Key Takeaways

• If you are from Australia and want to withdraw money from Bybit, you will need to transfer your crypto to another exchange and sell it there, then withdraw AUD to your bank account.
• There are six easy steps that you need to follow, which are: (1) choose a crypto exchange, (2) create an account, (3) verify your account, (4) send crypto from Bybit to new crypto exchange, (5) sell crypto for AUD, and (6) withdraw your AUD to your bank account.
• Swyftx is one of the recommended crypto exchanges since it is trusted, secure, and simple to use.
• You can use this link to receive $20 Bitcoin for free when signing up with Swyftx.

Step 2 - Create an account

Creating an account with Swyftx is a straightforward process. To get started, you can visit the registration page by clicking on the following link: https://trade.swyftx.com/. When you arrive at the registration page, you'll notice that your promo code is automatically applied, entitling you to receive $20 FREE Bitcoin upon signing up, without requiring an initial deposit.

Simply provide your name, phone number, email address, and proceed to follow the steps outlined for signing up with Swyftx.

Step 3 - Verify your account

Upon creating your account on Swyftx, you should be guided through the verification process automatically. This verification process typically involves verifying your email address, phone number, and identity, which is essential for gaining access to the platform's full range of features, including the ability to withdraw funds from your Swyftx account.

If you inadvertently skipped the verification process during account creation or need to verify your account at a later stage, you can do so by following these steps:

1. Click on your initials, located in the top right corner of the Swyftx platform (indicated by the arrow in the screenshot below).

2. From the drop-down menu that appears, select 'Verification.'

3. This action will direct you to a verification screen, similar to the one depicted in the screenshot below. Here, you can initiate the verification process for your email, phone, and identity as needed.

Step 4 - Send crypto from Bybit to your new crypto exchange

Once you have successfully verified your Swyftx account, you can proceed to send cryptocurrency from your Bybit account to your Swyftx account. Here are the steps to follow:

1. Click on the 'Deposit/Receive' button, which should be clearly visible on the Swyftx platform (indicated by the arrow in the screenshot below).

2. Upon clicking this button, a pop-up window will appear, similar to the one depicted in the screenshot below.

3. In the pop-up window, you can select the specific cryptocurrency you wish to transfer from your Bybit account to Swyftx. For this guide, let's use USDT (Tether) as an example.

Once you've selected the cryptocurrency you want to send to your Swyftx account, a different pop-up window should appear, as shown in the screenshot below. In this pop-up, you'll have the option to select the network you wish to use for the transfer.

For USDT (Tether), it is recommended to use the Tron (TRC20) network, as it typically incurs lower withdrawal fees on Bybit, such as just 0.5 USDT.

Inside this pop-up, you will also find the wallet address you need for the transfer, indicated by the blue rectangle in the screenshot below. To proceed, copy this wallet address and sign into your Bybit account.

In your Bybit account, click on 'Assets' in the top right corner, and access your 'Spot' account, which is where you can withdraw your crypto to Swyftx. If your crypto is in the other accounts (e.g. Derivatives), you need to click the 'Transfer' button to send them to your Spot account first. You can see in my screenshot below, I have 2,500 USDT in my Spot wallet.

Next, you need to click on the 'Withdraw' button next to the coin you wish to withdraw. A pop-up will appear, similar to the screenshot below. For USDT, we want to select TRC20 as the Chain Type, as that is the address we copied from Swyftx in the step above.

Enter the amount you wish to withdraw (in my example, I chose 1,000 USDT), and paste the Swyftx wallet address that you copied earlier in the field that says 'Wallet Address'. Once that is done, you can click Submit to finalise the transfer.

Step 5 - Sell crypto for AUD

Your cryptocurrency may take up to 30 minutes to arrive in your Swyftx account. To check whether it has arrived, click on the Wallet icon (shown by the arrow in screenshot below), and scroll down to 'All Wallets'. If your crypto wallet shows the amount you just sent from Bybit, then it has safely arrived in your Swyftx account. Now that your cryptocurrency has arrived, it's time to sell it for AUD. 

Click on the 'Trade' button (shown by the red arrow in the screenshot below), and you will see a screen similar to the one below. On the right hand side you can choose which coin you want to Trade From (in this example, USD Tether), and Trade To (select Australian Dollars). Select the amount you wish to trade, and then click 'Review order details' at the bottom. You will see a confirmation screen, where you can click 'Place Order' to finalise the trade.

When you return to the 'Wallets' page in Swyftx, you should see your 'Australian Dollars' wallet now has funds in it.

Step 6 - Withdraw your AUD into your bank account

To withdraw your money from Swyftx to your bank account, follow these steps:

1. Click on the "Withdraw/Send" button, as indicated by the red arrow in the screenshot below.
2. In the pop-up window, enter the amount in Australian dollars (AUD) that you wish to withdraw.
3. Click "Select an account."
4. Since this is your first withdrawal, you will need to click "Add a new account" to add your bank details.
5. After adding your bank account, choose the withdrawal amount, select the reason for withdrawal, and click "Continue" at the bottom.
6. Swyftx does not charge withdrawal fees, so the amount of AUD you see in your Swyftx account is the amount you will receive in your bank account.