Bybit Wallet Overview and Guide
Bybit Wallet is a custodial cryptocurrency wallet offered by the Bybit exchange. Designed primarily for Web3 interactions, it emphasizes simplicity and user-friendly functionality.
This versatile crypto wallet can be accessed via a web interface or installed as a browser extension. Integrated seamlessly with the Bybit exchange platform, it allows users to easily deposit, manage, and trade cryptocurrencies. Multiple wallets can be created and connected to various blockchain networks.
Unlike non-custodial solutions where users manage their private keys, Bybit Wallet is custodial—meaning Bybit assumes responsibility for asset security. Logging in requires only your Bybit account credentials. The wallet is available as a mobile app or browser extension.
In this article, we’ll explore the features of Bybit Wallet, delve into Bybit Web3 capabilities, and provide step-by-step instructions for setting up and using the wallet.
Key Features of Bybit Wallet
Unlike popular non-custodial wallets like MetaMask or Trust Wallet, Bybit Wallet is custodial:
- Non-custodial wallets: Users control private keys, offering greater privacy but higher risk (e.g., irreversible loss if keys are compromised).
- Custodial wallets: A trusted third party (Bybit) manages keys, ideal for beginners prioritizing security and convenience.
Bybit also offers an MPC Wallet (Multi-Party Computation), which splits keys into three parts for enhanced security. More details in the MPC Wallet section.
👉 Discover how MPC technology enhances security
Supported Networks (as of latest update)
Bybit Wallet supports multiple blockchains and is accessible via:
- Desktop: Browser extension for DApp interactions.
- Mobile: Android app (MPC Wallet currently mobile-only).
Pros and Cons of Bybit Wallet
Pros
- Easy setup and integration with Bybit exchange.
- Supports multiple networks and cross-chain swaps.
- Web3 and DeFi protocol integration.
- Mobile and browser compatibility.
- 24/7 user support.
Cons
- Not non-custodial (users don’t control keys).
- Requires a Bybit exchange account.
- Limited functionality without KYC verification.
Bybit Web3 Ecosystem
Bybit Web3 is a streamlined portal for Web3 activities, offering:
- Cross-chain token swaps.
- Low-fee derivative trading via ApeX integration.
- IDO participation and airdrop management.
- NFT marketplace.
- Staking and DApp aggregator.
How to Create a Bybit Wallet
Prerequisite
A Bybit exchange account. Sign up here.
Browser Setup
- Log in to Bybit and navigate to Web3 → Bybit Wallet.
- Click "Create Bybit Wallet" and confirm.
- Your wallet is ready in seconds.
Mobile App Setup
- Download the Bybit app and log in.
- Go to Web3 → Wallet → "Create Wallet".
- Select Bybit Wallet or MPC Wallet (details below).
Browser Extension
- Install the Bybit Wallet extension.
- Log in with your Bybit account and set a password.
MPC Wallet (Keyless Solution)
Bybit’s MPC Wallet uses multi-party computation to split keys into three parts:
- User’s device.
- Cloud storage.
- Bybit’s servers.
Steps to Create:
- In the Bybit app, go to Web3 → Wallet.
- Select "Create Keyless Wallet" and set a password.
- Back up via Google Drive (password required for recovery).
Funding Your Wallet
Deposit crypto via:
- External wallets: Send assets to your Bybit Wallet address.
- Bybit exchange: Transfer directly from your exchange account.
- P2P trading: Buy crypto with fiat.
Always verify the network matches the deposit address!
Selling Cryptocurrency via P2P
- On Bybit, go to P2P Trading → Sell.
- Filter by amount, currency, and payment method.
- Select an offer, confirm details, and complete the transaction.
FAQs
Q: Is Bybit Wallet non-custodial?
A: No, it’s custodial—Bybit manages your keys for added security.
Q: Can I use Bybit Wallet without a Bybit account?
A: No, an exchange account is required.
Q: What networks does Bybit Wallet support?
A: Ethereum, BNB Chain, Arbitrum, and more (full list in-app).
Q: How do I recover my MPC Wallet?
A: Use the backup password stored in your Google Drive.