How To Withdraw $CATS From Bybit: A Step-by-Step Guide
How to withdraw $CATS from Bybit:
The $CATS token is gaining traction due to its role in the CATS Telegram game, but as of September 30, 2024, $CATS has been announced for listing on Bybit, though it is not yet available for trading or withdrawal. If you're preparing to engage with $CATS on Bybit once it's listed, understanding the withdrawal process is crucial for both beginners and advanced users. This guide will walk you through the withdrawal steps, common issues, and expert advice for handling your $CATS once it's tradable.
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How to withdraw $CATS from Bybit: step-by-step guide
1. Access your Bybit account
Once $CATS is listed on Bybit, you’ll be able to log in to your Bybit account and navigate to the “Assets” section in the upper-right corner of the homepage. This will show all available assets, including $CATS, once it’s officially listed. Make sure your $CATS tokens are in your Spot or Funding account for withdrawal.
How to withdraw $CATS from Bybit, Source: bybit.com
2. Converting $CATS to a major cryptocurrency
Since $CATS may not be directly withdrawable in its native form on Bybit, you will first need to convert it into a major cryptocurrency such as USDT, BTC, or ETH.
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Go to the spot trading section
Navigate to the "Trade" tab on the Bybit homepage and select "Spot" to access the trading interface. -
Choose the trading pair
In the search bar, type "$CATS" and choose the appropriate trading pair, depending on the cryptocurrency you want to convert your $CATS tokens into (e.g., CATS/USDT, CATS/BTC). -
Execute the trade
To sell your $CATS tokens, you have two options:-
Market order: To sell $CATS at the current market price, select "Market" , input the amount of $CATS you want to sell, and click "Sell $CATS" to finalize the transaction.
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Limit order: If you prefer to sell at a specific price, set a "Limit" order. Your trade will execute once the market reaches your desired price.
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Confirm the conversion
After the trade is completed, you can check your converted cryptocurrency (e.g., USDT or BTC) in the "Wallet" section under "Overview". This is where you’ll see the new balance of your converted tokens, which are now ready to be withdrawn.
3. Withdrawing the converted cryptocurrency
Now that your $CATS has been converted into a major cryptocurrency, you can withdraw it to your external wallet or exchange.
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Navigate to the withdrawal page
Head to the "Wallet" section on Bybit and click on "Withdraw". Select the cryptocurrency you converted (e.g., USDT, BTC) from the list of available options. -
Choose the correct network
When making a withdrawal, it's important to select the appropriate blockchain network (e.g., ERC20, TRC20). Ensure that the network matches the one supported by your external wallet. If you choose the wrong network, your funds could be lost permanently. -
Enter the recipient address and amount
Input the wallet address where you want to send your cryptocurrency and double-check the address for accuracy. Then, enter the amount you wish to withdraw and confirm the transaction. -
Complete security verification
For security purposes, Bybit will prompt you to complete a Two-Factor Authentication (2FA) process. Enter the 2FA code from your Google Authenticator app and confirm the transaction through email verification if necessary. -
Confirm the withdrawal
Review all transaction details, including the recipient’s wallet address and the chosen network. Once confirmed, Bybit will begin processing the withdrawal. This process typically takes a few minutes to an hour, depending on network congestion.
4. Track withdrawal status
After submitting the withdrawal request, you can check its status under the “History” tab in the Assets section. If there are delays or issues, you can use blockchain explorers such as Etherscan (for ERC20 transactions) or BscScan (for BEP20 transactions) to check the transaction status. If the withdrawal is delayed or any issues arise, you can contact Bybit Support for assistance.
What is the CATS Telegram game and how to earn more $CATS?
CATS is the in-game token used in the CATS Telegram game, a play-to-earn (P2E) game where players engage in battles with virtual hamsters. The game has grown rapidly, driven by its simple, competitive format and the ability to earn $CATS tokens through various activities.
How to earn more $CATS:
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Participate in battles. Compete in hamster battles within the Telegram game to earn $CATS.
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Complete challenges. Daily and weekly challenges reward participants with $CATS.
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Referral program. By inviting friends to the game, both you and your referrals can earn extra $CATS.
Although $CATS is not yet available on Bybit, the upcoming listing in the near future means users will soon be able to trade and withdraw the tokens they’ve earned from the game.
Withdrawal limits and fees for $CATS on Bybit
Daily withdrawal limits
Bybit offers different withdrawal limits based on your KYC verification level. Non-KYC users will have lower limits, while completing KYC Level 1 or Level 2 will increase your daily withdrawal limit, allowing for larger $CATS withdrawals.
Fees
Once listed, $CATS withdrawal fees will depend on the blockchain network you choose. ERC-20 fees are generally higher, while other networks like TRC-20 may offer lower fees.
Processing time
While most withdrawals are processed within a few minutes, delays can occur depending on network congestion. Always check the current network status before initiating a withdrawal.
Common withdrawal issues and how to solve them
Incorrect wallet address
Entering the wrong wallet address can result in a permanent loss of funds. Double-check your wallet address before confirming any transaction.
Network issues
Selecting the wrong blockchain network can lead to delays or failed transactions. Make sure to choose a network that your wallet supports, such as ERC-20.
Withdrawal suspensions
During times of high volatility or maintenance, Bybit may temporarily suspend withdrawals. Users can set alerts for specific tokens, including $CATS, to be notified when withdrawals are available.
Contacting support
If any issues arise during the withdrawal process, Bybit’s customer support is available for assistance. They can help troubleshoot any problems with the withdrawal or security verification.
Pros and cons of withdrawing $CATS from Bybit
👍 Pros
• Fast processing. Withdrawals are generally processed within minutes, depending on network conditions.
• Multiple network options. Bybit supports various blockchain networks, allowing users to choose between cost and speed.
• Secure withdrawals. Two-factor authentication (2FA) and email verification make the process more secure.
👎 Cons
• KYC restrictions. Non-KYC users face lower withdrawal limits.
• Higher fees on ERC-20. Withdrawals on the ERC-20 network can be costly during high congestion periods.
• Temporary suspensions. Withdrawals may be suspended during network maintenance or high market volatility..
Keep calm and don’t rush
My advice on withdrawing $CATS from Bybit is simple — always prioritize security and planning. I’ve seen countless cases where traders lose tokens or face delays because they didn’t take the necessary precautions.
First, double-check your withdrawal details, particularly the wallet address and the network. Sending tokens to the wrong network can lead to irreversible losses, and trust me, even the most seasoned traders can make this mistake if they’re in a hurry.
Also, be mindful of timing. Network congestion can lead to higher fees or delays, so plan your withdrawals during low-traffic periods if possible. I often wait for periods of lower activity, especially during off-peak hours, to ensure smoother transactions with minimal fees.
Finally, if you’re planning on holding $CATS long-term, consider transferring your tokens to a cold wallet. While exchanges like Bybit have solid security measures, nothing beats the safety of offline storage, especially for assets you’re not actively trading.
Summary
Although $CATS is not yet available for withdrawal on Bybit, understanding the process ahead of time will prepare you for when it is listed. By following the steps outlined in this guide, you’ll be able to withdraw your $CATS securely and efficiently once the token becomes tradable on Bybit.
FAQs
What happens if I withdraw $CATS to the wrong network?
If you select the wrong network, your tokens may be lost. Always double-check that your chosen network matches the recipient wallet's supported network.
Is there a way to reduce withdrawal fees for $CATS on Bybit?
Yes, selecting networks like TRC-20 often offers lower fees compared to ERC-20. Review fee options before confirming your withdrawal.
How can I avoid withdrawal suspensions on Bybit?
Withdrawal suspensions are usually temporary and linked to network congestion or maintenance. Set alerts or wait for updates from Bybit when this occurs.
Can non-KYC users withdraw $CATS from Bybit?
Yes, non-KYC users can withdraw $CATS, but with lower daily limits (up to 2 BTC worth). For larger withdrawals, completing KYC is necessary.
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).