Bybit has become a popular cryptocurrency exchange in 2024, with both experienced and new crypto traders using the platform daily.

Understanding how Bybit works to manage your digital assets, especially the withdrawal process, has become a crucial step for crypto traders. When looking to transfer crypto or cash out, knowing the step-by-step actions needed help in making the process as smooth as possible.

In this post, we will go over Bybit and how exactly to make withdrawals from the exchange. We will look into its other features including fees and transfer times, and of course, offer our suggestions for the best security and safety of your crypto on the best anonymous cold wallets available on the market.

Bybit Withdrawals – A Step-by-Step Guide on How To

When withdrawing your crypto from Bybit, you have a few different options for where to send your funds. Let’s look into the different destinations and what purpose they serve for your crypto interests:

Converting Cryptocurrency into Fiat Currency

To withdraw your crypto into fiat currency on Bybit, here are the steps you need to follow:

1. Open the Fiat Withdrawal page through the Buy Crypto tab, go to Fiat Deposit and clock on the Fiat Withdrawal button of your desired currency.

2. On the App, hit the Assets tab, then tap on Withdraw, switch to the Fiat section, and select the fiat currency you want to withdraw.

3. The processing time for transferring your fiat withdrawal to your bank account varies depending on the currency and payment method selected.

Withdrawal to a Crypto Wallet

If you are looking for the best in security and anonymity, then withdrawing your BTC, ETH and USDT directly to a cold wallet, including Material wallets, is your go-to option. Here’s how:

1. Log in to your Bybit account, go to the Wallet section, choose the asset for withdrawal, and click on the Withdraw button.

2. Enter your wallet address and the amount you want to withdraw in crypto. You can delete ‘Bybit wallet’ and enter the address of the wallet where you want to send the funds.

Double-check the details to prevent errors!

3. Click the Withdraw button to send Bitcoin or other crypto to your wallet.

Withdrawing from Bybit to a Bank Account

If you want to send your crypto directly to a bank account from Bybit, then you must:

1. Open the Funding Account on Bybit, (make sure you have first converted your crypto into the desired fiat currency), then click on Withdraw.

2. Depending on where you live, you may be limited to certain withdrawal methods, such as ADV cash for USD withdrawals.

3. Watch out for some fees associated with fiat withdrawals and the processing times for crediting your bank account.

Bybit Withdrawal Suspension

Withdrawal suspensions on Bybit have happened to some users for a few different reasons. Usually, they are to protect you from hackers or scams, so they will suspend withdrawals if they deem a transaction unusual or if you fail to comply with Bybit’s rules (KYC regulations).

But, there also have been times when users reported suspensions of their entire accounts without a clear explanation from Bybit!

Take these examples of Bybit account holders whose accounts were cancelled, causing loads of frustration and worry about getting their crypto back!

What is Causing These Suspensions on Bybit?

If you, like these other users, are having problems with a withdrawal suspension on Bybit, you might want to consider these points:

➡️ Contact Bybit’s support team as soon as possible to rule out a hacking attempt.

➡️ Update your account and app frequently, to make sure you are using the most up-to-date version.

➡️ You must complete compliance with Bybit’s terms and conditions, including the necessary Know Your Customer (KYC) verification to prevent account restrictions.

This is a big issue for many users who want privacy, anonymity and self-custody of their crypto. Bybit enforces KYC policies and is not suitable for anyone looking for no-KYC crypto exchanges.

Withdrawal Times

The processing times for withdrawals on Bybit are different depending on the destination of your withdrawn funds.

Fiat withdrawals to bank accounts can take several business days to show up in the recipient’s account.

Withdrawals to personal wallets, including hardware wallets, have faster processing times, with transactions being confirmed on the blockchain fairly quickly.

Fees for Bybit Withdrawals

Bybit has a fee structure for withdrawals that varies on the type of crypto and your geographical location.

A fixed withdrawal fee is charged for on-chain withdrawals, depending on the specific coins and chains selected.

There are no fees for internal transfers to other Bybit accounts, while spot trading has its own rules of fees based on Takers and Makers pricing fees.

Minimum and Maximum Withdrawal Limits on Bybit

When withdrawing your crypto from your Bybit account, it’s important to know the minimum and maximum daily withdrawal amounts for different digital assets. According to Bybit’s policies, the minimum withdrawal amounts for some of the most popular cryptocurrencies are:

• Bitcoin: 0.001 BTC
• Ethereum: 0.01 ETH
• Tether: 20 USDT
• Litecoin: 0.1 LTC
• Ripple: 20 XRP

Keep in mind that these rates are subject to change, so please check Bybit’s platform before making withdrawals.

Withdrawing from Bybit to PayPal?

PayPal is one of the world’s leading electronic wallets, used globally for making payments and purchases. The good news is that you can use Bybit to withdraw crypto onto a PayPal account and even use it to buy crypto as it is a crypto exchange that accepts PayPal.

Withdrawing to PayPal is an easy way to convert your crypto to cash. This withdrawal can be done via Bybit’s app and desktop platform, giving you the convenience of converting crypto to cash easily, from anywhere.

❗We must point out that a frequent misconception about PayPal is that it’s an anonymous online wallet, but in fact, it too has to apply KYC regulations!

If you are looking for a private and anonymous crypto wallet, then Material has the perfect solution to meet your needs.

Secure Your Crypto

The golden rule in crypto when it comes to privacy and security is don’t leave more crypto on an exchange.

Bybit and other exchanges are convenient for quick transactions and trading, but they are easy targets for hackers and online threats.

A cold wallet is always going to be your best bet for safeguarding your digital assets. Unlike a hot wallet that is always connected to the internet, a cold hardware wallet, like Material Wallets, stores your crypto offline.

And the best part of all? Material also puts anonymity high on its list, to protect you and give you real self-custody of your crypto! The Material Bitcoin wallet even goes as far as to let you pay in cash upon delivery to truly keep your identity safe.

FAQs

What are the Minimum Withdrawal Requirements on Bybit?

The minimum withdrawal amount varies on the cryptocurrency.

Is KYC Required for Withdrawals on Bybit?

Yes, completing the Know Your Customer (KYC) process is mandatory for all withdrawals to comply with regulatory requirements.

What are the Daily Withdrawal Limits on Bybit?

Daily withdrawal limits are tiered based on the KYC level completed, with higher tiers allowing for larger withdrawals. Please see the chart linked above.

How Long Does a Bybit Withdrawal Take?

Withdrawal times can vary, but typically, transactions are processed within 1 to 2 hours, depending on network conditions and security checks.

Final Thoughts on Bybit

As an exchange, it has become popular among crypto investors and traders, despite its suspension of accounts and KYC regulations that it holds on users.

But regardless of what platform you use to trade crypto, remember that storing it is always best on a cold hardware wallet. Material gives you not only that safety but also the anonymity you are looking for.