a gateway to decentralized finance (DeFi) and the broader world of blockchain-based applications. It combines the security of a major exchange with the flexibility and innovation of Web3.
Frequently Asked Questions
What is the relationship between Bybit Web3 and the Bybit.com exchange?
Bybit.com is a highly secure cryptocurrency exchange that offers users access to a wide range of functionalities. These include spot and derivatives trading, an NFT marketplace, and a rich suite of tools like copy trading, trading bots, and demo trading. Bybit Web3 is a dedicated service within Bybit.com that provides access to the Web3 space, including a crypto wallet and a store for decentralized applications (dApps).
How do I start using Bybit Web3?
To begin, you must first register for an account on the Bybit exchange. After creating your account, open the main menu in the top right corner of the screen and select the 'Web3' option to access the service.
What types of wallets are supported on Bybit Web3?
The Bybit Web3 service supports three primary types of wallets:
- Cloud Wallet: A custodial wallet where private keys are managed by Bybit.
- Seed Phrase Wallet: A non-custodial wallet where you are responsible for your mnemonic seed phrase.
- Keyless Wallet: A non-custodial wallet secured by Multi-Party Computation (MPC) technology, which offers keyless protection.
Which assets and networks are supported on Bybit Web3?
All supported networks and currencies can be viewed in the 'Markets' section of the platform. It is crucial to always cross-reference this list before moving assets to ensure they are sent to a compatible network and avoid loss of funds.
What are decentralized applications (dApps)?
dApps are open-source software applications built to operate on peer-to-peer (P2P) blockchain networks. Their functionality is similar to traditional web applications but with the added benefits of decentralization and censorship resistance.
Which dApps are supported on Bybit Web3?
A complete overview of all supported dApps is available on the Bybit Web3 page. The dApp store features a variety of applications for trading, lending, borrowing, gaming, and more.
What is a Web3 ID (WID) used for?
A Bybit Web3 ID, or WID, is a unique identifier used to link your wallets. These identifiers can be used safely across different devices. Each wallet has only one WID, but a single unique WID can be linked to multiple wallets. You can view your WID within the wallet application or browser extension.
What are the advantages of the Cloud Wallet?
The Cloud Wallet offers three main benefits:
- It can be created instantly with a single click.
- It removes the personal responsibility of managing private keys.
- It allows for easy login through your existing Bybit account.
Are transfers between my Bybit exchange account and my Bybit Wallet possible?
Yes, transfers between your Bybit exchange account and your Bybit Cloud Wallet are supported in both directions. However, these on-chain transactions require the payment of a gas fee, which is paid to blockchain validators.
What happens if I don't have enough ETH to pay for gas fees?
The system allows you to convert USDT or USDC into ETH to cover gas fees. Typically, three different conversion amounts are offered for selection. To use this feature, you must have the Bybit Web3 wallet extension connected.
Can I edit my Bybit Wallet address?
No, a Bybit Wallet address cannot be changed once it has been created.
What is a watch-only address?
A watch-only wallet allows you to view the balance, transaction history, and other information of a specific address. Since it does not hold the private keys, you cannot use it to send or spend funds. It is a risk-free way to monitor the activity of any wallet.
How can I protect myself from crypto scammers?
Scammers use a variety of tactics to steal digital assets, including fake cryptocurrencies, fraudulent exchanges and apps, market manipulation schemes, P2P trading scams, DeFi exploits, Ponzi schemes, phishing emails, and fake airdrops. To protect your funds, remain vigilant, educate yourself on common scams, and pay close attention to any warning signs. Avoid acting on impulse, especially when presented with offers that promise easy profits, as this can lead to a total loss of assets. 👉 Explore more security strategies
Why are risk warnings displayed?
Risk warnings appear on the wallet, exchange, and DEX Pro pages. These warnings are security markers that indicate a token has been analyzed and deemed potentially risky using various methods. Please note that the Bybit app supports both 'Assets' and 'Exchange' functions, while the Bybit website only supports 'Exchange'. You can check the latest security indicators in the Bybit Support Center.
How to Work with Web3 Wallets
Now, let's walk through the process of how to create and fund a Web3 wallet on the Bybit cryptocurrency exchange. The process is straightforward and doesn't take much time. We recommend reading the instructions carefully. If you need more information, you can always visit the Support Center on the Bybit platform.
How to Create a Bybit Wallet
- Go to the Bybit Web3 page.
- In the top right corner, click 'Connect Wallet' and select the 'Bybit Wallet' option.
- Confirm the creation of your wallet by clicking the appropriate button.
Your Bybit Web3 wallet will now be created, granting you access to the Web3 space.
How to Add a Watch-Only Wallet
To safely view the balance and transaction history of another wallet, you can add it as a watch-only address.
- Open the 'Assets' section.
- Click the triangle next to your wallet address and select 'Watch-only'.
- Enter the external wallet address and confirm. The watch-only wallet will be added to your list.
How to Remove a Watch-Only Wallet
To delete a watch-only wallet:
- Go to 'Assets', click the triangle next to your wallet address, and choose 'Manage Wallets'.
- Click the '-' icon next to the watch-only wallet you wish to remove and confirm the deletion.
Step-by-Step Guide to Wallet Operations on Bybit Web3
Please note that working with keyless wallets is only possible through the Bybit mobile application, as the website's functionality is more limited.
How to Withdraw Funds from Your Bybit Spot Account to Your Web3 Wallet
The assets you wish to withdraw must be available in your Spot account.
Method 1:
- In the top right corner, open 'Assets' and select 'Withdraw'.
- Click 'Bybit Wallet'—your address will auto-fill. Then, select the network type and the amount you wish to withdraw.
Method 2:
- Navigate to the 'Funding' page.
- Select the desired cryptocurrency and click 'Withdraw' under it.
- Follow the same steps as above to complete the transfer.
How to Transfer Funds to a Web3 Wallet from an External Wallet
For this example, we will use MetaMask and the BNB Smart Chain network.
- In your MetaMask wallet, ensure your network is set to Binance Smart Chain (BSC).
- Copy your Bybit Web3 wallet address from the assets page.
- In MetaMask, click 'Send', paste the copied address into the field, and ensure all details are correct before confirming the transaction.
How to Transfer Tokens from Your Web3 Wallet Back to Bybit
Note: To withdraw tokens from your Web3 wallet to your Bybit exchange account, you need to have the Bybit Web3 Chrome extension installed.
- In your Web3 wallet, click the 'Send' button. Then, select the network and the token you want to transfer.
- Specify the destination wallet address. You can paste it manually or choose from your saved addresses.
- Enter the amount, double-check for any errors, and click 'Confirm'.
- A new page will open showing the estimated time for the transfer and the gas fee required. Ensure you have sufficient funds to cover the fee.
- Complete the two-factor authentication (2FA) process using the code sent to your email and your financial password.
- Finally, click 'Next' to send the tokens.
How to View Your Bybit Web3 Transaction History
To review your past operations, select the 'History' section on the Bybit Web3 page. For easier navigation, the history is separated into 'Pending' and 'Completed' tabs.
This guide provides a concise overview of conducting transactions on Bybit Web3. For more detailed information, please refer to the Support Center on the Bybit website or within the app. If you have further questions, you can always contact Customer Support.