The cryptocurrency broker Bybit is one of the leaders in popularity and trading volume, especially in the derivatives market. Many users also liked it because it did not require mandatory identity verification. However, as of May 8, 2023, Bybit it presents KYC for all customers, so many have questions about how to transfer from Bybit to another exchange or wallet.
Our editors will teach you how to make a Bybit transfer in different ways, receiving money in cryptocurrencies or fiat currencies.
- Transferring cryptocurrency to one wallet or another broker without verification .
- Withdrawal to fiat currency via P2P (e.g. for a bank card).
- Withdrawal to fiat currency using other methods (exchanges, etc.).
- Internal translation by Bybit.
Baybit broker transfer methods
How to transfer from Bybit to Binance or another exchange
- Wallet section on Bybit (after authorization) – https://www.bybit.com/user/assets/home/overview
Having cryptocurrency in your account of exchange Baybit, you can easily transfer it to the wallet address of another exchange or third-party storage. Several nuances will need to be taken into account.
Observation. Withdrawals will NOT be prohibited for users without KYC even after 05/08/23, meaning you will not need to go through verification to withdraw your assets.
General tips on how to transfer assets from Bybit are as follows:
- Transition to assets
Go to the “Assets” -> “Withdraw” section. All your exchange wallets will be displayed, intended for various purposes – spot, derivatives, financing, etc.
- Go to exit
Click “Withdraw” on the account you want to transfer from. This can only be done from the spot wallet and funding wallet; for others, only internal transfer between accounts is available.
- Inserting output parameters
Specify the information for withdrawal. These include: cryptocurrency, wallet address, network type (for tokens operating on several different networks), amount. Also in this window you can choose which account you want to withdraw from.
- View information
At the bottom is the exchange's fixed commission for withdrawal, and on the left is the minimum transfer amount for the selected currency and network. In addition, on the left you can see your withdrawal limit for 24 hours, which depends on the verification level.
- Action confirmation
Click “Confirm”. To confirm, enter the 2FA code.
As a withdrawal address, you can use the address of another exchange copied in the deposit section or the address of any suitable crypto wallet. It is very important that the appropriate network is selected. For example, you send money from Bybit on the TRC-20 network, which means that this blockchain must also be selected on the target exchange/wallet. Otherwise, the money will not arrive.
Where to get the deposit address (examples):
- OKX Exchange – in the “Assets” -> “Top up” section, after selecting the currency and blockchain.
OKX Deposit Address - Trust Wallet – in the “Receive” section, after selecting the currency/token.
Trust Wallet Deposit Address
Transfer money from Bybit to another wallet ( Metamask , Trustwallet) is not difficult, but remember that the speed of receiving funds depends on the blockchain network. For example, for the Tron (TRC-20) network, it takes on average a few minutes. Bitcoin can take up to an hour. Always double-check the correct address several times.
How to convert cryptocurrency to fiat currency (reais, dollars) with Bybit
To transfer to fiat currency, it is useful to use the platform Bybit P2P . It uses a funding account, so the coins you want to sell must first be transferred to this account.
- Link to P2P section: https://www.bybit.com/fiat/trade/otc/
This action requires verification. There are no fees.
The procedure for transferring money via Bybit P2P to a bank card (you can use both the app and the web version, the origin of the process is no different):
- Go to “Buy Cryptocurrency” section -> “P2P Trading” option, “Sell” option.
- Using filters, filter users' offers by specifying your own criteria: amount of fraud, fiat currency or payment methods.
- For each trader who has placed an offer, you can see the number of orders placed in 30 days and the number of successful orders. The higher these values are, the better the likelihood that the transaction will go smoothly and you will not be scammed.
- Click “Sell” after selecting the desired ad.
- Enter the exchange value in cryptocurrency or fiat currency and click the “Sell” button.
- The buyer will have 15 minutes to complete the payment using their details. You can chat with the buyer in real time.
- Make sure that the name of the data owner matches your name specified during verification at the broker, otherwise the buyer may refuse the transaction.
- Once you receive the payment, click “Send Now” to transfer coins to your counterparty. Confirm the action by entering the 2FA code.
P2P trading is useful because transfers are carried out without the participation of Baybit, but directly between individuals, so you can work with any bank, even if it is under sanctions, etc.
Internal transfers: how to transfer from Bybit to Bybit, to a sub-account
To transfer from Bybit to another user on the same exchange, you need, as we described in the first section, to go to the assets section and click on “Withdraw”, and then go to the “Internal transfer” tab.
Baybit Account Transfer Features:
- No commission is charged.
- You can only transfer cryptocurrencies, but not fiat money.
- The blockchain network is not specified; it is not important in this case, as the transaction is not created on the blockchain.
- To send, you need to know the user's email or phone number.
- There is a minimum sending amount, which depends on the cryptocurrency.
When transferring, you can choose which wallet to send to the other person from – spot or funding.
Sub-accounts allow investors to manage small, independent accounts on Baybit. They are all linked to the main account and can be used to achieve specific trading and investment goals.
Subaccounts are managed and replenished in the “Profile” -> “Subaccounts” section. Link (after authorization): https://www.bybit.com/app/user/sub-account .
You can create a new one only on one PC, both for a normal account and for a a demo account . You can then transfer assets between the master account and sub-account instantly and without fees.
Bybit to Fiat Transfer via Third-Party Services
It is not possible to withdraw fiat currency directly from Baybit, unlike Binance Although there is a corresponding section, it is not yet fully functional.
If the P2P method is not suitable for you (for example, due to verification requirements), you can use third-party services:
- Exchanges – Box , MChange , Prostocash , Baker , etc. They allow you to exchange cryptocurrency for fiat currency in several directions. During the process, you will be given a wallet address; you will need to withdraw coins from Baybit to it. The cashback payment will be credited to the card or account of the payment system you have chosen. Exchange rates on exchanges are unfavorable, but the level of convenience is high.
- Telegram bots . Analogs of exchanges, but in the Telegram messenger. Many services have their own bots, for example, AbcChange , NiceChange , much like some p2p Exchanges ( Bitpapa ).
- Payment systems – Payeer , AdvCash . These payment systems work with cryptocurrency and allow you to convert it, withdraw it to a card, etc.
Limits and Restrictions on Baybit after the Introduction of KYC
As of May 8, 2023, the following policy has been introduced on the exchange:
| No verification | You can only withdraw money – up to 20,000 USDT per day, up to 100,000 USDT per month. Other functions are not available. |
|---|---|
| KYC-1 | You can withdraw up to 1 million USDT per day, unlimited per month. Available for crypto purchase, deposit, trading (except perpetual contracts), copy trading, passive income, NFT, MT4 terminal, {receiving} rewards |
| KYC-2 | All KYC-1 Plus Perpetual Contracts, Bybit Card, Daily Withdrawal Limit Expands to 2 Million USDT |
FAQ: Frequently Asked Questions
Conclusion
Bybit transfer is possible in cryptocurrency or via p2p – in fact, this offers a wide range of options. So you can send cryptocurrency to another exchange, to a non-custodial wallet , or withdraw it to a card via p2p, exchanges, payment systems. You can transfer tokens to another exchange user without paying any commission for it. What is important, despite the introduction of mandatory KYC, even anonymous users will be able to restore their assets and continue to use them confidentially through other services.