How to Deposit on Bybit: Processing Time, Fees, and Precautions

Bybit is a globally popular cryptocurrency derivatives and spot trading platform. It provides a user-friendly interface, high liquidity, and a secure trading environment. To start trading on Bybit, you need to create an account and deposit funds.

Things to Prepare for Depositing

1. Create and Verify Your Bybit Account

2. Prepare a Cryptocurrency Wallet

3. Check Supported Cryptocurrencies

4. Understand Network Fees

Bybit Deposit Methods

1) Create Deposit Address on Bybit

① Click on the Assets tab: Select the “Assets” tab from the bottom navigation bar.
② Choose Deposit: Tap the “Deposit” button to open deposit options.
③ Select Deposit Crypto: Click on “Deposit Crypto” to proceed with depositing cryptocurrency directly.

④ Select Cryptocurrency: Choose the cryptocurrency you want to deposit.
⑤ Choose Chain Type: Select the appropriate chain type for the chosen cryptocurrency

⑥ Wallet Address: Copy the wallet address for the XRP deposit.
⑦ Tag/Memo: Copy the required tag/memo for the XRP deposit.
⑧ Minimum Deposit Amount: Ensure the deposit amount meets the minimum requirement (e.g., 0.01 XRP).
⑨ Navigate to Assets: Select “Assets” from the bottom navigation bar in Binance.
⑩ Select Withdraw: Click “Withdraw” on Binance to initiate the transfer process.

2) Transfer from Binance to Bybit

⑪ Select Withdraw: Choose the “Withdraw” option to start the withdrawal process.
⑫ Select Cryptocurrency: Select the cryptocurrency you want to withdraw from the list.

⑬ Enter Address: Paste the wallet address copied from Bybit.
⑭ Select Network: Choose an appropriate network, such as “XRP Ledger.”
⑮ Enter Tag: Enter the required tag for the transaction (if applicable).
⑯ Set Withdrawal Amount: Set the withdrawal amount, ensuring it meets the minimum requirement.
⑰ Check Transaction History: Verify the completed transaction in the “Transaction History” tab.

Bybit Deposit Processing Time and Fees

Processing Time

Deposit Fees

How to Verify Your Deposit

Check Deposit History

①Go to the ‘Assets’ > ‘Deposit History’ menu on Bybit.
②Verify if the deposit status is ‘Processing’ or ‘Completed.’

What to Do in Case of Deposit Errors

Deposit Precautions

Importance of Using the Correct Address
Double-check the deposit address to avoid errors.
If funds are sent to an incorrect address, they may be permanently lost.
 
Network Selection
Ensure the correct network is selected when depositing. For example, USDT deposits may use ERC-20, TRC-20, or BEP-20.
 
Test with Small Amounts
When making a deposit for the first time, test with a small amount to ensure accuracy.