Bybit - Usdt - fees - Trezor One - I need some help to get started...

[clericus]

Hello,

I want to start trading on Bybit using USDT.
I want to trade bitcoin and take profits (if any ) once a month.

I am familiar with platforms like Kraken and eToro and never had to deal with USDT.
bear in mind I'm a noob.

What is the process here for me to trade in Bybit?

- send ERC20 tether to my Trezor One
- connect the Trezor One in Bybit and deposit the ERC20 tether
- trade
- at the end of the month do I send the profits back to my Trezor One? how do I turn that into USD or EUR?

Also, since I will be using ERC20 tether, I will have to deal with the very high gas fees, right?

Is there a way around it? Loopring?

Thanks a lot, any help would be highly appreciated

EDIT: NEVER MIND I JUST FOUND OUT BYBIT HAS GOT THE FIAT GATEWAY 

[jackg]

You don't need to send funds anywhere if you don't need them there.

You can send usdt with a lower træ sanction roority and you could also try sending a transaction at fewer intervals or using a coin like eos to convert to (which I think remains to have much lower transaction fees. Youd then have to use an exchange like binance or coinbase to convert the funds into withdrawable usd or eur. (use limit orders with exchanges to reduce cost though - eg don't use the simple interface unless you want to pay more).

[clericus]

You don't need to send funds anywhere if you don't need them there.

You can send usdt with a lower træ sanction roority and you could also try sending a transaction at fewer intervals or using a coin like eos to convert to (which I think remains to have much lower transaction fees. Youd then have to use an exchange like binance or coinbase to convert the funds into withdrawable usd or eur. (use limit orders with exchanges to reduce cost though - eg don't use the simple interface unless you want to pay more).

thanks yeah I just realise Bybit has got the fiat gateway to deposit USDT. So basically unless for long term storage I don't need the Trezor One in this scenario right?
thanks for the advice on the limit orders, yeah I am aware

[tranthidung]

thanks yeah I just realise Bybit has got the fiat gateway to deposit USDT. So basically unless for long term storage I don't need the Trezor One in this scenario right?
thanks for the advice on the limit orders, yeah I am aware

Shortly, you only can buy crypto with fiat on Bybit at this page: https://www.bybit.com/en-US/buy-crypto

You deposit your fiat to third party company that you can choose from that page, and receive your wanted cryptocurrency. For now, Bybit provides you three cryptocurrencies: BTC, ETH, and USDT.

Like this

• Bybit user guide - Fiat gateway
• Fiat Gateway FAQ

[clericus]

thanks yeah I just realise Bybit has got the fiat gateway to deposit USDT. So basically unless for long term storage I don't need the Trezor One in this scenario right?
thanks for the advice on the limit orders, yeah I am aware

Shortly, you only can buy crypto with fiat on Bybit at this page: https://www.bybit.com/en-US/buy-crypto

You deposit your fiat to third party company that you can choose from that page, and receive your wanted cryptocurrency. For now, Bybit provides you three cryptocurrencies: BTC, ETH, and USDT.

Like this

https://help.bybit.com/hc/article_attachments/900001964946/buycrypto_7.png

• Bybit user guide - Fiat gateway
• Fiat Gateway FAQ

thank you very much, yes I found out that today. I almost deposit some today, but then noticed that the fees were really high in order to deposit with fiat.... for 1500 euros it was around 70 euro of fees...on Kraken is 5 usd...

If I don't use fiat I would need the Trezor in order to send USDT, right?

using a coin like eos to convert to

Unfortunately the Trezor One doesnt support eos. What I could do maybe is to buy BTC (in a upper trend  ...) and as soon as it reaches Bybit convert it to USDT...

this should work ?
so the process would be to buy on a exchange like coinbase pro, send the btc to the trezor, then deposit that on bybit and convert it to usdt. right? am I missing something?

thanks a lot I really appreciate the help