ByBit
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Withdrawing funds Bybit


To request a withdrawal from crypto exchanges you need to enter the spot account. In order to withdraw money from cryptocurrency Bybit (online), it is necessary to have Google-authentication, if you do not have it, the system will ask to perform this condition.

If so, you should start the withdrawal process by clicking on the “Withdrawal” button. The withdrawal service will appear in the center of the page. Before sending your request, you need to make sure that your withdrawal wallet address is linked to your Bybit account. Funds are only withdrawn from the spot account, so they must first be transferred to the spot account, manually.

In the browser version of Bybit, before withdrawing you need to select the type of blockchain (menu “Network View”), click the “Wallet Address” button and select the address of the pre-bound recipient wallet address. Then the amount is deposited, or you can select “All” if you plan to withdraw all the money from the account. Each coin has its own limitations on withdrawals to the wallet. The main Bybit limits are listed on the right side of the transaction window. So, if bitcoin is withdrawn, then in general the minimum withdrawal amount is 0.001 BTC. Withdrawal requests are processed by the system three times a day: at 8:00 UTC, 16:00 UTC and 24:00 UTC, that is at 11:00 UTC, at 19:00 UTC and at 03:00 UTC. It is important to remember that Bybit stops accepting requests not at the specified time, but 30 minutes before it.

Before sending your request, you need to check everything again carefully and click “Send”. The procedure in the browser, mobile version and Bybit app is identical. The main thing is to carefully check the data you enter. Incorrect choice of network, wrong address lead to the loss of funds. After sending the request, the user is redirected to the withdrawal verification page with the confirmation code. Here it will be necessary to click “Get code” and pass a simple captcha. After that, an email should come with a confirmation code. You will also need to activate a six-digit Google Authentication code. The codes are valid for a minute. After that click “Confirm” and the withdrawal request is sent. Withdrawal time can take up to half an hour.

Limits and fees

Withdrawn from the Bybit exchange Cryptocurrencies are limited in different ways and are subject to different commissions, but are calculated as the equivalent of Bitcoin. Commissions for other cryptocurrencies can be seen on the website. You can see that the commission for almost all cryptocurrencies is quite high. The Bybit exchange explains that it charges a fixed withdrawal fee and the miner’s fee is regulated dynamically to speed up transactions.

Bybit’s withdrawal limits also depend on the level of customer verification according to KYC standards. Verification is required if you plan to withdraw cryptocurrencies equivalent to more than 2 bitcoins. To start trading and withdrawing funds, verification is not formally required (this is KYC level 0). However, this is a conditional rule, as Bybit can request identity verification at any time, and does so.

User can not refuse to verify the identity, referring to the fact that the rules of the exchange for the withdrawal of 2 VTB does not need verification. That’s why it’s right to be verified right after registration. With KYC1 verification level Bybit user can withdraw cryptocurrencies equivalent to 50 BTS. To get the first level, you need to send a screenshot of a two-sided ID issued by the country the user is a citizen of for verification. It is necessary to specify your full name, true date of birth and go through facial recognition procedure.

KYC level 2 opens the possibility to withdraw up to 100 BTS from Bybit exchange. This procedure can be completed only after the first level of verification is confirmed. To obtain KYC 2 you need to send additional documents for verification:

  • a receipt for the payment of utilities;
  • a bank statement (but not a bank statement and not a cover letter from the bank);
  • state certificate of residence registration.

The verification process lasts from 15 minutes to 48 hours. If the verification is not completed within 48 hours, you need to contact the support service.

Nuances

On average, the withdrawal time is within 30 minutes, but Bybit recommends not to panic if funds did not come in that time. Because of the load of the network withdrawal can reach up to two hours, you need to wait. But if even in two hours the money in a purse didn’t appear, it is necessary to write to support service. However, the withdrawal of funds may be instant. It depends on the network load, on the amount, on the time the account has existed, and on the type of wallet.

Withdrawal of funds may be prohibited for 24 hours if the user has changed the password to his account or changed his cell phone number. ETH from the exchange can only be withdrawn directly, that is, you can not use smart wallets. XRP, EOS, XLM, XYM, XEM Theoretically, it is possible to withdraw without Tag/Memo, but in this case the client is responsible for the effectiveness of the transaction. In practice, these coins without Tag/Memo may not reach the recipient.

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