See the article further below for information on when to use a weight lifting belt.
A weight lifting belt can be used for two things. One is lower back support while lifting in an upright or slightly belt over position, such as squatting or deadlifting. A belt will reduce lower back stress by compressing the abdomen, which increases intra-abdominal pressure and allowing the spinal erector muscles (the muscles running down parallel to your spine) to work less during the lift. It also reduces the amount of lower back compression experienced.
The second use of a weight lifting belt is to prevent hyperextension of the back during overhead lifts. Back movement is limited with the belt, so the spin can't bend backward very far, nor can it bend sideways.
Many longtime bodybuilders and power lifters recommend using weight belts for lifting your heaviest max lifts as protection against injury, but otherwise lifting without a belt will help build your back and abdominal strength, which in the long term will reduce injury as well. Weight lifting belts need to be worn very tightly to be effective. However, wearing the belt tightly during lifting can elevate blood pressure, so it's recommended that you loosen belt between sets.
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Dipping Belts
Dipping belts are an entirely different type of belt. They are used for weighted dips and sometimes for weighted pull ups. Weighted pull ups are less common, simply because they require more strength, so the belt is referred to as a dip belt.
The belt at first may appear strange because it doesn't tighten around your waist. However, when you add just a 10lb plate to the belt, you'll find that it hangs off your hips and butt without slipping.
To set up for the exercise, sit on a bench with the belt behind your and the chain front of you. Slip the end of the chain through weight plates and then clip the chain around your body to the other end of the belt. Stand up and let the weight plates hang between your knees and the belt hang off your hips. It should easily stay in place throughout your exercise set.