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Bybit is a top crypto trading platform that offers numerous remarkable features for traders. It has a user-friendly interface, which makes it a suitable exchange for all kinds of users, experienced and inexperienced alike.
The process to withdraw funds from the exchange is also quite simple and easy. New users of the Bybit exchange should take a look at the steps mentioned below to learn about the withdrawal procedure.
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Step 1: How to Withdraw Funds
The Bybit exchange has different interfaces for the website, desktop version and mobile application. Let’s first take a look at the process to withdraw funds via Bybit’s website.
On the upper right corner of the homepage, users will see “Assets”. Once they click it, they will be directed to the Assets page under the category of “Spot Account”. Users can select the currency they want to withdraw and click “Withdraw”.
For users who want to withdraw funds via a mobile application, the “Assets” button will be located at the bottom right corner of the homepage. They can click “Withdraw” and choose the currency they want to withdraw.
Step 2: How to Add Withdrawal Wallet Address
Before submitting a withdrawal request, users need to double-check if their withdrawal wallet address is linked to their Bybit account.
Web users need to click on “Add” to set the withdrawal address.
The next steps to follow are mentioned below.
- Select “Chain Type, i.e. ERC-20 or TRC-20
- Click on “Wallet Address” and select the address of the receiving wallet
- Enter the amount to withdraw, or click “All” in case of a full withdrawal
- Click “Submit”
People who use the mobile application also have to follow the above-mentioned steps.
Step 3: How to Submit Bybit Withdrawal Request
Once the users click “Submit”, they will be redirected to the withdrawal verification page. The two verification steps required here are as follows:
1) Email verification code:
- Click “Get Code” and drag the slider for completion of verification
- Enter the verification code received at the registered email address
2) Google Authenticator code: Entering the 6-digit Google Authenticator 2FA security code obtained
The withdrawal request will be submitted successfully when users click “Submit”.
Important Details to Note
Before traders or Bybit users continue, they need to know some very crucial aspects. The details mentioned below should be kept in mind to avoid any kind of inconvenience or complication.
- Withdrawals will directly be performed via the Spot account.
- If users want to withdraw in the Derivatives account, they will first have to transfer the assets to the Spot account by clicking “transfer”.
- Both ERC-20 and TRC-20 have specific withdrawal addresses and it is crucial to enter a specific address before withdrawing.
- Failure to add the corresponding network can cause the users to lose their funds.
- While withdrawing EOS and XRP, users need to add the EOS Memo or XRP Tag for transfer, to avoid unnecessary delays in withdrawal processing.
- The verification email sent to the registered account will only be valid for 5 minutes.
- The withdrawal process takes 30 minutes.
Withdrawal Time on Bybit
Unlike other crypto trading platforms in the market, Bybit has the leverage of allowing users to withdraw their funds three times a day. This is one of several unique aspects of the trading platform.
There are specific timeframes, during which users can withdraw their funds, that occur at 0800, 1600 and 2400 UTC.
The maximum time for the withdrawal confirmation is 8 hours. However, there is a 30-minute rule. According to the rule, if a user submits a withdrawal request at 0730, it will be confirmed at 1600 instead of 0800.
Is There a Bybit Withdrawal Limit?
The Bybit exchange recently introduced KYC (know your customer) verification. Users can opt not to complete the KYC verification, in which case the withdrawals they can make will be limited to 2 BTC per day only.
However, if the users complete the KYC verification, it will not only increase the security they are offered by also their withdrawal limit.
There are two levels of KYC withdrawal, Level 1 and Level 2, which increase the withdrawal limit to 50 BTC and 100 BTC, respectively.
Bybit is an outstanding trading platform with millions of active users from all around the world. If you are a new user of the exchange and want to know how you can withdraw your funds from Bybit, then the step-by-step guide and other crucial details above can help you get a good idea.
You can learn more about the exchange through our full Bybit tutorial below.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.