Withdrawing funds from your Bybit account lets you secure assets externally in a wallet. Bybit allows withdrawing both crypto assets like BTC, ETH as well as fiat currency to your bank account.
In this guide, we’ll outline the step-by-step process to withdraw funds on Bybit, including logging in, navigating to your Assets page, entering your wallet address, setting transfer details, and submitting the withdrawal request.
We’ll also outline processing times, plus address common questions about pending or failed transfers.
Understanding Bybit’s simple withdrawal procedure allows you to smoothly transfer available account balances off the exchange.
How to Withdraw on Bybit
Ready to withdraw your funds from Bybit? Follow this simple step-by-step guide for smoothly transferring crypto or fiat to your external wallet or bank account.
- Log In & Navigate to Assets Page
First, access your Bybit account on web/app and tap the Assets icon to see your wallet balances. Check you have sufficient funds to withdraw. - Select Currency & Enter Amount
From available assets, tap “Crypto” or “Fiat” and choose the currency you want to withdraw like BTC, ETH, USD, or EUR. Enter the amount following limits per your verification and VIP tier.
- Input Receiving Address
Generate the wallet/account address you’re sending funds to. Carefully enter this destination to avoid errors.
- Confirm Transfer Details
Check all auto-populated info then submit request. Note processing times and duration to receive funds per currency.
By following this simple 4-step process, you can smoothly withdraw crypto or fiat from Bybit to your personal wallet or bank account. Be sure to pay attention to the transfer amount limits and provide the correct destination address.
Withdrawal Fees
Free Allowances
Bybit offers free withdrawals up to a certain threshold per coin without network/miner fees. For BTC you get 0.06 BTC free daily; for ETH it’s 5 ETH daily allowance. Other coins have varying limits.
Fee Structure
Once exceeding the free quota, Bybit charges a percentage fee on top of blockchain network costs: 0.0005 BTC for BTC withdrawals, 0.01 ETH for ETH. Fee is deducted from the amount transferred.
Minimizing Fees
Time withdrawals for when blockchain network activity is low to avoid spikes in mining fees or reduce transfer amounts. Setting higher gas prices can also speed up confirmations if needed urgently.
Read also! Bybit Card Review
Withdrawal Limits
Bybit allows users to withdraw both cryptocurrencies as well as fiat currency funds from their trading accounts, given sufficient balances. There are specific limits in place for both crypto and fiat withdrawals, which differ based on account verification and VIP status tiers.
Crypto Withdrawal Limits
Crypto Withdrawal Limits The amount of cryptocurrency like Bitcoin or Ethereum you can withdraw from Bybit daily or monthly depends on two things:
- Verification level: Completing KYC verification of your account allows higher limits
- VIP status: Higher VIPs expand limits further
Check the table for max amounts in a day or month at each level in USD converted terms:
| Verification Level | Daily Limit | Monthly Limit |
|---|---|---|
| Not Verified | $500 | $2,000 |
| Verified Level 1 | $15,000 | No limit |
| Verified Level 2 | $30,000 | No limit |
| VIP 1 | $90,000 | No limit |
| VIP 2 | $120,000 | No limit |
Fiat Withdrawal Limits
For withdrawing USD to your bank, your daily, weekly, and monthly limit also depends on confirmation level and VIP status per this table:
| Verification Level | Daily Limit | Weekly Limit | Monthly Limit |
|---|---|---|---|
| Level 1 | $1,000 | $1,000 | $1,000 |
| Level 2 | $5,000 | $10,000 | $20,000 |
| VIP 1 | $20,000 | $40,000 | $80,000 |
| VIP 2 | $30,000 | $60,000 | $100,000 |
Bybit withdrawal restrictions provide adequate room for active trader volumes while ensuring oversight over big transfers. Complete identity verification and gain higher VIP status to keep withdrawal capacities aligned with your account size and fiat or crypto transfer needs.
How Long Do Bybit Withdrawals Take?
Once submitted, Bybit first reviews and processes withdrawals within 0-2 hours before sending to the blockchain. Some enhanced checks may delay high-amount transfers to 24 hours of processing.
Miner confirmation times post-processing differ hugely between coins. Bitcoin takes 1-3 hours typically while Ethereum often within 30 minutes. Less liquid altcoins can range from quick to extremely slow like 24+ hours for XRP.
Beyond base asset differences, factors like selected network fees, and congestion at the time sent and receiving wallet delays all impact the duration from Bybit sending to your wallet reflecting funds.
Addressing Withdrawal Issues
If your Bybit withdrawal stays pending more than 24 hours of processing or considerably exceeds typical on-chain duration, check network health. Raised concerns with Bybit if unexplained.
If withdrawals fail or require further identity confirmation, open a customer support ticket for the fastest assistance providing all relevant withdrawal details like TXID. This can diagnose issues.
For larger or flagged withdrawals, Bybit may prompt enhanced customer due diligence like proof of funds origin. Quickly provide the requested evidence so your withdrawal can complete its transfer.
Conclusion
Withdrawing funds from Bybit gives traders robust control securing assets externally. Understanding the how-to steps, custom durations per coin, daily limits by tier and potential frictions that can delay transfers ensures smooth access moving funds as needed. Check in with Bybit support if any unclear or persistent issues.
FAQs
- What are the fees for withdrawing from Bybit?
Bybit offers free withdrawals up to a daily limit for major coins like 0.06 BTC or 5 ETH. Beyond that threshold, a percentage withdrawal fee is charged on top of miner network fees based on crypto activity at time of transfer.
- How long do Bybit withdrawals take to reach my wallet?
After 0-2 hour Bybit review, on-chain transfer times vary hugely by coin. Bitcoin takes 1-3 hours typically, Ethereum often under 30 minutes. Less liquid altcoins can range from quick to 24+ hours (XRP).
- What are the daily/monthly withdrawal limits on Bybit?
Limits differ based on your account verification tier. At Level 0 just email verified, restrictions sit at 2 BTC daily and 5 BTC monthly. Enhanced tiers expand thresholds, along with allowing larger transfer review limits.
- Why is my Bybit withdrawal pending for a long time?
If pending over 24 hours processing or considerably beyond regular crypto transfer times, check network conditions. If unexplained delays, raise a support ticket for fastest assistance providing withdrawal TXID and details.
- How do I troubleshoot a failed/rejected Bybit withdrawal?
Contact Bybit support with your transaction details. Failed withdrawals may require additional customer due diligence like source of funds proof for larger amounts before being processed and sent to the blockchain.