Buying and withdrawing cryptocurrency on Bybit using USDT and BNB as examples
Last updated
Last updated
Using Bybit as an example, we will show the process of buying USDT on the p2p exchange and BNB on the spot market for USDT, as well as the process of withdrawal from your wallet.
A verified account is required to use the P2P service on Bybit.
How to register and identity verification can be found in the instructions here.
Bybit offers the following ways to buy cryptocurrency:
One-Click Buy
P2P Trading
Fiat Deposit
Let's take a closer look at each of the possible ways.
To buy cryptocurrency, go to the "P2P Trading" section.
Choose a way to buy: P2P trade.
P2P allows choosing the merchant yourself and doesn't have big purchase limits, so let's use this method for the first example.
Choose P2P trading and read the quick guidelines.
On the opened page you can:
set up the cryptocurrency you plan to buy
choose a merchant based on your request
set filters for quick search of a suitable order: purchase amount limit, payment method
Select (for example) USDT from the possible options. Specify the amount of rubles you want to spend to buy cryptocurrency. Select the type of payment from those presented on the exchange.
Based on the sorting results, you need to choose a merchant from which you can buy cryptocurrency.
When choosing a merchant, we recommend to be guided by the number of completed orders and their percentage, they will tell you how long the merchant has been trading on the exchange and with what success deals with them are completed.
Check out the transaction limits set by the merchant and the buying rate.
After choosing a merchant, click "Buy USDT".
Make sure that the order is placed correctly, read the terms of the transaction, the methods of accepted payment and click "Buy" to continue.
You can then continue with your purchase.
Observe the time within which you need to complete the payment.
In the example we selected the Tinkoff payment method, transfer by card number.
Copy the card number of the cryptocurrency seller and transfer dollars to the seller's account.
Complete the transfer of the amount specified in the order at the time indicated in the order and click "Payment Completed".
Confirm the payment by clicking on the confirmation checkbox and "Acknowledge".
Do not disregard the rules of the service.
Wait for coins to be credited and for the seller to complete the order.
If necessary, you can use the chat with the seller and inform them that the payment has been credited.
Done! USDT are credited to your financial account balance.
Now you can withdraw USDT or use it for spot trading, for example, to buy BNB. To do this, transfer USDT to your "Spot" wallet by clicking on "Transfer". Select the details of the transfer from "Funding" to "Spot", specify the amount of the asset and click "Confirm".
Select the payment method "Only-Click Buy". Enter the amount in USD, but not less than 2 USD and not more than 50,000 USD, depending on the payment method, click "Buy With USD".
Select the merchant most suitable for the trade. We recommend selecting merchants who are online at the moment of creating an order, with the largest number of completed trades, as well as with a suitable limit for your order.
Click "Buy USDT" opposite to the selected merchant.
Read the terms of the exchange, enter the amount of USD or USDT you want to get and click "Buy".
Complete the payment using the merchant's credentials within the time allotted for the order and send exactly the amount of USD you need to execute the order.
After the transfer is completed, click "Payment Completed". If necessary, use the chat with the seller and report the transfer.
Confirm the transfer by clicking "Acknowledge".
Done! USDT are credited to the balance of your financial account.
ByBit provides an opportunity to add fiat currency to your account balance. Subsequently fiat balance can be used to buy cryptocurrency in one click by selecting the payment method "USD Balance".
Select the method "Fiat Deposit". Enter the amount in USD, but not less than 40 USD and not more than 50,000 USD, select the method of deposit, read the terms of service and click "Continue".
Enter your ByBit account information, card information, and proceed to payment.
To buy BNB on the ByBit spot, go to "Trade" – "Spot Trading ".
Select the asset you want to buy by entering the ticker of the asset in the search box. Below you will see a list of pairs with this asset in which you can trade on the exchange.
Select the BNB/USDT pair by clicking on it.
You can add the pair to your favorites for quick access by clicking on the star.
On the "Buy" tab, select the order type "Market" or "Limit", specify the amount of USDT to be spent to buy BNB or the required amount of BNB and click "Buy BNB". After that, confirm the order.
*If you select "Market", an order to buy will be executed immediately at the market price, i.e. at the offer price at the moment of confirming the order.
If you choose "Limit", you can set the price of the order, i.e. the rate at which you want to buy BNB. The order will be executed at achievement of the set rate.
If you have chosen the "Limit" order, wait for its execution. Please note that using a limit order does not guarantee that in a particular period of time the price will reach the set value and the order will be executed quickly.
You can manage your order from the orders menu below the main work area.
Go to "Current Orders," then click the "Limit" tab. Here you can also cancel the order or check the execution.
The purchased BNB will automatically appear in your spot wallet. Done!
To withdraw USDT and/or BNB, go to "Assets".
This example shows how to withdraw BNB in the BNB Smart Chain (BEP-20).
If the assets are in a spot account, go to "Spot", select the asset and click "Withdraw".
Then enter the wallet address in the BNB Smart Chain, choose the required network, in the example choose the BSC (BEP-20) withdrawal network, and specify the withdrawal amount. Check your data and click "Submit".
*Pay attention to the minimum withdrawal amount, it is different for each asset
Done!
