Welcome to this post, where we are going to see how you can withdraw your money from ByBit to your bank account step by step.
For this, I am going to use two platforms, binance and ByBit. If you don’t have an account with either of these platforms, you can create one just below.
We will use binance to withdraw the cryptocurrencies to our bank account, as ByBit does not have this option yet. So first, we must send our cryptocurrencies from ByBit to binance, and then withdraw them from binance to our bank account.
My recommendation is to use usdt or tether, although you can use any cryptocurrency. In my case and in this example, we will use USDT to withdraw them to our account. The first step is to transfer the cryptocurrencies to usdt with the amount you want to withdraw.
From ByBit to Binance
With the usdt in the account, we go to the main or spot account. To do this, you can go to the left menu and go to assets and spot account. Once we have the usdt in the spot account, we click on withdraw. To withdraw funds, we will first need to activate the double authentication, we can use SMS or google authenticator, both options are valid. We will have to activate one of them to be able to withdraw and use this double factor every time we want to withdraw funds.
With the double authentication activated we will be able to click on withdraw or withdraw. Here, we are going to use the tron network, trc-20, since it is the most economical and the fastest to use. In the different networks, we indicate tron/trc-20.
In adress or wallet address, we will have to copy the binance tether address. To do this, we will go to wallet, spot wallet, and search for USDT. Here, click on deposit, and check the tron-trc-20 network. Now copy the address, and paste it into ByBit. Now it only remains to indicate the amount we want to withdraw and check all the data. As you can see, the commission is 1 dollar. All that remains is to enter the passwords and the verification code from your email, and you have already withdrawn the funds to binance. Remember to indicate the tron network, trc-20 in both ByBit and binance when you copy the address to avoid errors.
The operation is the same if you want to withdraw the funds to your metamask or trustwallet wallet, but always make sure you indicate the correct network to avoid problems and loss of your tokens.
After a few minutes, the USDT should appear in our binance balance.
Remember that if you don’t have a binance or ByBit account, in the description you will find a link to create your account.
With the usdt in our binance account, the next step is to exchange them for your currency, in my case euros. To do this, go to markets, fiat markets and look for the euro/usdt pair or the one of your currency. Here, we will go to buy, and exchange the usdt for euros or the currency you want. Indicate the amount you want to withdraw, and click on buy eur.
Now we go back to the main panel, and check that we have euros or the currency we have exchanged. If so, click on withdraw. Here, we go to fiat and select our currency, and the way we want to withdraw the funds. Either by credit card with a 1% commission, but it arrives instantly, or by bank transfer with a 0.80€ commission. Indicate the amount you want to withdraw and click on continue. If you have used the bank card, you will be able to see the balance directly in your bank account.
I hope this has helped you to withdraw your funds from ByBit to your bank account. In case you don’t have an account with either of the two exchanges, you can create your account just below.