How To Withdraw From Bybit
ByBit is a reputable crypto margin platform that is one of the best places to trade spot or leveraged markets. Since the exchange was launched in 2017, it has been the go-to destination for serious crypto traders. However, for traders who are not familiar with Bybit, withdrawing money can be a difficult task. This guide will explain how to withdraw from Bybit, explain the payout methods available, assess the withdrawal fees, and provide a step-by-step of the entire process.
Can You Withdraw From Bybit?
Yes, Bybit traders can withdraw cryptocurrency assets from the exchange to another crypto exchange or wallet. However, it is important to note that Bybit doesn’t support withdrawal for all cryptocurrencies. Moreover, Bybit does not allow individuals to cash out and withdraw money to a bank account (e.g. US Dollars). An alternate method is to transfer the crypto to another platform with a fiat off-ramp to withdraw cash.
The withdrawal methods available include:
- Withdraw crypto to an external wallet or exchange. Bybit permits the withdrawal of cryptocurrencies to external cryptocurrency wallets such as Metamask, Trust Wallet, and Ledger wallets for example. Similarly, crypto assets can be transferred to other crypto exchanges that support the particular coin.
- Withdraw via Bybit P2P. Users can swap their cryptos for cash on the Bybit P2P trading platform. Currently, Bybit P2P only supports four cryptocurrencies - Bitcoin, Ethereum, USDC, and USDT. Independent sellers can trade cryptos for any type of fiat currency and cash out funds using a preferred withdrawal method.
How To Withdraw From Bybit - Quick Guide
To safely and quickly withdraw crypto assets from Bybit, follow these steps:
- Visit the official website. The first step is to visit the Bybit website or app and log in using valid credentials. and log into the account
- Select a cryptocurrency to withdraw. Click on the 'Assets' button on the home page, navigate to the spot wallet, and click on 'Withdraw'
- Enter the amount and select network. Choose the crypto from the drop-down menu, enter the amount to transfer, and select the blockchain network to use.
- Review and complete withdrawal. Review the crypto withdrawal request information, confirm the verification code, and click 'submit' to confirm the withdrawal.
How Long Does It Take To Withdraw Funds From Bybit?
Bybit offers immediate withdrawal from the platform. However, immediately does not equate to instant. Users have to wait at least 30 minutes to withdraw funds from Bybit due to its multi-signature and vetting processes. Depending on the number of confirmations by the receiving exchange and the network traffic at the time of the request, it can even take up to 1 hour to process a withdrawal request.
What Are The Withdrawal Limits?
Bybit limits how much a user can withdraw from their accounts. It is different for each crypto asset and is subject to change based on market conditions. The other factor that determines the minimum and maximum withdrawal limit is the level of verification. Non-verified accounts can withdraw up to 2 BTC per 24 hours. Verified accounts have increased withdrawal limits of 50 BTC and 100 BTC for Bybit KYC levels 2 and 3.
Related: How long does it take to verify on Bybit?
As for the crypto-specific minimum withdrawal amounts, the follow limits apply to the most common supported assets on Bybit:
| Cryptocurrency | Bybit Minimum Withdrawal |
|---|---|
| Bitcoin | 0.001 |
| Ethereum | 0.02 |
| BIT | 8 |
| EOS | 0.2 |
| XRP | 20 |
| USDT | 20 |
| Doge | 25 |
| XLM | 8 |
How Much Does It Cost To Withdraw From Bybit?
Bybit charges a nominal fee for the withdrawal of crypto assets. The fee is based on the miner or network fees and differs from crypto to crypto. For instance, the withdrawal cost to transfer Bitcoin to an external wallet is 0.0005 BTC. The withdrawal fees can also vary based on the blockchain network used. In the case of USDT, the withdrawal fee is $10 (ERC-20) and $1 (TRC-20). The full list of withdrawal fees can be viewed on the Bybit website.
How to Withdraw Crypto from Bybit - Full Guide
Here are the steps in detail to withdraw crypto from Bybit.
Step 1: Login to the Bybit account
The first step is to log in to the Bybit account. The process would require two-factor authentication. However, it won’t be by default. We recommend that the investors go to the account settings and activate it to keep their funds safe. The next step is to click on the 'Assets' button on the home page. On the desktop, it is present on the top right-hand side of the screen; mobile users will find the same button on the bottom-right corner of the page.
Step 2: Find the cryptocurrency to withdraw
Bybit withdrawals can only take place from the 'spot' wallet. The next step is to click on the 'withdraw' button for the spot wallet. This will bring up a list of the available assets to perform an on-chain withdrawal.
Step 3: Enter the amount to withdraw
Select the type of crypto to withdraw from the drop-down menu. Enter the unique withdrawal wallet address of the receiving wallet, the chain type and the amount to send. The withdrawal fee will also be shown. Once the information is entered, click on 'submit' to proceed to the final step.
Step 4: Enter the confirmation code and complete withdrawal
Clicking the submit button will direct the investor to the withdrawal verification page. Clicking on 'Get Code' will send a withdrawal request code to the user’s registered email address. However, Bybit implements a captcha to confirm that the user is not a bot. Once the user receives the authentication code, they must enter it and click on 'Submit'. That will complete the withdrawal process on Bybit.
How to Withdraw From Bybit To A Bank Account
As mentioned, it is not possible for users to directly convert their cryptos for cash (fiat) unless they are using Bybit’s P2P trading platform. The alternative is to transfer the digital assets to another crypto exchange with direct fiat currency support. Here is a complete guide to this process of withdrawing money from Bybit.
Step 1. Choose a cryptocurrency exchange
First choose a cryptocurrency exchange that supports fiat withdrawals using a preferred payout type (e.g. bank transfer, SWIFT, or a bank card). A suitable option is Binance which has multiple withdrawal methods including fiat to crypto, crypto to wallet transfer, cash for crypto, cash to credit/debit cards, and more.
Step 2: Create an account with the platform
The second step is to create a crypto account on the exchange. Using Binance as an example, here are the steps to create an account on Binance.
- Go to the official website: Navigate to the Binance website. Individuals based in the US will need to open an account with Binance.us. It has similar facilities as the international platform but has a smaller collection of crypto assets. Read the full review on Binance.US in this article.
- Enter the details to sign up: The user must click the signup button and enter the essential information. Binance asks for a two-factor authentication code from first-time users.
- Verify the account: After creating the account, they receive the prompt to verify it. It is recommended for users who wish to trade, buy, sell or withdraw cryptos from Binance. To verify the account, the user must hover their cursor over the “User” icon and select identity verification. They will then be asked to enter their personal details, which will direct them to the identity verification and liveliness test page. This method would differ based on the chosen vendor. Finally, the user must upload their address proof, answer compliance questions, and wait.
Step 3. Withdraw crypto from Bybit
Now the step to complete is to send crypto from Bybit to another cryptocurrency exchange to complete. Here are the steps to send crypto from Bybit to Binance.
- Get the crypto address from Binance" The first step is to get the crypto deposit address from Binance. It is done by logging in, accessing assets, and finding the deposit option. Clicking on the “Deposit” option will open a window that will let the user select the crypto to receive on Binance. They must then generate a deposit address for the said crypto.
- Sign in to the Bybit account: The user must sign in to their Bybit account. They must then go to “Assets” and click on the spot or derivatives account.
- Select the cryptocurrency to withdraw: The user must select the crypto they wish to transfer to Binance. They must then click on the “Withdraw” button.
- Selecting the chain type and entering the amount: The user must then choose the type of blockchain their crypto asset is on. For withdrawing stablecoins, it is recommended to select the chains that charge a low fee. Next is entering the amount of crypto, the withdrawal wallet address - where the deposit of address taken from Binance is pasted. Complete the withdrawal verification page by entering the code and then click on the submit button to start the transfer process.
Step 4: Cash out and withdraw to bank account
The final step is to withdraw the cryptocurrency transferred from Bybit to Binance. The steps for which are given below:
- Open the Binance account.
- Check whether the cryptocurrency withdrawal has arrived from Bybit.
- Sell the cryptocurrency to fiat using the spot market or 'Convert' feature.
- Withdraw the money to the nominated bank account.
Here is a full guide to withdrawing money from Binance to learn about the mentioned steps in detail.
Frequently Asked Questions
Bybit does not support direct withdrawals to a bank account. Therefore, the only way to take money out of ByBit is to transfer the crypto assets to another exchange. The individual can then opt to sell Bitcoin into cash and withdraw to a bank account.
Bybit has placed the withdrawal cut-off at 30 minutes. This is due to several protection measures this platform has placed to confirm and verify the transaction is valid.
ByBit requires KYC to withdraw funds greater than 2 Bitcoin per day. For amounts less than that, there is no verification required. This is advantageous to those that want to remain anonymous which makes Bybit an excellent choice for a no KYC crypto exchange.
Conclusion
This guide has explained the process of withdrawing from Bybit. Unfortunately, the withdrawal methods on this platform are quite limited as it's predominately a derivatives trading platform for USDT and inverse contracts. However, it does implement security to ensure that the assets are safe. For those who want to withdraw cash directly from a quality crypto margin platform, FTX is a viable alternative that allows fiat withdrawals to a bank account.
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