It doesn’t matter whether you are a professional cryptocurrency trader trading millions worth of digital assets or are just a crypto-enthusiast that trades a bit on the side. At some point, you may want to withdraw your money from ByBit to a more secure crypto wallet. If you’re looking to withdraw funds from ByBit, you have to make sure you have a safe and reliable wallet to store your digital assets on.
In this how-to withdraw money from ByBit guide, we will take you by the hand and lead you through the process of withdrawing funds from ByBit to your Zengo wallet. Simply follow the steps written below to make sure you don’t make any mistakes while doing so.
Before you can withdraw your digital assets from ByBit, you have to make sure you have your Zengo wallet ready to go. Zengo is a next-generation Web-3-ready non-custodial wallet that uses industry-leading MPC technology to secure your cryptocurrency holdings in the safest way possible. Zengo performs better than hardware wallets and is more secure than any cryptocurrency exchange because it uses biometric 3FA, guaranteed account recovery, doesn’t have private key vulnerability, and has a built-in Web3 firewall.
You can easily check whether the funds have arrived in your Zengo app by logging in and checking the main balance page. For more detailed transaction information, simply tap the “History” button situated in the main menu to be presented with an overview of your latest deposits and withdrawals.
Zengo is the world’s most secure Web3-ready non-custodial wallet that utilizes biometric key phrases instead of regular mnemonic key phrases, has a beginner-friendly UI, supports multiple digital assets, and allows users to buy, sell, and trade digital assets through its own platform and external decentralized finance (DeFi) applications.
Zengo is one of the safest and most secure crypto wallets available to retail users today. The wallet app utilizes state-of-the-art MPC technology, three-factor authentication with biometric login and transaction confirmation for an extra layer of security. With Zengo, you don’t need to remember any difficult seed phrases as your face is used to generate a truly unique and secure seed to access your digital assets!
With Zengo’s non-custodial wallet, you are in complete control of your own private keys without having to worry about security or losing access to your funds. Furthermore, our fiat on-ramp service allows you to easily diversify and grow your crypto portfolio by purchasing your crypto of choice with fiat currency. Aside from that, you can also take part in our savings program.
If you ever need any assistance with your Zengo wallet, you can contact our real human customer support staff at any time, even on weekends and holidays. Alternatively, you can check out our Help page to see if your question has already been answered.
With Zengo, you can easily send crypto to other wallets or ‘’cash out’’ to fiat whenever you want. To send crypto to other wallets, tap on the ‘’Actions’’ button located in the main menu followed by ‘’Send’’. Now, simply fill in the amount of crypto you want to send, paste the receiving address or scan the QR code, and verify the transaction.
Rather cash out your crypto earnings to fiat? No problem! Simply tap on the ‘’Actions’’ button, and then on the ‘’Sell’’ button. As of writing this guide, you can sell your digital assets for Euros, British Pounds, and/or United States Dollars.
Note that you have to connect your bank account to your Zengo wallet prior to requesting a fiat withdrawal and that it may take a few days for your funds to arrive.
ByBit is a cryptocurrency exchange founded in 2018 by ex-forex broker Ben Zhou that mainly focuses on crypto derivatives, copy trading, options and futures. Users can buy, sell, trade, and stake cryptocurrencies and NFTs on the platform.
The key difference between Zengo and ByBit is that Zengo is a non-custodial crypto wallet that allows you to be fully in control of your digital assets because you are in control of your private keys. ByBit, on the other hand, is a cryptocurrency exchange that offers custodial wallet services, which means your digital assets will be lost if the exchange goes into bankruptcy.
ByBit charges a small coin-dependent withdrawal fee whenever you decide to withdraw your digital assets. You can find more information on their info page.
Cryptocurrency withdrawal requests are usually processed within 30 minutes on ByBit. The exchange doesn’t support fiat withdrawals to bank accounts. As an alternative, you can move your funds to Zengo and withdraw to fiat when you feel the time is right.
One of the most common problems that can occur while withdrawing funds from ByBit, is sending them to the wrong receiving address. Always make sure you’re sending your digital assets to the correct address and that you’re using the right blockchain network.
To withdraw to Zengo, please verify that the asset you wish to withdraw is supported by Zengo.
As of writing this guide, it’s not possible to withdraw crypto to fiat using ByBit. If you wish, you can send your funds from ByBit to your Zengo wallet, then withdraw the funds from Zengo directly to your bank account.
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