How to Withdraw from Bybit to Bank Account (Updated in 2024)

Bybit is one of the most popular cryptocurrency futures trading platforms, where you can trade various crypto assets with leverage. During your trading journey, you might want to withdraw some of your profits or funds from Bybit. But how do you do that, and what are the best ways to transfer your money from Bybit to your bank account?

In this article, we will explain everything you need to know on how to withdraw from Bybit to your bank account, including the withdrawal methods, fees, limits, and processing times.

Key Takeaways:

• Bybit does not allow direct fiat currency to bank account withdrawals.
• You can withdraw from Bybit to bank accounts using another exchange supporting fiat-to-bank withdrawals.
• Kraken, Coinbase, Binance, and Crypto.com are the best alternative exchanges to withdraw money to bank accounts.

How to Withdraw from Bybit to Bank Account

When we wrote this article, Bybit crypto exchange does not support direct fiat withdrawals to bank accounts. So, we will guide you in using another crypto trading platform to withdraw funds from our bank account.

Here are the steps to transfer your crypto from Bybit to your bank account:

1. Choose an exchange that accepts your crypto and fiat currency.
2. Create an account on the exchange. 
3. Verify your identity (KYC Verification).
4. Send your crypto from Bybit to another exchange.
5. Sell your crypto for fiat currency on the exchange.
6. Withdraw your fiat currency from the exchange to your bank account. 

Step 1: Choose an exchange that accepts your crypto and fiat currency

The first step is to find a suitable exchange that allows you to sell your crypto for fiat currency and withdraw it to your bank account. Here are our top recommended cryptocurrency exchanges:

• Binance
• Kraken
• Coinbase
• Crypto.com

Binance

Binance is the world’s largest crypto exchange by daily trading volume of digital assets. This trading platform was launched in 2017 with many crypto products and services, such as trading and finance, education, data and research, investment and incubation, decentralization and infrastructure solutions, etc. Also, this exchange allows users to send and receive money from their bank accounts.

Kraken

Kraken is an altcoin crypto platform where you can trade over 210 digital assets with different fiat currencies, such as USD, CAD, EUR, and JPY. Currently, Kraken offers users many trading products and services, such as margin trading, staking rewards, and a Visa card that gives you up to 5% cash back on all spending.

Kraken currently supports various payment methods to withdraw to bank accounts such as SEPA, SWIFT, FedWire, and more.

Coinbase

Coinbase is another secure platform that allows people and businesses to buy, sell, and manage various cryptocurrencies. It offers many services, such as non-custodial wallet, NFTs, and cloud-based services for developers. With Coinbase, you can easily withdraw cash from spot account to your bank. This exchange supports many payment methods like ACH, wire transfer, and credit/debit cards.

Crypto.com

Crypto.com is one of the best margin trading crypto exchanges in the world. It is trusted by more than 80 million users worldwide. It supports more than 250 coins and over 20 fiat currencies. You can easily buy and sell using bank transfer. It also has many Defi products, such as Defi wallet, Defi Earn, and Defi Swap.

You can use any of the above exchanges to withdraw money to a bank account. We will be using Kraken for this guide.

Step 2: Create an account on your exchange

If you don’t have an account on Kraken yet, you need to make one before you can withdraw money. You can sign up for a Kraken account on the website or mobile app. The app is available for both Android and iOS devices.

To create an account on Kraken, you must provide basic information, such as your name, email address, country, and password. You also need to verify your email address and phone number.

After creating an account, you will be prompted to choose between the “Kraken” and “Kraken Pro” interfaces. The “Kraken” version is a basic interface with easy buying and selling. The Pro version offers more features like staking, a customizable advanced trading interface, and more trading types. We will choose “Kraken Pro” for this guide.

Step 3: Verify your identity (KYC Verification)

To withdraw fiat money from Kraken to your bank account, you need to verify your identity and follow the KYC (Know Your Customer) rules. This is a required process that helps prevent money laundering and fraud. Click the “Verify your identity” button on the top menu to verify your account.

To verify your identity on Kraken, you must give basic details such as name, address, city, state, zip code, etc. Then, you will have to upload some documents, such as your passport, driver’s license, or national ID card. You may also need to take a selfie of yourself holding the document. The verification process may take minutes to hours, depending on the platform and the number of requests.

Step 4: Send your crypto from Bybit to another exchange

In this step, you need to log in to the Bybit account and go to “Assets“. You will see two options: Deposit and Withdraw. Click on “Withdraw” to withdraw your cryptos.

Pick the crypto you want to take out. A window will pop up. Enter the amount and withdrawal wallet address. Also, select the blockchain you want to use to withdraw your crypto assets, such as TRC20, ERC20, or BRC20. Make sure the chain used is the same as the one Kraken accepts, or you will lose your crypto.

Then, go to Kraken, click “Deposit”, and look for the currency you want to send from Bybit. Suppose it is your first time depositing that currency. In that case, you need to make a new deposit address by clicking Generate deposit address. You can also scan the QR code with your phone. Now, copy the “deposit address” and paste it into Bybit. 

Submit the withdrawal request on Bybit. You will receive a verification code. It also allows you to whitelist your withdrawal address. Later, check if your crypto has reached Kraken. It may take a long time, depending on the network congestion.

Step 5: Convert your crypto for fiat currency on the exchange

Kraken has a “Convert” feature to easily exchange your cryptocurrency with fiat money. For example, to swap BTC to USD fiat on Kraken, you need the [BTC to USD converter] tool on their site. Enter how much BTC you want to change and click “Trade now”.

Step 6: Withdraw your fiat currency from the exchange to your bank account

Now, go to the “withdraw” section on the exchange, pick USD as the currency, and choose a funding provider. You can use methods like ACH, Fedwire, SWIFT, Wire, Etana Custody, or Synapse.

After choosing a funding provider, then add a new bank account or pick an existing one. After that, enter the bank account details and ensure the details will match the verified name or entity on your Kraken account. Also, enter a description for your bank account that is unique and easy to remember.

Finally, enter how much USD you want to withdraw and check your withdrawal verification page. You can skip the confirmation by clicking on the “Skip order confirmations” box. When you confirm your withdrawal, the withdrawal process is completed, and you will receive money in your bank account.

Conclusion

To conclude, Bybit is a top platform for crypto derivatives trading. It offers many trading products and services. You can trade with high leverage, low fees, and fast execution.

However, to withdraw from Bybit to bank account, you must complete the steps discussed above. It may be tedious because there are no direct withdrawals to a bank account. But, if you follow the given steps, you can easily do that. Also, you should know the fees, limits, and confirmation times that may change depending on the option and currency you pick.

FAQs

Can I withdraw from Bybit to bank account?

No, you can’t withdraw from Bybit to your bank account. Bybit only deals with crypto and doesn’t support fiat cashouts to bank accounts. But you can use another way to convert your crypto assets from Bybit to cash.

Along with the steps discussed above, you can also use Bybit’s P2P trading platform to trade your crypto for fiat with other sellers who offer different payment methods.

How do I withdraw crypto from Bybit to bank?

Here are the steps you need to follow to withdraw crypto from Bybit to your bank account:

1. Choose an exchange that accepts your crypto and fiat currency.
2. Create an account on the exchange 
3. Verify your identity (KYC Verification).
4. Send your crypto from Bybit to another exchange.
5. Sell your crypto for fiat currency on the exchange.
6. Withdraw your fiat currency from the exchange to your bank account.

What Are the Withdrawal Limits for Bybit?

Bybit has different cashout limits for different VIP levels. Here are the full Bybit withdrawal limit details:

Does Bybit require KYC to withdraw?

No, Bybit doesn’t need KYC (Know Your Customer) verification to withdraw crypto from the platform. You can withdraw up to 20,000 USDT per day without ID verification. But, Bybit says it has the right to ask for KYC verification from users who are thought to break the terms of service or do illegal activities. 

How long does a Bybit withdrawal time take?

Usually, it takes about 30 minutes to an hour for a withdrawal to be confirmed on the blockchain. You can also track your withdrawal status on the blockchain explorer by using the transaction ID given by Bybit.

Although Bybit offers immediate withdrawal, the real-time it takes for a withdrawal depends on several factors, such as the number of confirmations needed by the destination platform, the network traffic, and the network fees.

Why can’t I withdraw money from Bybit?

There are several possible reasons why you can’t withdraw money from Bybit. Some of them are:

• You don’t have enough funds in your account. In this case, you need to have enough balance to cover both the withdrawal amount and the network fee. 
• You have typed an invalid address or network. For example, you can’t send USDT on the ERC20 network to a TRC20 address. 
• You have gone over the withdrawal limit per day.

What are Bybit withdrawal fees?

Bybit does not charge any platform withdrawal fee for crypto assets. You only need to pay a network fee for each withdrawal request. The network fee depends on the cryptocurrency and network you are using and the network congestion at the time of your request.