Bybit has become one of the mainstream cryptocurrency exchanges, especially since it lifted restrictions for users in China in June. Many users have registered and started trading on the platform. A common question among them is how to withdraw funds from Bybit directly to a bank card. This guide provides a clear, step-by-step explanation to help you through the process.
Step-by-Step Guide to Withdraw from Bybit to Bank Card
To initiate a withdrawal from your Bybit account to a linked bank card, start by navigating to the 'Assets' section located at the top right corner of the homepage. This will direct you to the asset page under your Spot Account. Next, find the cryptocurrency you wish to withdraw and click on the 'Withdraw' button next to it.
Please note that withdrawals are processed directly from your Spot Account. If your funds are currently in your Derivative Account, you must first transfer them to your Spot Account using the 'Transfer' function.
For this example, we will use USDT. Before submitting a withdrawal request, ensure you have already linked your external wallet address to your Bybit account. Desktop users who haven’t added a withdrawal address should click 'Add' to configure a new one.
Follow these steps carefully:
- Select Network Type: Choose the same mainnet as Bybit supports, such as ERC-20 or TRC-20. It is crucial to select the correct chain to avoid permanent loss of funds.
- Click on 'Wallet Address': Select your preferred receiving address from the saved list.
- Enter the Amount: Type in the amount you wish to withdraw, or click the 'All' button to withdraw the entire balance.
- Click 'Submit': Once you click this button, you will be redirected to a verification page.
On the withdrawal verification page, you will need to complete two authentication steps:
- Email Verification Code: Retrieve the code sent to your registered email address.
- Google Authenticator Code: Enter the code generated by your authentication app.
After successfully entering both codes, your withdrawal request will be processed. The entire procedure may take up to 30 minutes to complete. Once the system verifies your two-factor authentication (2FA), a confirmation email containing your withdrawal details will be sent to your registered email address. You must click the verification link in that email to finalize the withdrawal request.
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Is It Safe to Withdraw from Bybit?
The security of withdrawing funds from Bybit is generally considered reliable, though some user feedback highlights occasional issues. Bybit employs professional-grade security measures to protect users during transactions and while storing digital assets. Its risk control system is designed to quickly detect and prevent malicious attacks or unusual trading activities, ensuring fairness and accuracy.
Ben Zhou, the CEO and co-founder of Bybit, has publicly committed to safeguarding user funds, especially in the wake of events like the FTX collapse. However, some users have reported unexpected restrictions on their withdrawal capabilities, often citing "protection of personal funds" or other security considerations. These incidents have sparked community discussions and concerns about potential scenarios similar to bank runs or exchange liquidity crises.
It is always advisable to enable all available security features, such as two-factor authentication, and to monitor official announcements from Bybit for any updates or changes in policy.
Frequently Asked Questions
How long does a withdrawal from Bybit to a bank card usually take?
Withdrawals typically take up to 30 minutes after verification, but processing times can vary depending on network congestion and security checks.
What should I do if my withdrawal is delayed or fails?
First, check your email for any verification requests or notifications from Bybit. If the issue persists, contact Bybit’s customer support with your transaction details.
Can I withdraw any cryptocurrency directly to my bank card?
No, not all cryptocurrencies support direct withdrawal to a bank card. You typically need to convert your crypto to a stablecoin like USDT or a fiat currency before withdrawing.
Why is my withdrawal option disabled on Bybit?
This can happen due to security reviews, incomplete KYC verification, or system maintenance. Ensure your account is fully verified and check for any platform announcements.
Are there fees for withdrawing to a bank card?
Yes, Bybit charges a network fee for withdrawals, which varies depending on the cryptocurrency and network you select.
Is it necessary to complete KYC verification for withdrawals?
Yes, completing Know Your Customer (KYC) verification is mandatory for withdrawing funds and enhancing account security.