Connecting to Bybit
If you purchased a plan that includes Copy Trading (Medium or Pro) then you can add a connection to an exchange on which the trades will be executed.
If you want to add a connection to Kraken please follow this guide.
The guide below will show how to connect to the Bybit test environment and the Bybit live environment. The test/demo environment can be used for testing, to monitor and most of all get a feel on how everything works. We support both Unified and Derivative accounts.
Adding a new connection
You can add multiple connections to an Exchange. But you cannot add the same Exchange account multiple times.
On the Settings page scroll down to the Copy Trading section and press on “Add a new connection to an Exchange”
A new section shows up in which you need to fill in some details that we need to grab from the Exchange we are going to add. First make sure Bybit is selected on top.
In the “Name Your Exchange” field you can specific is display name for the exchange.
In case you want to connect to the Demo Environment you can mark the Is Demo/Test Account checkbox.
First we need to grab the API Key and the API Secret by creating them on the API section in Bybit. We also need to whitelist the IP of our trading servers to allow them to make the trades.
Now lets head over to Bybit.
First you need to decide if you want to add on the Test environment or the Live account.
For connecting to a Test/Demo account you need to head over to: https://testnet.bybit.com
For the live environment you need to go to: https://bybit.com
Make sure you are signed in. For the test environment you need to have signed up separately, you cannot login with the Live environment credentials.
Once logged in click on the upper right corner on the round Profile Icon and choose API.
Now on the API Management section you need to click on the button that says “Create New Key” and in the dialog that pops up you can select “System-generated API Keys” as shown in this image.
You will be redirected to a new page where you need to configure the new API Key.
1) In API Key Usage keep the radiobutton on “API Transaction”.
2) Give your new API Key a name, like “Fiat Bear” so you can identify it again if you have multiple keys.
3) Make sure to set the API Key Permissions on “Read-Write”.
4) Enable the “Only IPs with permissions granted are allowed to access the OpenAPI”
and fill in these two IP addresses: 22.214.171.124,126.96.36.199.
5) In the bottom section enable the top four Permissions check boxes on: Orders, Positions, USDC Derivatives Trading and Unified Trading Trade.
6) You can double check the values with the screenshot below. If everything looks good you can click on the Submit button.
If you have 2FA enabled you will be asked to input your Authentication code. Enter your verification code and click on Confirm.
A new dialog shows up with your newly generated key.
Make sure you keep these keys private! We use encryption to make sure they are stored safely on our platform and no-one can access them.
You can now go ahead and copy the API Key and the API Secret from Bybit into the Settings page of Fiat Bear like this.
After you are done click the “Add” button. We will do a quick test if we can connect to Bybit. You should get a confirmation the Exchange was added if everything was entered correctly.
Make sure to set a proper leverage. You can update the Preferred Leverage at any time by editing the Exchange its settings. If you set the Preferred Leverage option to 0 it will use the same leverage that was used by the trader you are copy trading. You can also override this leverage setting again in the Trade Configurations.
Leverage can be used to amplify your trades. By using borrowed capital you can trade higher USD amounts. The higher your leverage the more risk you take. Crypto is volatile, which means using high leverage equals higher risk of liquidation, but it can also result in higher profits.
For example if you set a Leverage of 10 and we use $100 to open a new position then in fact it will open $1000 worth of that position. Any loss or gain is also amplified by 10. Keep in mind that if the market turns against you the risk of liquidation is higher when using more leverage.
In the above screenshot you can see that it also gives a message that the balance of your Account is too low. Make sure to check Bybit Requirements before enabling Copy Trading with this exchange.