How to Protect Your Bybit Account: A Comprehensive Guide

In the fast-paced world of cryptocurrency trading, securing your Bybit account isn’t just an option. In fact, it's a necessity. The decentralized nature of cryptocurrency markets, while offering numerous advantages, also presents unique security challenges. With cyber threats and scams on the rise, safeguarding your Bybit trading account is paramount to ensuring that your funds and personal information remain safe. This article provides a comprehensive guide to protecting your Bybit account in order to help you navigate the complexities of crypto security with confidence.

Key Takeaways:

• Having additional layers of security — such as two-factor authentication (2FA), using a YubiKey and setting up a withdrawal lock — is crucial for safeguarding your funds.

• Besides using a strong and unique password, being vigilant is key in identifying any unauthorized access or transactions in your Bybit account.. 

• Having a proactive approach can also help you to address potential threats and secure your account.

How to Sign Up for a Bybit Account

Step 1: Head over to Bybit’s official website and click on the Sign-Up button. You’ll be directed to a pop-up where you can enter your details to complete the sign-up process. Begin by entering your email or mobile number (along with the country code), preferred password and referral code (optional and can be left blank).

Alternatively, you can also sign up with Google or Apple, using the email address linked to your Google account or Apple ID for Bybit account creation. However, if you’ve selected Hide My Email for your registration, Apple will create a unique, random email address with the @privaterelay.appleid.com domain for registration.

To check your @privaterelay.appleid.com email address, go to Apple Settings → iCloud → Apps Using icloud → Hide My Email.

Step 2: You’ll need to confirm your residence in order to complete the registration process. Follow the instructions prompt on the screen to proceed with the next step. 

Step 3: Complete the reCAPTCHA verification and enter the verification code sent to your email inbox (email registration), or an SMS code sent to your mobile number (mobile registration). If you don’t receive the email, please check to see if it’s been sent to your spam/junk mail box. 

Top Tips for Protecting Your Bybit Account

The security of your cryptocurrency investments relies on a series of choices ranging from creating an account from a trusted exchange to setting up precautionary steps to safeguard your funds. Following are some of the top tips you can rely on.

Enable Google Two-Factor Authentication (2FA)

One of the most effective ways to secure your Bybit account is by enabling two-factor authentication (2FA). This adds an extra layer of security by requiring a second form of verification, in addition to your password. We recommend enabling Google 2FA immediately after logging in to your Bybit account. 

Steps to Enable 2FA

• Step 1: Log in to your Bybit account.

• Step 2: Go to the Account & Security section.

• Step 3: Select Enable 2FA.

• Step 4: Download an authenticator app (e.g., Google Authenticator, Authy).

• Step 5: Scan the QR code (provided by Bybit) with the authenticator app.

• Step 6: Enter the code generated by the app into Bybit to complete the setup.

Bybit will prompt you for the 2FA code every time you log in, enhancing the security of your account significantly.

Set Up a YubiKey Authentication 

A YubiKey® is a physical device manufactured by Yubico that provides secure authentication. It’s often used to protect online accounts by adding an extra layer of security beyond just a password. When used as a second factor in two-factor authentication (2FA), it requires the physical presence of the YubiKey to log in to an account, thereby significantly reducing the risk of unauthorized access, even if the password is compromised.

How YubiKey Works on Bybit

Setup: To use a YubiKey with your Bybit account, you first need to configure it through the security settings on Bybit. This usually involves inserting the YubiKey into your computer, or connecting it to your mobile device and linking it to your Bybit account.

Authentication: Once the YubiKey is set up, logging into your Bybit account will require both your password and the physical presence of the YubiKey. When prompted during the login process, you’ll need to either press or touch a button on the YubiKey (depending upon the model of your device) to complete the authentication process.

Setting Up YubiKey on Bybit

To set up your YubiKey with Bybit, follow these steps:

1. Log in to your Bybit account.

2. Go to Settings → Security.

3. Choose the option to add a YubiKey.

4. Follow the on-screen instructions to insert and activate your YubiKey.

5. Confirm the setup by verifying with the YubiKey.

Set Up a Fund Password

A Fund Password is an additional layer of security applied to your account, different from your account login password used for security verification and withdrawals. Therefore, it safeguards your funds even if someone gains access to your login credentials.

Step 1: Log in to your Bybit account and navigate to the Account & Security page by hovering your cursor over the profile icon in the upper right corner.

Step 2:Go to Advanced Protection → Fund Password → Settings to set up your Fund Password.

Step 3:Enter a distinct Fund Password that’s different from your account’s password, and click on Confirm to complete the process.

Notes:

• The Fund Password cannot be the same as your login password.

• Passwords must contain 8–30 characters, including at least one uppercase letter, one lowercase letter and a number.

Step 4:Complete the Security Verification and click on Confirm. 

Enable an Anti-Phishing Code on Your Bybit Account

To prevent phishing attempts, we suggest setting up an anti-phishing code. This feature adds this function to all emails from our platform, which helps you verify your emails’ authenticity. If the code is not displayed or doesn't match, it indicates a potential phishing email or site. In such cases, refrain from clicking on any links or performing any actions via email or the site.

Here are some articles that can help you learn more about how to spot phishing attempts:

• How to Keep Your Cryptocurrency Safe (2023)

• 7 Crypto Scams That Actually Happened (& What You Can Do to Protect Yourself)

Enable New Address Withdrawal Lock 

Enabling the New Address Withdrawal Lock feature restricts any newly added withdrawal address from being used for a 24-hour period. This provides an additional layer of security and helps prevent unauthorized withdrawals. Please visit here to manage your withdrawal security.

Deactivate Account for Suspicious Activity

If you notice or suspect that your account is at risk of being hacked, you are advised to deactivate your account from the account security page, or via the link in the new withdrawal address or new device login notification email.

Use Bybit Authenticity Check to Verify a Website’s Authenticity

To ensure the legitimacy of any Bybit-related domains or sources of information (such as emails, phone numbers, URLs or social media accounts), kindly utilize the Bybit Authenticity Check feature.

When to Reach Out to Bybit Customer Service

If you suspect malicious activity in your Bybit account, it’s crucial to reach out to Bybit Customer Service immediately to ensure the security and integrity of your account. Time is of the essence in such scenarios, as any delay could potentially result in significant financial losses or further unauthorized access.

Indications of malicious activity might include unexplained changes to your account settings, unfamiliar login attempts or locations, unexpected transactions, or emails alerting you to password changes or security alerts you did not initiate. 

If you notice any of these red flags, you should promptly contact Bybit Customer Service through our official support channels, such as our online chat service or email support, or through the support ticket system available on the Bybit platform. Providing detailed information about the suspicious activity, including dates, times and any relevant screenshots, can help the support team respond more effectively and swiftly. 

Additionally, while waiting for a response, it’s advisable to change your account password, enable two-factor authentication (if it’s not already activated) and monitor your account for any further unusual activity. By acting quickly and contacting Bybit Customer Service at the first sign of suspicious activity, you can mitigate the risk of extensive damage and secure your account against potential threats.

The Bottom Line

Securing your Bybit account requires a proactive approach and a commitment to best practices in digital security. You can significantly reduce the risk of falling victim to scams and losing your funds by enabling two-factor authentication, using strong passwords, being vigilant against phishing scams, monitoring your account activity, securing your email, avoiding public Wi-Fi, keeping your software updated, being aware of social engineering attacks, using cold storage for long-term holdings and regularly backing up your data.

Remember, the security of your cryptocurrency investments is ultimately in your hands. Stay informed, stay cautious and make security a top priority in your trading activities.

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