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How to Withdraw From Bybit to Your Bank Account

HOw To withdraw from Bybit to your bank account

If you are looking to withdraw funds from Bybit to your bank account, then you are in the right place.

In this article, I will show you how to withdraw your crypto assets and finally transfer them to your bank account.

However, before going to the step-by-step guide, there are a few things to know about Bybit fiat withdrawal.

  • Bybit currently does not support fiat withdrawal
  • You can not transfer from bybit to your bank account

Hence, you can do it and I will show you how.

It is possible but only using another exchange.

Yes, we have to use another platform that will allow us to get our crypto assets as fiat in our bank account.

Let dive right in;

How to Withdraw From Bybit to Your Bank Account

As I mentioned, Bybit does not support direct fiat withdrawal to the bank. So you need to use another platform like FTX to withdraw our funds.

The first step will be to withdraw crypto like USDT and Ethereum from Bybit to FTX. And then convert the crypto into fiat on the FTX exchange and withdraw from there to the bank account.

However, there are a few things before sending your assets such:

  • You should have enough funds [transferable] in your bybit account
  • Have an account or create a new one on FTX

Once you have transferable funds in your Bybit account, start the process with step 1.

Step 1- Log in to your Bybit account

To withdraw your funds for bybit, you need to log in to your bybit account. You can use the bybit website or the mobile app. If you are already logged in, then go to the second step.

Step 2- Go to the spot wallet

After logging in to the Bybit exchange on the web, click “Assets” at the top right-hand corner of the website’s home page

It will redirect to the assets page under the spot account.

The assets page is where all of the cryptocurrencies that you have will be shown.

Important: If you do not see your funds in the assets section, then your funds are in the derivatives wallet. 

First, you will need to transfer them from the derivatives wallet to the spot wallet.

Because the withdrawals will be performed directly via the Spot wallet. 

All your crypto assets will be shown in the assets section along with options like deposit and withdraw next to each of them.

Find the cryptocurrency that you want to turn into cash. For example, if you have Bitcoin in Bybit and you want to convert it into cash, then find USDT on the assets page in Bybit.

Step 3- Copy FTX Deposite address

Next, go to the FTX exchange and click on the wallet.

On the wallet page, you can see the balances for all the coins you have.

However, if are new to the FTX exchange and do not have a balance on this exchange, just click on ‘deposits’ next to the cryptocurrency or search for it by clicking on the search icon.

Before adding the address to the bybit account for the withdrawal, the first step is to copy it from FTX.

In a nutshell, here is 

  1. Log in to the FTX account and click on the wallet.
  2. Find the cryptocurrency or search for it to find it
  3. Once you have found the coin, the “Deposit” button within that token’s row to see a new pop-up window.
  4. ’.After clicking on “Deposit”, a menu will appear displaying your FTX.US deposit address for the desired token. 
  5. For example, if you are depositing USDT, find USDT and click on ‘deposit’ to get the deposit address.
  6. Copy this address and enter it into the recipient address on your bybit wallet 

Important: Please make sure that the selected network is the same as the network of the platform you are withdrawing funds from.

The crypto network prefers the blockchain technology the crypto is based on.

If you select the wrong network, you will lose your funds.

For example, USDT is a stable coin that is based on multiple blockchains like ERC20[ Ethereum blockchain], BSC[ Binance smart chain], and TRX [ Tron network[.

If you are withdrawing [USDT] from an ERC20 address (Ethereum blockchain), select the ERC20 deposit network for USDT in FTX.

Step 4- Paste the address in Bybit

  • Click on the spot wallet. After landing on the spot wallet, you will see the withdraw option next to the coin. Since we are going to withdraw USDT, I will click on withdraw next to the USDT.
  • A new withdrawal window will open. Here you can submit a withdrawal request.
  • But make sure that you have linked your withdrawal wallet address[ For example, FTX USDT deposit address]  to your Bybit account.
  • If you have not linked it yet, please click “Add” to set your withdrawal address as shown in the image below.
  • Select ‘Blockchain Type”: ERC-20 or TRC-20[ in our case, for example, ERC20]
  • Click on “Wallet Address” and paste the address of your USDT.
  • Enter the amount you want to withdraw, or click the “All” button to make a full withdrawal
  •  Click “Submit” 

Step 5- Verify your transaction

The next step is to verify your withdrawal by

  • Entering the verification code sent to your registered email
  • The six (6)-digit Google Authenticator 2FA security code you obtained. 

Once you have confirmed, your withdrawal request will be successfully submitted.

The withdrawal may take up to 30 minutes to an hour to process depending on the blockchain and its current network traffic. 

In case of network congestion, withdrawals may take longer than expected. But it usually takes around 30 minutes for the funds to arrive in your Binance account.

Step 6- Receive your crypto in FTX

The next step is to check your FTX account and make sure that you have received the funds. As I said earlier that it might take some time.

Once you have received and verified your transaction, it is time to start the withdrawal to the bank process.

Step 7- Convert your crypto into Fiat in FTX

Once you have received your crypto [USDT] in your FTX account, it is time to convert it to fiat currency like USD.

  1. Log in to your FTX.US account and click on ‘Markets’ at the top
  2. Click on the Fiat tab to see pairs of all stablecoins with USD such as USDT/USD
  3. Click on USDT/USD pair to sell USDT to US dollars
  4. After USDT is sold, check your balances under the ‘wallet’ tab to find the US dollars

Step 8- Withdraw USD to your bank account in the US

After you have sold the USDT to US dollars, the next step is to send it to your bank account.

  1. Click on the ‘wallet’ tab to find all the balances [Fiat-Crypto]
  2. Next click on the ‘withdrawal’ button next to your USD balance.
  3. A new window will pop up, click on ‘withdraw fiat’.
  4. Type your bank information in the next pop-up window. Make sure that the bank account you are withdrawing to is under the same name as the name of your FTX account
  5. Confirm the transfer by typing your 2FA google authenticator
  6. Once again check the information is correct
  7. Acknowledge the terms and click on withdraw

You have successfully withdrawn from your bybit to your bank account via FTX.

Method 2- WIthdraw From Bybit To Bank Account Using P2P

The second method is to sell your crypto on the P2P platform to another user of bybit and get your native currency in return.

Here is the step-by-step guide to selling it in P2P trading.

Step 1- Open Your Bybit Account

The first step is to open and log in to your Bybit account. 

Step 2- Click On Buy Crypto

On the home screen of the bybit application, you will find the ‘buy crypto’ option.

Click on it.

Step 3- Click On P2P Trading

After clicking on ‘buy crypto’, Bybit will give you 3 options such as

  • One Click Buy
  • P2P Trading
  • Fiat Deposit

Choose the P2P option.

Step 4- Click On Sell Crypto

Once you have clicked on the P2P option, you are directed to the next page.

You get two options:

  • Buy
  • Sell

Click on ‘sell’ and select the USDT in the cryptocurrencies.

You will get the list of all local traders who sell USDT and will pay you in the local payments services.

Choose the trader that has a high success rate and supports multiple payment methods.

You are done 

What is the minimum US dollar withdrawal limit in the FTX exchange?

The minimum withdrawal limit for US dollars on the FTX exchange is 100 dollars.

What are the fees for fiat withdrawal in FTX?

  • Fiat withdrawals $5000 and over are free for your first 5 per rolling 7-day period
  • One fiat withdrawal under $5000 is free every rolling 7-day period

If the withdrawal amount is below $5000 USD and you do not meet the criteria for a free withdrawal, you will be charged the following;

Currency Fee
USD 25 USD
   
CHF 30 CHF
HKD 250 HKD
CAD 100 CAD
GBP 75 GBP
EUR 32 EUR

 

Conclusion

The Bybit fiat withdrawal process is not difficult as it looks.

You need to transfer crypto from bybit to FTX.

Convert the crypto in FTX to fiat and finally send the fiat to the bank account from FTX.

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