How to withdraw money from Bybit to bank account

How to withdraw money from Bybit to bank account

Robert McDougall 

August 23, 2022

Cryptocurrency

You have probably stumbled across this page because you have made some money trading crypto on Bybit and it is now time for you to lock in your profits by withdrawing the money. However, you cannot find a way to withdraw your crypto from Bybit. The reason for this is that Bybit does not support fiat withdrawals. So your next question is going to be:

How do I get my money out of Bybit?

Fortunately, there is a way to withdraw money from Bybit, but you need the assistance of another crypto exchange. You will send your crypto to that exchange, sell it for fiat currency, then withdraw money to your bank. In our step-by-step guide, we show you every step along the way, accompanied by plenty of screenshots.

There are six steps to withdraw money from Bybit to your bank account. I will go into detail about each step below, using screenshots so it is very straightforward to follow along:

Step 1: Choose a crypto exchange

Step 2: Create an account

Step 3: Verify your account

Step 4: Send crypto from Bybit into your new crypto exchange

Step 5: Sell crypto for fiat currency

Step 6: Withdraw your money into your bank account

Step 1 - Choose a crypto exchange

Your first thing to do is to choose a safe and legitimate cryptocurrency exchange that is easy to use, and allows fiat withdrawals to your bank. Any of the best crypto exchanges are excellent choices; they are all secure and reliable crypto platforms. In this guide, I have included screenshots from my Kraken account (read review) to demonstrate how to withdraw money from Bybit. Kraken is available in many countries around the world, including the USA, it supports a range of fiat currencies, and even has live chat support 24/7 in case you need assistance. To easily follow our guide, you can open a Kraken account.

Top 3 Recommendations

#1

Kraken

   Best Overall  

Rating

4.9

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Gemini

Most Secure

Rating

4.6

#3

Uphold

Wide Range of Assets

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4.4

If you are looking at other exchanges besides the ones listed above, take a look at this article on the best crypto exchanges to make your decision.

Step 2 - Create an account

It is easy to open an account with Kraken. Click on this link: https://r.kraken.com/ which will take you to the Kraken homepage. Click on 'Create Account' in the top right corner, and you will see a page like the screenshot below. Type in your email, create a username and password, select your country details, then click 'Create Account'.

Step 3 - Verify your account

Upon creating your Kraken account, you should be prompted to verify your account. You have to verify your account up to the 'Intermediate' level in order to deposit crypto, sell it and withdraw money, which is what we wish to achieve. You need to verify your personal info and identity. If you skipped the verification earlier and you want to verify your account now, simply click on your name in the top right corner, then click 'Get Verified' as shown in the screenshot below. Then click on the 'Verify' button to begin the process.

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

Now that you have verified your Kraken account, you can send crypto from your Bybit account into your Kraken account. In your Kraken account, click on 'Funding' in the menu at the top of the screen (circled in red in screenshot below), then click on 'Deposit' (circled in yellow below). A pop-up will appear, and you can type in the search field the coin that you want to deposit from your Bybit account. In this guide, we will send USDT as an example. 

Click on the cryptocurrency that you wish to transfer from Bybit into Kraken, and you will be taken to the deposit screen, as shown below. For USDT, choose TRC20 as the withdrawal fees are much lower (only 0.5 USDT). Click on 'Generate deposit address' below that, to create an address for your first withdrawal.

You will see a string of letters, which is your Kraken deposit address (covered by red rectangle in screenshot below). Copy the deposit address by clicking the large blue 'Copy deposit address' button at the bottom.

Now sign into your Bybit account, and click on 'Assets' in the top right corner, then click 'Spot' in the menu on the left. The 'Spot' account is where you can withdraw your crypto to Kraken. If your crypto is in another account, for example the 'Derivatives' account, you need to first click the 'Transfer' button to move it to your Spot account. In my Spot account shown below, I have 2,500 USDT available.

Next, click on the 'Withdraw' button next to the cryptocurrency that you want to withdraw to Kraken. You will see a pop-up, like the one in the screenshot below. For USDT withdrawals, select TRC20 as the Chain Type, since that has lower fees, and it is the address we copied from Kraken above.

Type in the amount that you want to withdraw to Kraken (in our example, I chose 1,000 USDT), and paste the Kraken wallet address that you copied earlier in the field that says 'Wallet Address'. When you have done that, you can click the orange 'Submit' button to finalise the transaction.

Step 5 - Sell crypto for fiat currency

Your cryptocurrency may take up to 30 minutes to arrive in your Kraken account, but usually it will be quicker than that. To check whether it has arrived, click on 'Funding' in the top menu, then scroll down to your list of Crypto Assets. You can look at the amount (shown by the red arrow below) to see whether your crypto has arrived yet.

Once your crypto has arrived, click on the 'Buy Crypto' button in the menu at the top. I am aware that we want to sell crypto and not buy, but we can access the sell button easily from this screen. As shown in the screenshot below, you can see the 'Sell' button under the Account balance and the 'Buy' button. 

Click on that 'Sell' button, and you will be taken to another page, like the screenshot below. Type in how much of your crypto you wish to sell, or you can simply select the 'MAX' button, which will sell the total amount. In our example, I chose to sell 500 USDT. When you have chosen the correct amount, click 'Review'.

You will see a confirmation screen similar to the one below, with a summary of the details of your transaction, including the total amount of fiat currency you will receive. When you have checked the details and are happy with that, click the purple 'Confirm' button.

You will be taken to another page (like the screenshot below) confirming that you have successfully sold your crypto for fiat currency.  

Step 6 - Withdraw your money into your bank account

You are almost there! You have sent your crypto to Kraken, and sold it. Now you just need to withdraw your money to your bank. In your Kraken account, click on 'Funding' in the menu at the top of the screen, then next to your fiat currency (in our case, US Dollar), click the Withdraw icon (shown by the red arrow in screenshot below).

You will see a page like the screenshot below. Choose your preferred withdrawal type from the dropdown box, then click 'Continue' to add your bank account details. Once you have added the bank details you can process the withdrawal of money straight to your bank account. Congratulations, you have managed to withdraw money from Bybit to your bank account, via Kraken!

If you find yourself stuck along the way, Kraken has excellent live chat support which is available 24/7, so you can contact them for help.

Frequently Asked Questions:

Can you withdraw from Bybit to bank account?

Bybit does not support fiat withdrawals to your bank account. However, there is an easy way to withdraw your money, using another exchange like Kraken. Follow the steps in this guide, and you will be able to withdraw money out from Bybit to your bank account.

Why is Bybit not allowing me to withdraw money?

Bybit is designed as a crypto trading platform, and does not have fiat markets or fiat withdrawals. However, there's no need to panic, since you can get your money out using a different crypto exchange, such as Kraken. Read through our article and follow along step-by-step with screenshots, to withdraw your money from Bybit. 

Can I withdraw fiat from Bybit?

It is not possible to withdraw fiat currency directly from Bybit. But don't worry, you can still get your funds out using a workaround solution. If you create an account on a different exchange that supports fiat withdrawals (eg: Kraken), you will be able to withdraw your money. Read our guide above to learn how to do this.

How do I withdraw from crypto to cash on Bybit?

Bybit does not support sale of crypto to cash, since there are no fiat markets. If you want to convert your crypto to cash, you have to send your crypto to another exchange, like Kraken. Then use Kraken to sell your crypto, then withdraw cash to your bank account. This guide will demonstrate exactly how to do this, with many detailed screenshots along the way.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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