Key Takeaways

• Bybit, a popular crypto exchange, does not allow for the direct withdrawal of fiat currency.
• It is possible to withdraw money from Bybit with the help of another exchange.
• The withdrawing process involves six steps: choosing a crypto exchange, creating an account, verifying your account, sending crypto from Bybit to your new exchange, selling crypto for fiat currency, and withdrawing your money into your bank account.
• Kraken, Uphold, and Crypto.com are some of the recommended exchanges that allow fiat withdrawals.

Step 2 - Create an account

It is easy to open an account with Kraken. Click on this link: https://www.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 sequence of characters, 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, we 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. We are aware that you 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 select the 'MAX' button, which will sell the total amount. In our example, we're selling 500 USDT. When you have entered the desired 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.