How To Invest In NFT

LEE FINANCE ACADEMY

Published in

Coinmonks

5 min readApr 26, 2022

Non Fungible Token: How to buy NFT in Bybit

Click here to Buy your First NFT

Bybit Also has general guide on how to be very profitable with NFT

Click here to sign up on Bybit

How to buy NFT in Bybit? This question has been asked by many new traders and investors, even though they do not know what this token or asset is or what its role or importance in the blockchain platform called Bybit is. But once you understand that Bybit is essentially a blockchain platform where you can buy and sell digital assets, including cryptocurrencies such as Bitcoin, Litecoin, Monero, Ethereum, and all ERC20 tokens and other digital assets, then it becomes clearer why it’s essential to understand how to buy NFT in Bybit.

Step 1: Create your account

To start trading on bybit, you will need to create an account. This can be done through their website and is pretty simple. To get started trading, you will also need an Ethereum wallet that can hold erc20 tokens, like myetherwallet. To completely understand creating a wallet and purchasing some eth for bybit, use mytutorial: How To Buy Ethereum Tokens Step-by-Step. If you already have a portfolio of nft in another exchange, skip step 1. Note that if you do not have any NFT in your wallet when depositing them onto bybit, they will not show up until after 5 confirmations from when they were deposited. This means it could take up to 30 minutes before your Deposit shows up. Please check out my guide for using etherscan to check your transaction status here: How To Check Your Etherscan Transaction Status.

On Bybit’s homepage, click on Deposit (1) to view all available options. Select whichever method you prefer (2). I recommend selecting Bybit since it’s quick and easy, but you may want to try something else if Bybit doesn’t work well with your country or bank account. Now I’ll go over each option individually so that you know what each one does and why I chose Bybit as an example above Wire Transfer. I don’t recommend using wire transfer unless necessary because most banks charge high fees per transaction, which would eat into your profits considerably.

Step 2: Deposit funds

If you haven’t already, you’ll need to deposit some funds into your trading account. This is required before you can begin trading. You have a couple of options for funding your account, but I recommend using crypto (which also allows you to trade with leverage) as it’s generally cheaper and faster than bank transfers. Log into your Bybit account and click on Assets from your dashboard to get started. You should see a button for Deposit Assets at the top of your screen; click that and select either ETH or BTC from the drop-down menu. Enter how much you want to deposit and confirm your transaction on the next page. Note: Your first time depositing will require 2 network confirmations. The transaction will show up in your Transaction History after about 10 minutes, but all future deposits will be instant once those confirmations are done! Once you’ve deposited into your account, navigate to Deposits/Withdrawals and click on Withdrawal next to whichever asset you deposited. On that page, enter how much of that asset you want to withdraw (remembering minimum withdrawal amounts apply), give it a description if desired, and submit! That’s it — you now have funds available for trading! While these steps do take a bit of time, it’s essential to follow them correctly so that your withdrawals don’t get stuck along the way. Keep in mind that you can always reach out to the customer support team if you run into any issues along the way. Now that your funds are ready for trading, let’s move on to step 3! Step 3: Buy NFT tokens: Now that you have some money ready, it’s time to purchase some NFT tokens!

Step 3: Buy crypto assets

you’ll need to get your hands on some crypto assets, whether Bitcoin or Ether. Head over to a reputable exchange such as Bitmex and follow their instructions for setting up an account (this usually involves verifying your identity). Make sure you transfer a small amount of crypto first to test out how trading works. You don’t want to risk losing hundreds of dollars if you make a mistake! Once you feel comfortable, move your funds into an online wallet — after all, that’s where they’ll be stored when you’re using the system. No more nightmares about lost hardware wallets or private paper keys! Keep them safe with us. Now we can finally start making trades! The next step is figuring out what kind of strategy you’d like to use…

Ensure you have a reasonable grasp of TA and technical analysis before attempting severe trading. Keep an eye on exchange reviews and fees, and factor those into your decision — don’t just choose one with the cheapest fees. For example, Binance has low fees at 0.1% per trade, compared to Bitfinex’s 0.2% fee. The difference may not seem like much, but it could be an essential consideration for day traders.

I believe that anyone can benefit from the platform regardless of experience level or trading knowledge; Bybit offer a streamlined interface so you can start trading immediately without any unnecessary complications! The service offers two types of trades: market and limit. Limit orders allow you to set your price, while market orders are filled at current prices. Choose an asset and enter your desired price to execute a trade. Then click Buy or Sell and confirm your order.

Step 4: Start trading on markets.

To trade on markets, you need a verified account and some funds. To verify your account, go through a couple of security checks. The process will be short, simple, and painless. If you run into any issues, we’re here to help! Once your account is verified, head over to My Assets and click Deposit. To deposit funds from your bank account or debit card, enter how much money you want to transfer (minimum of 0.0001 BTC) and where that money came from. You can choose between Bank Transfer and Debit Card. If you select Bank Transfer, there is no fee for depositing funds. However, if you are depositing with a credit card, a small fee is paid directly to Stripe’s payment processor. As soon as your funds have been successfully deposited into your Bybit trading account, they are ready for use in trading! You can finally start buying cryptocurrencies on an exchange platform such as Bybit. Welcome to the world of cryptocurrency investment! It’s not always easy, but once you get started and find your feet, you’ll be well to become a millionaire overnight or financially independent. Don’t forget: everyone has to start somewhere. Even millionaires had their first million-dollar idea fail miserably before they went on to make millions more. Don’t let it stop you from pursuing your dreams! Good luck out there, traders!

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How To Invest In NFT

Step 1: Create your account

Step 2: Deposit funds

Step 3: Buy crypto assets

Step 4: Start trading on markets.

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Published in Coinmonks

Written by LEE FINANCE ACADEMY