Buy and Trade Ethereum Classic (ETC) with Ease: A Guide
ETC emerged after the events of the 2016 Fork of the original Ethereum cryptocurrency, following the unprecedented hack on the Decentralized Autonomous Organization (DAO) system, from which $60 million worth of ETH, originally generated from a profit of $150 million, was stolen. Ethereum Classic remains the heritage of what was left of the original Ethereum cryptocurrency.
Its other counterpart, which happens to be what we now call Ethereum (ETH), exhibits some slight differences not captured in the original Ethereum’s development before the Fork. Ethereum (ETH) consequently made a transition to a proof-of-stake consensus mechanism (ie, PoS) while ETC remained with the original consensus mechanism that had been passed down from the original Ethereum, which is the proof-of-work (PoW) consensus mechanism. This validation model is most suited to the blockchain and is also a good bet for miners, developers, and traders who are interested in a better, more decentralized economy.
Trading Ethereum Classic on Bybit
There is a 99.9% chance that one question is ringing in your mind as you read this. I’m no prophet, but let me see if I can cough up the answers to that question. Meanwhile, here’s the question…
“Why trade on Bybit?”
Of course, that is a good question, because there are a couple of other exchange platforms to trade your digital coins, so why choose Bybit for Ethereum Classic?
I hope this satisfies you…
- Bybit leads the chart as one of the cryptocurrency exchange platforms known for speed, security, and deep liquidity.
- Technologically advanced charting tool, with an integration of TradingView
- Bybit offers about a 25x leverage on selected derivatives.
- Cold wallet storage with a security-first mindset
- Well-matched derivative trading pairs like ETC/USDT, and a host of them.
Having justified why Bybit has to be your most preferred exchange platform and model, here’s how to set up a working and functional account on Bybit that allows you to trade ETC.
How to Set Up a Bybit Account
Before you can trade Ethereum Classic on Bybit, you must have an account with them, and that shouldn’t scare you if you are afraid of creating one. With these simple steps below, you can finish that up in no time.
Step 1. Create an Account
Go ahead and visit their official website, bybit.com. Once you are in, click “Sign Up” as a starter.
Step 2.
Once step 1 has been diligently followed, proceed to get yourself registered with them using a working email or your mobile number.
Step 3.
Beautiful! You are just a few steps away from owning an account. Quickly set a unique, strong, and easy-to-remember password. Check the box and agree to the terms.
Step 4
Do your KYC verification to get your identity verified in no time. Proceed to upload a government-issued ID and also complete your facial verification to unlock more options.
Step 5.
Take measures to keep your account secure against intruders. You can achieve that by doing these:
- a. Enable 2-Factor Authentication (2FA) either through Google Authenticator or other means.
- b. To minimize the chances of falling victim to phishing sites, set up an anti-phishing code and withdrawal whitelist.
Funding Your Bybit Account
Now your Bybit exchange account has been set up, and you’re ready to swoop upon any deals around Ethereum Classic, but first of all, before you jump on the deals, fund your wallet. Here’s how to do it.
- Go to Assets
- Click on Deposit
- Select ETC or USDT.
- Copy the wallet address
- Paste it on the tab of the sender and send funds from an external wallet or exchange.
This approach discussed is a Crypto exchange method of funding your Bybit account to trade Ethereum Classic. The other methods of funding can be through options of Fiat exchanges.
Once your account is funded with either BTC or USDT, you can now proceed to buy ETC.
How to Trade Ethereum Classic on Bybit
Having followed up on this point, we assume your account is all set and ready to fly. Here is how you delve into trading ETC on Bybit:
1. Take advantage of a perpetual contract
ETC/USDT derivative pairs allow traders the opportunity to continue on perpetual contracts either on a long-term or short-term basis.
2. Use technical analysis tools like TradingView integrated charts
You can also keep track of entry and exit points using indicators like RSI, Bollinger Bands, and volume profile.
3. Manage risks and keep the possibility of losses and going around at bay.
Here’s what to do,
Set up Stop-Loss and Take-Profit levels on every trade so that the outcome of every trade is monitored.
Cheap Remote Crypto Mining for you – Click Here
Conclusion
Bybit is one of the top-rated exchange platforms used to trade and exchange ETC. Bybit provides a moderately excellent balance of performance, liquidity, utility, and technical analytical tools.