This guide will walk you through the process of withdrawing assets via the Bybit platform, both via the app and the website. If you’re looking to transfer your assets to another exchange or wallet, you’ll need to use an on-chain withdrawal, which is what we outline here.
Are there any withdrawal limits on the Bybit platform?
First of all, think about the withdrawal limits on Bybit. The exchange has set specific withdrawal limits based on the user’s KYC level and VIP status. Here’s a brief overview:
- Non-VIP: Up to 20K USDT daily, with a monthly limit of 100K USDT for non-KYC users. KYC Level 1 users have a daily limit of 1M USDT, and KYC Level 2 users have a daily limit of 2M USDT.
- Business KYC: Up to 4M USDT daily.
- VIP Levels: Daily limits range from 6M USDT for VIP 1 to 30M USDT for PRO Level 5.
These limits are refreshed daily at midnight UTC and monthly limits reset on the first day of each month. Note that users who have completed KYC Level 1 or 2 face no monthly withdrawal limits. For increasing your limits by adjusting your KYC level, visit our guide here.
How to Withdraw Assets From Bybit?
Step 1: Accessing Your Account
To start the withdrawal process, be sure to log in and click on “Assets” located at the top right-hand corner of the homepage. From there, navigate to either your Funding or Spot Account.
Step 2: Initiating the Withdrawal
First, within your Funding or Spot Account, click on “Withdraw” in the column corresponding to the currency you wish to withdraw. Remember, withdrawals can only be performed from these accounts. If your assets are in other accounts, you must first transfer them to your Funding or Spot Account by clicking on “Transfer.”
Step 3A: Submitting an Internal Withdrawal Request
When submitting your withdrawal request, you will need to select “Internal Transfer” as your withdrawal method and specify the type of coin you want to withdraw. Enter the recipient’s Bybit account details, which can be their email address, UID, or mobile number.
Note that: Withdrawals via internal transfers can only be completed to Bybit accounts that have passed Identity Verification.
Step 3B: Withdrawing to a Crypto Wallet for Enhanced Security
For maximum security and anonymity, withdrawing your BTC, ETH, and USDT directly to a cold wallet is advisable. Enter your wallet address and the desired withdrawal amount. Double-check all details to avoid errors, then click the Withdraw button to initiate the transfer.
Additionally, enter the amount you wish to withdraw. You can also select “All” to withdraw the total amount available. Ensure all information is accurate before proceeding.
Step 3C: Withdrawing from Bybit to a Bank Account/PayPal
If you prefer direct bank transfers, follow these steps: Access the Funding Account on Bybit, ensure your crypto is converted into the desired fiat currency, and then click Withdraw.
Depending on your location, certain withdrawal methods may be limited. Be aware of the fees associated with fiat withdrawals and the expected processing times for bank credits.
Bybit supports withdrawals to PayPal, offering an easy way to convert your crypto to cash. So if you prefer PayPal, it is a possibility as well.
Step 4: Verifying Your Withdrawal
After clicking “Submit,” you will be directed to the withdrawal verification page. This process includes email verification and Google Authentication:
- Email Verification: Click “Get Code” and complete the slider verification. You’ll receive a code via email, which is only valid for five minutes. Enter this code to proceed.
- Google Authenticator: Enter the 6-digit code from your Google Authenticator app.
Note that: If you don’t receive the email, check your spam folder or consult the troubleshooting guide for receiving email verification codes.
Step 5: Completing Your Withdrawal
Once you have entered all necessary verifications, click “Submit.” Your withdrawal request will then be successfully submitted.
Is the withdrawal fee included in the withdrawal amount I indicate?
By default, the withdrawal fee is deducted from the withdrawal amount. Users can adjust this setting to ensure the entered withdrawal amount equals the amount received, though this requires manual calculation if the ‘All’ option is used.
How Can You View Your Transaction History?
To view your internal transfer history, go to your Spot Account, select “History,” and then choose “Internal Transfer” in the Withdrawal Method column. If you are the recipient of the transfer, select “Internal Transfer” under the Deposit Method column in the Deposit section.
Understanding Withdrawal Suspensions on Bybit
Withdrawal suspensions can occur for various reasons, typically to protect users from potential security threats or compliance issues. If you encounter a suspension:
- Immediately contact Bybit’s support team to address any potential security issues.
- Regularly update your account and app to ensure you are using the most current versions.
- Ensure all KYC and compliance requirements are met to avoid restrictions.
Why is my account restricted from performing a withdrawal?
Account restrictions can be triggered by several security-related actions, such as password resets or changes in account details. These restrictions usually last for 24 hours to ensure account security.
What should I do if withdrawals for a specific token or chain are suspended?
Bybit allows users to set alerts on the Withdrawal page for specific tokens and chains. When the service resumes, users will be notified.