How To Withdraw Catizen ($CATI) From Bybit
Step-by-step guide on how to withdraw $CATI from Bybit:
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Log in to your Bybit account
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Convert $CATI to USDT (or another major crypto)
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Return to the withdrawal page to initiate the transaction
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Select the converted coin to withdraw
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Choose the type of chain you would like
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Input the amount you want to withdraw
Withdrawing Catizen ($CATI) tokens from Bybit may be necessary for several reasons, including asset diversification, transfer to external wallets for long-term storage, or participation in other investment strategies. In this article, we tell you how to quickly and safely withdraw $CATI from the Bybit.
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How to withdraw Catizen ($CATI) from Bybit
Pre-trading of the Catizen ($CATI) token on Bybit began in late July 2024 and continues until the Pre-trading of the Catizen ($CATI) token on Bybit began in late July 2024 and continues until the official listing scheduled for September 20, 2024. The current pre-trading price of the token is around $0.50 with the potential to rise to $2.00. Investors are primarily focused on the large volume of tokens allocated for airdrop and ecosystem development (43% of the total supply), which may lead to price volatility in the initial stages of trading. In addition, small amounts of liquidity (5%) and strategic investments (2%) may complicate the market dynamics after the listing. Please note that pre-trading is often accompanied by significant price fluctuations due to low liquidity and speculative interest. This stage offers both potential benefits and serious risks.
How to withdraw Catizen | Step-by-step guide
Since $CATI has not yet been fully listed, it cannot be withdrawn. But in future you can withdraw your funds denominated in $CATI by converting them into more popular currencies. As a rule, this is USDT. First, you transfer your $CATI to USDT, and then the stablecoins can be withdrawn to external storage or other operations can be performed with them.
How to withdraw $CATI from Bybit, Source: bybit.com
Here's a clear and up-to-date step-by-step guide on how to withdraw funds from Bybit, based on official information:
Step 1: Log in to your Bybit account and click on “Assets” at the top right-hand corner of the home page. Then, click on “Withdraw”.
Step 2: Convert $CATI to USDT. Since $CATI often cannot be withdrawn directly to external wallets, converting them to a stablecoin like USDT is recommended.
How to withdraw $CATI from Bybit, Source: bybit.com
Step 3: Return to the withdrawal page to initiate the transaction. Click on the “Withdraw” button of the corresponding account you would like to withdraw from.
You will be able to select the account from which the withdrawal will be performed in the Withdrawal window. You can click on the 2 arrows icon to transfer assets from your other accounts to your Funding or Spot Accounts if needed.
How to withdraw $CATI from Bybit, Source: bybit.com
Step 4: Select the converted coin to withdraw as well as the withdrawal wallet address. You can either:
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Enter the wallet address directly in the Wallet Address field, or
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(a) Select your chosen wallet address among your registered withdrawal wallet addresses, or
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(b) Add a new withdrawal wallet address to your Bybit Withdrawal Wallet Address Book.
If you haven’t added a withdrawal address yet and would like to do so, please click on “Add” to set up your withdrawal address.
How to withdraw $CATI from Bybit, Source: bybit.com
Step 5: Choose the type of chain you would like. You will see the withdrawal fee amount for each blockchain network accordingly.
How to withdraw $CATI from Bybit, Source: bybit.com
Step 6: Input the amount you want to withdraw, or click on “All” to make a full withdrawal. Once the chain type is selected, the minimum withdrawal limit for this particular coin and blockchain network will be displayed on the right side of the withdrawal window.
How to withdraw $CATI from Bybit, Source: bybit.com
Step 6: Click on “Submit” and you’ll be directed to the withdrawal verification page. The following two verification steps are required: Email verification and Google Authentication if your wallet address is not verified.
If your address is verified in the Withdrawal Address Whitelist, you won’t need to go through the 2FA verification process, and you can submit the withdrawal request as below.
How to withdraw $CATI from Bybit, Source: bybit.com
Step 7: Click on “Submit”. Your withdrawal request has been successfully submitted. Also, after converting $CATI to USDT, you can withdraw it via P2P to Bybit.
Understanding $CATI withdrawal fees from Bybit
Each withdrawal comes with a fee that varies depending on the network and asset type you choose. For example, withdrawing USDT via the Ethereum (ERC-20) network will incur a higher fee than using other networks such as BNB Chain or Tron. Withdrawal fees can vary depending on the current network load and can range from a few dollars to significant amounts during periods of high network activity. We recommend keeping an eye on Bybit for updates to plan your withdrawals with minimal costs.
Risks and warnings when withdrawing $CATI
Withdrawing Catizen ($CATI) tokens from Bybit involves certain risks that users should be aware of to avoid potential loss of funds or other issues. Below are the key risks and precautions:
Incorrect network selection
One of the primary risks is selecting the wrong network for the withdrawal. Since $CATI operates on the TON blockchain, it is critical to choose the correct network (e.g., ERC-20 for USDT) when converting and withdrawing. Failure to do so may lead to the permanent loss of your tokens, as funds sent on the wrong blockchain cannot be recovered.
Address errors
Entering an incorrect wallet address during the withdrawal process can result in irreversible loss of assets. Blockchain transactions are immutable, meaning once the funds are sent to an incorrect address, they cannot be retrieved. Always double-check the address and use the copy-paste function to avoid manual errors.
Transaction fees and delays
Withdrawal fees vary depending on the selected network, and during periods of high network congestion, these fees can significantly increase. Additionally, transaction delays may occur due to network load, which can slow down the processing time of your withdrawal. It is recommended to monitor network conditions and choose times when fees and congestion are lower.
Security risks
Withdrawals are vulnerable to hacking if your account is not properly secured. Ensure that two-factor authentication (2FA) is enabled and never share your login credentials. Additionally, phishing attacks aimed at gaining access to your wallet are a common threat. Always verify that you are on the correct website and avoid using public Wi-Fi for transactions.
Liquidity risks
$CATI is a relatively new token, and liquidity might be limited, especially during the pre-market phase. This means that sudden large withdrawals could affect token prices or delay transaction processing due to limited market depth. It is important to be aware of market conditions before initiating large withdrawals.
Additional Catizen updates and thoughts
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Listing expectations. $CATI is scheduled to officially list on the Bybit spot market on September 20, 2024. This event promises to increase the liquidity and visibility of the token, attracting more investors.
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Airdrop and ecosystem. $CATI is scheduled to airdrop in 2024, allocating 43% of the total token supply. This should increase user activity and strengthen the Catizen ecosystem.
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Price expectations. Some analysts predict that the price of $CATI could reach $2.00 by the end of 2024, assuming the Catizen game continues to grow in popularity and is successfully integrated with other blockchains.
Schedule your output when network congestion is low to minimize costs
When withdrawing $CATI tokens from Bybit, pay attention to the withdrawal fees. The platform itself provides options for choosing the transaction processing speed (Slow, Average, Fast). But confirmation speed also depends on the blockchain network load. During periods of high TON network traffic, fees can increase significantly, which can affect the withdrawal speed. I advise you to plan your withdrawal in advance during periods of low network load to minimize costs.
Also consider tax and regulatory aspects. If you plan to withdraw large amounts of tokens, you should consult with tax specialists or familiarize yourself with local cryptocurrency taxation rules. Some jurisdictions require the declaration of income received from cryptocurrency transactions, and failure to timely fulfill these obligations can lead to fines.
When working with Web3 wallets, I also recommend storing your private keys in a safe place, and not using publicly available devices to conduct transactions. Using hardware wallets will increase the level of security of your assets. Even if you frequently withdraw small amounts, using hardware wallets is a good long-term approach to protecting your funds.
Conclusion
Pre-trading tokens on Bybit opens up additional opportunities for early investors, making withdrawals an important step in asset management. Therefore, withdrawing Catizen ($CATI) tokens from Bybit requires careful attention to details such as network selection and transaction security. Prepare all the necessary tools in advance, including a Web3 wallet and enabling two-factor authentication to keep your assets safe. Following the recommendations for address verification and fees will also help avoid possible errors when withdrawing funds. Following all the steps described in this article, you will be able to safely and effectively manage your Catizen tokens.
FAQs
Is it possible to cancel a $CATI token withdrawal after the request has been submitted?
Once a withdrawal request has been submitted and confirmed, the transaction cannot be cancelled. Tokens on the blockchain are sent permanently. Therefore, always check the withdrawal details, including the address and network, before confirming the transaction.
What should I do to prevent a wallet address error when withdrawing tokens?
To prevent errors with the wallet address, always copy and paste the address instead of manually entering it to avoid typos. It is also recommended to send a small test amount first to make sure the wallet and network selected are correct. This will help to avoid losing large amounts in case of an error.
Are there minimum or maximum limits for $CATI token withdrawals?
Yes, there are minimum and maximum limits for token withdrawals. The minimum limit depends on the network and token, and the maximum depends on the user verification level on the platform. To increase the withdrawal limit, complete additional identity verification.
Team that worked on the article
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).