Buying and withdrawing cryptocurrency on ByBit using USDT and BNB as examples from mobile device

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.

Buying USDT on P2P

To buy cryptocurrency, go to "Buy Crypto" through the dashboard or through the "More" section.

Choose a purchase method:

  • One-Click buy

  • P2P Trading

  • Fiat Deposit

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.

In the "Buy" tab, select the cryptocurrency you want to buy.

For example, choose USDT from the possible options.

Specify the amount of USD you want to spend to buy the cryptocurrency.

Choose the payment type from those presented on the exchange.

According to the sorting results you should 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 the transaction limits set by the merchant and the buying rate.

After selecting a merchant, click "Buy".

Make sure the order is placed correctly, read the terms of the deal, the methods of accepted payment and click "Buy" to continue.

You can then continue your purchase.

Click "Pay Now" to proceed to the next step.

In the example we chose the payment method Payeer, transfer from the account to the service account.

Observe the time within which the payment must be completed.

Copy the number of the cryptocurrency seller's account and transfer it to the Payeer seller's account USD, as specified in the payment terms and conditions.

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 "Confirm".

Do not disregard the rules of service.

Wait for the coins to be credited and for the seller to complete the order.

If necessary, you can chat with the seller and let them know that the payment was 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 "Spot Account" by clicking on "Transfer". Select the details of the transfer from "Funding Account" and to whom "Spot Account", specify the amount of asset and click "Confirm".

Buying USDT in one click

Go to "Buy Crypto" via the dashboard or via the "More" tab.

Select the payment method "Only-Click Buy". Enter the amount in USD, but not less than 10 USD and press "Next".

Select the appropriate payment method. In this example, we chose "Payeer", to continue, click "Buy With USD". Read the price of the order and click "Confirm".

Read the order information and click "Pay Now".

Copy the account number of the seller of the cryptocurrency and transfer it to the Payeer account of the seller USD, as specified in the payment terms.

Complete the transfer of the amount specified in the order at the time specified in the order and click "Payment Completed" when the transfer is complete.

Confirm the completion of the order on your end, click "Confirm". Done!

Wait for the seller of the cryptocurrency to complete the order.

The order status can be tracked on the current page or in the "Orders" section through the menu of the selected cryptocurrency purchase/deposit method.

Depositing fiat to the exchange 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".

Go to "Buy Crypto" via the dashboard or via the "More" tab.

Select the "Fiat Deposit" method. Enter the amount in USD, but not less than 40 USD and not more than 50,000 USD, choose the deposit method, read the terms of service and tap "Continue".

Enter your ByBit account information, card information, and proceed to payment.

Buying BNB on the spot market for USDT

To buy BNB on the ByBit spot, go to "Trade" and select the pair to trade BNB/USDT.

On the "Buy" tab, select the "Market" or "Limit" order type, specify the amount of USDT you want to spend to buy BNB and tap "Buy BNB".

To withdraw BNB, transfer assets from your spot wallet to your financial account through "Assets", "Transfer".

If you choose the "Market" order, 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 the "Limit" order, 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.

Done! The order history can be found by clicking on "Orders".

Withdrawing cryptocurrency

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".

Next, click "Transfer".

Select transfer details from "Spot Account" and to whom "Funding Account", specify the amount of the asset and click "Confirm".

Then go to "Funding" and select the cryptocurrency to withdraw.

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 the entered data and click "Confirm".

Done!

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