At the virtual currency exchange Bybit, you must know how to purchase coins in the market, such as futures, spot, and staking, and safely withdraw the money you earn. In the case of Bybit, unlike the deposit method, the withdrawal method is quite simple. Bybit handles over 200 virtual currencies, and the minimum withdrawal amount and withdrawal fees vary depending on the currency.
Bybit functions and exchange features
Bybit ranks high in popularity among overseas exchanges and allows you to trade popular coins such as Bitcoin, Bitcoin Cash, Litecoin, NEM, and Ethereum. Compared to bitget, bitpoint, coincheck, mexc, binance, etc., it is quite popular, especially among Japanese people. We accept legal currencies (US dollars, euros, Japanese yen, etc.), debit cards, credit cards (VISA), convenience stores, and virtual currencies.
Fully equipped with security measures
Bybit’s identity verification KYC level is also quite reliable as it has a facial recognition function. There is two-factor authentication, and you can set a password for peace of mind. There has never been a hacking incident to date. The official website supports deposit and withdrawal methods, and with Ripple, etc., you can remit money securely as long as you enter the tag properly. If you have any trouble, the support center will assist you.
maximum leverage is high
The maximum leverage is 100x to 200x, which is the highest leverage among virtual currency exchanges. Compatible with smartphone apps and web browsers. Basically, it supports spot trading and futures trading. The server is also stable enough and there are no problems with trading.
Limited time bonuses and campaigns
There are limited time events and regular events. There are plenty of bonuses and campaigns, and by holding tokens, you can get altcoin airdrops.
Withdrawal method
With Bybit, withdrawals are made in virtual currency. In other words, you cannot withdraw in fiat currency.
How to convert to fiat currency
There is only one way to convert to fiat currency. It means that you will withdraw from Bybit to a virtual currency exchange that supports legal currency and withdraw it in legal currency at that exchange. It’s a little troublesome process, but it can’t be helped because Bybit can’t withdraw legal currency.
Notes
Be careful when sending funds. If you make even a single mistake in the remittance address when transferring funds between exchanges, the remittance remains lost and cannot be recovered, resulting in a loss. Don’t get me wrong, even though it’s paperwork. Please check the address carefully.
Minimum withdrawal amount and fees
For withdrawals and remittances of virtual currencies, the minimum withdrawal amount is set for each currency. Fees and withdrawal amounts for major currencies are as follows:
| Currency | commission | Minimum withdrawal amount |
| BTC | 0.0002BTC | 0.001BTC |
| ETH | 0.0003ETH | 0.0003ETH |
| USDT | 0.3USDT | 10USDT |
| XRP | 0.25XRP | 20XRP |
| EOS | 0.1EOS | 0.2EOS |
Identity verification level
Please note that the maximum withdrawal amount per day is limited by the level of identity verification KYC. You can set the identity verification in the following article. You will need your ID and proof of address, so be prepared.
| KYC | withdrawal limit |
|---|---|
| Level 0 | ～2BTC |
| Level 1 | ～50BTC |
| Level 2 | ～100BTC |
two-factor authentication
Two-factor authentication must be completed in order to withdraw. Two-factor authentication is possible with the following article. There are email settings or Google authentication, but Google authentication is recommended. Download it.
Withdrawal procedure
Now let me explain how to withdraw from Bybit. The screens are different between the PC version and the smartphone version, but the procedure is almost the same. If you do not have an account, please create an account by clicking the button below.
For PC version
Let’s log in first. Select “Withdrawal” from the “Assets” button on the top right of the screen.
https://www.bybit.com/
The asset overview page will be displayed, so click “Withdraw”.
The withdrawal screen will be displayed, so please select and enter the withdrawal information.
Currency: Select the virtual currency to withdraw
Wallet address: Enter the address of the virtual currency exchange to withdraw
Chain type: select network selection from list
Quantity: Enter the quantity of virtual currency
Next, perform two-factor authentication. When you click “Get Code”, a verification code will be sent to your registered email address, so copy it and paste it on the two-factor authentication page. Once the procedure up to two-factor authentication is completed, you will receive an email with the remittance confirmation address. Click the Bybit URL in this email to clear the withdrawal.
For smartphone version
You can also withdraw money from Bybit using the smartphone version. However, most of the steps are the same as the PC version above. If you select “Assets” → “Withdrawal” → “Virtual currency name” from the home screen of the smartphone app, the withdrawal instruction screen will be displayed. Once the two-step verification and email confirmation are complete, the withdrawal instructions are complete.
Notes on withdrawal processing
Please refer to the following regarding payment processing.
reflection time
Withdrawal of virtual currency should be completed in several tens of minutes to several hours. If it is not reflected at all even if you wait for a long time, there is a possibility that some kind of trouble has occurred.
Restrictions on withdrawals when registration information is changed
Changing your email address or phone number will result in a withdrawal limit of 24 hours. So be careful when withdrawing.
Payout address
If the withdrawal address is incorrect, you cannot withdraw. If you send money to the wrong address, you will lose money because you will not get your money back. Therefore, please make sure that the remittance address is correct.
destination tag
This depends on the brand of the virtual currency, but you may need to enter a “tag” in addition to the withdrawal address. XRP and EOS are typical, but if the tag is not entered, it will not be reflected. Please contact the receiving exchange or wallet.
Gas Fee
When trading with virtual currency, you may incur gas fees. This refers to the fees required when performing transactions such as Ethereum.
transaction
If withdrawals do not take place, it is possible that the approval process on the blockchain is congested. In that case, you have no choice but to wait.
Time for withdrawal to be reflected
Withdrawals at Bybit will be processed at 1:00, 9:00, and 17:00 Japan time. If you pass during the procedure, you will have to wait extra time. If you can withdraw money at this time, it will be reflected immediately, which is very convenient.
Check history status
Bybit allows you to check the withdrawal status on the history status on the withdrawal screen. Enter the asset page and select “History”. It is possible to view it here. Status is classified into one of the following. I will explain what each means.
- Pending email confirmation: The URL of the confirmation email sent by Bybit after a withdrawal request has not been clicked yet.
- Pending verification: The user’s withdrawal request has been successfully completed. This is the timing when Bybit is performing confirmation work.
- Transfer pending: Waiting for scheduled withdrawal timing.
- Rejected: Your withdrawal has been declined. This status will occur if you violate the prohibitions or ignore the withdrawal rules. The withdrawal will be made again.
- Canceled: The withdrawal request was canceled by the user. The withdrawal will be made again.
- Remittance completed: With this status, the withdrawal process on Bybit side is finally completed.
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