how to receive btc on bybit

To receive Bitcoin on Bybit, create an account, deposit funds if needed, generate a BTC deposit address, initiate a BTC transfer from an external source, and monitor the transaction's progress.

Nov 03, 2024 at 03:22 pm

How to Receive Bitcoin (BTC) on Bybit

Step 1: Create a Bybit Account

• Visit Bybit's website (https://www.bybit.com/) and click "Register."
• Enter your email address and create a password.
• Complete the security verification and KYC (Know-Your-Customer) process.

Step 2: Fund Your Account (Optional)

• You can deposit funds into your Bybit account through various methods, such as:

  • Bank transfer
  • Credit/debit card
  • Apple Pay
  • Cryptocurrency deposit

Step 3: Generate a BTC Deposit Address

• Log in to your Bybit account and navigate to "Assets" > "Spot Account."
• Click on the "Deposit" tab and select "BTC" from the dropdown menu.
• Your unique BTC deposit address will be displayed.

Step 4: Receive BTC from an External Wallet/Exchange

• From the sending wallet or exchange, initiate a BTC transfer.
• Paste your Bybit BTC deposit address into the recipient's address field.
• Enter the desired amount of BTC to send.
• Confirm the transaction and pay the network fee.

Step 5: Monitor the Transaction

• You can track the status of your BTC deposit on the "Deposit History" page in Bybit's "Assets" section.
• Deposits typically take a few minutes to complete, but can take several hours during network congestion.

Additional Notes:

• Ensure you double-check the deposit address before sending BTC.
• Bybit supports both on-chain (blockchain) and off-chain (P2P) BTC transfers. Off-chain transfers are faster and cheaper, but subject to Bybit's daily transfer limit.
• Once you receive BTC in your Bybit wallet, you can use it for trading, earning yield, or withdrawing to an external address.