Market participants use cryptocurrency exchanges to buy, sell and exchange digital assets. The Binance platform was previously popular among Russians. But in January 2024, it stopped supporting RUB and left the Russian market. Therefore, many people began to withdraw assets to other crypto exchanges. Some Russians began to use the Bybit trading platform. Its popularity is due to its similar interface and reputation. To transfer money in USDT from Binance to Bybit, it is enough to spend 3 minutes. You can use different digital currencies for balance transfers.
Features of transfers from Binance to Bybit
To send funds from one exchange to another can be different methods. But more often digital assets are used for this purpose. They help to transfer the balance directly in 1 transaction. However, to avoid losses, it is necessary to know some features of such transfers.
Commissions
The first thing to consider is network fees. Decentralized systems take a fee for processing transactions. The size of the fee depends on the specific blockchain. For example, as of June 4, 2024, the average Bitcoin transaction fee is $3.92. But on the TRON network, the fee is lower at $0.12.
Usually, the fees on cryptocurrency exchanges are higher. This is how platforms guarantee to cover network fees so as not to incur losses.
The commission for transferring from Binance to Bybit depends on the selected cryptocurrency. Often, clients of these trading platforms transfer assets in USDT. However, you can use any digital currency. The commissions for transferring popular cryptoassets are shown in the table. The data is current as of June 4, 2024.
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The largest crypto exchange where you can quickly and safely start your journey in the world of cryptocurrencies. The platform offers hundreds of popular assets, low commissions and advanced tools for trading and investing. Easy registration, high speed of transactions and reliable protection of funds make Binance a great choice for traders of any level!
| Cryptocurrency | Binance withdrawal fee |
|---|---|
Other terms and conditions
Most of the platform’s functionality is only available to confirmed customers. It is possible to send funds to another exchange without KYC. If the system considers the transfer as a suspicious transaction, it may request verification. In this case, the only option is to contact technical support staff. The exchange does not serve clients from the Russian Federation and does not allow verification using a Russian passport.
To send certain cryptocurrencies, a MEMO may be required. This is a special tag that is tied to a specific account on the exchange. If the MEMO is not specified when transferring, the coins may be lost. The destination tag is often used to send Ripple, NEM, and Stellar cryptocurrencies.
Instructions on how to transfer from Binance to Baybit
Sending assets from one cryptocurrency exchange to another is easy. The only thing is that the user must copy the wallet addresses on Bybit. To do this, you need to register on the crypto platform’s website. The instructions are given below:
- Open the official Bybit website.
- Click on the “Registration” button.
- Specify an e-mail address.
- Think up and enter a password. It must contain upper and lower case characters, as well as numbers.
- Enter the referral code (if any).
- Accept the rules of the crypto exchange.
- Click on the “Create an account” button.
- Confirm registration.
After creating an account, the user can get a wallet address for any of the available digital currencies. You can do this in the “Assets” tab.
In cryptocurrency or stablecoin.
Withdraw funds from the exchange using digital assets is the easiest. The procedure does not take more than three minutes. How to transfer crypto from Binance to Bybit on the example of USDT:
- Authorize on the Binance exchange.
- Hover your mouse over the account icon and select the “Assets” tab.
- Go to the spot wallet. If the assets are held in another vault, select it.
- In front of USDT, click on the “Withdraw” button.
- Go to the Bybit platform and authorize.
- Open the “Assets” tab.
- Go to the spot wallet.
- Find USDT and click on the “Deposit” button.
- Select a network – for example, TRC20. In June 2024, the platform supports 13 blockchains.
- Copy the USDT wallet address.
- Return to Binance and paste it into the appropriate field.
- Specify the TRC20 network. If you choose a different one and perform the transaction, the coins will be permanently lost. You will not be able to restore them.
- Specify the withdrawal amount.
- Press the “Withdraw” button.
- Confirm the transaction. The exchange may request codes from email and Google Authenticator application.
If everything is done correctly, the crypto assets will arrive on the specified wallet in 5-10 minutes. You can find out about the crediting of funds with a notification on Bybit.
Fiat
It is impossible to send fiduciary currency from the trading platform directly. Moreover, Binance does not support RUB. However, you can transfer fiat to Bybit by selling cryptocurrency through an exchanger. Find a suitable service for this is better with the help of the rating. The instruction is based on the example of the “Crypta” exchanger:
- Open the service for conversion.
- Select the direction of exchange – for example, USDT TRC20 to SberBank.
- Specify the amount.
- Press the “Next” key.
- Specify details – cardholder’s full name, card number and e-mail address.
- Accept the rules of the exchanger.
- Click on the “Start transaction” button.
- Transfer USDT TRC20 tokens to the provided address.
- Wait for the money to arrive on your bank card.
- Open Bybit.
- Mouse over the “Buy Cryptocurrency” tab and select the “Deposit in fiat currency” option.
- Specify the payment method – for example, Local Bank Card.
- Follow further instructions until the transaction is complete.
As of June 4, 2024, the crypto platform does not allow you to make a deposit in fiat currency. The reason is unknown. Tech support staff reports that this service is temporarily unavailable, but will resume later.
Through P2P transfers
The Peer-to-Peer platform on Binance does not allow you to transfer cryptocurrency to another exchange. Moreover, the trading platform closed access to the P2P service to Russians in January 2024. It does not support the RUB currency.
Citizens of countries in which the exchange officially operates can use the P2P platform. Among them are Ukraine, Turkey, Estonia, Latvia, Armenia and others.
FAQ
✨ Which crypto exchanges should be considered as an alternative to Binance?
It depends on the required functionality, the choice of digital assets and personal preferences. In Russia, Bybit, OKX, MEXC, Gate.io, Bitget are popular platforms.
📌 Why did the Binance trading platform leave the Russian Federation?
This is the result of the sanctions policy against Russia. According to many experts, the platform left the Russian market due to pressure from US regulators.
📢 What is the peculiarity of crypto exchange Bybit?
It is a major derivatives-oriented trading platform. It offers many features, tools and investment opportunities.
🔔 Which cryptocurrencies does Bybit support?
As of June 4, 2024, there are 451 coins traded on the crypto exchange, including BTC, ETH, SOL, ADA, AVAX, and many more.
💳 Does Bybit run a P2P platform?
Yes, as of June 2024, the exchange supports such a service. There are no restrictions for Russians on it.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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