How to Withdraw from Bybit to a Bank Account in Nigeria Naira

Withdrawing funds from Bybit to your bank account in Nigeria may seem complicated, but it’s manageable with the right steps. This article will guide you through the process and answer common questions about Bybit and withdrawals.

In a rush?

• Create an Account: Sign up and verify your account on Bybit.
• Deposit Funds: Transfer cryptocurrency into your Bybit wallet if not already there.
• Sell Crypto: Convert your cryptocurrency to USDT (Tether) on Bybit.
• Withdraw USDT:
• Go to “Assets” and select “Withdraw”.
• Choose USDT and enter the amount you want to withdraw.
• Complete the security verification steps.
• Use a Local Exchange:
• Transfer the USDT to a Nigerian crypto exchange that supports NGN withdrawals (e.g., Binance, Quidax).
• Sell the USDT for NGN on the local exchange.
• Withdraw to Bank Account:
• Select “Withdraw” or “Payout” on the local exchange.
• Enter your bank details and the amount to withdraw.
• Complete the transaction and wait for the funds to appear in your bank account.

Read on for detailed step by step guide.

1. How to Withdraw from Bybit to a Bank Account in Nigeria Naira?

1. Create and Verify Your Bybit Account: Start by signing up and verifying your Bybit account.
2. Deposit Funds: Ensure your Bybit wallet has funds, typically in cryptocurrency.
3. Convert Crypto to USDT: Convert your cryptocurrency to USDT (Tether) on Bybit.
4. Withdraw USDT:

• Navigate to “Assets” and select “Withdraw”.
• Choose USDT and enter the withdrawal amount.
• Complete the security verification steps.

1. Transfer USDT to a Local Exchange: Send your USDT to a Nigerian crypto exchange that supports NGN withdrawals, like Binance or Quidax.
2. Sell USDT for NGN: On the local exchange, sell your USDT for NGN.
3. Withdraw to Bank Account:

• Choose “Withdraw” or “Payout” on the local exchange.
• Enter your bank details and the withdrawal amount.
• Complete the transaction and wait for the funds to reach your bank account.

2. Is Bybit Available in Nigeria?

Yes, Bybit is available for users in Nigeria. Nigerian traders can sign up, deposit, trade, and withdraw funds using the platform. Learn how to create bybit account in Nigeria.

3. What is the Minimum Deposit and Withdrawal from Bybit?

• Minimum Deposit: There is no minimum deposit requirement on Bybit for cryptocurrencies.
• Minimum Withdrawal: The minimum withdrawal amount varies depending on the cryptocurrency. For example, the minimum withdrawal for Bitcoin (BTC) is 0.001 BTC.

4. Why Can’t I Withdraw from Bybit?

If you’re experiencing withdrawal issues on Bybit, consider these potential reasons:

• Insufficient Funds: Ensure you have enough funds in your account after accounting for withdrawal fees.
• KYC Verification: Complete KYC verification if required for larger withdrawals.
• Technical Issues: Check for any platform maintenance or technical issues.
• Incorrect Details: Double-check the withdrawal address and details to avoid errors.

5. How Much is 1 Dollar in Naira on Bybit?

The exchange rate for USD to NGN can vary. Bybit itself does not provide direct NGN conversions. Instead, you should check the current rate on the local exchange where you convert USDT to NGN. As of recent rates, 1 USD is approximately 800-850 NGN, but this fluctuates.

6. Can You Transfer Money from Bybit to a Bank Account?

Indirectly, yes. You cannot directly transfer funds from Bybit to a Nigerian bank account. You need to:

1. Withdraw USDT from Bybit.
2. Transfer USDT to a local Nigerian exchange.
3. Convert USDT to NGN.
4. Withdraw NGN to your bank account from the local exchange.

7. How Much Can I Withdraw from Bybit Without KYC?

Bybit allows limited withdrawals without completing KYC verification:

• Non-KYC Users: Can withdraw up to 2 BTC per day.
• KYC Verified Users: Enjoy higher withdrawal limits based on their verification level.

Read also: Bybit vs Kucoin

Conclusion

Withdrawing funds from Bybit to a Nigerian bank account involves a few steps but is straightforward once you understand the process. Ensure your accounts on Bybit and the local exchange are set up and verified to make smooth transactions. Always keep an eye on withdrawal limits and conversion rates for the best experience.