How to withdraw crypto from Bybit?

Always verify the correct blockchain network and wallet address before withdrawing crypto from Bybit—mistakes can lead to irreversible fund loss.

Aug 11, 2025 at 05:00 am

Understanding Crypto Withdrawal on Bybit

Withdrawing cryptocurrency from Bybit is a fundamental process for users who wish to move their digital assets from the exchange to an external wallet or another platform. The process is designed to be secure and user-friendly, but it requires careful attention to detail to avoid irreversible mistakes. Before initiating a withdrawal, users must ensure their account is fully verified and that they are using the correct network and wallet address. Incorrect network selection or wrong addresses can result in permanent loss of funds. Bybit supports a wide range of cryptocurrencies, each with multiple blockchain network options such as BEP20 (BSC), ERC20 (Ethereum), TRC20 (Tron), and others.

It is essential to confirm the receiving wallet supports the selected network. For example, sending USDT via the ERC20 network to a wallet that only accepts TRC20 will lead to the funds being lost. Bybit displays warnings during the withdrawal process to help prevent such errors, but the responsibility ultimately lies with the user. Two-factor authentication (2FA) is required for all withdrawals, adding an extra layer of security.

Step-by-Step Guide to Initiate a Withdrawal

To begin the withdrawal process on Bybit, follow these steps carefully:

• Log in to your Bybit account via the web platform or mobile app.
• Navigate to the "Assets" section, usually located in the top navigation bar.
• Click on "Withdraw" next to the cryptocurrency you wish to transfer.
• Select the specific coin from the list (e.g., BTC, ETH, USDT).
• Choose the blockchain network you want to use for the transfer. This must match the network supported by your destination wallet.
• Enter the receiving wallet address. Double-check every character to ensure accuracy.
• Input the amount you wish to withdraw.
• Confirm the network fee, which varies depending on the selected blockchain and current congestion.
• Click "Submit" and complete the 2FA verification using your Google Authenticator or SMS code.

After submission, Bybit will send a confirmation email. You must click the link in the email to finalize the withdrawal request. This email confirmation step is mandatory and helps prevent unauthorized withdrawals.

Security Measures and Verification Requirements

Bybit implements multiple security layers to protect user funds during withdrawal. Two-factor authentication (2FA) is mandatory and must be set up using an authenticator app like Google Authenticator. SMS-based 2FA is available but considered less secure. Users are strongly advised to use app-based authentication.

Additionally, email confirmation is required for every withdrawal. Even if 2FA is completed, the withdrawal will not proceed until the user clicks the confirmation link sent to their registered email. This dual-verification system significantly reduces the risk of unauthorized access.

Withdrawal address whitelisting is another advanced security feature. Users can enable this in the Security Settings section. Once activated, only pre-approved wallet addresses can receive funds. Adding a new address requires a 24-hour waiting period before it becomes active, preventing attackers from immediately draining funds if they gain access.

Common Errors and How to Avoid Them

Several common mistakes can lead to failed or lost withdrawals. One of the most frequent issues is selecting the wrong network. For instance, withdrawing USDT using the ERC20 network to a wallet that only accepts BEP20 will result in the transaction being unrecoverable. Always verify the destination wallet’s supported networks before proceeding.

Another critical error is entering an incorrect wallet address. Even a single character mistake can send funds to an invalid or unintended address. Bybit does not validate the correctness of the address—only its format. Therefore, manual verification is crucial.

Some users also overlook the minimum withdrawal amount. Each cryptocurrency has a minimum threshold, and attempting to withdraw less will result in failure. For example, the minimum BTC withdrawal might be 0.0005 BTC. Network fees must also be considered; insufficient balance to cover the fee will block the transaction.

Processing Time and Transaction Tracking

Once a withdrawal is confirmed, the processing time depends on the selected blockchain. Bybit typically processes withdrawal requests within minutes, but network congestion can delay confirmation. For example, Ethereum (ERC20) transactions may take longer during peak usage due to high gas fees and backlog.

After the transaction is broadcast to the blockchain, users can track it using a blockchain explorer. Bybit provides a transaction ID (TXID) once the withdrawal is processed. Copy this ID and paste it into the relevant explorer—such as Etherscan for ERC20, BscScan for BEP20, or Tronscan for TRC20—to monitor confirmation status.

The number of confirmations required varies by cryptocurrency. Bitcoin may require 6 confirmations for full settlement, while Tron-based tokens might be considered secure after 19 confirmations. Users should wait for the recommended number of confirmations before considering the transaction complete.

Managing Withdrawal Limits and Fees

Bybit enforces daily withdrawal limits based on the user’s verification level. Unverified accounts have very low limits, while KYC-verified users enjoy higher thresholds. To increase limits, users must complete identity verification by submitting government-issued ID and proof of address.

Withdrawal fees are determined by the blockchain network, not Bybit. These fees fluctuate based on network activity. For example, Ethereum gas fees rise during periods of high demand. Bybit displays the exact fee before confirmation, allowing users to decide whether to proceed or wait for lower fees.

Users can reduce costs by choosing less congested networks. For instance, transferring USDT via TRC20 often incurs lower fees than ERC20. However, the receiving wallet must support TRC20. Always compare network options and associated costs before finalizing the withdrawal.

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Frequently Asked Questions

Can I cancel a withdrawal after it’s been confirmed?

No, once a cryptocurrency withdrawal is confirmed and processed on the blockchain, it cannot be canceled or reversed. Bybit cannot intervene once the transaction is broadcast. Ensure all details are correct before submission.

Why is my withdrawal still pending?

A pending status usually means the transaction is awaiting email confirmation or 2FA verification. Check your email for the confirmation link and ensure you’ve completed all authentication steps. If confirmed, the delay may be due to blockchain congestion.

What happens if I send crypto to a non-existent address?

If the address is invalid, the transaction will likely fail and the funds will be returned to your Bybit account after a period. However, if the address is valid but belongs to someone else, the funds are lost permanently. Always double-check addresses.

Does Bybit charge a fee for withdrawals?

Bybit does not add extra fees beyond the network transaction fee. This fee is paid to miners or validators on the blockchain and varies by network and congestion. The exact amount is shown before you confirm the withdrawal.