Contrary to what some might believe, Bybit withdrawal time is a crucial aspect for people to know about before they use the exchange. The Bybit exchange is one of the top crypto trading platforms in the market and is the go-to platform for a wide range of traders all around the world.
The features that Bybit offers put it among some of the best platforms for trading crypto assets in the market. This makes it a suitable exchange to be used by new traders as well.
However, people who are new to crypto trading and are interested in using the Bybit exchange for trading should know crucial details of the platform, especially those related to trading. These details include knowing about Bybit withdrawal and more.
Having as much information as possible about an exchange will not only help you be sure that you chose the right exchange but it will also greatly influence the kind of crypto trading experience you have.
Therefore, if you are interested in trading crypto on Bybit for the first time then you should know the details mentioned below.
Importance of Knowing Bybit Withdrawal Time
Trading crypto is not an easy task, in fact, it can be quite risky, especially for the people who do not have any trading experience or relevant information. However, trading can be made less stressful if you have a proper trading plan and you take your time to learn as much as possible about the high-risk venture.
Learning the details of withdrawal on Bybit is also crucial. As a crypto trader or investor you need to know how much you can withdraw at a time, how can you increase the limit and how much time it takes for a withdrawal request to be processed.
As a potential user of the Bybit exchange the details of Bybit withdrawal can help you be certain of whether the exchange is what you are looking for or not.
Bybit Withdrawal Limit
Before we dive into the Bybit withdrawal time, another crucial detail to know is the limit you will be able to withdraw as a user of the exchange.
Some crypto exchanges have a high withdrawal limit, whereas, some platforms do not offer so much.
The Bybit exchange is one of the best crypto trading platforms that also prioritizes security of user funds, information and accounts. As a user of Bybit, you can trade any of the supported digital assets that include Bitcoin and Ethereum. However, the Bybit withdrawal limit available for you will only be 2 BTC per day if you do not complete your KYC verification.
KYC (know your customer) verification is an additional layer of security used by platforms to ensure that people with fraudulent intent cannot compromise the safety and security of the exchange.
KYC requires the users of the platform to provide their personal information, which increases the withdrawal limit for them. There are two levels of the KYC verification, details of which are mentioned below.
Knowing about Bybit withdrawal time and limit can help you plan your trading and investing more carefully and according to your trading requirements. Now, if you complete level 1 of the KYC verification, your withdrawal limit will increase to 50 BTC per day.
For this level of verification, you will be required to submit:
- Facial recognition screening
- Identification documents
The level 2 increases the daily Bybit withdrawal limit even more, taking it to 100 BTC per day. Additional personal information and details are required to complete this level of the verification.
As a user of the exchange you can submit the following documents to be able to withdraw 100 BTC per day.
- Utility bill
- Bank statement
- Proof of address
Details of Withdrawal Time on Bybit
The Bybit withdrawal time is one of the most outstanding factors of the exchange. This feature of the world-famous trading platform sets it apart from other platforms that also support leverage trading.
As compared to other leverage trading platforms, users of the Bybit exchange can withdraw funds 3 times per day. However, the timing of the withdrawals are already specified and cannot be done at random.
The 3 times you can withdraw your funds happy every day at:
- 0800 UTC
- 1600 UTC
- 2400 UTC
The maximum time taken by the exchange to confirm the Bybit withdrawal request happens after every 8 hours and sometimes the withdrawal time can also take a few hours if the next withdrawal time is a several hours ahead in the future.
It is also important to know that if you submit a withdrawal request at 0730, it will not be processed at 0800 but will be done so at 1600.
As a crypto trader, you need to know the details of the exchange you want to use, which includes knowing things such as withdrawal limit and time. The details of the Bybit withdrawal time and limit mentioned above can help you form your trading or investing plan accordingly.