How To Withdraw From ByBit? A Step-By-Step Guide

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How to withdraw funds/crypto/money from ByBit:

Visit the ByBit home page and select "Assets" button.Select your Funding or Spot Account - this is the section where your digital funds/cryptocurrency assets/currency corresponding to the digital asset overview is displayed
Click on "Withdraw" tab
Choose your withdrawal method, specific coin type and provide the recipient's details
Click "Submit"
Upon successful verification, click "Submit" once more

This comprehensive guide will walk you through withdrawing funds from ByBit, one of the premier crypto trading platforms. Whether you want to transfer fiat to a bank account or withdraw cryptocurrency, we've got you covered. The steps outlined are designed to provide clarity, ensuring a smooth and hassle-free withdrawal experience.

Bybit withdrawal options

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Bybit is legit and allows users to withdraw money. Bybit allows users to withdraw money to their bank accounts as cryptocurrencies and as internal transfers. You can simply withdraw your money to your wallets, bank, and other platforms via internal transfer. The withdrawal only takes 30 minutes; however, it may take longer.

How to withdraw funds from Bybit to your bank account

Step 1. Start by visiting the Bybit home page. There, you'll find an "Assets" button located in the top right-hand corner. Clicking on this will unveil a dropdown menu showcasing your digital assets. Select your Funding or Spot Account from this menu – this is the section where your digital funds overview is displayed.

Select account

Step 2. Direct attention to the specific currency column from which you aim to withdraw. It can be either Ethereum or Notcoin, Ripple, Bitcoin and others. Under this column, there's an option labeled "Withdraw." Click on it. An essential note: Withdrawals are exclusively conducted through the Funding or Spot Account. If your assets lie in a different account, click "Transfer" to move them to the correct location.

Initiate withdrawal

Step 3. Click on Fiat Withdrawal in the upper right corner.

Choose fiat withdrawal

Step 4. Input amount and select withdrawal method. If you have previously deposited fiat currencies to your account, Bybit will automatically link this account for withdrawals. If not, you will be able to add one account manually.

Fill-in withdrawal details

Step 5. Enter your email and Google Two-Factor verification codes, then click on Confirm. Ensure you have clicked on Send Verification Code to receive an email verification code. You will receive a push notification and email as soon as your withdrawal is complete.

How to withdraw crypto from Bybit?

Step 1. Begin by visiting the Bybit homepage. At the top right corner, you'll notice the "Assets" option. Once you click on it, a dropdown menu will showcase your digital balances. From there, navigate your way to either the Funding or Spot Account. These accounts store your cryptocurrency assets, and their balances will be prominently displayed for easy access.

How to withdraw crypto from Bybit

Step 2. Your next move is to identify the specific cryptocurrency you wish to withdraw. Beneath each cryptocurrency column, there's a "Withdraw" option. Make sure you're selecting the correct cryptocurrency and account. Remember to transfer the funds to the appropriate Spot or Funding Account first if the desired funds are in a different account.

How to withdraw crypto from Bybit

Step 3. A form will now appear, prompting you to specify withdrawal details. This is where you'll choose the coin type, input the recipient's account details, and specify the withdrawal amount. Accuracy is paramount here.

How to withdraw crypto from Bybit

Step 4. Upon completing all necessary details, click "Submit". You'll be directed to a verification page. If you have yet to verify your email or mobile number, you must complete both the email and Google Authenticator verification processes.

Step 5. You'll be prompted to finalize your withdrawal after successful verification. Click on "Submit" one more time. Congratulations! Your crypto withdrawal request is now underway, and your assets will soon arrive at the specified destination. Safe trading and secure transfers are at the heart of Bybit's user experience.

How to withdraw crypto from Bybit

Bybit Internal Transfers

Bybit offers users multiple ways to withdraw their assets, catering to different needs and preferences. One of the most convenient and cost-effective methods is the Internal Transfer option. This feature allows Bybit users to instantly transfer funds between Bybit accounts without incurring any withdrawal fees.

Internal Transfers are ideal for users who frequently move funds between their own Bybit accounts or need to send crypto to friends, family, or business associates who also use Bybit. This method bypasses the blockchain, resulting in immediate transfers and eliminating network congestion concerns.

Let's explore how to use the Internal Transfer feature step-by-step.

Step 1. Log in to your Bybit account.
Step 2. Navigate to "Assets" at the top right corner of the home page and click "Withdraw".
Step 3. Choose "Internal Transfer" as the withdrawal method.

Choosing Internal Transfer

Step 4. Select the coin you wish to transfer.
Step 5. Enter the recipient's Bybit account details:
- Email address, UID, or mobile number.
- Note: The recipient must have completed Identity Verification.
Step 6. Enter the amount to transfer or select "All" for a full transfer.
Step 7. Review the information and click "Confirm".
Step 8. Complete the security verifications if your email address and/or mobile number are not yet verified:
- Email verification.
- Google Authentication.
Step 9. Confirm the transfer by clicking "Confirm" again.
Step 10. The funds will be instantly transferred to the recipient's Bybit account.

How to Withdraw money from Bybit without KYC

For users who still need to complete KYC procedures, there's a daily withdrawal cap of 20,000 USD. Here's how to withdraw without KYC:

Step 1. Start by heading to the Bybit homepage. Here, click on the "Assets" section and navigate to either the Funding or Spot Account, depending on where your funds are located.

Step 2. Once inside, scan through to find the currency column corresponding to the digital asset you intend to withdraw. Directly under this column, you'll find the "Withdraw" option. Click on it.

Step 3. Upon selecting the withdrawal option, a form will appear. Fill in the requisite details about your withdrawal, but be extra cautious not to exceed the daily limit of 20,000 USDT, especially if you haven’t completed the KYC verification.

Step 4. After ensuring all details are accurate, click the "Submit" button.

Step 5. A confirmation prompt will appear. Validate your withdrawal once more by selecting "Submit." A word of caution: Bybit holds the right to request KYC verification at any point during the withdrawal process, so it's wise always to have your documents ready for any eventuality. Safe and mindful trading is the key.

Note:

Bybit fees may vary from type withdrawal option and withdrawal asset. For more information, you may visit the official Bybit website.

What is Bybit withdrawal time?

Once you've initiated a withdrawal request from ByBit, patience is key. ByBit prides itself on supporting instant withdrawals. Typically, the withdrawal takes 30 minutes to an hour to process. This timeline depends on the current network traffic and the blockchain's efficiency. On rare occasions, if the network is particularly congested, the waiting period might extend. Always plan your withdrawals, keeping a slight buffer time to account for these variances.

Troubleshooting common Bybit withdrawal issues

Withdrawing cryptocurrencies can be a straightforward process, but there are several common obstacles that may lead to unsuccessful withdrawal attempts. Below we'll explore the key reasons why your digital asset withdrawal requests might be denied.

Locked Funds. Newly deposited funds are subject to a temporary lock period until the necessary number of blockchain confirmations is achieved. To resolve this, wait for the required confirmations to be completed before attempting to withdraw.
Buy Crypto Platform Restrictions. Assets acquired through the Buy Crypto feature may be temporarily unavailable for withdrawal if the system identifies potential risks or irregularities. Contact customer support to address any concerns and determine when the assets will be available for withdrawal.
Invalid Address. The withdrawal address must correspond to the chosen blockchain network. Verify the correct address and network with the intended recipient. Double-check the address and selected network before submitting the withdrawal request.
Omitted Destination Tag/Memo. For blockchain networks that utilize tags or memos (such as TON, XRP, or EOS), this information must be accurately provided to avoid loss of funds. Ensure that you have entered the correct destination tag or memo when prompted during the withdrawal process.
24-Hour Withdrawal Hold. Specific account modifications, such as changing the password, email, or 2FA settings, trigger a 24-hour withdrawal suspension for security purposes. Plan accordingly and wait for the 24-hour period to elapse before initiating a withdrawal.
Surpassed Withdrawal Limits. Withdrawal limits are determined by the user's KYC verification tier. Complete the appropriate KYC process to increase these limits. If you require higher withdrawal limits, submit the necessary documentation to upgrade your KYC level.
Inadequate Available Balance. Withdrawals can only be made from the available spot balance. Funds may be locked in active orders or consist of non-withdrawable bonuses. Cancel any active orders or wait for them to be executed to release the funds for withdrawal.
Below Minimum Withdrawal Threshold. Each asset and blockchain network has a minimum withdrawal amount that must be met. Accumulate sufficient funds to meet the minimum requirement before attempting to withdraw.
Temporary Withdrawal Suspension. Withdrawals may be briefly halted due to wallet maintenance or network upgrades. Consider using alternative networks or await the resumption of service. Check official announcements or contact support for updates on the maintenance schedule.

Expert Opinion

Withdrawing funds from cryptocurrency exchanges like Bybit is an important part of both actively trading your assets as well as properly managing your portfolio over time. Here are a few tips traders should keep in mind when utilizing Bybit's withdrawal process:

Double-check withdrawal details. Taking an extra minute to ensure you have the correct wallet address, currency and amount listed is crucial. In blockchain transfers, even one mistaken character can result in a lost transaction.

Monitor the blockchain. While Bybit aims to process withdrawals quickly, factors outside their control like network congestion may slow things down. Check transaction status on the blockchain itself to have the most up-to-date information.

Factor in minimums and fees. Be aware of each currency's minimum withdrawal amount set by Bybit to avoid transaction failures. Don't forget to account for any network or exchange fees in your total cost projections.

Test small amounts first. For new withdrawal recipients or cryptocurrencies you've not used before, consider starting with a small test transaction first. This allows you to verify the address without risking a larger sum.

FAQ

What is the minimum withdrawal amount on ByBit?

The minimum BTC withdrawal on ByBit is currently 0.0003 BTC. Minimums vary for other coins. Check ByBit's website for up-to-date minimums.

Is there a withdrawal fee on ByBit?

Yes, ByBit charges a small withdrawal fee that varies by coin and network. The fee is shown before you confirm each withdrawal.

Why is my ByBit withdrawal "On Hold"?

Withdrawals under manual review may show as "On Hold". This could be due to lack of KYC, suspicious activity or other issues. Contact ByBit Customer Support to resolve withdrawal holds.

My ByBit withdrawal is showing as "Processing" for a long time. What does this mean?

A "Processing" status means ByBit is waiting for the network transaction to have enough blockchain confirmations before considering it complete. This usually takes 30-90 minutes with BTC. If longer, check the blockchain for updates.

Team that worked on the article

Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses that want to improve their Google search rankings to compete with their competition. With expertise in search engine optimization (SEO) and content marketing, he ensures his work is both informative and impactful.

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Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.

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).

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